Ashford (AINC) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 07, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Ashford Inc.
Entity Central Index Key	0001604738
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		2,470,293

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 39,953	$ 51,529
Restricted cash	12,604	7,914
Accounts receivable, net	12,504	4,928
Due from affiliates	75	45
Inventories	1,537	1,202
Prepaid expenses and other	3,713	3,902
Total current assets	76,833	76,809
Investments in unconsolidated entities	3,400	500
Furniture, fixtures and equipment, net	54,647	47,947
Operating lease right-of-use assets	26,151
Goodwill	65,112	59,683
Intangible assets, net	192,755	193,194
Other assets	1,208	872
Total assets	420,106	379,005
Current liabilities:
Accounts payable and accrued expenses	21,696	24,880
Due to affiliates	1,176	2,032
Deferred income	68	148
Deferred compensation plan	160	173
Notes payable, net	2,933	2,595
Operating lease liabilities	2,396
Other liabilities	12,576	8,418
Total current liabilities	41,005	38,246
Deferred income	13,103	13,396
Deferred tax liability, net	31,806	31,506
Deferred compensation plan	11,108	10,401
Notes payable, net	21,672	15,177
Operating lease liabilities	23,767
Other liabilities	1,902	0
Total liabilities	144,363	108,726
Commitments and contingencies (note 10)
MEZZANINE EQUITY
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	201,338	200,847
Redeemable noncontrolling interests	3,810	3,531
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A cumulative preferred stock, no shares issued and outstanding at March 31, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,470,293 and 2,391,541 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	25	24
Additional paid-in capital	287,129	280,159
Accumulated deficit	(216,703)	(214,242)
Accumulated other comprehensive income (loss)	(483)	(498)
Total stockholders’ equity of the Company	69,968	65,443
Noncontrolling interests in consolidated entities	627	458
Total equity	70,595	65,901
Total liabilities and equity	420,106	379,005
Ashford Trust OP
Current assets:
Due from related parties	4,416	5,293
Braemar OP
Current assets:
Due from related parties	$ 2,031	$ 1,996

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	2,470,293	2,391,541
Common stock, shares outstanding (in shares)	2,470,293	2,391,541
Series A Preferred Stock
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series B Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 25	$ 0
Preferred stock, shares issued (in shares)		8,120,000
Preferred stock, shares outstanding (in shares)	8,120,000	8,120,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE
Total revenue	$ 63,320	$ 48,168
EXPENSES
Salaries and benefits	22,700	26,517
Depreciation and amortization	4,527	1,040
General and administrative	7,982	6,295
Impairment	0	1,919
Other	1,339	846
Total expenses	60,778	53,204
OPERATING INCOME (LOSS)	2,542	(5,036)
Equity in earnings (loss) of unconsolidated entities	(275)	0
Interest expense	(297)	(143)
Amortization of loan costs	(69)	(23)
Interest income	20	112
Other income (expense)	(53)	(39)
INCOME (LOSS) BEFORE INCOME TAXES	1,868	(5,129)
Income tax (expense) benefit	(1,300)	(706)
NET INCOME (LOSS)	568	(5,835)
(Income) loss from consolidated entities attributable to noncontrolling interests	163	173
Net (income) loss attributable to redeemable noncontrolling interests	(21)	(61)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	710	(5,723)
Preferred dividends	(2,791)	0
Amortization of preferred stock discount	(491)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,572)	$ (5,723)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.06)	$ (2.73)
Weighted average common shares outstanding – basic (in shares)	2,419	2,094
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (2.84)
Weighted average common shares outstanding – diluted (in shares)	2,449	2,115
Total advisory services revenue
REVENUE
Total revenue	$ 19,187	$ 22,532
Audio visual
REVENUE
Total revenue	30,975	23,310
EXPENSES
Cost of revenues	21,439	16,587
Project management
REVENUE
Total revenue	7,790	0
EXPENSES
Cost of revenues	2,791	0
Other
REVENUE
Total revenue	5,368	2,326
J&S
REVENUE
Total revenue	30,975	23,310
J&S | Audio visual
REVENUE
Total revenue	30,975	23,310
Premier | Project management
REVENUE
Total revenue	$ 7,790	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 568	$ (5,835)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	30	(114)
COMPREHENSIVE INCOME (LOSS)	598	(5,949)
Comprehensive (income) loss attributable to noncontrolling interests	163	190
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(34)	(61)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 727	$ (5,820)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - 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	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2017		2,094					0
Beginning balance at Dec. 31, 2017	$ 30,957	$ 21	$ 249,695	$ (219,396)	$ (135)	$ 772	$ 0	$ 5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	3,797		3,789			8
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Deferred compensation plan distribution (in shares)		0
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					0
Ending balance at Mar. 31, 2018	32,105	$ 21	255,037	(224,281)	(232)	1,560	$ 0	4,662
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	200,847						$ 200,847
Beginning balance (in shares) at Dec. 31, 2018		2,392					8,120
Beginning balance at Dec. 31, 2018	65,901	$ 24	280,159	(214,242)	(498)	458		3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of BAV Services	3,755	$ 1	3,754
Investment in Real Estate Advisory Holdings LLC	1,000		1,000
Investment in Real Estate Advisory Holdings LLC (in shares)		17
Acquisition of BAV Services (in shares)		60
Equity-based compensation	2,158		2,155			3
Amortization of preferred stock discount	(491)			(491)			$ 491
Dividends declared - preferred stock	(2,791)			(2,791)
Deferred compensation plan distribution (in shares)		1
Deferred compensation plan distribution	46		46
Employee advances	249		249
Contributions from noncontrolling interests	455					455
Reallocation of carrying value	(356)		(234)			(122)		356
Redemption value adjustment	111			111				(111)
Distributions to consolidated noncontrolling interests	(4)					(4)
Foreign currency translation adjustment	15				15			13
Net income (loss)	710			710
Net income (loss)	547					(163)		21
Ending balance (in shares) at Mar. 31, 2019		2,470					8,120
Ending balance at Mar. 31, 2019	70,595	$ 25	$ 287,129	$ (216,703)	$ (483)	$ 627	$ 201,338	$ 3,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	$ 201,338

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities
Net income (loss)	$ 568	$ (5,835)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	5,563	1,671
Change in fair value of deferred compensation plan	740	561
Equity-based compensation	2,158	3,797
Equity in (earnings) loss in unconsolidated entities	275	0
Deferred tax expense (benefit)	300	0
Change in fair value of contingent consideration	18	213
Impairment	0	1,919
Amortization of loan costs	69	23
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(6,851)	(1,908)
Due from affiliates	(30)	0
Inventories	(335)	(54)
Prepaid expenses and other	338	45
Operating lease right-of-use assets	412
Other assets	0	(587)
Accounts payable and accrued expenses	(4,448)	(2,752)
Due to affiliates	(734)	(420)
Other liabilities	4,512	4,903
Operating lease liabilities	(400)
Deferred income	(373)	(759)
Net cash provided by (used in) operating activities	2,269	4,429
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(5,000)	0
Additions to furniture, fixtures and equipment	(1,736)	(2,663)
Acquisition of BAV Services	(4,332)	0
Investment in Real Estate Advisory Holdings LLC	(2,176)	0
Acquisition of assets related to RED Hospitality and Leisure LLC	(499)	(1,220)
Net cash provided by (used in) investing activities	(13,743)	(3,883)
Cash Flows from Financing Activities
Payments for dividends on preferred stock	(2,791)	0
Payments on revolving credit facilities	(6,890)	(4,815)
Borrowings on revolving credit facilities	7,617	5,259
Proceeds from notes payable	6,577	1,350
Payments on notes payable and capital leases	(581)	(494)
Payments of loan costs	(41)	(15)
Employee advances	249	105
Contributions from noncontrolling interest	455	2,666
Distributions to noncontrolling interests in consolidated entities	(4)	0
Net cash provided by (used in) financing activities	4,591	4,056
Effect of foreign exchange rate changes on cash and cash equivalents	(3)	(203)
Net change in cash, cash equivalents and restricted cash	(6,886)	4,399
Cash, cash equivalents and restricted cash at beginning of period	59,443	45,556
Cash, cash equivalents and restricted cash at end of period	52,557	49,955
Supplemental Cash Flow Information
Interest paid	211	113
Income taxes paid	91	143
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distribution from deferred compensation plan	46	80
Capital expenditures accrued but not paid	852	1,953
Capital lease additions	137	0
Amortization of discount on preferred stock	491	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	51,529	36,480
Restricted cash at beginning of period	7,914	9,076
Cash and cash equivalents at end of period	39,953	34,910
Restricted cash at end of period	12,604	15,045
Cash, cash equivalents and restricted cash	59,443	45,556
BAV
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration		0
REA Holdings
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	890	0
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	522	1,970
Braemar OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	(35)	1,642
Ashford Inc. | OpenKey
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Ashford Inc. common stock consideration for purchase of OpenKey shares	$ 0	$ 838

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company”) is a Maryland corporation that provides asset management services, advisory services and other products and services primarily to clients in the hospitality industry. We became a public company in November 2014, when Ashford Hospitality Trust, Inc. (“Ashford Trust”) completed the spin-off of Ashford Inc. through the distribution of approximately 70% of our outstanding common stock to Ashford Trust stockholders and unitholders in Ashford Trust's operating partnership, collectively. Our common stock is listed on the NYSE American LLC (“NYSE American”). As of March 31, 2019 , Ashford Trust held approximately 598,000 shares of our common stock, which represented an approximate 24.2% ownership interest in Ashford Inc., and Braemar Hotels & Resorts Inc. (“Braemar”) held approximately 195,000 shares, which represented an approximate 7.9% ownership interest in the Company. We are currently the advisor for Ashford Trust and Braemar. 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 Ashford Trust and Braemar. 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 invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Braemar became a publicly traded company in November 2013 upon the completion of its spin-off from Ashford Trust. 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. We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. 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, and will continue to be, the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. We conduct our advisory business primarily through an operating entity, Ashford Hospitality Advisors LLC (“Ashford LLC”), our hospitality products and services business primarily through an operating entity, Ashford Hospitality Services LLC (“Ashford Services”), and our project management business through an operating entity, Premier Project Management LLC (“Premier”). We own substantially all of our assets and conduct substantially all of our business through Ashford LLC, Ashford Services and Premier. On January 16, 2018, the Company closed on the acquisition of a passenger vessel and other assets related to RED Hospitality & Leisure LLC (“RED”), a provider of watersports activities and other travel and transportation services. The Company paid $970,000 in cash, comprised of a $750,000 deposit paid on December 11, 2017, which was reflected on our condensed consolidated balance sheet as “other assets” as of December 31, 2017, and an additional $220,000 paid on January 16, 2018. This transaction was accounted for as an asset acquisition recorded at cost, and did not result in the recognition of goodwill. During 2018, our RED operating subsidiary acquired additional passenger vessels for $2.4 million , a ferry for $2.5 million , and paid a $400,000 deposit for a new passenger vessel. The Company owns an 80.0% interest in RED. See notes 2 , 11 and 15 . On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million (the “ERFP Commitment”) to Ashford Trust in connection with the Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the ERFP Commitment to up to $100 million upon mutual agreement by the parties. Under the Ashford Trust ERFP Agreement, the Company’s ERFP Commitment will be fulfilled as the Company pays Ashford Trust 10% of each acquired hotel’s purchase price in exchange for furniture fixtures and equipment (“FF&E”), which is subsequently leased to Ashford Trust rent-free. Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 , 10 and 15 . On August 8, 2018, we completed the acquisition of Premier, the project management business formerly conducted by certain affiliates of Remington, for a total transaction value of $203 million . As a result, the project management services that were previously provided by Remington Lodging & Hospitality, LLC (“Remington Lodging”) are now provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. The purchase price was paid by issuing 8,120,000 shares of the Series B Convertible Preferred Stock to the sellers of Premier (the “Remington Sellers”), primarily MJB Investments, LP (which is wholly-owned by Monty J. Bennett, our Chief Executive Officer and Chairman of our board of directors), and his father Archie Bennett, Jr., the Chairman Emeritus of Ashford Trust (together, the “Bennetts”). The Series B Convertible Preferred Stock has a conversion price of $140 per share and would convert into 1,450,000 shares of our common stock. Dividends on the Series B 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. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the Remington Sellers and their transferees are subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of the Company’s outstanding capital stock. The holders of the Series B Convertible Preferred Stock have certain conversion rights upon certain events constituting a change of control of the Company. See notes 4 and 12 . In connection with the acquisition of Premier, we effected a holding company reorganization. The change in holding company organizational structure was effected by a merger, pursuant to which each issued and outstanding share of common stock, par value $0.01 per share, of our predecessor publicly-traded parent Ashford OAINC Inc. (formerly named Ashford Inc.) (“Old Ashford”) was converted into one share of common stock, par value $0.01 per share, of the Company having the same rights, powers and preferences and the same qualifications, limitations and restrictions as a share of common stock of Old Ashford. As a result of the foregoing, we became the successor issuer of Old Ashford under Rule 12g-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Our common stock continues to be listed on the NYSE American under the symbol “AINC.” On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the Braemar ERFP Agreement, the Company agreed to provide $50 million (the “ERFP Commitment”) to Braemar in connection with Braemar’s acquisition of hotels recommended by us, with the option to increase the ERFP Commitment to up to $100 million upon mutual agreement by the parties. Under the Braemar ERFP Agreement, the Company’s ERFP Commitment will be fulfilled as the Company pays Braemar 10% of each acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Braemar rent-free. Braemar must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Braemar ERFP Agreement. The Braemar ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Braemar acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Braemar’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 , 10 and 15 . On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”) for approximately $10.0 million . BAV is an audio visual rental, staging, and production company focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of: (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing term loan; (ii) $4.0 million in the form of Ashford Inc. common stock consisting of (a) 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day volume weighted average price per share of $57.01 and had an estimated fair value of $3.8 million as of the acquisition date and (b) $500,000 of stock to be issued 18 months after the acquisition date, subject to certain conditions; and (iii) contingent consideration with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. See note 4 . 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, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —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 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 . 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, and (ii) 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 noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 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 $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (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, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the 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 , 11 and 12 . (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 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist 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 the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc. Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “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) of unconsolidated entities.” No such impairment was recorded during the three months ended March 31, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at both March 31, 2019 and 2018 . We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three months ended March 31, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2019 Carrying value of the investment in REA Holdings $ 2,900 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (275 ) 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 condensed 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. Furniture, Fixtures and Equipment, net —We record FF&E at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. As of March 31, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $20.5 million and $16.1 million , audio visual equipment at our J&S subsidiary of $16.7 million and $13.4 million and marine vessels at our RED subsidiary of $5.7 million and $5.7 million , respectively. Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.9 million for the three months ended March 31, 2019 and 2018 , respectively. The impairment in 2018 was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. 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 typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of 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 trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our annual impairment assessments through March 31, 2019 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets are not amortized on a straight-line basis, rather the assets are amortized in a manner that approximates the pattern of the assets’ economic benefit to the Company over an estimated useful life of 30 years . The J&S and Pure Wellness 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, 2019 . Other Liabilities —As of March 31, 2019 and December 31, 2018 , other current liabilities included reserves in the amount of $12.4 million and $7.8 million , respectively, related to Ashford Trust and Braemar properties’ casualty insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. Other non-current liabilities were $1.9 million and $0 as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 , other non-current liabilities included our remaining consideration of $500,000 and the fair value of contingent consideration of $1.4 million due to the sellers of BAV resulting from J&S’s acquisition of BAV in March of 2019. Revenue Recognition —See note 3 . 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 note 14 . Depreciation and Amortization —Our FF&E is 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, excluding our RED vessels, 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. Our RED vessels are depreciated using the straight-line method over a useful life of 20 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. See also the “Definite-Lived Intangible Assets” above. Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, 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. 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. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Other Comprehensive Income (Loss) —Comprehensive income consists of net income (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 income (loss) is presented on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, FF&E reimbursements and contingent consideration associated with the acquisition of J&S which was settled in 2018. Due to affiliates is generally settled within a period not exceeding one year. Leases —We determine if an arrangement is a lease at the inception of the contract. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short -term leases are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. See note 7 . Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities. Recently Adopted 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease and lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Effective January 1, 2019, we have adopted the new standard using the modified retrospective approach and implemented internal controls to enable the preparation of financial information upon adoption. We elected to adopt both the transition relief provided in ASU 2018-11 and the package of practical expedients which allowed us, among other things, to retain historical lease classifications and accounting for any leases that existed prior to adoption of the standard. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $26.2 million as of January 1, 2019, which primarily relates to certain office space, warehouse facilities, vehicles and equipment. The standard did not materially impact our condensed consolidated statements of operations or cash flows. Adopting the new standard did not have a material impact on the accounting for leases under which we are the lessor, except as it pertains to our rent-free leases of FF&E with Ashford Trust and Braemar. The new standard requires leases with related parties entered into on or after January 1, 2019, to be accounted for in accordance with the legally enforceable terms and conditions of the lease (i.e. zero rent payments). Therefore, we will no longer allocate a portion of base advisory fee revenue to lease revenue in an amount equal to the estimated fair value of the lease payments that would have been made because ERFP leases are rent-free. For historical leases related to our key money and ERFP programs that were in place upon adoption of the new standard on January 1, 2019, we will continue allocating a portion of base advisory fee revenue to lease revenue consistent with our historical accounting for the remainder of the applicable lease terms. See note 7 . Recently Issued Accounting Standards —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. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our condensed consolidated financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues 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 In determining the transaction price, we 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. The following provides detailed information on the recognition of our revenues from contracts with customers: 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, prior to June 26, 2018, the base fee was paid quarterly and ranged from 0.50% to 0.70% 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 amended and restated advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement on June 29, 2018, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. For Braemar, the base fee was paid monthly and was fixed at 0.70% of Braemar’s total market capitalization plus, prior to January 15, 2019, the Key Money Asset Management Fee, as defined in the advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement on January 15, 2019, the base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus, the Net Asset Fee Adjustment, as defined in the advisory agreement, as amended, 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 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.” 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 Condition (the “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. Incentive advisory fees 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 does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first year installment of 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. 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. 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. Project Management Revenue Project management revenue primarily consists of revenue generated within our Premier segment by providing development and construction, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services, freight management, and construction management services at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Project management revenue also includes revenue from reimbursable costs for accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. Other Revenue Other revenue includes revenues provided by certain of our hospitality products and service businesses, including RED. RED’s revenue is primarily generated through provision of ferry services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement fees include revenues earned from providing 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. In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, 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. 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. The following tables summarize our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2019 $ 13,544 Increases to deferred revenue 2,072 Recognition of revenue (1) (2,445 ) Balance as of March 31, 2019 $ 13,171 ________ (1) Includes (a) $770,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.0 million of audio visual revenue and (c) $636,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 2,032 Recognition of revenue (1) (2,737 ) Balance as of March 31, 2018 $ 13,194 ________ (1) Includes (a) $346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.9 million of audio visual revenue and (c) $510,000 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, 2019 . 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 $12.5 million and $4.9 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $4.4 million and $5.3 million in “due from Ashford Trust OP”, and $2.0 million and $2.0 million included in “due from Braemar OP” related to REIT advisory services at March 31, 2019 and 2018 , respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2019 . Disaggregated Revenue Our revenues were comprised of the following for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Advisory services revenue: Base advisory fee $ 10,622 $ 10,711 Incentive advisory fee 170 452 Reimbursable expenses 2,509 1,949 Equity-based compensation 5,758 9,292 Other advisory revenue 128 128 Total advisory services revenue (2) 19,187 22,532 Audio visual revenue 30,975 23,310 Project management revenue 7,790 — Other revenue: Investment management reimbursements (2) 358 182 Debt placement fees (3) 1,354 632 Claims management services (2) 41 55 Lease revenue (2) 1,030 252 Other services (3) 2,585 1,205 Total other revenue 5,368 2,326 Total revenue $ 63,320 $ 48,168 REVENUE BY SEGMENT (1) REIT advisory $ 20,616 $ 23,021 Premier 7,790 — J&S 30,975 23,310 OpenKey 257 319 Corporate and other 3,682 1,518 Total revenue $ 63,320 $ 48,168 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel services provided by our consolidated subsidiaries, OpenKey, RED, Pure Wellness and Lismore, to Ashford Trust, Braemar and third parties. Geographic Information Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended March 31, 2019 2018 United States $ 23,142 $ 15,952 Mexico 5,728 5,460 Dominican Republic 2,105 1,898 $ 30,975 $ 23,310

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions BAV On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”). BAV is an audio visual rental, staging, and production company focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing J&S term loan; (ii) $4.0 million in the form of Ashford Inc. common stock consisting of (a) 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day volume weighted average price per share of $57.01 and had an estimated fair value of approximately $3.8 million as of the acquisition date and (b) $500,000 of stock to be issued 18 months after the acquisition date, subject to certain conditions; and (iii) contingent consideration with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. The acquisition of BAV was 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 BAV 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, and intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Term loan $ 5,000 Less working capital adjustments (668 ) Fair value of Ashford Inc. common stock issued 3,755 Stock consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,971 Fair Value Estimated Useful Life Current assets $ 754 Furniture, fixtures and equipment 2,055 5 years Goodwill 5,429 Trademarks 350 Customer relationships 2,200 Total assets acquired 10,788 Current liabilities 567 Noncurrent liabilities 250 Total assumed liabilities 817 Net assets acquired $ 9,971 We expect approximately $5.4 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 BAV’s operations through our relationship with J&S. Results of BAV The results of operations of BAV have been included in our results of operations since the acquisition date. Our condensed consolidated statements of operations for the three months ended March 31, 2019 , include total revenues of $1.7 million . In addition, our condensed consolidated statements of operations for the three months ended March 31, 2019 , include net income from BAV of $253,000 . The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2018, are included below under “Pro Forma Financial Results.” Premier On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203.0 million . Premier provides construction management, interior design, architectural oversight, and the purchasing, expediting, warehousing coordination, freight management, and supervision of installation of FF&E, and related services. The purchase price was paid by issuing 8,120,000 shares of the newly created Series B Convertible Preferred Stock to the sellers. See note 12 for further discussion of the Series B Convertible Preferred Stock. The results of operations of Premier are included in our condensed consolidated financial statements from the date of acquisition. The acquisition of Premier has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations. The holding company reorganization that we effected in connection with the Premier acquisition was accounted for as a common control transaction. The purchase price allocation for the acquisition of Premier 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 Premier 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 intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Premier The results of operations of Premier have been included in our results of operations since the acquisition date. Our condensed consolidated statement of operations for the three months ended March 31, 2019 , include total revenue of $7.8 million . In addition, our condensed consolidated statements of operations for the three months ended March 31, 2019 , include net income of $576,000 from Premier. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2018, 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 Premier and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $400,000 and $900,000 of transaction costs directly attributable to the acquisitions for three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Total revenue $ 65,239 $ 59,269 Net income (loss) 931 (3,267 ) Net income (loss) attributable to the Company 1,016 (3,272 ) The acquisition of certain assets related to RED on January 16, 2018, 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, 2019
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, 2019 , are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 5,429 — 5,429 Adjustments — — — — Balance at March 31, 2019 $ 53,517 $ 10,813 $ 782 $ 65,112 ________ (1) The addition of approximately $5.4 million relates to the preliminary valuation of assets and liabilities related to J&S’ acquisition of BAV. Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201 Amortization expense for definite-lived intangible assets was $3.0 million and $241,000 for the three months ended March 31, 2019 and 2018 , respectively. Customer relationships and management contracts for Pure Wellness and Premier were assigned a useful life of 5 years and 30 years , respectively. Customer relationships for J&S were assigned a useful life of 7 years . We are in the process of evaluating the useful life of BAV customer relationships.

Notes Payable, net

Notes Payable, net	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable— Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate March 31, 2019 December 31, 2018 Senior revolving credit facility (7) Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan (5) (8) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 13,667 8,917 Revolving credit facility (5) (8) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,638 1,733 Capital lease obligations (5) J&S Various Various - fixed 630 661 Equipment note (5) (9) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 3,054 2,087 Draw term loan (5) (9) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,900 1,950 Revolving credit facility (5) (10) OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Revolving credit facility (5) (11) Pure Wellness On demand Prime Rate (4) + 1.00% — 60 Term loan (6) (12) RED April 5, 2025 Prime Rate (4) + 1.75% 673 695 Revolving credit facility (6) (13) RED February 5, 2020 Prime Rate (4) + 1.75% — 118 Draw term loan (6) (14) RED December 5, 2026 Prime Rate (4) + 1.75% 533 — Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,770 1,785 Notes payable 24,865 18,006 Less deferred loan costs, net (260 ) (234 ) Notes payable less net deferred loan costs 24,605 17,772 Less current portion (2,933 ) (2,595 ) Notes payable, net - non-current 21,672 15,177 __________________ (1) 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% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.50% and 5.50% at March 31, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 1, 2018 , the Company entered into a $35.0 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit. 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 $40.0 million to an aggregate amount of $75.0 million , subject to certain conditions. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), , Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. (8) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . Net deferred loan costs associated with this financing of $198,000 and $183,000 , respectively, are included as a reduction to “notes payable, net” on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , $1.4 million and $1.0 million , respectively, 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, 2019 and December 31, 2018 , was not material. As of March 31, 2019 , $862,000 of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million , respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. (10) On November 8, 2018, OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets. In connection with the 2018 renewal, OpenKey granted the creditors a 10-year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the remaining term of the line of credit and included in “amortization of loan costs” in our condensed consolidated statement of operations. As of March 31, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. In February 2019, we paid off the remaining $60,000 balance on the line of credit. (12) On March 23, 2018, our RED operating subsidiary entered into a term loan of $750,000 . (13) On February 28, 2019, our RED operating subsidiary renewed its $250,000 revolving credit facility. The revolving credit facility provides RED with available borrowings up to a total of $250,000 . As of March 31, 2019, $250,000 was available under the revolving credit facility. (14) On February 27, 2019, our RED operating subsidiary entered into a draw term loan in the amount of $1.4 million . As of March 31, 2019, $867,000 was available under the draw term loan. (15) On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million .

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years. The exercise of lease renewal options is at our sole discretion. Operating lease obligations expire at various dates with the latest maturity in 2028. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three months ended March 31, 2018 , we recorded rental expense of $342,000 . We lease certain equipment under finance leases. The net book value of these assets was approximately $996,000 and $807,000 as of March 31, 2019 and December 31, 2018 , respectively. The net book value of these assets is included in “furniture, fixtures and equipment, net” in our condensed consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our condensed consolidated statement of operations. As of March 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification March 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 26,151 Finance lease assets Furniture, fixtures and equipment, net 996 Total leased assets $ 27,147 Liabilities Current Operating Operating lease liabilities $ 2,396 Finance Notes payable, net 445 Noncurrent Operating Operating lease liabilities 23,767 Finance Notes payable, net 185 Total leased liabilities $ 26,793 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended March 31, 2019 Operating lease cost (1) General and administrative $ 777 Finance lease cost Amortization of leased assets Depreciation and amortization 68 Interest on lease liabilities Interest expense 7 Total lease cost $ 852 __________________ (1) Includes short-term and variable lease expense which were immaterial for the three months ended March 31, 2019 . For the three months ended March 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 777 Financing cash flows from finance leases 168 As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630 As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: March 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.2 Finance leases 1.6 Weighted-average discount rate (2) Operating leases 5.6 % Finance leases 6.5 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our J&S headquarters in Irving, Texas, as failure to renew the lease would result in J&S incurring significant relocation costs. (2) Calculated using the interest rate for each lease.
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years. The exercise of lease renewal options is at our sole discretion. Operating lease obligations expire at various dates with the latest maturity in 2028. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three months ended March 31, 2018 , we recorded rental expense of $342,000 . We lease certain equipment under finance leases. The net book value of these assets was approximately $996,000 and $807,000 as of March 31, 2019 and December 31, 2018 , respectively. The net book value of these assets is included in “furniture, fixtures and equipment, net” in our condensed consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our condensed consolidated statement of operations. As of March 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification March 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 26,151 Finance lease assets Furniture, fixtures and equipment, net 996 Total leased assets $ 27,147 Liabilities Current Operating Operating lease liabilities $ 2,396 Finance Notes payable, net 445 Noncurrent Operating Operating lease liabilities 23,767 Finance Notes payable, net 185 Total leased liabilities $ 26,793 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended March 31, 2019 Operating lease cost (1) General and administrative $ 777 Finance lease cost Amortization of leased assets Depreciation and amortization 68 Interest on lease liabilities Interest expense 7 Total lease cost $ 852 __________________ (1) Includes short-term and variable lease expense which were immaterial for the three months ended March 31, 2019 . For the three months ended March 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 777 Financing cash flows from finance leases 168 As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630 As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: March 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.2 Finance leases 1.6 Weighted-average discount rate (2) Operating leases 5.6 % Finance leases 6.5 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our J&S headquarters in Irving, Texas, as failure to renew the lease would result in J&S incurring significant relocation costs. (2) Calculated using the interest rate for each lease.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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, 2019 Liabilities Contingent consideration $ — $ — $ (1,402 ) $ (1,402 ) (1) Deferred compensation plan $ (11,268 ) $ — $ — $ (11,268 ) Total $ (11,268 ) $ — $ (1,402 ) $ (12,670 ) __________________ (1) Reported as other noncurrent liabilities in the condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan (10,574 ) — — (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) The following tables presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2018 $ — Acquisitions (1,384 ) Gains (losses) included in earnings (2) (18 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2019 $ (1,402 ) __________________ (1) Includes J&S’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in the condensed consolidated balance sheets within “other liabilities, noncurrent.” 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 BAV 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, 2019 2018 Liabilities Contingent consideration (18 ) (1) (213 ) (2 ) Deferred compensation plan (3) (740 ) (561 ) Total $ (758 ) $ (774 ) __________________ (1) Represents the accretion of contingent consideration associated with the acquisition of BAV in March of 2019. Reported as a component of “other operating expense” in the condensed consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition J&S in November of 2017, which was settled in the third quarter of 2018. Reported as “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, 2019
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, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 11,268 $ 11,268 $ 10,574 $ 10,574 Contingent consideration 1,402 1,402 — — Financial assets not measured at fair value: Cash and cash equivalents $ 39,953 $ 39,953 $ 51,529 $ 51,529 Restricted cash 12,604 12,604 7,914 7,914 Accounts receivable, net 12,504 12,504 4,928 4,928 Due from affiliates 75 75 45 45 Due from Ashford Trust OP 4,416 4,416 5,293 5,293 Due from Braemar OP 2,031 2,031 1,996 1,996 Investments in unconsolidated entities 3,400 3,400 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 21,696 $ 21,696 $ 24,880 $ 24,880 Due to affiliates 1,176 1,176 2,032 2,032 Other liabilities 14,478 14,478 8,418 8,418 Notes payable 24,865 23,362 to 25,821 18,006 16,681 to 18,437 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 J&S’ acquisition of BAV 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 affiliates, 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 fair value of notes payable 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, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of March 31, 2019 , we had approximately $28.9 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement and $50.0 million of remaining purchase commitments related to our Braemar ERFP Agreement which are contingent upon Ashford Trust and Braemar acquiring additional hotels and identifying the FF&E for us to acquire, in accordance with the agreements. See note 15 . Litigation — The Company is engaged in 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 adjudication of legal proceedings is difficult to predict, 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, 2019
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, 2019 2018 (Income) loss allocated to noncontrolling interests: J&S $ — $ (11 ) OpenKey 177 156 RED (34 ) (7 ) Pure Wellness 20 35 Total net (income) loss allocated to noncontrolling interests $ 163 $ 173

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — 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. 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): Three Months Ended March 31, 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 4 $ 12 J&S (227 ) (355 ) OpenKey 202 282 Total net (income) loss allocated to redeemable noncontrolling interests $ (21 ) $ (61 ) Preferred Stock —On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . The purchase price was paid by issuing 8,120,000 shares of Series B Convertible Preferred Stock to the Remington Sellers. The Series B Convertible Preferred Stock has a conversion price of $140 per share and, if converted, would convert into 1,450,000 shares of our common stock. Dividends on the Series B 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. Under the applicable authoritative accounting guidance, this increasing dividend rate feature results in a discount that must be reflected in the fair value of the preferred stock, which is reflected in “Series B cumulative convertible preferred stock, net of discount” on our condensed consolidated balance sheets. For the three months ended March 31, 2019 , we recorded $491,000 of amortization related to the preferred stock discount. The Series B Convertible Preferred Stock is included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable outside of the Company’s control. The Series B Convertible Preferred Stock is redeemable at the option of the holder for cash in the event of a change of control. Each share of our Series B Convertible Preferred Stock is convertible at any time, at the option of the holder, into a number of whole or partial shares of common stock, pursuant to the agreements. The Series B Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the selling stockholders and their transferees will generally be subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of our outstanding capital stock. After the seventh anniversary of the closing of the acquisition of Premier, we have the option to redeem all or any portion of the Series B Convertible Preferred Stock in $25.0 million increments on a pro rata basis among all covered investors unless, no less than 15 days before the closing of the purchase transaction, the participating covered investors specify an alternative allocation of the Series B Convertible Preferred Stock subject to the redemption (the “Call Option”), at a price per share equal to the sum of (i) $25.125 (as adjusted for any applicable stock splits or similar transactions) plus (ii) all accrued but unpaid dividends. The purchase price is payable only in cash. The notice of exercise of the Call Option does not limit or restrict any covered investor’s right to convert the Series B Convertible Preferred Stock into shares of our common stock prior to the closing of the Call Option. The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 for the three months ended March 31, 2019 . The Company declared and paid dividends as presented below: Three Months Ended March 31, 2019 2018 Preferred dividends $ 2,791 $ —

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended March 31, 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,151 $ 3,757 Director and other non-employee equity grants expense 7 40 Total equity-based compensation $ 2,158 $ 3,797 Other equity-based compensation REIT equity-based compensation (2) $ 5,868 $ 9,292 $ 8,026 $ 13,089 ________ (1) As of March 31, 2019 , the Company had approximately $16.8 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 2.0 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 death of an executive in March 2018. (2) 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. and Premier. During the three months ended March 31, 2019 , $30,000 and $79,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and “cost of revenues for project management”, respectively, on our condensed consolidated statements of operations. 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 death of an executive in March 2018. See notes 2 and 15 .

Deferred Compensation Plan

Deferred Compensation Plan	3 Months Ended
	Mar. 31, 2019
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, 2019 2018 Change in fair value Unrealized gain (loss) $ (740 ) $ (561 ) Distributions Fair value (1) $ 46 $ 80 Shares (1) 1 — ________ (1) Distributions made to one participant. As of March 31, 2019 and December 31, 2018 the carrying value of the DCP liability was $11.3 million and $10.6 million , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
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, as amended, with Ashford Trust and Ashford Trust OP. Prior to June 26, 2018, the base fee was paid quarterly based on a declining sliding scale percentage of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee (defined 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 0.50% and 0.70% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . Upon effectiveness of the Ashford Trust ERFP Agreement on June 29, 2018, the base fee is paid monthly as a percentage of Ashford Trust’s total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. At March 31, 2019 , 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 our advisory agreement. In addition to our advisory agreement with Ashford Trust and Ashford Trust OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,045 $ 8,604 Reimbursable expenses (1) 2,040 1,529 Equity-based compensation (2) 4,289 6,745 Incentive advisory fee (3) — 452 Total advisory services revenue 14,374 17,330 Audio visual revenue (4) — — Project management revenue (5) 4,939 — Other revenue Investment management reimbursements (6) 358 182 Debt placement fees (7) 1,079 632 Claim management services (8) 11 18 Lease revenue (9) 946 168 Other services (10) 467 300 Total other revenue 2,861 1,300 Total revenue $ 22,174 $ 18,630 REVENUE BY SEGMENT (11) REIT advisory $ 15,689 $ 17,698 Premier 4,939 — J&S — — OpenKey 28 24 Corporate and other 1,518 908 Total revenue $ 22,174 $ 18,630 COST OF REVENUES Cost of audio visual revenues (4) $ 1,684 $ 354 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $597,000 and $202,000 , 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 death 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 was paid in January 2019. 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 2018 and 2017 measurement periods. See note 3 . (4) J&S primarily 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 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) 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. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, 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. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 1,119 $ 2,337 AIM 139 99 Premier 1,559 1,611 J&S 1,123 826 Pure Wellness 469 418 OpenKey 7 2 RED — — Due from Ashford Trust OP $ 4,416 $ 5,293 We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. Prior to January 15, 2019, the base fee was paid monthly calculated as 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). Upon effectiveness of the Braemar ERFP agreement on January 15, 2019, the base fee is paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. Reimbursement for overhead, internal audit, risk management advisory services 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. In addition to our advisory agreement with Braemar and Braemar OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Braemar OP and Braemar TRS to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,577 $ 2,107 Reimbursable expenses (1) 469 420 Equity-based compensation (2) 1,469 2,547 Incentive advisory fee (3) 170 — Other advisory revenue (4) 128 128 Total advisory services revenue 4,813 5,202 Audio visual revenue (5) — — Project management revenue (6) 2,747 — Other revenue Debt placement fees (7) 275 — Claims management services (8) 30 37 Lease revenue (9) 84 84 Other services (10) 269 211 Total other revenue 658 332 Total revenue $ 8,218 $ 5,534 REVENUE BY SEGMENT (11) REIT advisory $ 4,927 $ 5,323 Premier 2,747 — J&S (11) — — OpenKey 20 5 Corporate and other 524 206 Total revenue $ 8,218 $ 5,534 COST OF REVENUES Cost of audio visual revenues (5) $ 86 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $44,000 and $15,000 , 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 death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. For the three months ended March 31, 2018 , no incentive advisory fee was recognized as Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. 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) J&S primarily 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 Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, 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. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 573 $ 941 Premier 1,265 949 J&S 71 4 Pure Wellness 18 30 OpenKey 15 12 RED 89 60 Due from Braemar OP $ 2,031 $ 1,996 ERFP Commitments — On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement” and collectively with the Ashford Trust ERFP Agreement, the “ERFP Agreements”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the ERFP Agreements, the Company agreed to provide $50 million (each, an “ERFP Commitment” and collectively, the “ERFP Commitments”) to each of Ashford Trust and Braemar (collectively, the “REITs”), respectively, in connection with each such REITs’ acquisition of hotels recommended by us, with the option to increase each ERFP Commitment to up to $100 million upon mutual agreement by the parties to the respective ERFP Agreement. Under each of the ERFP Agreements, the Company’s ERFP Commitment to such REIT will be fulfilled as the Company pays each such REIT 10% of each acquired hotel’s purchase price in exchange for FF&E at a property owned by such REIT, which will be subsequently leased by us to such REIT rent-free. Each of the REITs must provide reasonable advance notice to the Company to request ERFP funds in accordance with the respective ERFP Agreement. The ERFP Agreements require that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of the REITs acquisition of the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at the respective REITs’ hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 and 10 . The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through March 31, 2019 , as well as the unfunded ERFP Commitments as of March 31, 2019, for hotels acquired by the REITs are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — Initial ERFP Commitment 50,000 — 50,000 ERFP payment — Hilton Alexandria Old Town (11,100 ) — (11,100 ) ERFP payment — La Posada de Santa Fe $ (5,000 ) $ — $ (5,000 ) ERFP Commitments remaining at December 31, 2018 $ 33,900 $ — $ 33,900 Initial ERFP Commitment — 50,000 50,000 ERFP payment — Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP Commitments remaining at March 31, 2019 (1) $ 28,900 $ 50,000 $ 78,900 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Midtown Manhattan $ 19,500 $ — $ 19,500 Ritz-Carlton, Lake Tahoe — 10,300 10,300 Unfunded ERFP Commitments at March 31, 2019 $ 19,500 $ 10,300 $ 29,800 ________ (1) See note 10 . Other Related Party Transactions — Ashford Trust and Braemar have management agreements with Remington and its subsidiaries, which are beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus. Transactions related to these agreements are included in the accompanying condensed consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and 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. The charges totaled $1.8 million and $1.2 million , for the three months ended March 31, 2019 and 2018 , respectively. The amounts due under these arrangements as of March 31, 2019 and December 31, 2018 , are included in “due to affiliates” on our condensed consolidated balance sheets. Pursuant to our advisory agreements with each of Ashford Trust and Braemar, we secure certain casualty insurance policies to cover Ashford Trust, Braemar and their respective property managers, as needed. Ashford Trust and Braemar bear the economic burden for the casualty insurance coverage. Our risk management department manages the shared casualty insurance program. At the beginning of each year, funds are collected from Ashford Trust and Braemar, as needed, on an allocated basis based on their risk exposures. These funds are deposited into restricted cash and used to pay casualty claims and other insurance costs throughout the year as incurred. We record the funds received from Ashford Trust and Braemar and the related liability in our condensed consolidated balance sheets in “restricted cash” and “other liabilities,” respectively. Ashford Trust held a 16.64% and 16.30% noncontrolling interest in OpenKey, and Braemar held an 8.40% and 8.21% noncontrolling interest in OpenKey as of March 31, 2019 and December 31, 2018 , respectively. During the three months ended March 31, 2019 and 2018 , Ashford Trust invested $299,000 and $667,000 , respectively, and Braemar invested $156,000 and $2.0 million , respectively in OpenKey. See also notes 1 , 2 , 11 , and 12 . An officer of J&S owns the J&S headquarters property including the adjoining warehouse space. J&S leases this property for approximately $307,000 per year, with escalating lease payments based on the Consumer Price Index. Rental expense for the three months ended March 31, 2019 and 2018 , was $84,000 , and $84,000 , respectively.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2019
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, 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 710 $ (5,723 ) Less: Dividends on preferred stock and amortization (3,282 ) — Undistributed net income (loss) allocated to common stockholders (2,572 ) (5,723 ) Distributed and undistributed net income (loss) - basic $ (2,572 ) $ (5,723 ) Effect of incremental subsidiary shares (202 ) (282 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings — (12 ) Distributed and undistributed net income (loss) - diluted $ (2,774 ) $ (6,017 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,419 2,094 Effect of incremental subsidiary shares 30 17 Effect of assumed conversion of operating partnership units — 4 Weighted average common shares outstanding – diluted 2,449 2,115 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (1.06 ) $ (2.73 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.13 ) $ (2.84 ) 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, 2019 2018 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 227 355 Dividends on preferred stock and amortization 3,282 — Total $ 3,505 $ 355 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 9 Effect of assumed exercise of stock options 65 234 Effect of assumed conversion of Ashford Holdings units 4 — Effect of incremental subsidiary shares 46 27 Effect of assumed conversion of preferred stock 1,450 — Total 1,574 270

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
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) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services, (b) J&S, which provides event technology and creative communications solutions services, (c) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (d) RED, a provider of watersports activities and other travel and transportation services, (e) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, and (f) Lismore, a provider of debt placement services. For 2019, OpenKey, RED, Pure Wellness and Lismore operating segments do not meet aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose OpenKey as a reportable segment. Accordingly, we have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore 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, 2019 and 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, 2019 and 2018 are presented in the following tables (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, 2019 Three Months Ended March 31, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,187 $ — $ — $ — $ — $ 19,187 $ 22,532 $ — $ — $ — $ — $ 22,532 Audio visual — — 30,975 — — 30,975 — — 23,310 — — 23,310 Project Management — 7,790 — — — 7,790 — — — — — — Other 1,429 — — 257 3,682 5,368 489 — — 319 1,518 2,326 Total revenue 20,616 7,790 30,975 257 3,682 63,320 23,021 — 23,310 319 1,518 48,168 EXPENSES Depreciation and amortization 1,183 2,738 455 7 144 4,527 390 — 454 6 190 1,040 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 8,267 4,050 28,008 950 14,976 56,251 11,241 — 19,803 1,171 18,030 50,245 Total expenses 9,450 6,788 28,463 957 15,120 60,778 13,494 — 20,257 1,177 18,276 53,204 OPERATING INCOME (LOSS) 11,166 1,002 2,512 (700 ) (11,438 ) 2,542 9,527 — 3,053 (858 ) (16,758 ) (5,036 ) Equity in earnings (loss) of unconsolidated entities — — — — (275 ) (275 ) — — — — — — Interest expense — — (214 ) — (83 ) (297 ) — — (139 ) — (4 ) (143 ) Amortization of loan costs — — (12 ) (7 ) (50 ) (69 ) — — (12 ) (6 ) (5 ) (23 ) Interest income — — — — 20 20 — — — — 112 112 Other income (expense) — — (107 ) 6 48 (53 ) 19 — (58 ) (1 ) 1 (39 ) INCOME (LOSS) BEFORE INCOME TAXES 11,166 1,002 2,179 (701 ) (11,778 ) 1,868 9,546 — 2,844 (865 ) (16,654 ) (5,129 ) Income tax (expense) benefit (2,489 ) (426 ) (887 ) — 2,502 (1,300 ) (2,116 ) — (746 ) — 2,156 (706 ) NET INCOME (LOSS) $ 8,677 $ 576 $ 1,292 $ (701 ) $ (9,276 ) $ 568 $ 7,430 $ — $ 2,098 $ (865 ) $ (14,498 ) $ (5,835 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation, and Noncontrolling Interests	Basis of Presentation and Principles of Consolidation —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 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 . 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, and (ii) 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 noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 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 $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (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, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the 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 , 11 and 12 . (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 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist 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 the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “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) of unconsolidated entities.” No such impairment was recorded during the three months ended March 31, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at both March 31, 2019 and 2018 . We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three months ended March 31, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity.
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 condensed 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.
Furniture, Fixtures and Equipment, net	Furniture, Fixtures and Equipment, net —We record FF&E at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. As of March 31, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $20.5 million and $16.1 million , audio visual equipment at our J&S subsidiary of $16.7 million and $13.4 million and marine vessels at our RED subsidiary of $5.7 million and $5.7 million , respectively.
Impairment of Furniture, Fixtures and Equipment	Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.9 million for the three months ended March 31, 2019 and 2018 , respectively. The impairment in 2018 was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service.
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 typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of 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 trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our annual impairment assessments through March 31, 2019 .
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets are not amortized on a straight-line basis, rather the assets are amortized in a manner that approximates the pattern of the assets’ economic benefit to the Company over an estimated useful life of 30 years . The J&S and Pure Wellness 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, 2019 .
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 note 14
Depreciation and Amortization	Depreciation and Amortization —Our FF&E is 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, excluding our RED vessels, 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. Our RED vessels are depreciated using the straight-line method over a useful life of 20 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. See also the “Definite-Lived Intangible Assets” above.
Equity-Based Compensation	Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, 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. 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. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) —Comprehensive income consists of net income (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 income (loss) is presented on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 .
Due to Affiliates	Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, FF&E reimbursements and contingent consideration associated with the acquisition of J&S which was settled in 2018. Due to affiliates is generally settled within a period not exceeding one year.
Leases	Leases —We determine if an arrangement is a lease at the inception of the contract. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Short -term leases are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. See note 7 .
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities.
Recently Adopted and Issued Accounting Standards	Recently Adopted 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease and lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Effective January 1, 2019, we have adopted the new standard using the modified retrospective approach and implemented internal controls to enable the preparation of financial information upon adoption. We elected to adopt both the transition relief provided in ASU 2018-11 and the package of practical expedients which allowed us, among other things, to retain historical lease classifications and accounting for any leases that existed prior to adoption of the standard. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $26.2 million as of January 1, 2019, which primarily relates to certain office space, warehouse facilities, vehicles and equipment. The standard did not materially impact our condensed consolidated statements of operations or cash flows. Adopting the new standard did not have a material impact on the accounting for leases under which we are the lessor, except as it pertains to our rent-free leases of FF&E with Ashford Trust and Braemar. The new standard requires leases with related parties entered into on or after January 1, 2019, to be accounted for in accordance with the legally enforceable terms and conditions of the lease (i.e. zero rent payments). Therefore, we will no longer allocate a portion of base advisory fee revenue to lease revenue in an amount equal to the estimated fair value of the lease payments that would have been made because ERFP leases are rent-free. For historical leases related to our key money and ERFP programs that were in place upon adoption of the new standard on January 1, 2019, we will continue allocating a portion of base advisory fee revenue to lease revenue consistent with our historical accounting for the remainder of the applicable lease terms. See note 7 . Recently Issued Accounting Standards —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. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our condensed consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 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 $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (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, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the 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 , 11 and 12 . (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 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist 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 the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2019 Carrying value of the investment in REA Holdings $ 2,900 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (275 )

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following tables summarize our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2019 $ 13,544 Increases to deferred revenue 2,072 Recognition of revenue (1) (2,445 ) Balance as of March 31, 2019 $ 13,171 ________ (1) Includes (a) $770,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.0 million of audio visual revenue and (c) $636,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 2,032 Recognition of revenue (1) (2,737 ) Balance as of March 31, 2018 $ 13,194 ________ (1) Includes (a) $346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.9 million of audio visual revenue and (c) $510,000 of “other services” revenue earned by our hospitality products and services companies.
Disaggregation of Revenue	Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended March 31, 2019 2018 United States $ 23,142 $ 15,952 Mexico 5,728 5,460 Dominican Republic 2,105 1,898 $ 30,975 $ 23,310 Our revenues were comprised of the following for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Advisory services revenue: Base advisory fee $ 10,622 $ 10,711 Incentive advisory fee 170 452 Reimbursable expenses 2,509 1,949 Equity-based compensation 5,758 9,292 Other advisory revenue 128 128 Total advisory services revenue (2) 19,187 22,532 Audio visual revenue 30,975 23,310 Project management revenue 7,790 — Other revenue: Investment management reimbursements (2) 358 182 Debt placement fees (3) 1,354 632 Claims management services (2) 41 55 Lease revenue (2) 1,030 252 Other services (3) 2,585 1,205 Total other revenue 5,368 2,326 Total revenue $ 63,320 $ 48,168 REVENUE BY SEGMENT (1) REIT advisory $ 20,616 $ 23,021 Premier 7,790 — J&S 30,975 23,310 OpenKey 257 319 Corporate and other 3,682 1,518 Total revenue $ 63,320 $ 48,168 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel services provided by our consolidated subsidiaries, OpenKey, RED, Pure Wellness and Lismore, to Ashford Trust, Braemar and third parties.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions	The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Term loan $ 5,000 Less working capital adjustments (668 ) Fair value of Ashford Inc. common stock issued 3,755 Stock consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,971
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair Value Estimated Useful Life Current assets $ 754 Furniture, fixtures and equipment 2,055 5 years Goodwill 5,429 Trademarks 350 Customer relationships 2,200 Total assets acquired 10,788 Current liabilities 567 Noncurrent liabilities 250 Total assumed liabilities 817 Net assets acquired $ 9,971 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117
Pro Forma Information	The following table reflects the unaudited pro forma results of operations as if the Premier and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $400,000 and $900,000 of transaction costs directly attributable to the acquisitions for three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Total revenue $ 65,239 $ 59,269 Net income (loss) 931 (3,267 ) Net income (loss) attributable to the Company 1,016 (3,272 )

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2019 , are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 5,429 — 5,429 Adjustments — — — — Balance at March 31, 2019 $ 53,517 $ 10,813 $ 782 $ 65,112 ________ (1) The addition of approximately $5.4 million relates to the preliminary valuation of assets and liabilities related to J&S’ acquisition of BAV.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201

Notes Payable, net (Tables)

Notes Payable, net (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	(1) 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% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.50% and 5.50% at March 31, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 1, 2018 , the Company entered into a $35.0 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit. 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 $40.0 million to an aggregate amount of $75.0 million , subject to certain conditions. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), , Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. (8) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . Net deferred loan costs associated with this financing of $198,000 and $183,000 , respectively, are included as a reduction to “notes payable, net” on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , $1.4 million and $1.0 million , respectively, 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, 2019 and December 31, 2018 , was not material. As of March 31, 2019 , $862,000 of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million , respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. (10) On November 8, 2018, OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets. In connection with the 2018 renewal, OpenKey granted the creditors a 10-year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the remaining term of the line of credit and included in “amortization of loan costs” in our condensed consolidated statement of operations. As of March 31, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. In February 2019, we paid off the remaining $60,000 balance on the line of credit. (12) On March 23, 2018, our RED operating subsidiary entered into a term loan of $750,000 . (13) On February 28, 2019, our RED operating subsidiary renewed its $250,000 revolving credit facility. The revolving credit facility provides RED with available borrowings up to a total of $250,000 . As of March 31, 2019, $250,000 was available under the revolving credit facility. (14) On February 27, 2019, our RED operating subsidiary entered into a draw term loan in the amount of $1.4 million . As of March 31, 2019, $867,000 was available under the draw term loan. (15) On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million .

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Balances	As of March 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification March 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 26,151 Finance lease assets Furniture, fixtures and equipment, net 996 Total leased assets $ 27,147 Liabilities Current Operating Operating lease liabilities $ 2,396 Finance Notes payable, net 445 Noncurrent Operating Operating lease liabilities 23,767 Finance Notes payable, net 185 Total leased liabilities $ 26,793 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: March 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.2 Finance leases 1.6 Weighted-average discount rate (2) Operating leases 5.6 % Finance leases 6.5 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our J&S headquarters in Irving, Texas, as failure to renew the lease would result in J&S incurring significant relocation costs. (2) Calculated using the interest rate for each lease.
Lease Expense and Cash Outflows from Operating and Finance Leases	We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended March 31, 2019 Operating lease cost (1) General and administrative $ 777 Finance lease cost Amortization of leased assets Depreciation and amortization 68 Interest on lease liabilities Interest expense 7 Total lease cost $ 852 __________________ (1) Includes short-term and variable lease expense which were immaterial for the three months ended March 31, 2019 . For the three months ended March 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 777 Financing cash flows from finance leases 168
Maturities of Operating Lease Liabilities	As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630
Maturities of Financing Lease Liabilities	As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630
Schedule of Future Minimum Lease Payments for Capital Leases	As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 Liabilities Contingent consideration $ — $ — $ (1,402 ) $ (1,402 ) (1) Deferred compensation plan $ (11,268 ) $ — $ — $ (11,268 ) Total $ (11,268 ) $ — $ (1,402 ) $ (12,670 ) __________________ (1) Reported as other noncurrent liabilities in the condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan (10,574 ) — — (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 )
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2018 $ — Acquisitions (1,384 ) Gains (losses) included in earnings (2) (18 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2019 $ (1,402 ) __________________ (1) Includes J&S’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in the condensed consolidated balance sheets within “other liabilities, noncurrent.” 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 BAV 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, 2019 2018 Liabilities Contingent consideration (18 ) (1) (213 ) (2 ) Deferred compensation plan (3) (740 ) (561 ) Total $ (758 ) $ (774 ) __________________ (1) Represents the accretion of contingent consideration associated with the acquisition of BAV in March of 2019. Reported as a component of “other operating expense” in the condensed consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition J&S in November of 2017, which was settled in the third quarter of 2018. Reported as “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 Fina_2

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 11,268 $ 11,268 $ 10,574 $ 10,574 Contingent consideration 1,402 1,402 — — Financial assets not measured at fair value: Cash and cash equivalents $ 39,953 $ 39,953 $ 51,529 $ 51,529 Restricted cash 12,604 12,604 7,914 7,914 Accounts receivable, net 12,504 12,504 4,928 4,928 Due from affiliates 75 75 45 45 Due from Ashford Trust OP 4,416 4,416 5,293 5,293 Due from Braemar OP 2,031 2,031 1,996 1,996 Investments in unconsolidated entities 3,400 3,400 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 21,696 $ 21,696 $ 24,880 $ 24,880 Due to affiliates 1,176 1,176 2,032 2,032 Other liabilities 14,478 14,478 8,418 8,418 Notes payable 24,865 23,362 to 25,821 18,006 16,681 to 18,437

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 2018 (Income) loss allocated to noncontrolling interests: J&S $ — $ (11 ) OpenKey 177 156 RED (34 ) (7 ) Pure Wellness 20 35 Total net (income) loss allocated to noncontrolling interests $ 163 $ 173

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 4 $ 12 J&S (227 ) (355 ) OpenKey 202 282 Total net (income) loss allocated to redeemable noncontrolling interests $ (21 ) $ (61 )
Dividends Declared	The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 for the three months ended March 31, 2019 . The Company declared and paid dividends as presented below: Three Months Ended March 31, 2019 2018 Preferred dividends $ 2,791 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended March 31, 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,151 $ 3,757 Director and other non-employee equity grants expense 7 40 Total equity-based compensation $ 2,158 $ 3,797 Other equity-based compensation REIT equity-based compensation (2) $ 5,868 $ 9,292 $ 8,026 $ 13,089 ________ (1) As of March 31, 2019 , the Company had approximately $16.8 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 2.0 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 death of an executive in March 2018. (2) 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. and Premier. During the three months ended March 31, 2019 , $30,000 and $79,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and “cost of revenues for project management”, respectively, on our condensed consolidated statements of operations. 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 death of an executive in March 2018. See notes 2 and 15 .

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2019
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2019 2018 Change in fair value Unrealized gain (loss) $ (740 ) $ (561 ) Distributions Fair value (1) $ 46 $ 80 Shares (1) 1 — ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,045 $ 8,604 Reimbursable expenses (1) 2,040 1,529 Equity-based compensation (2) 4,289 6,745 Incentive advisory fee (3) — 452 Total advisory services revenue 14,374 17,330 Audio visual revenue (4) — — Project management revenue (5) 4,939 — Other revenue Investment management reimbursements (6) 358 182 Debt placement fees (7) 1,079 632 Claim management services (8) 11 18 Lease revenue (9) 946 168 Other services (10) 467 300 Total other revenue 2,861 1,300 Total revenue $ 22,174 $ 18,630 REVENUE BY SEGMENT (11) REIT advisory $ 15,689 $ 17,698 Premier 4,939 — J&S — — OpenKey 28 24 Corporate and other 1,518 908 Total revenue $ 22,174 $ 18,630 COST OF REVENUES Cost of audio visual revenues (4) $ 1,684 $ 354 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $597,000 and $202,000 , 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 death 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 was paid in January 2019. 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 2018 and 2017 measurement periods. See note 3 . (4) J&S primarily 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 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) 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. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, 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. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 1,119 $ 2,337 AIM 139 99 Premier 1,559 1,611 J&S 1,123 826 Pure Wellness 469 418 OpenKey 7 2 RED — — Due from Ashford Trust OP $ 4,416 $ 5,293 The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through March 31, 2019 , as well as the unfunded ERFP Commitments as of March 31, 2019, for hotels acquired by the REITs are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — Initial ERFP Commitment 50,000 — 50,000 ERFP payment — Hilton Alexandria Old Town (11,100 ) — (11,100 ) ERFP payment — La Posada de Santa Fe $ (5,000 ) $ — $ (5,000 ) ERFP Commitments remaining at December 31, 2018 $ 33,900 $ — $ 33,900 Initial ERFP Commitment — 50,000 50,000 ERFP payment — Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP Commitments remaining at March 31, 2019 (1) $ 28,900 $ 50,000 $ 78,900 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Midtown Manhattan $ 19,500 $ — $ 19,500 Ritz-Carlton, Lake Tahoe — 10,300 10,300 Unfunded ERFP Commitments at March 31, 2019 $ 19,500 $ 10,300 $ 29,800 ________ (1) See note 10 . The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,577 $ 2,107 Reimbursable expenses (1) 469 420 Equity-based compensation (2) 1,469 2,547 Incentive advisory fee (3) 170 — Other advisory revenue (4) 128 128 Total advisory services revenue 4,813 5,202 Audio visual revenue (5) — — Project management revenue (6) 2,747 — Other revenue Debt placement fees (7) 275 — Claims management services (8) 30 37 Lease revenue (9) 84 84 Other services (10) 269 211 Total other revenue 658 332 Total revenue $ 8,218 $ 5,534 REVENUE BY SEGMENT (11) REIT advisory $ 4,927 $ 5,323 Premier 2,747 — J&S (11) — — OpenKey 20 5 Corporate and other 524 206 Total revenue $ 8,218 $ 5,534 COST OF REVENUES Cost of audio visual revenues (5) $ 86 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $44,000 and $15,000 , 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 death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. For the three months ended March 31, 2018 , no incentive advisory fee was recognized as Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. 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) J&S primarily 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 Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, 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. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 573 $ 941 Premier 1,265 949 J&S 71 4 Pure Wellness 18 30 OpenKey 15 12 RED 89 60 Due from Braemar OP $ 2,031 $ 1,996

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 710 $ (5,723 ) Less: Dividends on preferred stock and amortization (3,282 ) — Undistributed net income (loss) allocated to common stockholders (2,572 ) (5,723 ) Distributed and undistributed net income (loss) - basic $ (2,572 ) $ (5,723 ) Effect of incremental subsidiary shares (202 ) (282 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings — (12 ) Distributed and undistributed net income (loss) - diluted $ (2,774 ) $ (6,017 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,419 2,094 Effect of incremental subsidiary shares 30 17 Effect of assumed conversion of operating partnership units — 4 Weighted average common shares outstanding – diluted 2,449 2,115 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (1.06 ) $ (2.73 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.13 ) $ (2.84 )
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, 2019 2018 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 227 355 Dividends on preferred stock and amortization 3,282 — Total $ 3,505 $ 355 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 9 Effect of assumed exercise of stock options 65 234 Effect of assumed conversion of Ashford Holdings units 4 — Effect of incremental subsidiary shares 46 27 Effect of assumed conversion of preferred stock 1,450 — Total 1,574 270

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three months ended March 31, 2019 and 2018 are presented in the following tables (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, 2019 Three Months Ended March 31, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,187 $ — $ — $ — $ — $ 19,187 $ 22,532 $ — $ — $ — $ — $ 22,532 Audio visual — — 30,975 — — 30,975 — — 23,310 — — 23,310 Project Management — 7,790 — — — 7,790 — — — — — — Other 1,429 — — 257 3,682 5,368 489 — — 319 1,518 2,326 Total revenue 20,616 7,790 30,975 257 3,682 63,320 23,021 — 23,310 319 1,518 48,168 EXPENSES Depreciation and amortization 1,183 2,738 455 7 144 4,527 390 — 454 6 190 1,040 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 8,267 4,050 28,008 950 14,976 56,251 11,241 — 19,803 1,171 18,030 50,245 Total expenses 9,450 6,788 28,463 957 15,120 60,778 13,494 — 20,257 1,177 18,276 53,204 OPERATING INCOME (LOSS) 11,166 1,002 2,512 (700 ) (11,438 ) 2,542 9,527 — 3,053 (858 ) (16,758 ) (5,036 ) Equity in earnings (loss) of unconsolidated entities — — — — (275 ) (275 ) — — — — — — Interest expense — — (214 ) — (83 ) (297 ) — — (139 ) — (4 ) (143 ) Amortization of loan costs — — (12 ) (7 ) (50 ) (69 ) — — (12 ) (6 ) (5 ) (23 ) Interest income — — — — 20 20 — — — — 112 112 Other income (expense) — — (107 ) 6 48 (53 ) 19 — (58 ) (1 ) 1 (39 ) INCOME (LOSS) BEFORE INCOME TAXES 11,166 1,002 2,179 (701 ) (11,778 ) 1,868 9,546 — 2,844 (865 ) (16,654 ) (5,129 ) Income tax (expense) benefit (2,489 ) (426 ) (887 ) — 2,502 (1,300 ) (2,116 ) — (746 ) — 2,156 (706 ) NET INCOME (LOSS) $ 8,677 $ 576 $ 1,292 $ (701 ) $ (9,276 ) $ 568 $ 7,430 $ — $ 2,098 $ (865 ) $ (14,498 ) $ (5,835 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory 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 _2

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands

Mar. 01, 2019

Jan. 01, 2019

Oct. 10, 2018

Sep. 28, 2018

Aug. 08, 2018

Jan. 16, 2018

Dec. 11, 2017

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Nov. 01, 2017

Nov. 12, 2014

Noncontrolling Interest [Line Items]

Cash consideration

$ 4,332

$ 0

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

Public Offering

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

270,000

Share price (in dollars per share)

$ 74.50

Gross proceeds from issuance of common stock

$ 20,100

Net proceeds from issuance of common stock

$ 18,200

Over-Allotment Option

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

10,000

Net proceeds from issuance of common stock

$ 700

Affiliated Entity

Noncontrolling Interest [Line Items]

Program commitment amount

$ 50,000

Premier

Noncontrolling Interest [Line Items]

Purchase price

$ 200,117

Fair value of Ashford Inc. common stock issued

203,000

Equity interest issued, value assigned

$ 203,000

Voting Restrictions Term

5 years

Voting rights limit

25.00%

Common stock, par value (in dollars per share)

$ 0.01

J&S

Noncontrolling Interest [Line Items]

Voting interests acquired

88.00%

85.00%

RED

Noncontrolling Interest [Line Items]

Cash consideration

$ 220

$ 970

Escrow Deposit

$ 750

REA Holdings

Noncontrolling Interest [Line Items]

Voting interests acquired

30.00%

30.00%

Purchase price

$ 3,000

Fair value of Ashford Inc. common stock issued

890

Cash consideration

$ 2,100

Equity interest issued (in shares)

16,529

Option to purchase equity

50.00%

Option to purchase consideration

$ 12,500

BAV

Noncontrolling Interest [Line Items]

Purchase price

$ 9,971

RED

Noncontrolling Interest [Line Items]

Ownership by parent

80.00%

80.00%

J&S | BAV

Noncontrolling Interest [Line Items]

Purchase price

10,000

Fair value of Ashford Inc. common stock issued

4,000

Cash consideration

5,000

Equity interest issued, value assigned

$ 3,500

Share price (in dollars per share)

$ 57.01

Equity interest issued (in shares)

61,387

Estimated fair value

$ 3,800

Interest issued and issuable, 18 months

500

Contingent consideration possible

$ 1,400

Ashford Trust, Inc.

Noncontrolling Interest [Line Items]

Ownership (in shares)

598,000

Ownership percentage

24.20%

Braemar

Noncontrolling Interest [Line Items]

Ownership (in shares)

195,000

Ownership percentage

7.90%

RED

Noncontrolling Interest [Line Items]

Payments to acquire ferry

$ 400

Ashford Trust

Noncontrolling Interest [Line Items]

Percent of common stock distribution with spin-off

70.00%

Ashford Trust | Affiliated Entity

Noncontrolling Interest [Line Items]

Program potential commitment amount

$ 100,000

Program percent of commitment for each hotel

10.00%

Passenger Vessels | RED

Noncontrolling Interest [Line Items]

Payments to acquire ferry

2,400

Ferry | RED

Noncontrolling Interest [Line Items]

Payments to acquire ferry

$ 2,500

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Mar. 01, 2019	Jan. 01, 2019	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities				$ (275,000)	$ 0
Cash consideration				4,332,000	0
Carrying value of redeemable noncontrolling interests				3,810,000		$ 3,531,000
Redemption value adjustment, year-to-date				111,000	838,000
Impairment				0	0
Income loss from equity method due to change in fair value				0	0
Carrying value of noncontrolling interests				627,000		458,000
Long-term debt, gross				24,865,000		18,006,000
Investments in unconsolidated entities				3,400,000		500,000
ERFP assets				20,500,000		16,100,000
Impairment				0	1,919,000
Other current liabilities				12,400,000		7,800,000
Other liabilities				1,902,000		0
Contingent consideration				1,402,000		$ 0
Operating lease right-of-use assets				26,151,000
Present value of minimum lease payments				$ 26,163,000
ASU 2016-02
Noncontrolling Interest [Line Items]
Operating lease right-of-use assets		$ 26,200,000
Present value of minimum lease payments		$ 26,200,000
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
RED vessels
Noncontrolling Interest [Line Items]
Estimated Useful Life				20 years
REA Holdings
Noncontrolling Interest [Line Items]
Voting interests acquired		30.00%		30.00%
Purchase price		$ 3,000,000
Cash consideration		$ 2,100,000
Equity interest issued (in shares)		16,529
Fair value of Ashford Inc. common stock issued		$ 890,000
Option to purchase equity		50.00%
Investments in unconsolidated entities				$ 2,900,000
Option to purchase consideration		$ 12,500,000
Premier
Noncontrolling Interest [Line Items]
Purchase price			$ 200,117,000
Fair value of Ashford Inc. common stock issued			$ 203,000,000
Premier | Management Contracts
Noncontrolling Interest [Line Items]
Useful life				30 years
BAV
Noncontrolling Interest [Line Items]
Purchase price	$ 9,971,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities				$ 500,000
Ashford LLC
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				99.83%		99.83%
Redeemable noncontrolling interests				0.17%		0.17%
Noncontrolling interests in consolidated entities				0.00%		0.00%
Noncontrolling ownership				100.00%		100.00%
Carrying value of redeemable noncontrolling interests				$ 230,000		$ 215,000
Redemption value adjustment, year-to-date				20,000	(180,000)
Redemption value adjustment, cumulative				198,000	178,000
Carrying value of noncontrolling interests				$ 0		$ 0
J&S
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				88.20%		85.00%
Redeemable noncontrolling interests				11.80%		15.00%
Noncontrolling interests in consolidated entities				0.00%		0.00%
Noncontrolling ownership				100.00%		100.00%
Carrying value of redeemable noncontrolling interests				$ 2,100,000		$ 1,858,000
Redemption value adjustment, year-to-date				0	0
Redemption value adjustment, cumulative				0	0
Carrying value of noncontrolling interests				0		0
Assets, available only to settle subsidiary's obligations				62,112,000		37,141,000
Liabilities, no recourse to Ashford Inc				44,320,000		24,836,000
ERFP assets				16,700,000		13,400,000
J&S | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross						13,614,000
J&S | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross				2,638,000		$ 1,733,000
J&S | Medium-term Notes
Noncontrolling Interest [Line Items]
Long-term debt, gross				$ 19,250,000
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				46.59%		45.61%
Redeemable noncontrolling interests				28.15%		29.65%
Noncontrolling interests in consolidated entities				25.26%		24.74%
Noncontrolling ownership				100.00%		100.00%
Carrying value of redeemable noncontrolling interests				$ 1,480,000		$ 1,458,000
Redemption value adjustment, year-to-date				(131,000)	12,000
Redemption value adjustment, cumulative				1,902,000	$ 2,033,000
Carrying value of noncontrolling interests				466,000		308,000
Assets, available only to settle subsidiary's obligations				2,142,000		1,410,000
Liabilities, no recourse to Ashford Inc				552,000		421,000
OpenKey | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross						0
OpenKey | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 0
OpenKey | Medium-term Notes
Noncontrolling Interest [Line Items]
Long-term debt, gross				$ 0
Pure Wellness
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%
Carrying value of noncontrolling interests				$ 195,000		$ 218,000
Assets, available only to settle subsidiary's obligations				2,283,000		2,267,000
Liabilities, no recourse to Ashford Inc				2,139,000		1,977,000
Pure Wellness | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross				$ 0		0
Pure Wellness | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 60,000
RED
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				80.00%		80.00%
Redeemable noncontrolling interests				0.00%		0.00%
Noncontrolling interests in consolidated entities				20.00%		20.00%
Noncontrolling ownership				100.00%		100.00%
Carrying value of noncontrolling interests				$ (34,000)		$ (68,000)
Assets, available only to settle subsidiary's obligations				8,158,000		6,807,000
Liabilities, no recourse to Ashford Inc				3,793,000		2,839,000
ERFP assets				5,700,000		5,700,000
RED | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross				2,977,000		2,480,000
RED | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 118,000
J&S | BAV
Noncontrolling Interest [Line Items]
Purchase price	10,000,000
Cash consideration	$ 5,000,000
Equity interest issued (in shares)	61,387
Fair value of Ashford Inc. common stock issued	$ 4,000,000
Interest issued and issuable, 18 months	$ 500,000
Contingent consideration				$ 1,400,000

Revenues (Details)

Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 63,320	$ 48,168
Accounts receivable, net	12,504		$ 4,928
Deferred Revenue and Contract Balances
Balance	13,544	13,899
Increase to deferred revenue	2,072	2,032
Recognition of revenue	(2,445)	(2,737)
Balance	$ 13,171	13,194
Number of reportable segments | segment	4
J&S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 30,975	23,310
J&S | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	23,142	15,952
J&S | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	5,728	5,460
J&S | Dominican Republic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,105	1,898
REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	20,616	23,021
OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	257	319
Corporate and Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	3,682	1,518
Base advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	10,622	10,711
Incentive advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	170	452
Reimbursable expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,509	1,949
Equity-based compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	5,758	9,292
Other advisory revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	128	128
Total advisory services revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	19,187	22,532
Deferred Revenue and Contract Balances
Recognition of revenue	(770)	(346)
Audio visual
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	30,975	23,310
Deferred Revenue and Contract Balances
Recognition of revenue	(1,000)	(1,900)
Audio visual | J&S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	30,975	23,310
Project management
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,790	0
Project management | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,790	0
Other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	5,368	2,326
Deferred Revenue and Contract Balances
Recognition of revenue	(636)	(510)
Investment management reimbursements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	358	182
Debt placement fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	1,354	632
Claim management services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	41	55
Lease revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	1,030	252
Other services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,585	1,205
Total other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 5,368	2,326
Braemar
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%
Proceeds from affiliates		$ 5,000
Ashford Trust OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%
Due from related parties	$ 4,416		5,293
Braemar OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Due from related parties	$ 2,031		$ 1,996
Maximum | Ashford Trust
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 | Ashford Trust
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

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2019	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Aug. 07, 2018	Nov. 01, 2017
Business Acquisition [Line Items]
Total revenue			$ 63,320	$ 48,168
Non-recurring transaction costs			400	900
Payments to Acquire Businesses, Gross			4,332	0
NET INCOME (LOSS)			568	$ (5,835)
Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares issued (in shares)		8,120,000		8,120,000	8,120,000	8,120,000
Premier
Business Acquisition [Line Items]
Equity interest issued, value assigned		$ 203,000
Purchase price		200,117
Fair value of Ashford Inc. common stock issued		$ 203,000
Premier | Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Equity interest issued (in shares)		1,450,000
Share price (in dollars per share)		$ 140
J&S
Business Acquisition [Line Items]
Voting interests acquired	88.00%						85.00%
BAV
Business Acquisition [Line Items]
Term loan	$ 5,000
Fair value of contingent consideration	1,384
Purchase price	9,971
J&S | BAV
Business Acquisition [Line Items]
Total revenue			1,700
Equity interest issued, value assigned	$ 3,500
Equity interest issued (in shares)	61,387
Share price (in dollars per share)	$ 57.01
Goodwill expected tax deductible	$ 5,400
Purchase price	10,000
Payments to Acquire Businesses, Gross	5,000
Fair value of Ashford Inc. common stock issued	4,000
Estimated fair value	3,800
Interest issued and issuable, 18 months	500
Contingent consideration possible	$ 1,400
NET INCOME (LOSS)			253
Project management
Business Acquisition [Line Items]
Total revenue			7,790	$ 0
Premier | Project management
Business Acquisition [Line Items]
Total revenue			7,790	0
Operating Segments | Premier
Business Acquisition [Line Items]
Total revenue				0
NET INCOME (LOSS)			576	0
Operating Segments | Premier | Project management
Business Acquisition [Line Items]
Total revenue			$ 7,790	$ 0

Acquisitions - Schedules (Detai

Acquisitions - Schedules (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill			$ 65,112		$ 59,683
Pro Forma Financial Results
Total revenue			65,239	$ 59,269
Net income (loss)			931	(3,267)
Net income (loss) attributable to the Company			$ 1,016	(3,272)
Premier
Business Acquisition [Line Items]
Less working capital adjustments		$ (2,883)
Fair value of Ashford Inc. common stock issued		203,000
Purchase price consideration		200,117
Current assets		3,878
Furniture, fixtures and equipment		$ 47
Estimated Useful Life		30 years
Goodwill		$ 53,517
Customer relationships		188,800
Total assets acquired		246,242
Current liabilities		2,378
Noncurrent liabilities		43,747
Total assumed liabilities		46,125
Net assets acquired		$ 200,117
BAV
Business Acquisition [Line Items]
Term loan	$ 5,000
Less working capital adjustments	(668)
Stock Issued	3,755			$ 0
Stock consideration payable	500
Fair value of contingent consideration	1,384
Purchase price consideration	9,971
J&S | BAV
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued	4,000
Purchase price consideration	10,000
Current assets	754
Furniture, fixtures and equipment	$ 2,055
Estimated Useful Life	5 years
Goodwill	$ 5,429
Trademarks	350
Customer relationships	2,200
Total assets acquired	10,788
Current liabilities	567
Noncurrent liabilities	250
Total assumed liabilities	817
Net assets acquired	$ 9,971

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2018	$ 59,683
Changes in goodwill:
Additions	5,429
Adjustments	0
Balance at March 31, 2019	65,112
Operating Segments | Premier
Goodwill [Roll Forward]
Balance at December 31, 2018	53,517
Changes in goodwill:
Additions	0
Adjustments	0
Balance at March 31, 2019	53,517
Operating Segments | J&S
Goodwill [Roll Forward]
Balance at December 31, 2018	5,384
Changes in goodwill:
Additions	5,429
Adjustments	0
Balance at March 31, 2019	10,813
Corporate and Other
Goodwill [Roll Forward]
Balance at December 31, 2018	782
Changes in goodwill:
Additions	0
Adjustments	0
Balance at March 31, 2019	$ 782

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 3,551	$ 3,201
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	197,694	195,494
Accumulated Amortization	(8,490)	(5,501)
Net Carrying Amount	189,204	189,993
Trademarks | J&S
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,551	3,201
Customer Relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175
Accumulated Amortization	(70)	(61)
Net Carrying Amount	105	114
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,719	6,519
Accumulated Amortization	(1,332)	(1,087)
Net Carrying Amount	7,387	5,432
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	188,800	188,800
Accumulated Amortization	(7,088)	(4,353)
Net Carrying Amount	$ 181,712	$ 184,447

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 3,000	$ 241
Customer Relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Useful life	30 years

Notes Payable, net (Details)

Notes Payable, net (Details) - USD ($) $ / shares in Units, shares in Thousands	Feb. 28, 2019	Mar. 01, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 01, 2019	Dec. 31, 2018	Nov. 08, 2018	Aug. 31, 2018	Mar. 23, 2018	Apr. 06, 2017
Debt Instrument [Line Items]
Long-term debt, gross			$ 24,865,000			$ 18,006,000
Capital lease obligations						661,000
Less deferred loan costs, net			(260,000)			(234,000)
Notes payable less net deferred loan costs			24,605,000			17,772,000
Less current portion			(2,933,000)			(2,595,000)
Notes payable, net - non-current			$ 21,672,000			$ 15,177,000
Covenant net worth percentage			75.00%
Payments on revolving credit facilities			$ 6,890,000	$ 4,815,000
LIBOR
Debt Instrument [Line Items]
Reference rate			2.49%			2.50%
Prime Rate
Debt Instrument [Line Items]
Reference rate			5.50%			5.50%
J&S
Debt Instrument [Line Items]
Capital lease obligations			$ 630,000			$ 661,000
Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			1,400,000			1,000,000
Revolving Credit Facility | J&S
Debt Instrument [Line Items]
Long-term debt, gross			2,638,000			1,733,000
Revolving Credit Facility | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross						0
Revolving Credit Facility | Pure Wellness
Debt Instrument [Line Items]
Long-term debt, gross						60,000
Revolving Credit Facility | RED
Debt Instrument [Line Items]
Long-term debt, gross						118,000
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 | Minimum
Debt Instrument [Line Items]
Additional borrowing capacity			$ 75,000,000
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 | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Revolving Credit Facility | Senior revolving credit facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
Revolving Credit Facility | Senior revolving credit facility | LIBOR
Debt Instrument [Line Items]
Reference rate			1.00%
Revolving Credit Facility | Senior revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Revolving Credit Facility | Senior revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
Revolving Credit Facility | Facility Due 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,638,000			1,733,000
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 April 2020 | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross			$ 0			0
Revolving Credit Facility | Facility Due April 2020 | 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
Payments on revolving credit facilities	$ 60,000
Revolving Credit Facility | Facility due On Demand | Pure Wellness
Debt Instrument [Line Items]
Long-term debt, gross			$ 0			60,000
Revolving Credit Facility | Facility due On Demand | Pure Wellness | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Revolving Credit Facility | Facility Due March 2019 [Member] | RED
Debt Instrument [Line Items]
Face amount of debt	$ 250,000		$ 250,000
Revolving Credit Facility | Facility Due 2020 | RED
Debt Instrument [Line Items]
Long-term debt, gross			$ 0			118,000
Revolving Credit Facility | Facility Due 2020 | 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]
Face amount of debt					$ 5,000,000
Remaining borrowing capacity			$ 862,000
Maximum borrowing capacity					3,500,000	3,000,000
Notes Payable to Banks | J&S
Debt Instrument [Line Items]
Long-term debt, gross						13,614,000
Notes Payable to Banks | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross						0
Notes Payable to Banks | Pure Wellness
Debt Instrument [Line Items]
Long-term debt, gross			0			0
Notes Payable to Banks | RED
Debt Instrument [Line Items]
Long-term debt, gross			2,977,000			2,480,000
Notes Payable to Banks | Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 13,667,000			8,917,000
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			$ 3,054,000			2,087,000
Face amount of debt					8,000,000
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			$ 1,900,000			1,950,000
Face amount of debt					$ 2,400,000
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 | Term Loan Due April 2025 | RED
Debt Instrument [Line Items]
Long-term debt, gross			$ 673,000			695,000
Face amount of debt									$ 750,000
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 | Term Loan Due December 2026 | RED
Debt Instrument [Line Items]
Long-term debt, gross			$ 533,000			0
Face amount of debt			1,400,000
Remaining borrowing capacity			$ 867,000
Notes Payable to Banks | Term Loan Due December 2026 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Notes Payable to Banks | Term Loan Due February 2029 | RED
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,770,000			1,785,000
Face amount of debt								$ 1,800,000
Notes Payable to Banks | Term Loan Due February 2029 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Medium-term Notes | J&S
Debt Instrument [Line Items]
Long-term debt, gross			$ 19,250,000
Medium-term Notes | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross			0
Medium-term Notes | J&S Term Loan [Member]
Debt Instrument [Line Items]
Net deferred loan costs			(198,000)			$ (183,000)
Interest Rate Cap
Debt Instrument [Line Items]
Derivative, notional amount			$ 5,000,000
Derivative interest rate			4.00%
OpenKey | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 1,500,000
Convertible Preferred Stock | OpenKey
Debt Instrument [Line Items]
Number of warrants (in shares)							23
Exercise price (in dollars per share)							$ 1.61
Fair value of warrants							$ 26,000

Leases - Lease Balances and Oth

Leases - Lease Balances and Other Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)extension_period	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options | extension_period	2
Renewal term	10 years
Rental expense		$ 342
Operating lease right-of-use assets	$ 26,151
Finance lease assets	996		$ 807
Total leased assets	27,147
Operating lease liabilities	2,396
Notes payable, net	445
Operating lease liabilities	23,767
Notes payable, net	185
Total leased liabilities	$ 26,793
Weighted average remaining lease term for operating leases	12 years 2 months 16 days
Weighted average remaining lease term for finance leases	1 year 7 months 6 days
Weighted average discount rate for operating leases	5.60%
Weighted average discount rate for finance leases	6.50%
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

Leases - Lease Expense and Cash

Leases - Lease Expense and Cash Outflows from Operating and Finance Leases (Details) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease expense	$ 777
Finance lease cost
Depreciation and amortization	68
Interest expense	7
Total lease expense	852
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	777
Financing cash outflows from finance leases	$ 168

Leases - Maturities of Operatin

Leases - Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating leases
2019	$ 2,846
2020	3,685
2021	3,504
2022	3,287
2023	3,115
Thereafter	20,160
Total minimum lease payments	36,597
Imputed interest	(10,434)
Present value of minimum lease payments	26,163
Finance leases
2019	410
2020	132
2021	60
2022	42
2023	10
Thereafter	0
Total minimum lease payments	654
Imputed interest	(24)
Present value of minimum lease payments	$ 630

Leases - Lease Commitments (Det

Leases - Lease Commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Capital Leases
2019	$ 541
2020	105
2021	33
2022	7
2023	0
Thereafter	0
Total minimum lease payments	686
Imputed interest	(25)
Present value of minimum lease payments	661
Operating Leases
2019	3,529
2020	3,532
2021	3,329
2022	3,172
2023	3,059
Thereafter	13,999
Imputed interest	0
Total minimum lease payments	$ 30,620

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	$ (758)	$ (774)
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Balance at December 31, 2018	0
Acquisitions	(1,384)
Gains (losses) included in earnings	(18)
Dispositions and settlements	0
Transfers into/out of Level 3	0
Balance at March 31, 2019	(1,402)
Unrealized gain (loss)	(18)	(213)
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	(740)	$ (561)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(1,402)
Deferred compensation plan	(11,268)		$ (10,574)
Total	(12,670)		(10,574)
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0
Deferred compensation plan	(11,268)		(10,574)
Total	(11,268)		(10,574)
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0
Deferred compensation plan	0		0
Total	0		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(1,402)
Deferred compensation plan	0		0
Total	$ (1,402)		$ 0

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	$ 11,268	$ 10,574
Deferred compensation plan, Fair value	11,268	10,574
Contingent consideration	1,402	0
Contingent consideration, Fair value	1,402	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	39,953	51,529	$ 34,910	$ 36,480
Cash and cash equivalents, Fair value	39,953	51,529
Restricted cash, Carrying value	12,604	7,914	$ 15,045	$ 9,076
Restricted cash, Fair value	12,604	7,914
Accounts receivable, net, Carrying value	12,504	4,928
Accounts receivable, net, Fair value	12,504	4,928
Due from affiliates, Carrying value	75	45
Due from affiliates, Fair value	75	45
Investments in unconsolidated entities, Carrying value	3,400	500
Investments in unconsolidated entities, Fair value	3,400	500
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	21,696	24,880
Accounts payable and accrued expenses, Fair value	21,696	24,880
Due to affiliates, Carrying value	1,176	2,032
Due to affiliates, Fair value	1,176	2,032
Other liabilities, Carrying value	14,478	8,418
Other liabilities, Fair value	14,478	8,418
Notes payable, Carrying value	24,865	18,006
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	23,362	16,681
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 25,821	18,437
Maximum maturity period of financial assets	90 days
Ashford Trust OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	$ 4,416	5,293
Due from related parties, Fair value	4,416	5,293
Braemar OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	2,031	1,996
Due from related parties, Fair value	$ 2,031	$ 1,996

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-term Purchase Commitment [Line Items]
ERFP Commitments	$ 78,900	$ 33,900	$ 0
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP Commitments	28,900	33,900	0
Braemar
Long-term Purchase Commitment [Line Items]
ERFP Commitments	$ 50,000	$ 0	$ 0

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 163	$ 173
J&S
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	0	(11)
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	177	156
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	(34)	(7)
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 20	$ 35

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Aug. 08, 2021	Aug. 08, 2020	Aug. 08, 2019	Dec. 31, 2018	Aug. 07, 2018
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ (21)	$ (61)
Amortization of preferred stock discount		$ (491)	0
Preferred dividends (in dollars per share)		$ 0.3438
Preferred dividends		$ 2,791	$ 0
Series B Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, shares issued (in shares)	8,120,000		8,120,000				8,120,000	8,120,000
Premier
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued, value assigned	$ 203,000
Voting rights limit term	5 years
Voting rights limit	25.00%
Premier | Series B Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Share price (in dollars per share)	$ 140
Equity interest issued (in shares)	1,450,000
Redemption increments amount	$ 25,000
Redemption term minimum before closing	15 days
Redemption price (in dollars per share)	$ 25.125
Premier | Series B Convertible Preferred Stock | Scenario, Forecast
Redeemable Noncontrolling Interest [Line Items]
Dividend rate				6.50%	6.00%	5.50%
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 4	$ 12
Redeemable noncontrolling interests		0.20%
J&S
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ (227)	(355)
Redeemable noncontrolling interests		11.80%					15.00%
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 202	$ 282
Redeemable noncontrolling interests		28.15%					29.65%
Ashford LLC
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests		0.17%					0.17%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 16,800
Allocated stock-based compensation expense	$ 8,026	$ 13,089
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	1 year 11 months 20 days
Allocated stock-based compensation expense	$ 2,151	3,757
Employee Stock Option | Ashford Trust and Braemar | Salaries and Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	30
Employee Stock Option | Ashford Trust and Braemar | Cost of Revenues for Project Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	79
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	2,158	3,797
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	7	40
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 5,868	$ 9,292

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Deferred Revenue Arrangement [Line Items]
Deferral of compensation percentage maximum	100.00%
Unrealized gain (loss)	$ (758)	$ (774)
Distribution from deferred compensation plan	46	$ 80
Deferred compensation plan liability	$ 11,268		$ 10,574
Common Stock
Deferred Revenue Arrangement [Line Items]
Deferred compensation plan distribution (in shares)	1	0
Deferred compensation plan
Deferred Revenue Arrangement [Line Items]
Unrealized gain (loss)	$ (740)	$ (561)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 24, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jun. 21, 2017
Related Party Transaction [Line Items]
Deferred revenue recognized		$ 2,445,000	$ 2,737,000
Advisory agreement, amount due upon approval					$ 5,000,000
Advisory agreement, initial term	10 years
ERFP Commitments:
ERFP Commitments		33,900,000	0	$ 0
Initial ERFP Commitment		50,000,000		50,000,000
ERFP Commitments		78,900,000		$ 33,900,000
Unfunded ERFP Commitments		29,800,000
Amount invested		2,176,000	0
Rental expense			342,000
Officer of J&S
ERFP Commitments:
Operating lease amount per year		307,000
Rental expense		$ 84,000	84,000
Pure Wellness
ERFP Commitments:
Noncontrolling interests in consolidated entities		30.00%		30.00%
Ashford LLC
ERFP Commitments:
Noncontrolling interests in consolidated entities		0.00%		0.00%
J&S
ERFP Commitments:
Noncontrolling interests in consolidated entities		0.00%		0.00%
OpenKey
ERFP Commitments:
Noncontrolling interests in consolidated entities		25.26%		24.74%
OpenKey | Ashford Trust
ERFP Commitments:
Noncontrolling interests in consolidated entities		16.64%		16.30%
Amount invested		$ 299,000	667,000
OpenKey | Braemar
ERFP Commitments:
Noncontrolling interests in consolidated entities		8.40%		8.21%
Amount invested		$ 156,000	2,000,000
RED
ERFP Commitments:
Noncontrolling interests in consolidated entities		20.00%		20.00%
Ashford Trust OP
Related Party Transaction [Line Items]
Gross asset value multiplier		0.70%
Advisory services, quarterly base fee		0.70%
Revenue		$ 22,174,000	18,630,000
Cost of revenues for audio visual		1,684,000	354,000
Due from related parties		4,416,000		$ 5,293,000
Ashford Trust OP | Corporate and Other
Related Party Transaction [Line Items]
Revenue		1,518,000	908,000
Ashford Trust OP | REIT Advisory
Related Party Transaction [Line Items]
Revenue		15,689,000	17,698,000
Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Revenue		$ 28,000	24,000
Braemar
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%
ERFP Commitments:
ERFP Commitments		$ 0	0	0
Initial ERFP Commitment		50,000,000		0
ERFP Commitments		50,000,000		0
Ashford Trust
ERFP Commitments:
ERFP Commitments		33,900,000	0	0
Initial ERFP Commitment		0		50,000,000
ERFP Commitments		28,900,000		33,900,000
Unfunded ERFP Commitments		19,500,000
Braemar OP
Related Party Transaction [Line Items]
Revenue		8,218,000	5,534,000
Cost of revenues for audio visual		86,000	0
Due from related parties		2,031,000		1,996,000
ERFP Commitments:
Unfunded ERFP Commitments		10,300,000
Braemar OP | Corporate and Other
Related Party Transaction [Line Items]
Revenue		524,000	206,000
Braemar OP | REIT Advisory
Related Party Transaction [Line Items]
Revenue		4,927,000	5,323,000
Braemar OP | J&S
Related Party Transaction [Line Items]
Revenue		0	0
Cost of revenues for audio visual		0	0
Braemar OP | OpenKey
Related Party Transaction [Line Items]
Revenue		20,000	5,000
Remington
ERFP Commitments:
Reimbursements		$ 1,800,000	1,200,000
Minimum | Ashford Trust
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 | Ashford Trust
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
Hilton Old Town Alexandria
ERFP Commitments:
ERFP payments				(11,100,000)
Hilton Old Town Alexandria | Braemar
ERFP Commitments:
ERFP payments				0
Hilton Old Town Alexandria | Ashford Trust
ERFP Commitments:
ERFP payments				(11,100,000)
Embassy Suits New York Midtown Manhattan
ERFP Commitments:
Unfunded ERFP Commitments		19,500,000
Embassy Suits New York Midtown Manhattan | Ashford Trust
ERFP Commitments:
Unfunded ERFP Commitments		19,500,000
Embassy Suits New York Midtown Manhattan | Braemar OP
ERFP Commitments:
Unfunded ERFP Commitments		0
Ritz-Carlton Lake Tahoe
ERFP Commitments:
Unfunded ERFP Commitments		10,300,000
Ritz-Carlton Lake Tahoe | Ashford Trust
ERFP Commitments:
Unfunded ERFP Commitments		0
Ritz-Carlton Lake Tahoe | Braemar OP
ERFP Commitments:
Unfunded ERFP Commitments		10,300,000
La Posada
ERFP Commitments:
ERFP payments				(5,000,000)
La Posada | Braemar
ERFP Commitments:
ERFP payments				0
La Posada | Ashford Trust
ERFP Commitments:
ERFP payments				(5,000,000)
Hilton Santa Cruz/Scotts Valley
ERFP Commitments:
ERFP payments		(5,000,000)
Hilton Santa Cruz/Scotts Valley | Braemar
ERFP Commitments:
ERFP payments		0
Hilton Santa Cruz/Scotts Valley | Ashford Trust
ERFP Commitments:
ERFP payments		(5,000,000)
Base Fee | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		8,045,000	8,604,000
Reimbursable expenses | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		2,040,000	1,529,000
Deferred revenue recognized		597,000	202,000
Reimbursable expenses | Braemar OP
Related Party Transaction [Line Items]
Deferred revenue recognized		44,000	15,000
Equity-based compensation | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		4,289,000	6,745,000
Incentive advisory fee | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		0	452,000
Total advisory services revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		14,374,000	17,330,000
Investment management reimbursements | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		358,000	182,000
Debt placement fees | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		1,079,000	632,000
Claim management services | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		11,000	18,000
Lease revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		946,000	168,000
Other services | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		467,000	300,000
Total other revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		2,861,000	1,300,000
Audio visual
Related Party Transaction [Line Items]
Cost of revenues for audio visual		21,439,000	16,587,000
Deferred revenue recognized		1,000,000	1,900,000
Audio visual | Ashford Trust OP | J&S
Related Party Transaction [Line Items]
Revenue		0	0
Advisory services revenue | Base Fee | Braemar OP
Related Party Transaction [Line Items]
Revenue		2,577,000	2,107,000
Advisory services revenue | Reimbursable expenses | Braemar OP
Related Party Transaction [Line Items]
Revenue		469,000	420,000
Advisory services revenue | Equity-based compensation | Ashford Trust OP | Executive
Related Party Transaction [Line Items]
Revenue		4,500,000
Advisory services revenue | Equity-based compensation | Braemar OP
Related Party Transaction [Line Items]
Revenue		1,469,000	2,547,000
Advisory services revenue | Equity-based compensation | Braemar OP | Executive
Related Party Transaction [Line Items]
Revenue		2,200,000
Advisory services revenue | Incentive advisory fee | Braemar OP
Related Party Transaction [Line Items]
Revenue		170,000	0
Advisory services revenue | Other advisory revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		128,000	128,000
Advisory services revenue | Total advisory services revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		4,813,000	5,202,000
Project management
Related Party Transaction [Line Items]
Cost of revenues for audio visual		2,791,000	0
Project management | Ashford Trust OP | Premier
Related Party Transaction [Line Items]
Revenue		4,939,000	0
Project management | Braemar OP | Premier
Related Party Transaction [Line Items]
Revenue		2,747,000	0
Other revenue
Related Party Transaction [Line Items]
Deferred revenue recognized		636,000	510,000
Other revenue | Debt placement fees | Braemar OP
Related Party Transaction [Line Items]
Revenue		275,000	0
Other revenue | Claim management services | Braemar OP
Related Party Transaction [Line Items]
Revenue		30,000	37,000
Other revenue | Lease revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		84,000	84,000
Other revenue | Other services | Braemar OP
Related Party Transaction [Line Items]
Revenue		269,000	211,000
Other revenue | Total other revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		658,000	$ 332,000
Affiliated Entity
Related Party Transaction [Line Items]
Program commitment amount		50,000,000
Affiliated Entity | Ashford Trust OP | Pure Wellness
Related Party Transaction [Line Items]
Due from (to) related party		469,000		418,000
Affiliated Entity | Ashford Trust OP | Ashford LLC
Related Party Transaction [Line Items]
Due from (to) related party		1,119,000		2,337,000
Affiliated Entity | Ashford Trust OP | AIM
Related Party Transaction [Line Items]
Due from (to) related party		139,000		99,000
Affiliated Entity | Ashford Trust OP | Premier
Related Party Transaction [Line Items]
Due from (to) related party		1,559,000		1,611,000
Affiliated Entity | Ashford Trust OP | J&S
Related Party Transaction [Line Items]
Due from (to) related party		1,123,000		826,000
Affiliated Entity | Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Due from (to) related party		7,000		2,000
Affiliated Entity | Ashford Trust OP | RED
Related Party Transaction [Line Items]
Due from (to) related party		0		0
Affiliated Entity | Ashford Trust
Related Party Transaction [Line Items]
Program potential commitment amount		$ 100,000,000
Program percent of commitment for each hotel		10.00%
Affiliated Entity | Braemar OP | Pure Wellness
Related Party Transaction [Line Items]
Due from related parties		$ 18,000		30,000
Affiliated Entity | Braemar OP | Ashford LLC
Related Party Transaction [Line Items]
Due from related parties		573,000		941,000
Affiliated Entity | Braemar OP | Premier
Related Party Transaction [Line Items]
Due from related parties		1,265,000		949,000
Affiliated Entity | Braemar OP | J&S
Related Party Transaction [Line Items]
Due from related parties		71,000		4,000
Affiliated Entity | Braemar OP | OpenKey
Related Party Transaction [Line Items]
Due from related parties		15,000		12,000
Affiliated Entity | Braemar OP | RED
Related Party Transaction [Line Items]
Due from related parties		$ 89,000		$ 60,000

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ 710	$ (5,723)
Less: Dividends on preferred stock and amortization	(3,282)	0
Undistributed net income (loss) allocated to common stockholders	(2,572)	(5,723)
Distributed and undistributed net income (loss) - basic	(2,572)	(5,723)
Effect of incremental subsidiary shares	(202)	(282)
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings	0	(12)
Distributed and undistributed net income (loss) - diluted	$ (2,774)	$ (6,017)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,419	2,094
Effect of contingently issuable shares (in shares)	30	17
Effect of assumed conversion of operating partnership units (in shares)	0	4
Weighted average common shares outstanding – diluted (in shares)	2,449	2,115
Income (loss) per share – basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.06)	$ (2.73)
Income (loss) per share – diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (2.84)
Net income (loss) allocated to common stockholders	$ 3,505	$ 355
Dividends on preferred stock and amortization	$ 3,282	$ 0
Weighted average diluted shares (in shares)	1,574	270
Effect of unvested restricted shares
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	9	9
Effect of assumed exercise of stock options
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	65	234
Effect of assumed conversion of Ashford Holdings units
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ (4)	$ 0
Weighted average diluted shares (in shares)	4	0
Effect of incremental subsidiary shares
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ 227	$ 355
Weighted average diluted shares (in shares)	46	27
Effect of assumed conversion of preferred stock
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	1,450	0

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment	2
REVENUE
Total revenue	$ 63,320	$ 48,168
EXPENSES
Depreciation and amortization	4,527	1,040
Impairment	0	1,919
Other operating expenses	56,251	50,245
Total expenses	60,778	53,204
OPERATING INCOME (LOSS)	2,542	(5,036)
Equity in earnings (loss) of unconsolidated entities	(275)	0
Interest expense	(297)	(143)
Amortization of loan costs	(69)	(23)
Interest income	20	112
Other income (expense)	(53)	(39)
INCOME (LOSS) BEFORE INCOME TAXES	1,868	(5,129)
Income tax (expense) benefit	(1,300)	(706)
NET INCOME (LOSS)	568	(5,835)
REIT Advisory
REVENUE
Total revenue	20,616	23,021
J&S
REVENUE
Total revenue	30,975	23,310
OpenKey
REVENUE
Total revenue	257	319
Operating Segments | REIT Advisory
REVENUE
Total revenue	20,616	23,021
EXPENSES
Depreciation and amortization	1,183	390
Impairment	0	1,863
Other operating expenses	8,267	11,241
Total expenses	9,450	13,494
OPERATING INCOME (LOSS)	11,166	9,527
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	0	0
Other income (expense)	0	19
INCOME (LOSS) BEFORE INCOME TAXES	11,166	9,546
Income tax (expense) benefit	(2,489)	(2,116)
NET INCOME (LOSS)	8,677	7,430
Operating Segments | Premier
REVENUE
Total revenue		0
EXPENSES
Depreciation and amortization	2,738	0
Impairment	0	0
Other operating expenses	4,050	0
Total expenses	6,788	0
OPERATING INCOME (LOSS)	1,002	0
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	0	0
Interest income	0	0
Other income (expense)	0	0
INCOME (LOSS) BEFORE INCOME TAXES	1,002	0
Income tax (expense) benefit	(426)	0
NET INCOME (LOSS)	576	0
Operating Segments | J&S
REVENUE
Total revenue		23,310
EXPENSES
Depreciation and amortization	455	454
Impairment	0	0
Other operating expenses	28,008	19,803
Total expenses	28,463	20,257
OPERATING INCOME (LOSS)	2,512	3,053
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	(214)	(139)
Amortization of loan costs	(12)	(12)
Interest income	0	0
Other income (expense)	(107)	(58)
INCOME (LOSS) BEFORE INCOME TAXES	2,179	2,844
Income tax (expense) benefit	(887)	(746)
NET INCOME (LOSS)	1,292	2,098
Operating Segments | OpenKey
REVENUE
Total revenue		319
EXPENSES
Depreciation and amortization	7	6
Impairment	0	0
Other operating expenses	950	1,171
Total expenses	957	1,177
OPERATING INCOME (LOSS)	(700)	(858)
Equity in earnings (loss) of unconsolidated entities	0	0
Interest expense	0	0
Amortization of loan costs	(7)	(6)
Interest income	0	0
Other income (expense)	6	(1)
INCOME (LOSS) BEFORE INCOME TAXES	(701)	(865)
Income tax (expense) benefit	0	0
NET INCOME (LOSS)	(701)	(865)
Corporate and Other
REVENUE
Total revenue		1,518
EXPENSES
Depreciation and amortization	144	190
Impairment	0	56
Other operating expenses	14,976	18,030
Total expenses	15,120	18,276
OPERATING INCOME (LOSS)	(11,438)	(16,758)
Equity in earnings (loss) of unconsolidated entities	(275)	0
Interest expense	(83)	(4)
Amortization of loan costs	(50)	(5)
Interest income	20	112
Other income (expense)	48	1
INCOME (LOSS) BEFORE INCOME TAXES	(11,778)	(16,654)
Income tax (expense) benefit	2,502	2,156
NET INCOME (LOSS)	(9,276)	(14,498)
Total advisory services revenue
REVENUE
Total revenue	19,187	22,532
Total advisory services revenue | Operating Segments | REIT Advisory
REVENUE
Total revenue	19,187	22,532
Total advisory services revenue | Operating Segments | Premier
REVENUE
Total revenue	0	0
Total advisory services revenue | Operating Segments | J&S
REVENUE
Total revenue	0	0
Total advisory services revenue | Operating Segments | OpenKey
REVENUE
Total revenue	0	0
Total advisory services revenue | Corporate and Other
REVENUE
Total revenue	0	0
Audio visual
REVENUE
Total revenue	30,975	23,310
Audio visual | J&S
REVENUE
Total revenue	30,975	23,310
Audio visual | Operating Segments | REIT Advisory
REVENUE
Total revenue	0	0
Audio visual | Operating Segments | Premier
REVENUE
Total revenue	0	0
Audio visual | Operating Segments | J&S
REVENUE
Total revenue	30,975	23,310
Audio visual | Operating Segments | OpenKey
REVENUE
Total revenue	0	0
Audio visual | Corporate and Other
REVENUE
Total revenue	0	0
Project management
REVENUE
Total revenue	7,790	0
Project management | Premier
REVENUE
Total revenue	7,790	0
Project management | Operating Segments | REIT Advisory
REVENUE
Total revenue	0	0
Project management | Operating Segments | Premier
REVENUE
Total revenue	7,790	0
Project management | Operating Segments | J&S
REVENUE
Total revenue	0	0
Project management | Operating Segments | OpenKey
REVENUE
Total revenue	0	0
Project management | Corporate and Other
REVENUE
Total revenue	0	0
Other
REVENUE
Total revenue	5,368	2,326
Other | Operating Segments | REIT Advisory
REVENUE
Total revenue	1,429	489
Other | Operating Segments | Premier
REVENUE
Total revenue	0	0
Other | Operating Segments | J&S
REVENUE
Total revenue	0	0
Other | Operating Segments | OpenKey
REVENUE
Total revenue	257	319
Other | Corporate and Other
REVENUE
Total revenue	$ 3,682	$ 1,518