Ashford (AINC) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
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	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		2,103,353

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 34,910	$ 36,480
Restricted cash	15,045	9,076
Accounts receivable, net	7,141	5,127
Inventories	1,137	1,066
Prepaid expenses and other	2,971	2,913
Total current assets	72,676	69,746
Investments in unconsolidated entities	500	500
Furniture, fixtures and equipment, net	23,259	21,154
Goodwill	13,103	12,947
Intangible assets, net	9,472	9,713
Other assets	587	750
Total assets	119,597	114,810
Current liabilities:
Accounts payable and accrued expenses	18,648	20,451
Due to affiliates	3,999	4,272
Deferred income	342	459
Deferred compensation plan	320	311
Notes payable, net	1,736	1,751
Other liabilities	13,979	9,076
Total current liabilities	39,024	36,320
Accrued expenses	0	78
Deferred income	12,852	13,440
Deferred compensation plan	19,420	18,948
Notes payable, net	11,534	9,956
Total liabilities	82,830	78,742
Commitments and contingencies (note 9)
Redeemable noncontrolling interests	4,662	5,111
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A cumulative preferred stock, no shares issued and outstanding at March 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,103,353 and 2,093,556 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	21	21
Additional paid-in capital	255,037	249,695
Accumulated deficit	(224,281)	(219,396)
Accumulated other comprehensive income (loss)	(232)	(135)
Total stockholders’ equity of the Company	30,545	30,185
Noncontrolling interests in consolidated entities	1,560	772
Total equity	32,105	30,957
Total liabilities and equity	119,597	114,810
Ashford Trust OP
Current assets:
Due from related parties	11,376	13,346
Braemar OP
Current assets:
Due from related parties	$ 96	$ 1,738

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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)	2,103,353	2,093,556
Common stock, shares outstanding (in shares)	2,103,353	2,093,556
Series A Preferred Stock
Series A, shares issued (in shares)	0	0
Series A, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUE
Advisory services	$ 22,532,000	$ 12,431,000
Audio visual	23,310,000	0
Other	2,326,000	582,000
Total revenue	48,168,000	13,013,000
EXPENSES
Salaries and benefits	26,517,000	11,032,000
Cost of revenues for audio visual	16,587,000	0
Depreciation and amortization	1,040,000	468,000
General and administrative	6,295,000	3,649,000
Impairment	1,919,000	0
Other	846,000	0
Total expenses	53,204,000	15,149,000
OPERATING INCOME (LOSS)	(5,036,000)	(2,136,000)
Interest expense	(143,000)	0
Amortization of loan costs	(23,000)	0
Interest income	112,000	33,000
Dividend income	0	93,000
Unrealized gain (loss) on investments	0	125,000
Realized gain (loss) on investments	0	(200,000)
Other income (expense)	(39,000)	(8,000)
INCOME (LOSS) BEFORE INCOME TAXES	(5,129,000)	(2,093,000)
Income tax (expense) benefit	(706,000)	(630,000)
NET INCOME (LOSS)	(5,835,000)	(2,723,000)
(Income) loss from consolidated entities attributable to noncontrolling interests	173,000	(25,000)
Net (income) loss attributable to redeemable noncontrolling interests	(61,000)	363,000
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (5,723,000)	$ (2,385,000)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.73)	$ (1.18)
Weighted average common shares outstanding – basic (in shares)	2,094	2,015
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.84)	$ (1.34)
Weighted average common shares outstanding – diluted (in shares)	2,115	2,046

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (5,835)	$ (2,723)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	(114)	0
COMPREHENSIVE INCOME (LOSS)	(5,949)	(2,723)
Comprehensive (income) loss attributable to noncontrolling interests	190	(25)
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(61)	363
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (5,820)	$ (2,385)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Entities	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2017		2,094
Beginning balance at Dec. 31, 2017	$ 30,957	$ 21	$ 249,695	$ (219,396)	$ (135)	$ 772	$ 5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	3,797		3,789			8
Deferred compensation plan distribution	80		80
Employee advances	105		105
Purchase of OpenKey shares from noncontrolling interest holder (in shares)		9
Purchase of OpenKey shares from noncontrolling interest holder	838		838				(838)
Contributions from noncontrolling interests	2,666					2,666
Reallocation of carrying value	(1,166)		530			(1,696)	1,166
Redemption value adjustment	838			838			(838)
Foreign currency translation adjustment	(114)				(97)	(17)
Net income (loss)	(5,723)			(5,723)
Net income (loss)	(5,896)					(173)	61
Ending balance (in shares) at Mar. 31, 2018		2,103
Ending balance at Mar. 31, 2018	$ 32,105	$ 21	$ 255,037	$ (224,281)	$ (232)	$ 1,560	$ 4,662

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ (5,835,000)	$ (2,723,000)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	1,671,000	468,000
Change in fair value of deferred compensation plan	561,000	3,340,000
Equity-based compensation	3,797,000	2,272,000
Deferred tax expense (benefit)	0	(2,667,000)
Change in fair value of contingent consideration	213,000	0
Impairment	1,919,000	0
(Gain) loss on sale of furniture, fixtures and equipment	0	8,000
Amortization of loan costs	23,000	0
Realized and unrealized (gain) loss on investments, net	0	75,000
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(1,908,000)	6,000
Inventories	(54,000)	0
Prepaid expenses and other	45,000	69,000
Other assets	(587,000)	0
Accounts payable and accrued expenses	(2,752,000)	4,647,000
Due to affiliates	(420,000)	86,000
Other liabilities	4,903,000	3,426,000
Deferred income	(759,000)	734,000
Net cash provided by (used in) operating activities	4,429,000	10,580,000
Cash Flows from Investing Activities
Additions to furniture, fixtures and equipment	(2,663,000)	(159,000)
Proceeds from disposal of furniture, fixtures and equipment, net	0	15,000
Acquisition of assets related to RED Hospitality and Leisure LLC	(1,220,000)	0
Net cash provided by (used in) investing activities	(3,883,000)	(144,000)
Cash Flows from Financing Activities
Payments on revolving credit facilities	(4,815,000)	0
Borrowings on revolving credit facilities	5,259,000	0
Proceeds from notes payable	1,350,000	0
Payments on notes payable and capital leases	(494,000)	0
Payments of loan costs	(15,000)	0
Purchases of common stock	0	(24,000)
Employee advances	105,000	742,000
Contributions from noncontrolling interest	2,666,000	650,000
Distributions to and redemptions by noncontrolling interests in consolidated entities	0	(52,375,000)
Net cash provided by (used in) financing activities	4,056,000	(51,007,000)
Effect of foreign exchange rate changes on cash and cash equivalents	(203,000)	0
Net change in cash, cash equivalents and restricted cash	4,399,000	(40,571,000)
Cash, cash equivalents and restricted cash at beginning of period	45,556,000	93,843,000
Cash, cash equivalents and restricted cash at end of period	49,955,000	53,272,000
Supplemental Cash Flow Information
Interest paid	113,000	0
Income taxes paid	143,000	5,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distribution from deferred compensation plan	80,000	112,000
Capital expenditures accrued but not paid	1,953,000	1,102,000
Accrued but unpaid redemption of AQUA U.S. Fund	0	2,696,000
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	36,480,000	84,091,000
Restricted cash at beginning of period	9,076,000	9,752,000
Cash and cash equivalents at end of period	34,910,000	40,094,000
Restricted cash at end of period	15,045,000	13,178,000
Cash, cash equivalents and restricted cash	45,556,000	93,843,000
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	1,970,000	(408,000)
Braemar OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	1,642,000	1,247,000
Ashford Inc. | OpenKey
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Ashford Inc. common stock consideration for purchase of OpenKey shares	$ 838,000	$ 0

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2018
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, advisory and other products and services primarily to clients in the hospitality industry. Ashford Inc. currently provides asset management and advisory services to Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts Inc. (“Braemar”), formerly Ashford Hospitality Prime, Inc. 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. Braemar commenced operating in November 2013 and invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code, and the common stock of each of Ashford Trust and Braemar is traded on the NYSE. The common stock of Ashford Inc. is listed on the NYSE American. As of March 31, 2018 , Ashford Trust held approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate 28.4% ownership interest in Ashford Inc., and Braemar held approximately 195,000 shares, which represented an approximate 9.3% ownership interest in Ashford Inc. Ashford Inc. conducts its advisory and asset management business through its operating subsidiary, Ashford Hospitality Advisors LLC (“Ashford LLC”), a Delaware limited liability company. We conduct our hospitality products and services business through an operating entity, Ashford Hospitality Services, LLC. We own most of our assets through Ashford LLC and Ashford Hospitality Services, LLC. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar, in each case subject to the supervision and oversight of the respective board of directors of such entity. We provide the personnel and services necessary to allow each of Ashford Trust and Braemar to conduct its respective business. We may also perform similar functions for new or additional platforms. We are not responsible for managing the day-to-day operations of the individual hotel properties owned by either Ashford Trust or Braemar, which duties are the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. 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 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 our investments in businesses that provide products and services to the hospitality industry. On April 6, 2017, we acquired a 70% interest in Pure Rooms by issuing equity in our subsidiary, PRE Op Co LLC (“Pure Rooms”), with a fair value of $425,000 to the sellers and contributing $97,000 of cash. Pure Rooms’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. See note notes 2 , 4 , 10 , 11 and 14 to our condensed consolidated financial statements. 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 $25.5 million. J&S provides an integrated suite of audio visual services including show and event services, hospitality services, creative services and design & integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. See notes 2 , 4 , 10 , 11 and 14 to our condensed consolidated financial statements. On January 2, 2018, the Company granted 8,962 shares of restricted common stock to the OpenKey redeemable noncontrolling interest holder in connection with the purchase of 519,647 shares of the outstanding membership interests in OpenKey, Inc. The restricted common stock was granted pursuant to the exemption from the registration requirements under the Securities Act provided under Section 4(a)(2) thereunder and vests three years from the grant date. On January 16, 2018, the Company closed on the acquisition of certain assets related to RED Hospitality & Leisure LLC ("RED") for $970,000 cash, comprised of a $750,000 deposit paid on December 11, 2017, which was reflected on our consolidated balance sheet as “other assets” as of December 31, 2017, and an additional $220,000 paid on January 16, 2018. On March 23, 2018, the RED operating subsidiary acquired additional assets for $1.0 million . The Company owns an 80% interest in RED, a premier provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands. The accompanying condensed consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, and entities that we consolidate. 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	3 Months Ended
	Mar. 31, 2018
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 intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2017 Annual Report on Form 10-K filed with the SEC on March 12, 2018 . 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. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest (9) 99.80 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 396 $ 2,877 $ 1,389 n/a n/a Redemption value adjustment, year-to-date 23 — (861 ) n/a n/a Redemption value adjustment, cumulative 381 — 1,160 n/a n/a Carrying value of noncontrolling interests — 433 949 171 7 Assets, available only to settle subsidiary's obligations (7) n/a 40,905 4,415 1,654 2,472 Liabilities, no recourse to Ashford Inc. (8) n/a 23,712 758 1,558 828 Notes payable, no recourse to Ashford Inc. (8) n/a 10,492 — 160 750 Revolving credit facility, no recourse to Ashford Inc. (8) n/a 1,226 — 100 15 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest (9) 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities, no recourse to Ashford Inc. (8) n/a 21,821 889 1,652 — Notes payable, no recourse to Ashford Inc. (8) n/a 9,917 — 220 — Revolving credit facility, no recourse to Ashford Inc. (8) n/a 814 — 100 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of 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. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings or Ashford LLC as applicable and net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of these members’ interest. (3) Represents ownership interests in J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 10 and 11 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 10 and 11 . (5) Represents ownership interests in Pure Rooms, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Rooms provides “allergy friendly” premium rooms in the hospitality industry. See also notes 1 , 10 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. RED is a premier provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands. See also notes 1 , 10 and 11 . (7) Total assets primarily consisted of cash and cash equivalents and other assets that can only be used to settle the subsidiaries obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of debt held by RED, for which the creditor has recourse to Ashford Inc. (9) For certain of our investments we are provided a preferred return which is accounted for in our income allocation based on the applicable partnership agreement. In addition to the consolidated entity information above, noncontrolling interests in consolidated entities included a noncontrolling ownership interest in AIM Performance Holdco LP (“AIM”) of 40% as of March 31, 2018 and December 31, 2017 . Unconsolidated VIEs —Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. 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. We held an investment in an unconsolidated entity with a carrying value of $500,000 at both March 31, 2018 and December 31, 2017 . No impairment of the investment was recorded during the three months ended March 31, 2018 or 2017 . Acquisitions — We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target's primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital, and the cost savings expected to be derived from acquiring an asset, if applicable. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill. 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. Impairment of Furniture, Fixtures and Equipment —Furniture, fixtures and equipment 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 $1.9 million for the three months ended March 31, 2018 . The impairment was recognized upon determination that a portion of the software will not be placed into service. No impairment charges were recorded for furniture, fixtures and equipment for the three months ended March 31, 2017 . Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is potentially impaired and we proceed to step two of the impairment analysis. In step two of the analysis, we will record an impairment loss equal to the excess of the carrying value of the reporting unit’s goodwill over its implied fair value should such a circumstance arise. We determine fair value based on discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. No indicators of impairment were identified during our most recent annual test or as of March 31, 2018 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships resulting from our acquisition of J&S and Pure Rooms. These assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of March 31, 2018 . Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based 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. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See further discussion in notes 2 and 13 to our condensed consolidated financial statements. Depreciation and Amortization —Our furniture, fixtures and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. Definite-lived intangible assets, which include customer relationships resulting from our acquisitions of J&S and Pure Rooms, are amortized using the straight-line method over the estimated useful lives of the assets. See note 4 . Equity-Based Compensation — We adopted an equity incentive plan that provides for the grant of restricted or unrestricted shares of our common stock, options to purchase our common stock and other share awards, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. 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 authoritative 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. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the equity-based award and the application of the accounting guidance. Options to purchase common stock granted to other non-employees are accounted for at fair value based on the market price of the options at period end in accordance with applicable authoritative accounting guidance that results in recording expense, included in “general and administrative,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award 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) —Comprehensive loss for the three months ended March 31, 2018 , consists of net loss and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S operations in Mexico and the Dominican Republic from their respective functional currencies to U.S. dollars. This amount is not included in net income and would only be realized upon the sale or upon complete or substantially complete liquidation of the foreign businesses. The accumulated other comprehensive loss is presented on the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 . There were no sources of other comprehensive income (loss) for the three months ended March 31, 2017 . Due to Affiliates —Due to affiliates represents current payables resulting from general and administrative expense, furniture, fixtures and equipment reimbursements, and contingent consideration. Due to affiliates is generally settled within a period not exceeding one year. Recently Adopted Accounting Standards — In May 2014, the FASB issued ASU 2014-09, also referred to as “ASC 606” Revenue from Contracts with Customers . The core principle of the guidance is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled 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. ASC 606 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. Effective January 1, 2018, we adopted the new standard using the modified retrospective approach. Based on our assessment, adoption of the new guidance did not require a cumulative-effect adjustment to the opening retained earnings on January 1, 2018. We expect the new standard’s impact on net income will be immaterial on an ongoing annual basis; however, the Company does anticipate that the new standard will have an impact on its revenues in interim periods due to timing. The primary impact of adopting the new standard relates to the timing of recognition of incentive advisory fees, which are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company will no longer record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The Company expects that this could impact its revenues in future interim periods, but we are unable to estimate the impact because future incentive advisory fees are calculated based on future changes in total stockholder return of our REIT clients compared to the total stockholder return of their respective peer group. We do not expect any material changes in revenue recognition for audio visual, investment management reimbursements, debt placement fees, claims management services revenue, lease revenue or other services revenue. See note 3 for additional information regarding our adoption of ASC 606. 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. In February 2018, the FASB issued ASU 2018-03, as technical corrections and improvements to amend and clarify certain aspects of the guidance issued in ASU 2016-01. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. See “Unconsolidated VIEs” above in note 2. 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. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our condensed consolidated 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. We have adopted this standard effective January 1, 2018. Recently Issued Accounting Standards —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 lease. 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 condensed consolidated balance sheets resulting in the recording of ROU 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 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.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues On January 1, 2018, we adopted ASC 606 using the modified retrospective method. As the adoption of this standard did not have a material impact on our condensed consolidated financial statements, no adjustments to opening retained earnings were made as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC Topic 605- Revenue Recognition . Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, the quarterly base fee ranges from 0.70% to 0.50% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Key Money Asset Management Fee, as defined in the respective advisory agreement, subject to certain minimums. The Braemar base fee is fixed at 0.70% of Braemar’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, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are recognized when services have been rendered. We record advisory revenue for equity grants of Ashford Trust and Braemar 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 measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio (“FCCR”) Condition, as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Historically, during the incentive advisory fee measurement period (i.e. the first year of each three year period), incentive advisory fees have been accrued (or reversed) quarterly based on the amount that would be due pursuant to the applicable advisory agreements as of the interim balance sheet date. The second and third year installments of incentive advisory fees have been recognized as revenue on a pro-rata basis each quarter for the amounts determined in the first year measurement period, subject to the December 31 FCCR Condition each year. Effective with our January 1, 2018 adoption of ASC 606, we will no longer record the first year's installment of incentive advisory fee revenue in interim periods prior to the fourth quarter. Prior to measurement in the fourth quarter of each year, our first year installment of incentive advisory fees are subject to significant fluctuation (i.e. based on annual total stockholder returns) and are contingent on a future event during the measurement period (e.g. meeting the FCCR Condition). Accordingly, incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter as such amounts are not subject to significant reversal. The table below presents the impact of applying the new revenue recognition standard to the components of total revenue within the condensed consolidated statement of operations for the three months ended March 31, 2018, as a result of the change in the timing of revenue recognition of incentive advisory fees during interim periods prior to the fourth quarter of the year in which the incentive fee is measured (in thousands): Three Months Ended March 31, 2018 As Reported Financial Results Prior to Adoption of Revenue Recognition Standard Impact of Adoption of Revenue Recognition Standard Advisory services revenue: Base advisory fee $ 10,711 $ 10,711 $ — Incentive advisory fee 452 809 (357 ) Reimbursable expenses 1,949 1,949 — Non-cash stock/unit-based compensation 9,292 9,292 — Other advisory revenue 128 128 — Total advisory services revenue 22,532 22,889 (357 ) Audio visual 23,310 23,310 — Other 2,326 2,326 — Total revenue $ 48,168 $ 48,525 $ (357 ) Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our J&S segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. We recognize revenue when persuasive evidence of an arrangement exists, services have been rendered, the fee is fixed or determinable and collectability is reasonably assured. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue, or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Other Revenue Debt placement fees are reported within our REIT Advisory segment and include revenues earned through provision of debt placement services by Lismore Capital, our wholly-owned subsidiary. These fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan has closed. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Revenue and Contract Balances Deferred revenue primarily consists of customer billings in advance of revenues being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred revenue that could result in a cash payment within the next twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The increase in the deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period. For the three months ended March 31, 2018 , we recognized $ 2.7 million of revenues that were included in deferred revenue at the beginning of the period, including (a) $ 346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, and (b) $ 2.4 million of “Other services” revenue earned by our hospitality products and services companies. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, and (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at March 31, 2018. The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $7.1 million and $5.1 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $11.4 million and $13.3 million in “due from Ashford Trust OP”, and $96,000 and $1.7 million included in “due from Braemar OP” related to REIT advisory services at March 31, 2018 and December 31, 2017, respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2018. The following table presents revenue by reporting segment and geography for the three months ended March 31, 2018 and 2017 (in thousands). See note 16 for more information about our segment reporting. Three Months Ended March 31, 2018 REIT Advisory J&S OpenKey Corporate and Other (2) Ashford Inc. Consolidated United States $ 23,653 $ 15,952 $ 319 $ 886 $ 40,810 Mexico — 5,460 — — 5,460 All other countries — 1,898 — — 1,898 $ 23,653 $ 23,310 $ 319 $ 886 $ 48,168 Three Months Ended March 31, 2017 (1) REIT Advisory J&S OpenKey Corporate and Other (2) Ashford Inc. Consolidated United States $ 12,988 $ — $ 25 $ — $ 13,013 Mexico — — — — — All other countries — — — — — $ 12,988 $ — $ 25 $ — $ 13,013 __________________ (1) Prior period amounts were not adjusted for the adoption of the new revenue recognition guidance under ASC 606. (2) Represents Pure Rooms and RED.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions J&S On November 1, 2017, we completed the acquisition of an 85% controlling interest in J&S Audio Visual Communications, Inc., J&S Audiovisual Mexico, S. de R.L. de C.V. and J&S Audio Visual Dominican Republic, L.P., collectively referred to as "J&S." J&S provides an integrated suite of audio visual services including show and event services, hospitality services, creative services and design & integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. The purchase price of approximately $25.5 million consisted of (i) $19.2 million in cash of which $10.0 million was funded with a term loan; (ii) 70,318 shares of Ashford Inc. common stock, which was determined based on an agreed upon value of approximately $4.3 million using a thirty -day volume weighted average price per share of $60.44 and had an estimated fair value of approximately $5.1 million as of the acquisition date; and (iii) contingent consideration with an estimated fair value of approximately $1.2 million . The results of operations of J&S were included in our consolidated financial statements from the date of acquisition. The acquisition of J&S 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 J&S 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, intangible assets, notes payable, capital leases, deferred taxes, noncontrolling interests and contingent consideration. 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 furniture, fixtures and equipment could also impact depreciation expense. The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Cash $ 9,176 Term loan 10,000 Fair value of Ashford Inc. common stock 5,063 Fair value of contingent consideration 1,196 Purchase price consideration 25,435 Fair value of redeemable noncontrolling interest 2,724 Fair value of noncontrolling interest 324 Total fair value of purchase price $ 28,483 Fair Value Estimated Useful Life Current assets including cash $ 6,564 Furniture, fixtures and equipment 9,020 5 years Goodwill 12,321 Trademarks 3,201 Customer relationships 6,519 7 years Other assets 129 Total assets acquired 37,754 Current liabilities 7,080 Notes payable, current 445 Deferred income 1,213 Note payable, non-current 533 Total assumed liabilities 9,271 Net assets acquired $ 28,483 We expect approximately $9.9 million of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding J&S’ operations through our relationships with Ashford Trust and Braemar. Results of J&S The results of operations of J&S have been included in our results of operations since the acquisition date. Our consolidated statement of operations for the three months ended March 31, 2018 , included total revenue of $23.3 million and net income of $2.1 million from J&S. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” Pure Rooms On April 6, 2017, we acquired a 70% interest in Pure Rooms. Pure Rooms’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. To consummate the acquisition, 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. In conjunction with the LLC Agreement, AHS contributed $97,000 cash to Pure Rooms as required by the LLC Agreement. 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, of the predecessor operating company, Pure Rooms NA, LLC, with a fair value of $532,000 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, totaling $425,000 . 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, and then Series A. There is no coupon or other preference associated with the Series B-1 and B-2 unit classes. On August 29, 2017, the Series B-1 unit holders redeemed their Series B-1 units for $200,000 . 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. 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. The fair value of the equity consideration of $425,000 was allocated as follows (in thousands): Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Customer relationships 175 5 years Goodwill 782 Total assets acquired 1,256 Line of credit 100 Note payable 375 Other assumed liabilities, net 356 Total assumed liabilities 831 Net assets acquired $ 425 We expect approximately $547,000 of the goodwill balance 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 Braemar. Results of Pure Rooms The results of operations of Pure Rooms have been included in our results of operations since the acquisition date. Our consolidated statement of operations for the three months ended March 31, 2018 , included total revenue of $630,000 and a net loss of $90,000 from Pure Rooms. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the J&S and Pure Rooms acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2017, and the removal of $304,000 of transaction costs directly attributable to the acquisitions for the three months ended March 31, 2018 and 2017 (in thousands): Three Months Ended March 31, 2018 2017 Total revenue $ 48,168 $ 33,101 Net income (loss) (5,835 ) (1,237 ) Net income (loss) attributable to the Company (5,723 ) (1,233 ) Pro forma income (loss) per share: Basic $ (2.73 ) $ (0.59 ) Diluted $ (2.84 ) $ (0.75 ) Pro forma weighted average common shares outstanding (in thousands): Basic 2,094 2,085 Diluted 2,115 2,120 The acquisition of certain assets related to RED was treated as an acquisition of property and equipment so the pro forma results of operations of RED are not included above.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The changes in the carrying amount of goodwill for the three months ended March 31, 2018 , are as follows (in thousands): J&S Corporate and Other Consolidated Balance at January 1, 2018 $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions — — — Adjustments 156 — 156 Balance at March 31, 2018 $ 12,321 $ 782 $ 13,103 Intangible assets, net as of March 31, 2018 and December 31, 2017 , are as follows (in thousands): March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Rooms customer relationships $ 175 $ (35 ) $ 140 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (388 ) 6,131 6,519 (156 ) 6,363 $ 6,694 $ (423 ) $ 6,271 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201 Amortization expense for definite-lived intangible assets was $241,000 for the three months ended March 31, 2018 . Customer relationships for Pure Rooms and J&S were assigned a useful life of 5 years and 7 years, respectively.

Notes Payable, net

Notes Payable, net	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable, net consisted of the following (in thousands): Indebtedness Subsidiary Maturity Interest Rate March 31, 2018 December 31, 2017 Senior revolving credit facility Ashford Inc. March 1, 2021 Base Rate (3) + 2.00% to 2.50% or LIBOR (4) + 3.00% to 3.50% $ — $ — Term loan J&S November 1, 2022 One-Month LIBOR (2) + 3.25% 9,667 9,917 Revolving credit facility J&S November 1, 2022 One-Month LIBOR (2) + 3.25% 1,226 814 Capital lease obligations J&S Various Various - fixed 770 896 Equipment note J&S November 1, 2022 One-Month LIBOR (2) + 3.25% 825 — Term Loan J&S November 1, 2022 One-Month LIBOR (2) + 3.25% — — Revolving credit facility OpenKey October 31, 2018 Prime Rate (1) + 2.75% — — Term loan Pure Rooms October 1, 2018 5.00% 160 220 Revolving credit facility Pure Rooms On demand Prime Rate (1) + 1.00% 100 100 Term loan RED April 5, 2025 Prime Rate (1) + 1.75% 750 — Revolving credit facility RED March 5, 2019 Prime Rate (1) + 1.75% 15 — Total notes payable 13,513 11,947 Less deferred loan costs, net (243 ) (240 ) Total notes payable less net deferred loan costs 13,270 11,707 Less current portion (1,736 ) (1,751 ) $ 11,534 $ 9,956 __________________ (1) Prime Rate was 4.75% and 4.50% at March 31, 2018 and December 31, 2017 , respectively. (2) The one-month LIBOR rate was 1.88% and 1.56% at March 31, 2018 and December 31, 2017 , respectively. (3) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (4) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. On March 23, 2018 , our RED operating subsidiary entered into a term loan of $750,000 and a revolving credit facility of $250,000 for which the creditor has recourse to Ashford Inc. Approximately $225,000 of the proceeds from the term loan is held in an escrow account, which is included in our condensed consolidated balance sheet within “other assets” as of March 31, 2018 . During the three months ended March 31, 2018 , $15,000 was drawn on the revolving credit facility. As of March 31, 2018 , $235,000 of credit was available under the revolving credit facility. On March 1, 2018 , the Company and its subsidiary Ashford Hospitality Holdings LLC entered into a $35 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit and bears interest at the Base Rate plus 2.00% to 2.50% or LIBOR plus 3.00% to 3.50% , depending on the leverage level of the Company. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40 million to an aggregate size of $75 million . At March 31, 2018 , there were no outstanding borrowings under the facility. On November 1, 2017 , our J&S operating subsidiary entered into a series of financing transactions for which the creditors do not have recourse to Ashford Inc., including a $10.0 million term loan to finance the acquisition of J&S . The term loan bears interest at LIBOR plus 3.25% and matures on November 1, 2022 . Net deferred loan costs associated with this financing of $218,000 and $226,000 , respectively, are included as a reduction to “Notes payable, net” on the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 . As of March 31, 2018 and December 31, 2017, $1.0 million of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at March 31, 2018 and December 31, 2017 , was not material. The subsidiary also entered into a $3.0 million revolving credit facility which bears interest at LIBOR plus 3.25% and matures on November 1, 2022 . During the three months ended March 31, 2018 , $5.2 million was drawn and approximately $4.8 million of payments were made on the revolving credit facility. As of March 31, 2018 and December 31, 2017 , approximately $1.8 million and $2.2 million of credit, respectively, was available under the revolving credit facility. These debt agreements contain various financial covenants that, among other things, require the maintenance of certain fixed charge coverage ratios. Our J&S operating subsidiary is currently in compliance with all financial covenants. Also on November 1, 2017 , in connection with the acquisition of J&S , our J&S operating subsidiary entered into a $3.0 million equipment note and a $2.0 million term loan agreement. These loans each bear interest at LIBOR plus 3.25% and mature on November 1, 2022 . During the three months ended March 31, 2018 , $825,000 was drawn on the equipment note and no amounts were drawn on the term loan. All the loans in connection with the acquisition of J&S are partially secured by a security interest on all of the assets and equity interests of our operating subsidiary. On April 13, 2017 , OpenKey entered into a Loan and Security Agreement for a line of credit in the amount of $1.5 million . 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% . Creditors do not have recourse to Ashford Inc. At March 31, 2018 and December 31, 2017 , there were no borrowings outstanding under the Loan Agreement. In connection with the line of credit, OpenKey granted the creditors 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 is amortized over the term of the line of credit. On April 6, 2017 , Pure Rooms entered into a term loan of $375,000 and a line of credit of $100,000 for which the creditor does not have recourse to Ashford Inc. The term loan has a fixed interest rate of 5.00% per annum with a stated maturity date of October 1, 2018 . The line of credit has a variable interest rate of Prime Rate plus 1.00% . 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 a current liability on our condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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) Significant Unobservable Inputs (Level 3) Total March 31, 2018 Liabilities Contingent consideration $ — $ — $ (2,475 ) $ (2,475 ) (1) Deferred compensation plan (19,740 ) — — (19,740 ) Total $ (19,740 ) $ — $ (2,475 ) $ (22,215 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2017 Liabilities Contingent consideration — — (2,262 ) (2,262 ) (1) Deferred compensation plan (19,259 ) — — (19,259 ) Total $ (19,259 ) $ — $ (2,262 ) $ (21,521 ) __________________ (1) Reported as “due to affiliates” in the condensed consolidated balance sheets. The following table presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2017 $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (213 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2018 $ (2,475 ) __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of J&S, which is carried at fair value in the condensed consolidated balance sheet within “Due to Affiliates”. The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant inputs in the Level 3 measurement of the contingent consideration include the timing and amount of the ultimate payout based on our estimate of J&S operating performance during the earn-out period, calculated in accordance with the applicable agreement, and the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the condensed consolidated statements of operations. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2018 2017 Assets Options on futures contracts $ — $ (75 ) Total — (75 ) Liabilities Contingent consideration (213 ) — Deferred compensation plan (561 ) (3,340 ) Total (774 ) (3,340 ) Net $ (774 ) $ (3,415 ) Total combined Unrealized gain (loss) on investments $ — $ 125 (1) Realized gain (loss) on investments — (200 ) Contingent consideration (213 ) (2) — Deferred compensation plan (561 ) (3) (3,340 ) (3) Net $ (774 ) $ (3,415 ) ________ (1) Includes unrealized gain associated with investments in unconsolidated entities and reported as “unrealized gain (loss) on investment in unconsolidated entity” in the condensed consolidated statement of operations. (2) Represents the accretion of contingent consideration associated with the acquisition of J&S. Reported as a component of other operating expense in the condensed consolidated statements of operations. (3) Reported as a component of salaries and benefits in the condensed consolidated statements of operations.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 19,740 $ 19,740 $ 19,259 $ 19,259 Contingent consideration 2,475 2,475 2,262 2,262 Financial assets not measured at fair value: Cash and cash equivalents $ 34,910 $ 34,910 $ 36,480 $ 36,480 Restricted cash 15,045 15,045 9,076 9,076 Accounts receivable, net 7,141 7,141 5,127 5,127 Due from Ashford Trust OP 11,376 11,376 13,346 13,346 Due from Braemar OP 96 96 1,738 1,738 Investments in unconsolidated entities 500 500 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 18,648 $ 18,648 $ 20,529 $ 20,529 Due to affiliates 3,999 3,999 4,272 4,272 Other liabilities 13,979 13,979 9,076 9,076 Notes payable 13,513 13,613 11,947 12,040 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. Contingent consideration. The liability associated with the acquisition of J&S is carried at fair value based on the terms of the acquisition agreement and any changes to fair value are recorded in “other” operating expenses in the condensed consolidated statements of operations. 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. Accounts receivable, net, due from Ashford Trust OP, due from Braemar OP, accounts payable and accrued expenses, due to affiliates 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. Investments in unconsolidated entities. The carrying value of the asset resulting from investment in unconsolidated entities approximates fair value based on recent observable transactions. This is considered a level 2 valuation technique. Notes payable. The carrying value of notes payable was $13.5 million and $11.9 million at March 31, 2018 and December 31, 2017 , respectively. The estimated fair value at March 31, 2018 and December 31, 2017 was approximately $13.6 million and $12.0 million , respectively. The fair value is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 previously proposed but not completed 2015 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 for the year ended December 31, 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 stockholder of Braemar, 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 Braemar board of directors, David Brooks (collectively, the “Individual Defendants”), Ashford Inc. and Ashford LLC. Braemar is named as a nominal defendant. The complaint alleges that the Individual Defendants breached their fiduciary duties to Braemar by negotiating and approving the termination fee provision set forth in Braemar’s advisory agreement with Ashford LLC, that Ashford Inc. and Ashford LLC aided and abetted the Individual Defendants’ fiduciary duty breaches, and that the Braemar board of directors committed corporate waste in connection with Braemar’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. On February 5, 2018, the court denied the plaintiff’s fee petition. The plaintiff did not appeal the denial of the fee petition and the case is resolved. 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	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	Equity Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2018 2017 (Income) loss allocated to noncontrolling interests: J&S $ (11 ) $ — OpenKey 156 121 Pure Rooms 35 — RED (7 ) — Other (1) — (146 ) Total net (income) loss allocated to noncontrolling interests $ 173 $ (25 ) ________ (1) Represents noncontrolling interests primarily in the AQUA Fund, which was fully dissolved as of December 31, 2017.

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable noncontrolling interests are included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. As described below, our mezzanine equity includes redeemable noncontrolling interests in Ashford Holdings as well as subsidiary common stock. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands). See note 2 to our condensed consolidated financial statements for tables summarizing the redeemable noncontrolling ownership interests and carrying values: Three Months Ended March 31, 2018 2017 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ 12 $ 4 J&S (355 ) — OpenKey 282 359 Total net (income) loss allocated to redeemable noncontrolling interests $ (61 ) $ 363 ________ (1) Represents the 0.2% interest in Ashford LLC prior to the legal restructuring of our organizational structure on April 6, 2017 and 0.2% interest in Ashford Holdings thereafter.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and 2017 are presented below by award type (in thousands): Three Months Ended March 31, 2018 2017 Equity-based compensation Stock option amortization (1) $ 3,757 $ 1,599 Director and other non-employee equity grants expense (2) 40 — Pre-spin equity grants expense (3) — 673 Total equity-based compensation $ 3,797 $ 2,272 Other equity-based compensation REIT equity-based compensation (4) $ 9,292 $ (1,283 ) $ 13,089 $ 989 ________ (1) As of March 31, 2018 , the Company had approximately $17.0 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the three months ended March 31, 2018 , we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. Additionally, during the three months ended March 31, 2018 and 2017 , stock option amortization included $8,000 and $4,000 , respectively, 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. Options to purchase common stock granted to other non-employees are recorded at fair value based on the market price of the options at period end. The recorded expense, included in “general and administrative,” is equal to the fair value of the award in proportion to the requisite service period satisfied during the period. 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. (4) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the three months ended March 31, 2018 , REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 14 .

Deferred Compensation Plan

Deferred Compensation Plan	3 Months Ended
	Mar. 31, 2018
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 allowed 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 March 31, 2018 2017 Change in fair value Unrealized gain (loss) $ (561 ) $ (3,340 ) Distributions Fair value (1) $ 80 $ 112 Shares (1) — 2 ________ (1) Distributions made to one participant. As of March 31, 2018 and December 31, 2017 the carrying value of the DCP liability was $19.7 million and $19.3 million , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. 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 March 31, 2018 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly 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 Braemar. 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 measured 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 revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,604 $ 8,824 Reimbursable expenses (1) 1,529 1,567 Equity-based compensation (2) 6,745 402 Incentive advisory fee (3) 452 452 Total advisory services revenue 17,330 11,245 Other revenue Investment management reimbursements (4) 182 417 Debt placement fees (5) 632 — Claim management services (6) 18 — Lease revenue (7) 168 56 Other services (8) 300 9 Total other revenue 1,300 482 Total revenue $ 18,630 $ 11,727 REVENUE BY SEGMENT (9) REIT advisory $ 18,330 $ 11,718 J&S (10) — — OpenKey 24 9 Corporate and other 276 — Total revenue $ 18,630 $ 11,727 COST OF REVENUES Cost of audio visual revenues (10) $ 354 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2018 and 2017 , we recognized $202,000 and $51,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (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. For the three months ended March 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2018 , includes the pro-rata portion of the third year installment of the 2016 incentive advisory fee, which is due in January 2019, and for the three months ended March 31, 2017 , includes the pro-rata portion of the second year installment of the 2016 incentive advisory fee, which was paid in January 2018. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Ashford Trust advisory agreement. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2015 measurement periods. See note 3 . (4) Investment management reimbursements include AIM’s management 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) Debt placement fees include revenues earned through provision of debt placement services by Lismore Capital, our wholly-owned subsidiary. (6) Claims management services include revenues earned through provision of insurance claim assessment and administration services. (7) 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. (8) Other services revenue is associated with other hotel services, such as mobile key applications and “allergy friendly” premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Rooms, respectively. (9) See note 16 for discussion of segment reporting. (10) J&S contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 2 for discussion of the audio visual revenue recognition policy. At March 31, 2018 and December 31, 2017 , we had a net receivable of $11.4 million and $13.3 million , respectively, due from Ashford Trust OP associated primarily with advisory services and other revenues, as discussed above. The following table summarizes amounts due (to) from Ashford Trust OP to each of our consolidated entities (in thousands): March 31, 2018 December 31, 2017 Ashford LLC $ 19 $ — AIM (26 ) 347 J&S 260 62 Pure Rooms 138 302 OpenKey 18 25 We are also a party to an amended and restated advisory agreement with Braemar OP. Braemar is required to pay a monthly base fee that is 1/12th of 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee (defined in the advisory agreement as the aggregate gross asset value of all key money assets multiplied by 1/12th of 0.70% ), subject to a minimum monthly 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 Braemar’s 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). Reimbursement for overhead, internal audit, risk management advisory and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Braemar based on a pro rata allocation as determined by the ratio of Braemar’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Braemar 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 measured annually in each year that Braemar’s annual total stockholder return exceeds the average annual total stockholder return for Braemar’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,107 $ 2,003 Reimbursable expenses (1) 420 549 Equity-based compensation (2) 2,547 (1,685 ) Incentive advisory fee (3) — 319 Other advisory revenue (4) 128 — Total advisory services revenue 5,202 1,186 Other revenue Claims management services (5) 37 — Lease revenue (6) 84 84 Other services (7) 211 — Total other revenue 332 84 Total revenue $ 5,534 $ 1,270 REVENUE BY SEGMENT (8) REIT advisory $ 5,323 $ 1,270 J&S (9) — — OpenKey 5 — Corporate and other 206 — Total revenue $ 5,534 $ 1,270 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2018 and 2017 , we recognized $15,000 and 4,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. (3) No incentive fee was recorded for the three months ended March 31, 2018 , because Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. For the three months ended March 31, 2017, incentive advisory fee includes the pro-rata portion of the third year installment of the 2015 incentive advisory fee, which was paid in January 2018. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. See note 3 . (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) Claims management services include revenues earned through provision of insurance claim assessment and administration services. (6) In connection with our key money transaction with Braemar, we lease furniture, fixtures and equipment to Braemar 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 other hotel services, such as mobile key applications, “allergy friendly” premium rooms and watersports activities & travel/transportation services, provided to Braemar by our consolidated subsidiaries, OpenKey, Pure Rooms and RED, respectively. (8) See note 16 for discussion of segment reporting. (9) J&S contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. For the three months ended March 31, 2018 and 2017 , J&S had no cost of revenues for audio visual associated with Braemar. At March 31, 2018 and December 31, 2017 , we had receivables of $96,000 and $1.7 million , respectively, from Braemar OP associated with advisory services and other revenues, as discussed above. See note 2 for details regarding receivables held by our consolidated subsidiaries, due from our affiliates. The following table summarizes amounts due from Braemar OP to each of our consolidated entities (in thousands): March 31, 2018 December 31, 2017 Ashford LLC $ 38 $ — Pure Rooms — 50 OpenKey 3 6 Ashford Trust and Braemar 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 consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and Braemar, 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 Braemar. These reimbursements are included in general and administrative expenses on the condensed consolidated statements of operations. For the three months ended March 31, 2018 and 2017 , these reimbursements totaled $1.2 million and $1.2 million , respectively. The amounts due under these arrangements as of March 31, 2018 and December 31, 2017 , are included in “due to affiliates” on our condensed consolidated balance sheets. Ashford Trust held a 16.30% and 16.23% and Braemar held an 8.21% and 0% noncontrolling interest in OpenKey as of March 31, 2018 and December 31, 2017 , respectively. Ashford Trust invested $667,000 and $650,000 and Braemar invested $2.0 million and $0 in OpenKey during the three months ended March 31, 2018 and 2017 , respectively. See also notes 1 , 2 , 10 , and 11 . An officer of J&S owns the J&S headquarters property including the adjoining warehouse space. J&S leases this property for $300,000 per year, with escalating lease payments based on the Consumer Price Index. Rental expense for the three months ended March 31, 2018 was $84,000 . We did not incur rental expense related to this lease for the three months ended March 31, 2017 .

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (5,723 ) $ (2,385 ) Undistributed net income (loss) allocated to common stockholders (5,723 ) (2,385 ) Distributed and undistributed net income (loss) - basic $ (5,723 ) $ (2,385 ) Effect of contingently issuable shares (282 ) (359 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (12 ) — Distributed and undistributed net income (loss) - diluted $ (6,017 ) $ (2,744 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,094 2,015 Effect of contingently issuable shares 17 31 Effect of assumed conversion of operating partnership units 4 — Weighted average common shares outstanding – diluted 2,115 2,046 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (2.73 ) $ (1.18 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.84 ) $ (1.34 ) 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 March 31, 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ — $ (4 ) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock 355 — Total $ 355 $ (4 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 — Effect of assumed exercise of stock options 234 — Effect of assumed conversion of Ashford Holdings units — 4 Effect of contingently issuable shares 27 — Total 270 4

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two business segments: (i) REIT Advisory, which provides asset management and advisory services to other entities, and (ii) Hospitality Products and Services (“HPS”), which provides products and services to clients primarily in the hospitality industry. HPS includes (a) J&S, which provides event technology and creative communications solutions services, (b) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (c) Pure Rooms, which provides “allergy friendly” premium rooms in the hospitality industry, and (d) RED, a premier provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands. OpenKey, Pure Rooms and RED operating segments do not individually meet the accounting criteria for separate disclosure as reportable segments. However, we have elected to disclose OpenKey as a reportable segment. Accordingly, we have three reportable segments: REIT Advisory, J&S and OpenKey. We combine the operating results of Pure Rooms and RED into an “all other” category, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. As of March 31, 2018 , there were no material intercompany revenues or expenses between our operating segments. 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. Certain information concerning our segments for the three months ended March 31, 2018 , and 2017 is presented in the following table (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 REIT Advisory J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 22,532 $ — $ — $ — $ 22,532 $ 12,431 $ — $ — $ — $ 12,431 Audio visual — 23,310 — — 23,310 — — — — — Other 1,121 — 319 886 2,326 557 — 25 — 582 Total revenue 23,653 23,310 319 886 48,168 12,988 — 25 — 13,013 EXPENSES Depreciation and amortization 390 454 6 190 1,040 259 — 5 204 468 Impairment 1,919 — — — 1,919 — — — — — Other operating expenses (1) 11,241 19,803 1,171 18,030 50,245 833 — 825 13,023 14,681 Total operating expenses 13,550 20,257 1,177 18,220 53,204 1,092 — 830 13,227 15,149 OPERATING INCOME (LOSS) 10,103 3,053 (858 ) (17,334 ) (5,036 ) 11,896 — (805 ) (13,227 ) (2,136 ) Interest expense — (139 ) — (4 ) (143 ) — — — — — Amortization of loan costs — (12 ) (6 ) (5 ) (23 ) — — — — — Interest income — — — 112 112 — — — 33 33 Other income (expense) 19 (58 ) (1 ) 1 (39 ) — — (8 ) 18 10 INCOME (LOSS) BEFORE INCOME TAXES 10,122 2,844 (865 ) (17,230 ) (5,129 ) 11,896 — (813 ) (13,176 ) (2,093 ) Income tax (expense) benefit (2,263 ) (746 ) — 2,303 (706 ) (4,298 ) — — 3,668 (630 ) NET INCOME (LOSS) $ 7,859 $ 2,098 $ (865 ) $ (14,927 ) $ (5,835 ) $ 7,598 $ — $ (813 ) $ (9,508 ) $ (2,723 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. REIT Advisory amounts represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 6, 2018, Ashford Inc. signed a definitive agreement to acquire the Project Management business of Remington. The transaction, which is expected to close during the third quarter of 2018, is subject to approval by Ashford Inc.'s stockholders and customary closing conditions. Under the terms of the agreement, Ashford Inc. will acquire Remington's Project Management business for a total transaction value of $203 million . The purchase price will be paid by issuing shares of voting, convertible preferred stock to the sellers. The newly created convertible preferred stock will have a conversion price of $140 per share (a 45% premium to the trading level at the time of announcement) and, if converted immediately after the consummation of the transaction, would convert into 1,450,000 shares of our common stock. Dividends on the convertible preferred stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. Voting rights of the convertible preferred stock will be on an as-converted basis and the holders of the convertible preferred stock will have a voting limit of 25% of Ashford Inc.'s voting securities for five years . Upon closing of the transaction, the sellers will have the right to nominate two directors to Ashford Inc.'s Board of Directors. The transaction does not require a private letter ruling from the Internal Revenue Service. Remington is currently owned by Monty J. Bennett, Ashford Inc.’s Chairman and Chief Executive Officer, and his father, Archie Bennett, Jr. Ashford Inc.'s Board of Directors, therefore, formed a special committee of independent and disinterested directors to analyze and negotiate the transaction on behalf of Ashford Inc. and deliver a recommendation to its Board of Directors with respect to the transaction. On April 6, 2018, Ashford Inc. and Computershare Trust Company, N.A., as Rights Agent, entered into Amendment No. 2 to the Amended and Restated Rights Agreement, dated as of August 12, 2015, as previously amended by Amendment No. 1 to the Amended and Restated Rights Agreement, dated October 31, 2016 (as amended, the “Rights Agreement”). Pursuant to Amendment No. 2, the Rights Agreement was amended to (i) extend the Final Expiration Date with respect to Ashford Inc.’s Rights (each as defined under the Rights Agreement) until the date of the 2018 annual meeting of stockholders and (ii) exclude Monty J. Bennett, Archie Bennett Jr. and their respective Affiliates and Associates (each as defined in the Rights Agreement) from the definition of “Acquiring Person.”

Significant Accounting Polici25

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation, Combination and Noncontrolling Interests	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 intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2017 Annual Report on Form 10-K filed with the SEC on March 12, 2018 . 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. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest (9) 99.80 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 396 $ 2,877 $ 1,389 n/a n/a Redemption value adjustment, year-to-date 23 — (861 ) n/a n/a Redemption value adjustment, cumulative 381 — 1,160 n/a n/a Carrying value of noncontrolling interests — 433 949 171 7 Assets, available only to settle subsidiary's obligations (7) n/a 40,905 4,415 1,654 2,472 Liabilities, no recourse to Ashford Inc. (8) n/a 23,712 758 1,558 828 Notes payable, no recourse to Ashford Inc. (8) n/a 10,492 — 160 750 Revolving credit facility, no recourse to Ashford Inc. (8) n/a 1,226 — 100 15 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest (9) 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities, no recourse to Ashford Inc. (8) n/a 21,821 889 1,652 — Notes payable, no recourse to Ashford Inc. (8) n/a 9,917 — 220 — Revolving credit facility, no recourse to Ashford Inc. (8) n/a 814 — 100 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of 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. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings or Ashford LLC as applicable and net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of these members’ interest. (3) Represents ownership interests in J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 10 and 11 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 10 and 11 . (5) Represents ownership interests in Pure Rooms, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Rooms provides “allergy friendly” premium rooms in the hospitality industry. See also notes 1 , 10 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. RED is a premier provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands. See also notes 1 , 10 and 11 . (7) Total assets primarily consisted of cash and cash equivalents and other assets that can only be used to settle the subsidiaries obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of debt held by RED, for which the creditor has recourse to Ashford Inc. (9) For certain of our investments we are provided a preferred return which is accounted for in our income allocation based on the applicable partnership agreement. In addition to the consolidated entity information above, noncontrolling interests in consolidated entities included a noncontrolling ownership interest in AIM Performance Holdco LP (“AIM”) of 40% as of March 31, 2018 and December 31, 2017 .
Unconsolidated VIEs	Unconsolidated VIEs —Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. 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.
Acquisitions	Acquisitions — We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target's primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital, and the cost savings expected to be derived from acquiring an asset, if applicable. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill.
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.
Impairment of Furniture, Fixtures and Equipment	Impairment of Furniture, Fixtures and Equipment —Furniture, fixtures and equipment 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 $1.9 million for the three months ended March 31, 2018 . The impairment was recognized upon determination that a portion of the software will not be placed into service. No impairment charges were recorded for furniture, fixtures and equipment for the three months ended March 31, 2017
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is potentially impaired and we proceed to step two of the impairment analysis. In step two of the analysis, we will record an impairment loss equal to the excess of the carrying value of the reporting unit’s goodwill over its implied fair value should such a circumstance arise. We determine fair value based on discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. No indicators of impairment were identified during our most recent annual test or as of March 31, 2018 .
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships resulting from our acquisition of J&S and Pure Rooms. These assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of March 31, 2018 .
Salaries and Benefits	Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based 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. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See further discussion in notes 2 and 13 to our condensed consolidated financial statements.
Depreciation and Amortization	Depreciation and Amortization —Our furniture, fixtures and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. Definite-lived intangible assets, which include customer relationships resulting from our acquisitions of J&S and Pure Rooms, are amortized using the straight-line method over the estimated useful lives of the assets. See note 4 .
Equity-Based Compensation	Equity-Based Compensation — We adopted an equity incentive plan that provides for the grant of restricted or unrestricted shares of our common stock, options to purchase our common stock and other share awards, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. 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 authoritative 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. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the equity-based award and the application of the accounting guidance. Options to purchase common stock granted to other non-employees are accounted for at fair value based on the market price of the options at period end in accordance with applicable authoritative accounting guidance that results in recording expense, included in “general and administrative,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award 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) —Comprehensive loss for the three months ended March 31, 2018 , consists of net loss and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S operations in Mexico and the Dominican Republic from their respective functional currencies to U.S. dollars. This amount is not included in net income and would only be realized upon the sale or upon complete or substantially complete liquidation of the foreign businesses. The accumulated other comprehensive loss is presented on the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 . There were no sources of other comprehensive income (loss) for the three months ended March 31, 2017 .
Due to Affiliates	Due to Affiliates —Due to affiliates represents current payables resulting from general and administrative expense, furniture, fixtures and equipment reimbursements, and contingent consideration. Due to affiliates is generally settled within a period not exceeding one year.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards — In May 2014, the FASB issued ASU 2014-09, also referred to as “ASC 606” Revenue from Contracts with Customers . The core principle of the guidance is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled 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. ASC 606 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. Effective January 1, 2018, we adopted the new standard using the modified retrospective approach. Based on our assessment, adoption of the new guidance did not require a cumulative-effect adjustment to the opening retained earnings on January 1, 2018. We expect the new standard’s impact on net income will be immaterial on an ongoing annual basis; however, the Company does anticipate that the new standard will have an impact on its revenues in interim periods due to timing. The primary impact of adopting the new standard relates to the timing of recognition of incentive advisory fees, which are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company will no longer record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The Company expects that this could impact its revenues in future interim periods, but we are unable to estimate the impact because future incentive advisory fees are calculated based on future changes in total stockholder return of our REIT clients compared to the total stockholder return of their respective peer group. We do not expect any material changes in revenue recognition for audio visual, investment management reimbursements, debt placement fees, claims management services revenue, lease revenue or other services revenue. See note 3 for additional information regarding our adoption of ASC 606. 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. In February 2018, the FASB issued ASU 2018-03, as technical corrections and improvements to amend and clarify certain aspects of the guidance issued in ASU 2016-01. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. See “Unconsolidated VIEs” above in note 2. 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. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our condensed consolidated 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. We have adopted this standard effective January 1, 2018. Recently Issued Accounting Standards —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 lease. 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 condensed consolidated balance sheets resulting in the recording of ROU 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 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.

Significant Accounting Polici26

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest (9) 99.80 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 396 $ 2,877 $ 1,389 n/a n/a Redemption value adjustment, year-to-date 23 — (861 ) n/a n/a Redemption value adjustment, cumulative 381 — 1,160 n/a n/a Carrying value of noncontrolling interests — 433 949 171 7 Assets, available only to settle subsidiary's obligations (7) n/a 40,905 4,415 1,654 2,472 Liabilities, no recourse to Ashford Inc. (8) n/a 23,712 758 1,558 828 Notes payable, no recourse to Ashford Inc. (8) n/a 10,492 — 160 750 Revolving credit facility, no recourse to Ashford Inc. (8) n/a 1,226 — 100 15 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest (9) 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities, no recourse to Ashford Inc. (8) n/a 21,821 889 1,652 — Notes payable, no recourse to Ashford Inc. (8) n/a 9,917 — 220 — Revolving credit facility, no recourse to Ashford Inc. (8) n/a 814 — 100 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of 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. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings or Ashford LLC as applicable and net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of these members’ interest. (3) Represents ownership interests in J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 10 and 11 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 10 and 11 . (5) Represents ownership interests in Pure Rooms, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Rooms provides “allergy friendly” premium rooms in the hospitality industry. See also notes 1 , 10 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. RED is a premier provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands. See also notes 1 , 10 and 11 . (7) Total assets primarily consisted of cash and cash equivalents and other assets that can only be used to settle the subsidiaries obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of debt held by RED, for which the creditor has recourse to Ashford Inc. (9) For certain of our investments we are provided a preferred return which is accounted for in our income allocation based on the applicable partnership agreement.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The table below presents the impact of applying the new revenue recognition standard to the components of total revenue within the condensed consolidated statement of operations for the three months ended March 31, 2018, as a result of the change in the timing of revenue recognition of incentive advisory fees during interim periods prior to the fourth quarter of the year in which the incentive fee is measured (in thousands): Three Months Ended March 31, 2018 As Reported Financial Results Prior to Adoption of Revenue Recognition Standard Impact of Adoption of Revenue Recognition Standard Advisory services revenue: Base advisory fee $ 10,711 $ 10,711 $ — Incentive advisory fee 452 809 (357 ) Reimbursable expenses 1,949 1,949 — Non-cash stock/unit-based compensation 9,292 9,292 — Other advisory revenue 128 128 — Total advisory services revenue 22,532 22,889 (357 ) Audio visual 23,310 23,310 — Other 2,326 2,326 — Total revenue $ 48,168 $ 48,525 $ (357 )
Disaggregation of Revenue	The following table presents revenue by reporting segment and geography for the three months ended March 31, 2018 and 2017 (in thousands). See note 16 for more information about our segment reporting. Three Months Ended March 31, 2018 REIT Advisory J&S OpenKey Corporate and Other (2) Ashford Inc. Consolidated United States $ 23,653 $ 15,952 $ 319 $ 886 $ 40,810 Mexico — 5,460 — — 5,460 All other countries — 1,898 — — 1,898 $ 23,653 $ 23,310 $ 319 $ 886 $ 48,168 Three Months Ended March 31, 2017 (1) REIT Advisory J&S OpenKey Corporate and Other (2) Ashford Inc. Consolidated United States $ 12,988 $ — $ 25 $ — $ 13,013 Mexico — — — — — All other countries — — — — — $ 12,988 $ — $ 25 $ — $ 13,013 __________________ (1) Prior period amounts were not adjusted for the adoption of the new revenue recognition guidance under ASC 606. (2) Represents Pure Rooms and RED.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Cash $ 9,176 Term loan 10,000 Fair value of Ashford Inc. common stock 5,063 Fair value of contingent consideration 1,196 Purchase price consideration 25,435 Fair value of redeemable noncontrolling interest 2,724 Fair value of noncontrolling interest 324 Total fair value of purchase price $ 28,483
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair Value Estimated Useful Life Current assets including cash $ 6,564 Furniture, fixtures and equipment 9,020 5 years Goodwill 12,321 Trademarks 3,201 Customer relationships 6,519 7 years Other assets 129 Total assets acquired 37,754 Current liabilities 7,080 Notes payable, current 445 Deferred income 1,213 Note payable, non-current 533 Total assumed liabilities 9,271 Net assets acquired $ 28,483 Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Customer relationships 175 5 years Goodwill 782 Total assets acquired 1,256 Line of credit 100 Note payable 375 Other assumed liabilities, net 356 Total assumed liabilities 831 Net assets acquired $ 425
Pro Forma Information	Three Months Ended March 31, 2018 2017 Total revenue $ 48,168 $ 33,101 Net income (loss) (5,835 ) (1,237 ) Net income (loss) attributable to the Company (5,723 ) (1,233 ) Pro forma income (loss) per share: Basic $ (2.73 ) $ (0.59 ) Diluted $ (2.84 ) $ (0.75 ) Pro forma weighted average common shares outstanding (in thousands): Basic 2,094 2,085 Diluted 2,115 2,120

Goodwill and Intangible Asset29

Goodwill and Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2018 , are as follows (in thousands): J&S Corporate and Other Consolidated Balance at January 1, 2018 $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions — — — Adjustments 156 — 156 Balance at March 31, 2018 $ 12,321 $ 782 $ 13,103
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of March 31, 2018 and December 31, 2017 , are as follows (in thousands): March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Rooms customer relationships $ 175 $ (35 ) $ 140 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (388 ) 6,131 6,519 (156 ) 6,363 $ 6,694 $ (423 ) $ 6,271 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of March 31, 2018 and December 31, 2017 , are as follows (in thousands): March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Rooms customer relationships $ 175 $ (35 ) $ 140 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (388 ) 6,131 6,519 (156 ) 6,363 $ 6,694 $ (423 ) $ 6,271 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201

Notes Payable, net (Tables)

Notes Payable, net (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Subsidiary Maturity Interest Rate March 31, 2018 December 31, 2017 Senior revolving credit facility Ashford Inc. March 1, 2021 Base Rate (3) + 2.00% to 2.50% or LIBOR (4) + 3.00% to 3.50% $ — $ — Term loan J&S November 1, 2022 One-Month LIBOR (2) + 3.25% 9,667 9,917 Revolving credit facility J&S November 1, 2022 One-Month LIBOR (2) + 3.25% 1,226 814 Capital lease obligations J&S Various Various - fixed 770 896 Equipment note J&S November 1, 2022 One-Month LIBOR (2) + 3.25% 825 — Term Loan J&S November 1, 2022 One-Month LIBOR (2) + 3.25% — — Revolving credit facility OpenKey October 31, 2018 Prime Rate (1) + 2.75% — — Term loan Pure Rooms October 1, 2018 5.00% 160 220 Revolving credit facility Pure Rooms On demand Prime Rate (1) + 1.00% 100 100 Term loan RED April 5, 2025 Prime Rate (1) + 1.75% 750 — Revolving credit facility RED March 5, 2019 Prime Rate (1) + 1.75% 15 — Total notes payable 13,513 11,947 Less deferred loan costs, net (243 ) (240 ) Total notes payable less net deferred loan costs 13,270 11,707 Less current portion (1,736 ) (1,751 ) $ 11,534 $ 9,956 __________________ (1) Prime Rate was 4.75% and 4.50% at March 31, 2018 and December 31, 2017 , respectively. (2) The one-month LIBOR rate was 1.88% and 1.56% at March 31, 2018 and December 31, 2017 , respectively. (3) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (4) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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) Significant Unobservable Inputs (Level 3) Total March 31, 2018 Liabilities Contingent consideration $ — $ — $ (2,475 ) $ (2,475 ) (1) Deferred compensation plan (19,740 ) — — (19,740 ) Total $ (19,740 ) $ — $ (2,475 ) $ (22,215 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2017 Liabilities Contingent consideration — — (2,262 ) (2,262 ) (1) Deferred compensation plan (19,259 ) — — (19,259 ) Total $ (19,259 ) $ — $ (2,262 ) $ (21,521 ) __________________ (1) Reported as “due to affiliates” in the condensed consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2017 $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (213 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2018 $ (2,475 ) __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of J&S, which is carried at fair value in the condensed consolidated balance sheet within “Due to Affiliates”. The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant inputs in the Level 3 measurement of the contingent consideration include the timing and amount of the ultimate payout based on our estimate of J&S operating performance during the earn-out period, calculated in accordance with the applicable agreement, and the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the condensed consolidated statements of operations.
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 (in thousands): Three Months Ended March 31, 2018 2017 Assets Options on futures contracts $ — $ (75 ) Total — (75 ) Liabilities Contingent consideration (213 ) — Deferred compensation plan (561 ) (3,340 ) Total (774 ) (3,340 ) Net $ (774 ) $ (3,415 ) Total combined Unrealized gain (loss) on investments $ — $ 125 (1) Realized gain (loss) on investments — (200 ) Contingent consideration (213 ) (2) — Deferred compensation plan (561 ) (3) (3,340 ) (3) Net $ (774 ) $ (3,415 ) ________ (1) Includes unrealized gain associated with investments in unconsolidated entities and reported as “unrealized gain (loss) on investment in unconsolidated entity” in the condensed consolidated statement of operations. (2) Represents the accretion of contingent consideration associated with the acquisition of J&S. Reported as a component of other operating expense in the condensed consolidated statements of operations. (3) Reported as a component of salaries and benefits in the condensed consolidated statements of operations.

Summary of Fair Value of Fina32

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 19,740 $ 19,740 $ 19,259 $ 19,259 Contingent consideration 2,475 2,475 2,262 2,262 Financial assets not measured at fair value: Cash and cash equivalents $ 34,910 $ 34,910 $ 36,480 $ 36,480 Restricted cash 15,045 15,045 9,076 9,076 Accounts receivable, net 7,141 7,141 5,127 5,127 Due from Ashford Trust OP 11,376 11,376 13,346 13,346 Due from Braemar OP 96 96 1,738 1,738 Investments in unconsolidated entities 500 500 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 18,648 $ 18,648 $ 20,529 $ 20,529 Due to affiliates 3,999 3,999 4,272 4,272 Other liabilities 13,979 13,979 9,076 9,076 Notes payable 13,513 13,613 11,947 12,040

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of (income) loss allocated to noncontrolling interests for each of our consolidated entities	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2018 2017 (Income) loss allocated to noncontrolling interests: J&S $ (11 ) $ — OpenKey 156 121 Pure Rooms 35 — RED (7 ) — Other (1) — (146 ) Total net (income) loss allocated to noncontrolling interests $ 173 $ (25 ) ________ (1) Represents noncontrolling interests primarily in the AQUA Fund, which was fully dissolved as of December 31, 2017.

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands). See note 2 to our condensed consolidated financial statements for tables summarizing the redeemable noncontrolling ownership interests and carrying values: Three Months Ended March 31, 2018 2017 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ 12 $ 4 J&S (355 ) — OpenKey 282 359 Total net (income) loss allocated to redeemable noncontrolling interests $ (61 ) $ 363 ________ (1) Represents the 0.2% interest in Ashford LLC prior to the legal restructuring of our organizational structure on April 6, 2017 and 0.2% interest in Ashford Holdings thereafter.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost	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 months ended March 31, 2018 and 2017 are presented below by award type (in thousands): Three Months Ended March 31, 2018 2017 Equity-based compensation Stock option amortization (1) $ 3,757 $ 1,599 Director and other non-employee equity grants expense (2) 40 — Pre-spin equity grants expense (3) — 673 Total equity-based compensation $ 3,797 $ 2,272 Other equity-based compensation REIT equity-based compensation (4) $ 9,292 $ (1,283 ) $ 13,089 $ 989 ________ (1) As of March 31, 2018 , the Company had approximately $17.0 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the three months ended March 31, 2018 , we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. Additionally, during the three months ended March 31, 2018 and 2017 , stock option amortization included $8,000 and $4,000 , respectively, 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. Options to purchase common stock granted to other non-employees are recorded at fair value based on the market price of the options at period end. The recorded expense, included in “general and administrative,” is equal to the fair value of the award in proportion to the requisite service period satisfied during the period. 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. (4) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the three months ended March 31, 2018 , REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 14 .

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2018
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2018 2017 Change in fair value Unrealized gain (loss) $ (561 ) $ (3,340 ) Distributions Fair value (1) $ 80 $ 112 Shares (1) — 2 ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,107 $ 2,003 Reimbursable expenses (1) 420 549 Equity-based compensation (2) 2,547 (1,685 ) Incentive advisory fee (3) — 319 Other advisory revenue (4) 128 — Total advisory services revenue 5,202 1,186 Other revenue Claims management services (5) 37 — Lease revenue (6) 84 84 Other services (7) 211 — Total other revenue 332 84 Total revenue $ 5,534 $ 1,270 REVENUE BY SEGMENT (8) REIT advisory $ 5,323 $ 1,270 J&S (9) — — OpenKey 5 — Corporate and other 206 — Total revenue $ 5,534 $ 1,270 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2018 and 2017 , we recognized $15,000 and 4,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. (3) No incentive fee was recorded for the three months ended March 31, 2018 , because Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. For the three months ended March 31, 2017, incentive advisory fee includes the pro-rata portion of the third year installment of the 2015 incentive advisory fee, which was paid in January 2018. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. See note 3 . (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) Claims management services include revenues earned through provision of insurance claim assessment and administration services. (6) In connection with our key money transaction with Braemar, we lease furniture, fixtures and equipment to Braemar 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 other hotel services, such as mobile key applications, “allergy friendly” premium rooms and watersports activities & travel/transportation services, provided to Braemar by our consolidated subsidiaries, OpenKey, Pure Rooms and RED, respectively. (8) See note 16 for discussion of segment reporting. (9) J&S contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. For the three months ended March 31, 2018 and 2017 , J&S had no cost of revenues for audio visual associated with Braemar. The following table summarizes amounts due from Braemar OP to each of our consolidated entities (in thousands): March 31, 2018 December 31, 2017 Ashford LLC $ 38 $ — Pure Rooms — 50 OpenKey 3 6 At March 31, 2018 and December 31, 2017 , we had a net receivable of $11.4 million and $13.3 million , respectively, due from Ashford Trust OP associated primarily with advisory services and other revenues, as discussed above. The following table summarizes amounts due (to) from Ashford Trust OP to each of our consolidated entities (in thousands): March 31, 2018 December 31, 2017 Ashford LLC $ 19 $ — AIM (26 ) 347 J&S 260 62 Pure Rooms 138 302 OpenKey 18 25 The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,604 $ 8,824 Reimbursable expenses (1) 1,529 1,567 Equity-based compensation (2) 6,745 402 Incentive advisory fee (3) 452 452 Total advisory services revenue 17,330 11,245 Other revenue Investment management reimbursements (4) 182 417 Debt placement fees (5) 632 — Claim management services (6) 18 — Lease revenue (7) 168 56 Other services (8) 300 9 Total other revenue 1,300 482 Total revenue $ 18,630 $ 11,727 REVENUE BY SEGMENT (9) REIT advisory $ 18,330 $ 11,718 J&S (10) — — OpenKey 24 9 Corporate and other 276 — Total revenue $ 18,630 $ 11,727 COST OF REVENUES Cost of audio visual revenues (10) $ 354 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2018 and 2017 , we recognized $202,000 and $51,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (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. For the three months ended March 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2018 , includes the pro-rata portion of the third year installment of the 2016 incentive advisory fee, which is due in January 2019, and for the three months ended March 31, 2017 , includes the pro-rata portion of the second year installment of the 2016 incentive advisory fee, which was paid in January 2018. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Ashford Trust advisory agreement. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2015 measurement periods. See note 3 . (4) Investment management reimbursements include AIM’s management 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) Debt placement fees include revenues earned through provision of debt placement services by Lismore Capital, our wholly-owned subsidiary. (6) Claims management services include revenues earned through provision of insurance claim assessment and administration services. (7) 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. (8) Other services revenue is associated with other hotel services, such as mobile key applications and “allergy friendly” premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Rooms, respectively. (9) See note 16 for discussion of segment reporting. (10) J&S contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 2 for discussion of the audio visual revenue recognition policy.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (5,723 ) $ (2,385 ) Undistributed net income (loss) allocated to common stockholders (5,723 ) (2,385 ) Distributed and undistributed net income (loss) - basic $ (5,723 ) $ (2,385 ) Effect of contingently issuable shares (282 ) (359 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (12 ) — Distributed and undistributed net income (loss) - diluted $ (6,017 ) $ (2,744 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,094 2,015 Effect of contingently issuable shares 17 31 Effect of assumed conversion of operating partnership units 4 — Weighted average common shares outstanding – diluted 2,115 2,046 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (2.73 ) $ (1.18 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.84 ) $ (1.34 )
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 March 31, 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ — $ (4 ) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock 355 — Total $ 355 $ (4 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 — Effect of assumed exercise of stock options 234 — Effect of assumed conversion of Ashford Holdings units — 4 Effect of contingently issuable shares 27 — Total 270 4

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three months ended March 31, 2018 , and 2017 is presented in the following table (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 REIT Advisory J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 22,532 $ — $ — $ — $ 22,532 $ 12,431 $ — $ — $ — $ 12,431 Audio visual — 23,310 — — 23,310 — — — — — Other 1,121 — 319 886 2,326 557 — 25 — 582 Total revenue 23,653 23,310 319 886 48,168 12,988 — 25 — 13,013 EXPENSES Depreciation and amortization 390 454 6 190 1,040 259 — 5 204 468 Impairment 1,919 — — — 1,919 — — — — — Other operating expenses (1) 11,241 19,803 1,171 18,030 50,245 833 — 825 13,023 14,681 Total operating expenses 13,550 20,257 1,177 18,220 53,204 1,092 — 830 13,227 15,149 OPERATING INCOME (LOSS) 10,103 3,053 (858 ) (17,334 ) (5,036 ) 11,896 — (805 ) (13,227 ) (2,136 ) Interest expense — (139 ) — (4 ) (143 ) — — — — — Amortization of loan costs — (12 ) (6 ) (5 ) (23 ) — — — — — Interest income — — — 112 112 — — — 33 33 Other income (expense) 19 (58 ) (1 ) 1 (39 ) — — (8 ) 18 10 INCOME (LOSS) BEFORE INCOME TAXES 10,122 2,844 (865 ) (17,230 ) (5,129 ) 11,896 — (813 ) (13,176 ) (2,093 ) Income tax (expense) benefit (2,263 ) (746 ) — 2,303 (706 ) (4,298 ) — — 3,668 (630 ) NET INCOME (LOSS) $ 7,859 $ 2,098 $ (865 ) $ (14,927 ) $ (5,835 ) $ 7,598 $ — $ (813 ) $ (9,508 ) $ (2,723 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. REIT Advisory amounts represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.

Organization and Description 40

Organization and Description of Business (Details) - USD ($) $ in Thousands	Mar. 23, 2018	Jan. 16, 2018	Jan. 02, 2018	Dec. 11, 2017	Nov. 01, 2017	Apr. 06, 2017	Mar. 31, 2018	Dec. 31, 2017
OpenKey
Noncontrolling Interest [Line Items]
Ownership by parent							45.61%	43.90%
Noncontrolling interests in consolidated entities							24.74%	16.51%
Pure Rooms
Noncontrolling Interest [Line Items]
Voting interests acquired						70.00%
Equity consideration						$ 425
Cash consideration						$ 97
J&S
Noncontrolling Interest [Line Items]
Voting interests acquired					85.00%
Equity consideration					$ 5,100
Cash consideration					9,176
Consideration transfered					$ 25,500
RED
Noncontrolling Interest [Line Items]
Voting interests acquired		80.00%
Cash consideration	$ 1,000	$ 220		$ 970
Escrow Deposit				$ 750
Variable Interest Entity, Primary Beneficiary | OpenKey
Noncontrolling Interest [Line Items]
Purchase of assets (in shares)			8,962
Ownership interest (in shares)			519,647
Vesting period			3 years
Ashford Trust, Inc.
Noncontrolling Interest [Line Items]
Ownership (in shares)							598,000
Ownership percentage							28.40%
Braemar
Noncontrolling Interest [Line Items]
Ownership (in shares)							195,000
Ownership percentage							9.30%
Braemar | OpenKey
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated entities							8.21%	0.00%
Ashford Holdings LLC
Noncontrolling Interest [Line Items]
Ownership by parent							99.80%
Noncontrolling interests in consolidated entities							0.20%

Significant Accounting Polici41

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests	$ 4,662,000		$ 5,111,000
Redemption value adjustment, year-to-date	838,000
Noncontrolling interests in consolidated entities	1,560,000		772,000
Long-term debt, gross	13,513,000		11,947,000
Investments in unconsolidated entities	500,000		$ 500,000
Cost method investment, impairment	0	$ 0
Impairment	$ 1,919,000	$ 0
Furniture and Fixtures | Minimum
Noncontrolling Interest [Line Items]
Estimated useful life	3 years
Furniture and Fixtures | Maximum
Noncontrolling Interest [Line Items]
Estimated useful life	7 years 6 months
Software and Software Development Costs | Minimum
Noncontrolling Interest [Line Items]
Estimated useful life	3 years
Software and Software Development Costs | Maximum
Noncontrolling Interest [Line Items]
Estimated useful life	5 years
Ashford LLC
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	99.80%		99.80%
Redeemable noncontrolling interests	0.20%		0.20%
Noncontrolling interests in consolidated entities	0.00%		0.00%
Noncontrolling ownership	100.00%		100.00%
Carrying value of redeemable noncontrolling interests	$ 396,000		$ 385,000
Redemption value adjustment, year-to-date	23,000		224,000
Redemption value adjustment, cumulative	381,000		358,000
Noncontrolling interests in consolidated entities	$ 0		$ 0
J&S
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	85.00%		85.00%
Redeemable noncontrolling interests	15.00%		15.00%
Noncontrolling interests in consolidated entities	0.00%		0.00%
Noncontrolling ownership	100.00%		100.00%
Carrying value of redeemable noncontrolling interests	$ 2,877,000		$ 2,522,000
Redemption value adjustment, year-to-date	0		0
Redemption value adjustment, cumulative	0		0
Noncontrolling interests in consolidated entities	433,000		439,000
Assets, available only to settle subsidiary's obligations	40,905,000		36,951,000
Liabilities, no recourse to Ashford Inc	23,712,000		21,821,000
J&S | Revolving Credit Facility | Facility Due 2022
Noncontrolling Interest [Line Items]
Long-term debt, gross	1,226,000		$ 814,000
J&S | Medium-term Notes | Term Loan due 2022
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 10,492,000
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	45.61%		43.90%
Redeemable noncontrolling interests	29.65%		39.59%
Noncontrolling interests in consolidated entities	24.74%		16.51%
Noncontrolling ownership	100.00%		100.00%
Carrying value of redeemable noncontrolling interests	$ 1,389,000		$ 2,204,000
Redemption value adjustment, year-to-date	(861,000)		1,046,000
Redemption value adjustment, cumulative	1,160,000		2,021,000
Noncontrolling interests in consolidated entities	949,000		128,000
Assets, available only to settle subsidiary's obligations	4,415,000		1,403,000
Liabilities, no recourse to Ashford Inc	758,000		889,000
OpenKey | Revolving Credit Facility | Facility due October 2018
Noncontrolling Interest [Line Items]
Long-term debt, gross	0		0
OpenKey | Medium-term Notes | Term Loan due 2022
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 0		$ 0
Pure Rooms
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	70.00%		70.00%
Redeemable noncontrolling interests	0.00%		0.00%
Noncontrolling interests in consolidated entities	30.00%		30.00%
Noncontrolling ownership	100.00%		100.00%
Noncontrolling interests in consolidated entities	$ 171,000		$ 205,000
Assets, available only to settle subsidiary's obligations	1,654,000		1,865,000
Liabilities, no recourse to Ashford Inc	1,558,000		1,652,000
Pure Rooms | Notes Payable to Banks | Term Loan Due October 2018
Noncontrolling Interest [Line Items]
Long-term debt, gross	160,000		220,000
Pure Rooms | Revolving Credit Facility | Facility due On Demand
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 100,000		$ 100,000
RED
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	80.00%		0.00%
Redeemable noncontrolling interests	0.00%		0.00%
Noncontrolling interests in consolidated entities	20.00%		0.00%
Noncontrolling ownership	100.00%		0.00%
Noncontrolling interests in consolidated entities	$ 7,000		$ 0
Assets, available only to settle subsidiary's obligations	2,472,000		0
Liabilities, no recourse to Ashford Inc	$ 828,000		0
Long-term debt, gross			0
RED | Revolving Credit Facility | Facility due October 2018
Noncontrolling Interest [Line Items]
Long-term debt, gross			$ 0
Performance Holdco Investment
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated entities	40.00%		40.00%

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue recognized		$ 2,700
Revenue		48,168	$ 13,013
Proceeds from affiliates	$ 5,000
United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		40,810	13,013
Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		5,460	0
All other countries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		1,898	0
Accounts Receivable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables related to revenues		7,100		$ 5,100
Due from Ashford Trust OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables related to revenues		11,400		13,300
Due from Braemar OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables related to revenues		96		$ 1,700
REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		23,653	12,988
REIT Advisory | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		23,653	12,988
REIT Advisory | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0	0
REIT Advisory | All other countries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0	0
J&S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		23,310	0
J&S | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		15,952	0
J&S | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		5,460	0
J&S | All other countries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		1,898	0
OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		319	25
OpenKey | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		319	25
OpenKey | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0	0
OpenKey | All other countries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0	0
Corporate and Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		886	0
Corporate and Other | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		886	0
Corporate and Other | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0	0
Corporate and Other | All other countries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0	$ 0
Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		48,525
Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		$ (357)
Braemar
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee		0.70%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee		0.70%
Total market capitalization threshold for calculating base advisory fee		$ 10,000,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee		0.50%
Total market capitalization threshold for calculating base advisory fee		$ 6,000,000
Base advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		10,711
Base advisory fee | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		10,711
Base advisory fee | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0
Incentive advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		452
Incentive advisory fee | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		809
Incentive advisory fee | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		(357)
Reimbursable expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		1,949
Reimbursable expenses | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		1,949
Reimbursable expenses | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0
Non-cash stock/unit-based compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		9,292
Non-cash stock/unit-based compensation | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		9,292
Non-cash stock/unit-based compensation | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0
Other advisory revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		128
Other advisory revenue | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		128
Other advisory revenue | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0
Total advisory services revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		22,532
Total advisory services revenue | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		22,889
Total advisory services revenue | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		(357)
Audio visual
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		23,310
Audio visual | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		23,310
Audio visual | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0
Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		2,326
Other | Financial Results Prior to Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		2,326
Other | Impact of Adoption of Revenue Recognition Standard | Impact of Adoption of Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		0
Advisory Agreements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue recognized		346
Other Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue recognized		$ 2,400

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Apr. 06, 2017	Mar. 31, 2018	Mar. 31, 2017
J&S and Pure Rooms [Member]
Business Acquisition [Line Items]
Non-recurring transaction costs			$ 304	$ 304
J&S
Business Acquisition [Line Items]
Voting interests acquired	85.00%
Consideration transfered	$ 25,500
Cash and cash on hand from loan	19,200
Term loan	$ 10,000
Equity interest issued (in shares)	70,318
Equity interest issued, value assigned	$ 4,300
Term to determine share price	30 days
Share price (in dollars per share)	$ 60.44
Equity consideration	$ 5,100
Contingent consideration	1,196
Goodwill expected tax deductible	9,900
Revenue included in results since acquisition date			23,300
Net income (loss) included in results since acquisition date			2,100
Cash	$ 9,176
Pure Rooms
Business Acquisition [Line Items]
Voting interests acquired		70.00%
Equity consideration		$ 425
Goodwill expected tax deductible		547
Revenue included in results since acquisition date			630
Net income (loss) included in results since acquisition date			(90)
Cash		97
Fair value of net assets and liabilities		532
Pure Rooms | Series A Units
Business Acquisition [Line Items]
Equity consideration		$ 42
Noncontrolling interest percentage		30.00%
Pure Rooms | Series B-1 Units
Business Acquisition [Line Items]
Equity consideration		$ 181
Noncontrolling interest percentage		100.00%
Pure Rooms | Series B-2 Units
Business Acquisition [Line Items]
Equity consideration		$ 202
Noncontrolling interest percentage		50.00%
Equity interests redeemed			$ 200

Acquisitions - Schedules (Detai

Acquisitions - Schedules (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Nov. 01, 2017	Apr. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill			$ 13,103		$ 12,947
J&S and Pure Rooms [Member]
Pro Forma Financial Results
Total revenue			48,168	$ 33,101
Net income (loss)			(5,835)	(1,237)
Net income (loss) attributable to common stockholders			$ (5,723)	$ (1,233)
Pro Forma
Basic (in dollars per share)			$ (2.73)	$ (0.59)
Diluted (in dollars per share)			$ (2.84)	$ (0.75)
Basic (in shares)			2,094	2,085
Diluted (in shares)			2,115	2,120
J&S
Business Acquisition [Line Items]
Cash	$ 9,176
Term loan	10,000
Fair value of Ashford Inc. common stock	5,063
Contingent consideration	1,196
Purchase price	25,435
Fair value of redeemable noncontrolling interest	2,724
Fair value of noncontrolling interest	324
Interest in acquiree	28,483
Current assets including cash	6,564
Furniture, fixtures and equipment	$ 9,020
Estimated useful life	5 years
Goodwill	$ 12,321
Trademarks	3,201
Customer relationships	6,519
Other assets	129
Total assets acquired	37,754
Current liabilities	7,080
Notes payable, current	445
Deferred income	1,213
Note payable, non-current	533
Total assumed liabilities	9,271
Total assumed liabilities, net of assets acquired	$ 28,483
J&S | Customer Relationships
Business Acquisition [Line Items]
Estimated useful life	7 years
Pure Rooms
Business Acquisition [Line Items]
Cash		$ 97
Cash		129
Furniture, fixtures and equipment		$ 170
Estimated useful life		3 years
Goodwill		$ 782
Total assets acquired		1,256
Other assumed liabilities, net		356
Total assumed liabilities		831
Total assumed liabilities, net of assets acquired		425
Pure Rooms | Line of credit
Business Acquisition [Line Items]
Notes payable, current		100
Pure Rooms | Note payable
Business Acquisition [Line Items]
Notes payable, current		375
Pure Rooms | Customer Relationships
Business Acquisition [Line Items]
Furniture, fixtures and equipment		$ 175
Estimated useful life		5 years

Goodwill and Intangible Asset45

Goodwill and Intangible Assets, net - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2018	$ 12,947
Changes in goodwill:
Additions	0
Adjustments	156
Balance at March 31, 2018	13,103
Operating Segments | J&S
Goodwill [Roll Forward]
Balance at January 1, 2018	12,165
Changes in goodwill:
Additions	0
Adjustments	156
Balance at March 31, 2018	12,321
Corporate and Other
Goodwill [Roll Forward]
Balance at January 1, 2018	782
Changes in goodwill:
Additions	0
Adjustments	0
Balance at March 31, 2018	$ 782

Goodwill and Intangible Asset46

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 3,201	$ 3,201
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,694	6,694
Accumulated Amortization	(423)	(182)
Net Carrying Amount	6,271	6,512
Trademarks [Member] | J&S
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,201	3,201
Customer Relationships | Pure Rooms
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175
Accumulated Amortization	(35)	(26)
Net Carrying Amount	140	149
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,519	6,519
Accumulated Amortization	(388)	(156)
Net Carrying Amount	$ 6,131	$ 6,363

Goodwill and Intangible Asset47

Goodwill and Intangible Assets, net - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 241
Customer Relationships | Pure Rooms
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years

Notes Payable, net - Schedule o

Notes Payable, net - Schedule of Debt (Details) - USD ($)	Mar. 01, 2018	Apr. 06, 2017	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, gross			$ 13,513,000	$ 11,947,000
Less deferred loan costs, net			(243,000)	(240,000)
Total notes payable less net deferred loan costs			13,270,000	11,707,000
Less current portion			(1,736,000)	(1,751,000)
Notes payable, net current			11,534,000	9,956,000
J&S
Debt Instrument [Line Items]
Capital lease obligations			770,000	896,000
RED
Debt Instrument [Line Items]
Long-term debt, gross				0
Revolving Credit Facility | Senior revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross			$ 0	0
Revolving Credit Facility | Senior revolving credit facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%		2.00%
Revolving Credit Facility | Senior revolving credit facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%		2.50%
Revolving Credit Facility | Senior revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%		3.00%
Revolving Credit Facility | Senior revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%		3.50%
Revolving Credit Facility | Facility Due 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,226,000	814,000
Revolving Credit Facility | Facility Due 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Revolving Credit Facility | Facility due October 2018 | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross			$ 0	0
Revolving Credit Facility | Facility due October 2018 | OpenKey | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Revolving Credit Facility | Facility due October 2018 | RED
Debt Instrument [Line Items]
Long-term debt, gross				0
Revolving Credit Facility | Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility | Facility due On Demand | Pure Rooms
Debt Instrument [Line Items]
Long-term debt, gross			$ 100,000	100,000
Revolving Credit Facility | Facility due On Demand | Pure Rooms | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Revolving Credit Facility | Facility Due March 2019 | RED
Debt Instrument [Line Items]
Long-term debt, gross			$ 15,000	0
Revolving Credit Facility | Facility Due March 2019 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Notes Payable to Banks | Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 9,667,000	9,917,000
Notes Payable to Banks | Term Loan Due November 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Notes Payable to Banks | Equipment Note Due 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 825,000	0
Notes Payable to Banks | Equipment Note Due 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Notes Payable to Banks | Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 0	0
Notes Payable to Banks | Term Loan Due November 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Notes Payable to Banks | Term Loan Due October 2018
Debt Instrument [Line Items]
Interest rate			5.00%
Notes Payable to Banks | Term Loan Due October 2018 | Pure Rooms
Debt Instrument [Line Items]
Long-term debt, gross			$ 160,000	220,000
Notes Payable to Banks | Term Loan Due April 2025 | RED
Debt Instrument [Line Items]
Long-term debt, gross			$ 750,000	$ 0
Notes Payable to Banks | Term Loan Due April 2025 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%

Notes Payable, net (Narrative)

Notes Payable, net (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands	Mar. 01, 2018	Nov. 01, 2017	Apr. 13, 2017	Apr. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 23, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, gross					$ 13,513,000			$ 11,947,000
Payments on revolving credit facilities					$ (4,815,000)	$ 0
Prime Rate
Debt Instrument [Line Items]
Reference rate					4.75%			4.50%
LIBOR
Debt Instrument [Line Items]
Reference rate					1.88%			1.56%
OpenKey | Preferred Stock
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
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Derivative, notional amount					$ 5,000,000
Derivative interest rate					4.00%
RED
Debt Instrument [Line Items]
Long-term debt, gross								$ 0
Revolving Credit Facility | Senior revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross					$ 0			0
Maximum borrowing capacity	$ 35,000,000
Debt term	3 years
Term of extension option	1 year
Additional borrowing capacity					$ 40,000,000
Revolving Credit Facility | Senior revolving credit facility | LIBOR
Debt Instrument [Line Items]
Reference rate					1.00%
Revolving Credit Facility | Senior revolving credit facility | Federal Funds Rate
Debt Instrument [Line Items]
Reference rate					0.50%
Revolving Credit Facility | Senior revolving credit facility | Minimum
Debt Instrument [Line Items]
Additional borrowing capacity					$ 75,000,000
Revolving Credit Facility | Senior revolving credit facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%				3.00%
Revolving Credit Facility | Senior revolving credit facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%				2.00%
Revolving Credit Facility | Senior revolving credit facility | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%				3.50%
Revolving Credit Facility | Senior revolving credit facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%				2.50%
Revolving Credit Facility | Facility Due March 2019 | RED
Debt Instrument [Line Items]
Face amount of debt							$ 250,000
Long-term debt, gross					$ 15,000			0
Remaining borrowing capacity					$ 235,000
Revolving Credit Facility | Facility Due March 2019 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Revolving Credit Facility | J&S Facility due 2022
Debt Instrument [Line Items]
Long-term debt, gross					$ 5,200,000
Remaining borrowing capacity					1,800,000			2,200,000
Maximum borrowing capacity		$ 3,000,000
Payments on revolving credit facilities		(4,800,000)
Revolving Credit Facility | Facility due October 2018 | RED
Debt Instrument [Line Items]
Long-term debt, gross								0
Revolving Credit Facility | Facility due October 2018 | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross					$ 0			0
Revolving Credit Facility | Facility due October 2018 | OpenKey | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 100,000
Revolving Credit Facility | Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Notes Payable to Banks | Term Loan Due April 2025 | RED
Debt Instrument [Line Items]
Face amount of debt							750,000
Amount held in escrow							$ 225,000
Long-term debt, gross					$ 750,000			0
Notes Payable to Banks | Term Loan Due April 2025 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Notes Payable to Banks | Equipment Note Due 2022 | J&S
Debt Instrument [Line Items]
Face amount of debt		3,000,000
Long-term debt, gross					$ 825,000			0
Notes Payable to Banks | Equipment Note Due 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.25%
Notes Payable to Banks | Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Face amount of debt		2,000,000
Long-term debt, gross					$ 0			0
Notes Payable to Banks | Term Loan Due November 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.25%
Notes Payable to Banks | Term Loan Due October 2018
Debt Instrument [Line Items]
Face amount of debt				$ 375,000
Interest rate					5.00%
Medium-term Notes | J&S Term Loan [Member]
Debt Instrument [Line Items]
Face amount of debt		10,000,000
Long-term debt, gross		$ 1,000,000
Net deferred loan costs					$ 218,000			$ 226,000
Medium-term Notes | J&S Term Loan [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Medium-term Notes | J&S Facility due 2022 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Line of Credit | OpenKey
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,500,000
Line of Credit | OpenKey | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	$ (774)	$ (3,340)
Unrealized gain (loss) on investments	0	125
Realized gain (loss) on investments	0	(200)
Gain (loss) included in income	(774)	(3,415)
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Balance at December 31, 2017	(2,262)
Acquisitions	0
Gains (losses) included in earnings	(213)
Dispositions and settlements	0
Transfers into/out of Level 3	0
Balance at March 31, 2018	(2,475)
Unrealized gain (loss)	(213)	0
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	(561)	(3,340)
Options on futures contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Gain (Loss) Recognized	0	$ (75)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(2,475)		$ (2,262)
Deferred compensation plan	(19,740)		(19,259)
Total	(22,215)		(21,521)
Fair Value, Measurements, Recurring [Member] | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0		0
Deferred compensation plan	(19,740)		(19,259)
Total	(19,740)		(19,259)
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0		0
Deferred compensation plan	0		0
Total	0		0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(2,475)		(2,262)
Deferred compensation plan	0		0
Total	$ (2,475)		$ (2,262)

Summary of Fair Value of Fina51

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	$ 19,740	$ 19,259
Deferred compensation plan, Fair value	19,740	19,259
Contingent consideration, Carrying value	2,475	2,262
Contingent consideration, Fair value	2,475	2,262
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	34,910	36,480	$ 40,094	$ 84,091
Cash and cash equivalents, Fair value	34,910	36,480
Restricted cash, Carrying value	15,045	9,076	$ 13,178	$ 9,752
Restricted cash, Fair value	15,045	9,076
Accounts receivable, net, Carrying value	7,141	5,127
Accounts receivable, net, Fair value	7,141	5,127
Investments in unconsolidated entities, Carrying value	500	500
Investments in unconsolidated entities, Fair value	500	500
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	18,648	20,529
Accounts payable and accrued expenses, Fair value	18,648	20,529
Due to affiliates, Carrying value	3,999	4,272
Due to affiliates, Fair value	3,999	4,272
Other liabilities, Carrying value	13,979	9,076
Other liabilities, Fair value	13,979	9,076
Notes payable, Carrying value	13,513	11,947
Notes payable, Fair value	$ 13,613	12,040
Maximum
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets	90 days
Ashford Trust OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	$ 11,376	13,346
Due from related parties, Fair value	11,376	13,346
Braemar OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	96	1,738
Due from related parties, Fair value	$ 96	$ 1,738

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 11, 2015	Jun. 30, 2017	Nov. 16, 2016
Campbell v. Bennett et al., Case No. 11796 [Member]
Loss Contingencies [Line Items]
Payments for legal settlements		$ 150
Maximum term for payment after closing of case		5 days
Campbell v. Bennett et al., Case No. 11796 [Member] | Remington
Loss Contingencies [Line Items]
Limited partnership interest	80.00%
General partnership interest	100.00%
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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:	$ 173	$ (25)
J&S
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:	(11)	0
OpenKey
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:	156	121
Pure Rooms
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:	35	0
RED
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:	(7)	0
Other
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:	$ 0	$ (146)

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (61)	$ 363
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 12	4
Redeemable noncontrolling interests	0.20%
J&S
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (355)	0
Redeemable noncontrolling interests	15.00%		15.00%
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 282	$ 359
Redeemable noncontrolling interests	29.65%		39.59%
Ashford LLC
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	0.20%		0.20%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 17,000
Allocated stock-based compensation expense	13,089	$ 989
Equity-based compensation	3,797
Noncontrolling Interests in Consolidated Entities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 8	4
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	1 year 3 months 20 days
Allocated stock-based compensation expense	$ 3,757	1,599
Employee Stock Option | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	2,500
Employee Stock Option | Executive | Ashford Trust and Braemar
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	6,700
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	3,797	2,272
Stock Compensation Plan | Director and other non-employee equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	40	0
Stock Compensation Plan | Pre-spin equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	0	673
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 9,292	$ (1,283)

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Compensation Related Costs [Abstract]
Deferral of compensation percentage maximum	100.00%
Unrealized gain (loss)	$ (774)	$ (3,340)
Distribution from deferred compensation plan	$ 80	$ 112
Deferred compensation plan distribution (in shares)	0	2
Deferred compensation plan liability	$ 19,740		$ 19,259

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 24, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 21, 2017
Related Party Transaction [Line Items]
Advisory services		$ 22,532,000	$ 12,431,000
Other		2,326,000	582,000
Cost of revenues for audio visual		16,587,000	0
Advisory agreement, amount due upon approval					$ 5,000,000
Advisory agreement, initial term	10 years
Officer of J&S
Related Party Transaction [Line Items]
Operating lease amount per year		300,000
Rental expense		$ 84,000
Ashford LLC
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities		0.00%		0.00%
J&S
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities		0.00%		0.00%
Pure Rooms
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities		30.00%		30.00%
OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities		24.74%		16.51%
OpenKey | Ashford Trust
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities		16.30%		16.23%
Amount invested		$ 667,000	650,000
OpenKey | Braemar
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities		8.21%		0.00%
Amount invested		$ 2,000,000	0
Braemar OP
Related Party Transaction [Line Items]
Gross asset value multiplier		0.70%
Advisory services		$ 5,534,000	1,270,000
Due from related parties		96,000		$ 1,738,000
Braemar OP | Corporate and Other
Related Party Transaction [Line Items]
Advisory services		206,000	0
Braemar OP | REIT Advisory
Related Party Transaction [Line Items]
Advisory services		5,323,000	1,270,000
Braemar OP | J&S
Related Party Transaction [Line Items]
Advisory services		0	0
Cost of revenues for audio visual		0	0
Braemar OP | OpenKey
Related Party Transaction [Line Items]
Advisory services		5,000	0
Braemar OP | Base Fee
Related Party Transaction [Line Items]
Advisory services		2,107,000	2,003,000
Braemar OP | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services		420,000	549,000
Recognition of deferred revenue		15,000	4,000
Braemar OP | Equity-Based Compensation
Related Party Transaction [Line Items]
Advisory services		2,547,000
Advisory services			(1,685,000)
Braemar OP | Equity-Based Compensation | Executive
Related Party Transaction [Line Items]
Advisory services		2,200,000
Braemar OP | Incentive Management Fee
Related Party Transaction [Line Items]
Advisory services		0	319,000
Braemar OP | Other advisory revenue
Related Party Transaction [Line Items]
Advisory services		128,000	0
Braemar OP | Total advisory services revenue
Related Party Transaction [Line Items]
Advisory services		5,202,000	1,186,000
Braemar OP | Claim Management Services
Related Party Transaction [Line Items]
Other		37,000	0
Braemar OP | Lease Revenue
Related Party Transaction [Line Items]
Other		84,000	84,000
Braemar OP | Other Services Fee
Related Party Transaction [Line Items]
Other		211,000	0
Braemar OP | Other Revenue, net
Related Party Transaction [Line Items]
Other		332,000	84,000
Braemar OP | Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		38,000		0
Braemar OP | Pure Rooms | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		0		50,000
Braemar OP | OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 3,000		6,000
Ashford Trust OP
Related Party Transaction [Line Items]
Gross asset value multiplier		0.70%
Advisory services, quarterly base fee		0.70%
Advisory services		$ 18,630,000	11,727,000
Cost of revenues for audio visual		354,000	0
Due from related parties		11,376,000		13,346,000
Ashford Trust OP | Corporate and Other
Related Party Transaction [Line Items]
Advisory services		276,000	0
Ashford Trust OP | REIT Advisory
Related Party Transaction [Line Items]
Advisory services		18,330,000	11,718,000
Ashford Trust OP | J&S
Related Party Transaction [Line Items]
Advisory services		0	0
Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Advisory services		24,000	9,000
Ashford Trust OP | Base Fee
Related Party Transaction [Line Items]
Advisory services		8,604,000	8,824,000
Ashford Trust OP | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services		1,529,000	1,567,000
Recognition of deferred revenue		202,000	51,000
Ashford Trust OP | Equity-Based Compensation
Related Party Transaction [Line Items]
Advisory services		6,745,000	402,000
Ashford Trust OP | Equity-Based Compensation | Executive
Related Party Transaction [Line Items]
Advisory services		4,500,000
Ashford Trust OP | Incentive Management Fee
Related Party Transaction [Line Items]
Advisory services		452,000	452,000
Ashford Trust OP | Total advisory services revenue
Related Party Transaction [Line Items]
Advisory services		17,330,000	11,245,000
Ashford Trust OP | Investment Management Reimbursements
Related Party Transaction [Line Items]
Other		182,000	417,000
Ashford Trust OP | Debt Placement Fees
Related Party Transaction [Line Items]
Other		632,000	0
Ashford Trust OP | Claim Management Services
Related Party Transaction [Line Items]
Other		18,000	0
Ashford Trust OP | Lease Revenue
Related Party Transaction [Line Items]
Other		168,000	56,000
Ashford Trust OP | Other Services Fee
Related Party Transaction [Line Items]
Other		300,000	9,000
Ashford Trust OP | Other Revenue, net
Related Party Transaction [Line Items]
Other		1,300,000	482,000
Ashford Trust OP | Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Due from (to) related party		19,000		0
Ashford Trust OP | AIM | Affiliated Entity
Related Party Transaction [Line Items]
Due from (to) related party		(26,000)		347,000
Ashford Trust OP | J&S | Affiliated Entity
Related Party Transaction [Line Items]
Due from (to) related party		260,000		62,000
Ashford Trust OP | Pure Rooms | Affiliated Entity
Related Party Transaction [Line Items]
Due from (to) related party		138,000		302,000
Ashford Trust OP | OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Due from (to) related party		18,000		$ 25,000
Remington
Related Party Transaction [Line Items]
Reimbursements		$ 1,200,000	$ 1,200,000
Minimum
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.50%
Total market capitalization threshold for calculating base advisory fee		$ 6,000,000,000
Maximum
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%
Total market capitalization threshold for calculating base advisory fee		$ 10,000,000,000

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (5,723)	$ (2,385)
Undistributed net income (loss) allocated to common stockholders	(5,723)	(2,385)
Distributed and undistributed net income (loss) - basic	(5,723)	(2,385)
Effect of contingently issuable shares	(282)	(359)
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings	(12)	0
Distributed and undistributed net income (loss) - diluted	(6,017)	(2,744)
Net income (loss) allocated to common stockholders	$ 355	$ (4)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,094	2,015
Effect of contingently issuable shares (in shares)	17	31
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements	4	0
Weighted average common shares outstanding – diluted (in shares)	2,115	2,046
Weighted average diluted shares (in shares)	270	4
Income (loss) per share – basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.73)	$ (1.18)
Income (loss) per share – diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.84)	$ (1.34)
Effect of unvested restricted shares
Weighted average common shares outstanding:
Weighted average diluted shares (in shares)	9	0
Effect of assumed exercise of stock options
Weighted average common shares outstanding:
Weighted average diluted shares (in shares)	234	0
Effect of assumed conversion of Ashford Holdings units
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) allocated to common stockholders	$ 0	$ (4)
Weighted average common shares outstanding:
Weighted average diluted shares (in shares)	0	4
Effect of contingently issuable shares
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) allocated to common stockholders	$ 355	$ 0
Weighted average common shares outstanding:
Weighted average diluted shares (in shares)	27	0
Accumulated Deficit
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (5,723)	$ (2,385)

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment	2
REVENUE
Advisory services	$ 22,532,000	$ 12,431,000
Audio visual	23,310,000	0
Other	2,326,000	582,000
Total revenue	48,168,000	13,013,000
EXPENSES
Depreciation and amortization	1,040,000	468,000
Impairment	1,919,000	0
Other operating expenses	50,245,000	14,681,000
Total expenses	53,204,000	15,149,000
OPERATING INCOME (LOSS)	(5,036,000)	(2,136,000)
Interest expense	(143,000)	0
Amortization of loan costs	(23,000)	0
Interest income	112,000	33,000
Other income (expense)	(39,000)	10,000
INCOME (LOSS) BEFORE INCOME TAXES	(5,129,000)	(2,093,000)
Income tax (expense) benefit	(706,000)	(630,000)
NET INCOME (LOSS)	(5,835,000)	(2,723,000)
Operating Segments | REIT Advisory
REVENUE
Advisory services	22,532,000	12,431,000
Audio visual	0	0
Other	1,121,000	557,000
Total revenue	23,653,000	12,988,000
EXPENSES
Depreciation and amortization	390,000	259,000
Impairment	1,919,000	0
Other operating expenses	11,241,000	833,000
Total expenses	13,550,000	1,092,000
OPERATING INCOME (LOSS)	10,103,000	11,896,000
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	0	0
Other income (expense)	19,000	0
INCOME (LOSS) BEFORE INCOME TAXES	10,122,000	11,896,000
Income tax (expense) benefit	(2,263,000)	(4,298,000)
NET INCOME (LOSS)	7,859,000	7,598,000
Operating Segments | J&S
REVENUE
Advisory services	0	0
Audio visual	23,310,000	0
Other	0	0
Total revenue	23,310,000	0
EXPENSES
Depreciation and amortization	454,000	0
Impairment	0	0
Other operating expenses	19,803,000	0
Total expenses	20,257,000	0
OPERATING INCOME (LOSS)	3,053,000	0
Interest expense	(139,000)	0
Amortization of loan costs	(12,000)	0
Interest income	0	0
Other income (expense)	(58,000)	0
INCOME (LOSS) BEFORE INCOME TAXES	2,844,000	0
Income tax (expense) benefit	(746,000)	0
NET INCOME (LOSS)	2,098,000	0
Operating Segments | OpenKey
REVENUE
Advisory services	0	0
Audio visual	0	0
Other	319,000	25,000
Total revenue	319,000	25,000
EXPENSES
Depreciation and amortization	6,000	5,000
Impairment	0	0
Other operating expenses	1,171,000	825,000
Total expenses	1,177,000	830,000
OPERATING INCOME (LOSS)	(858,000)	(805,000)
Interest expense	0	0
Amortization of loan costs	(6,000)	0
Interest income	0	0
Other income (expense)	(1,000)	(8,000)
INCOME (LOSS) BEFORE INCOME TAXES	(865,000)	(813,000)
Income tax (expense) benefit	0	0
NET INCOME (LOSS)	(865,000)	(813,000)
Corporate and Other
REVENUE
Advisory services	0	0
Audio visual	0	0
Other	886,000	0
Total revenue	886,000	0
EXPENSES
Depreciation and amortization	190,000	204,000
Impairment	0	0
Other operating expenses	18,030,000	13,023,000
Total expenses	18,220,000	13,227,000
OPERATING INCOME (LOSS)	(17,334,000)	(13,227,000)
Interest expense	(4,000)	0
Amortization of loan costs	(5,000)	0
Interest income	112,000	33,000
Other income (expense)	1,000	18,000
INCOME (LOSS) BEFORE INCOME TAXES	(17,230,000)	(13,176,000)
Income tax (expense) benefit	2,303,000	3,668,000
NET INCOME (LOSS)	$ (14,927,000)	$ (9,508,000)

Subsequent Events (Details)

Subsequent Events (Details) - Remington Project Management Business $ / shares in Units, $ in Millions	Apr. 06, 2018USD ($)director$ / sharesshares	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Scenario, Forecast
Subsequent Event [Line Items]
Dividend rate		6.50%	6.00%	5.50%
Subsequent Event
Subsequent Event [Line Items]
Purchase price | $	$ 203
Share price (in dollars per share) | $ / shares	$ 140
Conversion premium	45.00%
Equity interest issued (in shares) | shares	1,450,000
Voting rights limit	25.00%
Voting rights limit term	5 years
Right to nominate, number | director	2