Ashford (AINC) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 06, 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	Sep. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,201,745

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 36,400	$ 51,529
Restricted cash	11,978	7,914
Accounts receivable, net	6,628	4,928
Due from affiliates	55	45
Inventories	1,356	1,202
Prepaid expenses and other	4,236	3,902
Total current assets	67,321	76,809
Investments in unconsolidated entities	3,339	500
Furniture, fixtures and equipment, net	72,043	47,947
Operating lease right-of-use assets	21,522
Goodwill	61,969	59,683
Intangible assets, net	193,766	193,194
Other assets	1,877	872
Total assets	421,837	379,005
Current liabilities:
Accounts payable and accrued expenses	27,314	24,880
Dividends payable	2,910	0
Due to affiliates	1,353	2,032
Deferred income	211	148
Deferred compensation plan	47	173
Notes payable, net	3,549	2,595
Operating lease liabilities	2,206
Other liabilities	18,827	8,418
Total current liabilities	56,417	38,246
Deferred income	11,409	13,396
Deferred tax liability, net	31,656	31,506
Deferred compensation plan	4,831	10,401
Notes payable, net	25,126	15,177
Operating lease liabilities	19,340
Total liabilities	148,779	108,726
Commitments and contingencies (note 10)
MEZZANINE EQUITY
Series B Convertible Preferred Stock, $0.01 par value, 8,120,000 shares issued and outstanding, net of discount at September 30, 2019 and December 31, 2018	202,185	200,847
Redeemable noncontrolling interests	3,641	3,531
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A cumulative preferred stock, no shares issued and outstanding at September 30, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,614,719 and 2,391,541 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	26	24
Additional paid-in capital	296,213	280,159
Accumulated deficit	(229,379)	(214,242)
Accumulated other comprehensive income (loss)	(393)	(498)
Total stockholders’ equity of the Company	66,467	65,443
Noncontrolling interests in consolidated entities	765	458
Total equity	67,232	65,901
Total liabilities and equity	421,837	379,005
Ashford Trust OP
Current assets:
Due from related parties	4,444	5,293
Braemar OP
Current assets:
Due from related parties	$ 2,224	$ 1,996

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	2,614,719	2,391,541
Common stock, shares outstanding (in shares)	2,614,719	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)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	8,120,000	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	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUE
Total revenue	$ 56,889,000	$ 41,565,000	$ 183,675,000	$ 144,544,000
EXPENSES
Salaries and benefits	21,129,000	21,851,000	61,986,000	64,078,000
Depreciation and amortization	8,374,000	2,972,000	17,835,000	5,205,000
General and administrative	8,940,000	12,231,000	28,290,000	27,651,000
Impairment	0	0	0	1,919,000
Other	4,849,000	434,000	9,326,000	2,172,000
Total expenses	63,690,000	53,069,000	186,991,000	150,214,000
OPERATING INCOME (LOSS)	(6,801,000)	(11,504,000)	(3,316,000)	(5,670,000)
Equity in earnings (loss) of unconsolidated entities	464,000	0	(109,000)	0
Interest expense	(456,000)	(289,000)	(1,198,000)	(593,000)
Amortization of loan costs	(75,000)	(130,000)	(214,000)	(177,000)
Interest income	0	103,000	29,000	288,000
Other income (expense)	(20,000)	(78,000)	(115,000)	(338,000)
INCOME (LOSS) BEFORE INCOME TAXES	(6,888,000)	(11,898,000)	(4,923,000)	(6,490,000)
Income tax (expense) benefit	297,000	13,904,000	(1,429,000)	11,593,000
NET INCOME (LOSS)	(6,591,000)	2,006,000	(6,352,000)	5,103,000
(Income) loss from consolidated entities attributable to noncontrolling interests	101,000	413,000	395,000	704,000
Net (income) loss attributable to redeemable noncontrolling interests	334,000	968,000	623,000	817,000
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(6,156,000)	3,387,000	(5,334,000)	6,624,000
Preferred dividends	2,909,000	1,675,000	8,492,000	1,675,000
Amortization of preferred stock discount	(363,000)	(303,000)	(1,338,000)	(303,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (9,428,000)	$ 1,409,000	$ (15,164,000)	$ 4,646,000
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.65)	$ 0.67	$ (6.09)	$ 2.20
Weighted average common shares outstanding – basic (in shares)	2,580	2,109	2,489	2,100
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.94)	$ 0.18	$ (7.95)	$ 0.11
Weighted average common shares outstanding – diluted (in shares)	2,782	2,337	2,679	2,417
Total advisory services revenue
REVENUE
Total revenue	$ 20,055,000	$ 21,016,000	$ 60,462,000	$ 68,118,000
Audio visual
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
EXPENSES
Cost of revenues	17,732,000	14,392,000	61,400,000	48,000,000
Project management
REVENUE
Total revenue	7,881,000	3,616,000	23,371,000	3,616,000
EXPENSES
Cost of revenues	2,666,000	1,189,000	8,154,000	1,189,000
Other
REVENUE
Total revenue	6,523,000	2,407,000	16,310,000	11,598,000
JSAV
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
JSAV | Audio visual
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
Premier | Project management
REVENUE
Total revenue	$ 7,881,000	$ 3,616,000	$ 23,371,000	$ 3,616,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (6,591)	$ 2,006	$ (6,352)	$ 5,103
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	(116)	112	119	(140)
COMPREHENSIVE INCOME (LOSS)	(6,707)	2,118	(6,233)	4,963
Comprehensive (income) loss attributable to noncontrolling interests	101	413	395	704
Comprehensive (income) loss attributable to redeemable noncontrolling interests	350	954	609	840
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (6,256)	$ 3,485	$ (5,229)	$ 6,507

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	BAV	Sebago	Common Stock	Common StockBAV	Common StockSebago	Additional Paid-in Capital	Additional Paid-in CapitalBAV	Additional Paid-in CapitalSebago	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 (in shares)				5
Equity-based compensation	8,058						8,051					7
Issuance of common stock (in shares)					270
Issuance of common stock		$ 18,099			$ 3			$ 18,096
Acquisitions (in shares)				9									8,120
Acquisitions	838						838						$ 203,000	(838)
Discount on preferred shares													(2,725)
Amortization of preferred stock discount	(303)									(303)			$ 303
Dividends declared - preferred stock	$ (1,675)									(1,675)
Deferred compensation plan distribution (in shares)	3			3
Deferred compensation plan distribution	$ 197						197
Employee advances	45						45
Acquisition of noncontrolling interest in consolidated entities	(382)											(382)		55
Contributions from noncontrolling interests	2,666											2,666
Reallocation of carrying value	(1,166)						530					(1,696)		1,166
Redemption value adjustment	576									576				(576)
Distributions to consolidated noncontrolling interests	(14)											(14)		(300)
Foreign currency translation adjustment	(117)										(117)			(23)
Net income (loss)	6,624
Net income (loss)	5,920											(704)		(817)
Ending balance (in shares) at Sep. 30, 2018				2,381									8,120
Ending balance at Sep. 30, 2018	63,699			$ 24			277,452			(214,174)	(252)	649	$ 200,578	3,778
Beginning balance at Dec. 31, 2017	30,957			21			249,695			(219,396)	(135)	772	0	5,111
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions	838						838						203,000	(838)
Acquisition of noncontrolling interest in consolidated entities	(382)											(382)		55
Reallocation of carrying value	(1,166)						530					(1,696)		1,166
Redemption value adjustment	576									576				(576)
Distributions to consolidated noncontrolling interests	(14)											(14)		(300)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(117)										(117)			(23)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interests	5,920											(704)		(817)
Ending balance at Sep. 30, 2018	63,699			$ 24			277,452			(214,174)	(252)	649	$ 200,578	3,778
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
Ending balance (in shares) at Dec. 31, 2018				2,392									8,120
Ending balance at Dec. 31, 2018	65,901			$ 24			280,159			(214,242)	(498)	458	$ 200,847	3,531
Beginning balance at Dec. 31, 2017	30,957			21			249,695			(219,396)	(135)	772	0	5,111
Ending balance at Dec. 31, 2018	65,901			$ 24			280,159			(214,242)	(498)	458	$ 200,847	3,531
Beginning balance (in shares) at Jun. 30, 2018				2,109									0
Beginning balance at Jun. 30, 2018	42,962			$ 21			257,303			(215,435)	(348)	1,421	$ 0	4,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				1
Equity-based compensation	1,989						1,990					(1)
Issuance of common stock (in shares)					270
Issuance of common stock		18,099			$ 3			18,096
Acquisitions (in shares)													8,120
Acquisitions													$ 203,000
Discount on preferred shares													(2,725)
Amortization of preferred stock discount	(303)									(303)			$ 303
Dividends declared - preferred stock	$ (1,675)									(1,675)
Deferred compensation plan distribution (in shares)	1			1
Deferred compensation plan distribution	$ 63						63
Acquisition of noncontrolling interest in consolidated entities	(382)											(382)		55
Redemption value adjustment	(162)									(162)				162
Distributions to consolidated noncontrolling interests	0									14		(14)		(300)
Foreign currency translation adjustment	134										96	38		(23)
Net income (loss)	3,387									3,387
Net income (loss)	2,974											(413)		(968)
Ending balance (in shares) at Sep. 30, 2018				2,381									8,120
Ending balance at Sep. 30, 2018	63,699			$ 24			277,452			(214,174)	(252)	649	$ 200,578	3,778
Beginning balance at Jun. 30, 2018	42,962			21			257,303			(215,435)	(348)	1,421	0	4,852
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions													203,000
Acquisition of noncontrolling interest in consolidated entities	(382)											(382)		55
Redemption value adjustment	(162)									(162)				162
Distributions to consolidated noncontrolling interests	0									14		(14)		(300)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	134										96	38		(23)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interests	2,974											(413)		(968)
Ending balance at Sep. 30, 2018	63,699			$ 24			277,452			(214,174)	(252)	649	$ 200,578	3,778
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	$ 200,847	3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				8
Equity-based compensation	6,901						6,917					(16)
Acquisitions (in shares)					60	135
Acquisitions		3,748	$ 4,547		$ 1	$ 1		3,747	$ 4,546
Investment in Real Estate Advisory Holdings LLC (in shares)				17
Investment in Real Estate Advisory Holdings LLC	887						887
Amortization of preferred stock discount	(1,338)												$ 1,338
Dividends declared - preferred stock	(8,492)
Deferred compensation plan distribution (in shares)				3
Deferred compensation plan distribution	93						73
Employee advances	353						353
Contributions from noncontrolling interests	1,038											1,038
Reallocation of carrying value	(746)						(489)					(257)		746
Redemption value adjustment	27									27				(27)
Distributions to consolidated noncontrolling interests	(63)											(63)		0
Foreign currency translation adjustment	105										105			14
Net income (loss)	(5,334)									822
Net income (loss)	(5,729)											(395)		(623)
Ending balance (in shares) at Sep. 30, 2019				2,615									8,120
Ending balance at Sep. 30, 2019	67,232			$ 26			296,213			(229,379)	(393)	765	$ 202,185	3,641
Beginning balance at Dec. 31, 2018	65,901			24			280,159			(214,242)	(498)	458	200,847	3,531
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions		$ 3,748	$ 4,547		$ 1	$ 1		$ 3,747	$ 4,546
Reallocation of carrying value	(746)						(489)					(257)		746
Redemption value adjustment	27									27				(27)
Distributions to consolidated noncontrolling interests	(63)											(63)		0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	105										105			14
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interests	(5,729)											(395)		(623)
Ending balance at Sep. 30, 2019	67,232			$ 26			296,213			(229,379)	(393)	765	$ 202,185	3,641
Beginning balance (in shares) at Jun. 30, 2019				2,476									8,120
Beginning balance at Jun. 30, 2019	69,998			$ 25			289,821			(219,965)	(293)	410	$ 201,822	3,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				3
Equity-based compensation	2,089						2,081					8
Acquisitions (in shares)				135
Acquisitions	4,547			$ 1			4,546
Amortization of preferred stock discount	(363)									(363)			$ 363
Dividends declared - preferred stock	$ (2,909)									(2,909)
Deferred compensation plan distribution (in shares)	1			1
Deferred compensation plan distribution	$ 20						20
Contributions from noncontrolling interests	583											583
Reallocation of carrying value	(390)						(255)					(135)		390
Redemption value adjustment	14									14				(14)
Foreign currency translation adjustment	(100)										(100)			(16)
Net income (loss)	(6,156)									(6,156)
Net income (loss)	(6,257)											(101)		(334)
Ending balance (in shares) at Sep. 30, 2019				2,615									8,120
Ending balance at Sep. 30, 2019	67,232			$ 26			296,213			(229,379)	(393)	765	$ 202,185	3,641
Beginning balance at Jun. 30, 2019	69,998			25			289,821			(219,965)	(293)	410	201,822	3,615
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions	4,547			1			4,546
Reallocation of carrying value	(390)						(255)					(135)		390
Redemption value adjustment	14									14				(14)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(100)										(100)			(16)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interests	(6,257)											(101)		(334)
Ending balance at Sep. 30, 2019	$ 67,232			$ 26			$ 296,213			$ (229,379)	$ (393)	$ 765	$ 202,185	$ 3,641

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities
Net income (loss)	$ (6,352,000)	$ 5,103,000
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	21,461,000	8,264,000
Change in fair value of deferred compensation plan	(5,603,000)	(3,540,000)
Equity-based compensation	6,950,000	8,058,000
Equity in (earnings) loss in unconsolidated entities	109,000	0
Deferred tax expense (benefit)	(1,057,000)	(15,148,000)
Change in fair value of contingent consideration	4,412,000	338,000
Impairment of furniture, fixtures and equipment	0	1,919,000
(Gain) loss on sale of furniture, fixtures and equipment	(73,000)	(74,000)
Amortization of loan costs	214,000	177,000
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(969,000)	568,000
Due from affiliates	(10,000)	0
Inventories	(154,000)	(149,000)
Prepaid expenses and other	(230,000)	(1,000)
Investment in unconsolidated entities	115,000	0
Operating lease right-of-use assets	1,387,000
Other assets	0	(772,000)
Accounts payable and accrued expenses	2,113,000	1,670,000
Due to affiliates	(610,000)	(2,467,000)
Other liabilities	3,864,000	1,308,000
Operating lease liabilities	(1,362,000)
Deferred income	(2,078,000)	(14,000)
Net cash provided by (used in) operating activities	22,748,000	15,555,000
Cash Flows from Investing Activities
Additions to furniture, fixtures and equipment	(5,143,000)	(7,531,000)
Proceeds from disposal of furniture, fixtures and equipment, net	231,000	0
Investment in Real Estate Advisory Holdings LLC	(2,176,000)	0
Cash acquired in acquisition of Premier	0	2,277,000
Acquisition of assets related to RED Hospitality and Leisure LLC	(1,570,000)	(4,046,000)
Net cash provided by (used in) investing activities	(38,740,000)	(9,300,000)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	0	18,099,000
Payments for dividends on preferred stock	(5,582,000)	(1,675,000)
Payments on revolving credit facilities	(25,980,000)	(14,550,000)
Borrowings on revolving credit facilities	26,448,000	16,277,000
Proceeds from notes payable	11,019,000	6,047,000
Payments on notes payable and capital leases	(2,211,000)	(1,409,000)
Payments of loan costs	(45,000)	(72,000)
Employee advances	353,000	45,000
Payment of contingent consideration	0	(1,196,000)
Contributions from noncontrolling interest	980,000	2,666,000
Distributions to noncontrolling interests in consolidated entities	(63,000)	(314,000)
Net cash provided by (used in) financing activities	4,919,000	23,918,000
Effect of foreign exchange rate changes on cash and cash equivalents	8,000	(70,000)
Net change in cash, cash equivalents and restricted cash	(11,065,000)	30,103,000
Cash, cash equivalents and restricted cash at beginning of period	59,443,000	45,556,000
Cash, cash equivalents and restricted cash at end of period	48,378,000	75,659,000
Supplemental Cash Flow Information
Interest paid	1,063,000	555,000
Income taxes paid	2,203,000	1,375,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Premier through issuance of convertible preferred stock, less cash acquired	0	200,723,000
Distribution from deferred compensation plan	93,000	197,000
Capital expenditures accrued but not paid	445,000	1,037,000
Finance lease additions	1,620,000	0
Contributions from noncontrolling interests	58,000	0
Amortization of discount on preferred stock	1,338,000	303,000
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	51,529,000	36,480,000
Restricted cash at beginning of period	7,914,000	9,076,000
Cash and cash equivalents at end of period	36,400,000	64,937,000
Restricted cash at end of period	11,978,000	10,722,000
Cash, cash equivalents and restricted cash	59,443,000	45,556,000
BAV
Cash Flows from Investing Activities
Acquisitions	(4,267,000)	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	3,748,000	0
REA Holdings
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	887,000	0
Sebago
Cash Flows from Operating Activities
Net income (loss)	129,000
Cash Flows from Investing Activities
Acquisitions	(2,426,000)	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	4,547,000	0
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	849,000	9,166,000
Braemar OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	(228,000)	1,149,000
Ashford Trust
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Equity in (earnings) loss in unconsolidated entities	(266,000)
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(13,089,000)	0
Braemar
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Equity in (earnings) loss in unconsolidated entities	(239,000)
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(10,300,000)	0
Ashford Inc. | OpenKey
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Ashford Inc. common stock consideration for purchase of OpenKey shares	$ 0	$ 838,000

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. is a Nevada corporation (see note 18), 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. Unless the context otherwise requires, references to the “Company”, “we”, “us” or “Ashford Inc.” for the period before August 8, 2018 refer to Old Ashford (as defined below), for the period from and including August 8, 2018 through November 6, 2019 refer to Maryland Ashford (as defined in note 18), and for the period beginning on and including November 6, 2019, and thereafter refer to Ashford Inc., a Nevada Corporation. Our common stock is listed on the NYSE American LLC (“NYSE American”). As of September 30, 2019 , Ashford Trust held approximately 598,000 shares of our common stock, which represented an approximate 22.9% ownership interest in Ashford Inc., and Braemar Hotels & Resorts Inc. (“Braemar”) held approximately 195,000 shares, which represented an approximate 7.5% ownership interest in the Company. However, as described in note 18, as of November 5, 2019, Ashford Trust and Braemar no longer hold any of our common stock. 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 U.S. 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’s (“RED”) operations in the U.S. Virgin Islands. RED is a provider of watersports activities and other travel and transportation services. This transaction was accounted for as an asset acquisition recorded at cost and did not result in the recognition of goodwill. During 2018, RED acquired additional passenger vessels and a ferry. 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 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 Holdings, LP (“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. Cumulative preferred dividends on the Series B Convertible Preferred Stock accrue 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 , 12 and 18. 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 Audio Visual (“JSAV”), our consolidated subsidiary, acquired a privately-held company, 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 JSAV, which we consolidate under the voting interest model, increased from 85% to approximately 88% . Pursuant to the asset purchase agreement, as amended on September 24, 2019, the purchase price consisted of: (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing JSAV term loan; (ii) $3.5 million in the form of Ashford Inc. common stock consisting of 61,387 shares issued on March 1, 2019, which was determined based on a thirty-day volume weighted average price per share (“30-Day VWAP”) of $57.01 and had an estimated fair value of approximately $3.7 million as of the acquisition date; (iii) $500,000 payable in cash or Ashford Inc. common stock at our sole discretion to be issued 18 months after the acquisition date, subject to certain conditions; and (iv) contingent consideration related to the achievement of certain performance targets with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. Additionally, the transaction includes a stock consideration collar with potential settlements at 12 months, 15 months and 18 months after the acquisition date dependent upon the 30-Day VWAP of Ashford Inc.’s common stock on each respective settlement date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in fair value recognized in earnings within “other” operating expenses in our condensed consolidated statements of operations. See notes 4 and 8 for further discussion of the Company’s liabilities related to acquisition-related contingent consideration. On May 31, 2019, Ashford Inc. signed a Combination Agreement, between the Bennetts, Remington, Remington Holdings GP, LLC, MJB Investments, LP, the Company, James L. Cowen, Jeremy J. Welter (our Co-President and COO), Ashford Nevada Holding Corp. and Ashford Merger Sub Inc. (which was subsequently amended on July 17, 2019 and further amended on August 28, 2019) (the “Combination Agreement”) to acquire the Hotel Management business of Remington, a privately held company. The transaction closed on November 6, 2019, after the transaction was approved by shareholders on October 24, 2019. See note 18. On July 18, 2019, RED completed the acquisition of substantially all of the assets of Sebago, a leading provider of watersports activities and excursion services based in Key West, Florida. After giving effect to the transaction, Ashford Inc. will own an approximately 84% interest in the common equity of RED. The purchase price consisted of approximately $2.5 million in cash (excluding transaction costs and working capital adjustments) funded by new RED term loans and $4.5 million in the form of Ashford Inc. common stock consisting of 135,366 shares issued on July 18, 2019, subject to a six month stock consideration collar. See note 4 . On September 25, 2019, the Company announced the formation of Ashford Securities LLC (“Ashford Securities”) to raise capital in order to grow the Company’s existing and future platforms. Following registration with the Financial Industry and Regulatory Authority and other regulatory authorities, Ashford Securities will be a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by the Company. Types of capital raised may include, but are not limited to, preferred equity, convertible preferred equity, mezzanine debt, or non-traded REIT common equity for future platforms. Ashford Securities is not raising common equity for the Company nor for the Company’s existing advised platforms Ashford Trust and Braemar. In conjunction with the formation of Ashford Securities, Ashford Trust and Braemar have entered into a contribution agreement with Ashford Inc. in which Ashford Trust and Braemar have agreed to contribute a combined contribution amount of up to $15.0 million to fund the operations of Ashford Securities. As of September 30, 2019 , Ashford Trust and Braemar have funded approximately $485,000 and $165,000 , respectively. 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	9 Months Ended
	Sep. 30, 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 Securities and Exchange Commission (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 September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.84 % 88.20 % 47.61 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.16 % 11.80 % 26.59 % — % — % Noncontrolling interests in consolidated entities — % — % 25.80 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 100 $ 1,802 $ 1,739 n/a n/a Redemption value adjustment, year-to-date (89 ) — 62 n/a n/a Redemption value adjustment, cumulative 89 — 2,095 n/a n/a Carrying value of noncontrolling interests — — 540 157 19 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 56,115 2,461 2,027 18,682 Liabilities (9) n/a 42,752 513 1,869 10,388 Notes payable (9) n/a 18,711 — — 6,327 Revolving credit facility (9) n/a 2,327 — 45 6 December 31, 2018 Ashford JSAV (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 (9) n/a 24,836 421 1,977 2,839 Notes payable (9) n/a 13,614 — — 2,480 Revolving credit facility (9) 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 Hospitality Holdings LLC (“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 JSAV, which we consolidate under the voting interest model. JSAV 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 consolidate it. RED is a provider of watersports activities and other travel and transportation services and includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago. We are provided a preferred return on our investment in RED’s legacy U.S. Virgin Islands operations and Sebago which is accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 11 . (7) Total assets consist primarily of cash and cash equivalents, FF&E and other assets that can only be used to settle the subsidiaries’ obligations. (8) The assets of Sebago are not available to settle the obligations of the entity that conducts RED’s legacy U.S. Virgin Islands operations. (9) 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’s legacy U.S. Virgin Islands operations, 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 and nine months ended September 30, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at September 30, 2019 and December 31, 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 and nine months ended September 30, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in 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): September 30, 2019 Carrying value of the investment in REA Holdings $ 2,839 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Equity in earnings (loss) in unconsolidated entities $ 464 $ (109 ) 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 our condensed consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. Certain of our business combinations include contingent consideration arrangements that require additional consideration to be paid based on the achievement of established objectives, most commonly related to post-combination period performance targets and stock consideration collars. We assess contingent consideration to determine if it is part of the business combination or if it should be accounted for separately from the business combination in the post-combination period. Contingent consideration is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in fair value recognized in earnings. See note 4 for additional information regarding contingent consideration arising from business acquisitions. 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 September 30, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $35.7 million and $16.1 million , audio visual equipment at JSAV of $16.0 million and $13.4 million and marine vessels at RED of $8.2 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. No impairment charges were recorded for the three and nine months ended September 30, 2019 . We recorded impairment charges of $0 and $1.9 million for the three and nine months ended September 30, 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 JSAV and RED’s acquisition of Sebago. 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. In the third quarter of 2019, the Company identified a potential indicator of goodwill impairment in our reporting units due to a decline in the price of our common stock. We performed an interim qualitative assessment to determine whether it was more likely than not that the carrying value of goodwill in our reporting units was impaired as of September 30, 2019. Based on our assessment, goodwill was not impaired as of September 30, 2019 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships, management contracts and boat slip rights resulting from our acquisitions of Premier, JSAV, RED and Pure Wellness. Definite-lived intangible assets are amortized over their respective estimated useful lives based on the projected economic benefit associated with the asset, or using the straight-line method if not materially different. 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 September 30, 2019 . Other Liabilities —As of September 30, 2019 and December 31, 2018 , other liabilities included reserves in the amount of $12.1 million and $7.8 million , respectively, related primarily 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. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated balance sheets. As of September 30, 2019 , other liabilities also included our remaining consideration of $500,000 and the fair value of contingent consideration of $4.6 million due to the sellers of BAV resulting from JSAV’s acquisition of BAV in March of 2019 and the fair value of contingent consideration of $1.2 million due to the sellers of Sebago resulting from RED’s acquisition of Sebago in July of 2019. See notes 4 and 15 . 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 grant date 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 grant date 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 JSAV 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 our condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 . Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, and FF&E reimbursements. 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. Lease ROU assets and 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 related to operating leases is recognized on a straight-line basis over the lease term. Lease expense for minimum lease payments related to financing leases is recognized using the effective interest method 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, beginning November 1, 2017, Mexico and Dominican Republic income taxes and, beginning 2018, U.S. Virgin Islands 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 our 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, beginning November 1, 2017, in Mexico and the Dominican Republic and, beginning 2018, in the U.S. Virgin Islands. 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 implementing repeatable processes to manage our analysis of any expected credit losses which may occur related to our short-term receivables and evaluating accounting policies and controls that will be impacted by the new standard. 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 (Topi

Revenues

Revenues	9 Months Ended
	Sep. 30, 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, prior to January 15, 2019, the base fee was paid monthly and was fixed at 0.70% of Braemar’s total market capitalization plus 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 grant date 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 JSAV 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 the provision of watersports activities and ferry and excursion 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 (“Lismore”), 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 legacy key money transaction with Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. Our ERFP leases entered into in 2018 with Ashford Trust commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASC 842, a portion of the base advisory fee for leases, which commenced prior to our adoption, 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 Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenues being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred income that could result in a cash payment within the next twelve months is recorded as current deferred income and the remaining portion is recorded as noncurrent. The increase in the deferred income 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 income balance at the beginning of the period. The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2019 2018 Balance as of June 30 $ 11,226 $ 13,111 Increases to deferred income 1,681 2,144 Recognition of revenue (1) (1,287 ) (1,344 ) Balance as of September 30 $ 11,620 $ 13,911 ________ (1) Deferred income recognized in the three months ended September 30, 2019 , includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $194,000 of audio visual revenue and (c) $539,000 of “other services” revenue earned by our hospitality products and services companies. Deferred income recognized in the three months ended September 30, 2018 , includes (a) $666,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $173,000 of audio visual revenue and (c) $505,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Income 2019 2018 Balance as of January 1 $ 13,544 $ 13,899 Increases to deferred income 4,429 5,731 Recognition of revenue (1) (6,353 ) (5,719 ) Balance as of September 30 $ 11,620 $ 13,911 ________ (1) Deferred income recognized in the nine months ended September 30, 2019 , includes (a) $2.0 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.6 million of audio visual revenue and (c) $1.8 million of “other services” revenue earned by our hospitality products and services companies. Deferred income recognized in the nine months ended September 30, 2018 , includes (a) $1.6 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.9 million of audio visual revenue and (c) $1.3 million of “other services” revenue earned by our hospitality products and services companies. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, and (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at September 30, 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 income until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $6.6 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 $2.2 million and $2.0 million included in “due from Braemar OP” related to REIT advisory services at September 30, 2019 and December 31, 2018 , respectively. We had no significant impairments related to these receivables during the three and nine months ended September 30, 2019 and 2018 . Disaggregated Revenue Our revenues were comprised of the following for the three and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Advisory services revenue: Base advisory fee $ 10,570 $ 11,655 $ 32,382 $ 33,540 Incentive advisory fee 170 452 509 1,356 Reimbursable expenses 2,541 2,607 8,270 7,052 Equity-based compensation 6,643 6,170 18,912 25,780 Other advisory revenue 131 132 389 390 Total advisory services revenue (2) 20,055 21,016 60,462 68,118 Audio visual revenue 22,430 14,526 83,532 61,212 Project management revenue 7,881 3,616 23,371 3,616 Other revenue: Investment management reimbursements (2) 246 339 941 850 Debt placement fees (3) 429 350 1,862 5,941 Claims management services (2) 51 48 147 153 Lease revenue (2) 1,029 251 3,088 754 Other services (4) 4,768 1,419 10,272 3,900 Total other revenue 6,523 2,407 16,310 11,598 Total revenue $ 56,889 $ 41,565 $ 183,675 $ 144,544 REVENUE BY SEGMENT (1) REIT advisory $ 21,381 $ 21,656 $ 64,638 $ 69,875 Premier 7,881 3,616 23,371 3,616 JSAV 22,430 14,526 83,532 61,212 OpenKey 313 301 764 773 Corporate and other 4,884 1,466 11,370 9,068 Total revenue $ 56,889 $ 41,565 $ 183,675 $ 144,544 ________ (1) We have four reportable segments: REIT Advisory, Premier, JSAV 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 revenue recognized by our REIT Advisory segment. (3) Debt placement fees are earned by Lismore for providing debt placement services to Ashford Trust and Braemar. (4) Other services revenue relates primarily to other hotel services provided by our consolidated subsidiaries, OpenKey, RED and Pure Wellness, to Ashford Trust, Braemar and third parties. Other services also includes reimbursements for expenses related to Ashford Securities from Ashford Trust and Braemar. Geographic Information Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our JSAV reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our JSAV reporting segment geographically for the three and nine months ended September 30, 2019 and 2018 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 19,860 $ 12,385 $ 67,550 $ 44,547 Mexico 1,804 1,293 11,289 12,010 Dominican Republic 766 848 4,693 4,655 $ 22,430 $ 14,526 $ 83,532 $ 61,212

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions Sebago On July 18, 2019, RED completed the acquisition of substantially all of the assets of Sebago, a leading provider of watersports activities and excursion services based in Key West, Florida. After giving effect to the transaction, Ashford Inc. will own an approximately 84% interest in the common equity of RED. The purchase price consisted of approximately $2.5 million in cash (excluding transaction costs and working capital adjustments) funded by new RED term loans and $4.5 million in the form of Ashford Inc. common stock consisting of 135,366 shares issued on July 18, 2019, subject to a six month stock consideration collar. The issued Ashford Inc. shares were determined using a 30-Day VWAP of $33.24 and had an estimated fair value of approximately $4.5 million as of the acquisition date. Pursuant to the acquisition agreement, in the event that the 30-Day VWAP of the common stock on the six month anniversary of the closing date of the acquisition is lower than the price of the common stock on July 18, 2019, the Company at its sole discretion will either pay to the sellers a cash payment, if greater than zero, equal to the amount by which the value of the common stock on the six month anniversary of the acquisition is less than $3.8 million or may repurchase all of the common stock from the seller for $3.8 million . In the event that the 30-Day VWAP of the common stock on the six month anniversary of the closing date of the acquisition is higher than the price of the common stock on July 18, 2019, the Company may repurchase shares of common stock at a price of $0.01 per share, such that the stock consideration for the transaction remains $4.5 million in common stock. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in fair value recognized in earnings within “other” operating expenses in our condensed consolidated statements of operations. See note 8 for further discussion of the Company’s liabilities related to acquisition-related contingent consideration. The acquisition of Sebago 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 Sebago 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 marine vessels 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): Cash $ 2,500 Less working capital adjustments (74 ) Fair value of Ashford Inc. common stock issued 4,547 Purchase price consideration $ 6,973 Fair Value Estimated Useful Life Current assets $ 76 Marine vessels 2,220 20 years FF&E 1,514 20 years Operating lease right-of-use assets 391 Goodwill 1,452 Trademarks 480 Boat slip rights 2,900 20 years Total assets acquired 9,033 Current liabilities 299 Noncurrent liabilities 1,761 Total assumed liabilities 2,060 Net assets acquired $ 6,973 We expect approximately $1.5 million of the goodwill balance to be deductible by Ashford Inc. for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding Sebago’s operations through our relationship with RED. Results of Sebago The results of operations of Sebago have been included in our results of operations since the acquisition date. Our condensed consolidated statements of operations for the three and nine months ended September 30, 2019 , include total revenues from Sebago of $1.2 million . In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2019 , include net income from Sebago of $129,000 . 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.” BAV On March 1, 2019, JSAV acquired a privately-held company, 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 JSAV, which we consolidate under the voting interest model, increased from 85% to approximately 88% . Pursuant to the asset purchase agreement, as amended on September 24, 2019, the purchase price consisted of: (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing JSAV term loan; (ii) $3.5 million in the form of Ashford Inc. common stock consisting of 61,387 shares issued on March 1, 2019, which was determined based on a 30-Day VWAP of $57.01 and had an estimated fair value of approximately $3.7 million as of the acquisition date; (iii) $500,000 payable in cash or Ashford Inc. common stock at our sole discretion to be issued 18 months after the acquisition date, subject to certain conditions; and (iv) contingent consideration related to the achievement of certain performance targets with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. Additionally, the transaction includes a stock consideration collar with potential settlements at 12 months, 15 months and 18 months after the acquisition date dependent upon the 30-Day VWAP of Ashford Inc.’s common stock on each respective settlement date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in fair value recognized in earnings within “other” operating expenses in our condensed consolidated statements of operations. See note 8 for further discussion of the Company’s liabilities related to acquisition-related contingent consideration. 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 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 (733 ) Fair value of Ashford Inc. common stock issued 3,748 Consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,899 Fair Value Estimated Useful Life Current assets $ 754 FF&E 1,895 5 years Operating lease right-of-use assets 165 Goodwill 4,827 Trademarks 440 Customer relationships 2,800 15 years Total assets acquired 10,881 Current liabilities 619 Noncurrent liabilities 363 Total assumed liabilities 982 Net assets acquired $ 9,899 We expect approximately $4.8 million of the goodwill balance to be deductible by Ashford Inc. 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 JSAV. 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 and nine months ended September 30, 2019 , include total revenues from BAV of $2.8 million and $8.5 million , respectively. In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2019 , include net income from BAV of $428,000 and $1.2 million , respectively. 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, architecture, 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. 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. As of September 30, 2019 , we have finalized the valuation of the acquired assets and liabilities associated with the acquisition. The final fair value analysis resulted in a $5.2 million adjustment to increase the value of the acquired management contracts to their estimated fair value and a corresponding decrease to goodwill on our condensed consolidated balance sheet during the third quarter of 2019. We also recorded an adjustment of approximately $1.2 million to increase our deferred tax liability and a corresponding increase to goodwill on our condensed consolidated balance sheet during the third quarter of 2019. The fair value of the purchase price and final allocation of the purchase price are as follows (in thousands): Series B 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 FF&E 47 Goodwill 49,524 Management contracts 194,000 30 years Total assets acquired 247,449 Current liabilities 2,375 Deferred tax liability 44,957 Total assumed liabilities 47,332 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 and nine months ended September 30, 2019 , include total revenue of $7.9 million and $23.4 million , respectively. In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2019 , include net losses of $1.2 million and $336,000 , respectively, 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, BAV and Sebago acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $283,000 and $659,000 of transaction costs directly attributable to the acquisitions for the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Total revenue $ 57,189 $ 47,815 $ 189,138 $ 174,769 Net income (loss) (6,361 ) 5,612 (5,276 ) 13,307 Net income (loss) attributable to the Company (6,285 ) 6,982 (4,775 ) 14,629 The acquisition of certain assets related to RED on January 16, 2018, were treated as an acquisition of property and equipment. As such, the pro forma results of operations of RED are not included above.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2019 , are as follows (in thousands): Premier JSAV Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 4,827 1,452 6,279 Adjustments (2) (3,993 ) — — (3,993 ) Balance at September 30, 2019 $ 49,524 $ 10,211 $ 2,234 $ 61,969 ________ (1) The addition of approximately $4.8 million and $1.5 million relates to the preliminary valuation of assets and liabilities related to JSAV’s acquisition of BAV and RED’s acquisition of Sebago, respectively. (2) The adjustment to Premier goodwill relates to changes in our final valuation of the acquired assets and liabilities associated with the acquisition of Premier. See note 4 . Intangible assets, net as of September 30, 2019 and December 31, 2018 , are as follows (in thousands): September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Premier management contracts $ 194,000 $ (14,756 ) $ 179,244 $ 188,800 $ (4,353 ) $ 184,447 JSAV customer relationships 9,319 (1,894 ) 7,425 6,519 (1,087 ) 5,432 RED boat slip rights 2,900 (29 ) 2,871 — — — Pure Wellness customer relationships 175 (87 ) 88 175 (61 ) 114 Other 20 (3 ) 17 — — — $ 206,414 $ (16,769 ) $ 189,645 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: JSAV trademarks $ 3,641 $ 3,201 RED trademarks 480 — $ 4,121 $ 3,201 Amortization expense for definite-lived intangible assets was $5.3 million and $11.3 million for the three and nine months ended September 30, 2019 , respectively. Amortization expense for definite-lived intangible assets was $1.9 million and $2.3 million for the three and nine months ended September 30, 2018 , respectively. The useful lives of our customer relationships range from 5 to 15 years. Our boat slip rights and management contracts intangible assets were assigned useful lives of 20 years and 30 years, respectively.

Notes Payable, net

Notes Payable, net	9 Months Ended
	Sep. 30, 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 September 30, 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) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 12,983 8,917 Revolving credit facility (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 2,327 1,733 Finance lease obligations (5) JSAV Various Various - fixed 320 661 Equipment note (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 3,607 2,087 Draw term loan (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 1,800 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% 45 60 Term loan (6) (12) RED April 5, 2025 Prime Rate (4) + 1.75% 628 695 Revolving credit facility (6) (13) RED February 5, 2020 Prime Rate (4) + 1.75% 6 118 Draw term loan (6) (14) RED December 5, 2026 Prime Rate (4) + 1.75% 1,314 — Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,681 1,785 Term loan (5) (16) RED July 17, 2029 6.0% (16) 1,685 — Term loan (5) (17) RED July 17, 2022 6.5% 1,019 — Finance lease obligations (5) RED Various Various - fixed 1,507 — Notes payable 28,922 18,006 Less deferred loan costs, net (247 ) (234 ) Notes payable less net deferred loan costs 28,675 17,772 Less current portion (3,549 ) (2,595 ) Notes payable, net - non-current $ 25,126 $ 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 2.02% and 2.50% at September 30, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.00% and 5.50% at September 30, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) The Company has a $35.0 million senior revolving credit facility with Bank of America, N.A. There is a one-year extension option subject to the satisfaction of certain conditions. The senior revolving 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. (8) On March 1, 2019, in connection with the acquisition of BAV, JSAV 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 . In connection with the term loan, JSAV 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 September 30, 2019 and December 31, 2018 , was not material. As of September 30, 2019 , $1.2 million of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, JSAV 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 JSAV. (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. As of September 30, 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. As of September 30, 2019 , $55,000 of credit was available under the revolving credit facility. (12) On March 23, 2018, RED entered into a term loan of $750,000 . (13) On February 28, 2019, RED renewed its $250,000 revolving credit facility. As of September 30, 2019 , $244,000 was available under the revolving credit facility. (14) On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million . As of September 30, 2019 , $86,000 was available under the draw term loan. (15) On August 31, 2018, RED entered into a term loan of $1.8 million . (16) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.7 million . The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0% . (17) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million . We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in our inability to borrow unused amounts under our lines of credit, even if repayment of some or all of our borrowings is not required. As of September 30, 2019 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment under operating leases. 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 and nine months ended September 30, 2018 , we recorded rental expense of $556,000 and $1.2 million , respectively. We lease certain equipment and boat slips under finance leases. The net book value of these assets was approximately $2.2 million and $807,000 as of September 30, 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. During the second quarter of 2019, we exercised our option to modify our corporate office lease agreement for the remainder of the lease term to reduce the amount of office space and the annual lease payment. This modification resulted in a reduction of the operating lease right-of-use asset and operating lease liability by approximately $4.1 million . As of September 30, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification September 30, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 21,522 Finance lease assets Furniture, fixtures and equipment, net 2,244 Total leased assets $ 23,766 Liabilities Current Operating Operating lease liabilities $ 2,206 Finance Notes payable, net 236 Noncurrent Operating Operating lease liabilities 19,340 Finance Notes payable, net 1,591 Total leased liabilities $ 23,373 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost Rent expense General and administrative $ 805 $ 2,342 Rent expense Cost of revenues for project management 38 111 Finance lease cost Amortization of leased assets Depreciation and amortization 72 198 Interest on lease liabilities Interest expense 23 38 Total lease cost $ 938 $ 2,689 For the nine months ended September 30, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,453 Financing cash flows from finance leases 476 As of September 30, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Finance Leases 2019 $ 863 $ 130 2020 3,294 272 2021 3,082 200 2022 2,802 182 2023 2,599 150 Thereafter 17,537 2,189 Total minimum lease payments $ 30,177 $ 3,123 Imputed interest (8,631 ) (1,296 ) Present value of minimum lease payments $ 21,546 $ 1,827 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: September 30, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.3 Finance leases 16.7 Weighted-average discount rate Operating leases 5.6 % Finance leases 6.2 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our JSAV headquarters in Irving, Texas, as failure to renew the lease would result in JSAV incurring significant relocation costs.
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment under operating leases. 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 and nine months ended September 30, 2018 , we recorded rental expense of $556,000 and $1.2 million , respectively. We lease certain equipment and boat slips under finance leases. The net book value of these assets was approximately $2.2 million and $807,000 as of September 30, 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. During the second quarter of 2019, we exercised our option to modify our corporate office lease agreement for the remainder of the lease term to reduce the amount of office space and the annual lease payment. This modification resulted in a reduction of the operating lease right-of-use asset and operating lease liability by approximately $4.1 million . As of September 30, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification September 30, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 21,522 Finance lease assets Furniture, fixtures and equipment, net 2,244 Total leased assets $ 23,766 Liabilities Current Operating Operating lease liabilities $ 2,206 Finance Notes payable, net 236 Noncurrent Operating Operating lease liabilities 19,340 Finance Notes payable, net 1,591 Total leased liabilities $ 23,373 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost Rent expense General and administrative $ 805 $ 2,342 Rent expense Cost of revenues for project management 38 111 Finance lease cost Amortization of leased assets Depreciation and amortization 72 198 Interest on lease liabilities Interest expense 23 38 Total lease cost $ 938 $ 2,689 For the nine months ended September 30, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,453 Financing cash flows from finance leases 476 As of September 30, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Finance Leases 2019 $ 863 $ 130 2020 3,294 272 2021 3,082 200 2022 2,802 182 2023 2,599 150 Thereafter 17,537 2,189 Total minimum lease payments $ 30,177 $ 3,123 Imputed interest (8,631 ) (1,296 ) Present value of minimum lease payments $ 21,546 $ 1,827 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: September 30, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.3 Finance leases 16.7 Weighted-average discount rate Operating leases 5.6 % Finance leases 6.2 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our JSAV headquarters in Irving, Texas, as failure to renew the lease would result in JSAV incurring significant relocation costs.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2019 Liabilities Contingent consideration $ (2,865 ) (1) $ — $ (2,931 ) (2) $ (5,796 ) Deferred compensation plan (4,878 ) — — (4,878 ) Total $ (7,743 ) $ — $ (2,931 ) $ (10,674 ) __________________ (1) Represents the fair value of the contingent consideration liability of $1.7 million related to the stock consideration collar associated with JSAV’s acquisition of BAV and $1.2 million related to the stock consideration collar associated with RED’s acquisition of Sebago. The contingent consideration liabilities related to BAV and Sebago are reported as “other liabilities” in our condensed consolidated balance sheets. See notes 1 and 4 . (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of BAV, which is reported within “other liabilities” in our condensed consolidated balance sheets. See notes 1 and 4 . 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) (1,547 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at September 30, 2019 $ (2,931 ) __________________ (1) Includes JSAV’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in our condensed consolidated balance sheets within “other liabilities”. 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 our condensed consolidated statements of operations. Effect of Fair Value Measured Assets and Liabilities on Our Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Liabilities Contingent consideration $ (2,773 ) (1) $ 221 (2) $ (4,412 ) (1) $ (338 ) (2) Deferred compensation plan (3) 1,526 (2,274 ) 5,603 3,540 Total $ (1,247 ) $ (2,053 ) $ 1,191 $ 3,202 __________________ (1) Represents the changes in fair value of the contingent consideration liabilities related to the achievement of certain performance targets of BAV and stock consideration collars associated with the acquisitions of BAV and Sebago reported as a component of “other” operating expense in our condensed consolidated statements of operations. See notes 1 and 4 . (2) Represents the accretion of contingent consideration associated with the acquisition of JSAV in November of 2017, which was settled in the third quarter of 2018. Amounts are reported as “other” operating expense in our condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our condensed consolidated statements of operations.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 4,878 $ 4,878 $ 10,574 $ 10,574 Contingent consideration 5,796 5,796 — — Financial assets not measured at fair value: Cash and cash equivalents $ 36,400 $ 36,400 $ 51,529 $ 51,529 Restricted cash 11,978 11,978 7,914 7,914 Accounts receivable, net 6,628 6,628 4,928 4,928 Due from affiliates 55 55 45 45 Due from Ashford Trust OP 4,444 4,444 5,293 5,293 Due from Braemar OP 2,224 2,224 1,996 1,996 Investments in unconsolidated entities 3,339 3,339 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 27,314 $ 27,314 $ 24,880 $ 24,880 Dividends payable 2,910 2,910 — — Due to affiliates 1,353 1,353 2,032 2,032 Other liabilities 13,031 13,031 8,418 8,418 Notes payable 28,922 27,132 to 29,988 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 JSAV’s acquisition of BAV and RED’s acquisition of Sebago is carried at fair value based on the terms of the acquisition agreements and any changes to fair value are recorded in “other” operating expenses in our condensed consolidated statements of operations. See note 8 . 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, dividends payable, 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	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of September 30, 2019 , we had approximately $20.8 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement and $39.7 million of remaining purchase commitments related to our Braemar ERFP Agreement. See “ERFP Commitments” within note 15 . Contingent Consideration — We had total acquisition-related contingent consideration liabilities outstanding of approximately $5.8 million and $0 primarily related to achievement of certain performance targets and stock consideration collars, as of September 30, 2019 and December 31, 2018 , respectively. See note 4 . 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Income) loss allocated to noncontrolling interests: JSAV $ — $ 151 $ — $ 58 OpenKey 146 242 475 585 RED (27 ) 38 (87 ) 36 Pure Wellness (27 ) (18 ) (2 ) 25 Other 9 — 9 — Total net (income) loss allocated to noncontrolling interests $ 101 $ 413 $ 395 $ 704

Mezzanine Equity

Mezzanine Equity	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 15 $ (3 ) $ 25 $ (9 ) JSAV 165 679 71 29 OpenKey 154 292 527 797 Total net (income) loss allocated to redeemable noncontrolling interests $ 334 $ 968 $ 623 $ 817 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. Cumulative 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 Convertible Preferred Stock, net of discount” on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2019 , we recorded $363,000 and $1.3 million , respectively, 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 or stock 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. 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. The holders of the Series B Convertible Preferred Stock also participate in any dividend or distribution paid on the Company’s common stock. If the Company declares or pays a dividend or distribution to the common stockholders, the Company will simultaneously declare and pay a dividend on the Series B Convertible Preferred Stock on a pro rata basis with the common stock as determined on an as-converted basis assuming all shares have been converted immediately prior to the date of record. 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 a minimum amount of $25.0 million 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. Declared Series B Convertible Preferred Stock cumulative dividends for all issued and outstanding shares were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Preferred dividends $ 2,909 $ 1,675 $ 8,492 $ 1,675 Preferred dividends per share $ 0.3583 $ 0.2063 $ 1.0458 $ 0.2063

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” in our condensed consolidated statements of operations and comprehensive income (loss). The components of equity-based compensation expense for the three and nine months ended September 30, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,070 $ 1,951 $ 6,264 $ 7,625 Employee equity grant expense (2) 14 — 71 — Director and other non-employee equity grants expense (3) 5 38 615 433 Total equity-based compensation $ 2,089 $ 1,989 $ 6,950 $ 8,058 Other equity-based compensation REIT equity-based compensation (4) $ 6,743 $ 6,232 $ 19,226 $ 25,842 $ 8,832 $ 8,221 $ 26,176 $ 33,900 ________ (1) As of September 30, 2019 , the Company had approximately $12.7 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.5 years . During the nine months ended September 30, 2018 , we recorded approximately $2.5 million of equity-based compensation expense in “salaries and benefits 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) As of September 30, 2019 , the Company had approximately $128,000 of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.5 years . (3) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. See “Equity-based Compensation” in note 2 . (4) REIT equity-based compensation expense is primarily recorded in “salaries and benefits expense” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees. During the three and nine months ended September 30, 2019 , $85,000 and $253,000 , respectively, of equity based compensation expense related to REIT awards to our employees was included in “cost of revenues for project management” on our condensed consolidated statements of operations. During the nine months ended September 30, 2018 , REIT equity-based compensation included $6.7 million of expense in “salaries and benefit 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Change in fair value Unrealized gain (loss) $ 1,526 $ (2,274 ) $ 5,603 $ 3,540 Distributions Fair value (1) $ 20 $ 63 $ 93 $ 197 Shares (1) 1 1 3 3 ________ (1) Distributions made to one participant. As of September 30, 2019 and December 31, 2018 the carrying value of the DCP liability was $4.9 million and $10.6 million , respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 September 30, 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 grant date 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 is party to a master project management agreement with Ashford Trust OP and Ashford TRS Corporation, a subsidiary of Ashford Trust OP, and certain of its affiliates (collectively, “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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,003 $ 9,145 $ 24,463 $ 26,611 Reimbursable expenses (1) 2,018 2,119 6,716 5,645 Equity-based compensation (2) 4,649 4,855 13,486 20,540 Incentive advisory fee (3) — 452 — 1,356 Total advisory services revenue 14,670 16,571 44,665 54,152 Audio visual revenue (4) — — — 88 Project management revenue (5) 5,083 2,491 15,098 2,491 Other revenue Investment management reimbursements (6) 246 339 941 850 Debt placement fees (7) — 350 1,158 4,942 Claims management services (8) 26 17 57 53 Lease revenue (9) 946 168 2,837 503 Other services (10) 967 454 1,843 1,141 Total other revenue 2,185 1,328 6,836 7,489 Total revenue $ 21,938 $ 20,390 $ 66,599 $ 64,220 REVENUE BY SEGMENT (11) REIT advisory $ 15,888 $ 17,095 $ 48,500 $ 55,558 Premier 5,083 2,491 15,098 2,491 JSAV — — — 88 OpenKey 28 16 83 63 Corporate and other 939 788 2,918 6,020 Total revenue $ 21,938 $ 20,390 $ 66,599 $ 64,220 COST OF REVENUES Cost of audio visual revenues (4) $ 1,778 $ 1,021 $ 5,324 $ 2,211 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three and nine months ended September 30, 2019 , we recognized $395,000 and $1.5 million , respectively, of deferred income from reimbursable expenses related to software implementation costs. During the three and nine months ended September 30, 2018 , we recognized $784,000 and $1.4 million , 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 nine months ended September 30, 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 and nine months ended September 30, 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) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV 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 Ashford Investment Management, LLC’s (“AIM”) 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 are earned by Lismore for providing debt placement services. (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, we lease FF&E to Ashford Trust rent-free. Our ERFP leases entered into in 2018 commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASC 842, a portion of the base advisory fee for leases, which commenced prior to our adoption, 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 primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. Other services revenue also includes reimbursements for expenses related to Ashford Securities from Ashford Trust. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at September 30, 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): September 30, 2019 December 31, 2018 Ashford LLC $ 734 $ 2,337 AIM 111 99 Premier 2,049 1,611 JSAV 1,364 826 OpenKey 6 2 Pure Wellness 180 418 Due from Ashford Trust OP $ 4,444 $ 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 grant date 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 is party to a master project management agreement with Braemar OP and Braemar TRS Yountville LLC, a limited liability company existing under the laws of the state of Delaware and wholly-owned subsidiary of Braemar OP (“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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,567 $ 2,510 $ 7,919 $ 6,929 Reimbursable expenses (1) 523 488 1,554 1,407 Equity-based compensation (2) 1,994 1,315 5,426 5,240 Incentive advisory fee (3) 170 — 509 — Other advisory revenue (4) 131 132 389 390 Total advisory services revenue 5,385 4,445 15,797 13,966 Audio visual revenue (5) — — — — Project management revenue (6) 2,839 1,125 8,079 1,125 Other revenue Debt placement fees (7) 429 — 704 999 Claims management services (8) 25 31 90 100 Lease revenue (9) 83 83 251 251 Other services (10) 521 206 1,069 625 Total other revenue 1,058 320 2,114 1,975 Total revenue $ 9,282 $ 5,890 $ 25,990 $ 17,066 REVENUE BY SEGMENT (11) REIT advisory $ 5,493 $ 4,559 $ 16,138 $ 14,317 Premier 2,839 1,125 8,079 1,125 JSAV (11) — — — — OpenKey 9 6 42 22 Corporate and other 941 200 1,731 1,602 Total revenue $ 9,282 $ 5,890 $ 25,990 $ 17,066 COST OF REVENUES Cost of audio visual revenues (5) $ 199 $ — $ 404 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three and nine months ended September 30, 2019 , we recognized $28,000 and $108,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. During the three and nine months ended September 30, 2018 , we recognized $58,000 and $102,000 , 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 nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV 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 are earned by Lismore for providing debt placement services. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our legacy key money transaction with Braemar which commenced prior to 2019, we lease FF&E to Braemar rent-free. Consistent with our accounting treatment prior to adopting ASC 842, a portion of the base advisory fee for leases, which commenced prior to our adoption, 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 primarily associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. Other services revenue also includes reimbursements for expenses related to Ashford Securities from Braemar. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at September 30, 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): September 30, 2019 December 31, 2018 Ashford LLC $ 766 $ 941 Premier 1,209 949 JSAV 185 4 OpenKey — 12 RED 2 60 Pure Wellness 62 30 Due from Braemar OP $ 2,224 $ 1,996 ERFP Commitments — On June 26, 2018, the Company entered into 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 Braemar ERFP Agreement (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 September 30, 2019 , as well as the unfunded ERFP Commitments as of September 30, 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 payment—Embassy Suites New York Manhattan Times Square (8,089 ) — (8,089 ) ERFP payment—Ritz-Carlton, Lake Tahoe — (10,300 ) (10,300 ) ERFP Commitments remaining at September 30, 2019 (1) $ 20,811 $ 39,700 $ 60,511 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Manhattan Times Square $ 11,411 $ — $ 11,411 Unfunded ERFP Commitments at September 30, 2019 $ 11,411 $ — $ 11,411 ________ (1) See note 10 . Other Related Party Transactions — We reimburse Remington and its subsidiaries, which are beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus, for various overhead expenses, including rent, payroll, office supplies, travel and accounting. These charges are allocated based on various methodologies, including headcount and actual amounts incurred, and the allocations are approved quarterly by Ashford Inc. and Remington management. These reimbursements are included in “general and administrative” and “cost of revenues for project management” expenses on the condensed consolidated statements of operations. The charges totaled $1.9 million and $6.2 million , for the three and nine months ended September 30, 2019 , respectively, and $2.7 million and $5.2 million for the three and nine months ended September 30, 2018 , respectively. The amounts due under these arrangements as of September 30, 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. “ Equity in earnings (loss) of unconsolidated entities ” in our condensed consolidated statement of operations includes equity in earnings of $266,000 and $239,000 from Ashford Trust and Braemar, respectively, for both the three and nine months ended September 30, 2019 for services provided by an unconsolidated entity in which Lismore holds an investment. Ashford Trust held a 17.00% and 16.30% noncontrolling interest in OpenKey, and Braemar held an 8.58% and 8.21% noncontrolling interest in OpenKey as of September 30, 2019 and December 31, 2018 , respectively. During the three and nine months ended September 30, 2019 , Ashford Trust invested $348,000 and $647,000 , respectively, and Braemar invested $176,000 and $332,000 , respectively in OpenKey. During the three and nine months ended September 30, 2018 , Ashford Trust invested $0 and $667,000 , respectively, and Braemar invested $0 and $2.0 million , respectively, in OpenKey. See also notes 1 , 2 , 11 , and 12 . In conjunction with the formation of Ashford Securities, Ashford Trust and Braemar have entered into a contribution agreement with Ashford Inc. in which Ashford Trust and Braemar have agreed to contribute a combined contribution amount of up to $15.0 million to fund the operations of Ashford Securities. As of September 30, 2019 , Ashford Trust and Braemar have funded approximately $485,000 and $165,000 , respectively. An officer of JSAV owns the JSAV headquarters property including the adjoining warehouse space. JSAV leases this property for approximately $307,000 per year, with escalating lease payments based on the Consumer Price Index. Rental expense for the three and nine months ended September 30, 2019 , was $77,000 , and $232,000 , respectively. Rental expense for the three and nine months ended September 30, 2018 , was $84,000 , and $252,000 respectively.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (6,156 ) $ 3,387 $ (5,334 ) $ 6,624 Less: Dividends on preferred stock and amortization (3,272 ) (1,978 ) (9,830 ) (1,978 ) Less: Undistributed net (income) allocated to unvested shares — (6 ) — (20 ) Undistributed net income (loss) allocated to common stockholders (9,428 ) 1,403 (15,164 ) 4,626 Distributed and undistributed net income (loss) - basic $ (9,428 ) $ 1,403 $ (15,164 ) $ 4,626 Effect of deferred compensation plan (1,526 ) — (5,603 ) (3,540 ) Effect of incremental subsidiary shares — (971 ) (527 ) (826 ) Distributed and undistributed net income (loss) - diluted $ (10,954 ) $ 432 $ (21,294 ) $ 260 Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,580 2,109 2,489 2,100 Effect of deferred compensation plan shares 202 — 135 69 Effect of incremental subsidiary shares — 50 55 57 Effect of assumed exercise of stock options — 178 — 191 Weighted average common shares outstanding – diluted 2,782 2,337 2,679 2,417 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (3.65 ) $ 0.67 $ (6.09 ) $ 2.20 Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (3.94 ) $ 0.18 $ (7.95 ) $ 0.11 Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ — $ 6 $ — $ 20 Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (15 ) 3 (25 ) 9 Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (319 ) — (71 ) — Dividends on preferred stock and amortization 3,272 1,978 9,830 1,978 Total $ 2,938 $ 1,987 $ 9,734 $ 2,007 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 12 9 10 9 Effect of assumed exercise of stock options — — 27 — Effect of assumed conversion of Ashford Holdings units 4 4 4 4 Effect of incremental subsidiary shares 186 — 74 — Effect of assumed conversion of preferred stock 1,450 851 1,450 284 Total 1,652 864 1,565 297

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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) JSAV, 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, JSAV 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 September 30, 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 and nine months ended September 30, 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 September 30, 2019 Three Months Ended September 30, 2018 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 20,055 $ — $ — $ — $ — $ 20,055 $ 21,016 $ — $ — $ — $ — $ 21,016 Audio visual — — 22,430 — — 22,430 — — 14,526 — — 14,526 Project Management — 7,881 — — — 7,881 — 3,616 — — — 3,616 Other 1,326 — — 313 4,884 6,523 640 — — 301 1,466 2,407 Total revenue 21,381 7,881 22,430 313 4,884 56,889 21,656 3,616 14,526 301 1,466 41,565 EXPENSES Depreciation and amortization 2,722 4,937 513 7 195 8,374 808 1,618 587 7 (48 ) 2,972 Other operating expenses (1) 9,184 4,167 24,965 896 16,104 55,316 8,777 1,923 18,087 1,271 20,039 50,097 Total expenses 11,906 9,104 25,478 903 16,299 63,690 9,585 3,541 18,674 1,278 19,991 53,069 OPERATING INCOME (LOSS) 9,475 (1,223 ) (3,048 ) (590 ) (11,415 ) (6,801 ) 12,071 75 (4,148 ) (977 ) (18,525 ) (11,504 ) Equity in earnings (loss) of unconsolidated entities — — — — 464 464 — — — — — — Interest expense — — (298 ) — (158 ) (456 ) — — (181 ) — (108 ) (289 ) Amortization of loan costs — — (14 ) (6 ) (55 ) (75 ) — — (12 ) (7 ) (111 ) (130 ) Interest income — — — — — — — — — — 103 103 Other income (expense) — — 49 3 (72 ) (20 ) 141 — (38 ) 3 (184 ) (78 ) INCOME (LOSS) BEFORE INCOME TAXES 9,475 (1,223 ) (3,311 ) (593 ) (11,236 ) (6,888 ) 12,212 75 (4,379 ) (981 ) (18,825 ) (11,898 ) Income tax (expense) benefit (2,093 ) 9 698 — 1,683 297 (2,693 ) (7 ) 909 — 15,695 13,904 NET INCOME (LOSS) $ 7,382 $ (1,214 ) $ (2,613 ) $ (593 ) $ (9,553 ) $ (6,591 ) $ 9,519 $ 68 $ (3,470 ) $ (981 ) $ (3,130 ) $ 2,006 ________ (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. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 60,462 $ — $ — $ — $ — $ 60,462 $ 68,118 $ — $ — $ — $ — $ 68,118 Audio visual — — 83,532 — — 83,532 — — 61,212 — — 61,212 Project management — 23,371 — — — 23,371 — 3,616 — — — 3,616 Other 4,176 — — 764 11,370 16,310 1,757 — — 773 9,068 11,598 Total revenue 64,638 23,371 83,532 764 11,370 183,675 69,875 3,616 61,212 773 9,068 144,544 EXPENSES Depreciation and amortization 5,475 10,413 1,471 21 455 17,835 1,567 1,618 1,530 20 470 5,205 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 27,182 12,535 83,269 2,614 43,556 169,156 32,832 1,923 58,598 3,345 46,392 143,090 Total operating expenses 32,657 22,948 84,740 2,635 44,011 186,991 36,262 3,541 60,128 3,365 46,918 150,214 OPERATING INCOME (LOSS) 31,981 423 (1,208 ) (1,871 ) (32,641 ) (3,316 ) 33,613 75 1,084 (2,592 ) (37,850 ) (5,670 ) Equity in earnings (loss) of unconsolidated entities — — — — (109 ) (109 ) — — — — — — Interest expense — — (868 ) — (330 ) (1,198 ) — — (464 ) — (129 ) (593 ) Amortization of loan costs — — (41 ) (19 ) (154 ) (214 ) — — (35 ) (20 ) (122 ) (177 ) Interest income — — — — 29 29 — — — — 288 288 Other income (expense) — — (107 ) 15 (23 ) (115 ) 187 — (353 ) 2 (174 ) (338 ) INCOME (LOSS) BEFORE INCOME TAXES 31,981 423 (2,224 ) (1,875 ) (33,228 ) (4,923 ) 33,800 75 232 (2,610 ) (37,987 ) (6,490 ) Income tax (expense) benefit (7,132 ) (759 ) 130 — 6,332 (1,429 ) (6,657 ) (7 ) (339 ) — 18,596 11,593 NET INCOME (LOSS) $ 24,849 $ (336 ) $ (2,094 ) $ (1,875 ) $ (26,896 ) $ (6,352 ) $ 27,143 $ 68 $ (107 ) $ (2,610 ) $ (19,391 ) $ 5,103 ________ (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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 2, 2019, as approved by the Board, the Company acquired an aggregate 412,974 shares of its common stock from Ashford Trust and Braemar for $30 per share, resulting in a total cost of approximately $12.4 million . This stock purchase represented approximately 16% of the Company’s common shares outstanding. Subsequent to the stock repurchase, the 412,974 acquired shares were retired by the Company. On October 14, 2019, the Company drew $10.0 million on our senior revolving credit facility with Bank of America, N.A. As of November 7, 2019, $25.0 million was available under the senior revolving credit facility. On October 24, 2019, the Company announced the final results of the Special Meeting of Stockholders held October 24, 2019, during which Ashford stockholders overwhelmingly approved the proposal in connection with the Remington Hotel Management business transaction. Holders of approximately 92% of Ashford shares present and voting at the meeting voted in favor of the proposal, including a majority of shares, excluding shares owned by Ashford Trust, Braemar, the Bennetts, and management, present and voting at the meeting voted in favor of the proposal. The Company also announced that it has received the final, official private letter ruling from the Internal Revenue Service related to the transaction. On November 5, 2019, Ashford Trust distributed its remaining 205,086 shares of Ashford Inc.’s common stock through a pro-rata taxable dividend to Ashford Trust’s common stockholders and unitholders of record (“Ashford Trust Record Holders”) as of the close of business of the New York Stock Exchange (“NYSE”) on October 29, 2019 (the “Record Date”) . Each Ashford Trust Record Holder received approximately 0.0017 share of the Company’s common stock for every unit and/or share of Ashford Trust common stock held by such Ashford Trust Record Holder on the Record Date. After the distribution, Ashford Trust holds no ownership interest in the Company. On November 5, 2019, Braemar distributed its remaining 174,983 shares of Ashford Inc.’s common stock through a pro-rata taxable dividend to Braemar’s common stockholders and unitholders of record (“Braemar Record Holders”) as of the close of business of the NYSE on October 29, 2019 (the “Record Date”) . Each Braemar Record Holder received approximately 0.0047 share of the Company’s common stock for every unit and/or share of Braemar common stock held by such Braemar Record Holder on the Record Date. After the distribution, Braemar holds no ownership interest in the Company. On November 6, 2019, we completed the acquisition of Remington’s Hotel Management business for a purchase price of $275 million , payable by the issuance of $275 million of a new Ashford Inc. Series D Convertible Preferred Stock. In the previous transaction for Remington’s Project Management business, the sellers received $203 million of Maryland Ashford’s Series B Convertible Preferred Stock. For this transaction involving Remington’s Hotel Management business, that $203 million of Maryland Ashford’s Series B Convertible Preferred Stock was exchanged, pursuant to a merger transaction whereby Maryland Ashford became our wholly-owned subsidiary, for $203 million of Series D Convertible Preferred Stock (such that, after the transactions, $478 million of Series D Convertible Preferred Stock, and no Series B Convertible Preferred Stock, is outstanding). The new Series D Convertible Preferred Stock is convertible into shares of common stock at a price of $117.50 per share. Preferred dividends on the Series D Convertible Preferred Stock accrue at an annual rate of 6.59% in the first year, 6.99% in the second year, and 7.28% in the third year and each year thereafter. The Series D Convertible Preferred Stock also participates in any dividend or distribution paid on our common stock on an as converted basis. Voting rights of the Series D Convertible Preferred Stock are on an as-converted basis, and the holders of the Series D Convertible Preferred Stock have a voting limit of 40% of the total voting power of the Company until August 8, 2023. The holders of the Series D Convertible Preferred Stock have certain put rights upon certain events constituting a change of control of the Company. Remington was previously owned by Monty J. Bennett, the Company’s Chairman and Chief Executive Officer, and his father, Archie Bennett, Jr., the Chairman Emeritus of Ashford Trust. The Company’s Board of Directors formed a special committee of independent and disinterested directors to analyze, negotiate, and recommend the transaction to the Company’s Independent Directors. The Company’s Independent Directors unanimously recommended approval of the acquisition by the Company’s stockholders. The results of operations of the Hotel Management business are expected to be included in our consolidated financial statements from the date of acquisition. We are in the process of evaluating the fair value of the net assets acquired through internal studies and third-party valuations. As a result of the acquisition, hotel management services that were previously provided by Remington will now be provided by a subsidiary of the Company under the respective hotel management agreement with each customer, including Ashford Trust and Braemar. Also on November 6, 2019, in connection with the acquisition of Remington’s Hotel Management business, 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 II Inc., (formerly named Ashford Inc. and incorporated in Maryland) (“Maryland Ashford”) was converted into one share of common stock, par value $0.001 per share, of the Company (which is incorporated in Nevada) having the same rights, powers and preferences and the same qualifications, limitations and restrictions as a share of common stock of Maryland Ashford. As a result of the foregoing, we became the successor issuer of Maryland 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.” Also on November 6, 2019, the Company entered into the Second Consent, Assumption and Modification Agreement (the “Modification Agreement”) to the senior revolving credit facility . The Modification Agreement is effective as of November 6, 2019. The Modification Agreement adjusts the required leverage ratios the Company must maintain and amends the senior revolving credit facility to provide that the Company must meet certain fixed charge coverage ratios, as well as meet a specified fixed charge coverage ratio to make any dividend payments to the Company’s common stock.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 Securities and Exchange Commission (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 September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.84 % 88.20 % 47.61 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.16 % 11.80 % 26.59 % — % — % Noncontrolling interests in consolidated entities — % — % 25.80 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 100 $ 1,802 $ 1,739 n/a n/a Redemption value adjustment, year-to-date (89 ) — 62 n/a n/a Redemption value adjustment, cumulative 89 — 2,095 n/a n/a Carrying value of noncontrolling interests — — 540 157 19 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 56,115 2,461 2,027 18,682 Liabilities (9) n/a 42,752 513 1,869 10,388 Notes payable (9) n/a 18,711 — — 6,327 Revolving credit facility (9) n/a 2,327 — 45 6 December 31, 2018 Ashford JSAV (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 (9) n/a 24,836 421 1,977 2,839 Notes payable (9) n/a 13,614 — — 2,480 Revolving credit facility (9) 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 Hospitality Holdings LLC (“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 JSAV, which we consolidate under the voting interest model. JSAV 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 consolidate it. RED is a provider of watersports activities and other travel and transportation services and includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago. We are provided a preferred return on our investment in RED’s legacy U.S. Virgin Islands operations and Sebago which is accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 11 . (7) Total assets consist primarily of cash and cash equivalents, FF&E and other assets that can only be used to settle the subsidiaries’ obligations. (8) The assets of Sebago are not available to settle the obligations of the entity that conducts RED’s legacy U.S. Virgin Islands operations. (9) 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’s legacy U.S. Virgin Islands operations, 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 and nine months ended September 30, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at September 30, 2019 and December 31, 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 and nine months ended September 30, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in 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 our condensed consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. Certain of our business combinations include contingent consideration arrangements that require additional consideration to be paid based on the achievement of established objectives, most commonly related to post-combination period performance targets and stock consideration collars. We assess contingent consideration to determine if it is part of the business combination or if it should be accounted for separately from the business combination in the post-combination period. Contingent consideration is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in fair value recognized in earnings. See note 4 for additional information regarding contingent consideration arising from business acquisitions. 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 September 30, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $35.7 million and $16.1 million , audio visual equipment at JSAV of $16.0 million and $13.4 million and marine vessels at RED of $8.2 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. No impairment charges were recorded for the three and nine months ended September 30, 2019 . We recorded impairment charges of $0 and $1.9 million for the three and nine months ended September 30, 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 JSAV and RED’s acquisition of Sebago. 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. In the third quarter of 2019, the Company identified a potential indicator of goodwill impairment in our reporting units due to a decline in the price of our common stock. We performed an interim qualitative assessment to determine whether it was more likely than not that the carrying value of goodwill in our reporting units was impaired as of September 30, 2019. Based on our assessment, goodwill was not impaired as of September 30, 2019 .
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships, management contracts and boat slip rights resulting from our acquisitions of Premier, JSAV, RED and Pure Wellness. Definite-lived intangible assets are amortized over their respective estimated useful lives based on the projected economic benefit associated with the asset, or using the straight-line method if not materially different. 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 September 30, 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 grant date 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 grant date 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 JSAV 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 our condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 .
Due to Affiliates	Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, and FF&E reimbursements. 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. Lease ROU assets and 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 related to operating leases is recognized on a straight-line basis over the lease term. Lease expense for minimum lease payments related to financing leases is recognized using the effective interest method 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, beginning November 1, 2017, Mexico and Dominican Republic income taxes and, beginning 2018, U.S. Virgin Islands 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 our 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, beginning November 1, 2017, in Mexico and the Dominican Republic and, beginning 2018, in the U.S. Virgin Islands. 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 implementing repeatable processes to manage our analysis of any expected credit losses which may occur related to our short-term receivables and evaluating accounting policies and controls that will be impacted by the new standard. 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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.84 % 88.20 % 47.61 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.16 % 11.80 % 26.59 % — % — % Noncontrolling interests in consolidated entities — % — % 25.80 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 100 $ 1,802 $ 1,739 n/a n/a Redemption value adjustment, year-to-date (89 ) — 62 n/a n/a Redemption value adjustment, cumulative 89 — 2,095 n/a n/a Carrying value of noncontrolling interests — — 540 157 19 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 56,115 2,461 2,027 18,682 Liabilities (9) n/a 42,752 513 1,869 10,388 Notes payable (9) n/a 18,711 — — 6,327 Revolving credit facility (9) n/a 2,327 — 45 6 December 31, 2018 Ashford JSAV (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 (9) n/a 24,836 421 1,977 2,839 Notes payable (9) n/a 13,614 — — 2,480 Revolving credit facility (9) 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 Hospitality Holdings LLC (“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 JSAV, which we consolidate under the voting interest model. JSAV 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 consolidate it. RED is a provider of watersports activities and other travel and transportation services and includes the entity that conducts RED’s legacy U.S. Virgin Islands operations and Sebago. We are provided a preferred return on our investment in RED’s legacy U.S. Virgin Islands operations and Sebago which is accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 11 . (7) Total assets consist primarily of cash and cash equivalents, FF&E and other assets that can only be used to settle the subsidiaries’ obligations. (8) The assets of Sebago are not available to settle the obligations of the entity that conducts RED’s legacy U.S. Virgin Islands operations. (9) 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’s legacy U.S. Virgin Islands operations, 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): September 30, 2019 Carrying value of the investment in REA Holdings $ 2,839 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Equity in earnings (loss) in unconsolidated entities $ 464 $ (109 )

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2019 2018 Balance as of June 30 $ 11,226 $ 13,111 Increases to deferred income 1,681 2,144 Recognition of revenue (1) (1,287 ) (1,344 ) Balance as of September 30 $ 11,620 $ 13,911 ________ (1) Deferred income recognized in the three months ended September 30, 2019 , includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $194,000 of audio visual revenue and (c) $539,000 of “other services” revenue earned by our hospitality products and services companies. Deferred income recognized in the three months ended September 30, 2018 , includes (a) $666,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $173,000 of audio visual revenue and (c) $505,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Income 2019 2018 Balance as of January 1 $ 13,544 $ 13,899 Increases to deferred income 4,429 5,731 Recognition of revenue (1) (6,353 ) (5,719 ) Balance as of September 30 $ 11,620 $ 13,911 ________ (1) Deferred income recognized in the nine months ended September 30, 2019 , includes (a) $2.0 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.6 million of audio visual revenue and (c) $1.8 million of “other services” revenue earned by our hospitality products and services companies. Deferred income recognized in the nine months ended September 30, 2018 , includes (a) $1.6 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.9 million of audio visual revenue and (c) $1.3 million of “other services” revenue earned by our hospitality products and services companies.
Disaggregation of Revenue	Our revenues were comprised of the following for the three and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Advisory services revenue: Base advisory fee $ 10,570 $ 11,655 $ 32,382 $ 33,540 Incentive advisory fee 170 452 509 1,356 Reimbursable expenses 2,541 2,607 8,270 7,052 Equity-based compensation 6,643 6,170 18,912 25,780 Other advisory revenue 131 132 389 390 Total advisory services revenue (2) 20,055 21,016 60,462 68,118 Audio visual revenue 22,430 14,526 83,532 61,212 Project management revenue 7,881 3,616 23,371 3,616 Other revenue: Investment management reimbursements (2) 246 339 941 850 Debt placement fees (3) 429 350 1,862 5,941 Claims management services (2) 51 48 147 153 Lease revenue (2) 1,029 251 3,088 754 Other services (4) 4,768 1,419 10,272 3,900 Total other revenue 6,523 2,407 16,310 11,598 Total revenue $ 56,889 $ 41,565 $ 183,675 $ 144,544 REVENUE BY SEGMENT (1) REIT advisory $ 21,381 $ 21,656 $ 64,638 $ 69,875 Premier 7,881 3,616 23,371 3,616 JSAV 22,430 14,526 83,532 61,212 OpenKey 313 301 764 773 Corporate and other 4,884 1,466 11,370 9,068 Total revenue $ 56,889 $ 41,565 $ 183,675 $ 144,544 ________ (1) We have four reportable segments: REIT Advisory, Premier, JSAV 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 revenue recognized by our REIT Advisory segment. (3) Debt placement fees are earned by Lismore for providing debt placement services to Ashford Trust and Braemar. (4) Other services revenue relates primarily to other hotel services provided by our consolidated subsidiaries, OpenKey, RED and Pure Wellness, to Ashford Trust, Braemar and third parties. Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our JSAV reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our JSAV reporting segment geographically for the three and nine months ended September 30, 2019 and 2018 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 19,860 $ 12,385 $ 67,550 $ 44,547 Mexico 1,804 1,293 11,289 12,010 Dominican Republic 766 848 4,693 4,655 $ 22,430 $ 14,526 $ 83,532 $ 61,212

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions	The fair value of the purchase price and final allocation of the purchase price are as follows (in thousands): Series B 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 (733 ) Fair value of Ashford Inc. common stock issued 3,748 Consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,899 The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Cash $ 2,500 Less working capital adjustments (74 ) Fair value of Ashford Inc. common stock issued 4,547 Purchase price consideration $ 6,973
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair Value Estimated Useful Life Current assets $ 76 Marine vessels 2,220 20 years FF&E 1,514 20 years Operating lease right-of-use assets 391 Goodwill 1,452 Trademarks 480 Boat slip rights 2,900 20 years Total assets acquired 9,033 Current liabilities 299 Noncurrent liabilities 1,761 Total assumed liabilities 2,060 Net assets acquired $ 6,973 Fair Value Estimated Useful Life Current assets $ 754 FF&E 1,895 5 years Operating lease right-of-use assets 165 Goodwill 4,827 Trademarks 440 Customer relationships 2,800 15 years Total assets acquired 10,881 Current liabilities 619 Noncurrent liabilities 363 Total assumed liabilities 982 Net assets acquired $ 9,899 Fair Value Estimated Useful Life Current assets including cash $ 3,878 FF&E 47 Goodwill 49,524 Management contracts 194,000 30 years Total assets acquired 247,449 Current liabilities 2,375 Deferred tax liability 44,957 Total assumed liabilities 47,332 Net assets acquired $ 200,117
Pro Forma Information	The following table reflects the unaudited pro forma results of operations as if the Premier, BAV and Sebago acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $283,000 and $659,000 of transaction costs directly attributable to the acquisitions for the three and nine months ended September 30, 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Total revenue $ 57,189 $ 47,815 $ 189,138 $ 174,769 Net income (loss) (6,361 ) 5,612 (5,276 ) 13,307 Net income (loss) attributable to the Company (6,285 ) 6,982 (4,775 ) 14,629

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the nine months ended September 30, 2019 , are as follows (in thousands): Premier JSAV Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 4,827 1,452 6,279 Adjustments (2) (3,993 ) — — (3,993 ) Balance at September 30, 2019 $ 49,524 $ 10,211 $ 2,234 $ 61,969 ________ (1) The addition of approximately $4.8 million and $1.5 million relates to the preliminary valuation of assets and liabilities related to JSAV’s acquisition of BAV and RED’s acquisition of Sebago, respectively. (2) The adjustment to Premier goodwill relates to
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of September 30, 2019 and December 31, 2018 , are as follows (in thousands): September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Premier management contracts $ 194,000 $ (14,756 ) $ 179,244 $ 188,800 $ (4,353 ) $ 184,447 JSAV customer relationships 9,319 (1,894 ) 7,425 6,519 (1,087 ) 5,432 RED boat slip rights 2,900 (29 ) 2,871 — — — Pure Wellness customer relationships 175 (87 ) 88 175 (61 ) 114 Other 20 (3 ) 17 — — — $ 206,414 $ (16,769 ) $ 189,645 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: JSAV trademarks $ 3,641 $ 3,201 RED trademarks 480 — $ 4,121 $ 3,201
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of September 30, 2019 and December 31, 2018 , are as follows (in thousands): September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Premier management contracts $ 194,000 $ (14,756 ) $ 179,244 $ 188,800 $ (4,353 ) $ 184,447 JSAV customer relationships 9,319 (1,894 ) 7,425 6,519 (1,087 ) 5,432 RED boat slip rights 2,900 (29 ) 2,871 — — — Pure Wellness customer relationships 175 (87 ) 88 175 (61 ) 114 Other 20 (3 ) 17 — — — $ 206,414 $ (16,769 ) $ 189,645 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: JSAV trademarks $ 3,641 $ 3,201 RED trademarks 480 — $ 4,121 $ 3,201

Notes Payable, net (Tables)

Notes Payable, net (Tables)	9 Months Ended
	Sep. 30, 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 2.02% and 2.50% at September 30, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.00% and 5.50% at September 30, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) The Company has a $35.0 million senior revolving credit facility with Bank of America, N.A. There is a one-year extension option subject to the satisfaction of certain conditions. The senior revolving 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. (8) On March 1, 2019, in connection with the acquisition of BAV, JSAV 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 . In connection with the term loan, JSAV 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 September 30, 2019 and December 31, 2018 , was not material. As of September 30, 2019 , $1.2 million of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, JSAV 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 JSAV. (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. As of September 30, 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. As of September 30, 2019 , $55,000 of credit was available under the revolving credit facility. (12) On March 23, 2018, RED entered into a term loan of $750,000 . (13) On February 28, 2019, RED renewed its $250,000 revolving credit facility. As of September 30, 2019 , $244,000 was available under the revolving credit facility. (14) On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million . As of September 30, 2019 , $86,000 was available under the draw term loan. (15) On August 31, 2018, RED entered into a term loan of $1.8 million . (16) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.7 million . The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0% . (17) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million . We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in our inability to borrow unused amounts under our lines of credit, even if repayment of some or all of our borrowings is not required. As of September 30, 2019 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease Balances	Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: September 30, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.3 Finance leases 16.7 Weighted-average discount rate Operating leases 5.6 % Finance leases 6.2 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our JSAV headquarters in Irving, Texas, as failure to renew the lease would result in JSAV incurring significant relocation costs. As of September 30, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification September 30, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 21,522 Finance lease assets Furniture, fixtures and equipment, net 2,244 Total leased assets $ 23,766 Liabilities Current Operating Operating lease liabilities $ 2,206 Finance Notes payable, net 236 Noncurrent Operating Operating lease liabilities 19,340 Finance Notes payable, net 1,591 Total leased liabilities $ 23,373
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 September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost Rent expense General and administrative $ 805 $ 2,342 Rent expense Cost of revenues for project management 38 111 Finance lease cost Amortization of leased assets Depreciation and amortization 72 198 Interest on lease liabilities Interest expense 23 38 Total lease cost $ 938 $ 2,689 For the nine months ended September 30, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,453 Financing cash flows from finance leases 476
Maturities of Operating Lease Liabilities	As of September 30, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Finance Leases 2019 $ 863 $ 130 2020 3,294 272 2021 3,082 200 2022 2,802 182 2023 2,599 150 Thereafter 17,537 2,189 Total minimum lease payments $ 30,177 $ 3,123 Imputed interest (8,631 ) (1,296 ) Present value of minimum lease payments $ 21,546 $ 1,827
Maturities of Financing Lease Liabilities	As of September 30, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Finance Leases 2019 $ 863 $ 130 2020 3,294 272 2021 3,082 200 2022 2,802 182 2023 2,599 150 Thereafter 17,537 2,189 Total minimum lease payments $ 30,177 $ 3,123 Imputed interest (8,631 ) (1,296 ) Present value of minimum lease payments $ 21,546 $ 1,827
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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 Liabilities Contingent consideration $ (2,865 ) (1) $ — $ (2,931 ) (2) $ (5,796 ) Deferred compensation plan (4,878 ) — — (4,878 ) Total $ (7,743 ) $ — $ (2,931 ) $ (10,674 ) __________________ (1) Represents the fair value of the contingent consideration liability of $1.7 million related to the stock consideration collar associated with JSAV’s acquisition of BAV and $1.2 million related to the stock consideration collar associated with RED’s acquisition of Sebago. The contingent consideration liabilities related to BAV and Sebago are reported as “other liabilities” in our condensed consolidated balance sheets. See notes 1 and 4 . (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of BAV, which is reported within “other liabilities” in our condensed consolidated balance sheets. See notes 1 and 4 . 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) (1,547 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at September 30, 2019 $ (2,931 ) __________________ (1) Includes JSAV’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in our condensed consolidated balance sheets within “other liabilities”. 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 our 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 our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Liabilities Contingent consideration $ (2,773 ) (1) $ 221 (2) $ (4,412 ) (1) $ (338 ) (2) Deferred compensation plan (3) 1,526 (2,274 ) 5,603 3,540 Total $ (1,247 ) $ (2,053 ) $ 1,191 $ 3,202 __________________ (1) Represents the changes in fair value of the contingent consideration liabilities related to the achievement of certain performance targets of BAV and stock consideration collars associated with the acquisitions of BAV and Sebago reported as a component of “other” operating expense in our condensed consolidated statements of operations. See notes 1 and 4 . (2) Represents the accretion of contingent consideration associated with the acquisition of JSAV in November of 2017, which was settled in the third quarter of 2018. Amounts are reported as “other” operating expense in our condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our condensed consolidated statements of operations.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 4,878 $ 4,878 $ 10,574 $ 10,574 Contingent consideration 5,796 5,796 — — Financial assets not measured at fair value: Cash and cash equivalents $ 36,400 $ 36,400 $ 51,529 $ 51,529 Restricted cash 11,978 11,978 7,914 7,914 Accounts receivable, net 6,628 6,628 4,928 4,928 Due from affiliates 55 55 45 45 Due from Ashford Trust OP 4,444 4,444 5,293 5,293 Due from Braemar OP 2,224 2,224 1,996 1,996 Investments in unconsolidated entities 3,339 3,339 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 27,314 $ 27,314 $ 24,880 $ 24,880 Dividends payable 2,910 2,910 — — Due to affiliates 1,353 1,353 2,032 2,032 Other liabilities 13,031 13,031 8,418 8,418 Notes payable 28,922 27,132 to 29,988 18,006 16,681 to 18,437

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (Income) loss allocated to noncontrolling interests: JSAV $ — $ 151 $ — $ 58 OpenKey 146 242 475 585 RED (27 ) 38 (87 ) 36 Pure Wellness (27 ) (18 ) (2 ) 25 Other 9 — 9 — Total net (income) loss allocated to noncontrolling interests $ 101 $ 413 $ 395 $ 704

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 15 $ (3 ) $ 25 $ (9 ) JSAV 165 679 71 29 OpenKey 154 292 527 797 Total net (income) loss allocated to redeemable noncontrolling interests $ 334 $ 968 $ 623 $ 817
Dividends Declared	Declared Series B Convertible Preferred Stock cumulative dividends for all issued and outstanding shares were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Preferred dividends $ 2,909 $ 1,675 $ 8,492 $ 1,675 Preferred dividends per share $ 0.3583 $ 0.2063 $ 1.0458 $ 0.2063

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 and nine months ended September 30, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,070 $ 1,951 $ 6,264 $ 7,625 Employee equity grant expense (2) 14 — 71 — Director and other non-employee equity grants expense (3) 5 38 615 433 Total equity-based compensation $ 2,089 $ 1,989 $ 6,950 $ 8,058 Other equity-based compensation REIT equity-based compensation (4) $ 6,743 $ 6,232 $ 19,226 $ 25,842 $ 8,832 $ 8,221 $ 26,176 $ 33,900 ________ (1) As of September 30, 2019 , the Company had approximately $12.7 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.5 years . During the nine months ended September 30, 2018 , we recorded approximately $2.5 million of equity-based compensation expense in “salaries and benefits 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) As of September 30, 2019 , the Company had approximately $128,000 of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.5 years . (3) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. See “Equity-based Compensation” in note 2 . (4) REIT equity-based compensation expense is primarily recorded in “salaries and benefits expense” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees. During the three and nine months ended September 30, 2019 , $85,000 and $253,000 , respectively, of equity based compensation expense related to REIT awards to our employees was included in “cost of revenues for project management” on our condensed consolidated statements of operations. During the nine months ended September 30, 2018 , REIT equity-based compensation included $6.7 million of expense in “salaries and benefit 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)	9 Months Ended
	Sep. 30, 2019
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Change in fair value Unrealized gain (loss) $ 1,526 $ (2,274 ) $ 5,603 $ 3,540 Distributions Fair value (1) $ 20 $ 63 $ 93 $ 197 Shares (1) 1 1 3 3 ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,003 $ 9,145 $ 24,463 $ 26,611 Reimbursable expenses (1) 2,018 2,119 6,716 5,645 Equity-based compensation (2) 4,649 4,855 13,486 20,540 Incentive advisory fee (3) — 452 — 1,356 Total advisory services revenue 14,670 16,571 44,665 54,152 Audio visual revenue (4) — — — 88 Project management revenue (5) 5,083 2,491 15,098 2,491 Other revenue Investment management reimbursements (6) 246 339 941 850 Debt placement fees (7) — 350 1,158 4,942 Claims management services (8) 26 17 57 53 Lease revenue (9) 946 168 2,837 503 Other services (10) 967 454 1,843 1,141 Total other revenue 2,185 1,328 6,836 7,489 Total revenue $ 21,938 $ 20,390 $ 66,599 $ 64,220 REVENUE BY SEGMENT (11) REIT advisory $ 15,888 $ 17,095 $ 48,500 $ 55,558 Premier 5,083 2,491 15,098 2,491 JSAV — — — 88 OpenKey 28 16 83 63 Corporate and other 939 788 2,918 6,020 Total revenue $ 21,938 $ 20,390 $ 66,599 $ 64,220 COST OF REVENUES Cost of audio visual revenues (4) $ 1,778 $ 1,021 $ 5,324 $ 2,211 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three and nine months ended September 30, 2019 , we recognized $395,000 and $1.5 million , respectively, of deferred income from reimbursable expenses related to software implementation costs. During the three and nine months ended September 30, 2018 , we recognized $784,000 and $1.4 million , 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 nine months ended September 30, 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 and nine months ended September 30, 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) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV 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 Ashford Investment Management, LLC’s (“AIM”) 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 are earned by Lismore for providing debt placement services. (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, we lease FF&E to Ashford Trust rent-free. Our ERFP leases entered into in 2018 commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASC 842, a portion of the base advisory fee for leases, which commenced prior to our adoption, 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 primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. Other services revenue also includes reimbursements for expenses related to Ashford Securities from Ashford Trust. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at September 30, 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): September 30, 2019 December 31, 2018 Ashford LLC $ 766 $ 941 Premier 1,209 949 JSAV 185 4 OpenKey — 12 RED 2 60 Pure Wellness 62 30 Due from Braemar OP $ 2,224 $ 1,996 The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,567 $ 2,510 $ 7,919 $ 6,929 Reimbursable expenses (1) 523 488 1,554 1,407 Equity-based compensation (2) 1,994 1,315 5,426 5,240 Incentive advisory fee (3) 170 — 509 — Other advisory revenue (4) 131 132 389 390 Total advisory services revenue 5,385 4,445 15,797 13,966 Audio visual revenue (5) — — — — Project management revenue (6) 2,839 1,125 8,079 1,125 Other revenue Debt placement fees (7) 429 — 704 999 Claims management services (8) 25 31 90 100 Lease revenue (9) 83 83 251 251 Other services (10) 521 206 1,069 625 Total other revenue 1,058 320 2,114 1,975 Total revenue $ 9,282 $ 5,890 $ 25,990 $ 17,066 REVENUE BY SEGMENT (11) REIT advisory $ 5,493 $ 4,559 $ 16,138 $ 14,317 Premier 2,839 1,125 8,079 1,125 JSAV (11) — — — — OpenKey 9 6 42 22 Corporate and other 941 200 1,731 1,602 Total revenue $ 9,282 $ 5,890 $ 25,990 $ 17,066 COST OF REVENUES Cost of audio visual revenues (5) $ 199 $ — $ 404 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three and nine months ended September 30, 2019 , we recognized $28,000 and $108,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. During the three and nine months ended September 30, 2018 , we recognized $58,000 and $102,000 , 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 nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV 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 are earned by Lismore for providing debt placement services. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our legacy key money transaction with Braemar which commenced prior to 2019, we lease FF&E to Braemar rent-free. Consistent with our accounting treatment prior to adopting ASC 842, a portion of the base advisory fee for leases, which commenced prior to our adoption, 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 primarily associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. Other services revenue also includes reimbursements for expenses related to Ashford Securities from Braemar. (11) See note 17 for discussion of segment reporting. The changes in our ERFP Commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through September 30, 2019 , as well as the unfunded ERFP Commitments as of September 30, 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 payment—Embassy Suites New York Manhattan Times Square (8,089 ) — (8,089 ) ERFP payment—Ritz-Carlton, Lake Tahoe — (10,300 ) (10,300 ) ERFP Commitments remaining at September 30, 2019 (1) $ 20,811 $ 39,700 $ 60,511 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Manhattan Times Square $ 11,411 $ — $ 11,411 Unfunded ERFP Commitments at September 30, 2019 $ 11,411 $ — $ 11,411 ________ (1) See note 10 . The following table summarizes amounts due (to) from Ashford Trust OP, net at September 30, 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): September 30, 2019 December 31, 2018 Ashford LLC $ 734 $ 2,337 AIM 111 99 Premier 2,049 1,611 JSAV 1,364 826 OpenKey 6 2 Pure Wellness 180 418 Due from Ashford Trust OP $ 4,444 $ 5,293

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (6,156 ) $ 3,387 $ (5,334 ) $ 6,624 Less: Dividends on preferred stock and amortization (3,272 ) (1,978 ) (9,830 ) (1,978 ) Less: Undistributed net (income) allocated to unvested shares — (6 ) — (20 ) Undistributed net income (loss) allocated to common stockholders (9,428 ) 1,403 (15,164 ) 4,626 Distributed and undistributed net income (loss) - basic $ (9,428 ) $ 1,403 $ (15,164 ) $ 4,626 Effect of deferred compensation plan (1,526 ) — (5,603 ) (3,540 ) Effect of incremental subsidiary shares — (971 ) (527 ) (826 ) Distributed and undistributed net income (loss) - diluted $ (10,954 ) $ 432 $ (21,294 ) $ 260 Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,580 2,109 2,489 2,100 Effect of deferred compensation plan shares 202 — 135 69 Effect of incremental subsidiary shares — 50 55 57 Effect of assumed exercise of stock options — 178 — 191 Weighted average common shares outstanding – diluted 2,782 2,337 2,679 2,417 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (3.65 ) $ 0.67 $ (6.09 ) $ 2.20 Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (3.94 ) $ 0.18 $ (7.95 ) $ 0.11
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ — $ 6 $ — $ 20 Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (15 ) 3 (25 ) 9 Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (319 ) — (71 ) — Dividends on preferred stock and amortization 3,272 1,978 9,830 1,978 Total $ 2,938 $ 1,987 $ 9,734 $ 2,007 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 12 9 10 9 Effect of assumed exercise of stock options — — 27 — Effect of assumed conversion of Ashford Holdings units 4 4 4 4 Effect of incremental subsidiary shares 186 — 74 — Effect of assumed conversion of preferred stock 1,450 851 1,450 284 Total 1,652 864 1,565 297

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three and nine months ended September 30, 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 September 30, 2019 Three Months Ended September 30, 2018 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 20,055 $ — $ — $ — $ — $ 20,055 $ 21,016 $ — $ — $ — $ — $ 21,016 Audio visual — — 22,430 — — 22,430 — — 14,526 — — 14,526 Project Management — 7,881 — — — 7,881 — 3,616 — — — 3,616 Other 1,326 — — 313 4,884 6,523 640 — — 301 1,466 2,407 Total revenue 21,381 7,881 22,430 313 4,884 56,889 21,656 3,616 14,526 301 1,466 41,565 EXPENSES Depreciation and amortization 2,722 4,937 513 7 195 8,374 808 1,618 587 7 (48 ) 2,972 Other operating expenses (1) 9,184 4,167 24,965 896 16,104 55,316 8,777 1,923 18,087 1,271 20,039 50,097 Total expenses 11,906 9,104 25,478 903 16,299 63,690 9,585 3,541 18,674 1,278 19,991 53,069 OPERATING INCOME (LOSS) 9,475 (1,223 ) (3,048 ) (590 ) (11,415 ) (6,801 ) 12,071 75 (4,148 ) (977 ) (18,525 ) (11,504 ) Equity in earnings (loss) of unconsolidated entities — — — — 464 464 — — — — — — Interest expense — — (298 ) — (158 ) (456 ) — — (181 ) — (108 ) (289 ) Amortization of loan costs — — (14 ) (6 ) (55 ) (75 ) — — (12 ) (7 ) (111 ) (130 ) Interest income — — — — — — — — — — 103 103 Other income (expense) — — 49 3 (72 ) (20 ) 141 — (38 ) 3 (184 ) (78 ) INCOME (LOSS) BEFORE INCOME TAXES 9,475 (1,223 ) (3,311 ) (593 ) (11,236 ) (6,888 ) 12,212 75 (4,379 ) (981 ) (18,825 ) (11,898 ) Income tax (expense) benefit (2,093 ) 9 698 — 1,683 297 (2,693 ) (7 ) 909 — 15,695 13,904 NET INCOME (LOSS) $ 7,382 $ (1,214 ) $ (2,613 ) $ (593 ) $ (9,553 ) $ (6,591 ) $ 9,519 $ 68 $ (3,470 ) $ (981 ) $ (3,130 ) $ 2,006 ________ (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. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 60,462 $ — $ — $ — $ — $ 60,462 $ 68,118 $ — $ — $ — $ — $ 68,118 Audio visual — — 83,532 — — 83,532 — — 61,212 — — 61,212 Project management — 23,371 — — — 23,371 — 3,616 — — — 3,616 Other 4,176 — — 764 11,370 16,310 1,757 — — 773 9,068 11,598 Total revenue 64,638 23,371 83,532 764 11,370 183,675 69,875 3,616 61,212 773 9,068 144,544 EXPENSES Depreciation and amortization 5,475 10,413 1,471 21 455 17,835 1,567 1,618 1,530 20 470 5,205 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 27,182 12,535 83,269 2,614 43,556 169,156 32,832 1,923 58,598 3,345 46,392 143,090 Total operating expenses 32,657 22,948 84,740 2,635 44,011 186,991 36,262 3,541 60,128 3,365 46,918 150,214 OPERATING INCOME (LOSS) 31,981 423 (1,208 ) (1,871 ) (32,641 ) (3,316 ) 33,613 75 1,084 (2,592 ) (37,850 ) (5,670 ) Equity in earnings (loss) of unconsolidated entities — — — — (109 ) (109 ) — — — — — — Interest expense — — (868 ) — (330 ) (1,198 ) — — (464 ) — (129 ) (593 ) Amortization of loan costs — — (41 ) (19 ) (154 ) (214 ) — — (35 ) (20 ) (122 ) (177 ) Interest income — — — — 29 29 — — — — 288 288 Other income (expense) — — (107 ) 15 (23 ) (115 ) 187 — (353 ) 2 (174 ) (338 ) INCOME (LOSS) BEFORE INCOME TAXES 31,981 423 (2,224 ) (1,875 ) (33,228 ) (4,923 ) 33,800 75 232 (2,610 ) (37,987 ) (6,490 ) Income tax (expense) benefit (7,132 ) (759 ) 130 — 6,332 (1,429 ) (6,657 ) (7 ) (339 ) — 18,596 11,593 NET INCOME (LOSS) $ 24,849 $ (336 ) $ (2,094 ) $ (1,875 ) $ (26,896 ) $ (6,352 ) $ 27,143 $ 68 $ (107 ) $ (2,610 ) $ (19,391 ) $ 5,103 ________ (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 ($)

Jul. 18, 2019

Mar. 01, 2019

Jan. 01, 2019

Oct. 10, 2018

Sep. 28, 2018

Aug. 08, 2018

Sep. 30, 2019

Sep. 30, 2018

Aug. 08, 2021

Aug. 08, 2020

Aug. 08, 2019

Dec. 31, 2018

Aug. 07, 2018

Nov. 01, 2017

Nov. 12, 2014

Noncontrolling Interest [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

Net proceeds from issuance of common stock

$ 0

$ 18,099,000

Amount invested

$ 2,176,000

0

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

$ 20,100,000

Net proceeds from issuance of common stock

$ 18,200,000

Over-Allotment Option

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

10,000

Net proceeds from issuance of common stock

$ 700,000

Premier

Noncontrolling Interest [Line Items]

Fair value of Ashford Inc. common stock issued

$ 203,000,000

Equity interest issued, value assigned

$ 203,000,000

Voting Restrictions Term

5 years

Voting rights limit

25.00%

Common stock, par value (in dollars per share)

$ 0.01

JSAV

Noncontrolling Interest [Line Items]

Voting interests acquired

88.00%

85.00%

REA Holdings

Noncontrolling Interest [Line Items]

Voting interests acquired

30.00%

BAV

Noncontrolling Interest [Line Items]

Fair value of Ashford Inc. common stock issued

$ 3,748,000

Cash consideration

$ 4,267,000

0

Sebago

Noncontrolling Interest [Line Items]

Fair value of Ashford Inc. common stock issued

$ 4,547,000

Cash consideration

$ 2,500,000

$ 2,426,000

$ 0

Share price (in dollars per share)

$ 33.24

Equity interest issued (in shares)

135,366

Estimated fair value

$ 4,500,000

RED

Noncontrolling Interest [Line Items]

Ownership by parent

84.00%

84.21%

80.00%

Noncontrolling interests

15.79%

20.00%

JSAV | BAV

Noncontrolling Interest [Line Items]

Fair value of Ashford Inc. common stock issued

3,500,000

Cash consideration

$ 5,000,000

Share price (in dollars per share)

$ 57.01

Equity interest issued (in shares)

61,387

Estimated fair value

$ 3,700,000

Interest issued and issuable, 18 months

500,000

Contingent consideration possible

$ 1,400,000

Ashford Trust, Inc.

Noncontrolling Interest [Line Items]

Ownership (in shares)

598,000

Ownership percentage

22.90%

Braemar

Noncontrolling Interest [Line Items]

Ownership (in shares)

195,000

Ownership percentage

7.50%

Ashford Trust and Braemar

Noncontrolling Interest [Line Items]

Amount committed

$ 15,000,000

Ashford Trust and Braemar | Affiliated Entity

Noncontrolling Interest [Line Items]

Program commitment amount

50,000,000

Program potential commitment amount

$ 100,000,000

Program percent of commitment for each hotel

10.00%

Ashford Trust

Noncontrolling Interest [Line Items]

Percent of common stock distribution with spin-off

70.00%

Amount received

$ 485,000

Ashford Trust | Affiliated Entity

Noncontrolling Interest [Line Items]

Program commitment amount

50,000,000

Program potential commitment amount

$ 100,000,000

Program percent of commitment for each hotel

10.00%

Braemar

Noncontrolling Interest [Line Items]

Amount received

$ 165,000

Braemar | Affiliated Entity

Noncontrolling Interest [Line Items]

Program commitment amount

50,000,000

Program potential commitment amount

$ 100,000,000

Program percent of commitment for each hotel

10.00%

Series B Convertible Preferred Stock

Noncontrolling Interest [Line Items]

Preferred stock, shares issued (in shares)

8,120,000

8,120,000

8,120,000

8,120,000

Series B Convertible Preferred Stock | Premier

Noncontrolling Interest [Line Items]

Equity interest issued, value assigned

$ 203,000,000

Share price (in dollars per share)

$ 140

Equity interest issued (in shares)

1,450,000

Dividend rate

5.50%

Series B Convertible Preferred Stock | Premier | Forecast

Noncontrolling Interest [Line Items]

Dividend rate

6.50%

6.00%

REA Holdings

Noncontrolling Interest [Line Items]

Noncontrolling interests

30.00%

Aggregate cost

$ 3,000,000

Amount invested

$ 2,100,000

Equity issuance (in shares)

16,529

Equity issuance

$ 890,000

Option to purchase equity

50.00%

Option to purchase consideration

$ 12,500,000

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Mar. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jul. 18, 2019	Jan. 01, 2019
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities		$ 464,000	$ 0	$ (109,000)	$ 0
Carrying value of redeemable noncontrolling interests		3,641,000		3,641,000		$ 3,531,000
Redemption value adjustment, year-to-date		14,000	(162,000)	27,000	576,000
Income loss from equity method due to change in fair value		0	0	0	0
Carrying value of noncontrolling interests		765,000		765,000		458,000
Long-term debt, gross		28,922,000		28,922,000		18,006,000
Investments in unconsolidated entities		3,339,000		3,339,000		500,000
Furniture, fixtures and equipment, net		72,043,000		72,043,000		47,947,000
Impairment		0	$ 0	0	$ 1,919,000
Other current liabilities		12,100,000		12,100,000		7,800,000
Contingent consideration		5,796,000		5,796,000		0
Operating lease right-of-use assets		21,522,000		21,522,000
Present value of minimum lease payments		21,546,000		21,546,000
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, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Furniture, fixtures and equipment, net		$ 35,700,000		$ 35,700,000		$ 16,100,000
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%
Investments in unconsolidated entities		$ 2,839,000		$ 2,839,000
BAV
Noncontrolling Interest [Line Items]
Contingent consideration		4,600,000		4,600,000
Sebago
Noncontrolling Interest [Line Items]
Contingent consideration		1,200,000		1,200,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities		$ 500,000		$ 500,000
Ashford LLC
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		99.84%		99.84%		99.83%
Redeemable noncontrolling interests		0.16%		0.16%		0.17%
Noncontrolling interests in consolidated entities		0.00%		0.00%		0.00%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests		$ 100,000		$ 100,000		$ 215,000
Redemption value adjustment, year-to-date				(89,000)		(180,000)
Redemption value adjustment, cumulative				89,000		178,000
Carrying value of noncontrolling interests		$ 0		$ 0		$ 0
JSAV
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		88.20%		88.20%		85.00%
Redeemable noncontrolling interests		11.80%		11.80%		15.00%
Noncontrolling interests in consolidated entities		0.00%		0.00%		0.00%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests		$ 1,802,000		$ 1,802,000		$ 1,858,000
Redemption value adjustment, year-to-date				0		0
Redemption value adjustment, cumulative				0		0
Carrying value of noncontrolling interests		0		0		0
Assets, available only to settle subsidiary's obligations		56,115,000		56,115,000		37,141,000
Liabilities, no recourse to Ashford Inc		42,752,000		42,752,000		24,836,000
JSAV | Furniture, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Furniture, fixtures and equipment, net		16,000,000		16,000,000		13,400,000
JSAV | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross						13,614,000
JSAV | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross		2,327,000		2,327,000		$ 1,733,000
JSAV | Medium-term Notes
Noncontrolling Interest [Line Items]
Long-term debt, gross		$ 18,711,000		$ 18,711,000
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		47.61%		47.61%		45.61%
Redeemable noncontrolling interests		26.59%		26.59%		29.65%
Noncontrolling interests in consolidated entities		25.80%		25.80%		24.74%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests		$ 1,739,000		$ 1,739,000		$ 1,458,000
Redemption value adjustment, year-to-date				62,000		12,000
Redemption value adjustment, cumulative				2,095,000		2,033,000
Carrying value of noncontrolling interests		540,000		540,000		308,000
Assets, available only to settle subsidiary's obligations		2,461,000		2,461,000		1,410,000
Liabilities, no recourse to Ashford Inc		513,000		513,000		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		$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		70.00%		70.00%		70.00%
Redeemable noncontrolling interests		0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities		30.00%		30.00%		30.00%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of noncontrolling interests		$ 157,000		$ 157,000		$ 218,000
Assets, available only to settle subsidiary's obligations		2,027,000		2,027,000		2,267,000
Liabilities, no recourse to Ashford Inc		1,869,000		1,869,000		1,977,000
Pure Wellness | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross		$ 0		$ 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		84.21%		84.21%		80.00%	84.00%
Redeemable noncontrolling interests		0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities		15.79%		15.79%		20.00%
Noncontrolling ownership		100.00%		100.00%		100.00%
Carrying value of noncontrolling interests		$ 19,000		$ 19,000		$ (68,000)
Assets, available only to settle subsidiary's obligations		18,682,000		18,682,000		6,807,000
Liabilities, no recourse to Ashford Inc		10,388,000		10,388,000		2,839,000
RED | Furniture, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Furniture, fixtures and equipment, net		8,200,000		8,200,000		5,700,000
RED | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross		6,327,000		6,327,000		2,480,000
RED | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 118,000
JSAV | BAV
Noncontrolling Interest [Line Items]
Interest issued and issuable, 18 months	$ 500,000
Contingent consideration		$ 1,700,000		$ 1,700,000

Revenues (Details)

Revenues (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 56,889	$ 41,565	$ 183,675	$ 144,544
Accounts receivable, net	6,628		6,628		$ 4,928
Deferred Revenue and Contract Balances
Balance	11,226	13,111	13,544	13,899
Increases to deferred income	1,681	2,144	4,429	5,731
Recognition of revenue	(1,287)	(1,344)	(6,353)	(5,719)
Balance	11,620	13,911	$ 11,620	13,911
Number of reportable segments | segment			4
JSAV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	22,430	14,526	$ 83,532	61,212
JSAV | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	19,860	12,385	67,550	44,547
JSAV | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	1,804	1,293	11,289	12,010
JSAV | Dominican Republic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	766	848	4,693	4,655
REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	21,381	21,656	64,638	69,875
OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	313		764
Base advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	10,570	11,655	32,382	33,540
Incentive advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	170	452	509	1,356
Reimbursable expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,541	2,607	8,270	7,052
Equity-based compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	6,643	6,170	18,912	25,780
Other advisory revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	131	132	389	390
Total advisory services revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	20,055	21,016	60,462	68,118
Deferred Revenue and Contract Balances
Recognition of revenue	(554)	(666)	(2,000)	(1,600)
Audio visual
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	22,430	14,526	83,532	61,212
Deferred Revenue and Contract Balances
Recognition of revenue	(194)	(173)	(2,600)	(2,900)
Audio visual | JSAV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	22,430	14,526	83,532	61,212
Project management
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,881	3,616	23,371	3,616
Project management | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,881	3,616	23,371	3,616
Other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	6,523	2,407	16,310	11,598
Deferred Revenue and Contract Balances
Recognition of revenue	(539)	(505)	(1,800)	(1,300)
Investment management reimbursements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	246	339	941	850
Debt placement fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	429	350	1,862	5,941
Claims management services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	51	48	147	153
Lease revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	1,029	251	3,088	754
Other services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	4,768	1,419	10,272	3,900
Total other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 6,523	2,407	$ 16,310	11,598
Braemar
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Investment in unconsolidated entities				5,000
Ashford Trust OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Due from related parties	$ 4,444		$ 4,444		5,293
Braemar OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Due from related parties	$ 2,224		$ 2,224		$ 1,996
Maximum | Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee	$ 10,000,000		$ 10,000,000
Minimum | Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee	$ 6,000,000		$ 6,000,000
Operating Segments | JSAV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		14,526		61,212
Operating Segments | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		3,616		3,616
Operating Segments | REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	21,381	21,656	64,638	69,875
Operating Segments | OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		301		773
Operating Segments | Total advisory services revenue | JSAV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Total advisory services revenue | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Total advisory services revenue | REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	20,055	21,016	60,462	68,118
Operating Segments | Total advisory services revenue | OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Audio visual | JSAV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	22,430	14,526	83,532	61,212
Operating Segments | Audio visual | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Audio visual | REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Audio visual | OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Project management | JSAV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Project management | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,881	3,616	23,371	3,616
Operating Segments | Project management | REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Operating Segments | Project management | OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Corporate and Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	4,884	1,466	11,370	9,068
Corporate and Other | Total advisory services revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Corporate and Other | Audio visual
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	0	0	0	0
Corporate and Other | Project management
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($)	Jul. 18, 2019	Mar. 01, 2019	Aug. 08, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Aug. 07, 2018	Nov. 01, 2017
Business Acquisition [Line Items]
Total revenue				$ 56,889,000	$ 41,565,000	$ 183,675,000	$ 144,544,000
NET INCOME (LOSS)				(6,591,000)	2,006,000	(6,352,000)	5,103,000
Non-recurring transaction costs				$ 283,000		$ 659,000
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	8,120,000
Sebago
Business Acquisition [Line Items]
Cash consideration	$ 2,500,000					$ 2,426,000	0
Fair value of Ashford Inc. common stock issued	$ 4,547,000
Equity interest issued (in shares)	135,366
Share price (in dollars per share)	$ 33.24
Estimated fair value	$ 4,500,000
Stock consideration collar threshold	$ 3,800,000
Conditional repurchase price (in dollars per share)	$ 0.01
Goodwill expected tax deductible	$ 1,500,000
Total revenue				$ 1,200,000		1,200,000
NET INCOME (LOSS)				129,000		129,000
Premier
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued			$ 203,000,000
Increase to value of management contracts				5,200,000
Increase to deferred tax liability				1,200,000
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
JSAV
Business Acquisition [Line Items]
Voting interests acquired		88.00%								85.00%
BAV
Business Acquisition [Line Items]
Cash consideration						4,267,000	0
Fair value of Ashford Inc. common stock issued		$ 3,748,000
JSAV | BAV
Business Acquisition [Line Items]
Cash consideration		5,000,000
Fair value of Ashford Inc. common stock issued		$ 3,500,000
Equity interest issued (in shares)		61,387
Share price (in dollars per share)		$ 57.01
Estimated fair value		$ 3,700,000
Goodwill expected tax deductible		4,800,000
Total revenue				2,800,000		8,500,000
NET INCOME (LOSS)				428,000		1,200,000
Interest issued and issuable, 18 months		500,000
Contingent consideration possible		$ 1,400,000
Project management
Business Acquisition [Line Items]
Total revenue				7,881,000	3,616,000	23,371,000	3,616,000
Premier | Project management
Business Acquisition [Line Items]
Total revenue				7,881,000	3,616,000	23,371,000	3,616,000
Operating Segments | Premier
Business Acquisition [Line Items]
Total revenue					3,616,000		3,616,000
NET INCOME (LOSS)				(1,214,000)	68,000	(336,000)	68,000
Operating Segments | Premier | Project management
Business Acquisition [Line Items]
Total revenue				$ 7,881,000	$ 3,616,000	$ 23,371,000	$ 3,616,000
RED
Business Acquisition [Line Items]
Ownership by parent	84.00%			84.21%		84.21%		80.00%
Minimum | JSAV | BAV
Business Acquisition [Line Items]
Contingent consideration payable term		12 months
Maximum | JSAV | BAV
Business Acquisition [Line Items]
Contingent consideration payable term		18 months

Acquisitions - Schedules (Detai

Acquisitions - Schedules (Details) - USD ($) $ in Thousands	Jul. 18, 2019	Mar. 01, 2019	Aug. 08, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill				$ 61,969		$ 61,969		$ 59,683
Pro Forma Financial Results
Total revenue				57,189	$ 47,815	189,138	$ 174,769
Net income (loss)				(6,361)	5,612	(5,276)	13,307
Net income (loss) attributable to the Company				$ (6,285)	$ 6,982	$ (4,775)	$ 14,629
Sebago
Business Acquisition [Line Items]
Term loan	$ 2,500
Less working capital adjustments	(74)
Fair value of Ashford Inc. common stock issued	4,547
Purchase price consideration	6,973
Current assets	76
FF&E	$ 1,514
Estimated Useful Life	20 years
Operating lease right-of-use assets	$ 391
Goodwill	1,452
Indefinite-lived intangibles	480
Finite-lived intangibles	2,900
Total assets acquired	9,033
Current liabilities	299
Noncurrent liabilities	1,761
Total assumed liabilities	2,060
Net assets acquired	6,973
Sebago | Marine vessels
Business Acquisition [Line Items]
FF&E	$ 2,220
Estimated Useful Life	20 years
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
FF&E			$ 47
Estimated Useful Life			30 years
Goodwill			$ 49,524
Finite-lived intangibles			194,000
Total assets acquired			247,449
Current liabilities			2,375
Noncurrent liabilities			44,957
Total assumed liabilities			47,332
Net assets acquired			$ 200,117
BAV
Business Acquisition [Line Items]
Term loan		$ 5,000
Less working capital adjustments		(733)
Fair value of Ashford Inc. common stock issued		3,748
Consideration payable		500
Fair value of contingent consideration		1,384
Purchase price consideration		9,899
JSAV | BAV
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued		3,500
Current assets		754
FF&E		$ 1,895
Estimated Useful Life		5 years
Operating lease right-of-use assets		$ 165
Goodwill		4,827
Indefinite-lived intangibles		440
Finite-lived intangibles		2,800
Total assets acquired		10,881
Current liabilities		619
Noncurrent liabilities		363
Total assumed liabilities		982
Net assets acquired		$ 9,899
Boat slip rights | Sebago
Business Acquisition [Line Items]
Estimated Useful Life	20 years
Customer relationships | JSAV | BAV
Business Acquisition [Line Items]
Estimated Useful Life		15 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2018	$ 59,683
Changes in goodwill:
Additions	6,279
Adjustments	(3,993)
Balance at September 30, 2019	61,969
Operating Segments | Premier
Goodwill [Roll Forward]
Balance at December 31, 2018	53,517
Changes in goodwill:
Additions	0
Adjustments	(3,993)
Balance at September 30, 2019	49,524
Operating Segments | JSAV
Goodwill [Roll Forward]
Balance at December 31, 2018	5,384
Changes in goodwill:
Additions	4,827
Adjustments	0
Balance at September 30, 2019	10,211
Corporate and Other
Goodwill [Roll Forward]
Balance at December 31, 2018	782
Changes in goodwill:
Additions	1,452
Adjustments	0
Balance at September 30, 2019	$ 2,234

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 4,121	$ 3,201
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	206,414	195,494
Accumulated Amortization	(16,769)	(5,501)
Net Carrying Amount	189,645	189,993
Trademarks | JSAV
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,641	3,201
Trademarks | RED
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	480	0
Management contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000	188,800
Accumulated Amortization	(14,756)	(4,353)
Net Carrying Amount	179,244	184,447
Customer relationships | JSAV
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319	6,519
Accumulated Amortization	(1,894)	(1,087)
Net Carrying Amount	7,425	5,432
Customer relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175
Accumulated Amortization	(87)	(61)
Net Carrying Amount	88	114
Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,900	0
Accumulated Amortization	(29)	0
Net Carrying Amount	2,871	0
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20	0
Accumulated Amortization	(3)	0
Net Carrying Amount	$ 17	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5.3	$ 1.9	$ 11.3	$ 2.3
Management contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Useful life			30 years
Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Useful life			20 years
Minimum | Customer relationships | JSAV
Finite-Lived Intangible Assets [Line Items]
Useful life			5 years
Maximum | Customer relationships | JSAV
Finite-Lived Intangible Assets [Line Items]
Useful life			15 years

Notes Payable, net (Details)

Notes Payable, net (Details) - USD ($)

Jul. 19, 2024

Mar. 01, 2018

Sep. 30, 2019

Sep. 30, 2018

Jul. 18, 2019

Mar. 01, 2019

Feb. 28, 2019

Dec. 31, 2018

Nov. 08, 2018

Aug. 31, 2018

Mar. 23, 2018

Apr. 06, 2017

Debt Instrument [Line Items]

Long-term debt, gross

$ 28,922,000

$ 18,006,000

Finance lease obligations

3,123,000

Finance lease obligations

661,000

Less deferred loan costs, net

(247,000)

(234,000)

Notes payable less net deferred loan costs

28,675,000

17,772,000

Less current portion

(3,549,000)

(2,595,000)

Notes payable, net - non-current

25,126,000

$ 15,177,000

Payments on revolving credit facilities

$ 25,980,000

$ 14,550,000

LIBOR

Debt Instrument [Line Items]

Reference rate

2.02%

2.50%

Prime Rate

Debt Instrument [Line Items]

Reference rate

5.00%

5.50%

JSAV

Debt Instrument [Line Items]

Finance lease obligations

$ 320,000

Finance lease obligations

$ 661,000

Revolving Credit Facility | JSAV

Debt Instrument [Line Items]

Long-term debt, gross

2,327,000

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 | JSAV

Debt Instrument [Line Items]

Long-term debt, gross

$ 2,327,000

1,733,000

Revolving Credit Facility | Facility Due 2022 | JSAV | 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

$ 55,000

$ 100,000

Revolving Credit Facility | Facility due On Demand | Pure Wellness

Debt Instrument [Line Items]

Long-term debt, gross

$ 45,000

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 February 2020 | RED

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 244,000

$ 250,000

Revolving Credit Facility | Facility Due 2020 | RED

Debt Instrument [Line Items]

Long-term debt, gross

$ 6,000

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

$ 1,200,000

Maximum borrowing capacity

3,500,000

3,000,000

Notes Payable to Banks | JSAV

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

6,327,000

2,480,000

Notes Payable to Banks | Term Loan Due November 2022 | JSAV

Debt Instrument [Line Items]

Long-term debt, gross

$ 12,983,000

8,917,000

Notes Payable to Banks | Term Loan Due November 2022 | JSAV | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Notes Payable to Banks | Equipment Note Due 2022 | JSAV

Debt Instrument [Line Items]

Long-term debt, gross

$ 3,607,000

2,087,000

Face amount of debt

8,000,000

Notes Payable to Banks | Equipment Note Due 2022 | JSAV | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Notes Payable to Banks | Term Loan Due November 2022 | JSAV

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,800,000

1,950,000

Face amount of debt

$ 2,400,000

Notes Payable to Banks | Term Loan Due November 2022 | JSAV | 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

$ 628,000

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

$ 1,314,000

0

Face amount of debt

1,400,000

Remaining borrowing capacity

$ 86,000

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

$ 1,681,000

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%

Notes Payable to Banks | Term Loan Due July 2029 | RED

Debt Instrument [Line Items]

Interest rate

6.00%

6.00%

Long-term debt, gross

$ 1,685,000

0

Face amount of debt

$ 1,700,000

Notes Payable to Banks | Term Loan Due July 2029 | RED | Forecast

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Floor interest rate

6.00%

Notes Payable to Banks | Term Loan Due July 2022 | RED

Debt Instrument [Line Items]

Interest rate

6.50%

Long-term debt, gross

$ 1,019,000

0

Face amount of debt

$ 1,100,000

Finance lease obligations | RED

Debt Instrument [Line Items]

Long-term debt, gross

$ 0

Finance lease obligations | RED

Debt Instrument [Line Items]

Long-term debt, gross

1,507,000

Interest Rate Cap

Debt Instrument [Line Items]

Notional amount

$ 5,000,000

Derivative interest rate

4.00%

OpenKey | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,500,000

Leases - Lease Balances and Oth

Leases - Lease Balances and Other Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)extension_period	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options | extension_period		2
Renewal term		10 years
Rental expense	$ 556,000		$ 1,200,000
Operating lease right-of-use assets		$ 21,522,000
Finance lease assets		2,244,000
Finance lease assets				$ 807,000
Total leased assets		23,766,000
Operating lease liabilities		2,206,000
Notes payable, net		236,000
Operating lease liabilities		19,340,000
Notes payable, net		1,591,000
Total leased liabilities		$ 23,373,000
Weighted average remaining lease term for operating leases		12 years 3 months 6 days
Weighted average remaining lease term for finance leases		16 years 8 months 12 days
Weighted average discount rate for operating leases		5.60%
Weighted average discount rate for finance leases		6.20%
Minimum
Lessee, Lease, Description [Line Items]
Renewal term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term		10 years
Corporate Office Lease Modification
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 4,100,000

Leases - Lease Expense and Cash

Leases - Lease Expense and Cash Outflows from Operating and Finance Leases (Details) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Finance lease cost
Depreciation and amortization	$ 72	$ 198
Interest expense	23	38
Total lease expense	938	2,689
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		2,453
Financing cash outflows from finance leases		476
General and administrative
Lessee, Lease, Description [Line Items]
Operating lease expense	805	2,342
Cost of revenues for project management
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 38	$ 111

Leases - Maturities of Operatin

Leases - Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating leases
2019	$ 863
2020	3,294
2021	3,082
2022	2,802
2023	2,599
Thereafter	17,537
Total minimum lease payments	30,177
Imputed interest	(8,631)
Present value of minimum lease payments	21,546
Finance leases
2019	130
2020	272
2021	200
2022	182
2023	150
Thereafter	2,189
Total minimum lease payments	3,123
Imputed interest	(1,296)
Present value of minimum lease payments	$ 1,827

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 5,796		$ 5,796		$ 0
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	(1,247)	$ (2,053)	1,191	$ 3,202
BAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	4,600		4,600
Sebago
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,200		1,200
JSAV | BAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,700		1,700
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Acquisitions			(1,384)
Gains (losses) included in earnings			(1,547)
Dispositions and settlements			0
Transfers into/out of Level 3			0
Unrealized gain (loss)	(2,773)	221	(4,412)	(338)
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	1,526	$ (2,274)	5,603	$ 3,540
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(5,796)		(5,796)		0
Deferred compensation plan	(4,878)		(4,878)		(10,574)
Total	(10,674)		(10,674)		(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	(2,865)		(2,865)
Deferred compensation plan	(4,878)		(4,878)		(10,574)
Total	(7,743)		(7,743)		(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		0
Deferred compensation plan	0		0		0
Total	0		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	(2,931)		(2,931)
Deferred compensation plan	0		0		0
Total	$ (2,931)		$ (2,931)		$ 0

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	$ 4,878	$ 10,574
Deferred compensation plan, Fair value	4,878	10,574
Contingent consideration	5,796	0
Contingent consideration, Fair value	5,796	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	36,400	51,529	$ 64,937	$ 36,480
Cash and cash equivalents, Fair value	36,400	51,529
Restricted cash, Carrying value	11,978	7,914	$ 10,722	$ 9,076
Restricted cash, Fair value	11,978	7,914
Accounts receivable, net, Carrying value	6,628	4,928
Accounts receivable, net, Fair value	6,628	4,928
Due from affiliates, Carrying value	55	45
Due from affiliates, Fair value	55	45
Investments in unconsolidated entities, Carrying value	3,339	500
Investments in unconsolidated entities, Fair value	3,339	500
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	27,314	24,880
Accounts payable and accrued expenses, Fair value	27,314	24,880
Dividends payable, Carrying value	2,910	0
Dividends payable, Fair value	2,910	0
Due to affiliates, Carrying value	1,353	2,032
Due to affiliates, Fair value	1,353	2,032
Other liabilities, Carrying value	13,031	8,418
Other liabilities, Fair value	13,031	8,418
Notes payable, Carrying value	28,922	18,006
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	27,132	16,681
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 29,988	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	$ 4,444	5,293
Due from related parties, Fair value	4,444	5,293
Braemar OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	2,224	1,996
Due from related parties, Fair value	$ 2,224	$ 1,996

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-term Purchase Commitment [Line Items]
ERFP Commitments	$ 60,511	$ 33,900	$ 0
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP Commitments	20,811	33,900	0
Braemar
Long-term Purchase Commitment [Line Items]
ERFP Commitments	39,700	0	$ 0
Fair Value, Measurements, Recurring
Long-term Purchase Commitment [Line Items]
Contingent consideration	$ 5,796	$ 0

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 101	$ 413	$ 395	$ 704
JSAV
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	0	151	0	58
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	146	242	475	585
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	(27)	38	(87)	36
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	(27)	(18)	(2)	25
Other
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 9	$ 0	$ 9	$ 0

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 08, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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		$ 334	$ 968	$ 623	$ 817
Amortization of preferred stock discount		(363)	(303)	(1,338)	(303)
Preferred dividends		$ 2,909	$ 1,675	$ 8,492	$ 1,675
Preferred dividends (in dollars per share)		$ 0.3583	$ 0.2063	$ 1.0458	$ 0.2063
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	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]
Equity interest issued, value assigned	$ 203,000
Share price (in dollars per share)	$ 140
Equity interest issued (in shares)	1,450,000
Dividend rate								5.50%
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 | Forecast
Redeemable Noncontrolling Interest [Line Items]
Dividend rate						6.50%	6.00%
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 15	$ (3)	$ 25	$ (9)
JSAV
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 165	679	$ 71	29
Redeemable noncontrolling interests		11.80%		11.80%					15.00%
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 154	$ 292	$ 527	$ 797
Redeemable noncontrolling interests		26.59%		26.59%					29.65%
Ashford LLC
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests		0.16%		0.16%					0.17%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 12,700		$ 12,700
Period for recognition			1 year 6 months 6 days
Allocated stock-based compensation expense	8,832	$ 8,221	$ 26,176	$ 33,900
Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense				2,500
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	128		$ 128
Period for recognition			2 years 6 months
Allocated stock-based compensation expense	2,070	1,951	$ 6,264	7,625
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	85		253
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
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	14	0	71	0
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	2,089	1,989	6,950	8,058
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	5	38	615	433
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 6,743	$ 6,232	$ 19,226	$ 25,842

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Deferred Revenue Arrangement [Line Items]
Deferral of compensation percentage maximum	100.00%		100.00%
Unrealized gain (loss)	$ (1,247)	$ (2,053)	$ 1,191	$ 3,202
Distribution from deferred compensation plan	$ 20	$ 63	93	$ 197
Deferred compensation plan distribution (in shares)	1	1		3
Deferred compensation plan liability	$ 4,878		$ 4,878		$ 10,574
Common Stock
Deferred Revenue Arrangement [Line Items]
Deferred compensation plan distribution (in shares)	1	1	3	3
Deferred compensation plan
Deferred Revenue Arrangement [Line Items]
Unrealized gain (loss)	$ 1,526	$ (2,274)	$ 5,603	$ 3,540

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 24, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jun. 21, 2017
Related Party Transaction [Line Items]
Deferred revenue recognized		$ 1,287,000	$ 1,344,000	$ 6,353,000	$ 5,719,000
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		60,511,000		60,511,000		$ 33,900,000
Unfunded ERFP Commitments		11,411,000		11,411,000
Equity in earnings (loss) of unconsolidated entities		464,000	0	(109,000)	0
Amount invested				2,176,000	0
Rental expense			556,000		1,200,000
Officer of J&S
ERFP Commitments:
Operating lease amount per year				307,000
Operating lease expense		$ 77,000		$ 232,000
Rental expense			84,000		252,000
Pure Wellness
ERFP Commitments:
Noncontrolling interests in consolidated entities		30.00%		30.00%		30.00%
Ashford LLC
ERFP Commitments:
Noncontrolling interests in consolidated entities		0.00%		0.00%		0.00%
JSAV
ERFP Commitments:
Noncontrolling interests in consolidated entities		0.00%		0.00%		0.00%
OpenKey
ERFP Commitments:
Noncontrolling interests in consolidated entities		25.80%		25.80%		24.74%
OpenKey | Ashford Trust
ERFP Commitments:
Noncontrolling interests in consolidated entities		17.00%		17.00%		16.30%
Amount invested		$ 348,000	0	$ 647,000	667,000
OpenKey | Braemar
ERFP Commitments:
Noncontrolling interests in consolidated entities		8.58%		8.58%		8.21%
Amount invested		$ 176,000	0	$ 332,000	2,000,000
RED
ERFP Commitments:
Noncontrolling interests in consolidated entities		15.79%		15.79%		20.00%
Ashford Trust OP
Related Party Transaction [Line Items]
Gross asset value multiplier		0.70%		0.70%
Advisory services, quarterly base fee		0.70%		0.70%
Revenue		$ 21,938,000	20,390,000	$ 66,599,000	64,220,000
Cost of revenues for audio visual		1,778,000	1,021,000	5,324,000	2,211,000
Due from related parties		4,444,000		4,444,000		$ 5,293,000
Ashford Trust OP | Corporate and Other
Related Party Transaction [Line Items]
Revenue		939,000	788,000	2,918,000	6,020,000
Ashford Trust OP | REIT Advisory
Related Party Transaction [Line Items]
Revenue		15,888,000	17,095,000	48,500,000	55,558,000
Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Revenue		$ 28,000	16,000	$ 83,000	63,000
Braemar
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%		0.70%
ERFP Commitments:
ERFP Commitments				$ 0	0	0
Initial ERFP Commitment				50,000,000		0
ERFP Commitments		$ 39,700,000		39,700,000		0
Equity in earnings (loss) of unconsolidated entities		239,000		239,000
Amount received		165,000		165,000
Ashford Trust
ERFP Commitments:
ERFP Commitments				33,900,000	0	0
Initial ERFP Commitment				0		50,000,000
ERFP Commitments		20,811,000		20,811,000		33,900,000
Unfunded ERFP Commitments		11,411,000		11,411,000
Equity in earnings (loss) of unconsolidated entities		266,000		266,000
Amount received		$ 485,000		$ 485,000
Braemar OP
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%		0.70%
Revenue		$ 9,282,000	5,890,000	$ 25,990,000	17,066,000
Cost of revenues for audio visual		199,000	0	404,000	0
Due from related parties		2,224,000		2,224,000		1,996,000
ERFP Commitments:
Unfunded ERFP Commitments		0		0
Braemar OP | Corporate and Other
Related Party Transaction [Line Items]
Revenue		941,000	200,000	1,731,000	1,602,000
Braemar OP | REIT Advisory
Related Party Transaction [Line Items]
Revenue		5,493,000	4,559,000	16,138,000	14,317,000
Braemar OP | JSAV
Related Party Transaction [Line Items]
Revenue		0	0	0	0
Braemar OP | OpenKey
Related Party Transaction [Line Items]
Revenue		9,000	6,000	42,000	22,000
Remington
ERFP Commitments:
Reimbursements		1,900,000	2,700,000	6,200,000	5,200,000
Ashford Trust and Braemar
ERFP Commitments:
Amount committed		$ 15,000,000		$ 15,000,000
Minimum | Ashford Trust
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee		$ 6,000,000,000		$ 6,000,000,000
Maximum | Ashford Trust
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee		$ 10,000,000,000		$ 10,000,000,000
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:
ERFP payments				(8,089,000)
Unfunded ERFP Commitments		11,411,000		11,411,000
Embassy Suits New York Midtown Manhattan | Ashford Trust
ERFP Commitments:
ERFP payments				(8,089,000)
Unfunded ERFP Commitments		11,411,000		11,411,000
Embassy Suits New York Midtown Manhattan | Braemar OP
ERFP Commitments:
ERFP payments				0
Unfunded ERFP Commitments		0		0
Ritz-Carlton Lake Tahoe
ERFP Commitments:
ERFP payments				(10,300,000)
Ritz-Carlton Lake Tahoe | Ashford Trust
ERFP Commitments:
ERFP payments				0
Ritz-Carlton Lake Tahoe | Braemar OP
ERFP Commitments:
ERFP payments				(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		8,003,000	9,145,000	24,463,000	26,611,000
Reimbursable expenses | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		2,018,000	2,119,000	6,716,000	5,645,000
Deferred revenue recognized		395,000	784,000	1,500,000	1,400,000
Reimbursable expenses | Braemar OP
Related Party Transaction [Line Items]
Deferred revenue recognized		28,000	58,000	108,000	102,000
Equity-based compensation | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		4,649,000	4,855,000	13,486,000	20,540,000
Incentive advisory fee | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		0	452,000	0	1,356,000
Total advisory services revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		14,670,000	16,571,000	44,665,000	54,152,000
Investment management reimbursements | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		246,000	339,000	941,000	850,000
Debt placement fees | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		0	350,000	1,158,000	4,942,000
Claims management services | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		26,000	17,000	57,000	53,000
Lease revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		946,000	168,000	2,837,000	503,000
Other services | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		967,000	454,000	1,843,000	1,141,000
Total other revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		2,185,000	1,328,000	6,836,000	7,489,000
Audio visual
Related Party Transaction [Line Items]
Cost of revenues for audio visual		17,732,000	14,392,000	61,400,000	48,000,000
Deferred revenue recognized		194,000	173,000	2,600,000	2,900,000
Audio visual | Ashford Trust OP | JSAV
Related Party Transaction [Line Items]
Revenue		0	0	0	88,000
Advisory services revenue | Base Fee | Braemar OP
Related Party Transaction [Line Items]
Revenue		2,567,000	2,510,000	7,919,000	6,929,000
Advisory services revenue | Reimbursable expenses | Braemar OP
Related Party Transaction [Line Items]
Revenue		523,000	488,000	1,554,000	1,407,000
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		1,994,000	1,315,000	5,426,000	5,240,000
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	509,000	0
Advisory services revenue | Other advisory revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		131,000	132,000	389,000	390,000
Advisory services revenue | Total advisory services revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		5,385,000	4,445,000	15,797,000	13,966,000
Project management
Related Party Transaction [Line Items]
Cost of revenues for audio visual		2,666,000	1,189,000	8,154,000	1,189,000
Project management | Ashford Trust OP | Premier
Related Party Transaction [Line Items]
Revenue		5,083,000	2,491,000	15,098,000	2,491,000
Project management | Braemar OP | Premier
Related Party Transaction [Line Items]
Revenue		2,839,000	1,125,000	8,079,000	1,125,000
Other revenue
Related Party Transaction [Line Items]
Deferred revenue recognized		539,000	505,000	1,800,000	1,300,000
Other revenue | Debt placement fees | Braemar OP
Related Party Transaction [Line Items]
Revenue		429,000	0	704,000	999,000
Other revenue | Claims management services | Braemar OP
Related Party Transaction [Line Items]
Revenue		25,000	31,000	90,000	100,000
Other revenue | Lease revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		83,000	83,000	251,000	251,000
Other revenue | Other services | Braemar OP
Related Party Transaction [Line Items]
Revenue		521,000	206,000	1,069,000	625,000
Other revenue | Total other revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		1,058,000	$ 320,000	2,114,000	$ 1,975,000
Affiliated Entity | Ashford Trust OP | Pure Wellness
Related Party Transaction [Line Items]
Due from (to) related party		180,000		180,000		418,000
Affiliated Entity | Ashford Trust OP | Ashford LLC
Related Party Transaction [Line Items]
Due from (to) related party		734,000		734,000		2,337,000
Affiliated Entity | Ashford Trust OP | AIM
Related Party Transaction [Line Items]
Due from (to) related party		111,000		111,000		99,000
Affiliated Entity | Ashford Trust OP | Premier
Related Party Transaction [Line Items]
Due from (to) related party		2,049,000		2,049,000		1,611,000
Affiliated Entity | Ashford Trust OP | JSAV
Related Party Transaction [Line Items]
Due from (to) related party		1,364,000		1,364,000		826,000
Affiliated Entity | Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Due from (to) related party		6,000		6,000		2,000
Affiliated Entity | Braemar
Related Party Transaction [Line Items]
Program commitment amount		50,000,000		50,000,000
Program potential commitment amount		$ 100,000,000		$ 100,000,000
Program percent of commitment for each hotel		10.00%		10.00%
Affiliated Entity | Ashford Trust
Related Party Transaction [Line Items]
Program commitment amount		$ 50,000,000		$ 50,000,000
Program potential commitment amount		$ 100,000,000		$ 100,000,000
Program percent of commitment for each hotel		10.00%		10.00%
Affiliated Entity | Braemar OP | Pure Wellness
Related Party Transaction [Line Items]
Due from related parties		$ 62,000		$ 62,000		30,000
Affiliated Entity | Braemar OP | Ashford LLC
Related Party Transaction [Line Items]
Due from related parties		766,000		766,000		941,000
Affiliated Entity | Braemar OP | Premier
Related Party Transaction [Line Items]
Due from related parties		1,209,000		1,209,000		949,000
Affiliated Entity | Braemar OP | JSAV
Related Party Transaction [Line Items]
Due from related parties		185,000		185,000		4,000
Affiliated Entity | Braemar OP | OpenKey
Related Party Transaction [Line Items]
Due from related parties		0		0		12,000
Affiliated Entity | Braemar OP | RED
Related Party Transaction [Line Items]
Due from related parties		2,000		2,000		$ 60,000
Affiliated Entity | Ashford Trust and Braemar
Related Party Transaction [Line Items]
Program commitment amount		50,000,000		50,000,000
Program potential commitment amount		$ 100,000,000		$ 100,000,000
Program percent of commitment for each hotel		10.00%		10.00%

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (6,156)	$ 3,387	$ (5,334)	$ 6,624
Less: Dividends on preferred stock and amortization	(3,272)	(1,978)	(9,830)	(1,978)
Less: Undistributed net (income) allocated to unvested shares	0	(6)	0	(20)
Undistributed net income (loss) allocated to common stockholders	(9,428)	1,403	(15,164)	4,626
Distributed and undistributed net income (loss) - basic	(9,428)	1,403	(15,164)	4,626
Effect of deferred compensation plan	(1,526)	0	(5,603)	(3,540)
Effect of incremental subsidiary shares	0	(971)	(527)	(826)
Distributed and undistributed net income (loss) - diluted	$ (10,954)	$ 432	$ (21,294)	$ 260
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,580	2,109	2,489	2,100
Effect of deferred compensation plan shares (in shares)	202	0	135	69
Effect of contingently issuable shares (in shares)	0	50	55	57
Effect of assumed exercise of stock options (in shares)	0	178	0	191
Weighted average common shares outstanding – diluted (in shares)	2,782	2,337	2,679	2,417
Income (loss) per share – basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.65)	$ 0.67	$ (6.09)	$ 2.20
Income (loss) per share – diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.94)	$ 0.18	$ (7.95)	$ 0.11
Net income (loss) allocated to common stockholders	$ 2,938	$ 1,987	$ 9,734	$ 2,007
Dividends on preferred stock and amortization	$ 3,272	$ 1,978	$ 9,830	$ 1,978
Weighted average diluted shares (in shares)	1,652	864	1,565	297
Effect of unvested restricted shares
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ 0	$ 6	$ 0	$ 20
Weighted average diluted shares (in shares)	12	9	10	9
Effect of assumed exercise of stock options
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	0	0	27	0
Effect of assumed conversion of Ashford Holdings units
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ (15)	$ 3	$ (25)	$ 9
Weighted average diluted shares (in shares)	4	4	4	4
Effect of incremental subsidiary shares
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ (319)	$ 0	$ (71)	$ 0
Weighted average diluted shares (in shares)	186	0	74	0
Effect of assumed conversion of preferred stock
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	1,450	851	1,450	284

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment			2
REVENUE
Total revenue	$ 56,889,000	$ 41,565,000	$ 183,675,000	$ 144,544,000
EXPENSES
Depreciation and amortization	8,374,000	2,972,000	17,835,000	5,205,000
Impairment	0	0	0	1,919,000
Other operating expenses	55,316,000	50,097,000	169,156,000	143,090,000
Total expenses	63,690,000	53,069,000	186,991,000	150,214,000
OPERATING INCOME (LOSS)	(6,801,000)	(11,504,000)	(3,316,000)	(5,670,000)
Equity in earnings (loss) of unconsolidated entities	464,000	0	(109,000)	0
Interest expense	(456,000)	(289,000)	(1,198,000)	(593,000)
Amortization of loan costs	(75,000)	(130,000)	(214,000)	(177,000)
Interest income	0	103,000	29,000	288,000
Other income (expense)	(20,000)	(78,000)	(115,000)	(338,000)
INCOME (LOSS) BEFORE INCOME TAXES	(6,888,000)	(11,898,000)	(4,923,000)	(6,490,000)
Income tax (expense) benefit	297,000	13,904,000	(1,429,000)	11,593,000
NET INCOME (LOSS)	(6,591,000)	2,006,000	(6,352,000)	5,103,000
REIT Advisory
REVENUE
Total revenue	21,381,000	21,656,000	64,638,000	69,875,000
JSAV
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
OpenKey
REVENUE
Total revenue	313,000		764,000
Operating Segments | REIT Advisory
REVENUE
Total revenue	21,381,000	21,656,000	64,638,000	69,875,000
EXPENSES
Depreciation and amortization	2,722,000	808,000	5,475,000	1,567,000
Impairment			0	1,863,000
Other operating expenses	9,184,000	8,777,000	27,182,000	32,832,000
Total expenses	11,906,000	9,585,000	32,657,000	36,262,000
OPERATING INCOME (LOSS)	9,475,000	12,071,000	31,981,000	33,613,000
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income	0	0	0	0
Other income (expense)	0	141,000	0	187,000
INCOME (LOSS) BEFORE INCOME TAXES	9,475,000	12,212,000	31,981,000	33,800,000
Income tax (expense) benefit	(2,093,000)	(2,693,000)	(7,132,000)	(6,657,000)
NET INCOME (LOSS)	7,382,000	9,519,000	24,849,000	27,143,000
Operating Segments | Premier
REVENUE
Total revenue		3,616,000		3,616,000
EXPENSES
Depreciation and amortization	4,937,000	1,618,000	10,413,000	1,618,000
Impairment			0	0
Other operating expenses	4,167,000	1,923,000	12,535,000	1,923,000
Total expenses	9,104,000	3,541,000	22,948,000	3,541,000
OPERATING INCOME (LOSS)	(1,223,000)	75,000	423,000	75,000
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income	0	0	0	0
Other income (expense)	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	(1,223,000)	75,000	423,000	75,000
Income tax (expense) benefit	9,000	(7,000)	(759,000)	(7,000)
NET INCOME (LOSS)	(1,214,000)	68,000	(336,000)	68,000
Operating Segments | JSAV
REVENUE
Total revenue		14,526,000		61,212,000
EXPENSES
Depreciation and amortization	513,000	587,000	1,471,000	1,530,000
Impairment			0	0
Other operating expenses	24,965,000	18,087,000	83,269,000	58,598,000
Total expenses	25,478,000	18,674,000	84,740,000	60,128,000
OPERATING INCOME (LOSS)	(3,048,000)	(4,148,000)	(1,208,000)	1,084,000
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	(298,000)	(181,000)	(868,000)	(464,000)
Amortization of loan costs	(14,000)	(12,000)	(41,000)	(35,000)
Interest income	0	0	0	0
Other income (expense)	49,000	(38,000)	(107,000)	(353,000)
INCOME (LOSS) BEFORE INCOME TAXES	(3,311,000)	(4,379,000)	(2,224,000)	232,000
Income tax (expense) benefit	698,000	909,000	130,000	(339,000)
NET INCOME (LOSS)	(2,613,000)	(3,470,000)	(2,094,000)	(107,000)
Operating Segments | OpenKey
REVENUE
Total revenue		301,000		773,000
EXPENSES
Depreciation and amortization	7,000	7,000	21,000	20,000
Impairment			0	0
Other operating expenses	896,000	1,271,000	2,614,000	3,345,000
Total expenses	903,000	1,278,000	2,635,000	3,365,000
OPERATING INCOME (LOSS)	(590,000)	(977,000)	(1,871,000)	(2,592,000)
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	(6,000)	(7,000)	(19,000)	(20,000)
Interest income	0	0	0	0
Other income (expense)	3,000	3,000	15,000	2,000
INCOME (LOSS) BEFORE INCOME TAXES	(593,000)	(981,000)	(1,875,000)	(2,610,000)
Income tax (expense) benefit	0	0	0	0
NET INCOME (LOSS)	(593,000)	(981,000)	(1,875,000)	(2,610,000)
Corporate and Other
REVENUE
Total revenue	4,884,000	1,466,000	11,370,000	9,068,000
EXPENSES
Depreciation and amortization	195,000	(48,000)	455,000	470,000
Impairment			0	56,000
Other operating expenses	16,104,000	20,039,000	43,556,000	46,392,000
Total expenses	16,299,000	19,991,000	44,011,000	46,918,000
OPERATING INCOME (LOSS)	(11,415,000)	(18,525,000)	(32,641,000)	(37,850,000)
Equity in earnings (loss) of unconsolidated entities		0		0
Interest expense	(158,000)	(108,000)	(330,000)	(129,000)
Amortization of loan costs	(55,000)	(111,000)	(154,000)	(122,000)
Interest income	0	103,000	29,000	288,000
Other income (expense)	(72,000)	(184,000)	(23,000)	(174,000)
INCOME (LOSS) BEFORE INCOME TAXES	(11,236,000)	(18,825,000)	(33,228,000)	(37,987,000)
Income tax (expense) benefit	1,683,000	15,695,000	6,332,000	18,596,000
NET INCOME (LOSS)	(9,553,000)	(3,130,000)	(26,896,000)	(19,391,000)
Total advisory services revenue
REVENUE
Total revenue	20,055,000	21,016,000	60,462,000	68,118,000
Total advisory services revenue | Operating Segments | REIT Advisory
REVENUE
Total revenue	20,055,000	21,016,000	60,462,000	68,118,000
Total advisory services revenue | Operating Segments | Premier
REVENUE
Total revenue	0	0	0	0
Total advisory services revenue | Operating Segments | JSAV
REVENUE
Total revenue	0	0	0	0
Total advisory services revenue | Operating Segments | OpenKey
REVENUE
Total revenue	0	0	0	0
Total advisory services revenue | Corporate and Other
REVENUE
Total revenue	0	0	0	0
Audio visual
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
Audio visual | JSAV
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
Audio visual | Operating Segments | REIT Advisory
REVENUE
Total revenue	0	0	0	0
Audio visual | Operating Segments | Premier
REVENUE
Total revenue	0	0	0	0
Audio visual | Operating Segments | JSAV
REVENUE
Total revenue	22,430,000	14,526,000	83,532,000	61,212,000
Audio visual | Operating Segments | OpenKey
REVENUE
Total revenue	0	0	0	0
Audio visual | Corporate and Other
REVENUE
Total revenue	0	0	0	0
Project management
REVENUE
Total revenue	7,881,000	3,616,000	23,371,000	3,616,000
Project management | Premier
REVENUE
Total revenue	7,881,000	3,616,000	23,371,000	3,616,000
Project management | Operating Segments | REIT Advisory
REVENUE
Total revenue	0	0	0	0
Project management | Operating Segments | Premier
REVENUE
Total revenue	7,881,000	3,616,000	23,371,000	3,616,000
Project management | Operating Segments | JSAV
REVENUE
Total revenue	0	0	0	0
Project management | Operating Segments | OpenKey
REVENUE
Total revenue	0	0	0	0
Project management | Corporate and Other
REVENUE
Total revenue	0	0	0	0
Other
REVENUE
Total revenue	6,523,000	2,407,000	16,310,000	11,598,000
Other | Operating Segments | REIT Advisory
REVENUE
Total revenue	1,326,000	640,000	4,176,000	1,757,000
Other | Operating Segments | Premier
REVENUE
Total revenue	0	0	0	0
Other | Operating Segments | JSAV
REVENUE
Total revenue	0	0	0	0
Other | Operating Segments | OpenKey
REVENUE
Total revenue	313,000	301,000	764,000	773,000
Other | Corporate and Other
REVENUE
Total revenue	$ 4,884,000	$ 1,466,000	$ 11,370,000	$ 9,068,000

Subsequent Events (Details)

Subsequent Events (Details)

Nov. 06, 2019USD ($)$ / shares

Oct. 14, 2019USD ($)

Oct. 02, 2019USD ($)$ / sharesshares

Aug. 08, 2018USD ($)$ / shares

Sep. 30, 2019USD ($)$ / shares

Sep. 30, 2018USD ($)

Nov. 06, 2022

Nov. 06, 2021

Aug. 08, 2021

Nov. 06, 2020

Aug. 08, 2020

Aug. 08, 2019

Nov. 07, 2019USD ($)

Nov. 05, 2019$ / sharesshares

Oct. 24, 2019

Dec. 31, 2018$ / shares

Subsequent Event [Line Items]

Borrowings on revolving credit facilities

$ 26,448,000

$ 16,277,000

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Remington | Series D Convertible Preferred Stock | Forecast

Subsequent Event [Line Items]

Dividend rate

7.28%

6.99%

6.59%

Premier

Subsequent Event [Line Items]

Purchase price consideration

$ 200,117,000

Equity interest issued, value assigned

$ 203,000,000

Voting rights limit

25.00%

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

Premier | Series B Convertible Preferred Stock

Subsequent Event [Line Items]

Equity interest issued, value assigned

$ 203,000,000

Dividend rate

5.50%

Premier | Series B Convertible Preferred Stock | Forecast

Subsequent Event [Line Items]

Dividend rate

6.50%

6.00%

Subsequent Event

Subsequent Event [Line Items]

Stockholders in favor of transaction

92.00%

Subsequent Event | Remington

Subsequent Event [Line Items]

Purchase price consideration

$ 275,000,000

Common stock, par value (in dollars per share) | $ / shares

$ 0.001

$ 0.01

Subsequent Event | Remington | Series B Convertible Preferred Stock

Subsequent Event [Line Items]

Value assigned after transactions

$ 0

Subsequent Event | Remington | Series D Convertible Preferred Stock

Subsequent Event [Line Items]

Equity interest issued, value assigned

275,000,000

Value assigned for exchanged stock

203,000,000

Value assigned after transactions

$ 478,000,000

Share price (in dollars per share) | $ / shares

$ 117.50

Voting rights limit

40.00%

Subsequent Event | Revolving Credit Facility

Subsequent Event [Line Items]

Borrowings on revolving credit facilities

$ 10,000,000

Remaining borrowing capacity

$ 25,000,000

Subsequent Event | Ashford Trust and Braemar

Subsequent Event [Line Items]

Shares acquired (in shares) | shares

412,974

Share price (in dollars per share) | $ / shares

$ 30

Cost to repurchase common stock

$ 12,400,000

Percent of total shares outstanding

16.00%

Shares retired (in shares) | shares

412,974

Subsequent Event | Ashford Trust

Subsequent Event [Line Items]

Stock distribution (in shares) | shares

205,086

Stock distribution conversion ratio (in shares)

0.0017

Subsequent Event | Braemar

Subsequent Event [Line Items]

Stock distribution (in shares) | shares

174,983

Stock distribution conversion ratio (in shares)

0.0047