Ashford (AINC) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Ashford Inc.
Entity Central Index Key	1,604,738
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,092,721

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 44,561	$ 84,091
Restricted cash	11,109	9,752
Investments in securities	0	91
Prepaid expenses and other	1,073	1,305
Receivables	518	16
Other assets	128	0
Total current assets	70,159	111,251
Investments in unconsolidated entities	500	500
Furniture, fixtures and equipment, net	11,753	12,044
Deferred tax assets	630	6,002
Goodwill	813	0
Intangible assets, net	157	0
Total assets	84,012	129,797
Current liabilities:
Accounts payable and accrued expenses	12,059	11,314
Deferred compensation plan	202	144
Notes payable	340	0
Other liabilities	11,109	9,752
Total current liabilities	25,781	24,432
Accrued expenses	68	287
Deferred income	11,488	4,515
Deferred compensation plan	12,397	8,934
Notes payable	20	0
Total liabilities	49,754	38,168
Commitments and contingencies (note 8)
Redeemable noncontrolling interests	251	179
Redeemable noncontrolling interest in subsidiary common stock	1,685	1,301
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,022,403 and 2,015,589 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	20	20
Additional paid-in capital	242,830	237,796
Accumulated deficit	(210,988)	(200,439)
Total stockholders’ equity of the Company	31,862	37,377
Noncontrolling interests in consolidated entities	460	52,772
Total equity	32,322	90,149
Total liabilities and equity	84,012	129,797
Series A Preferred Stock [Member]
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A cumulative preferred stock, no shares issued and outstanding at September 30, 2017 and December 31, 2016	0	0
Ashford Trust OP [Member]
Current assets:
Due from related parties	11,705	12,179
Ashford Prime OP [Member]
Current assets:
Due from related parties	1,065	3,817
Affiliated Entity [Member]
Current liabilities:
Due to affiliate	2,071	933
Affiliated Entity [Member] | Ashford Prime OP [Member]
Current liabilities:
Due to affiliate	$ 0	$ 2,289

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	2,022,403	2,015,589
Common stock, shares outstanding (in shares)	2,022,403	2,015,589
Series A Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	2,000,000
Series A, shares issued (in shares)	0	0
Series A, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUE
Advisory services	$ 17,357,000	$ 16,427,000	$ 47,960,000	$ 47,820,000
Other	1,898,000	111,000	3,947,000	279,000
Total revenue	19,255,000	16,538,000	51,907,000	48,099,000
EXPENSES
Salaries and benefits	16,750,000	12,964,000	39,146,000	38,156,000
Depreciation and amortization	581,000	271,000	1,636,000	815,000
General and administrative	3,897,000	3,438,000	12,493,000	11,967,000
Impairment	0	0	1,072,000	0
Other	367,000	0	618,000	0
Total expenses	21,595,000	16,673,000	54,965,000	50,938,000
OPERATING INCOME (LOSS)	(2,340,000)	(135,000)	(3,058,000)	(2,839,000)
Realized gain (loss) on investment in unconsolidated entity	0	0	0	(3,601,000)
Unrealized gain (loss) on investment in unconsolidated entity	0	0	0	2,141,000
Interest expense and amortization of loan costs	(20,000)	0	(35,000)	0
Interest income	82,000	21,000	153,000	44,000
Dividend income	0	33,000	93,000	79,000
Unrealized gain (loss) on investments	0	287,000	203,000	1,182,000
Realized gain (loss) on investments	0	(728,000)	(294,000)	(7,071,000)
Other income (expense)	(5,000)	5,000	(26,000)	(144,000)
INCOME (LOSS) BEFORE INCOME TAXES	(2,283,000)	(517,000)	(2,964,000)	(10,209,000)
Income tax (expense) benefit	25,000	(575,000)	(9,248,000)	(560,000)
NET INCOME (LOSS)	(2,258,000)	(1,092,000)	(12,212,000)	(10,769,000)
(Income) loss from consolidated entities attributable to noncontrolling interests	102,000	486,000	267,000	6,852,000
Net (income) loss attributable to redeemable noncontrolling interests	4,000	(1,000)	4,000	6,000
Net (income) loss attributable to redeemable noncontrolling interest in subsidiary common stock	296,000	322,000	991,000	788,000
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(1,856,000)	(285,000)	(10,950,000)	(3,123,000)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (1,856,000)	$ (285,000)	$ (10,950,000)	$ (3,123,000)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.92)	$ (0.14)	$ (5.42)	$ (1.55)
Weighted average common shares outstanding – basic (in shares)	2,022	2,014	2,019	2,011
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.05)	$ (0.49)	$ (5.82)	$ (2.33)
Weighted average common shares outstanding – diluted (in shares)	2,054	2,262	2,052	2,188

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	AQUA Fund [Member]	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests in Consolidated EntitiesAQUA Fund [Member]	Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interest in Subsidiary Common Stock
Beginning balance (in shares) at Dec. 31, 2016			2,016
Beginning balance at Dec. 31, 2016	$ 90,149		$ 20	$ 237,796	$ (200,439)	$ 52,772		$ 179	$ 1,301
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(24)			(24)
Equity-based compensation (in shares)			4
Equity-based compensation	6,370			5,658	684	28
OpenKey warrant issuance	$ 28					28
Deferred compensation plan distribution (in shares)	2
Distribution from deferred compensation plan	$ 152			152
Employee advances	(71)			(71)
Distributions to consolidated noncontrolling interests	(240)				(19)	(221)
Contributions from noncontrolling interests in consolidated entities	983					983
Acquisition of Pure Rooms	425					425
Reallocation of carrying value	(1,187)			(681)		(506)			1,187
Redemption of noncontrolling interest		$ (52,782)					$ (52,782)
Redemption value adjustment	(264)				(264)			76	188
Net income (loss) attributable to the Company	(10,950)				(10,950)
(Income) loss from consolidated entities attributable to noncontrolling interests	(267)					(267)
Net loss excluding redeemable noncontrolling interests	(11,217)
Net loss attributable to redeemable noncontrolling interests								(4)	(991)
Ending balance (in shares) at Sep. 30, 2017			2,022
Ending balance at Sep. 30, 2017	$ 32,322		$ 20	$ 242,830	$ (210,988)	$ 460		$ 251	$ 1,685

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows from Operating Activities
Net income (loss)	$ (12,212,000)	$ (10,769,000)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	1,650,000	815,000
Change in fair value of deferred compensation plan	3,673,000	(1,178,000)
Realized and unrealized (gain) loss on investment in unconsolidated entity, net	0	1,460,000
Equity-based compensation	6,370,000	8,769,000
Excess tax (benefit) deficiency on equity-based compensation	0	314,000
Deferred tax expense (benefit)	5,372,000	(1,026,000)
Impairment	1,072,000	0
(Gain) loss on sale of furniture, fixtures and equipment	8,000	0
Amortization of loan costs	24,000	0
Realized and unrealized (gain) loss on investments, net	91,000	5,889,000
Purchases of investments in securities	0	(95,560,000)
Sales of investments in securities	0	162,607,000
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Prepaid expenses and other	245,000	964,000
Receivables	(211,000)	232,000
Other assets	(68,000)	0
Accounts payable and accrued expenses	374,000	(358,000)
Due to affiliates	690,000	(338,000)
Other liabilities	1,357,000	4,407,000
Deferred income	6,522,000	3,020,000
Net cash provided by (used in) operating activities	18,048,000	78,776,000
Cash Flows from Investing Activities
Additions to furniture, fixtures and equipment	(1,818,000)	(4,158,000)
Proceeds from disposal of furniture, fixtures and equipment, net	15,000	0
Cash acquired in acquisition of Pure Rooms	129,000	0
Redemption of investment in unconsolidated entity	0	1,375,000
Net cash provided by (used in) investing activities	(1,674,000)	(2,783,000)
Cash Flows from Financing Activities
Payments on note payable	(96,000)	0
Payments of loan costs	(28,000)	0
Excess tax benefit (deficiency) on equity-based compensation	0	(314,000)
Purchases of common stock	(24,000)	(20,000)
Employee advances	(71,000)	143,000
Contributions from noncontrolling interest	983,000	2,051,000
Distributions to noncontrolling interests in consolidated entities	(55,311,000)	(44,116,000)
Net cash provided by (used in) financing activities	(54,547,000)	(42,256,000)
Net change in cash, cash equivalents and restricted cash	(38,173,000)	33,737,000
Cash, cash equivalents and restricted cash at beginning of period	93,843,000	55,956,000
Cash, cash equivalents and restricted cash at end of period	55,670,000	89,693,000
Supplemental Cash Flow Information
Interest paid	9,000	134,000
Income taxes paid	3,793,000	1,359,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distribution from deferred compensation plan	152,000	0
Capital expenditures accrued but not paid	1,068,000	1,133,000
Subsidiary equity consideration for Pure Rooms acquisition	425,000	0
Assumption of debt associated with Pure Rooms acquisition	475,000	0
Issuance of OpenKey warrant	28,000	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	84,091,000	50,272,000
Restricted cash at beginning of period	9,752,000	5,684,000
Cash and cash equivalents at end of period	44,561,000	79,602,000
Restricted cash at end of period	11,109,000	10,091,000
Cash, cash equivalents and restricted cash	93,843,000	55,956,000
AQUA Fund [Member]
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid redemption of AQUA U.S. Fund	0	2,311,000
Ashford Trust OP [Member]
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	339,000	(390,000)
Ashford Prime OP [Member]
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	$ 2,752,000	$ (82,000)

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. is a Maryland corporation formed on April 2, 2014 that provides asset management and advisory services to Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Ashford Hospitality Prime, Inc. (“Ashford Prime”). Ashford Trust commenced operating in August 2003 and is focused on investing in full service hotels in the upscale and upper-upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Ashford Prime invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Ashford Prime became a publicly traded company in November 2013 upon the completion of its spin-off from Ashford Trust. Each of Ashford Trust and Ashford Prime is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code, and the common stock of each of Ashford Trust and Ashford Prime is traded on the NYSE. The common stock of Ashford Inc. is listed on the NYSE American Exchange. Ashford Trust holds approximately 598,000 shares of Ashford Inc. common stock for the benefit of its common stockholders, which represents an approximate 30% ownership interest in Ashford Inc. Ashford Prime holds approximately 195,000 shares, which represents an approximate 9.6% ownership interest in Ashford Inc. On April 6, 2017 , Ashford Inc. entered into the Amended and Restated Limited Liability Company Agreement (the “Amended and Restated LLC Agreement”) of Ashford Hospitality Holdings LLC, a Delaware limited liability company and a subsidiary of the Company (“Ashford Holdings”), in connection with the merger (the “Merger”) of Ashford Merger Sub LLC, a Delaware limited liability company, with and into Ashford Hospitality Advisors LLC, a Delaware limited liability company and the operating company of the Company (“Ashford LLC”), with Ashford LLC surviving the Merger as a wholly-owned subsidiary of Ashford Holdings. Ashford Holdings is owned 99.8% by Ashford Inc. and 0.2% by noncontrolling interest holders. The terms of the Amended and Restated LLC Agreement are consistent with the terms of the Amended and Restated Limited Liability Company Agreement of Advisors. The Merger was effectuated in order to facilitate the acquisition by the Company of certain ancillary service businesses. Ashford Investment Management, LLC (“AIM”) is an indirect subsidiary of the Company, established to serve as an investment adviser to any private securities funds sponsored by us or our affiliates (the “Funds”) and is a registered investment adviser with the Securities and Exchange Commission (the “SEC”). AIM REHE Funds GP, LP (“AIM GP”), or an affiliate of AIM GP, serves as the general partner of any Funds. AIM Management Holdco, LLC (“Management Holdco”) owns 100% of AIM. We, through Ashford LLC, own 100% of Management Holdco. AIM Performance Holdco, LP (“Performance Holdco”) owns 99.99% of AIM GP with the remaining 0.01% general partner interest owned by our wholly-owned subsidiary, AIM General Partner, LLC. We, through Ashford LLC and our 100% ownership interest in AIM General Partner, LLC, own approximately 60% of Performance Holdco, and Mr. Monty J. Bennett, our chief executive officer and chairman of our board of directors, and Mr. J. Robison Hays, III, our chief strategy officer and a member of our board of directors, own, in the aggregate, 40% of Performance Holdco. AIM, AIM GP, Management Holdco, Performance Holdco and AIM General Partner, LLC are all consolidated by Ashford Inc. as it has control. During the first quarter of 2017, AIM served as investment adviser to Ashford Quantitative Alternative Master Fund, L.P. (the “AQUA Master Fund”), an investment partnership formed under the laws of the Cayman Islands and commenced operations on January 15, 2015. The Master Fund was organized for the purpose of purchasing, selling (including short sales), investing and trading in investments and engaging in financial transactions, including borrowing, financing, pledging, hedging and other derivative transactions. The Master Fund had one limited partner: Ashford Quantitative Alternatives (U.S.), LP (the “AQUA U.S. Fund”), a U.S. investment limited partnership. The AQUA U.S. Fund invested substantially all of its assets in the Master Fund. The Master Fund was managed by AIM GP and AIM. The AQUA Master Fund and the AQUA U.S. Fund are collectively known as the “AQUA Fund.” AIM was entitled to receive an investment management fee equal to 1.5% to 2.0% of the beginning quarterly capital account balance of certain limited partners. AIM GP serves as the general partner to the AQUA U.S. Fund and the AQUA Master Fund. As such, it was entitled to receive a performance allocation, which was earned annually and equaled 15% to 20% of positive changes in the capital account balance of certain of its limited partners. Ashford Trust and other limited partners were not obligated to pay any portion of the management fee or the performance allocation to AIM or AIM GP, as applicable, but do share pro rata in all other applicable expenses. On March 7, 2017, AIM GP, the general partner of the AQUA U.S. Fund, provided written notice to the AQUA U.S. Fund's limited partners of its election to dissolve the AQUA U.S. Fund pursuant to Section 6.1(a) of the Second Amended and Restated Limited Partnership Agreement of the AQUA U.S. Fund as of March 31, 2017 (the “Dissolution Date”). In connection with the dissolution of the AQUA U.S. Fund, the AQUA Master Fund was liquidated in accordance with the laws of the Cayman Islands. The balance of all limited partners' capital accounts in the AQUA U.S. Fund, less an audit hold-back of 5% , was distributed to limited partners in cash on the Dissolution Date, and thereafter limited partners ceased to be a limited partner of the AQUA U.S. Fund. The remaining hold-back amounts were paid during the second quarter of 2017. As of September 30, 2017, AQUA U.S. Fund has been fully dissolved. The accompanying condensed consolidated financial statements reflect the operations of our asset and investment management business including the AQUA Fund (through March 31, 2017, the date of its dissolution) and entities that we consolidate. Our asset and investment management business provides asset and investment management, accounting and legal services to Ashford Trust, Ashford Prime and the AQUA Fund. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its condensed consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation and Combination —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant inter-company accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. The AQUA Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. 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 condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2016 Annual Report on Form 10-K filed with the SEC on March 16, 2017 . A variable interest entity (“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, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. As of September 30, 2017 , we held a variable interest in OpenKey, Inc. (“OpenKey”), a consolidated VIE in which the redeemable noncontrolling interest holder held a 39.59% interest and the noncontrolling interest holders held a 16.51% interest. As we meet the conditions discussed above, we are considered the primary beneficiary of OpenKey and therefore we consolidate it. As of September 30, 2017 , OpenKey held approximately $2.1 million of total assets that primarily consisted of cash and cash equivalents and other assets that can only be used to settle its obligations. Additionally, as of September 30, 2017 , OpenKey had accounts payable and accrued expenses of approximately $787,000 for which creditors do not have recourse to Ashford Inc., and also had not drawn on its available line of credit. As of December 31, 2016 , we held a variable interest in OpenKey, in which the redeemable noncontrolling interest holder held a 46.31% interest and the noncontrolling interest holders held a 13.63% interest. As of December 31, 2016 , OpenKey held approximately $960,000 of total assets that primarily consisted of cash and cash equivalents and other assets that could only be used to settle its obligations. Additionally, as of December 31, 2016 , OpenKey had accounts payable and accrued expenses of approximately $256,000 for which creditors did not have recourse to Ashford Inc. As of September 30, 2017 , we held a variable interest in PRE Opco, LLC (“Pure Rooms”), a consolidated VIE in which the noncontrolling interest holders held a 30% interest. As we meet the conditions discussed above, we are considered the primary beneficiary of Pure Rooms and therefore we consolidate it. As of September 30, 2017 , Pure Rooms held approximately $772,000 of total assets that primarily consisted of cash and cash equivalents, receivables and other assets that can only be used to settle its obligations. As of September 30, 2017 , Pure Rooms had accounts payable and accrued expenses of approximately $1.2 million for which creditors do not have recourse to Ashford Inc. Additionally, as of September 30, 2017 , Pure Rooms had a $279,000 term loan and a $100,000 outstanding balance on a line of credit, for which creditors do not have recourse to Ashford Inc. 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Restricted Cash —Restricted cash represents reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds, from the Ashford Trust/Prime properties and their respective management companies, of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The offset to restricted cash amounts is included in other liabilities. We early adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in “Recently Adopted Accounting Standards” below. Impairment of Furniture, Fixtures and Equipment, net -Furniture, fixtures and equipment, net, which includes capitalized software implementation costs, are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.1 million for the three and nine months ended September 30, 2017 , respectively, offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. See note 13 to our condensed consolidated financial statements. No impairment charges were recorded for furniture, fixtures and equipment, net for the three and nine months ended September 30, 2016 . Noncontrolling Interests —Redeemable noncontrolling interests represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these members’ interest. The redeemable noncontrolling interests is classified in the mezzanine section of the condensed consolidated balance sheets as these redeemable operating units do not meet the requirements for equity classification prescribed by the applicable accounting guidance because each common unit of membership interest may be redeemed by the holder for cash or registered shares in certain cases outside the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value. The redeemable noncontrolling interests in subsidiary common stock as of September 30, 2017 , represented the 39.59% ownership interest in a consolidated VIE, OpenKey. The redeemable noncontrolling interest in subsidiary common stock is included in the mezzanine section of our condensed consolidated balance sheet as it is redeemable outside of the Company’s control. The carrying value of the redeemable noncontrolling interests in subsidiary common stock is based on the accumulated historical cost adjusted to reflect the excess of redemption value over the accumulated historical cost. As of September 30, 2017 , noncontrolling interests in consolidated entities represented noncontrolling ownership interests of 40% in Performance Holdco, 16.51% in OpenKey and 30% in Pure Rooms . As of December 31, 2016 , noncontrolling interests in consolidated entities represented noncontrolling ownership interests of 40% in Performance Holdco, 100% in the AQUA Fund and 13.63% in OpenKey. Revenue Recognition —Revenues primarily consist of advisory and investment management fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. The quarterly base fee ranges from 0.70% to 0.50% per annum of the total market capitalization ranges from less than $6.0 billion to greater than $10.0 billion of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee, as defined in the respective advisory agreement, subject to certain minimums. Similarly, the Ashford Prime base fee is fixed at 0.70% of Ashford Prime’s total market capitalization plus the Key Money Asset Management Fee, as defined in the respective advisory agreement, subject to certain minimums. Reimbursements for overhead, travel expenses, risk management and internal audit services are recognized when services have been rendered. We also record advisory revenue for equity grants of Ashford Prime and Ashford Trust common stock and Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well an offsetting expense in an equal amount included in “salaries and benefits.” Incentive advisory fees are earned annually in each year that Ashford Prime’s and/or Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the FCCR Condition, as defined in the advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition. Accordingly, incentive advisory fee revenue is recognized only when the amount earned is fixed and determinable and the FCCR Condition has been met. As incentive advisory fees are earned annually, we recognize revenue quarterly based on the amount that would be due pursuant to the applicable advisory agreement as of the interim balance sheet date in accordance with the authoritative accounting guidance. Debt placement fees include revenues earned through provision of mortgage placement services and are recognized based on a stated percentage of the loan amount when services have been rendered. Certain of our consolidated entities enter into multiple element arrangements with customers. For such arrangements, we determine whether each of the individual deliverables in the arrangement qualify as a separate unit of accounting, which requires that the deliverable have standalone value upon delivery. We allocate arrangement consideration to the separate units of accounting using the relative selling price method, in which allocation of consideration is based on vendor-specific objective evidence (“VSOE”) if available, third-party evidence (“TPE”), or if VSOE and TPE are not available, management’s best estimate of a standalone selling price for the units of accounting. We limit the amount of arrangement consideration to amounts that are fixed or determinable. The arrangement consideration is recognized as revenue as the deliverables are provided to the customer, which is either up front for deliverables that have standalone value upon delivery, or ratably over the period of delivery. Equity-Based Compensation —Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. In connection with providing advisory services, our officers and employees are granted common stock and LTIP units from Ashford Trust and Ashford Prime, which result in expense equal to the fair value of the award, included in “salaries and benefits” in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Other Comprehensive Income (Loss) —As there are no transactions requiring presentation in other comprehensive income (loss), but not in net income (loss), the Company’s net income (loss) equates to other comprehensive income (loss). Investments in Unconsolidated Entities — We hold an investment in an unconsolidated entity with a carrying value of $500,000 at both September 30, 2017 and December 31, 2016 , which we account for under the cost method of accounting as we do not exercise significant influence over the entity. We review the investments in unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings/loss in unconsolidated entities. No such impairment was recorded during the three and nine months ended September 30, 2017 or September 30, 2016 . Income Taxes —The Company is subject to federal and state corporate income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. Our effective tax rates on income (loss) before income taxes for the three and nine months ended September 30, 2017 and September 30, 2016 were 1.0% and (111.2)% , and (312.0)% and (5.5)% , respectively. The rates reflect the effects of permanent differences, changes in the valuation allowance on our deferred tax assets, and losses attributable to noncontrolling interests in partnerships and LLC’s taxed as partnerships for which taxes are not the responsibility of the Company. For the three and nine months ended September 30, 2017 , the rates also reflect the effect of a 0% effective tax rate on the net losses of certain consolidated VIEs due to it being more likely than not that the related deferred tax assets will not be realized primarily because of each entity’s history of losses. The portion of equity-based compensation expense related to LTIP units granted to Ashford Trust employees prior to the spin-off is not deductible for income tax purposes and is accounted for as a permanent difference. We evaluate the recoverability of our deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. We assess whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. The analysis utilized in determining the valuation allowance involves considerable judgment and assumptions. After consideration of all evidence, we concluded that it is not more likely than not that we will realize a substantial portion of our deferred tax assets. This conclusion was primarily due to our historical pretax losses and the inability to carry back our deferred tax assets to historical taxable income after the organizational structure of our tax paying entities changed from the Merger described in note 1. Accordingly, at September 30, 2017 , we recorded a deferred tax asset, net of $600,000 , which was comprised of $31.3 million of net deferred tax assets offset by a $30.7 million valuation allowance. If our operating performance improves on a sustained basis, our conclusion regarding the need for a valuation allowance could change, resulting in the reversal of some or all of the valuation allowance in the future. The “Income Taxes” Topic of the FASB ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2013 through 2016 remain subject to potential examination by certain federal and state taxing authorities. Recently Adopted Accounting Standards —In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). The new standard requires an investor to apply the equity method of accounting only from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. ASU 2016-07 eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held, but did not qualify for the equity method of accounting. ASU 2016-07 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The adoption of ASU 2016-07 did not have a material impact on our condensed consolidated financial statements or related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) as part of the FASB simplification initiative. The new standard requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit on the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. ASU 2016-09 also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. In addition, ASU 2016-09 increases the tax withholding requirements threshold to qualify for equity classification. ASU 2016-09 also clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. ASU 2016-09 provides an optional accounting policy election to be applied on an entity-wide basis to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We have adopted this standard effective January 1, 2017, and the adoption of this standard did not have a material impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result net cash provided by operating activities increased $4.4 million in the nine months ended September 30, 2016 . Our beginning-of-period cash, cash equivalents and restricted cash increased $9.8 million and $5.7 million in 2017 and 2016, respectively. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. ASU 2014-09 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. In addition, the new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017, including interim periods within that reporting period. The FASB has also issued additional updates that further clarify the requirements of Topic 606 and provide implementation guidance. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. Upon adoption of ASU 2014-09, the guidance currently applied by the Company in which it recognizes incentive fee income on an assumed liquidation basis at each reporting date will no longer be permitted. The Company expects the recognition of incentive fees, which are a form of variable consideration, to be tied to a performance obligation and deferred until such fees are probable of not being subject to significant reversal. We are currently in process of quantifying the impact on our financial statements, if any. The Company is currently in the process of implementing the standard. The Company engaged a third party expert to assist in its implementation efforts and in selecting a transition method. The Company is continuing to evaluate the effect this guidance will have on other revenue streams, including principal versus agent considerations for reporting reimbursable revenue items gross versus net. In addition, the Company is evaluating the disclosure requirements under these standards while also identifying and preparing to implement changes to its accounting policies, practices and controls to support the new standards. The Company will adopt the new standard effective January 1, 2018. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We do not expect that ASU 2016-01 will have a material impact on our condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases as well as for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the condensed consolidated financial statements, with certain practical expedients available. The accounting for leases where we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact ASU 2016-02 will have on our condensed consolidated financial statements, we expect the primary impact to our condensed consolidated financial statements upon adoption will be the recognition, on a discounted basis, of any future minimum rentals due under noncancelable leases on our balance sheets resulting in the recording of right of use assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - Debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact that ASU 2016-15 will have on our financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact that ASU 2017-01 will have on our condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductib

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions Pure Rooms On April 6, 2017, Ashford Hospitality Services LLC (“AHS”), a subsidiary of Ashford Inc., entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) with PRE Opco, LLC (“Pure Rooms”), pursuant to which AHS became the sole owner of the common equity, or Series A Units, of Pure Rooms. In conjunction with the LLC Agreement, AHS contributed $97,000 cash to Pure Rooms. Pursuant to the Asset and Liability Contribution Agreement (the “Contribution Agreement”), by and among Pure Rooms (as contributee) and PAFR, LLC, the members of PAFR, LLC and Brault Enterprises, LLC (collectively, the “Sellers”), the Sellers contributed liabilities, net of assets, with a net fair value of $563,000 (see purchase price allocation below) of the predecessor operating company, Pure Rooms NA, LLC, in exchange for certain equity interests in Pure Rooms, including 30% of the Series A Units, 100% of the Series B-1 Units, and 50% of the Series B-2 Units. The fair value of the remaining equity consideration included $42,000 of Series A Units, $181,000 of Series B-1 Units, and $202,000 of Series B-2 Units. As a result of the Contribution Agreement, our equity interest in Pure Rooms was 70% . Per the LLC Agreement, the Series A Units are voting units and have the voting rights set forth in the Contribution Agreement but do not have management participation rights. The Series B-1 Units and Series B-2 Units are non-voting units and do not have voting or management participation rights. The distribution waterfall provides seniority as follows: Series B-1, Series B-2, then Series A. There is no coupon or other preference associated with the Series B-1 and B-2 unit classes. The acquisition of Pure Rooms has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. We have completed our preliminary valuation to determine the fair value of the identifiable assets acquired and liabilities assumed. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Pure Rooms and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to working capital balances, furniture, fixtures and equipment, goodwill, intangibles and notes payable. This valuation is considered a Level 3 valuation technique. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. Any change to the amounts recorded within working capital balances, furniture, fixtures and equipment, goodwill, intangibles and notes payable could also impact depreciation, amortization and interest expense. The purchase price and allocation of the purchase price is as follows (in thousands): Equity consideration $ 425 Debt assumed - note payable 375 Debt assumed - line of credit 100 Purchase price $ 900 Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Line of credit (100 ) Note payable (375 ) Other assumed liabilities, net of assets acquired (387 ) Total assumed liabilities, net of assets acquired (563 ) Customer relationships 175 5 years Goodwill 813 Fair value of noncontrolling interest in subsidiary $ 425 Results of Pure Rooms The results of operations of Pure Rooms have been included in our results of operations since the acquisition date. Results for the three and nine months ended September 30, 2017 , include total revenues of $828,000 and $1.5 million , respectively. In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2017 , include net income of $58,000 and a net loss of $116,000 , respectively. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2016 are included below under “Pro Forma Financial Results.” Goodwill and Other Intangible Assets Approximately $813,000 of the purchase price was allocated to goodwill. We expect substantially all of the goodwill to be deductible for income tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding Pure Rooms’ operations through our relationships with Ashford Trust and Ashford Prime. The net carrying amounts of intangible assets other than goodwill are as follows (in thousands): September 30, 2017 Customer relationships $ 175 Accumulated amortization (18 ) Customer relationships, net $ 157 Amortization expense of these intangible assets over the remaining 2017 period and the next five years is expected to be the following (in thousands): Year Aggregate Amortization Expense October 1, 2017 through December 31, 2017 $ 8 2018 35 2019 35 2020 35 2021 35 2022 9 $ 157 Impairment Testing The Company conducts impairment tests on goodwill annually or more frequently if circumstances indicate that the carrying amount of an asset may not be recoverable. We did not identify any circumstances that indicated that the carrying amount of goodwill may not be recoverable as of September 30, 2017 . Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the Pure Rooms acquisition had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $0 and $202,000 of non-recurring transaction costs directly attributable to the acquisitions for the three and nine months ended September 30, 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 19,255 $ 17,045 $ 52,613 $ 49,641 Net income (loss) (2,258 ) (1,049 ) (12,040 ) (10,986 ) Net income (loss) attributable to common stockholders (1,856 ) (255 ) (10,782 ) (3,273 ) Pro forma income per share: Basic $ (0.92 ) $ (0.13 ) $ (5.34 ) $ (1.63 ) Diluted $ (1.05 ) $ (0.47 ) $ (5.74 ) $ (2.39 ) Weighted average common shares outstanding (in thousands): Basic 2,022 2,014 2,019 2,011 Diluted 2,054 2,262 2,052 2,188

Notes Payable, net

Notes Payable, net	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Notes Payable	Notes Payable, net Notes payable, net consisted of the following (in thousands): Indebtedness Subsidiary Collateral Maturity Interest Rate September 30, 2017 December 31, 2016 Revolving credit facility OpenKey None (2) October 2018 Prime Rate (1) + 2.75% $ — $ — Revolving credit facility Pure Rooms None On demand Prime Rate (1) + 1.00% 100 — Term loan Pure Rooms None October 2018 5.00% 279 — Total 379 — Less: current portion 340 — Notes payable, gross - non-current 39 — Deferred loan costs, net (19 ) — Notes payable, net non-current $ 20 $ — __________________ (1) Prime Rate was 4.25% at September 30, 2017 . (2) Creditors do not have recourse to Ashford Inc. The line of credit is secured by all of OpenKey's assets. On April 6, 2017, in connection with the acquired controlling interest, Pure Rooms entered into a term loan of $375,000 and a line of credit of $100,000 . The term loan has a fixed interest rate of 5.0% per annum with a stated maturity date of October 2018 . The line of credit has a variable interest rate of the Prime Rate plus 1.0% . There is no stated maturity date related to the line of credit as it is payable on demand; accordingly, the balance has been classified as current. On April 13, 2017, OpenKey entered into a Loan and Security Agreement ("Loan Agreement") for a line of credit in the amount of $1.5 million with Comerica Bank . The line of credit is secured by all of OpenKey's assets and matures on October 31, 2018 with an interest rate of Prime Rate plus 2.75% . At September 30, 2017 , there were no borrowings outstanding under the Loan Agreement. In connection with the line of credit, OpenKey granted Comerica a 10 -year warrant to purchase approximately 28,000 shares of OpenKey's preferred stock at $1.61 per share. The fair value of the warrants, estimated to be $28,000 , was recorded in “noncontrolling interests in consolidated entities” and debt issuance costs, which will be amortized over the term of the line of credit.

Derivative Contracts

Derivative Contracts	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Contracts	Derivative Contracts As of December 31, 2016 , the volume of the AQUA U.S. Fund’s option derivative activities based on their notional amounts, which are the fair values of the underlying shares as if the options were exercised at December 31, 2016 , was 8,000 long exposure contracts with a notional amount of $0 and no short exposure contracts. As of September 30, 2017 , the AQUA U.S. Fund has been dissolved. Options on Futures Contracts —During the nine months ended September 30, 2017 , we purchased no options on Eurodollar futures. During the nine months ended September 30, 2016 , we purchased options on Eurodollar futures for total costs of $94,000 and a maturity date of June 2017. These options were not designated as cash flow hedges. The carrying value of these options on futures contract is included in “investments in securities” in the condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total September 30, 2017 Liabilities Non-derivative liabilities: Deferred compensation plan $ (12,599 ) $ — $ (12,599 ) Total $ (12,599 ) $ — $ (12,599 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total December 31, 2016 Assets Derivative assets: Options on futures contracts $ 91 $ — $ 91 Total 91 — 91 (1) Liabilities Non-derivative liabilities: Deferred compensation plan (9,078 ) — (9,078 ) Total (9,078 ) — (9,078 ) Net $ (8,987 ) $ — $ (8,987 ) __________________ (1) Reported as “investments in securities” in the condensed consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Assets Derivative assets: Equity put options $ — $ (1,609 ) $ — $ (2,079 ) Equity call options — 251 — 2,132 Options on futures contracts — (106 ) (91 ) (153 ) Non-derivative assets: Equity securities — 52 — (6,013 ) U.S. treasury securities — 19 — 696 Total — (1,393 ) (91 ) (5,417 ) Liabilities Derivative liabilities: Short equity put options — 1,355 — 1,529 Short equity call options — (403 ) — (1,841 ) Non-derivative liabilities: Equity securities — — — (160 ) Deferred compensation plan (2,006 ) 494 (3,673 ) 1,178 Total (2,006 ) 1,446 (3,673 ) 706 Net $ (2,006 ) $ 53 $ (3,764 ) $ (4,711 ) Total combined Unrealized gain (loss) on investments $ — $ 287 $ 203 $ 1,182 Realized gain (loss) on investments — (728 ) (294 ) (7,071 ) Deferred compensation plan (2,006 ) (1) 494 (1) (3,673 ) (1) 1,178 (1) Net $ (2,006 ) $ 53 $ (3,764 ) $ (4,711 ) ________ (1) Reported as a component of “salaries and benefits” in the condensed consolidated statements of operations and comprehensive income (loss).

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Certain of our financial instruments are not measured at fair value on a recurring basis. 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, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Investments in securities $ — $ — $ 91 $ 91 Financial liabilities measured at fair value: Deferred compensation plan $ 12,599 $ 12,599 $ 9,078 $ 9,078 Financial assets not measured at fair value: Cash and cash equivalents $ 44,561 $ 44,561 $ 84,091 $ 84,091 Restricted cash 11,109 11,109 9,752 9,752 Receivables 518 518 16 16 Due from Ashford Trust OP 11,705 11,705 12,179 12,179 Due from Ashford Prime OP 1,065 1,065 3,817 3,817 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 12,127 $ 12,127 $ 11,601 $ 11,601 Due to affiliate 2,071 2,071 933 933 Due to Ashford Prime OP from AQUA U.S. Fund — — 2,289 2,289 Other liabilities 11,109 11,109 9,752 9,752 Notes payable 379 379 — — Investments in securities . Investment securities consist of U.S. treasury securities, publicly traded equity securities, equity put and call options on certain publicly traded equity securities and futures contracts. Liabilities associated with investments in securities consist of a margin account balance and short equity put and call options. The fair value of these investments is based on quoted market closing prices at the balance sheet dates in active and inactive markets. This is considered either a Level 1 or Level 2 valuation technique. See notes 5 and 6 for a complete description of the methodology and assumptions utilized in determining fair values. Deferred compensation plan. The liability resulting from the deferred compensation plan is carried at fair value based on the closing prices of the underlying investments. This is considered a Level 1 valuation technique. Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Receivables, due from Ashford Trust OP, due from Ashford Prime OP, accounts payable and accrued expenses, due to affiliates, due to Ashford Prime OP from AQUA U.S. Fund and other liabilities . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Notes payable. We estimate that the carrying value of notes payable of $379,000 at September 30, 2017 approximates fair value given the recent nature of the financing. This is considered a Level 2 valuation technique.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation —On December 11, 2015, a purported stockholder class action and derivative complaint challenging the Remington acquisition was filed in the Court of Chancery of the State of Delaware and styled as Campbell v. Bennett et al., Case No. 11796 . The complaint names as defendants each of the members of the Company's board of directors, Archie Bennett, Jr., Mark A. Sharkey, MJB Investments GP, LLC and Remington Holdings GP, as well as the Company as a nominal defendant. The complaint alleges that the members of the Company’s board of directors breached their fiduciary duties to the Company’s stockholders in connection with the Remington acquisition and that Monty Bennett, Archie Bennett, Jr., Mark A. Sharkey, MJB Investments GP, LLC and Remington Holdings GP aided and abetted the purported breaches of fiduciary duty. In support of these claims, the complaint alleges, among other things, that the Company’s board of directors engaged in an unfair process with Remington Lodging and the Bennetts and as a result the Company overpaid for the 80% limited partnership and 100% general partnership interests in Remington Lodging. The complaint also alleges that the proxy statement filed with the SEC contains certain materially false and/or misleading statements. The action seeks injunctive relief, including enjoining the special meeting of stockholders and any vote on the contribution or the stock issuances or rescinding the Remington acquisition if they are consummated, or in the alternative an award of damages, as well as unspecified attorneys' and other fees and costs, in addition to any other relief the court may deem proper. Since the filing of the complaint, the special meeting of stockholders and related vote occurred with the stockholders approving the acquisition. On March 24, 2017, the Remington acquisition was terminated and therefore this action is moot. On April 13, 2017, the Court of Chancery entered an order dismissing the action with prejudice as to the named plaintiff, and without prejudice as to all other members of the class. Pursuant to the order, the Court of Chancery retained jurisdiction solely for the purpose of determining the plaintiff’s anticipated application for an award of mootness fees and reimbursement of expenses. After negotiations, and to eliminate any risk associated with the plaintiff’s fee petition, the Company agreed to pay fees and expenses in the amount of $150,000 within five ( 5 ) days of the entry of an order closing the case in the second quarter of 2017. Accordingly, this amount was recorded within “general and administrative” expenses on our condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2017. The Court of Chancery has not and will not pass any judgment on the fee payment. On July 17, 2017, the Court of Chancery entered a stipulation and order closing the case. Jesse Small v. Monty J. Bennett, et al., Case No. 24-C-16006020 (Md. Cir. Ct.) On November 16, 2016, Jesse Small, a purported shareholder of Ashford Prime, commenced a derivative action in Maryland Circuit Court for Baltimore City asserting causes of action for breach of fiduciary duty, corporate waste, and declaratory relief against the members of the Ashford Prime board of directors, David Brooks (collectively, the “Individual Defendants”), Ashford Inc. and Ashford LLC. Ashford Prime is named as a nominal defendant. The complaint alleges that the Individual Defendants breached their fiduciary duties to Ashford Prime by negotiating and approving the termination fee provision set forth in Ashford Prime’s advisory agreement with Ashford LLC, that Ashford Inc. and Ashford LLC aided and abetted the Individual Defendants’ fiduciary duty breaches, and that the Ashford Prime board of directors committed corporate waste in connection with Ashford Prime’s purchase of 175,000 shares of Ashford Inc. common stock. The complaint seeks monetary damages and declaratory and injunctive relief, including a declaration that the termination fee provision is unenforceable. The defendants filed motions to dismiss the complaint on March 24, 2017. On June 6, 2017, the plaintiff notified the court that the plaintiff intends to dismiss the action as moot and seek a mootness fee and costs. On July 25, 2017, the action was dismissed with prejudice as to the plaintiff. A hearing on the plaintiff’s fee petition was held on October 25, 2017. A ruling from the court is currently pending. It is not possible to accurately predict the outcome of this remaining action or the range of any potential loss. The Company is engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the financial position or results of operations of the Company. However, the final results of legal proceedings cannot be predicted with certainty and if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s financial position or results of operations could be materially adversely affected in future periods.

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	Equity Preferred Stock —In accordance with Ashford Inc.’s charter, we are authorized to issue 50 million shares of preferred stock which currently includes up to 2 million shares of series A cumulative preferred stock. The holders of series A cumulative preferred stock are entitled to receive dividends in preference to holders of shares of any class or series of stock ranking junior to it, equal to 1,000 multiplied by the aggregate per share amount of all dividends of common stock. Each share of series A cumulative preferred stock shall entitle the holder to 1,000 votes on all matters submitted to a vote of the stockholders of Ashford Inc. No shares of series A cumulative preferred stock are currently outstanding. Shareholder Rights Plan —On November 16, 2014, our board of directors adopted a shareholder rights plan (the “2014 Rights Plan”). The 2014 Rights Plan is intended to improve the bargaining position of our board of directors in the event of an unsolicited offer to acquire our outstanding shares of common stock. Pursuant to the 2014 Rights Plan, our board of directors declared a dividend of one preferred share purchase right (a “Right”) payable on November 27, 2014, for each outstanding share of common stock, par value $0.01 per share (the “Common Shares”), outstanding on November 27, 2014 (the “Record Date”) to the stockholders of record on that date. Each Right initially entitles the registered holder to purchase from the Company one one thousandth of a share of Series A Preferred Stock, par value $0.01 per share (the “Preferred Shares”), of the Company, at a price of $275 per one one thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment. The Rights become exercisable upon certain conditions, as defined in the rights agreement. At any time prior to the time any person or group becomes an Acquiring Person, as defined in the rights agreement, the board of directors of the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. The value of the rights is de minimis . The rights are set to expire February 25, 2018 . Noncontrolling Interests in Consolidated Entities — As of September 30, 2017 , noncontrolling interests in consolidated entities represented noncontrolling ownership interests of 40% in Performance Holdco, 16.51% in OpenKey and 30% in Pure Rooms . As of December 31, 2016 , noncontrolling interests in consolidated entities represented noncontrolling ownership interests of 40% in Performance Holdco, 100% in the AQUA Fund and 13.63% in OpenKey. At September 30, 2017 and December 31, 2016 , noncontrolling interests in consolidated entities had a total carrying value of $460,000 and $52.8 million , respectively. Income (loss) from consolidated entities attributable to these noncontrolling interests was loss of $102,000 and $267,000 for the three and nine months ended September 30, 2017 , respectively, and loss of $486,000 and $6.9 million for the three and nine months ended September 30, 2016 , respectively.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford Holdings, which is an allocation of net income/loss attributable to the members based on the weighted average ownership percentage of these members’ interest. Beginning one year after issuance, each common unit of membership interest may be redeemed by the holder, for cash or registered shares in certain cases outside the Company’s control. Prior to April 6, 2017 , the noncontrolling interests represented certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford LLC. See note 1. Redeemable noncontrolling interests in Ashford Holdings as of September 30, 2017 and Ashford LLC as of December 31, 2016 , were $251,000 and $179,000 , respectively, which represented ownership of approximately 0.2% as of each date. The carrying value of redeemable noncontrolling interests as of September 30, 2017 and December 31, 2016 , included adjustments of $210,000 and $134,000 , respectively, to reflect the excess of redemption value over the accumulated historical cost. For the three and nine months ended September 30, 2017 , net loss of $4,000 and $4,000 , respectively, were allocated to these redeemable noncontrolling interests. For the three and nine months ended September 30, 2016 , net income of $1,000 and net loss of $6,000 , respectively, was allocated to these redeemable noncontrolling interests. Redeemable Noncontrolling Interest in Subsidiary Common Stock —Redeemable noncontrolling interest in subsidiary common stock represented a 39.59% and 46.31% ownership interest in OpenKey, a consolidated VIE, at September 30, 2017 and December 31, 2016 , respectively. The carrying value of redeemable noncontrolling interests in subsidiary common stock as of September 30, 2017 and December 31, 2016 , was $1.7 million and $1.3 million , respectively. The carrying value of the redeemable noncontrolling interest included adjustments of $1.2 million and $975,000 to reflect the excess of redemption value over the accumulated historical cost. The redeemable noncontrolling interest in subsidiary common stock is included in the “mezzanine” section of our condensed consolidated balance sheet as it may be redeemed by the holder for cash in certain circumstances outside of the Company’s control. For the three and nine months ended September 30, 2017 , net loss of $296,000 and $991,000 was allocated to the redeemable noncontrolling interest in subsidiary common stock. For the three months ended September 30, 2016 , net loss of $322,000 was allocated to the redeemable noncontrolling interest in subsidiary common stock. For the period from March 8, 2016 through September 30, 2016 , net loss of $788,000 was allocated to the redeemable noncontrolling interest in subsidiary common stock.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” in our condensed consolidated statements of operations and comprehensive income (loss). The components of equity-based compensation expense for the three and nine months ended September 30, 2017 and 2016 , are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Equity-based compensation Stock option amortization (1) $ 1,899 $ 1,627 $ 5,436 $ 4,196 Director equity grants expense (2) — — 250 250 Pre-spin equity grants expense (3) — 1,125 684 4,323 Total equity-based compensation (4) $ 1,899 $ 2,752 $ 6,370 $ 8,769 Other equity-based compensation REIT equity-based compensation (5) $ 3,443 $ 3,021 $ 5,449 $ 7,755 $ 5,342 $ 5,773 $ 11,819 $ 16,524 ________ (1) As of September 30, 2017 , the Company had approximately $7.9 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.2 years . During the three and nine months ended September 30, 2017 , stock option amortization included $12,000 and $28,000 of amortization related to OpenKey stock options issued under OpenKey’s stock plan. (2) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. See Equity-based Compensation in note 2. (3) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of September 30, 2017 , these equity grants were fully vested. (4) Additionally, equity-based compensation associated with employees of an affiliate was included in “general and administrative” expense in the amount of $0 and $2,000 for the three and nine months ended September 30, 2017 , respectively and $2,000 and $7,000 for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2017 , these equity grants were fully vested. See note 13. (5) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Ashford Prime’s common stock and LTIP units awarded to officers and employees of Ashford Inc. See notes 2 and 13.

Deferred Compensation Plan

Deferred Compensation Plan	9 Months Ended
	Sep. 30, 2017
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation Plan We administer a non-qualified deferred compensation plan (“DCP”) for certain executive officers. The plan allows participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. For the periods the DCP was administered by Ashford Trust, the participants elected Ashford Trust common stock as their investment option. In accordance with the applicable authoritative accounting guidance, the deferred amounts and any dividends earned received equity treatment and were included in additional paid-in capital. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our condensed consolidated statements of operations and comprehensive income (loss). The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Change in fair value Unrealized gain (loss) $ (2,006 ) $ 494 $ (3,673 ) $ 1,178 Distributions Fair value (1) $ 39 $ — $ 152 $ — Shares (1) 1 — 2 — ________ (1) Distributions made to one participant. As of September 30, 2017 and December 31, 2016 the carrying value of the DCP liability was $12.6 million and $9.1 million , respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We are a party to an amended and restated advisory agreement with Ashford Trust OP. The quarterly base fee is based on a declining sliding scale percentage of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee (defined in our advisory agreement as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of its consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . At September 30, 2017 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, insurance claims advisory and asset management services, including compensation, benefits and travel expense reimbursements, are billed quarterly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Ashford Prime. We also record advisory revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is earned annually in each year that Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Trust’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. The following table summarizes the revenue from Ashford Trust OP (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services revenue Base advisory fee $ 8,568 $ 8,576 $ 26,020 $ 25,842 Reimbursable expenses (1) 1,673 1,515 5,902 4,641 Equity-based compensation (2) 4,392 1,887 7,748 4,535 Incentive advisory fee (3) 452 — 1,356 — Total advisory services revenue $ 15,085 $ 11,978 $ 41,026 $ 35,018 Other revenue Investment management reimbursements (4) $ 522 $ — $ 1,482 $ — Lease revenue (5) 168 — 391 — Other services (6) 479 6 705 6 Total other revenue $ 1,169 $ 6 $ 2,578 $ 6 Total revenue $ 16,254 $ 11,984 $ 43,604 $ 35,024 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the three and nine months ended September 30, 2017 , we recognized $202,000 and $1.5 million , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as mentioned in note 2, in the amount of $0 and $1.1 million , respectively, for the three and nine months ended September 30, 2017 . (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. (3) Incentive advisory fee includes the pro-rata portion of the second year installment of the 2016 incentive advisory fee in the amount of $452,000 and $1,356,000 for the three and nine months ended September 30, 2017 , for which the payment is due January 2018 subject to the FCCR Condition as of December 31, 2017, as defined in our advisory agreement with Ashford Trust. (4) Investment management reimbursements include AIM’s management of all or a portion of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (5) In connection with our key money transaction with Ashford Trust, we lease furniture, fixtures and equipment to Ashford Trust at no cost. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (6) Other services revenue is associated with Pure Rooms and OpenKey that provide other hotel services to Ashford Trust. At September 30, 2017 and December 31, 2016 , we had a net receivable of $11.7 million and $12.2 million , respectively, from Ashford Trust OP associated primarily with the advisory services fee and other fees, as discussed above. The net receivables due from Ashford Trust OP as of September 30, 2017 included $248,000 and $29,000 of receivables held by Pure Rooms and OpenKey, respectively. We are also a party to an amended and restated advisory agreement with Ashford Prime OP. Through June 20, 2017, the quarterly base fee was based on a declining sliding scale percentage of Ashford Prime's total market capitalization plus the Key Money Asset Management Fee (defined in our advisory agreement as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of its consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). Prior to the effectiveness of the amended and restated advisory agreement discussed below, the range of base fees on the scale was between 0.70% to 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . Upon effectiveness of the amended and restated advisory agreement discussed below, the quarterly base fee was fixed at 0.70% per annum. Reimbursement for overhead, internal audit, insurance claims advisory and asset management services, including compensation, benefits and travel expense reimbursements, are billed quarterly to Ashford Prime based on a pro rata allocation as determined by the ratio of Ashford Prime’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Ashford Prime. We also record advisory revenue for equity grants of Ashford Prime common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is earned annually in each year that Ashford Prime’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Prime’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. On January 24, 2017, we entered into an amended and restated advisory agreement with Ashford Prime (the “Fourth Amended and Restated Ashford Prime Advisory Agreement”) that amended and restated the advisory agreement with Ashford Prime discussed herein. On June 9, 2017, Ashford Prime’s stockholders approved the Fourth Amended and Restated Ashford Prime Advisory Agreement, which became effective on June 21, 2017. The material terms of the Fourth Amended and Restated Ashford Prime Advisory agreement include: • Ashford Prime made a cash payment to us of $5.0 million on June 21, 2017, which is included in “deferred income” on our condensed consolidated balance sheet, which is being recognized over the initial ten -year term of the Fourth Amended and Restated Ashford Prime Advisory Agreement. The revenue recognized is included in “other advisory revenue” on our condensed consolidated statements of operations and comprehensive income (loss); • the termination fee payable to us under the advisory agreement has been amended by eliminating the 1.1 x multiplier and tax gross up components of the fee; • we will disclose publicly the revenues and expenses used to calculate “Net Earnings” on a quarterly basis, which is used to calculate the termination fee; we will retain an accounting firm to provide a quarterly report to Ashford Prime on the reasonableness of our determination of expenses, which will be binding on the parties; • our right under the advisory agreement to appoint a “Designated CEO” has been eliminated; • our right to terminate the advisory agreement due to a change in a majority of the “Company Incumbent Board” (as defined in the advisory agreement) has been eliminated; • Ashford Prime will be incentivized to grow its assets under a “growth covenant” in the Fourth Amended and Restated Ashford Prime Advisory Agreement under which Ashford Prime will receive a deemed credit against a base amount of $45.0 million for 3.75% of the total purchase price of each hotel acquired after the date of the Fourth Amended and Restated Ashford Prime Advisory Agreement that was recommended by us, netted against 3.75% of the total sale price of each hotel sold after the date of the Fourth Amended and Restated Ashford Prime Advisory Agreement. The difference between $45.0 million and this net credit, if any, is referred to as the “Uninvested Amount.” If the Fourth Amended and Restated Ashford Prime Advisory Agreement is terminated, other than due to certain acts by us, Ashford Prime must pay us the Uninvested Amount, in addition to any other fees payable under the Amended Agreement; • the Fourth Amended and Restated Ashford Prime Advisory Agreement requires Ashford Prime to maintain a net worth of not less than $390 million plus 75% of the equity proceeds from the sale of securities by Ashford Prime after December 31, 2016 and a covenant prohibiting Ashford Prime from paying dividends except as required to maintain its REIT status if paying the dividend would reduce Ashford Prime’s net worth below the required minimum net worth; • the initial term of the Fourth Amended and Restated Ashford Prime Advisory Agreement ends on the 10th anniversary of its effective date, subject to renewal by us for up to seven additional successive 10 -year terms; • the base management fee payable to us will be fixed at 0.70% , and the fee will be payable on a monthly basis; • reimbursements of expenses to us will be made monthly in advance, based on an annual expense budget, with a quarterly true-up for actual expenses; • the right of Ashford Prime to terminate the advisory agreement due to a change of control experienced by us has been eliminated; • the rights of Ashford Prime to terminate the advisory agreement at the end of each term upon payment of the termination fee based on the parties being unable to agree on new market-based fees or our performance have been eliminated; however, the Fourth Amended and Restated Ashford Prime Advisory Agreement provides a mechanism for the parties to renegotiate the fees payable to us at the end of each term based on then prevailing market conditions, subject to floors and caps on the changes; • if a Change of Control (as defined in the Fourth Amended and Restated Ashford Prime Advisory Agreement) is pending, Ashford Prime has agreed to deposit not less than 50% , and in certain cases 100% , of the applicable termination fee in escrow, with the payment of any remaining amounts owed to us secured by a letter of credit or first priority lien on certain assets; • Ashford Prime’s ability to terminate the Fourth Amended and Restated Ashford Prime Advisory Agreement due to a material default by us is limited to instances where a court finally determines that the default had a material adverse effect on Ashford Prime and we fail to pay monetary damages in accordance with the Fourth Amended and Restated Ashford Prime Advisory Agreement; and • if Ashford Prime repudiates the Fourth Amended and Restated Ashford Prime Advisory Agreement, through actions or omissions that constitute a repudiation as determined by a final non-appealable order from a court of competent jurisdiction, Ashford Prime will be liable to us for a liquidated damages amount. The following table summarizes the revenue from Ashford Prime OP (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services revenue Base advisory fee $ 2,300 $ 2,103 $ 6,579 $ 6,334 Reimbursable expenses (1) 470 731 1,552 2,035 Equity-based compensation (2) (949 ) 1,134 (2,299 ) 3,220 Incentive advisory fee (3) 319 481 956 1,213 Other advisory revenue (4) 132 — 146 — Total advisory services revenue $ 2,272 $ 4,449 $ 6,934 $ 12,802 Other revenue Debt placement fees (5) $ 225 $ — $ 225 $ — Lease revenue (6) 83 84 251 252 Other services (7) 26 — 26 — Total other revenue $ 334 $ 84 $ 502 $ 252 Total revenue $ 2,606 $ 4,533 $ 7,436 $ 13,054 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the three and nine months ended September 30, 2017 , we recognized $15,000 and $110,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as mentioned in note 2, in the amount of $0 and $1.1 million , respectively, for the three and nine months ended September 30, 2017 . (2) Equity-based compensation revenue is associated with equity grants of Ashford Prime’s common stock and LTIP units awarded to officers and employees of Ashford Inc. (3) Incentive advisory fee includes the pro-rata portion of the third year installment of the 2015 incentive advisory fee in the amount of $319,000 and $956,000 for the three and nine months ended September 30, 2017 , for which the payment is due January 2018 subject to meeting the FCCR Condition at December 31, 2017, as defined in our advisory agreement with Ashford Prime. For the three and nine months ended September 30, 2016 , the incentive advisory fee includes the pro-rata portion of the second year installment of the 2015 incentive advisory fee in the amount of $319,000 and $956,000 , respectively, for which the payment was made in January 2017 as well as the first year installment of the 2016 incentive fee in the amount of $162,000 and $257,000 for the three and nine months ended September 30, 2016, respectively, which was subject to Ashford Prime’s annual total stockholder return exceeding the average annual total stockholder return of Ashford Prime’s peer group as of December 31, 2016 and the FCCR Condition as of December 31, 2016, as defined in our advisory agreement with Ashford Prime. (4) In connection with our Fourth Amended and Restated Ashford Prime Advisory Agreement, a $5.0 million cash payment was made by Ashford Prime upon approval by Ashford Prime’s stockholders, which will be recognized over the 10 year initial term. (5) Debt placement fees include revenues earned through provision of mortgage placement services. (6) In connection with our key money transactions with Ashford Prime, we lease furniture, fixtures and equipment to Ashford Prime at no cost. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (7) Other services revenue is associated with Pure Rooms and OpenKey that provide other hotel services to Ashford Prime. At September 30, 2017 and December 31, 2016 , we had receivables of $1.1 million and $3.8 million , respectively, from Ashford Prime OP associated with the advisory service fee and other fees, as discussed above. The net receivables due from Ashford Prime OP as of September 30, 2017 included $4,000 of receivables held by OpenKey. Ashford Trust and Ashford Prime have management agreements with Remington Holdings L.P. and its subsidiaries (“Remington Lodging”), which is beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus. Transactions related to these agreements are included in the accompanying condensed consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and Ashford Prime, including rent, payroll, office supplies, travel and accounting. These charges are allocated based on various methodologies, including headcount and actual amounts incurred, which are then rebilled to Ashford Trust and Ashford Prime. These reimbursements are included in “general and administrative” expenses on the condensed consolidated statements of operations and comprehensive income (loss). The charges totaled $1.2 million and $3.7 million for the three and nine months ended September 30, 2017 , respectively, and $1.2 million and $4.4 million , for the three and nine months ended September 30, 2016 , respectively. The amounts due under these arrangements as of September 30, 2017 and December 31, 2016 , are included in “due to affiliates” on our condensed consolidated balance sheets. On March 7, 2017, AIM GP, the general partner of the AQUA U.S. Fund, provided written notice to the AQUA U.S. Fund's limited partners of its election to dissolve the AQUA U.S. Fund pursuant to Section 6.1(a) of the Second Amended and Restated Limited Partnership Agreement of the AQUA U.S. Fund as of March 31, 2017 (the “Dissolution Date”). In connection with the dissolution of the AQUA U.S. Fund, the AQUA Master Fund was liquidated in accordance with the laws of the Cayman Islands. The balance of all limited partners' capital accounts in the AQUA U.S. Fund, less an audit hold-back of 5% , was distributed to limited partners in cash on the Dissolution Date, and thereafter limited partners ceased to be a limited partner of the AQUA U.S. Fund. The remaining hold-back amounts were paid during the second quarter of 2017. As of September 30, 2017, AQUA U.S. Fund has been fully dissolved. Certain employees of Remington Lodging who perform work on behalf of Ashford Trust were granted shares of restricted stock under the Ashford Trust Stock Plan prior to our spin-off. These share grants were accounted for under the applicable accounting guidance related to share-based payments granted to non-employees and were recorded in “general and administrative” expense. Expense was recognized in the condensed consolidated statements of operations and comprehensive income (loss) in the amount of $0 and $2,000 for the three and nine months ended September 30, 2017 , respectively, and $2,000 and $7,000 for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2017 , these equity grants were fully vested. On June 11, 2015, we announced that we are providing a total of $6.0 million in key money consideration to our managed REITs for two acquisitions. In connection with our engagement to provide hotel advisory services to Ashford Trust, w e provided $4.0 million of key money consideration to purchase furniture, fixtures and equipment related to Ashford Trust’s $62.5 million acquisition of the 226 -room Le Pavillon Hotel in New Orleans, Louisiana, which closed in June 2015. As of December 31, 2016, we provided substantially all of the $4.0 million key money consideration as investments in furniture, fixtures and equipment on behalf of Ashford Trust. In 2017, Ashford Trust leased the assets from Ashford Inc. at no cost for a term of five years. Separately, in connection with our engagement to provide hotel advisory services to Ashford Prime, w e have also provided $2.0 million of key money consideration comprised of $206,000 in cash and the issuance of 19,897 shares of our common stock to purchase furniture, fixtures and equipment related to Ashford Prime’s $85.0 million acquisition of the 62 -room Bardessono Hotel and Spa in Yountville, California, which closed in July 2015. The hotel advisory services and the lease are considered a multiple element arrangement, in accordance with the applicable accounting guidance. As such, a portion of the base advisory fee should be allocated to lease revenue equal to the estimated fair value of the lease payments that would have been made. As a result, advisory revenue was allocated to lease revenue in the amount of $251,000 and $642,000 for the three and nine months ended September 30, 2017 , respectively and $84,000 and $252,000 for the three and nine months ended September 30, 2016 , respectively. Lease revenue is included in “other” revenue in the condensed consolidated statements of operations and comprehensive income (loss).

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Undistributed net income (loss) allocated to common stockholders (1,856 ) (285 ) (10,950 ) (3,123 ) Distributed and undistributed net income (loss) - basic $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Effect of deferred compensation plan — (494 ) — (1,178 ) Effect of contingently issuable shares (296 ) (322 ) (991 ) (788 ) Distributed and undistributed net income (loss) - diluted $ (2,152 ) $ (1,101 ) $ (11,941 ) $ (5,089 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,022 2,014 2,019 2,011 Effect of deferred compensation plan shares — 210 — 140 Effect of contingently issuable shares 32 38 33 37 Weighted average common shares outstanding – diluted 2,054 2,262 2,052 2,188 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (0.92 ) $ (0.14 ) $ (5.42 ) $ (1.55 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.05 ) $ (0.49 ) $ (5.82 ) $ (2.33 ) 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, 2017 2016 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford LLC $ 4 $ 1 $ 4 $ (6 ) Total $ 4 $ 1 $ 4 $ (6 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares — 1 — 1 Effect of assumed conversion of Ashford LLC units 4 5 4 5 Total 4 6 4 6

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have one reportable business segment: REIT Advisory, which provides asset management and advisory services to other entities. Our Pure Rooms and OpenKey operating segments do not individually meet the accounting criteria for separate disclosure as reportable segments. Accordingly, we combine the operating results of Pure Rooms and OpenKey into an “all other” category, which we refer to as “Corporate and Other.” The REIT Advisory segment primarily earns revenue by providing asset management and advisory services on a fee basis by managing the day-to-day operations of Ashford Trust and Ashford Prime and their respective subsidiaries, in conformity with each entity's investment guidelines. Corporate and Other includes a portion of our revenue and operating expenses that are not directly attributable to the REIT Advisory segment. The revenue in this category primarily consists of income generated by Pure Rooms and OpenKey by providing services to hotels. As of September 30, 2017, all of our business was transacted in the United States and all of our revenues were generated domestically. Our chief operating decision maker (“CODM”) uses multiple measures of segment profitability for assessing performance of our business. Our reported measure of segment profitability is net income, although the CODM also focuses on adjusted EBITDA and adjusted net income, which exclude certain gains, losses and charges, to assess performance and allocate resources. Our CODM currently reviews assets at the corporate (consolidated) level and does not currently review segment assets to make key decisions on resource allocations. The following tables reconcile our segment results to our consolidated results of operations (in thousands): Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 REIT Advisory Corporate and Other Ashford Inc. Consolidated REIT Advisory Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 17,357 $ — $ 17,357 $ 16,427 $ — $ 16,427 Other 998 900 1,898 84 27 111 Total revenue 18,355 900 19,255 16,511 27 16,538 EXPENSES Depreciation and amortization 185 396 581 — 271 271 Other operating expenses (a) 5,586 15,428 21,014 5,267 11,135 16,402 Total expenses 5,771 15,824 21,595 5,267 11,406 16,673 OPERATING INCOME (LOSS) 12,584 (14,924 ) (2,340 ) 11,244 (11,379 ) (135 ) Interest expense — (20 ) (20 ) — — — Interest income — 82 82 — 21 21 Other income (expense) (b) — (5 ) (5 ) (30 ) (373 ) (403 ) INCOME (LOSS) BEFORE INCOME TAXES 12,584 (14,867 ) (2,283 ) 11,214 (11,731 ) (517 ) Income tax (expense) benefit (4,543 ) 4,568 25 (4,051 ) 3,476 (575 ) NET INCOME (LOSS) $ 8,041 $ (10,299 ) $ (2,258 ) $ 7,163 $ (8,255 ) $ (1,092 ) ________ (a) Other operating expenses includes salaries and benefits and general and administrative expenses. REIT Advisory amounts represent expenses for which there is a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (b) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments. Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 REIT Advisory Corporate and Other Ashford Inc. Consolidated REIT Advisory Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 47,960 $ — $ 47,960 $ 47,820 $ — $ 47,820 Other 2,349 1,598 3,947 252 27 279 Total revenue 50,309 1,598 51,907 48,072 27 48,099 EXPENSES Depreciation and amortization 438 1,198 1,636 — 815 815 Impairment 1,041 31 1,072 — — — Other operating expenses (a) 12,903 39,354 52,257 14,431 35,692 50,123 Total expenses 14,382 40,583 54,965 14,431 36,507 50,938 OPERATING INCOME (LOSS) 35,927 (38,985 ) (3,058 ) 33,641 (36,480 ) (2,839 ) Interest expense — (35 ) (35 ) — — — Interest income — 153 153 — 44 44 Other income (expense) (b) (309 ) 285 (24 ) (75 ) (7,339 ) (7,414 ) INCOME (LOSS) BEFORE INCOME TAXES 35,618 (38,582 ) (2,964 ) 33,566 (43,775 ) (10,209 ) Income tax (expense) benefit (12,895 ) 3,647 (9,248 ) (12,133 ) 11,573 (560 ) NET INCOME (LOSS) $ 22,723 $ (34,935 ) $ (12,212 ) $ 21,433 $ (32,202 ) $ (10,769 ) ________ (a) Other operating expenses includes salaries and benefits and general and administrative expenses. REIT Advisory amounts represent expenses for which there is a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (b) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On November 1, 2017, we acquired an 85% controlling interest in a privately held company that conducts the business of J&S Audio Visual in the United States, Mexico, and the Dominican Republic (“J&S”) for approximately $9.2 million in cash, $4.3 million of common stock, and $9.5 million in assumed debt (excluding transaction costs, working capital adjustments, and contingent consideration). The results of operations of J&S will be included in our condensed consolidated financial statements from the date of acquisition beginning in the fourth quarter of 2017. We are in the process of evaluating the fair value of the net assets acquired through internal studies and third-party valuations and expect to complete a preliminary purchase price allocation in the fourth quarter of 2017. It is impracticable to provide pro forma results that include the impact of J&S due to the recency of the acquisition.

Significant Accounting Polici23

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation and Combination —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant inter-company accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. The AQUA Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. 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 condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2016 Annual Report on Form 10-K filed with the SEC on March 16, 2017 . A variable interest entity (“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, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. As of September 30, 2017 , we held a variable interest in OpenKey, Inc. (“OpenKey”), a consolidated VIE in which the redeemable noncontrolling interest holder held a 39.59% interest and the noncontrolling interest holders held a 16.51% interest. As we meet the conditions discussed above, we are considered the primary beneficiary of OpenKey and therefore we consolidate it. As of September 30, 2017 , OpenKey held approximately $2.1 million of total assets that primarily consisted of cash and cash equivalents and other assets that can only be used to settle its obligations. Additionally, as of September 30, 2017 , OpenKey had accounts payable and accrued expenses of approximately $787,000 for which creditors do not have recourse to Ashford Inc., and also had not drawn on its available line of credit. As of December 31, 2016 , we held a variable interest in OpenKey, in which the redeemable noncontrolling interest holder held a 46.31% interest and the noncontrolling interest holders held a 13.63% interest. As of December 31, 2016 , OpenKey held approximately $960,000 of total assets that primarily consisted of cash and cash equivalents and other assets that could only be used to settle its obligations. Additionally, as of December 31, 2016 , OpenKey had accounts payable and accrued expenses of approximately $256,000 for which creditors did not have recourse to Ashford Inc. As of September 30, 2017 , we held a variable interest in PRE Opco, LLC (“Pure Rooms”), a consolidated VIE in which the noncontrolling interest holders held a 30% interest. As we meet the conditions discussed above, we are considered the primary beneficiary of Pure Rooms and therefore we consolidate it. As of September 30, 2017 , Pure Rooms held approximately $772,000 of total assets that primarily consisted of cash and cash equivalents, receivables and other assets that can only be used to settle its obligations. As of September 30, 2017 , Pure Rooms had accounts payable and accrued expenses of approximately $1.2 million for which creditors do not have recourse to Ashford Inc. Additionally, as of September 30, 2017 , Pure Rooms had a $279,000 term loan and a $100,000 outstanding balance on a line of credit, for which creditors do not have recourse to Ashford Inc.
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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash —Restricted cash represents reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds, from the Ashford Trust/Prime properties and their respective management companies, of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The offset to restricted cash amounts is included in other liabilities. We early adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in “Recently Adopted Accounting Standards” below.
Impairment of Furniture, Fixtures and Equipment, net	Impairment of Furniture, Fixtures and Equipment, net -Furniture, fixtures and equipment, net, which includes capitalized software implementation costs, are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.1 million for the three and nine months ended September 30, 2017 , respectively, offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. See note 13 to our condensed consolidated financial statements. No impairment charges were recorded for furniture, fixtures and equipment, net for the three and nine months ended September 30, 2016 .
Noncontrolling Interests	Noncontrolling Interests —Redeemable noncontrolling interests represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these members’ interest. The redeemable noncontrolling interests is classified in the mezzanine section of the condensed consolidated balance sheets as these redeemable operating units do not meet the requirements for equity classification prescribed by the applicable accounting guidance because each common unit of membership interest may be redeemed by the holder for cash or registered shares in certain cases outside the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value. The redeemable noncontrolling interests in subsidiary common stock as of September 30, 2017 , represented the 39.59% ownership interest in a consolidated VIE, OpenKey. The redeemable noncontrolling interest in subsidiary common stock is included in the mezzanine section of our condensed consolidated balance sheet as it is redeemable outside of the Company’s control. The carrying value of the redeemable noncontrolling interests in subsidiary common stock is based on the accumulated historical cost adjusted to reflect the excess of redemption value over the accumulated historical cost. As of September 30, 2017 , noncontrolling interests in consolidated entities represented noncontrolling ownership interests of 40% in Performance Holdco, 16.51% in OpenKey and 30% in Pure Rooms . As of December 31, 2016 , noncontrolling interests in consolidated entities represented noncontrolling ownership interests of 40% in Performance Holdco, 100% in the AQUA Fund and 13.63% in OpenKey.
Revenue Recognition	Revenue Recognition —Revenues primarily consist of advisory and investment management fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. The quarterly base fee ranges from 0.70% to 0.50% per annum of the total market capitalization ranges from less than $6.0 billion to greater than $10.0 billion of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee, as defined in the respective advisory agreement, subject to certain minimums. Similarly, the Ashford Prime base fee is fixed at 0.70% of Ashford Prime’s total market capitalization plus the Key Money Asset Management Fee, as defined in the respective advisory agreement, subject to certain minimums. Reimbursements for overhead, travel expenses, risk management and internal audit services are recognized when services have been rendered. We also record advisory revenue for equity grants of Ashford Prime and Ashford Trust common stock and Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well an offsetting expense in an equal amount included in “salaries and benefits.” Incentive advisory fees are earned annually in each year that Ashford Prime’s and/or Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the FCCR Condition, as defined in the advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition. Accordingly, incentive advisory fee revenue is recognized only when the amount earned is fixed and determinable and the FCCR Condition has been met. As incentive advisory fees are earned annually, we recognize revenue quarterly based on the amount that would be due pursuant to the applicable advisory agreement as of the interim balance sheet date in accordance with the authoritative accounting guidance. Debt placement fees include revenues earned through provision of mortgage placement services and are recognized based on a stated percentage of the loan amount when services have been rendered. Certain of our consolidated entities enter into multiple element arrangements with customers. For such arrangements, we determine whether each of the individual deliverables in the arrangement qualify as a separate unit of accounting, which requires that the deliverable have standalone value upon delivery. We allocate arrangement consideration to the separate units of accounting using the relative selling price method, in which allocation of consideration is based on vendor-specific objective evidence (“VSOE”) if available, third-party evidence (“TPE”), or if VSOE and TPE are not available, management’s best estimate of a standalone selling price for the units of accounting. We limit the amount of arrangement consideration to amounts that are fixed or determinable. The arrangement consideration is recognized as revenue as the deliverables are provided to the customer, which is either up front for deliverables that have standalone value upon delivery, or ratably over the period of delivery.
Equity-Based Compensation	Equity-Based Compensation —Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. In connection with providing advisory services, our officers and employees are granted common stock and LTIP units from Ashford Trust and Ashford Prime, which result in expense equal to the fair value of the award, included in “salaries and benefits” in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) —As there are no transactions requiring presentation in other comprehensive income (loss), but not in net income (loss), the Company’s net income (loss) equates to other comprehensive income (loss).
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities — We hold an investment in an unconsolidated entity with a carrying value of $500,000 at both September 30, 2017 and December 31, 2016 , which we account for under the cost method of accounting as we do not exercise significant influence over the entity. We review the investments in unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings/loss in unconsolidated entities. No such impairment was recorded during the three and nine months ended September 30, 2017 or September 30, 2016 .
Income Taxes	Income Taxes —The Company is subject to federal and state corporate income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. Our effective tax rates on income (loss) before income taxes for the three and nine months ended September 30, 2017 and September 30, 2016 were 1.0% and (111.2)% , and (312.0)% and (5.5)% , respectively. The rates reflect the effects of permanent differences, changes in the valuation allowance on our deferred tax assets, and losses attributable to noncontrolling interests in partnerships and LLC’s taxed as partnerships for which taxes are not the responsibility of the Company. For the three and nine months ended September 30, 2017 , the rates also reflect the effect of a 0% effective tax rate on the net losses of certain consolidated VIEs due to it being more likely than not that the related deferred tax assets will not be realized primarily because of each entity’s history of losses. The portion of equity-based compensation expense related to LTIP units granted to Ashford Trust employees prior to the spin-off is not deductible for income tax purposes and is accounted for as a permanent difference. We evaluate the recoverability of our deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. We assess whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. The analysis utilized in determining the valuation allowance involves considerable judgment and assumptions. After consideration of all evidence, we concluded that it is not more likely than not that we will realize a substantial portion of our deferred tax assets. This conclusion was primarily due to our historical pretax losses and the inability to carry back our deferred tax assets to historical taxable income after the organizational structure of our tax paying entities changed from the Merger described in note 1. Accordingly, at September 30, 2017 , we recorded a deferred tax asset, net of $600,000 , which was comprised of $31.3 million of net deferred tax assets offset by a $30.7 million valuation allowance. If our operating performance improves on a sustained basis, our conclusion regarding the need for a valuation allowance could change, resulting in the reversal of some or all of the valuation allowance in the future. The “Income Taxes” Topic of the FASB ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2013 through 2016 remain subject to potential examination by certain federal and state taxing authorities.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). The new standard requires an investor to apply the equity method of accounting only from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. ASU 2016-07 eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held, but did not qualify for the equity method of accounting. ASU 2016-07 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The adoption of ASU 2016-07 did not have a material impact on our condensed consolidated financial statements or related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) as part of the FASB simplification initiative. The new standard requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit on the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. ASU 2016-09 also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. In addition, ASU 2016-09 increases the tax withholding requirements threshold to qualify for equity classification. ASU 2016-09 also clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. ASU 2016-09 provides an optional accounting policy election to be applied on an entity-wide basis to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We have adopted this standard effective January 1, 2017, and the adoption of this standard did not have a material impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result net cash provided by operating activities increased $4.4 million in the nine months ended September 30, 2016 . Our beginning-of-period cash, cash equivalents and restricted cash increased $9.8 million and $5.7 million in 2017 and 2016, respectively. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. ASU 2014-09 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. In addition, the new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017, including interim periods within that reporting period. The FASB has also issued additional updates that further clarify the requirements of Topic 606 and provide implementation guidance. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. Upon adoption of ASU 2014-09, the guidance currently applied by the Company in which it recognizes incentive fee income on an assumed liquidation basis at each reporting date will no longer be permitted. The Company expects the recognition of incentive fees, which are a form of variable consideration, to be tied to a performance obligation and deferred until such fees are probable of not being subject to significant reversal. We are currently in process of quantifying the impact on our financial statements, if any. The Company is currently in the process of implementing the standard. The Company engaged a third party expert to assist in its implementation efforts and in selecting a transition method. The Company is continuing to evaluate the effect this guidance will have on other revenue streams, including principal versus agent considerations for reporting reimbursable revenue items gross versus net. In addition, the Company is evaluating the disclosure requirements under these standards while also identifying and preparing to implement changes to its accounting policies, practices and controls to support the new standards. The Company will adopt the new standard effective January 1, 2018. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We do not expect that ASU 2016-01 will have a material impact on our condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases as well as for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the condensed consolidated financial statements, with certain practical expedients available. The accounting for leases where we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact ASU 2016-02 will have on our condensed consolidated financial statements, we expect the primary impact to our condensed consolidated financial statements upon adoption will be the recognition, on a discounted basis, of any future minimum rentals due under noncancelable leases on our balance sheets resulting in the recording of right of use assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - Debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact that ASU 2016-15 will have on our financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact that ASU 2017-01 will have on our condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our condensed consolidated financial statements and related disclosures.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Purchase price allocation	The purchase price and allocation of the purchase price is as follows (in thousands): Equity consideration $ 425 Debt assumed - note payable 375 Debt assumed - line of credit 100 Purchase price $ 900 Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Line of credit (100 ) Note payable (375 ) Other assumed liabilities, net of assets acquired (387 ) Total assumed liabilities, net of assets acquired (563 ) Customer relationships 175 5 years Goodwill 813 Fair value of noncontrolling interest in subsidiary $ 425
Intangible assets	The net carrying amounts of intangible assets other than goodwill are as follows (in thousands): September 30, 2017 Customer relationships $ 175 Accumulated amortization (18 ) Customer relationships, net $ 157
Amortization expense	Amortization expense of these intangible assets over the remaining 2017 period and the next five years is expected to be the following (in thousands): Year Aggregate Amortization Expense October 1, 2017 through December 31, 2017 $ 8 2018 35 2019 35 2020 35 2021 35 2022 9 $ 157
Unaudited pro forma results of operations	The following table reflects the unaudited pro forma results of operations as if the Pure Rooms acquisition had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $0 and $202,000 of non-recurring transaction costs directly attributable to the acquisitions for the three and nine months ended September 30, 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 19,255 $ 17,045 $ 52,613 $ 49,641 Net income (loss) (2,258 ) (1,049 ) (12,040 ) (10,986 ) Net income (loss) attributable to common stockholders (1,856 ) (255 ) (10,782 ) (3,273 ) Pro forma income per share: Basic $ (0.92 ) $ (0.13 ) $ (5.34 ) $ (1.63 ) Diluted $ (1.05 ) $ (0.47 ) $ (5.74 ) $ (2.39 ) Weighted average common shares outstanding (in thousands): Basic 2,022 2,014 2,019 2,011 Diluted 2,054 2,262 2,052 2,188

Notes Payable, net (Tables)

Notes Payable, net (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Subsidiary Collateral Maturity Interest Rate September 30, 2017 December 31, 2016 Revolving credit facility OpenKey None (2) October 2018 Prime Rate (1) + 2.75% $ — $ — Revolving credit facility Pure Rooms None On demand Prime Rate (1) + 1.00% 100 — Term loan Pure Rooms None October 2018 5.00% 279 — Total 379 — Less: current portion 340 — Notes payable, gross - non-current 39 — Deferred loan costs, net (19 ) — Notes payable, net non-current $ 20 $ — __________________ (1) Prime Rate was 4.25% at September 30, 2017 . (2) Creditors do not have recourse to Ashford Inc. The line of credit is secured by all of OpenKey's assets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total September 30, 2017 Liabilities Non-derivative liabilities: Deferred compensation plan $ (12,599 ) $ — $ (12,599 ) Total $ (12,599 ) $ — $ (12,599 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total December 31, 2016 Assets Derivative assets: Options on futures contracts $ 91 $ — $ 91 Total 91 — 91 (1) Liabilities Non-derivative liabilities: Deferred compensation plan (9,078 ) — (9,078 ) Total (9,078 ) — (9,078 ) Net $ (8,987 ) $ — $ (8,987 ) __________________ (1) Reported as “investments in securities” in the condensed consolidated balance sheets.
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Income (Loss)	The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Assets Derivative assets: Equity put options $ — $ (1,609 ) $ — $ (2,079 ) Equity call options — 251 — 2,132 Options on futures contracts — (106 ) (91 ) (153 ) Non-derivative assets: Equity securities — 52 — (6,013 ) U.S. treasury securities — 19 — 696 Total — (1,393 ) (91 ) (5,417 ) Liabilities Derivative liabilities: Short equity put options — 1,355 — 1,529 Short equity call options — (403 ) — (1,841 ) Non-derivative liabilities: Equity securities — — — (160 ) Deferred compensation plan (2,006 ) 494 (3,673 ) 1,178 Total (2,006 ) 1,446 (3,673 ) 706 Net $ (2,006 ) $ 53 $ (3,764 ) $ (4,711 ) Total combined Unrealized gain (loss) on investments $ — $ 287 $ 203 $ 1,182 Realized gain (loss) on investments — (728 ) (294 ) (7,071 ) Deferred compensation plan (2,006 ) (1) 494 (1) (3,673 ) (1) 1,178 (1) Net $ (2,006 ) $ 53 $ (3,764 ) $ (4,711 ) ________ (1) Reported as a component of “salaries and benefits” in the condensed consolidated statements of operations and comprehensive income (loss).

Summary of Fair Value of Fina27

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, All Other Investments [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Certain of our financial instruments are not measured at fair value on a recurring basis. 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, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Investments in securities $ — $ — $ 91 $ 91 Financial liabilities measured at fair value: Deferred compensation plan $ 12,599 $ 12,599 $ 9,078 $ 9,078 Financial assets not measured at fair value: Cash and cash equivalents $ 44,561 $ 44,561 $ 84,091 $ 84,091 Restricted cash 11,109 11,109 9,752 9,752 Receivables 518 518 16 16 Due from Ashford Trust OP 11,705 11,705 12,179 12,179 Due from Ashford Prime OP 1,065 1,065 3,817 3,817 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 12,127 $ 12,127 $ 11,601 $ 11,601 Due to affiliate 2,071 2,071 933 933 Due to Ashford Prime OP from AQUA U.S. Fund — — 2,289 2,289 Other liabilities 11,109 11,109 9,752 9,752 Notes payable 379 379 — —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost	The components of equity-based compensation expense for the three and nine months ended September 30, 2017 and 2016 , are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Equity-based compensation Stock option amortization (1) $ 1,899 $ 1,627 $ 5,436 $ 4,196 Director equity grants expense (2) — — 250 250 Pre-spin equity grants expense (3) — 1,125 684 4,323 Total equity-based compensation (4) $ 1,899 $ 2,752 $ 6,370 $ 8,769 Other equity-based compensation REIT equity-based compensation (5) $ 3,443 $ 3,021 $ 5,449 $ 7,755 $ 5,342 $ 5,773 $ 11,819 $ 16,524 ________ (1) As of September 30, 2017 , the Company had approximately $7.9 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.2 years . During the three and nine months ended September 30, 2017 , stock option amortization included $12,000 and $28,000 of amortization related to OpenKey stock options issued under OpenKey’s stock plan. (2) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. See Equity-based Compensation in note 2. (3) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of September 30, 2017 , these equity grants were fully vested. (4) Additionally, equity-based compensation associated with employees of an affiliate was included in “general and administrative” expense in the amount of $0 and $2,000 for the three and nine months ended September 30, 2017 , respectively and $2,000 and $7,000 for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2017 , these equity grants were fully vested. See note 13. (5) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Ashford Prime’s common stock and LTIP units awarded to officers and employees of Ashford Inc. See notes 2 and 13.

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2017
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our condensed consolidated statements of operations and comprehensive income (loss). The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Change in fair value Unrealized gain (loss) $ (2,006 ) $ 494 $ (3,673 ) $ 1,178 Distributions Fair value (1) $ 39 $ — $ 152 $ — Shares (1) 1 — 2 — ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenue from Ashford Trust OP (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services revenue Base advisory fee $ 8,568 $ 8,576 $ 26,020 $ 25,842 Reimbursable expenses (1) 1,673 1,515 5,902 4,641 Equity-based compensation (2) 4,392 1,887 7,748 4,535 Incentive advisory fee (3) 452 — 1,356 — Total advisory services revenue $ 15,085 $ 11,978 $ 41,026 $ 35,018 Other revenue Investment management reimbursements (4) $ 522 $ — $ 1,482 $ — Lease revenue (5) 168 — 391 — Other services (6) 479 6 705 6 Total other revenue $ 1,169 $ 6 $ 2,578 $ 6 Total revenue $ 16,254 $ 11,984 $ 43,604 $ 35,024 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the three and nine months ended September 30, 2017 , we recognized $202,000 and $1.5 million , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as mentioned in note 2, in the amount of $0 and $1.1 million , respectively, for the three and nine months ended September 30, 2017 . (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. (3) Incentive advisory fee includes the pro-rata portion of the second year installment of the 2016 incentive advisory fee in the amount of $452,000 and $1,356,000 for the three and nine months ended September 30, 2017 , for which the payment is due January 2018 subject to the FCCR Condition as of December 31, 2017, as defined in our advisory agreement with Ashford Trust. (4) Investment management reimbursements include AIM’s management of all or a portion of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (5) In connection with our key money transaction with Ashford Trust, we lease furniture, fixtures and equipment to Ashford Trust at no cost. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (6) Other services revenue is associated with Pure Rooms and OpenKey that provide other hotel services to Ashford Trust. The following table summarizes the revenue from Ashford Prime OP (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services revenue Base advisory fee $ 2,300 $ 2,103 $ 6,579 $ 6,334 Reimbursable expenses (1) 470 731 1,552 2,035 Equity-based compensation (2) (949 ) 1,134 (2,299 ) 3,220 Incentive advisory fee (3) 319 481 956 1,213 Other advisory revenue (4) 132 — 146 — Total advisory services revenue $ 2,272 $ 4,449 $ 6,934 $ 12,802 Other revenue Debt placement fees (5) $ 225 $ — $ 225 $ — Lease revenue (6) 83 84 251 252 Other services (7) 26 — 26 — Total other revenue $ 334 $ 84 $ 502 $ 252 Total revenue $ 2,606 $ 4,533 $ 7,436 $ 13,054 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the three and nine months ended September 30, 2017 , we recognized $15,000 and $110,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as mentioned in note 2, in the amount of $0 and $1.1 million , respectively, for the three and nine months ended September 30, 2017 . (2) Equity-based compensation revenue is associated with equity grants of Ashford Prime’s common stock and LTIP units awarded to officers and employees of Ashford Inc. (3) Incentive advisory fee includes the pro-rata portion of the third year installment of the 2015 incentive advisory fee in the amount of $319,000 and $956,000 for the three and nine months ended September 30, 2017 , for which the payment is due January 2018 subject to meeting the FCCR Condition at December 31, 2017, as defined in our advisory agreement with Ashford Prime. For the three and nine months ended September 30, 2016 , the incentive advisory fee includes the pro-rata portion of the second year installment of the 2015 incentive advisory fee in the amount of $319,000 and $956,000 , respectively, for which the payment was made in January 2017 as well as the first year installment of the 2016 incentive fee in the amount of $162,000 and $257,000 for the three and nine months ended September 30, 2016, respectively, which was subject to Ashford Prime’s annual total stockholder return exceeding the average annual total stockholder return of Ashford Prime’s peer group as of December 31, 2016 and the FCCR Condition as of December 31, 2016, as defined in our advisory agreement with Ashford Prime. (4) In connection with our Fourth Amended and Restated Ashford Prime Advisory Agreement, a $5.0 million cash payment was made by Ashford Prime upon approval by Ashford Prime’s stockholders, which will be recognized over the 10 year initial term. (5) Debt placement fees include revenues earned through provision of mortgage placement services. (6) In connection with our key money transactions with Ashford Prime, we lease furniture, fixtures and equipment to Ashford Prime at no cost. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (7) Other services revenue is associated with Pure Rooms and OpenKey that provide other hotel services to Ashford Prime.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of 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, 2017 2016 2017 2016 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Undistributed net income (loss) allocated to common stockholders (1,856 ) (285 ) (10,950 ) (3,123 ) Distributed and undistributed net income (loss) - basic $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Effect of deferred compensation plan — (494 ) — (1,178 ) Effect of contingently issuable shares (296 ) (322 ) (991 ) (788 ) Distributed and undistributed net income (loss) - diluted $ (2,152 ) $ (1,101 ) $ (11,941 ) $ (5,089 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,022 2,014 2,019 2,011 Effect of deferred compensation plan shares — 210 — 140 Effect of contingently issuable shares 32 38 33 37 Weighted average common shares outstanding – diluted 2,054 2,262 2,052 2,188 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (0.92 ) $ (0.14 ) $ (5.42 ) $ (1.55 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.05 ) $ (0.49 ) $ (5.82 ) $ (2.33 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings 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, 2017 2016 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford LLC $ 4 $ 1 $ 4 $ (6 ) Total $ 4 $ 1 $ 4 $ (6 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares — 1 — 1 Effect of assumed conversion of Ashford LLC units 4 5 4 5 Total 4 6 4 6

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables reconcile our segment results to our consolidated results of operations (in thousands): Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 REIT Advisory Corporate and Other Ashford Inc. Consolidated REIT Advisory Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 17,357 $ — $ 17,357 $ 16,427 $ — $ 16,427 Other 998 900 1,898 84 27 111 Total revenue 18,355 900 19,255 16,511 27 16,538 EXPENSES Depreciation and amortization 185 396 581 — 271 271 Other operating expenses (a) 5,586 15,428 21,014 5,267 11,135 16,402 Total expenses 5,771 15,824 21,595 5,267 11,406 16,673 OPERATING INCOME (LOSS) 12,584 (14,924 ) (2,340 ) 11,244 (11,379 ) (135 ) Interest expense — (20 ) (20 ) — — — Interest income — 82 82 — 21 21 Other income (expense) (b) — (5 ) (5 ) (30 ) (373 ) (403 ) INCOME (LOSS) BEFORE INCOME TAXES 12,584 (14,867 ) (2,283 ) 11,214 (11,731 ) (517 ) Income tax (expense) benefit (4,543 ) 4,568 25 (4,051 ) 3,476 (575 ) NET INCOME (LOSS) $ 8,041 $ (10,299 ) $ (2,258 ) $ 7,163 $ (8,255 ) $ (1,092 ) ________ (a) Other operating expenses includes salaries and benefits and general and administrative expenses. REIT Advisory amounts represent expenses for which there is a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (b) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments. Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 REIT Advisory Corporate and Other Ashford Inc. Consolidated REIT Advisory Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 47,960 $ — $ 47,960 $ 47,820 $ — $ 47,820 Other 2,349 1,598 3,947 252 27 279 Total revenue 50,309 1,598 51,907 48,072 27 48,099 EXPENSES Depreciation and amortization 438 1,198 1,636 — 815 815 Impairment 1,041 31 1,072 — — — Other operating expenses (a) 12,903 39,354 52,257 14,431 35,692 50,123 Total expenses 14,382 40,583 54,965 14,431 36,507 50,938 OPERATING INCOME (LOSS) 35,927 (38,985 ) (3,058 ) 33,641 (36,480 ) (2,839 ) Interest expense — (35 ) (35 ) — — — Interest income — 153 153 — 44 44 Other income (expense) (b) (309 ) 285 (24 ) (75 ) (7,339 ) (7,414 ) INCOME (LOSS) BEFORE INCOME TAXES 35,618 (38,582 ) (2,964 ) 33,566 (43,775 ) (10,209 ) Income tax (expense) benefit (12,895 ) 3,647 (9,248 ) (12,133 ) 11,573 (560 ) NET INCOME (LOSS) $ 22,723 $ (34,935 ) $ (12,212 ) $ 21,433 $ (32,202 ) $ (10,769 ) ________ (a) Other operating expenses includes salaries and benefits and general and administrative expenses. REIT Advisory amounts represent expenses for which there is a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (b) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments.

Organization and Description 33

Organization and Description of Business (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	0.20%	0.20%
Minimum [Member]
Noncontrolling Interest [Line Items]
Investment management fee percent	1.50%
Maximum [Member]
Noncontrolling Interest [Line Items]
Investment management fee percent	2.00%
AIM GP Investment [Member] | AIM General Partner, LLC [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	0.01%
Performance Holdco Investment [Member] | AIM General Partner, LLC [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	60.00%
AQUA U.S. Fund [Member]
Noncontrolling Interest [Line Items]
Audit hold-back percentage	5.00%
Ashford Trust, Inc. [Member]
Noncontrolling Interest [Line Items]
Ashford Trust ownership of Ashford Inc. common stock (in shares)	598
Equity method investment, ownership percentage	30.00%
Ashford Prime, Inc [Member]
Noncontrolling Interest [Line Items]
Ashford Trust ownership of Ashford Inc. common stock (in shares)	195
Equity method investment, ownership percentage	9.60%
Ashford Holdings LLC [Member]
Noncontrolling Interest [Line Items]
Ownership by parent	99.80%
Noncontrolling ownership interest	0.20%
Management Holdco [Member] | AIM [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	100.00%
Ashford Inc. [Member] | Management Holdco Investment [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	100.00%
Ashford Inc. [Member] | AIM General Partner, LLC Investment [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	100.00%
Performance Holdco [Member] | AIM GP Investment [Member]
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	99.99%
Performance Holdco Investment [Member]
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	40.00%
AIM GP [Member] | AQUA Fund [Member] | Minimum [Member]
Noncontrolling Interest [Line Items]
Performance allocation percentage	15.00%
AIM GP [Member] | AQUA Fund [Member] | Maximum [Member]
Noncontrolling Interest [Line Items]
Performance allocation percentage	20.00%

Significant Accounting Polici34

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	0.20%		0.20%		0.20%
Accounts payable and accrued expenses	$ 12,127,000		$ 12,127,000		$ 11,601,000
Long-term debt, gross	379,000		379,000		0
Impairment	0	$ 0	1,072,000	$ 0
Cost method investment	500,000		500,000		500,000
Cost method investment, impairment	$ 0	$ 0	$ 0	$ 0
Effective income tax rate	1.00%	(312.00%)	(111.20%)	(6.00%)
Deferred tax assets, net	$ 600,000		$ 600,000
Deferred tax assets	31,300,000		31,300,000
Tax valuation allowance	30,700,000		30,700,000
Increase in net cash provided by operating activities			18,048,000	$ 78,776,000
Restricted cash	$ 11,109,000	$ 10,091,000	$ 11,109,000	10,091,000	9,752,000	$ 5,684,000
Accounting Standards Update 2016-18 [Member]
Noncontrolling Interest [Line Items]
Increase in net cash provided by operating activities				$ 4,400,000
Minimum [Member]
Noncontrolling Interest [Line Items]
Advisory services, quarterly base fee	0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee	$ 6,000,000,000		$ 6,000,000,000
Maximum [Member]
Noncontrolling Interest [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee	$ 10,000,000,000		$ 10,000,000,000
Ashford Trust, Inc. [Member] | Minimum [Member]
Noncontrolling Interest [Line Items]
Advisory services, quarterly base fee	0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee	$ 6,000,000,000		$ 6,000,000,000
Ashford Trust, Inc. [Member] | Maximum [Member]
Noncontrolling Interest [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee	$ 10,000,000,000		$ 10,000,000,000
Ashford Prime, Inc [Member] | Maximum [Member]
Noncontrolling Interest [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 279,000		$ 279,000		0
Revolving Credit Facility [Member] | Facility due On Demand [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross	100,000		100,000		$ 0
Pure Rooms [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Noncontrolling Interest [Line Items]
VIE assets held	772,000		772,000
Accounts payable and accrued expenses	$ 1,200,000		$ 1,200,000
Consolidated VIE [Member]
Noncontrolling Interest [Line Items]
Effective income tax rate	0.00%		0.00%
OpenKey [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest	39.59%		39.59%		46.31%
Noncontrolling ownership interest	16.51%		16.51%		13.63%
VIE assets held	$ 2,100,000		$ 2,100,000		$ 960,000
Accounts payable and accrued expenses	$ 787,000		$ 787,000		$ 256,000
Pure Rooms [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	30.00%		30.00%
Performance Holdco Investment [Member]
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	40.00%		40.00%
AIM [Member]
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest					40.00%
AQUA Fund [Member]
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest					100.00%

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 06, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Purchase Price Allocation
Goodwill		$ 813		$ 813		$ 0
Pro Forma Financial Results
Total revenue		19,255	$ 17,045	52,613	$ 49,641
Net income (loss)		(2,258)	(1,049)	(12,040)	(10,986)
Net income (loss) attributable to common stockholders		$ (1,856)	$ (255)	$ (10,782)	$ (3,273)
Pro forma income per share: Basic (in dollars per share)		$ (0.92)	$ (0.13)	$ (5.34)	$ (1.63)
Pro forma income per share: Diluted (in dollars per share)		$ (1.05)	$ (0.47)	$ (5.74)	$ (2.39)
Weighted average common shares outstanding: Basic (in shares)		2,022	2,014	2,019	2,011
Weighted average common shares outstanding: Diluted (in shares)		2,054	2,262	2,052	2,188
Customer Relationships [Member]
Purchase Price Allocation
Customer relationships		$ 175		$ 175
Accumulated amortization		(18)		(18)
Customer relationships, net		157		157
Aggregate Amortization Expense
October 1, 2017 through December 31, 2017		8		8
2,018		35		35
2,019		35		35
2,020		35		35
2,021		35		35
2,022		9		9
Pure Rooms [Member]
Business Acquisition [Line Items]
Cash contribution	$ 97
Percentage of voting interests acquired	70.00%
Purchase Price Allocation
Equity consideration	$ 425
Purchase price	900
Cash	129
Furniture, fixtures and equipment	170
Other assumed liabilities, net of assets acquired	(387)
Total assumed liabilities, net of assets acquired	(563)
Customer relationships	175
Goodwill	813
Fair value of noncontrolling interest in subsidiary	$ 425
Revenue		828		1,500
Net income (loss)		58		(116)
Aggregate Amortization Expense
Non-recurring transaction costs		$ 0		$ 202
Pure Rooms [Member] | Furniture, Fixtures and Equipment [Member]
Purchase Price Allocation
Estimated Useful Life	3 years
Pure Rooms [Member] | Customer Relationships [Member]
Purchase Price Allocation
Estimated Useful Life	5 years
Pure Rooms [Member] | Medium-term Notes [Member]
Purchase Price Allocation
Debt assumed	$ 375
Long-term debt	(375)
Pure Rooms [Member] | Line of Credit [Member]
Purchase Price Allocation
Debt assumed	100
Long-term debt	$ (100)
Pure Rooms [Member] | Series A Units [Member]
Business Acquisition [Line Items]
Noncontrolling interest percentage	30.00%
Purchase Price Allocation
Equity consideration	$ 42
Pure Rooms [Member] | Series B-1 Units [Member]
Business Acquisition [Line Items]
Noncontrolling interest percentage	100.00%
Purchase Price Allocation
Equity consideration	$ 181
Pure Rooms [Member] | Series B-2 Units [Member]
Business Acquisition [Line Items]
Noncontrolling interest percentage	50.00%
Purchase Price Allocation
Equity consideration	$ 202

Notes Payable, net (Details)

Notes Payable, net (Details) - USD ($) $ in Thousands	Apr. 06, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross		$ 379	$ 0
Less: current portion		340	0
Notes payable, gross - non-current		39	0
Deferred loan costs, net		(19)	0
Notes payable, net non-current		$ 20	0
Prime Rate [Member]
Debt Disclosure [Abstract]
Prime rate		4.25%
Revolving Credit Facility [Member] | Facility due October 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	0
Revolving Credit Facility [Member] | Facility due October 2018 [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Revolving Credit Facility [Member] | Facility due On Demand [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 100	0
Revolving Credit Facility [Member] | Facility due On Demand [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%	1.00%
Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Debt Instrument [Line Items]
Interest rate	5.00%	5.00%
Long-term debt, gross		$ 279	$ 0

Notes Payable, net (Narrative)

Notes Payable, net (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands	Apr. 13, 2017	Apr. 06, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross			$ 379,000	$ 0
Prime Rate [Member]
Debt Instrument [Line Items]
Prime rate			4.25%
OpenKey [Member] | Preferred Stock [Member]
Debt Instrument [Line Items]
Term of warrant	10 years
Number of warrants (in shares)	28
Exercise price (in dollars per share)	$ 1.61
Fair value of warrants	$ 28,000
Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Debt Instrument [Line Items]
Face amount of debt		$ 375,000
Interest rate		5.00%	5.00%
Long-term debt, gross			$ 279,000	0
Revolving Credit Facility [Member] | Facility due On Demand [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000
Long-term debt, gross			$ 100,000	$ 0
Revolving Credit Facility [Member] | Facility due On Demand [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%	1.00%
Line of Credit [Member] | OpenKey [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000
Line of Credit [Member] | OpenKey [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Long-term debt, gross			$ 0

Derivative Contracts (Details)

Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)derivative_instrument
Eurodollar Future [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative upfront costs | $	$ 0	$ 94,000
AQUA Fund [Member] | Long [Member]
Derivative [Line Items]
Open option contracts | derivative_instrument			8,000
Derivative, notional amount | $			$ 0
AQUA Fund [Member] | Short [Member]
Derivative [Line Items]
Open option contracts | derivative_instrument			0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
ASSETS
Investments in securities, fair value	$ 0		$ 0		$ 91
Liabilities
Deferred compensation plan liability	(12,599)		(12,599)		(9,078)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income	0	$ (1,393)	(91)	$ (5,417)
Liabilities, gain (loss) recognized in income	(2,006)	1,446	(3,673)	706
Deferred compensation plan	(2,006)	494	(3,673)	1,178
Unrealized gain (loss) on investments	0	287	203	1,182
Realized gain (loss) on investments	0	(728)	(294)	(7,071)
Gain (loss) included in income	(2,006)	53	(3,764)	(4,711)
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income	0	0	0	(160)
Effect of deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Deferred compensation plan	(2,006)	494	(3,673)	1,178
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income	0	52	0	(6,013)
U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income	0	19	0	696
Equity Put Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income	0	(1,609)	0	(2,079)
Equity Put Options [Member] | Short [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income	0	1,355	0	1,529
Equity Call Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income	0	251	0	2,132
Equity Call Options [Member] | Short [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income	0	(403)	0	(1,841)
Options on Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income	0	$ (106)	(91)	$ (153)
Fair Value, Measurements, Recurring [Member]
ASSETS
Investments in securities, fair value					91
Liabilities
Deferred compensation plan liability	(12,599)		(12,599)		(9,078)
Fair value of liabilities measured on a recurring basis	(12,599)		(12,599)		(9,078)
Net asset, fair value					(8,987)
Fair Value, Measurements, Recurring [Member] | Options on Futures Contracts [Member]
ASSETS
Investments in securities, fair value					91
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
ASSETS
Investments in securities, fair value					91
Liabilities
Deferred compensation plan liability	(12,599)		(12,599)		(9,078)
Fair value of liabilities measured on a recurring basis	(12,599)		(12,599)		(9,078)
Net asset, fair value					(8,987)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Options on Futures Contracts [Member]
ASSETS
Investments in securities, fair value					91
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
ASSETS
Investments in securities, fair value					0
Liabilities
Deferred compensation plan liability	0		0		0
Fair value of liabilities measured on a recurring basis	$ 0		$ 0		0
Net asset, fair value					0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Options on Futures Contracts [Member]
ASSETS
Investments in securities, fair value					$ 0

Summary of Fair Value of Fina40

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Financial assets measured at fair value:
Investments in securities, Carrying value	$ 0	$ 91
Investments in securities, Fair value	0	91
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	12,599	9,078
Deferred compensation plan, Fair value	12,599	9,078
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	44,561	84,091	$ 79,602	$ 50,272
Cash and cash equivalents, Fair value	44,561	84,091
Restricted cash	11,109	9,752	$ 10,091	$ 5,684
Restricted cash, Fair value	11,109	9,752
Receivables, Carrying value	518	16
Receivables, Fair value	518	16
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	12,127	11,601
Accounts payable and accrued expenses, Fair value	12,127	11,601
Other liabilities, Carrying value	11,109	9,752
Other liabilities, Fair value	11,109	9,752
Notes payable, net, Carrying value	379	0
Notes payable, net, Fair value	$ 379	0
Maximum [Member]
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets	90 days
Ashford Trust OP [Member]
Financial assets not measured at fair value:
Due from related parties	$ 11,705	12,179
Ashford Prime OP [Member]
Financial assets not measured at fair value:
Due from related parties	1,065	3,817
Affiliated Entity [Member]
Financial liabilities not measured at fair value:
Due to affiliates, Carrying value	2,071	933
Due to affiliates, Fair value	2,071	933
Affiliated Entity [Member] | Ashford Trust OP [Member]
Financial assets not measured at fair value:
Due from affiliates, Fair value	11,705	12,179
Affiliated Entity [Member] | Ashford Prime OP [Member]
Financial assets not measured at fair value:
Due from affiliates, Fair value	1,065	3,817
Financial liabilities not measured at fair value:
Due to affiliates, Carrying value	0	2,289
Due to affiliates, Fair value	$ 0	$ 2,289

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2017	Nov. 16, 2016
Campbell v. Bennett et al., Case No. 11796 [Member]
Loss Contingencies [Line Items]
Payments for legal settlements	$ 150	$ 150
Maximum term for payment after closing of case	5 days
Jesse Small v. Monty J. Bennett, et al., Case No. 24-C-16006020 (Md. Cir. Ct.) [Member]
Loss Contingencies [Line Items]
Alleged corporate waste shares in dispute (in shares)			175,000

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Nov. 27, 2014shares	Sep. 30, 2017USD ($)vote$ / sharesshares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)vote$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)$ / sharesshares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000		50,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Fraction of preferred share (in shares)		0.001		0.001
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Price per fraction of preferred share (in dollars per share) | $ / shares		275		275
Preferred stock right, redemption price per right (in dollars per share) | $ / shares		$ 0.001		$ 0.001
Noncontrolling ownership interest		0.20%		0.20%		0.20%
Noncontrolling interests in consolidated entities | $		$ 460		$ 460		$ 52,772
(Income) loss from consolidated entities attributable to noncontrolling interests | $		$ 102	$ 486	$ 267	$ 6,852
Performance Holdco Investment [Member]
Class of Stock [Line Items]
Noncontrolling ownership interest		40.00%		40.00%
OpenKey [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Class of Stock [Line Items]
Noncontrolling ownership interest		16.51%		16.51%		13.63%
Pure Rooms [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Class of Stock [Line Items]
Noncontrolling ownership interest		30.00%		30.00%
AIM [Member]
Class of Stock [Line Items]
Noncontrolling ownership interest						40.00%
AQUA Fund [Member]
Class of Stock [Line Items]
Noncontrolling ownership interest						100.00%
Preferred Share Purchase Rights [Member]
Class of Stock [Line Items]
Preferred share purchase right dividend (in shares)	1
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		2,000,000		2,000,000
Preferred stock dividend multiplier		1,000		1,000
Number of votes | vote		1,000		1,000
Series A, shares outstanding (in shares)		0		0		0

Redeemable Noncontrolling Int43

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	$ 251		$ 251		$ 179
Noncontrolling ownership interest	0.20%		0.20%		0.20%
Accretion to redemption value			$ 210		$ 134
Net (income) loss attributable to redeemable noncontrolling interests	$ 4	$ (1)	4	$ 6
Redeemable noncontrolling interest in subsidiary common stock	1,685		1,685		1,301
Net (income) loss attributable to redeemable noncontrolling interest in subsidiary common stock	$ 296	$ 322	991	$ 788
Redeemable Noncontrolling Interest in Subsidiary Common Stock
Redeemable Noncontrolling Interest [Line Items]
Accretion to redemption value			$ 1,200		$ 975
Variable Interest Entity, Primary Beneficiary [Member] | OpenKey [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	16.51%		16.51%		13.63%
Redeemable noncontrolling interest	39.59%		39.59%		46.31%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 5,342,000	$ 5,773,000	$ 11,819,000	$ 16,524,000
Unrecognized compensation expense, stock options	7,900,000		7,900,000
Equity-based compensation			6,370,000
Noncontrolling Interest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	12,000		28,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	1,899,000	1,627,000	$ 5,436,000	4,196,000
Period for recognition			1 year 2 months 29 days
Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	1,899,000	2,752,000	$ 6,370,000	8,769,000
Stock Compensation Plan [Member] | Director Equity Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	0	0	250,000	250,000
Stock Compensation Plan [Member] | Pre-Spin Equity Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	0	1,125,000	684,000	4,323,000
Stock Compensation Plan [Member] | REIT Equity Based Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	3,443,000	3,021,000	5,449,000	7,755,000
Ashford Trust, Inc. [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 0	$ 2,000	$ 2,000	$ 7,000

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferral of compensation percentage maximum	100.00%		100.00%
Unrealized gain (loss)	$ (2,006)	$ 494	$ (3,673)	$ 1,178
Distribution from deferred compensation plan	$ 39	$ 0	$ 152	$ 0
Deferred compensation plan distribution (in shares)	1	0	2	0
Deferred compensation plan liability	$ 12,599		$ 12,599		$ 9,078
Effect of deferred compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrealized gain (loss)	$ (2,006)	$ 494	$ (3,673)	$ 1,178

Related Party Transactions (Det

Related Party Transactions (Details)	Jan. 24, 2017USD ($)term	Jun. 11, 2015USD ($)acquisitionroomshares	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 21, 2017USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Advisory services			$ 17,357,000	$ 16,427,000	$ 47,960,000	$ 47,820,000
Other			1,898,000	111,000	3,947,000	279,000
Total revenue			19,255,000	16,538,000	51,907,000	48,099,000
Impairment			0	0	1,072,000	0
Advisory agreement, amount due upon approval							$ 5,000,000
Advisory agreement, asset multiplier	110.00%
Advisory agreement, growth covenant, base amount	$ 45,000,000
Advisory agreement, growth covenant, percent of purchase price of each hotel	3.75%
Advisory agreement, growth covenant, minimum net worth	$ 390,000,000
Advisory agreement, growth covenant, equity proceeds from sale of securities	75.00%
Advisory agreement, number of renewal terms | term	7
Advisory agreement, initial term	10 years
Advisory agreement, monthly base management fee	0.70%
Allocated stock-based compensation expense			$ 5,342,000	5,773,000	$ 11,819,000	16,524,000
Key money		$ 6,000,000
Number of businesses acquired | acquisition		2
AQUA U.S. Fund [Member]
Related Party Transaction [Line Items]
Audit hold-back percentage			5.00%		5.00%
Lease Revenue [Member]
Related Party Transaction [Line Items]
Other			$ 251,000	84,000	$ 642,000	252,000
Ashford Trust OP [Member]
Related Party Transaction [Line Items]
Gross asset value multiplier			0.70%		0.70%
Advisory services, quarterly base fee			0.70%		0.70%
Advisory services			$ 15,085,000	11,978,000	$ 41,026,000	35,018,000
Other			1,169,000	6,000	2,578,000	6,000
Total revenue			16,254,000	11,984,000	43,604,000	35,024,000
Due from related parties			11,705,000		11,705,000			$ 12,179,000
Ashford Trust OP [Member] | Pure Rooms [Member]
Related Party Transaction [Line Items]
Due from related parties			248,000		248,000
Ashford Trust OP [Member] | OpenKey [Member]
Related Party Transaction [Line Items]
Due from related parties			29,000		29,000
Ashford Trust OP [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services			8,568,000	8,576,000	26,020,000	25,842,000
Ashford Trust OP [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services			1,673,000	1,515,000	5,902,000	4,641,000
Recognition of deferred revenue			202,000		1,500,000
Ashford Trust OP [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services			4,392,000	1,887,000	7,748,000	4,535,000
Ashford Trust OP [Member] | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Advisory services			452,000	0	1,356,000	0
Ashford Trust OP [Member] | Investment Management Reimbursements [Member]
Related Party Transaction [Line Items]
Other			522,000	0	1,482,000	0
Ashford Trust OP [Member] | Lease Revenue [Member]
Related Party Transaction [Line Items]
Other			168,000	0	391,000	0
Ashford Trust OP [Member] | Other Services Fee [Member]
Related Party Transaction [Line Items]
Other			479,000	6,000	705,000	6,000
Ashford Trust, Inc. [Member]
Related Party Transaction [Line Items]
Acquisition of hotel property		$ 62,500,000
Ashford Trust, Inc. [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Allocated stock-based compensation expense			$ 0	2,000	$ 2,000	7,000
Ashford Trust, Inc. [Member] | Other Noncurrent Assets [Member]
Related Party Transaction [Line Items]
Key money		$ 4,000,000						4,000,000
Ashford Trust, Inc. [Member] | Le Pavillon Hotel [Member]
Related Party Transaction [Line Items]
Number of units in real estate property | room		226
Ashford Trust, Inc. [Member] | Bardessono Hotel and Spa [Member]
Related Party Transaction [Line Items]
Number of units in real estate property | room		62
Ashford Prime OP [Member]
Related Party Transaction [Line Items]
Gross asset value multiplier			0.70%		0.70%
Advisory services, quarterly base fee			0.70%		0.70%
Advisory services			$ 2,272,000	4,449,000	$ 6,934,000	12,802,000
Other			334,000	84,000	502,000	252,000
Total revenue			2,606,000	4,533,000	7,436,000	13,054,000
Due from related parties			1,065,000		1,065,000			$ 3,817,000
Ashford Prime OP [Member] | OpenKey [Member]
Related Party Transaction [Line Items]
Due from related parties			4,000		4,000
Ashford Prime OP [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services			2,300,000	2,103,000	6,579,000	6,334,000
Ashford Prime OP [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services			470,000	731,000	1,552,000	2,035,000
Recognition of deferred revenue			15,000		110,000
Ashford Prime OP [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services			(949,000)	1,134,000	(2,299,000)	3,220,000
Ashford Prime OP [Member] | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Advisory services			319,000	481,000	956,000	1,213,000
Ashford Prime OP [Member] | Other Advisory Revenue [Member]
Related Party Transaction [Line Items]
Advisory services			132,000	0	146,000	0
Ashford Prime OP [Member] | Debt Placement Fees [Member]
Related Party Transaction [Line Items]
Other			225,000	0	225,000	0
Ashford Prime OP [Member] | Lease Revenue [Member]
Related Party Transaction [Line Items]
Other			83,000	84,000	251,000	252,000
Ashford Prime OP [Member] | Other Services Fee [Member]
Related Party Transaction [Line Items]
Other			26,000	0	26,000	0
Ashford Prime OP [Member] | 2015 Incentive Fee [Member]
Related Party Transaction [Line Items]
Advisory services				319,000		956,000
Ashford Prime OP [Member] | 2016 Incentive Fee [Member]
Related Party Transaction [Line Items]
Advisory services				162,000		257,000
Ashford Prime, Inc [Member]
Related Party Transaction [Line Items]
Key money		$ 2,000,000
Acquisition of hotel property		$ 85,000,000
Shares issued as key money (in shares) | shares		19,897
Ashford Prime, Inc [Member] | Cash [Member]
Related Party Transaction [Line Items]
Key money		$ 206,000
Remington [Member]
Related Party Transaction [Line Items]
Reimbursements			$ 1,200,000	$ 1,200,000	$ 3,700,000	$ 4,400,000
Minimum [Member]
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee			$ 6,000,000,000		$ 6,000,000,000
Advisory agreement, percent of termination fee required in escrow	50.00%
Minimum [Member] | Ashford Trust, Inc. [Member]
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee			$ 6,000,000,000		$ 6,000,000,000
Maximum [Member]
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee			$ 10,000,000,000		$ 10,000,000,000
Advisory agreement, percent of termination fee required in escrow	100.00%
Maximum [Member] | Ashford Trust, Inc. [Member]
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee			$ 10,000,000,000		$ 10,000,000,000
Maximum [Member] | Ashford Prime, Inc [Member]
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.70%		0.70%

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (1,856)	$ (285)	$ (10,950)	$ (3,123)
Undistributed net income (loss) allocated to common stockholders	(1,856)	(285)	(10,950)	(3,123)
Distributed and undistributed net income (loss) - basic	(1,856)	(285)	(10,950)	(3,123)
Distributed and undistributed net income (loss) - diluted	(2,152)	(1,101)	(11,941)	(5,089)
Net income (loss) allocated to common stockholders	$ 4	$ 1	$ 4	$ (6)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,022	2,014	2,019	2,011
Effect of deferred compensation plan shares (in shares)	0	210	0	140
Effect of contingently issuable shares (in shares)	32	38	33	37
Weighted average common shares outstanding – diluted (in shares)	2,054	2,262	2,052	2,188
Weighted average diluted shares	4	6	4	6
Income (loss) per share – basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.92)	$ (0.14)	$ (5.42)	$ (1.55)
Income (loss) per share – diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.05)	$ (0.49)	$ (5.82)	$ (2.33)
Effect of deferred compensation plan
Net income (loss) attributable to common stockholders – basic and diluted:
Effect of dilutive securities	$ 0	$ (494)	$ 0	$ (1,178)
Effect of contingently issuable shares
Net income (loss) attributable to common stockholders – basic and diluted:
Effect of dilutive securities	$ (296)	$ (322)	$ (991)	$ (788)
Effect of unvested restricted shares
Weighted average common shares outstanding:
Weighted average diluted shares	0	1	0	1
Effect of assumed conversion of Ashford LLC units
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) allocated to common stockholders	$ 4	$ 1	$ 4	$ (6)
Weighted average common shares outstanding:
Weighted average diluted shares	4	5	4	5
Accumulated Deficit
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (1,856)	$ (285)	$ (10,950)	$ (3,123)

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment	1
REVENUE
Advisory services	$ 17,357,000	$ 16,427,000	$ 47,960,000	$ 47,820,000
Other	1,898,000	111,000	3,947,000	279,000
Total revenue	19,255,000	16,538,000	51,907,000	48,099,000
EXPENSES
Depreciation and amortization	581,000	271,000	1,636,000	815,000
Impairment	0	0	1,072,000	0
Other operating expenses	21,014,000	16,402,000	52,257,000	50,123,000
Total expenses	21,595,000	16,673,000	54,965,000	50,938,000
OPERATING INCOME (LOSS)	(2,340,000)	(135,000)	(3,058,000)	(2,839,000)
Interest expense	(20,000)	0	(35,000)	0
Interest income	82,000	21,000	153,000	44,000
Other income (expense)	(5,000)	(403,000)	(24,000)	(7,414,000)
INCOME (LOSS) BEFORE INCOME TAXES	(2,283,000)	(517,000)	(2,964,000)	(10,209,000)
Income tax (expense) benefit	25,000	(575,000)	(9,248,000)	(560,000)
NET INCOME (LOSS)	(2,258,000)	(1,092,000)	(12,212,000)	(10,769,000)
Operating Segments [Member] | REIT Advisory [Member]
REVENUE
Advisory services	17,357,000	16,427,000	47,960,000	47,820,000
Other	998,000	84,000	2,349,000	252,000
Total revenue	18,355,000	16,511,000	50,309,000	48,072,000
EXPENSES
Depreciation and amortization	185,000	0	438,000	0
Impairment			1,041,000	0
Other operating expenses	5,586,000	5,267,000	12,903,000	14,431,000
Total expenses	5,771,000	5,267,000	14,382,000	14,431,000
OPERATING INCOME (LOSS)	12,584,000	11,244,000	35,927,000	33,641,000
Interest expense	0	0	0	0
Interest income	0	0	0	0
Other income (expense)	0	(30,000)	(309,000)	(75,000)
INCOME (LOSS) BEFORE INCOME TAXES	12,584,000	11,214,000	35,618,000	33,566,000
Income tax (expense) benefit	(4,543,000)	(4,051,000)	(12,895,000)	(12,133,000)
NET INCOME (LOSS)	8,041,000	7,163,000	22,723,000	21,433,000
Corporate and Other [Member]
REVENUE
Advisory services	0	0	0	0
Other	900,000	27,000	1,598,000	27,000
Total revenue	900,000	27,000	1,598,000	27,000
EXPENSES
Depreciation and amortization	396,000	271,000	1,198,000	815,000
Impairment			31,000	0
Other operating expenses	15,428,000	11,135,000	39,354,000	35,692,000
Total expenses	15,824,000	11,406,000	40,583,000	36,507,000
OPERATING INCOME (LOSS)	(14,924,000)	(11,379,000)	(38,985,000)	(36,480,000)
Interest expense	(20,000)	0	(35,000)	0
Interest income	82,000	21,000	153,000	44,000
Other income (expense)	(5,000)	(373,000)	285,000	(7,339,000)
INCOME (LOSS) BEFORE INCOME TAXES	(14,867,000)	(11,731,000)	(38,582,000)	(43,775,000)
Income tax (expense) benefit	4,568,000	3,476,000	3,647,000	11,573,000
NET INCOME (LOSS)	$ (10,299,000)	$ (8,255,000)	$ (34,935,000)	$ (32,202,000)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - J&S Acquisition [Member] $ in Millions	Nov. 01, 2017USD ($)
Subsequent Event [Line Items]
Percentage of voting interests acquired	85.00%
Cash consideration	$ 9.2
Equity consideration	4.3
Debt assumed	$ 9.5