Ashford (AINC) 10-K 12 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 10, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Entity Registrant Name	ASHFORD INC.
Entity Central Index Key	0001604738
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 65,730,911
Entity Common Stock, Shares Outstanding		2,203,762

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 35,349	$ 51,529
Restricted cash	17,900	7,914
Restricted investment	1,195	0
Accounts receivable, net	7,241	4,928
Due from affiliates	357	45
Inventories	1,642	1,202
Prepaid expenses and other	7,212	3,902
Other assets	77,292	76,809
Investments in unconsolidated entities	3,476	500
Property and equipment, net	116,190	47,947
Operating lease right-of-use assets	31,699
Goodwill	205,606	59,683
Intangible assets, net	347,961	193,194
Other assets	276	872
Total assets	782,500	379,005
Current liabilities:
Accounts payable and accrued expenses	39,160	24,880
Dividends payable	4,725	0
Due to affiliates	1,011	2,032
Deferred income	233	148
Deferred compensation plan	35	173
Notes payable, net	3,550	2,074
Finance lease liabilities	572	521
Operating lease liabilities	3,207
Other liabilities	19,066	8,418
Total current liabilities	71,559	38,246
Deferred income	13,047	13,396
Deferred tax liability, net	69,521	31,506
Deferred compensation plan	4,694	10,401
Notes payable, net	33,033	15,037
Finance lease liabilities	41,482	140
Operating lease liabilities	28,519
Other liabilities	430	0
Total liabilities	262,285	108,726
Commitments and contingencies (note 11)
MEZZANINE EQUITY
Redeemable noncontrolling interests	4,131	3,531
EQUITY
Common stock, 100,000,000 shares authorized, $0.001 and $0.01 par value, 2,202,580 and 2,391,541 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively	2	24
Additional paid-in capital	285,825	280,159
Accumulated deficit	(244,084)	(214,242)
Accumulated other comprehensive income (loss)	$ (216)	$ (498)
Treasury stock, at cost, 1,638 shares and 0 shares at December 31, 2019 and December 31, 2018, respectively	(1,638)	0
Total stockholders’ equity of the Company	$ 41,396	$ 65,443
Noncontrolling interests in consolidated entities	628	458
Total equity	42,024	65,901
Total liabilities and equity	782,500	379,005
Series B Preferred Stock
MEZZANINE EQUITY
Convertible Preferred Stock	0	200,847
Series D Preferred Stock
MEZZANINE EQUITY
Convertible Preferred Stock	474,060	0
Ashford Trust
Current assets:
Due from related parties	4,805	5,293
Braemar
Current assets:
Due from related parties	$ 1,591	$ 1,996

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Treasury stock (in shares)	$ 131	$ 0
Preferred stock, shares authorized (in shares)	50,000,000
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	2,202,580	2,391,541
Common shares, shares outstanding (in shares)	2,202,580	2,391,541
Series B Preferred Stock
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	8,120,000
Preferred stock, shares outstanding (in shares)	0	8,120,000
Series D Preferred Stock
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0
Preferred stock, shares authorized (in shares)	19,120,000
Preferred stock, shares issued (in shares)	19,120,000	0
Preferred stock, shares outstanding (in shares)	19,120,000	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE
Total revenues	$ 291,250	$ 195,520	$ 81,573
EXPENSES
Salaries and benefits	59,659	45,310	49,335
Depreciation and amortization	24,542	7,919	1,958
General and administrative	33,484	27,551	8,886
Impairment	0	1,919	1,072
Other	12,062	3,250	2,153
Reimbursed expenses	84,643	44,347	20,934
Total expenses	302,480	196,359	92,095
OPERATING INCOME (LOSS)	(11,230)	(839)	(10,522)
Equity in earnings (loss) of unconsolidated entities	(286)	0	0
Interest expense	(2,059)	(959)	(83)
Amortization of loan costs	(308)	(241)	(39)
Interest income	46	329	244
Dividend income	0	0	93
Unrealized gain (loss) on investments	0	0	203
Realized gain (loss) on investments	0	0	(294)
Other income (expense)	(3)	834	73
INCOME (LOSS) BEFORE INCOME TAXES	(13,834)	(2,544)	(10,471)
Income tax (expense) benefit	(1,540)	10,364	(9,723)
NET INCOME (LOSS)	(15,374)	7,820	(20,194)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(536)	(924)	(358)
Net (income) loss attributable to redeemable noncontrolling interests	983	1,438	1,484
Comprehensive Income (Loss), Net of Tax, Attributable to Redeemable Noncontrolling Interest	(931)	(1,495)	(1,484)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(13,855)	10,182	(18,352)
Preferred dividends	(14,435)	(4,466)	0
Amortization of preferred stock discount	(1,928)	(730)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (30,218)	$ 4,986	$ (18,352)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (12.03)	$ 2.29	$ (9.04)
Weighted average common shares outstanding – basic (in shares)	2,416	2,170	2,031
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (13.55)	$ (2.11)	$ (9.59)
Weighted average common shares outstanding – diluted (in shares)	2,568	2,332	2,067
Advisory services
REVENUE
Total revenues	$ 44,184	$ 47,913	$ 46,883
Hotel management
REVENUE
Total revenues	4,526	0	0
Project management fees
REVENUE
Total revenues	25,584	8,802
EXPENSES
Cost of revenues	5,853	1,508	0
Audio visual
REVENUE
Total revenues	110,609	81,186	9,186
EXPENSES
Cost of revenues	82,237	64,555	7,757
Other
REVENUE
Total revenues	21,179	13,068	4,429
Cost reimbursement revenue
REVENUE
Total revenues	85,168	44,551	21,075
Premier | Project management fees
REVENUE
Total revenues	25,584	8,802	0
JSAV
REVENUE
Total revenues	110,609	81,186	9,186
JSAV | Audio visual
REVENUE
Total revenues	$ 110,609	$ 81,186	$ 9,186

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (15,374)	$ 7,820	$ (20,194)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	448	(420)	(135)
Unrealized gain (loss) on restricted investment	(114)	0	0
COMPREHENSIVE INCOME (LOSS)	(15,040)	7,400	(20,329)
Comprehensive (income) loss attributable to noncontrolling interests	536	924	358
Comprehensive (income) loss attributable to redeemable noncontrolling interests	931	1,495	1,484
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (13,573)	$ 9,819	$ (18,487)

Consolidated Statements of Equi

Consolidated Statements of Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	BAV	Sebago	AQUA U.S. Fund	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)	Treasury Stock	Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests in Consolidated EntitiesAQUA U.S. Fund	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2016					2,016								0			0
Beginning balance at Dec. 31, 2016	$ 90,149				$ 20			$ 237,796			$ (200,439)	$ 0	$ 0	$ 52,772		$ 0	$ 1,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(24)							(24)
Equity-based compensation (in shares)					4
Equity-based compensation	8,469							7,746			684			39
Deferred compensation plan distribution (in shares)					3
Deferred compensation plan distribution	229							229
Employee advances	(433)							(433)
Deemed contribution on Series B convertible preferred stock	0
Acquisitions (in shares)					71
Acquisitions	5,454				$ 1			5,062						391			2,658
Acquisitions	425													425
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Contributions from noncontrolling interests	983													983
Reallocation of carrying value	(1,187)							(681)						(506)			1,187
Acquisition of noncontrolling interest in consolidated entities				$ (52,782)											$ (52,782)
OpenKey warrant issuance	28													28
Redemption value adjustment	(1,270)										(1,270)						1,270
Distributions to consolidated noncontrolling interests	(239)										(19)			(220)
Foreign currency translation adjustment	(135)											(135)
Net income (loss)	(18,710)													(358)			(1,484)
Net income (loss)	(18,352)										(18,352)
Ending balance (in shares) at Dec. 31, 2017					2,094								0			0
Ending balance at Dec. 31, 2017	30,957				$ 21			249,695			(219,396)	(135)	$ 0	772		$ 0	5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)					6
Equity-based compensation	10,019							10,009			0			10
Issuance of common stock (in shares)					280
Issuance of common stock	$ 18,931				$ 3			18,928
Deferred compensation plan distribution (in shares)	3				3
Deferred compensation plan distribution	$ 241							241
Employee advances	(82)							(82)
Deemed contribution on Series B convertible preferred stock	0
Acquisitions (in shares)					9											8,120
Acquisitions	838							838								$ 203,000	(838)
Discount on preferred shares																(2,883)
Amortization of preferred stock discount	(730)										(730)					$ 730
Dividends declared - preferred stock	(4,466)										(4,466)
Contributions from noncontrolling interests	2,666													2,666
Reallocation of carrying value	(1,166)							530						(1,696)			1,166
Acquisition of noncontrolling interest in consolidated entities	(382)													(382)			55
OpenKey warrant issuance	26													26
Redemption value adjustment	168										168						(168)
Distributions to consolidated noncontrolling interests	(14)													(14)			(300)
Foreign currency translation adjustment	(363)											(363)					(57)
Net income (loss)	9,258													(924)			(1,438)
Net income (loss)	10,182										10,182
Ending balance (in shares) at Dec. 31, 2018					2,392								0			8,120
Ending balance at Dec. 31, 2018	65,901				$ 24			280,159			(214,242)	(498)	$ 0	458		$ 200,847	3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(12,389)							(12,389)
Extinguishment of common stock (in shares)					(412)
Extinguishment of common stock	0				$ (4)			4
Equity-based compensation (in shares)					8
Equity-based compensation	8,741							8,753						(12)
Deferred compensation plan distribution (in shares)					3
Deferred compensation plan distribution	113
Employee advances	351							351
Treasury stock recognized upon reorganization (in shares)													(2)
Treasury stock recognized upon reorganization								131					$ (131)
Change in par value of common stock upon reorganization					$ (20)			20
Deemed contribution on Series B convertible preferred stock	1,161										1,161
Extinguishment of Series B convertible preferred stock (in shares)																(8,120)
Extinguishment of Series B convertible preferred stock																$ (202,282)
Exchange of Series B convertible preferred stock to Series D convertible preferred stock (in shares)																8,120
Exchange of Series B convertible preferred stock to Series D convertible preferred stock																$ 203,000
Acquisitions (in shares)						60	135									11,000
Acquisitions		$ 3,748	$ 4,539			$ 1	$ 1		$ 3,747	$ 4,538						$ 275,000
Investment in REA Holdings (in shares)					17
Investment in REA Holdings	887							887
Discount on preferred shares																(4,433)
Amortization of preferred stock discount	(1,928)										(1,928)					$ 1,928
Dividends declared - preferred stock	(14,435)										(14,435)
Contributions from noncontrolling interests	1,038													1,038
Reallocation of carrying value	(746)							(489)						(257)			746
Redemption value adjustment	(785)										(785)						785
Distributions to consolidated noncontrolling interests	(63)													(63)			0
Foreign currency translation adjustment	396											396					52
Unrealized gain (loss) on available for sale securities	(114)											(114)
Net income (loss)	(14,391)													(536)			(983)
Net income (loss)	(13,855)										(13,855)
Ending balance (in shares) at Dec. 31, 2019					2,203								(2)			19,120
Ending balance at Dec. 31, 2019	$ 42,024				$ 2			$ 285,825			$ (244,084)	$ (216)	$ (131)	$ 628		$ 474,060	$ 4,131

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ (15,374)	$ 7,820	$ (20,194)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	31,142	13,308	2,938
Change in fair value of deferred compensation plan	(5,732)	(8,444)	10,410
Equity-based compensation	8,874	10,019	8,469
Equity in (earnings) loss in unconsolidated entities	286	0	0
Deferred tax expense (benefit)	(1,930)	(12,240)	6,002
Change in fair value of contingent consideration	4,244	338	1,066
Impairment	0	1,919	1,072
(Gain) loss on sale of property and equipment	(25)	220	279
Amortization of loan costs	308	241	39
Realized and unrealized (gain) loss on investments, net	0	0	91
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(1,210)	225	(725)
Due from affiliates	843	(45)	0
Inventories	(397)	(132)	(205)
Prepaid expenses and other	(2,172)	(907)	(128)
Investment in unconsolidated entities	115	0	0
Operating lease right-of-use assets	2,048
Other assets	0	(84)	190
Accounts payable and accrued expenses	5,006	2,145	1,575
Due to affiliates	(1,314)	(954)	689
Other liabilities	2,152	(658)	(676)
Operating lease liabilities	(2,021)
Deferred income	(420)	(373)	7,746
Net cash provided by (used in) operating activities	24,699	21,519	19,415
Cash Flows from Investing Activities
Additions to property and equipment	(6,654)	(8,942)	(3,580)
Proceeds from disposal of property and equipment, net	231	140	15
Cash acquired in acquisition	12,056	0	0
Investments	(314)	0	0
Acquisition of JSAV, net of cash acquired	0	0	(18,972)
Acquisition of assets related to RED	(1,892)	(5,474)	(750)
Net cash provided by (used in) investing activities	(28,831)	(28,099)	(23,158)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	0	18,930	0
Purchases of common stock	(12,389)	0	(24)
Payments for dividends on preferred stock	(9,710)	(4,466)	0
Payments on revolving credit facilities	(46,808)	(20,881)	(924)
Borrowings on revolving credit facilities	57,647	21,878	1,507
Proceeds from note payable	11,105	6,593	10,000
Payments on notes payable	(2,479)	(1,853)	(222)
Payments on finance lease liabilities	(627)	(123)	(83)
Payments of loan costs	(76)	(638)	(28)
Employee advances	353	(82)	(433)
Payment of contingent consideration	0	(1,196)	0
Contributions from noncontrolling interest	980	2,666	983
Distributions to noncontrolling interests in consolidated entities	(63)	(314)	(55,310)
Net cash provided by (used in) financing activities	(2,067)	20,514	(44,534)
Effect of foreign exchange rate changes on cash and cash equivalents	5	(47)	(10)
Net change in cash, cash equivalents and restricted cash	(6,194)	13,887	(48,287)
Cash, cash equivalents and restricted cash at beginning of period	59,443	45,556	93,843
Cash, cash equivalents and restricted cash at end of period	53,249	59,443	45,556
Supplemental Cash Flow Information
Interest paid	1,924	870	53
Income taxes paid	3,179	1,358	4,948
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition through issuance of convertible preferred stock, less cash acquired	0	200,723	0
Distribution from deferred compensation plan	113	241	229
Capital expenditures accrued but not paid	968	618	1,397
Subsidiary equity consideration for acquisitions			425
Assumption of debt associated with acquisitions			475
Issuance of OpenKey warrant	0	26	28
Finance lease additions	42,028	220	0
JSAV loan costs paid from revolving credit facility	0	0	231
Acquisition of noncontrolling interest in consolidated entities	0	327	1,196
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	51,529	36,480	84,091
Restricted cash at beginning of period	7,914	9,076	9,752
Cash, cash equivalents and restricted cash at beginning of period	59,443	45,556	93,843
Cash and cash equivalents at end of period	35,349	51,529	36,480
Restricted cash at end of period	17,900	7,914	9,076
Cash, cash equivalents and restricted cash at end of period	53,249	59,443	45,556
BAV
Cash Flows from Investing Activities
Acquisition	(4,267)	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration for acquisition	3,748	0	0
Sebago
Cash Flows from Operating Activities
Net income (loss)	162
Cash Flows from Investing Activities
Acquisition	(2,426)	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration for acquisition	4,539	0	0
REA Holdings
Cash Flows from Investing Activities
Investments	(2,176)	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration for acquisition	887	0	0
Premier
Cash Flows from Investing Activities
Cash acquired in acquisition	0	2,277	0
Pure Wellness
Cash Flows from Investing Activities
Cash acquired in acquisition	0	0	129
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Subsidiary equity consideration for acquisitions	0	0
Assumption of debt associated with acquisitions	0	0
Remington
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition through issuance of convertible preferred stock, less cash acquired	260,442	0	0
JSAV
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Assumption of debt associated with acquisitions	0	0	978
Ashford Trust
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	160	8,916	(1,302)
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(13,089)	(16,100)	0
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	116	205	2,079
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(10,300)	0	0
Ashford Inc.
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Subsidiary equity consideration for acquisitions			$ 5,063
Ashford Inc. | OpenKey
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Subsidiary equity consideration for acquisitions	$ 0	$ 838

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company”) is a Nevada corporation that provides products and services primarily to clients in the hospitality industry, including Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts Inc. (“Braemar”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”). 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 below), and for the period beginning on and including November 6, 2019, and thereafter refer to Ashford Inc., a Nevada Corporation. We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) project management services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) debt placement services; (x) real estate advisory and brokerage services; and (xi) wholesaler, dealer manager and other broker-dealer services. We conduct these activities and own substantially all of our assets primarily through Ashford LLC, Ashford Services and their respective subsidiaries. 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 from an ownership perspective, in each case subject to the supervision and oversight of the respective board of directors of Ashford Trust and Braemar. Ashford Trust is focused on investing in full service hotels in the upscale and upper-upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (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. In our capacity as an advisor, 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. As described further below, Remington, which we acquired on November 6, 2019, operates certain of the hotel properties owned by Ashford Trust and Braemar. On April 6, 2017, Ashford Inc. entered into the Amended and Restated Limited Liability Company Agreement (the “Amended and Restated LLC Agreement”) of Ashford Hospitality Holdings LLC, a Delaware limited liability company and a subsidiary of the Company (“Ashford Holdings”), in connection with the merger (the “Merger”) of Ashford Merger Sub LLC, a Delaware limited liability company, with and into Ashford LLC, with Ashford LLC surviving the Merger as a wholly-owned subsidiary of Ashford Holdings. Ashford Holdings is owned 99.8 % by Ashford Inc. and 0.2% by redeemable noncontrolling interest holders. The terms of the Amended and Restated LLC Agreement are consistent with the terms of the Amended and Restated Limited Liability Company Agreement of Ashford LLC. The Merger was effectuated in order to facilitate our investments in businesses that provide products and services to the hospitality industry. Ashford Investment Management, LLC (“AIM”) is an indirect subsidiary of the Company, established to serve as an investment advisor to us, third parties, and any private securities funds sponsored by us or our affiliates (the “Funds”) and is a registered investment advisor with the Securities and Exchange Commission (the “SEC”). AIM Management Holdco, LLC (“Management Holdco”) owns 100% of AIM. We, through Ashford LLC, own 100% of Management Holdco. AIM and Management Holdco are consolidated by Ashford Inc. as it has control. AIM manages a portion of Ashford Trust’s excess cash under an investment management agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. On April 6, 2017, we acquired a 70% interest in Pure Wellness. Pure Wellness’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. To consummate the acquisition, Ashford Services entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) with PRE Opco, LLC (“Pure Wellness”), pursuant to which Ashford Services became the sole owner of the common equity, or Series A Units. In conjunction with the LLC Agreement, Ashford Services contributed $97,000 cash to Pure Wellness as required by the LLC Agreement. Pursuant to the Asset and Liability Contribution Agreement (the “Contribution Agreement”), by and among Pure Wellness (as contributee) and PAFR, LLC, the members of PAFR, LLC and Brault Enterprises, LLC (collectively, the “Sellers”), the Sellers contributed liabilities, net of assets, of the predecessor operating company, Pure Wellness NA, LLC, with a fair value of $532,000 in exchange for certain equity interests in Pure Wellness, including 30% of the Series A Units, 100% of the Series B-1 Units, and 50% of the Series B-2 Units. The fair value of the remaining equity consideration included $42,000 of Series A Units, $181,000 of Series B-1 Units, and $202,000 of Series B-2 Units, totaling $425,000 . As a result of the Contribution Agreement, our equity interest in Pure Wellness was 70% . See notes 2 , 5 , 13 and 17 to our consolidated financial statements. On November 1, 2017, we acquired an 85% controlling interest in Presentation Technologies, LLC (“JSAV”) for approximately $25.5 million . JSAV provides an integrated suite of audio visual services including show and event services, hospitality services, creative services, and design and integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. See notes 2 , 5 , 14 and 17 to our consolidated financial statements. 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 , 13 and 17 . 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 “Aggregate ERFP Amount”) to Ashford Trust in connection with Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the Aggregate ERFP Amountto up to $100 million upon mutual agreement by the parties. Under the Ashford Trust ERFP Agreement, 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 , 11 and 17 . On August 8, 2018, we completed the acquisition of Premier, the project management business formerly conducted by certain affiliates of Remington Holdings, L.P., 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 Mr. Monty J. Bennett, our chief executive officer and chairman of our board of directors), and his father Mr. Archie Bennett, Jr., the chairman emeritus of Ashford Trust (together, the “Bennetts”). The Series B Convertible Preferred Stock had 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 voted 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 were 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 had certain conversion rights upon certain events constituting a change of control of the Company. See notes 2 and 14 . In connection with the acquisition of Premier, we effected a holding company reorganization in 2018. 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 “Aggregate ERFP Amount”) to Braemar in connection with Braemar’s acquisition of hotels recommended by us, with the option to increase the Aggregate ERFP Amount to up to $100 million upon mutual agreement by the parties. Under the Braemar ERFP Agreement, the Company will pay 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 , 11 and 17 . On March 1, 2019, JSAV, our consolidated subsidiary, acquired a privately-held company, BAV Services (“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 consolidated statements of operations. See notes 5 and 9 for further discussion of the Company’s liabilities related to acquisition-related contingent consideration. On May 31, 2019, Ashford Inc. signed a Combination Agreement among the Bennetts, Remington Holdings, L.P., 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. (as subsequently amended on July 17, 2019 and further amended on August 28, 2019, the “Combination Agreement”) to acquire the hotel management business of Remington Lodging, a privately-held company. The transaction closed on November 6, 2019, after the transaction was approved by our stockholders on October 24, 2019. See below. 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. owns 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 5 . 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. Ashford Securities will be a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by the Company. In conjunction with the formation of Ashford Securities, Ashford Trust and Braemar entered into a contribution agreement with Ashford Inc. in which Ashford Trust and Braemar agreed to contribute a combined contribution amount of up to $15.0 million to fund the operations of Ashford Securities. As of December 31, 2019 , Ashford Trust and Braemar have funded approximately $2.5 million and $801,000 , respectively. Of the total $3.3 million funded by the REITs during 2019, $1.2 million is recognized as cost reimbursement revenue in our consolidated statements of operations and the remaining $2.1 million is deferred income in our consolidated balance sheets as of December 31, 2019 . 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 . Subsequent to the stock repurchase, the 412,974 acquired shares were retired by the Company. On October 24, 2019, the Company announced the final results of the Special Meeting of Stockholders held on October 24, 2019, during which Ashford stockholders overwhelmingly approved the proposal in connection with the Remington Lodging 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 had 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. 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 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 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 Lodging’s hotel management business and Marietta for $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 Lodging’s project management business, the sellers received $203 million of Maryland Ashford’s Series B Convertible Preferred Stock. For this transaction involving Remington Lodging’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 Lodging was previously owned by Mr. Monty J. Bennett, the Company’s chairman and chief executive officer, and his father, Mr.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 Lodging 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 Lodging’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 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.” The accompanying 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 consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying 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 consolidated financial statements. In the fourth quarter of 2019, cost reimbursement revenue and reimbursed expenses were reclassified from their previous presentation into aggregated financial statement line items titled “cost reimbursement revenue” and “reimbursed expenses” in our consolidated statements of operations. Our presentation of prior year revenue and operating expense line item amounts have been reclassified to conform to the 2019 presentation. These reclassifications have no effect on total revenue, total operating expense or net income previously reported. 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 our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Other Ashford Inc. ownership interest 99.81 % 88.20 % 47.61 % 70.00 % 84.21 % 55.00 % Redeemable noncontrolling interests (1) (2) 0.19 % 11.80 % 26.59 % — % — % — % Noncontrolling interests in consolidated entities — % — % 25.80 % 30.00 % 15.79 % 45.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 98 $ 2,449 $ 1,584 n/a n/a n/a Redemption value adjustment, year-to-date (63 ) 784 64 n/a n/a n/a Redemption value adjustment, cumulative 115 784 2,097 n/a n/a n/a Carrying value of noncontrolling interests — — 395 164 37 32 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 56,824 1,881 1,852 19,277 250 Liabilities (9) n/a 44,542 510 1,671 10,652 59 Notes payable (9) n/a 17,785 — — 6,275 — Revolving credit facility (9) n/a 2,599 — 45 106 — December 31, 2018 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Other 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 n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a 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 12,954 — — 2,480 — Revolving credit facility (9) n/a 1,733 — 60 118 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in JSAV, which we consolidate under the voting interest model. JSAV provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (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 , 13 and 14 . (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 13 . (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 13 . (7) Total assets consist primarily of cash and cash equivalents, property and equipment 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. See note 7 . Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our 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 year s ended December 31, 2019 , 2018 and 2017 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at December 31, 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 year s ended December 31, 2019 , 2018 and 2017 . 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): December 31, 2019 Carrying value of the investment in REA Holdings $ 2,662 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Year Ended December 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (286 ) 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 consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill. Use of Estimates —The preparation of these 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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —As of December 31, 2019 and December 31, 2018 , restricted cash included $10.7 million and $7.9 million of reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our consolidated balance sheets. As of December 31, 2019 , restricted cash also included $5.3 million of reserves related to cash received from hotel properties under Remington’s management. The cash is funded by the hotel properties and used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable within “due from Ashford Trust” and “due from Braemar” in our consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses.” As of December 31, 2019 , restricted cash also included $1.2 million of reserves for Remington health insurance claims. Cash is collected primarily from Remington’s managed properties to cover employee health insurance claims. The liability related to this restricted cash balance is included in current “other liabilities” in our consolidated balance sheets. Restricted cash as of December 31, 2019 also includes approximately $800,000 of cash held in an escrow account in accordance with the Marietta lease agreement. These funds are restricted for use only for repair and maintenance or capital improvements associated with the property. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. Inventories —Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or market value using the first-in, first-out ("FIFO") valuation method. Property and Equipment, net —Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment 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. Impairment of Property and Equipment —Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded an impairment charge of $1.9 million for the year ended December 31, 2018 . The impairment was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. An impairment charge of $1.1 million was recorded for the year ended December 31, 2017 , partially offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. 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 Remington, JSAV and 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. No indicators of impairment were identified from the date of our impairment assessments through December 31, 2019 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include management contracts, customer relationships and boat slip rights resulting from our acquisitions. The Remington and Premier management contracts are not amortized on a straight-line basis, rather the assets are amortized in a manner that approximates the pattern of the assets’ economic benefit to the Company over an estimated useful life of 25 and 30 years, respectively. The JSAV, RED and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of December 31, 2019 . Other Liabilities —As of December 31, 2019 and December 31, 2018 , other liabilities included reserves in the amount of $10.8 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 consolidated balance sheets. As of December 31, 2019 , other liabilities also included $2.2 million of reserves for Remington health insurance claims, the remaining $500,000 of the purchase price due to the sellers of BAV 18 months after the acquisition date, subject to certain conditions, the fair value of contingent consideration of $4.6 million due to the sellers of BAV, as well as the fair value of contingent consideration of $1.0 million due to the sellers of Sebago. See notes 5 and 17 . 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 16 . General and Administrative —General and administrative costs are expensed as incurred, and include advertising costs of $1.5 million , $905,000 and $126,000 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Depreciation and Amortization —Our property and equipment, including assets acquired under finance leases, 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. Property 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 “reimbursed expenses,” 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 “cost reimbursement 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), foreign currency translation adjustments and unrealized gain (loss) on restricted investments. 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 unrealized gain (loss) on restricted investments includes the unrealized gain (loss) on available-for-sale securities associated with restricted investments within the deferred compensation plan discussed in note 16. The accumulated other comprehensive income (loss) is presented on our consolidated balance sheets as of December 31, 2019 and 2018 . Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, and property and equipment reimbursements. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust —Due from Ashford Trust represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust is generally settled within a period not exceeding one year. Due from Braemar —Due from Braemar represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Braemar is generally settled within a period not exceeding one year. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. See note 18 . 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 8 . Deferred Compensation Plan —Effective January 1, 2008, Ashford Trust established a nonqualified deferred compensation plan (“DCP”) for certain executive officers, which was assumed by the Company in connection with the separation from Ashford Trust. 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. 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. The DCP is carried at fair value with changes in fair value reflected in “salaries and benefits” in our consolidated statements of operations. See note 16 . Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal, state and foreign income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2019 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. 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

Revenues

Revenues	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees 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. 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. Ashford Trust and Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2019 measurement period. Hotel Management Revenue Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenues for managing the hotel employees and daily operations of the hotels. Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. 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. 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. 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, 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 ASU 2016-02, 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. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust and Braemar, with no added mark-up. These costs primarily consist of expenses related to Ashford Securities, overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements. We record cost reimbursement revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. We additionally are reimbursed by Ashford Trust for expenses incurred by Ashford Investment Management, LLC (“AIM”) for managing 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. Under our project management agreements and hotel management agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust, Braemar and other hotel owners, with no added mark-up. Project management costs primarily consist of costs for accounting, overhead and project manager services. Hotal management costs primarily consist of the properties’ payroll, payroll taxes and benefits related expenses at managed properties where we are the employer of the employees at the properties as provided for in our contracts with the Ashford Trust, Braemar and other hotel owners. We recognize revenue within the “cost reimbursement revenue” in our consolidated statements of operations when the amounts may be billed to Ashford Trust, Braemar and other hotel owners, and we recognize expenses within “reimbursed expenses” in our consolidated statements of operations as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized software programs and the related reimbursements we receive from Ashford Trust and Braemar in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. 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 January 1 $ 13,544 $ 13,899 Increases to deferred income 8,137 7,781 Recognition of revenue (1) (8,401 ) (8,136 ) Balance as of December 31 $ 13,280 $ 13,544 ________ (1) Deferred income recognized in the year ended December 31, 2019 , includes (a) $2.5 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.5 million of audio visual revenue and (c) $2.4 million of “other services” revenue earned by our hospitality products and services companies. Deferred income recognized in the year ended December 31, 2018, includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.8 million of audio visual revenue and (c) $2.2 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 December 31, 2019 . The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred income until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $7.2 million and $4.9 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $357,000 and $45,000 in “due from affiliates,” $4.8 million and $5.3 million in “due from Ashford Trust,” and $1.6 million and $2.0 million included in “due from Braemar” related to REIT advisory services at December 31, 2019 and December 31, 2018 , respectively. We had no significant impairments related to these receivables during the year ended December 31, 2019 and 2018 . Disaggregated Revenue Our revenues were comprised of the following for the three year period ending December 31, 2019 (in thousands): Year Ended December 31, REVENUE 2019 2018 2017 Advisory services revenue: Base advisory fees $ 42,985 $ 44,905 $ 43,523 Incentive advisory fees 678 2,487 3,083 Other advisory revenue 521 521 277 Total advisory services revenue 44,184 47,913 46,883 Hotel management: Base management fees 4,054 — — Incentive management fees 472 — — Total hotel management revenue 4,526 — — Project management fees 25,584 8,802 — Audio visual revenue 110,609 81,186 9,186 Other revenue: Debt placement fees (2) 1,998 6,093 1,137 Claims management services 210 213 — Lease revenue 4,118 1,005 893 Other services (3) 14,853 5,757 2,399 Total other revenue 21,179 13,068 4,429 Cost reimbursement revenue 85,168 44,551 21,075 Total revenues $ 291,250 $ 195,520 $ 81,573 REVENUE BY SEGMENT (1) REIT advisory $ 84,701 $ 91,850 $ 68,851 Remington 47,287 — — Premier 30,580 10,634 — JSAV 110,609 81,186 9,186 OpenKey 987 999 327 Corporate and other 17,086 10,851 3,209 Total revenue $ 291,250 $ 195,520 $ 81,573 ________ (1) We have five reportable segments: REIT Advisory, Remington, Premier, JSAV and OpenKey. We combine the operating results of RED, Marietta, Pure Wellness, Lismore and REA Holdings into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. (2) Debt placement fees are earned by Lismore for providing debt placement services to Ashford Trust and Braemar. (3) 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. Geographic Information Our REIT Advisory, Remington, 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 years ended December 31, 2019 , 2018 and 2017, respectively (in thousands): Year Ended December 31, 2019 2018 2017 (1) United States $ 88,583 $ 60,241 $ 6,033 Mexico 16,067 15,429 2,760 Dominican Republic 5,959 5,516 393 $ 110,609 $ 81,186 $ 9,186 ________ (1) Revenue for the year ended December 31, 2017 was not adjusted for the adoption of the new revenue recognition guidance under ASC 606.

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consisted of the following (in thousands): December 31, 2019 2018 Marietta Leasehold L.P. finance lease $ 44,294 $ — Rental pool equipment 22,422 16,386 FF&E under the Ashford Trust ERFP Agreement 29,189 16,100 FF&E under the Braemar ERFP Agreement 10,300 — Property and equipment 12,086 9,342 Marine vessels 10,709 5,854 Leasehold improvements 1,237 1,022 Computer software 6,446 7,132 Total cost 136,683 55,836 Accumulated depreciation (20,493 ) (7,889 ) Property and equipment, net $ 116,190 $ 47,947 For the years ended December 31, 2019 , 2018 and 2017 , depreciation expense was $15.1 million , $4.0 million and $2.3 million , respectively. Depreciation and amortization expense for the years ended December 31, 2019 , 2018 and 2017 excludes depreciation expense related to audio visual equipment of $4.7 million , $3.8 million and $411,000 , respectively, which is included in “cost of revenues for audio visual,” and for the years ended December 31, 2019 and 2018 , excludes $1.5 million and $1.4 million of depreciation expense, respectively, of capitalized software included in “reimbursed expenses” and depreciation expense related to marine vessels of $441,000 and $172,000 , respectively, which is included in “other” operating expense.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions Remington On November 6, 2019, we completed the acquisition of Remington Lodging’s hotel management business and Marietta for $275 million in consideration in the form of 11,000,000 shares of Series D Convertible Preferred Stock of Ashford Inc. Remington provides hotel management services primarily to hotels owned by Ashford Trust and Braemar. Hotel management services consist of hotel operations, sales and marketing, revenue management, budget oversight, guest service, asset maintenance (not involving capital expenditures) and related services. The results of operations of Remington are included in our consolidated financial statements from the date of acquisition. Marietta leases a single hotel and convention center property in Marietta, Georgia, from the City of Marietta and earns revenues from the operation of this hotel property. The hotel property is managed by Remington as part of the Hilton brand of hotels and offers hotel and conference center services. Marietta’s revenue and operating expenses are included in “other” revenue and “other” operating expenses, respectively, in the consolidated statements of operations. The lease, which expires on December 31, 2054, was classified as a finance lease. The right-of-use asset was adjusted by approximately $4.2 million for favorable lease terms compared to market terms. The results of operations of Marietta are included in our consolidated financial statements from the date of acquisition. The acquisition of Remington 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 Remington and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to working capital balances, intangible assets and the deferred tax liability. 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 are as follows (in thousands): Series D Convertible Preferred Stock $ 275,000 Preferred stock discount (2,550 ) Working capital adjustments 48 Total fair value of purchase price $ 272,498 Fair Value Estimated Useful Life Current assets including cash $ 27,661 Assets acquired under finance leases (1) 44,294 35 years Property and equipment, net 466 Operating lease right-of-use assets 24,649 Goodwill 143,854 Trademarks 10,300 Management contracts 148,500 25 years Total assets acquired 399,724 Current liabilities 23,740 Finance lease liabilities, current 331 Operating lease liabilities, current 2,038 Deferred tax liability 38,733 Finance lease liabilities, non-current 39,773 Operating lease liabilities, non-current 22,611 Total assumed liabilities 127,226 Net assets acquired $ 272,498 (1) Assets acquired under finance leases are included in “property and equipment, net.” We do not expect any of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to growth opportunities to expand Remington’s hotel management services to third-party owners in the hospitality industry. Results of Remington The results of operations of Remington have been included in our results of operations since the acquisition date. Our consolidated statement of operations for the year ended December 31, 2019 include total revenues from Remington of $47.3 million . In addition, our consolidated statement of operations for the year ended December 31, 2019 include net loss from Remington of $626,000 . 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.” 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. owns 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, 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 consolidated statements of operations. See note 9 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 Property and equipment, net 1,530 20 years Operating lease right-of-use assets 391 Goodwill 1,235 Trademarks 490 Boat slip rights 3,100 20 years Total assets acquired 9,042 Current liabilities 291 Noncurrent liabilities 1,778 Total assumed liabilities 2,069 Net assets acquired $ 6,973 We expect approximately $1.2 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 consolidated statements of operations for the year ended December 31, 2019 include total revenues from Sebago of $2.6 million . In addition, our consolidated statements of operations for the year ended December 31, 2019 include net income from Sebago of $162,000 . 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 consolidated statements of operations. See note 9 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 property 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 Property and equipment, net 1,983 5 years Operating lease right-of-use assets 165 Goodwill 4,827 Trademarks 440 Customer relationships 2,800 15 years Total assets acquired 10,969 Current liabilities 639 Noncurrent liabilities 431 Total assumed liabilities 1,070 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 consolidated statements of operations for the year ended December 31, 2019 , include total revenues from BAV of $11.4 million . In addition, our consolidated statements of operations for the year ended December 31, 2019 , include net income from BAV of $1.2 million . 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 property and equipment, 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. The results of operations of Premier are included in our 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 December 31, 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 consolidated balance sheets 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 consolidated balance sheets 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 (1) $ 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 Property and equipment, net 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 ______________ (1) In connection with the acquisition of Remington in the fourth quarter of 2019, the $203.0 million of Series B Convertible Preferred Stock issued to the sellers of Premier was exchanged for $203.0 million of Series D Convertible Preferred Stock. See note 14. We do not expect any of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to growth opportunities to expand Premier’s project management services to other third-party owners, property managers, and institutions in the hospitality industry. Results of Premier The results of operations of Premier have been included in our results of operations since the acquisition date. Our consolidated statements of operations for the year s ended December 31, 2019 and 2018 , include total revenue of $30.6 million and $10.6 million , respectively. In addition, our consolidated statements of operations for the year s ended December 31, 2019 and 2018 , include net income of $21,000 and $777,000 , 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 Remington, Sebago, BAV and Premier acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $10.6 million and $10.4 million of transaction costs directly attributable to the acquisitions for the years ended December 31, 2019 and 2018 , respectively (in thousands): Year Ended December 31, 2019 2018 Total revenue $ 558,664 $ 525,845 Net income (loss) (864 ) 19,777 Net income (loss) attributable to common stockholders (34,010 ) (12,745 )

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018, are as follows (in thousands): Remington Premier JSAV Corporate and Other (1) Consolidated Balance at January 1, 2018 $ — $ — $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions — 53,517 — — 53,517 Adjustments (2) — — (6,781 ) — (6,781 ) Balance at December 31, 2018 $ — $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (3) 143,854 — 5,429 1,452 150,735 Adjustments (4) — (3,993 ) (602 ) (217 ) (4,812 ) Balance at December 31, 2019 $ 143,854 $ 49,524 $ 10,211 $ 2,017 $ 205,606 ________ (1) Corporate and Other prior to January 1, 2018, reflects the goodwill acquired as a result of the acquisition of Pure Wellness. (2) The adjustment of approximately $6.8 million is the result of finalizing our valuation of assets and liabilities related to the JSAV acquisition. (3) The addition of approximately $143.9 million , $5.4 million and $1.5 million relates to the preliminary valuation of assets and liabilities related to the acquisition of Remington, JSAV’s acquisition of BAV and RED’s acquisition of Sebago, respectively. (4) The adjustment to Premier goodwill is the result of finalizing our valuation of the acquired assets and liabilities associated with the acquisition of Premier. The adjustment to JSAV and Corporate and Other goodwill relate to adjustments from our preliminary valuations of the acquired assets and liabilities associated with JSAV’s acquisition of BAV and RED’s acquisition of Sebago, respectively. See note 5 . Intangible assets, net as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 148,500 $ (2,436 ) $ 146,064 $ — $ — $ — Premier management contracts 194,000 (16,830 ) 177,170 188,800 (4,353 ) 184,447 JSAV customer relationships 9,319 (2,173 ) 7,146 6,519 (1,087 ) 5,432 RED boat slip rights 3,100 (70 ) 3,030 — — — Pure Wellness customer relationships 175 (96 ) 79 175 (61 ) 114 Other 44 (3 ) 41 — — — $ 355,138 $ (21,608 ) $ 333,530 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: Remington trademarks $ 10,300 $ — JSAV trademarks 3,641 3,201 RED trademarks 490 — $ 14,431 $ 3,201 Amortization expense for definite-lived intangible assets was $16.1 million , $5.3 million and $182,000 for the year s ended December 31, 2019 , 2018, and 2017 respectively. The useful lives of our customer relationships range from 5 to 15 years. Our Remington management contracts, Premier management contracts and boat slip rights intangible assets were assigned useful lives of 25 , 30 and 20 years, respectively.

Notes Payable, net

Notes Payable, net	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable— Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2019 December 31, 2018 Senior revolving credit facility (7) Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ 10,000 $ — Term loan (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 12,642 8,917 Revolving credit facility (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 2,599 1,733 Equipment note (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 3,393 2,087 Draw term loan (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 1,750 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% 605 695 Revolving credit facility (6) (13) RED February 5, 2020 Prime Rate (4) + 1.75% 106 118 Draw term loan (6) (14) RED December 5, 2026 Prime Rate (4) + 1.75% 1,400 — Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,636 1,785 Term loan (5) (16) RED July 17, 2029 6.0% (16) 1,674 — Term loan (5) (17) RED July 17, 2022 6.5% 960 — Notes payable 36,810 17,345 Less deferred loan costs, net (227 ) (234 ) Notes payable less net deferred loan costs 36,583 17,111 Less current portion (3,550 ) (2,595 ) Notes payable, net - non-current $ 33,033 $ 14,516 __________________ (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 1.76% and 2.50% at December 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 4.75% and 5.50% at December 31, 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. As of December 31, 2019 , $25.0 million of credit was available under the revolving credit facility. (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 December 31, 2019 and December 31, 2018 , was not material. As of December 31, 2019 , $901,000 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 December 31, 2019 , OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. As of December 31, 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 December 31, 2019 , $144,000 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 December 31, 2019 , $0 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 December 31, 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. Excluding interest, maturities of our long-term debt for each of the next five years and thereafter are as follows (in thousands): 2020 $ 3,341 2021 13,217 2022 16,355 2023 723 2024 562 Thereafter 2,612 Total $ 36,810

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2019 Assets Restricted investment: Ashford Trust common stock $ 768 (3) $ — $ — $ 768 Braemar common stock 427 (3) — — 427 Total $ 1,195 $ — $ — $ 1,195 Liabilities Contingent consideration $ (2,668 ) (1) $ — $ (2,959 ) (2) $ (5,627 ) Subsidiary compensation plan — (415 ) (3) — (415 ) Deferred compensation plan (4,729 ) — — (4,729 ) Total $ (7,397 ) $ (415 ) $ (2,959 ) $ (10,771 ) __________________ (1) Represents the fair value of the contingent consideration liability of $1.6 million related to the stock consideration collar associated with JSAV’s acquisition of BAV and $1.0 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 consolidated balance sheets. See notes 1 and 5 . (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 consolidated balance sheets. See notes 1 and 5 . (3) The assets acquired in our acquisition of Remington Lodging included shares of common stock of Ashford Trust and Braemar purchased by Remington Lodging on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2019, which are exercisable upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. 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 table presents our rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability Balance at December 31, 2017 (1) $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (338 ) Dispositions and settlements 2,600 Transfers into/out of Level 3 — Balance at December 31, 2018 $ — Acquisitions (3) (1,384 ) Gains (losses) included in earnings (2) (1,575 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at December 31, 2019 $ (2,959 ) __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of JSAV. The liability was settled in the third quarter of 2018. 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 input in the Level 3 measurement of the contingent consideration is the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the consolidated statements of operations. (3) Includes JSAV’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in our 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. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2019 2018 2017 Assets Options on futures contracts $ — $ — $ (91 ) Total $ — $ — $ (91 ) Liabilities Contingent consideration $ (4,244 ) (1) $ (338 ) (2) (1,066 ) (2 ) Subsidiary compensation plan (3) (47 ) — — Deferred compensation plan (3) 5,732 8,444 (10,410 ) Total $ 1,441 $ 8,106 $ (11,476 ) Net $ 1,441 $ 8,106 $ (11,567 ) Total combined Unrealized gain (loss) on investments $ — $ — $ 203 Realized gain (loss) on investments — — (294 ) Contingent consideration (4,244 ) (1) (338 ) (2) (1,066 ) (2 ) Subsidiary compensation plan (3) (47 ) — — Deferred compensation plan (3) 5,732 8,444 (10,410 ) Total $ 1,441 $ 8,106 $ (11,567 ) __________________ (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 consolidated statements of operations. See notes 1 and 5 . (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 consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2019: Equity securities (1) $ 1,309 $ — $ (114 ) $ 1,195 __________________ (1) No distributions of available-for-sale securities occurred for the year end December 31, 2019. Unrealized losses of $114,000 associated with the available-for-sale securities included within “accumulated other comprehensive income” in our consolidated balance sheets.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Commitments	Lease Commitments 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 year s ended December 31, 2018 and 2017, we recorded rental expense of $2.1 million and $307,000 , respectively. The Company leases office space from Remington Hotel Corporation (“RHC”), an affiliate owned by the Bennetts, at our corporate headquarters in Dallas, Texas. 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 . Upon the Company’s acquisition of Remington in November of 2019, the Company modified our agreement with RHC to include additional office space for Remington operations resulting in an increase in the operating lease right-of-use asset and operating lease liability of approximately $10.0 million . Our acquisition of Remington Lodging in November of 2019 included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The lease is considered to be a finance lease and resulted in an increase to property and equipment and finance lease liabilities of approximately $44.3 million and $40.1 million , respectively. In addition to our lease with the City of Marietta, we lease certain equipment and boat slips which are considered finance leases. The net book value of the assets considered finance leases was approximately $46.2 million and $807,000 as of December 31, 2019 and 2018, respectively. The net book value of these assets is included in property and equipment, net in our consolidated balance sheets. Amortization of assets under finance leases is included in depreciation and amortization expense in our consolidated statements of operations. As of December 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 31,699 Finance lease assets Property and equipment, net 46,233 Total leased assets $ 77,932 Liabilities Current Operating Operating lease liabilities $ 3,207 Finance Finance lease liabilities 572 Noncurrent Operating Operating lease liabilities 28,519 Finance Finance lease liabilities 41,482 Total leased liabilities $ 73,780 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Year Ended December 31, 2019 Operating lease cost Rent expense General and administrative $ 3,324 Rent expense Cost of revenues for project management 127 Finance lease cost Amortization of leased assets Depreciation and amortization 384 Interest on lease liabilities Interest expense 443 Total lease cost $ 4,278 For the year ended December 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,021 Financing cash flows from finance leases 627 As of December 31, 2019 , future minimum lease payments on operating and finance leases were as follows (in thousands): Operating Leases Finance Leases 2020 $ 4,795 $ 3,164 2021 4,656 3,062 2022 4,385 3,044 2023 4,152 2,991 2024 3,928 2,971 Thereafter 20,441 86,188 Total minimum lease payments $ 42,357 $ 101,420 Imputed interest (10,631 ) (59,366 ) Present value of minimum lease payments $ 31,726 $ 42,054 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: December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 10.95 Finance leases (2) 34.09 Weighted-average discount rate Operating leases 5.2 % Finance leases 6.2 % __________________ (1) The weighted-average remaining lease term 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. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Lease Commitments	Lease Commitments 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 year s ended December 31, 2018 and 2017, we recorded rental expense of $2.1 million and $307,000 , respectively. The Company leases office space from Remington Hotel Corporation (“RHC”), an affiliate owned by the Bennetts, at our corporate headquarters in Dallas, Texas. 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 . Upon the Company’s acquisition of Remington in November of 2019, the Company modified our agreement with RHC to include additional office space for Remington operations resulting in an increase in the operating lease right-of-use asset and operating lease liability of approximately $10.0 million . Our acquisition of Remington Lodging in November of 2019 included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The lease is considered to be a finance lease and resulted in an increase to property and equipment and finance lease liabilities of approximately $44.3 million and $40.1 million , respectively. In addition to our lease with the City of Marietta, we lease certain equipment and boat slips which are considered finance leases. The net book value of the assets considered finance leases was approximately $46.2 million and $807,000 as of December 31, 2019 and 2018, respectively. The net book value of these assets is included in property and equipment, net in our consolidated balance sheets. Amortization of assets under finance leases is included in depreciation and amortization expense in our consolidated statements of operations. As of December 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 31,699 Finance lease assets Property and equipment, net 46,233 Total leased assets $ 77,932 Liabilities Current Operating Operating lease liabilities $ 3,207 Finance Finance lease liabilities 572 Noncurrent Operating Operating lease liabilities 28,519 Finance Finance lease liabilities 41,482 Total leased liabilities $ 73,780 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Year Ended December 31, 2019 Operating lease cost Rent expense General and administrative $ 3,324 Rent expense Cost of revenues for project management 127 Finance lease cost Amortization of leased assets Depreciation and amortization 384 Interest on lease liabilities Interest expense 443 Total lease cost $ 4,278 For the year ended December 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,021 Financing cash flows from finance leases 627 As of December 31, 2019 , future minimum lease payments on operating and finance leases were as follows (in thousands): Operating Leases Finance Leases 2020 $ 4,795 $ 3,164 2021 4,656 3,062 2022 4,385 3,044 2023 4,152 2,991 2024 3,928 2,971 Thereafter 20,441 86,188 Total minimum lease payments $ 42,357 $ 101,420 Imputed interest (10,631 ) (59,366 ) Present value of minimum lease payments $ 31,726 $ 42,054 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: December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 10.95 Finance leases (2) 34.09 Weighted-average discount rate Operating leases 5.2 % Finance leases 6.2 % __________________ (1) The weighted-average remaining lease term 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. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 1,195 $ 1,195 $ — $ — Financial liabilities measured at fair value: Deferred compensation plan $ 4,729 $ 4,729 $ 10,574 $ 10,574 Contingent consideration 5,627 5,627 — — Financial assets not measured at fair value: Cash and cash equivalents $ 35,349 $ 35,349 $ 51,529 $ 51,529 Restricted cash 17,900 17,900 7,914 7,914 Accounts receivable, net 7,241 7,241 4,928 4,928 Due from affiliates 357 357 45 45 Due from Ashford Trust 4,805 4,805 5,293 5,293 Due from Braemar 1,591 1,591 1,996 1,996 Investments in unconsolidated entities 3,476 3,476 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 39,160 $ 39,160 $ 24,880 $ 24,880 Dividends payable 4,725 4,725 — — Due to affiliates 1,011 1,011 2,032 2,032 Other liabilities 13,868 13,868 8,418 8,418 Notes payable 36,810 34,705 to 38,359 17,345 16,071 to 17,763 Restricted investment. These financial assets are carried at fair value based on based on quoted market prices of the underlying investments. This is considered a Level 1 valuation technique. 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 consolidated statements of operations. See note 9 . 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	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of December 31, 2019 , we had approximately $11.4 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement and $0 of remaining purchase commitments related to our Braemar ERFP Agreement. See note 17 . Contingent Consideration — We had total acquisition-related contingent consideration liabilities outstanding of approximately $5.6 million and $0 primarily related to achievement of certain performance targets and stock consideration collars, as of December 31, 2019 and December 31, 2018 , respectively. See note 5 . 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table reconciles the income tax benefit at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2019 2018 2017 Income tax benefit at federal statutory income tax rate $ 2,955 $ 534 $ 3,665 State income tax expense, net of federal income tax benefit (1,768 ) 804 (388 ) Income passed through to common unit holders and noncontrolling interests 38 (36 ) (2 ) Permanent differences (1,299 ) (66 ) (201 ) Valuation allowance (1,043 ) 8,887 (12,725 ) Effect of the Tax Cuts and Jobs Act — — (303 ) Other (423 ) 241 231 Total income tax (expense) benefit $ (1,540 ) $ 10,364 $ (9,723 ) The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (1,309 ) $ (439 ) $ (3,305 ) Foreign (809 ) (437 ) (47 ) State (1,352 ) (1,000 ) (369 ) Total current (3,470 ) (1,876 ) (3,721 ) Deferred: Federal 2,828 10,646 (5,854 ) Foreign (189 ) — — State (709 ) 1,594 (148 ) Total deferred 1,930 12,240 (6,002 ) Total income tax (expense) benefit $ (1,540 ) $ 10,364 $ (9,723 ) Interest and penalties of $11,000 , $6,000 and $1,000 were paid or were due to taxing authorities for the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 and 2018 , our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2019 2018 Prepaid expenses $ (431 ) $ (274 ) Investments in unconsolidated entities and joint ventures (2,430 ) (488 ) Capitalized acquisition costs 6,139 4,030 Deferred compensation 1,269 2,462 Accrued expenses 2,573 757 Equity-based compensation 8,722 6,282 Property and equipment (7,940 ) (3,418 ) Intangibles (79,295 ) (41,931 ) Deferred revenue 2,377 2,189 Net operating loss 4,307 2,835 Deferred tax asset (64,709 ) (27,556 ) Valuation allowance (4,812 ) (3,950 ) Net deferred tax asset (liability) $ (69,521 ) $ (31,506 ) As of December 31, 2019 , the Company has net operating loss carryforwards of approximately $17.5 million for tax purposes, which will be available to offset future taxable income. If not used, these carryforwards will expire between 2036 and 2037. We evaluate the recoverability of our deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. We assess whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. The analysis utilized in determining the valuation allowance involves considerable judgment and assumptions During the third quarter of 2018, we determined that it was more likely than not that we would realize a significant portion of our deferred tax assets because we recorded a $43.7 million deferred tax liability in the third quarter of 2018, and the future reversal of deferred tax liabilities is a source of future taxable income that allows us to utilize our deferred tax assets. Accordingly, in the third quarter of 2018, we reversed the valuation allowance on our deferred tax assets by recording a $15.1 million deferred income tax benefit in the consolidated statement of operations. The deferred tax liability related to our Premier acquisition, and it is the result of recording our book basis in Premier's acquired intangible assets at fair value while the tax basis of these assets was recorded using the seller's carryover basis, which is lower than fair value. At December 31, 2018, we recorded a $4.0 million valuation allowance related primarily to Mexico and OpenKey deferred tax assets, which did not meet the more likely than not standard for recognition. We are able to recognize our remaining deferred tax assets based on future taxable income from reversing taxable temporary differences associated with the deferred tax liability recognized as a result of the Premier acquisition in the third quarter of 2018. A reconciliation of the unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year $ — $ — $ — Gross increases for tax positions of prior years 218 — — Gross decreases for tax positions of prior years — — — Gross increases for tax positions of current year 253 — — Gross decreases for tax positions of current year — — — Settlements with taxing authorities — — — Statute of limitations expirations — — — Balance at the end of year $ 471 $ — $ — The total amount of unrecognized tax benefits that could affect the Company’s effective tax rate if recognized was $471,000 as of December 31, 2019. The Company’s policy is to record penalty and interest as a component of income tax expense. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2019 remain subject to potential examination by certain federal and state taxing authorities.

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	Equity Equity Offering — For the year ended December 31, 2018, net proceeds from the public offering of our common stock after underwriting discount and offering expenses were approximately $18.9 million . 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 . Capital Stock —In accordance with Ashford Inc.’s charter, we are authorized to issue 200 million shares of capital stock, consisting of 100 million shares common stock, par value $0.001 per share, 50 million shares blank check common stock, par value $0.001 per share, and 50 million shares preferred stock, par value $0.001 per share, 19,120,000 of which is designated as Series D Convertible Preferred Stock. 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): Year Ended December 31, 2019 2018 2017 (Income) loss allocated to noncontrolling interests: JSAV $ — $ 58 $ (49 ) OpenKey 624 826 515 RED (105 ) 68 — Pure Wellness (9 ) (28 ) 38 Other 26 — (146 ) Total net (income) loss allocated to noncontrolling interests $ 536 $ 924 $ 358

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests —Redeemable noncontrolling interests are included in the mezzanine section of our 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. Redeemable noncontrolling interests in Ashford Holdings represents certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford Holdings, which is an allocation of net income/loss attributable to the members based on the weighted average ownership percentage of these members’ interest. Beginning one year after issuance, each common unit of membership interest may be redeemed by the holder, for cash or registered shares in certain cases outside the Company’s control. Prior to April 6, 2017, the noncontrolling interests represented certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford LLC. See note 1 . In connection with our spin-off, Ashford Trust OP unit holders received one common unit in Ashford LLC for every 55 common units held in Ashford Trust OP. Each holder of common units of Ashford LLC could then exchange up to 99% of the Ashford LLC common units for shares of Ashford Inc. common stock. During the year ended December 31, 2014, approximately 356,000 common units were exchanged for shares of Ashford Inc. common stock at the rate of one share of Ashford Inc. common stock for every 55 Ashford LLC common units. Following the completion of the exchange offer, Ashford LLC effected a reverse stock split of its common units such that each common unit was automatically converted into 1/55 of a common unit. A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2019 2018 2017 Units outstanding at beginning of year 4 4 4 Units redeemed for cash — — — Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4 Redeemable noncontrolling interest in other subsidiary common stock represented redeemable ownership interests in our consolidated subsidiaries, JSAV and OpenKey, for the years ended December 31, 2019 and 2018 . See also notes 2 , 5 , 13 and 17 to our consolidated financial statements. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Year Ended December 31, 2019 2018 2017 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ 54 $ (9 ) $ 19 JSAV 247 361 136 OpenKey 682 1,086 1,329 Total net (income) loss allocated to redeemable noncontrolling interests $ 983 $ 1,438 $ 1,484 ________ (1) Represents the 0.2% interest in Ashford LLC prior to our legal entity restructuring in April 6, 2017 and 0.2% in Ashford Holdings thereafter. Convertible Preferred Stock —Our convertible preferred stock is included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable outside of the Company’s control. On November 6, 2019, we completed the acquisition of Remington Lodging’s hotel management business and Marietta for $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 Lodging’s project management business, the sellers received $203 million of Maryland Ashford’s Series B Convertible Preferred Stock. For this transaction involving Remington Lodging’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). Each share of Series D Convertible Preferred Stock (i) has a liquidation value of $25 per share, (ii) accrues cumulative preferred dividends at the rate of (a) 6.59% per annum until the first anniversary of the closing of the Transactions; (b) 6.99% per annum from the first anniversary of the closing of the Transactions until the second anniversary of the closing of the Transactions; and (c) 7.28% per annum thereafter, (iii) will participate in any dividend or distribution on the common stock in addition to the preferred dividends, (iv) is convertible into voting common stock at $117.50 per share, and (v) provides for customary anti-dilution protections. The Series D Convertible Preferred Stock is entitled to vote alongside our voting common stock on an as-converted basis, subject to the applicable voting limitations. After June 30, 2026, we will have the option to purchase all or any portion of the Series D Convertible Preferred Stock, in $25.0 million increments, on a pro rata basis among all holders of the Series D Convertible Preferred Stock (subject to the ability of the holders to provide for an alternative allocation amongst themselves), at a price per share equal to (i) $25.125 , plus (ii) all accrued and unpaid dividends (provided any holder of Series D Convertible Preferred Stock shall be entitled to exercise its right to convert its shares of Series D Convertible Preferred Stock into common stock not fewer than five business days before such purchase is scheduled to close). The Series B Convertible Preferred Stock that was issued August 8, 2018, was exchanged for Series D Convertible Preferred Stock on November 6, 2019, in connection with the acquisition of Remington Lodging’s hotel management business and Marietta. The extinguishment of the Series B Convertible Preferred Stock resulted in a deemed contribution of $1.2 million based on the fair value of the exchanged Series D Convertible Preferred Stock of $201.1 million when compared to the book value of the Series B Convertible Preferred Stock of $202.3 million as of the acquisition date. Preferred dividends on the Series B Convertible Preferred Stock previously accrued at an annual rate of 5.50% in the first year, 6.00% in the second year, and 6.50% 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 was reflected in “Series D Convertible Preferred Stock, net of discount” and “Series B Convertible Preferred Stock, net of discount” on our consolidated balance sheets. For the years ended December 31, 2019 and December 31, 2018 , we recorded $1.9 million and $730,000 , respectively, of amortization related to preferred stock discounts. Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows: Year Ended December 31, 2019 2018 2017 Preferred dividends $ 14,435 $ 4,466 $ — Preferred dividends per share $ 1.4775 $ 0.5500 $ —

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Under our 2014 Incentive Plan, we are authorized to grant 2,162,745 incentive stock awards in the form of shares of our common stock or securities convertible into shares of our common stock. As of December 31, 2019 , 262,989 incentive stock award shares were available for future issuance under the 2014 Incentive Plan. As defined by the 2014 Incentive Plan, authorized shares automatically increase on January 1 of each year in an amount equal to 15% of the sum of (i) the fully diluted share count and (ii) the shares of common stock reserved for issuance under the Company’s deferred compensation plan less shares available under the 2014 Incentive Plan as of December 31 of the previous year. Pursuant to the plan, we have 592,230 shares of our common stock, or securities convertible into 592,230 shares of our common stock, available for issuance under our 2014 Incentive Plan, as of January 1, 2020 . Equity-based compensation expense is primarily recorded in “salaries and benefits” expense in our consolidated statements of operations. The components of equity-based compensation expense for the years ended December 31, 2019 , 2018 and 2017 are presented below by award type (in thousands): Year Ended December 31, 2019 2018 2017 Equity-based compensation Stock option amortization (1) $ 8,313 $ 9,580 $ 7,535 Employee equity grant expense (2) 95 — — Director and other non-employee equity grants expense (3) 466 439 250 Pre-spin equity grants expense (4) — — 684 Total equity-based compensation $ 8,874 $ 10,019 $ 8,469 Other equity-based compensation REIT equity-based compensation (5) $ 25,987 $ 31,899 9,394 $ 34,861 $ 41,918 $ 17,863 ________ (1) See Stock Options discussion below. As of December 31, 2019 , the Company had approximately $10.6 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the year ended December 31, 2018, we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. (2) As of December 31, 2019 , the Company had approximately $115,000 of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.3 years . (3) Grants 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 are fully vested on the date of grant. See Restricted Stock discussion below. (4) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017, these equity grants were fully vested. See Restricted Stock discussion below. (5) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the year ended December 31, 2018, REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 17 . As of December 31, 2019 , we had outstanding stock option awards and restricted stock awards, as follows: Stock Options —During the years ended December 31, 2019 , 2018 and 2017 , we granted 300,000 , 267,000 and 334,000 stock options to employees with grant date fair values of $7.9 million , $10.4 million and $8.5 million , respectively. The grant price of the options was the market value of our stock on the date of grant. The options vest three years from the grant date with a maximum option term of ten years . The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. Due to our lack of history, we do not have adequate historical exercise/cancellation behavior on which to base the expected life assumption. We were not able to use the “simplified” method as described in SAB 107 and 110 because the options remain exercisable for the full contractual term upon termination. Therefore, we used an adjusted simplified method, where any options expected to be forfeited over the term of the option were assumed to be exercised at full term and all other options were assumed to be exercised at the midpoint of the average time-to-vest and the full contractual term. We will continue to evaluate the expected life as we accumulate more data. Additionally, we do not have adequate historical stock price information on which to base the expected volatility assumption. In order to estimate volatility, we utilized the weighted average of our own stock price volatility based on daily data points over our full trading history and the average of the most recent historical volatilities of our peer group commensurate with the option’s expected life (or full history if the peer had insufficient trading history). The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2019 2018 2017 Weighted-average grant date fair value $ 26.42 $ 38.93 $ 25.29 Weighted average assumptions used: Expected volatility 39.0 % 35.8 % 34.9 % Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 2.6 % 2.7 % 2.0 % Expected dividend yield — % — % — % A summary of stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the Money Options (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2017 639 $ 64.53 7.70 $ — Granted 334 57.61 10.00 11,837 Exercised — — — — Forfeited, canceled or expired (1 ) 50.15 9.22 80 Outstanding, December 31, 2017 972 $ 62.17 7.67 $ 29,974 Granted 267 94.96 10.00 — Exercised — 45.59 7.53 3 Forfeited, canceled or expired (3 ) 62.28 8.82 7 Outstanding, December 31, 2018 1,236 $ 69.26 7.21 $ 2,126 Granted 300 61.12 10.00 — Exercised — — — — Forfeited, canceled or expired (2 ) 70.67 9.10 — Outstanding, December 31, 2019 1,534 67.66 6.79 — Options exercisable at December 31, 2019 708 $ 65.63 5.01 $ — The aggregate intrinsic value represents the difference between the exercise price of the stock options and the quoted closing common stock price as of the end of the period. At December 31, 2019 , the Company had approximately $10.6 million of total unrecognized compensation expense, related to stock options that will be recognized over the weighted average period of 1.3 years . Restricted Stock —A summary of our restricted stock activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Outstanding at beginning of year — $ — — $ — 1 $ 56.20 Restricted shares granted (1) 5 31.79 6 73.02 5 52.89 Restricted shares vested (5 ) 31.79 (6 ) 73.02 (6 ) 53.64 Restricted shares forfeited — — — — — — Outstanding at end of year — $ — — $ — — $ — ________ (1) Equity-based compensation expense of $150,000 , $405,000 and $250,000 was recognized in connection with stock grants of 5,000 , 6,000 and 5,000 immediately vested restricted shares to our independent directors for the years ended December 31, 2019 , 2018 and 2017 , respectively. The restricted stock/units that vested during 2019 had a fair value of $150,000 at the date of vesting. As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017, these equity grants were fully vested. Deferred Stock Units —Beginning in 2019 under our existing 2014 Incentive Plan, our independent directors may elect to receive Deferred Stock Units (“DSU”) which allows deferral of immediate vesting common shares granted in the period until the earlier of the end of the director’s service or a change of control in the Company. DSUs are fully vested as of the grant date and may only be settled in the Company’s common stock. A summary of our DSU activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 DSUs Weighted Average Price Per Share at Grant DSUs Weighted Average Price Per Share at Grant DSUs Weighted Average Outstanding at beginning of year — $ — — $ — — $ — DSUs granted (1) 7 31.79 — — — — DSUs settled — — — — — — Outstanding at end of year 7 $ — — $ — — $ — ________ (1) Equity-based compensation expense of $225,000 was recognized in connection with grants of 7,000 immediately vested DSUs to our independent directors for the year ended December 31, 2019 . The DSUs that vested during 2019 had a fair value of $225,000 at the date of vesting.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Deferred Compensation Plan —We administer a non-qualified DCP for certain executive officers. The plan allows participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. For the periods the DCP was administered by Ashford Trust, the participants elected Ashford Trust common stock as their investment option. In accordance with the applicable authoritative accounting guidance, the deferred amounts and any dividends earned received equity treatment and were included in additional paid-in capital. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our consolidated statements of operations. The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2019 2018 2017 Change in fair value Unrealized gain (loss) $ 5,732 $ 8,444 $ (10,410 ) Distributions Fair value (1) $ 113 $ 241 $ 229 Shares (1) 3 3 3 ________ (1) Distributions made to one participant. As of December 31, 2019 and 2018 the carrying value of the DCP liability was $4.7 million and $10.6 million , respectively. AIM Incentive Awards —Effective January 15, 2015, Ashford Inc. established an incentive awards program (“AIM Incentive Awards”) for certain employees involved in the success of AIM. The awards were intended to be a cash bonus program. The awards were subject to vesting and may be forfeited upon termination of employment prior to the record date for the award period. Effective as of January 1, 2017, the value of the AIM Incentive Awards was fixed for each participant at the value of such participant's award as of the close of business on December 31, 2016. Award amounts were measured as of the month end prior to payment and paid out within 45 days of the applicable award vesting date. As of December 31, 2019 , the AIM Incentive Awards program had expired. The AIM Incentive Awards obligation was carried in “accrued expenses” at the amortized fair value as of the end of the period with the related expense reflected as “salaries and benefits” in our consolidated statements of operations. As of December 31, 2019 and 2018 , the carrying value of the AIM Incentive Awards liability was $0 and $121,000 , respectively. For the years ended December 31, 2019 , 2018 and 2017 , we recorded salaries and benefits expense of $9,000 , $77,000 , and $200,000 respectively, related to the AIM Incentive Awards. During the years ended December 31, 2019 , 2018 and 2017 participants were paid distributions of $130,000 , $443,000 and $0 , respectively. 401(k) Plan —Ashford LLC sponsors a 401(k) Plan. It is a qualified defined contribution retirement plan that covers employees 21 years of age or older who have completed one year of service and work a minimum of 1,000 hours annually. The 401(k) Plan allows eligible employees to contribute, subject to Internal Revenue Service imposed limitations, to various investment funds. The Company makes matching cash contributions equal to 50% of up to the first 6% of an employee’s eligible compensation contributed to the 401(k) Plan. Participant contributions vest immediately , whereas company matches vest 25% annually. Our consolidated subsidiaries also sponsor qualified defined contribution s. These 401(k) Plans cover employees 18 to 21 years of age or older with 0 to 1 year of service and offer company matches in discretionary amounts varying from 0% up to 100% of the first 3% of an employee’s eligible compensation and 50% of the next 2% of an employee’s eligible compensation contributed to the 401(k) Plan, with vesting periods varying from 0 to 6 years . Participant contributions vest immediately. For the years ended December 31, 2019 , 2018 and 2017 , “salaries and benefits” expense on our consolidated statements of operations included matching expense of $867,000 , $446,000 , and $304,000 , respectively. For the years ended December 31, 2019 and 2018 , “cost of revenues for project management” on our consolidated statements of operations included matching expense of $169,000 and $47,000 , respectively. Subsidiary Compensation Plan —Our Remington subsidiary has an employee compensation plan under which it awards to employees, subject to vesting, shares of Ashford Trust and Braemar common stock, which were purchased on the open market. The compensation plan liability is based on ratably accrued vested shares through December 31, 2019 , which are exercisable upon vesting. As of December 31, 2019 , the subsidiary compensation plan accrued liability in the amount of $415,000 was recorded in “accrued expenses” in our consolidated balance sheets. For the year ended December 31, 2019 , the related expense of $47,000 , incurred subsequent to our acquisition of Remington, was included in “salaries and benefits” in our consolidated statements of operations. See note 9.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. See note 20 for details regarding concentration of risk and percentage of our consolidated subsidiaries’ total revenues earned from Ashford Trust and Braemar. 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 December 31, 2019 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the 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 “reimbursed expenses.” 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. Ashford Trust entered into hotel master management agreements with Remington Lodging (then wholly-owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr.) governing the terms of Remington Lodging’s provision of hotel management services and project management services with respect to hotels owned or leased by Ashford Trust in 2003, as amended, and 2006. In connection with the Company’s acquisition of Premier from Remington Lodging in August 2018, Ashford Trust amended and restated the original hotel master management agreement to provide only for hotel management services to be provided to Ashford Trust’s TRSs by Remington Lodging by entering into the Consolidated, Amended and Restated Hotel Master Management Agreement dated as of August 8, 2018, which agreement we refer to below as the “Ashford Trust master hotel management agreement.” In connection with the Company’s subsequent acquisition of Remington Lodging on November 6, 2019, Remington Lodging became a subsidiary of the Company, and the Ashford Trust master hotel management agreement between Remington Lodging and Ashford Trust remains in effect. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Year Ended December 31, 2019 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 32,486 $ 35,482 $ 34,724 Incentive advisory fee (1) — 1,809 1,809 Total advisory services revenue 32,486 37,291 36,533 Hotel management: Base management fees 3,796 — — Incentive management fees 434 — — Total hotel management revenue (2) 4,230 — — Project management fees (3) 16,587 5,821 — Audio visual revenue (4) — 88 — Other revenue Debt placement fees (5) 1,294 5,094 913 Claim management services (6) 75 76 — Lease revenue (7) 3,783 670 558 Other services (8) 1,784 1,968 997 Total other revenue 6,936 7,808 2,468 Cost reimbursement revenue 71,479 35,581 20,653 Total revenues $ 131,718 $ 86,589 $ 59,654 REVENUE BY SEGMENT (9) REIT advisory $ 63,345 $ 72,343 $ 57,744 Remington 44,394 — — Premier 20,004 7,096 — JSAV — 88 — OpenKey 111 97 77 Corporate and other 3,864 6,965 1,833 Total revenues $ 131,718 $ 86,589 $ 59,654 COST OF REVENUES Cost of audio visual revenues (4) $ 7,438 $ 3,444 $ 90 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (4) $ 16,897 $ 7,853 $ 201 ________ (1) Incentive advisory fee for the year ended December 31, 2018 , includes 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 2019, 2018 and 2017 measurement periods. (2) Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenues for managing the hotel employees and daily operations of the hotels. Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management revenue recognition policy. (3) 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. (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 consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Debt placement fees are earned by Lismore for providing debt placement services. (6) Claims management services include revenues earned from providing insurance claim assessment and administration services. (7) 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 ASU 2016-02, 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. (8) 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. (9) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust, net at December 31, 2019 and 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2019 December 31, 2018 Ashford LLC $ (621 ) $ 2,337 AIM 82 99 Remington 2,093 — Premier 1,882 1,611 JSAV 1,070 826 OpenKey 2 2 Pure Wellness 297 418 Due from Ashford Trust $ 4,805 $ 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 “reimbursed expenses.” 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. In 2014, Braemar entered into a hotel master management agreement with Remington Lodging (then wholly-owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr.) governing the terms of Remington Lodging’s provision of hotel management services and project management services with respect to hotels owned or leased by Braemar. In connection with the Company’s acquisition of Premier from Remington Lodging in August 2018, Braemar amended and restated the original hotel master management agreement to provide only for hotel management services to be provided to Braemar’s TRSs by Remington Lodging by entering into the Amended and Restated Hotel Master Management Agreement dated as of August 8, 2018, which agreement we refer to below as the “Braemar master hotel management agreement.” In connection with the Company’s subsequent acquisition of Remington Lodging on November 6, 2019, Remington Lodging became a subsidiary of the Company, and the Braemar master hotel management agreement between Remington Lodging and Braemar remains in effect. The following table summarizes the revenues related to Braemar (in thousands): Year Ended December 31, 2019 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 10,499 $ 9,423 $ 8,799 Incentive advisory fee (1) 678 678 1,274 Other advisory revenue (2) 521 521 277 Total advisory services revenue 11,698 10,622 10,350 Hotel management: Base management fees 248 — — Incentive management fees 38 — — Total hotel management revenue (3) 286 — — Project management fees (4) 8,547 2,979 — Audio visual revenue (5) — — — Other revenue Debt placement fees (6) 704 999 224 Claims management services (7) 135 137 — Lease revenue (8) 335 335 335 Other services (9) 1,277 857 41 Total other revenue 2,451 2,328 600 Cost reimbursement revenue 13,556 8,927 422 Total revenues $ 36,538 $ 24,856 $ 11,372 REVENUE BY SEGMENT (10) REIT advisory $ 21,334 $ 19,507 $ 11,107 Remington 2,754 — — Premier 10,123 3,493 — JSAV (11) — — — OpenKey 52 29 16 Corporate and other 2,275 1,827 249 Total revenue $ 36,538 $ 24,856 $ 11,372 COST OF REVENUES Cost of audio visual revenues (5) $ 561 $ 3 $ — SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 1,329 $ 7 $ — ________ (1) Incentive advisory fees for the year ended December 31, 2019 , includes the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive advisory fees for the year ended December 31, 2018 , includes the first year installment of the 2018 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 Braemar advisory agreement. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2019, 2017 and 2016 measurement periods. (2) 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. (3) Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenues for managing the hotel employees and daily operations of the hotels. Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management revenue recognition policy. (4) 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. (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 consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Debt placement fees are earned by Lismore for providing debt placement services. (7) Claims management services include revenues earned from providing insurance claim assessment and administration services. (8) 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 ASU 2016-02, 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. (9) 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. (10) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar, net at December 31, 2019 and 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2019 December 31, 2018 Ashford LLC $ 659 $ 941 Remington (99 ) — Premier 750 949 JSAV 173 4 OpenKey — 12 RED 105 60 Pure Wellness 3 30 Due from Braemar $ 1,591 $ 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 “Aggregate ERFP Amount” and collectively, the “Aggregate ERFP Amounts”) to each of Ashford Trust and Braemar (collectively, the “REITs”), respectively, in connection with each such REIT’s acquisition of hotels recommended by us, with the option to increase each Aggregate ERFP Amount to up to $100 million upon mutual agreement by the parties to the respective ERFP Agreement. Under each of the ERFP Agreements, the Company will pay each 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 REIT’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 and 10 . The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through December 31, 2019 , are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — ERFP commitment — Hilton Alexandria Old Town 11,100 — 11,100 ERFP commitment—La Posada de Santa Fe 5,000 — 5,000 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 $ — $ — $ — ERFP commitment — Hilton Santa Cruz/Scotts Valley 5,000 — 5,000 ERFP commitment—The Embassy Suites New York Manhattan Times Square 19,500 — 19,500 ERFP payment—Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP payment—The Embassy Suites New York Manhattan Times Square (8,089 ) — (8,089 ) ERFP commitment—Ritz-Carlton, Lake Tahoe — 10,300 10,300 ERFP payment—Ritz-Carlton, Lake Tahoe — (10,300 ) (10,300 ) ERFP Commitments remaining at December 31, 2019 (1) $ 11,411 $ — $ 11,411 ________ (1) See note 10 . Ashford Securities — On September 25, 2019, the Company announced the formation of Ashford Securities to raise capital in order to grow the Company’s existing and future platforms. Ashford Securities will be a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by the Company. In conjunction with the formation of Ashford Securities, Ashford Trust and Braemar entered into a contribution agreement with Ashford Inc. in which Ashford Trust and Braemar agreed to contribute a combined contribution amount of up to $15.0 million to fund the operations of Ashford Securities. As of December 31, 2019 , Ashford Trust and Braemar have funded approximately $2.5 million and $801,000 , respectively. Of the total $3.3 million funded by the REITs during 2019, $1.2 million is recognized as cost reimbursement revenue in our consolidated statements of operations and the remaining $2.1 million is deferred income in our consolidated balance sheets as of December 31, 2019 . Other Related Party Transactions — Prior to our acquisition of Remington Lodging, we reimbursed Remington Lodging and its subsidiaries, which were beneficially owned by Mr. Monty J. Bennett, our chairman and chief executive officer and Mr. Archie Bennett, Jr., Ashford Trust’s chairman emeritus, for various overhead expenses, including rent, payroll, office supplies, travel and accounting. These charges were allocated based on various methodologies, including headcount and actual amounts incurred, and the allocations were approved quarterly by Ashford Inc. and Remington Lodging management. Reimbursements prior to our November 6, 2019 acquisition of Remington Lodging are included in “general and administrative” and “cost of revenues for project management” expenses on the consolidated statements of operations. The charges totaled $6.6 million , $6.6 million and $5.1 million for the year s ended December 31, 2019 , 2018 and 2017, respectively. The amounts due under these arrangements as of December 31, 2019 and 2018, were included in “due to affiliates” on our consolidated balance sheets. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our consolidated balance sheets. See note 2 . “ Equity in earnings (loss) of unconsolidated entities ” in our consolidated statement of operations includes equity in earnings of $266,000 and $239,000 related to transactions between our unconsolidated entity, REA Holdings and each Ashford Trust and Braemar, respectively, for the year ended December 31, 2019 .See note 2. 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 December 31, 2019 and 2018 , respectively. Ashford Trust invested $647,000 , $667,000 and $983,000 in OpenKey during the years ended December 31, 2019 , 2018 and 2017 , respectively. Braemar invested $332,000 , $2.0 million and $0 in OpenKey during the years ended December 31, 2019 , 2018 and 2017 , respectively. See also notes 1 , 2 , 13 , and 14 . The Company or its affiliates provide to the Bennetts or their permitted designees certain services, including, but not limited to, accounting, tax and administrative services pursuant to that certain Transition Cost Sharing Agreement entered into in connection with Company’s acquisition of Remington Lodging from the Bennetts in November 2019. The gross amount of expenses and reimbursements for these transition services for the year ended December 31, 2019 was $73,000 . Premier, a subsidiary of the Company, provides, form time to time, project management services to Mr. Monty J. Bennett related to the construction or maintenance of Mr. Bennett’s personal residential properties for which we are reimbursed. The gross amount of expenses and reimbursements for these project management services for the year ended December 31, 2019 was $223,000 . The expenses and reimbursements for transition services and project management services are recorded on a net basis and, therefore, the reimbursed activity does not impact our consolidated statements of operations for the year ended December 31, 2019 . An officer of JSAV owns the JSAV headquarters property including the adjoining warehouse space. JSAV leases this property for $307,000 per year, with escalating lease payments based on increases in the Consumer Price Index. Rental expense for the years ended December 31, 2019 , 2018 and 2017 was $307,000 , $335,000 and $50,000 , respectively.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (13,855 ) $ 10,182 $ (18,352 ) Less: Dividends on preferred stock and amortization (16,363 ) (5,196 ) — Add: Deemed Contribution on preferred stock 1,161 — — Less: Undistributed net (income) allocated to unvested shares — (21 ) — Undistributed net income (loss) allocated to common stockholders (29,057 ) 4,965 (18,352 ) Distributed and undistributed net income (loss) - basic $ (29,057 ) $ 4,965 $ (18,352 ) Effect of deferred compensation plan (5,732 ) (8,444 ) — Effect of incremental subsidiary shares — (1,447 ) (1,465 ) Distributed and undistributed net income (loss) - diluted $ (34,789 ) $ (4,926 ) $ (19,817 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,416 2,170 2,031 Effect of deferred compensation plan shares 152 103 — Effect of incremental subsidiary shares — 59 36 Weighted average common shares outstanding – diluted 2,568 2,332 2,067 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (12.03 ) $ 2.29 $ (9.04 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (13.55 ) $ (2.11 ) $ (9.59 ) 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): Year Ended December 31, 2019 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ — $ 21 $ — Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (54 ) 9 (19 ) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (929 ) — — Dividends on preferred stock and amortization 15,202 5,196 — Total $ 14,219 $ 5,226 $ (19 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 11 9 — Effect of assumed exercise of stock options 20 163 34 Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of incremental subsidiary shares 159 — — Effect of assumed conversion of preferred stock 1,837 575 — Total 2,031 751 38

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two business segments: (i) REIT Advisory, which provides asset management and advisory services to other entities, and (ii) Hospitality Products and Services (“HPS”), which provides products and services to clients primarily in the hospitality industry. HPS includes (a) Remington, which provides hotel management services, (b) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services, (c) JSAV, which provides event technology and creative communications solutions services, (d) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (e) RED, a provider of watersports activities and other travel and transportation services, (f) Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia, (g) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, (h) Lismore and REA Holdings, a provider of debt placement, real estate advisory and brokerage services. For 2019, OpenKey, RED, Marietta, Pure Wellness and Lismore and REA Holdings 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 five reportable segments: REIT Advisory, Remington, Premier, JSAV and OpenKey. We combine the operating results of RED, Marietta, Pure Wellness and Lismore and REA Holdings into an “all other” sixth reportable segment, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. 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 years ended December 31, 2019, 2018 and 2017 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. Year Ended December 31, 2019 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 44,184 $ — $ — $ — $ — $ — $ 44,184 Hotel management — 4,526 — — — — 4,526 Project management fees — — 25,584 — — — 25,584 Audio visual — — — 110,609 — — 110,609 Other 4,349 — — — 987 15,843 21,179 Cost reimbursement revenue (1) 36,168 42,761 4,996 — — 1,243 85,168 Total revenues 84,701 47,287 30,580 110,609 987 17,086 291,250 EXPENSES Depreciation and amortization 6,778 2,459 12,494 1,995 27 789 24,542 Other operating expenses (2) — 2,555 11,821 110,815 3,399 64,705 193,295 Reimbursed expenses (1) 35,643 42,761 4,996 — — 1,243 84,643 Total operating expenses 42,421 47,775 29,311 112,810 3,426 66,737 302,480 OPERATING INCOME (LOSS) 42,280 (488 ) 1,269 (2,201 ) (2,439 ) (49,651 ) (11,230 ) Equity in earnings (loss) of unconsolidated entities — — — — — (286 ) (286 ) Interest expense — — — (1,114 ) (2 ) (943 ) (2,059 ) Amortization of loan costs — — — (55 ) (35 ) (218 ) (308 ) Interest income — — — — — 46 46 Other income (expense) — 2 — 30 19 (48 ) 3 INCOME (LOSS) BEFORE INCOME TAXES 42,280 (486 ) 1,269 (3,340 ) (2,457 ) (51,100 ) (13,834 ) Income tax (expense) benefit (9,861 ) (140 ) (1,248 ) 271 — 9,438 (1,540 ) NET INCOME (LOSS) $ 32,419 $ (626 ) $ 21 $ (3,069 ) $ (2,457 ) $ (41,662 ) $ (15,374 ) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $1.4 million of cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual and general and administrative expenses. Year Ended December 31, 2018 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 47,913 $ — $ — $ — $ — $ 47,913 Project management fees — 8,802 — — — 8,802 Audio visual — — 81,186 — — 81,186 Other 1,218 — — 999 10,851 13,068 Cost reimbursement revenue 42,719 1,832 — — — 44,551 Total revenues 91,850 10,634 81,186 999 10,851 195,520 EXPENSES Depreciation and amortization 706 4,358 2,221 27 607 7,919 Impairment 1,863 — — — 56 1,919 Other operating expenses (1) — 3,428 79,193 4,510 55,043 142,174 Reimbursed expenses 42,515 1,832 — — — 44,347 Total operating expenses 45,084 9,618 81,414 4,537 55,706 196,359 OPERATING INCOME (LOSS) 46,766 1,016 (228 ) (3,538 ) (44,855 ) (839 ) Interest expense — — (745 ) — (214 ) (959 ) Amortization of loan costs — — (47 ) (25 ) (169 ) (241 ) Interest income — — — — 329 329 Other income (expense) — — (883 ) 2 47 (834 ) INCOME (LOSS) BEFORE INCOME TAXES 46,766 1,016 (1,903 ) (3,561 ) (44,862 ) (2,544 ) Income tax (expense) benefit (11,146 ) (239 ) 76 — 21,673 10,364 NET INCOME (LOSS) $ 35,620 $ 777 $ (1,827 ) $ (3,561 ) $ (23,189 ) $ 7,820 ________ (1) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual and general and administrative expenses. Year ended December 31, 2017 REIT Advisory JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 46,883 $ — $ — $ — $ 46,883 Audio visual — 9,186 — — 9,186 Other 893 — 327 3,209 4,429 Cost reimbursement revenue 21,075 — — — 21,075 Total revenues 68,851 9,186 327 3,209 81,573 EXPENSES Depreciation and amortization 804 319 25 810 1,958 Impairment 1,041 — — 31 1,072 Other operating expenses (1) — 9,655 3,478 54,998 68,131 Reimbursed expenses 20,934 — — — 20,934 Total operating expenses 22,779 9,974 3,503 55,839 92,095 OPERATING INCOME (LOSS) 46,072 (788 ) (3,176 ) (52,630 ) (10,522 ) Interest expense — (68 ) — (15 ) (83 ) Amortization of loan costs — (6 ) (19 ) (14 ) (39 ) Interest income — — — 244 244 Other income (expense) — (47 ) (12 ) (12 ) (71 ) INCOME (LOSS) BEFORE INCOME TAXES 46,072 (909 ) (3,207 ) (52,427 ) (10,471 ) Income tax (expense) benefit (17,915 ) 252 — 7,940 (9,723 ) NET INCOME (LOSS) $ 28,157 $ (657 ) $ (3,207 ) $ (44,487 ) $ (20,194 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. Geographic Information For revenues by geographical locations, see note 3 . The following table presents property and equipment, net by geographic area as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 United States $ 110,972 $ 42,503 Mexico 4,762 4,996 All other countries 456 448 $ 116,190 $ 47,947

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk During the years ended December 31, 2019 , 2018 and 2017 , our advisory revenue was primarily derived from our advisory agreements with Ashford Trust and Braemar. Additionally, Remington, Premier, OpenKey, RED, Pure Wellness and Lismore generated revenues through contracts with Ashford Trust and Braemar, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues: Year Ended December 31, 2019 2018 2017 Percentage of total revenues from Ashford Trust and Braemar (1) Remington 99.7 % — % — % Premier 98.5 % 99.6 % — % JSAV (2) 18.4 % 9.8 % 2.2 % OpenKey 16.5 % 12.6 % 28.4 % RED 10.8 % 51.7 % — % Pure Wellness 60.1 % 58.8 % 45.6 % Lismore 100.0 % 100.0 % 100.0 % ________ (1) See note 17 for details regarding our related party transactions. (2) Represents percentage of revenues earned by JSAV from customers at Ashford Trust and Braemar hotels. See note 2 for the discussion of audio visual revenue recognition policy. As of December 31, 2019 , our operations include consolidated JSAV net assets of $2.3 million and $581,000 located in Mexico and the Dominican Republic, respectively. As of December 31, 2018 , our operations include consolidated JSAV net assets of $1.9 million and $267,000 located in Mexico and the Dominican Republic, respectively. For discussion of revenues by geographic location see note 3 . Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. We are exposed to credit risk with respect to cash held at financial institutions that are in excess of the FDIC insurance limits of $250,000 and U.S. government treasury bond holdings. Our counterparties are investment grade financial institutions.

Selected Financial Quarterly Da

Selected Financial Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Financial Quarterly Data (Unaudited)	Selected Financial Quarterly Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2019 Total revenue $ 63,320 $ 63,466 $ 56,889 $ 107,575 $ 291,250 Total operating expenses 60,778 62,523 63,690 115,489 302,480 Operating income (loss) $ 2,542 $ 943 $ (6,801 ) $ (7,914 ) $ (11,230 ) Net income (loss) $ 568 $ (329 ) $ (6,591 ) $ (9,022 ) $ (15,374 ) Net income (loss) attributable to the Company $ 710 $ 112 $ (6,156 ) $ (8,521 ) $ (13,855 ) Net income (loss) attributable to common stockholders $ (2,572 ) $ (3,163 ) $ (9,428 ) $ (15,055 ) $ (30,218 ) Basic: Net income (loss) attributable to common stockholders per share (1) $ (1.06 ) $ (1.28 ) $ (3.65 ) $ (6.31 ) $ (12.03 ) Weighted average common shares outstanding - basic 2,419 2,462 2,580 2,202 2,416 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (1.13 ) $ (3.00 ) $ (3.94 ) $ (6.31 ) $ (13.55 ) Weighted average common shares outstanding - diluted 2,449 2,717 2,782 2,206 2,568 First Second Third Fourth Full 2018 Total revenue $ 48,168 $ 54,811 $ 41,565 $ 50,976 $ 195,520 Total operating expenses 53,204 43,941 53,069 46,145 196,359 Operating income (loss) $ (5,036 ) $ 10,870 $ (11,504 ) $ 4,831 $ (839 ) Net income (loss) $ (5,835 ) $ 8,932 $ 2,006 $ 2,717 $ 7,820 Net income (loss) attributable to the Company $ (5,723 ) $ 8,960 $ 3,387 $ 3,558 $ 10,182 Net income (loss) attributable to common stockholders $ (5,723 ) $ 8,960 $ 1,409 $ 340 $ 4,986 Basic: Net income (loss) attributable to common stockholders per share (1) $ (2.73 ) $ 4.26 $ 0.67 $ 0.14 $ 2.29 Weighted average common shares outstanding - basic 2,094 2,095 2,109 2,381 2,170 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (2.84 ) $ 0.93 $ 0.18 $ (1.96 ) $ (2.11 ) Weighted average common shares outstanding - diluted 2,115 2,487 2,337 2,652 2,332 _________________ (1) The sum of the basic and diluted income (loss) attributable to common stockholders per share for the four quarters in 2019 and 2018 may differ from the full year basic and diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 28, 2020, the Company made a cash payment of $1.0 million to the sellers of Sebago to settle our contingent consideration liability at the six month anniversary of the date of acquisition. See note 5.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying 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 consolidated financial statements. In the fourth quarter of 2019, cost reimbursement revenue and reimbursed expenses were reclassified from their previous presentation into aggregated financial statement line items titled “cost reimbursement revenue” and “reimbursed expenses” in our consolidated statements of operations. Our presentation of prior year revenue and operating expense line item amounts have been reclassified to conform to the 2019 presentation. These reclassifications have no effect on total revenue, total operating expense or net income previously reported. 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.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our 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 year s ended December 31, 2019 , 2018 and 2017 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at December 31, 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 year s ended December 31, 2019 , 2018 and 2017 . 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 consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill.
Use of Estimates	Use of Estimates —The preparation of these 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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash —As of December 31, 2019 and December 31, 2018 , restricted cash included $10.7 million and $7.9 million of reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our consolidated balance sheets. As of December 31, 2019 , restricted cash also included $5.3 million of reserves related to cash received from hotel properties under Remington’s management. The cash is funded by the hotel properties and used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable within “due from Ashford Trust” and “due from Braemar” in our consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses.” As of December 31, 2019 , restricted cash also included $1.2 million of reserves for Remington health insurance claims. Cash is collected primarily from Remington’s managed properties to cover employee health insurance claims. The liability related to this restricted cash balance is included in current “other liabilities” in our consolidated balance sheets. Restricted cash as of December 31, 2019 also includes approximately $800,000 of cash held in an escrow account in accordance with the Marietta lease agreement. These funds are restricted for use only for repair and maintenance or capital improvements associated with the property.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible.
Inventories	Inventories —Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or market value using the first-in, first-out ("FIFO") valuation method.
Property and Equipment, net	Property and Equipment, net —Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment 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.
Impairment of Property and Equipment	Impairment of Property and Equipment —Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded an impairment charge of $1.9 million for the year ended December 31, 2018 . The impairment was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. An impairment charge of $1.1 million was recorded for the year ended December 31, 2017 , partially offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service.
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 Remington, JSAV and 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. No indicators of impairment were identified from the date of our impairment assessments through December 31, 2019 .
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include management contracts, customer relationships and boat slip rights resulting from our acquisitions. The Remington and Premier management contracts are not amortized on a straight-line basis, rather the assets are amortized in a manner that approximates the pattern of the assets’ economic benefit to the Company over an estimated useful life of 25 and 30 years, respectively. The JSAV, RED and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of December 31, 2019 .
Other Liabilities	Other Liabilities —As of December 31, 2019 and December 31, 2018 , other liabilities included reserves in the amount of $10.8 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 consolidated balance sheets. As of December 31, 2019 , other liabilities also included $2.2 million of reserves for Remington health insurance claims, the remaining $500,000 of the purchase price due to the sellers of BAV 18 months after the acquisition date, subject to certain conditions, the fair value of contingent consideration of $4.6 million due to the sellers of BAV, as well as the fair value of contingent consideration of $1.0 million due to the sellers of Sebago. See notes 5 and 17 .
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 16 .
General and Administrative Expense	General and Administrative —General and administrative costs are expensed as incurred
Depreciation and Amortization	Depreciation and Amortization —Our property and equipment, including assets acquired under finance leases, 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. Property 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.
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 “reimbursed expenses,” 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 “cost reimbursement revenue”.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss), foreign currency translation adjustments and unrealized gain (loss) on restricted investments. 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 unrealized gain (loss) on restricted investments includes the unrealized gain (loss) on available-for-sale securities associated with restricted investments within the deferred compensation plan discussed in note 16. The accumulated other comprehensive income (loss) is presented on our consolidated balance sheets as of December 31, 2019 and 2018 .
Due to / from Affiliates	Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, and property and equipment reimbursements. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust —Due from Ashford Trust represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust is generally settled within a period not exceeding one year. Due from Braemar —Due from Braemar represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Braemar is generally settled within a period not exceeding one year.
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. See note 18 .
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 8 .
Deferred Compensation Plan	Deferred Compensation Plan —Effective January 1, 2008, Ashford Trust established a nonqualified deferred compensation plan (“DCP”) for certain executive officers, which was assumed by the Company in connection with the separation from Ashford Trust. 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. 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. The DCP is carried at fair value with changes in fair value reflected in “salaries and benefits” in our consolidated statements of operations. See note 16 .
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal, state and foreign income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2019 remain subject to potential examination by certain federal and state taxing authorities.
Recently Adopted and Issued Accounting Standards	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. We are currently evaluating the impact that ASU 2016-13 will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our 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 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 consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures , for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 will have on our consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Noncontrolling Interests	The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Other Ashford Inc. ownership interest 99.81 % 88.20 % 47.61 % 70.00 % 84.21 % 55.00 % Redeemable noncontrolling interests (1) (2) 0.19 % 11.80 % 26.59 % — % — % — % Noncontrolling interests in consolidated entities — % — % 25.80 % 30.00 % 15.79 % 45.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 98 $ 2,449 $ 1,584 n/a n/a n/a Redemption value adjustment, year-to-date (63 ) 784 64 n/a n/a n/a Redemption value adjustment, cumulative 115 784 2,097 n/a n/a n/a Carrying value of noncontrolling interests — — 395 164 37 32 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 56,824 1,881 1,852 19,277 250 Liabilities (9) n/a 44,542 510 1,671 10,652 59 Notes payable (9) n/a 17,785 — — 6,275 — Revolving credit facility (9) n/a 2,599 — 45 106 — December 31, 2018 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Other 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 n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a 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 12,954 — — 2,480 — Revolving credit facility (9) n/a 1,733 — 60 118 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in JSAV, which we consolidate under the voting interest model. JSAV provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (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 , 13 and 14 . (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 13 . (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 13 . (7) Total assets consist primarily of cash and cash equivalents, property and equipment 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. See note 7 .
Carrying Value, Ownership Interest and Equity in Earnings (Loss)	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): December 31, 2019 Carrying value of the investment in REA Holdings $ 2,662 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Year Ended December 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (286 )

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 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 January 1 $ 13,544 $ 13,899 Increases to deferred income 8,137 7,781 Recognition of revenue (1) (8,401 ) (8,136 ) Balance as of December 31 $ 13,280 $ 13,544 ________ (1) Deferred income recognized in the year ended December 31, 2019 , includes (a) $2.5 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.5 million of audio visual revenue and (c) $2.4 million of “other services” revenue earned by our hospitality products and services companies. Deferred income recognized in the year ended December 31, 2018, includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.8 million of audio visual revenue and (c) $2.2 million of “other services” revenue earned by our hospitality products and services companies.
Disaggregation of Revenue	The following table presents revenue from our JSAV reporting segment geographically for the years ended December 31, 2019 , 2018 and 2017, respectively (in thousands): Year Ended December 31, 2019 2018 2017 (1) United States $ 88,583 $ 60,241 $ 6,033 Mexico 16,067 15,429 2,760 Dominican Republic 5,959 5,516 393 $ 110,609 $ 81,186 $ 9,186 ________ (1) Revenue for the year ended December 31, 2017 was not adjusted for the adoption of the new revenue recognition guidance under ASC 606. Our revenues were comprised of the following for the three year period ending December 31, 2019 (in thousands): Year Ended December 31, REVENUE 2019 2018 2017 Advisory services revenue: Base advisory fees $ 42,985 $ 44,905 $ 43,523 Incentive advisory fees 678 2,487 3,083 Other advisory revenue 521 521 277 Total advisory services revenue 44,184 47,913 46,883 Hotel management: Base management fees 4,054 — — Incentive management fees 472 — — Total hotel management revenue 4,526 — — Project management fees 25,584 8,802 — Audio visual revenue 110,609 81,186 9,186 Other revenue: Debt placement fees (2) 1,998 6,093 1,137 Claims management services 210 213 — Lease revenue 4,118 1,005 893 Other services (3) 14,853 5,757 2,399 Total other revenue 21,179 13,068 4,429 Cost reimbursement revenue 85,168 44,551 21,075 Total revenues $ 291,250 $ 195,520 $ 81,573 REVENUE BY SEGMENT (1) REIT advisory $ 84,701 $ 91,850 $ 68,851 Remington 47,287 — — Premier 30,580 10,634 — JSAV 110,609 81,186 9,186 OpenKey 987 999 327 Corporate and other 17,086 10,851 3,209 Total revenue $ 291,250 $ 195,520 $ 81,573 ________ (1) We have five reportable segments: REIT Advisory, Remington, Premier, JSAV and OpenKey. We combine the operating results of RED, Marietta, Pure Wellness, Lismore and REA Holdings into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. (2) Debt placement fees are earned by Lismore for providing debt placement services to Ashford Trust and Braemar. (3) 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.

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net, consisted of the following (in thousands): December 31, 2019 2018 Marietta Leasehold L.P. finance lease $ 44,294 $ — Rental pool equipment 22,422 16,386 FF&E under the Ashford Trust ERFP Agreement 29,189 16,100 FF&E under the Braemar ERFP Agreement 10,300 — Property and equipment 12,086 9,342 Marine vessels 10,709 5,854 Leasehold improvements 1,237 1,022 Computer software 6,446 7,132 Total cost 136,683 55,836 Accumulated depreciation (20,493 ) (7,889 ) Property and equipment, net $ 116,190 $ 47,947

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 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 (1) $ 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): Cash $ 2,500 Less working capital adjustments (74 ) Fair value of Ashford Inc. common stock issued 4,547 Purchase price consideration $ 6,973 The fair value of the purchase price and preliminary allocation of the purchase price are as follows (in thousands): Series D Convertible Preferred Stock $ 275,000 Preferred stock discount (2,550 ) Working capital adjustments 48 Total fair value of purchase price $ 272,498
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair Value Estimated Useful Life Current assets including cash $ 3,878 Property and equipment, net 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 ______________ (1) In connection with the acquisition of Remington in the fourth quarter of 2019, the $203.0 million of Series B Convertible Preferred Stock issued to the sellers of Premier was exchanged for $203.0 million of Series D Convertible Preferred Stock. See note 14. Fair Value Estimated Useful Life Current assets including cash $ 27,661 Assets acquired under finance leases (1) 44,294 35 years Property and equipment, net 466 Operating lease right-of-use assets 24,649 Goodwill 143,854 Trademarks 10,300 Management contracts 148,500 25 years Total assets acquired 399,724 Current liabilities 23,740 Finance lease liabilities, current 331 Operating lease liabilities, current 2,038 Deferred tax liability 38,733 Finance lease liabilities, non-current 39,773 Operating lease liabilities, non-current 22,611 Total assumed liabilities 127,226 Net assets acquired $ 272,498 (1) Assets acquired under finance leases are included in “property and equipment, net.” Fair Value Estimated Useful Life Current assets $ 76 Marine vessels 2,220 20 years Property and equipment, net 1,530 20 years Operating lease right-of-use assets 391 Goodwill 1,235 Trademarks 490 Boat slip rights 3,100 20 years Total assets acquired 9,042 Current liabilities 291 Noncurrent liabilities 1,778 Total assumed liabilities 2,069 Net assets acquired $ 6,973
Pro Forma Information	The following table reflects the unaudited pro forma results of operations as if the Remington, Sebago, BAV and Premier acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $10.6 million and $10.4 million of transaction costs directly attributable to the acquisitions for the years ended December 31, 2019 and 2018 , respectively (in thousands): Year Ended December 31, 2019 2018 Total revenue $ 558,664 $ 525,845 Net income (loss) (864 ) 19,777 Net income (loss) attributable to common stockholders (34,010 ) (12,745 )

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018, are as follows (in thousands): Remington Premier JSAV Corporate and Other (1) Consolidated Balance at January 1, 2018 $ — $ — $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions — 53,517 — — 53,517 Adjustments (2) — — (6,781 ) — (6,781 ) Balance at December 31, 2018 $ — $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (3) 143,854 — 5,429 1,452 150,735 Adjustments (4) — (3,993 ) (602 ) (217 ) (4,812 ) Balance at December 31, 2019 $ 143,854 $ 49,524 $ 10,211 $ 2,017 $ 205,606 ________ (1) Corporate and Other prior to January 1, 2018, reflects the goodwill acquired as a result of the acquisition of Pure Wellness. (2) The adjustment of approximately $6.8 million is the result of finalizing our valuation of assets and liabilities related to the JSAV acquisition. (3) The addition of approximately $143.9 million , $5.4 million and $1.5 million relates to the preliminary valuation of assets and liabilities related to the acquisition of Remington, JSAV’s acquisition of BAV and RED’s acquisition of Sebago, respectively. (4) The adjustment to Premier goodwill is the result of finalizing our valuation of the acquired assets and liabilities associated with the acquisition of Premier. The adjustment to JSAV and Corporate and Other goodwill relate to adjustments from our preliminary valuations of the acquired assets and liabilities associated with JSAV’s acquisition of BAV and RED’s acquisition of Sebago, respectively. See note 5 .
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 148,500 $ (2,436 ) $ 146,064 $ — $ — $ — Premier management contracts 194,000 (16,830 ) 177,170 188,800 (4,353 ) 184,447 JSAV customer relationships 9,319 (2,173 ) 7,146 6,519 (1,087 ) 5,432 RED boat slip rights 3,100 (70 ) 3,030 — — — Pure Wellness customer relationships 175 (96 ) 79 175 (61 ) 114 Other 44 (3 ) 41 — — — $ 355,138 $ (21,608 ) $ 333,530 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: Remington trademarks $ 10,300 $ — JSAV trademarks 3,641 3,201 RED trademarks 490 — $ 14,431 $ 3,201
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 148,500 $ (2,436 ) $ 146,064 $ — $ — $ — Premier management contracts 194,000 (16,830 ) 177,170 188,800 (4,353 ) 184,447 JSAV customer relationships 9,319 (2,173 ) 7,146 6,519 (1,087 ) 5,432 RED boat slip rights 3,100 (70 ) 3,030 — — — Pure Wellness customer relationships 175 (96 ) 79 175 (61 ) 114 Other 44 (3 ) 41 — — — $ 355,138 $ (21,608 ) $ 333,530 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: Remington trademarks $ 10,300 $ — JSAV trademarks 3,641 3,201 RED trademarks 490 — $ 14,431 $ 3,201

Notes Payable, net (Tables)

Notes Payable, net (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2019 December 31, 2018 Senior revolving credit facility (7) Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ 10,000 $ — Term loan (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 12,642 8,917 Revolving credit facility (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 2,599 1,733 Equipment note (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 3,393 2,087 Draw term loan (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 1,750 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% 605 695 Revolving credit facility (6) (13) RED February 5, 2020 Prime Rate (4) + 1.75% 106 118 Draw term loan (6) (14) RED December 5, 2026 Prime Rate (4) + 1.75% 1,400 — Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,636 1,785 Term loan (5) (16) RED July 17, 2029 6.0% (16) 1,674 — Term loan (5) (17) RED July 17, 2022 6.5% 960 — Notes payable 36,810 17,345 Less deferred loan costs, net (227 ) (234 ) Notes payable less net deferred loan costs 36,583 17,111 Less current portion (3,550 ) (2,595 ) Notes payable, net - non-current $ 33,033 $ 14,516 __________________ (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 1.76% and 2.50% at December 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 4.75% and 5.50% at December 31, 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. As of December 31, 2019 , $25.0 million of credit was available under the revolving credit facility. (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 December 31, 2019 and December 31, 2018 , was not material. As of December 31, 2019 , $901,000 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 December 31, 2019 , OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. As of December 31, 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 December 31, 2019 , $144,000 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 December 31, 2019 , $0 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 .
Schedule of Maturities of Long-term Debt	Excluding interest, maturities of our long-term debt for each of the next five years and thereafter are as follows (in thousands): 2020 $ 3,341 2021 13,217 2022 16,355 2023 723 2024 562 Thereafter 2,612 Total $ 36,810

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2019 Assets Restricted investment: Ashford Trust common stock $ 768 (3) $ — $ — $ 768 Braemar common stock 427 (3) — — 427 Total $ 1,195 $ — $ — $ 1,195 Liabilities Contingent consideration $ (2,668 ) (1) $ — $ (2,959 ) (2) $ (5,627 ) Subsidiary compensation plan — (415 ) (3) — (415 ) Deferred compensation plan (4,729 ) — — (4,729 ) Total $ (7,397 ) $ (415 ) $ (2,959 ) $ (10,771 ) __________________ (1) Represents the fair value of the contingent consideration liability of $1.6 million related to the stock consideration collar associated with JSAV’s acquisition of BAV and $1.0 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 consolidated balance sheets. See notes 1 and 5 . (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 consolidated balance sheets. See notes 1 and 5 . (3) The assets acquired in our acquisition of Remington Lodging included shares of common stock of Ashford Trust and Braemar purchased by Remington Lodging on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2019, which are exercisable upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. 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	he following table presents our rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability Balance at December 31, 2017 (1) $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (338 ) Dispositions and settlements 2,600 Transfers into/out of Level 3 — Balance at December 31, 2018 $ — Acquisitions (3) (1,384 ) Gains (losses) included in earnings (2) (1,575 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at December 31, 2019 $ (2,959 ) __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of JSAV. The liability was settled in the third quarter of 2018. 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 input in the Level 3 measurement of the contingent consideration is the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the consolidated statements of operations. (3) Includes JSAV’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in our 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.
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Loss	he following table summarizes the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2019 2018 2017 Assets Options on futures contracts $ — $ — $ (91 ) Total $ — $ — $ (91 ) Liabilities Contingent consideration $ (4,244 ) (1) $ (338 ) (2) (1,066 ) (2 ) Subsidiary compensation plan (3) (47 ) — — Deferred compensation plan (3) 5,732 8,444 (10,410 ) Total $ 1,441 $ 8,106 $ (11,476 ) Net $ 1,441 $ 8,106 $ (11,567 ) Total combined Unrealized gain (loss) on investments $ — $ — $ 203 Realized gain (loss) on investments — — (294 ) Contingent consideration (4,244 ) (1) (338 ) (2) (1,066 ) (2 ) Subsidiary compensation plan (3) (47 ) — — Deferred compensation plan (3) 5,732 8,444 (10,410 ) Total $ 1,441 $ 8,106 $ (11,567 ) __________________ (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 consolidated statements of operations. See notes 1 and 5 . (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 consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our consolidated statements of operations.

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Balances	As of December 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 31,699 Finance lease assets Property and equipment, net 46,233 Total leased assets $ 77,932 Liabilities Current Operating Operating lease liabilities $ 3,207 Finance Finance lease liabilities 572 Noncurrent Operating Operating lease liabilities 28,519 Finance Finance lease liabilities 41,482 Total leased liabilities $ 73,780 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 10.95 Finance leases (2) 34.09 Weighted-average discount rate Operating leases 5.2 % Finance leases 6.2 % __________________ (1) The weighted-average remaining lease term 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. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
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 Year Ended December 31, 2019 Operating lease cost Rent expense General and administrative $ 3,324 Rent expense Cost of revenues for project management 127 Finance lease cost Amortization of leased assets Depreciation and amortization 384 Interest on lease liabilities Interest expense 443 Total lease cost $ 4,278 For the year ended December 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,021 Financing cash flows from finance leases 627
Maturities of Operating Lease Liabilities	As of December 31, 2019 , future minimum lease payments on operating and finance leases were as follows (in thousands): Operating Leases Finance Leases 2020 $ 4,795 $ 3,164 2021 4,656 3,062 2022 4,385 3,044 2023 4,152 2,991 2024 3,928 2,971 Thereafter 20,441 86,188 Total minimum lease payments $ 42,357 $ 101,420 Imputed interest (10,631 ) (59,366 ) Present value of minimum lease payments $ 31,726 $ 42,054
Maturities of Financing Lease Liabilities	As of December 31, 2019 , future minimum lease payments on operating and finance leases were as follows (in thousands): Operating Leases Finance Leases 2020 $ 4,795 $ 3,164 2021 4,656 3,062 2022 4,385 3,044 2023 4,152 2,991 2024 3,928 2,971 Thereafter 20,441 86,188 Total minimum lease payments $ 42,357 $ 101,420 Imputed interest (10,631 ) (59,366 ) Present value of minimum lease payments $ 31,726 $ 42,054
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

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 1,195 $ 1,195 $ — $ — Financial liabilities measured at fair value: Deferred compensation plan $ 4,729 $ 4,729 $ 10,574 $ 10,574 Contingent consideration 5,627 5,627 — — Financial assets not measured at fair value: Cash and cash equivalents $ 35,349 $ 35,349 $ 51,529 $ 51,529 Restricted cash 17,900 17,900 7,914 7,914 Accounts receivable, net 7,241 7,241 4,928 4,928 Due from affiliates 357 357 45 45 Due from Ashford Trust 4,805 4,805 5,293 5,293 Due from Braemar 1,591 1,591 1,996 1,996 Investments in unconsolidated entities 3,476 3,476 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 39,160 $ 39,160 $ 24,880 $ 24,880 Dividends payable 4,725 4,725 — — Due to affiliates 1,011 1,011 2,032 2,032 Other liabilities 13,868 13,868 8,418 8,418 Notes payable 36,810 34,705 to 38,359 17,345 16,071 to 17,763

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the income tax benefit at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2019 2018 2017 Income tax benefit at federal statutory income tax rate $ 2,955 $ 534 $ 3,665 State income tax expense, net of federal income tax benefit (1,768 ) 804 (388 ) Income passed through to common unit holders and noncontrolling interests 38 (36 ) (2 ) Permanent differences (1,299 ) (66 ) (201 ) Valuation allowance (1,043 ) 8,887 (12,725 ) Effect of the Tax Cuts and Jobs Act — — (303 ) Other (423 ) 241 231 Total income tax (expense) benefit $ (1,540 ) $ 10,364 $ (9,723 )
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (1,309 ) $ (439 ) $ (3,305 ) Foreign (809 ) (437 ) (47 ) State (1,352 ) (1,000 ) (369 ) Total current (3,470 ) (1,876 ) (3,721 ) Deferred: Federal 2,828 10,646 (5,854 ) Foreign (189 ) — — State (709 ) 1,594 (148 ) Total deferred 1,930 12,240 (6,002 ) Total income tax (expense) benefit $ (1,540 ) $ 10,364 $ (9,723 )
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2019 and 2018 , our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2019 2018 Prepaid expenses $ (431 ) $ (274 ) Investments in unconsolidated entities and joint ventures (2,430 ) (488 ) Capitalized acquisition costs 6,139 4,030 Deferred compensation 1,269 2,462 Accrued expenses 2,573 757 Equity-based compensation 8,722 6,282 Property and equipment (7,940 ) (3,418 ) Intangibles (79,295 ) (41,931 ) Deferred revenue 2,377 2,189 Net operating loss 4,307 2,835 Deferred tax asset (64,709 ) (27,556 ) Valuation allowance (4,812 ) (3,950 ) Net deferred tax asset (liability) $ (69,521 ) $ (31,506 )
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Balance at the beginning of the year $ — $ — $ — Gross increases for tax positions of prior years 218 — — Gross decreases for tax positions of prior years — — — Gross increases for tax positions of current year 253 — — Gross decreases for tax positions of current year — — — Settlements with taxing authorities — — — Statute of limitations expirations — — — Balance at the end of year $ 471 $ — $ —

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Income (Loss) Allocated to Noncontrolling Interest from Consolidated Entities	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2019 2018 2017 (Income) loss allocated to noncontrolling interests: JSAV $ — $ 58 $ (49 ) OpenKey 624 826 515 RED (105 ) 68 — Pure Wellness (9 ) (28 ) 38 Other 26 — (146 ) Total net (income) loss allocated to noncontrolling interests $ 536 $ 924 $ 358

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Activity of Member Interest	A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2019 2018 2017 Units outstanding at beginning of year 4 4 4 Units redeemed for cash — — — Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Year Ended December 31, 2019 2018 2017 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ 54 $ (9 ) $ 19 JSAV 247 361 136 OpenKey 682 1,086 1,329 Total net (income) loss allocated to redeemable noncontrolling interests $ 983 $ 1,438 $ 1,484 ________ (1) Represents the 0.2% interest in Ashford LLC prior to our legal entity restructuring in April 6, 2017 and 0.2% in Ashford Holdings thereafter.
Preferred Dividends	Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows: Year Ended December 31, 2019 2018 2017 Preferred dividends $ 14,435 $ 4,466 $ — Preferred dividends per share $ 1.4775 $ 0.5500 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Cost	The components of equity-based compensation expense for the years ended December 31, 2019 , 2018 and 2017 are presented below by award type (in thousands): Year Ended December 31, 2019 2018 2017 Equity-based compensation Stock option amortization (1) $ 8,313 $ 9,580 $ 7,535 Employee equity grant expense (2) 95 — — Director and other non-employee equity grants expense (3) 466 439 250 Pre-spin equity grants expense (4) — — 684 Total equity-based compensation $ 8,874 $ 10,019 $ 8,469 Other equity-based compensation REIT equity-based compensation (5) $ 25,987 $ 31,899 9,394 $ 34,861 $ 41,918 $ 17,863 ________ (1) See Stock Options discussion below. As of December 31, 2019 , the Company had approximately $10.6 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the year ended December 31, 2018, we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. (2) As of December 31, 2019 , the Company had approximately $115,000 of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.3 years . (3) Grants 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 are fully vested on the date of grant. See Restricted Stock discussion below. (4) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017, these equity grants were fully vested. See Restricted Stock discussion below. (5) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the year ended December 31, 2018, REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 17 .
Schedule of Stock Options, Valuation Assumptions	The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2019 2018 2017 Weighted-average grant date fair value $ 26.42 $ 38.93 $ 25.29 Weighted average assumptions used: Expected volatility 39.0 % 35.8 % 34.9 % Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 2.6 % 2.7 % 2.0 % Expected dividend yield — % — % — %
Schedule of Stock Option Activity	A summary of stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the Money Options (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2017 639 $ 64.53 7.70 $ — Granted 334 57.61 10.00 11,837 Exercised — — — — Forfeited, canceled or expired (1 ) 50.15 9.22 80 Outstanding, December 31, 2017 972 $ 62.17 7.67 $ 29,974 Granted 267 94.96 10.00 — Exercised — 45.59 7.53 3 Forfeited, canceled or expired (3 ) 62.28 8.82 7 Outstanding, December 31, 2018 1,236 $ 69.26 7.21 $ 2,126 Granted 300 61.12 10.00 — Exercised — — — — Forfeited, canceled or expired (2 ) 70.67 9.10 — Outstanding, December 31, 2019 1,534 67.66 6.79 — Options exercisable at December 31, 2019 708 $ 65.63 5.01 $ —
Summary of Restricted Stock Activity	Restricted Stock —A summary of our restricted stock activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Outstanding at beginning of year — $ — — $ — 1 $ 56.20 Restricted shares granted (1) 5 31.79 6 73.02 5 52.89 Restricted shares vested (5 ) 31.79 (6 ) 73.02 (6 ) 53.64 Restricted shares forfeited — — — — — — Outstanding at end of year — $ — — $ — — $ — ________ (1) Equity-based compensation expense of $150,000 , $405,000 and $250,000 was recognized in connection with stock grants of 5,000 , 6,000 and 5,000 immediately vested restricted shares to our independent directors for the years ended December 31, 2019 , 2018 and 2017 , respectively. The restricted stock/units that vested during 2019 had a fair value of $150,000 at the date of vesting. A summary of our DSU activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 DSUs Weighted Average Price Per Share at Grant DSUs Weighted Average Price Per Share at Grant DSUs Weighted Average Outstanding at beginning of year — $ — — $ — — $ — DSUs granted (1) 7 31.79 — — — — DSUs settled — — — — — — Outstanding at end of year 7 $ — — $ — — $ — ________ (1) Equity-based compensation expense of $225,000 was recognized in connection with grants of 7,000 immediately vested DSUs to our independent directors for the year ended December 31, 2019 . The DSUs that vested during 2019 had a fair value of $225,000 at the date of vesting.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2019 2018 2017 Change in fair value Unrealized gain (loss) $ 5,732 $ 8,444 $ (10,410 ) Distributions Fair value (1) $ 113 $ 241 $ 229 Shares (1) 3 3 3 ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes amounts due (to) from Ashford Trust, net at December 31, 2019 and 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2019 December 31, 2018 Ashford LLC $ (621 ) $ 2,337 AIM 82 99 Remington 2,093 — Premier 1,882 1,611 JSAV 1,070 826 OpenKey 2 2 Pure Wellness 297 418 Due from Ashford Trust $ 4,805 $ 5,293 The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through December 31, 2019 , are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — ERFP commitment — Hilton Alexandria Old Town 11,100 — 11,100 ERFP commitment—La Posada de Santa Fe 5,000 — 5,000 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 $ — $ — $ — ERFP commitment — Hilton Santa Cruz/Scotts Valley 5,000 — 5,000 ERFP commitment—The Embassy Suites New York Manhattan Times Square 19,500 — 19,500 ERFP payment—Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP payment—The Embassy Suites New York Manhattan Times Square (8,089 ) — (8,089 ) ERFP commitment—Ritz-Carlton, Lake Tahoe — 10,300 10,300 ERFP payment—Ritz-Carlton, Lake Tahoe — (10,300 ) (10,300 ) ERFP Commitments remaining at December 31, 2019 (1) $ 11,411 $ — $ 11,411 ________ (1) See note 10 . The following table summarizes amounts due (to) from Braemar, net at December 31, 2019 and 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Year Ended December 31, 2019 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 32,486 $ 35,482 $ 34,724 Incentive advisory fee (1) — 1,809 1,809 Total advisory services revenue 32,486 37,291 36,533 Hotel management: Base management fees 3,796 — — Incentive management fees 434 — — Total hotel management revenue (2) 4,230 — — Project management fees (3) 16,587 5,821 — Audio visual revenue (4) — 88 — Other revenue Debt placement fees (5) 1,294 5,094 913 Claim management services (6) 75 76 — Lease revenue (7) 3,783 670 558 Other services (8) 1,784 1,968 997 Total other revenue 6,936 7,808 2,468 Cost reimbursement revenue 71,479 35,581 20,653 Total revenues $ 131,718 $ 86,589 $ 59,654 REVENUE BY SEGMENT (9) REIT advisory $ 63,345 $ 72,343 $ 57,744 Remington 44,394 — — Premier 20,004 7,096 — JSAV — 88 — OpenKey 111 97 77 Corporate and other 3,864 6,965 1,833 Total revenues $ 131,718 $ 86,589 $ 59,654 COST OF REVENUES Cost of audio visual revenues (4) $ 7,438 $ 3,444 $ 90 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (4) $ 16,897 $ 7,853 $ 201 ________ (1) Incentive advisory fee for the year ended December 31, 2018 , includes 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 2019, 2018 and 2017 measurement periods. (2) Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenues for managing the hotel employees and daily operations of the hotels. Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management revenue recognition policy. (3) 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. (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 consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Debt placement fees are earned by Lismore for providing debt placement services. (6) Claims management services include revenues earned from providing insurance claim assessment and administration services. (7) 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 ASU 2016-02, 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. (8) 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. (9) See note 19 for discussion of segment reporting. 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 “reimbursed expenses.” 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. In 2014, Braemar entered into a hotel master management agreement with Remington Lodging (then wholly-owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr.) governing the terms of Remington Lodging’s provision of hotel management services and project management services with respect to hotels owned or leased by Braemar. In connection with the Company’s acquisition of Premier from Remington Lodging in August 2018, Braemar amended and restated the original hotel master management agreement to provide only for hotel management services to be provided to Braemar’s TRSs by Remington Lodging by entering into the Amended and Restated Hotel Master Management Agreement dated as of August 8, 2018, which agreement we refer to below as the “Braemar master hotel management agreement.” In connection with the Company’s subsequent acquisition of Remington Lodging on November 6, 2019, Remington Lodging became a subsidiary of the Company, and the Braemar master hotel management agreement between Remington Lodging and Braemar remains in effect. The following table summarizes the revenues related to Braemar (in thousands): Year Ended December 31, 2019 2018 2017 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 10,499 $ 9,423 $ 8,799 Incentive advisory fee (1) 678 678 1,274 Other advisory revenue (2) 521 521 277 Total advisory services revenue 11,698 10,622 10,350 Hotel management: Base management fees 248 — — Incentive management fees 38 — — Total hotel management revenue (3) 286 — — Project management fees (4) 8,547 2,979 — Audio visual revenue (5) — — — Other revenue Debt placement fees (6) 704 999 224 Claims management services (7) 135 137 — Lease revenue (8) 335 335 335 Other services (9) 1,277 857 41 Total other revenue 2,451 2,328 600 Cost reimbursement revenue 13,556 8,927 422 Total revenues $ 36,538 $ 24,856 $ 11,372 REVENUE BY SEGMENT (10) REIT advisory $ 21,334 $ 19,507 $ 11,107 Remington 2,754 — — Premier 10,123 3,493 — JSAV (11) — — — OpenKey 52 29 16 Corporate and other 2,275 1,827 249 Total revenue $ 36,538 $ 24,856 $ 11,372 COST OF REVENUES Cost of audio visual revenues (5) $ 561 $ 3 $ — SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 1,329 $ 7 $ — ________ (1) Incentive advisory fees for the year ended December 31, 2019 , includes the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive advisory fees for the year ended December 31, 2018 , includes the first year installment of the 2018 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 Braemar advisory agreement. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2019, 2017 and 2016 measurement periods. (2) 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. (3) Hotel management revenue is reported within our Remington segment and primarily consists of base management fees and incentive management fees. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenues for managing the hotel employees and daily operations of the hotels. Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management revenue recognition policy. (4) 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. (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 consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Debt placement fees are earned by Lismore for providing debt placement services. (7) Claims management services include revenues earned from providing insurance claim assessment and administration services. (8) 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 ASU 2016-02, 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. (9) 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. (10) See note 19 for discussion of segment reporting.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (13,855 ) $ 10,182 $ (18,352 ) Less: Dividends on preferred stock and amortization (16,363 ) (5,196 ) — Add: Deemed Contribution on preferred stock 1,161 — — Less: Undistributed net (income) allocated to unvested shares — (21 ) — Undistributed net income (loss) allocated to common stockholders (29,057 ) 4,965 (18,352 ) Distributed and undistributed net income (loss) - basic $ (29,057 ) $ 4,965 $ (18,352 ) Effect of deferred compensation plan (5,732 ) (8,444 ) — Effect of incremental subsidiary shares — (1,447 ) (1,465 ) Distributed and undistributed net income (loss) - diluted $ (34,789 ) $ (4,926 ) $ (19,817 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,416 2,170 2,031 Effect of deferred compensation plan shares 152 103 — Effect of incremental subsidiary shares — 59 36 Weighted average common shares outstanding – diluted 2,568 2,332 2,067 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (12.03 ) $ 2.29 $ (9.04 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (13.55 ) $ (2.11 ) $ (9.59 )
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): Year Ended December 31, 2019 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ — $ 21 $ — Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (54 ) 9 (19 ) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (929 ) — — Dividends on preferred stock and amortization 15,202 5,196 — Total $ 14,219 $ 5,226 $ (19 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 11 9 — Effect of assumed exercise of stock options 20 163 34 Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of incremental subsidiary shares 159 — — Effect of assumed conversion of preferred stock 1,837 575 — Total 2,031 751 38

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information concerning our segments for the years ended December 31, 2019, 2018 and 2017 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. Year Ended December 31, 2019 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 44,184 $ — $ — $ — $ — $ — $ 44,184 Hotel management — 4,526 — — — — 4,526 Project management fees — — 25,584 — — — 25,584 Audio visual — — — 110,609 — — 110,609 Other 4,349 — — — 987 15,843 21,179 Cost reimbursement revenue (1) 36,168 42,761 4,996 — — 1,243 85,168 Total revenues 84,701 47,287 30,580 110,609 987 17,086 291,250 EXPENSES Depreciation and amortization 6,778 2,459 12,494 1,995 27 789 24,542 Other operating expenses (2) — 2,555 11,821 110,815 3,399 64,705 193,295 Reimbursed expenses (1) 35,643 42,761 4,996 — — 1,243 84,643 Total operating expenses 42,421 47,775 29,311 112,810 3,426 66,737 302,480 OPERATING INCOME (LOSS) 42,280 (488 ) 1,269 (2,201 ) (2,439 ) (49,651 ) (11,230 ) Equity in earnings (loss) of unconsolidated entities — — — — — (286 ) (286 ) Interest expense — — — (1,114 ) (2 ) (943 ) (2,059 ) Amortization of loan costs — — — (55 ) (35 ) (218 ) (308 ) Interest income — — — — — 46 46 Other income (expense) — 2 — 30 19 (48 ) 3 INCOME (LOSS) BEFORE INCOME TAXES 42,280 (486 ) 1,269 (3,340 ) (2,457 ) (51,100 ) (13,834 ) Income tax (expense) benefit (9,861 ) (140 ) (1,248 ) 271 — 9,438 (1,540 ) NET INCOME (LOSS) $ 32,419 $ (626 ) $ 21 $ (3,069 ) $ (2,457 ) $ (41,662 ) $ (15,374 ) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $1.4 million of cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual and general and administrative expenses. Year Ended December 31, 2018 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 47,913 $ — $ — $ — $ — $ 47,913 Project management fees — 8,802 — — — 8,802 Audio visual — — 81,186 — — 81,186 Other 1,218 — — 999 10,851 13,068 Cost reimbursement revenue 42,719 1,832 — — — 44,551 Total revenues 91,850 10,634 81,186 999 10,851 195,520 EXPENSES Depreciation and amortization 706 4,358 2,221 27 607 7,919 Impairment 1,863 — — — 56 1,919 Other operating expenses (1) — 3,428 79,193 4,510 55,043 142,174 Reimbursed expenses 42,515 1,832 — — — 44,347 Total operating expenses 45,084 9,618 81,414 4,537 55,706 196,359 OPERATING INCOME (LOSS) 46,766 1,016 (228 ) (3,538 ) (44,855 ) (839 ) Interest expense — — (745 ) — (214 ) (959 ) Amortization of loan costs — — (47 ) (25 ) (169 ) (241 ) Interest income — — — — 329 329 Other income (expense) — — (883 ) 2 47 (834 ) INCOME (LOSS) BEFORE INCOME TAXES 46,766 1,016 (1,903 ) (3,561 ) (44,862 ) (2,544 ) Income tax (expense) benefit (11,146 ) (239 ) 76 — 21,673 10,364 NET INCOME (LOSS) $ 35,620 $ 777 $ (1,827 ) $ (3,561 ) $ (23,189 ) $ 7,820 ________ (1) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual and general and administrative expenses. Year ended December 31, 2017 REIT Advisory JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 46,883 $ — $ — $ — $ 46,883 Audio visual — 9,186 — — 9,186 Other 893 — 327 3,209 4,429 Cost reimbursement revenue 21,075 — — — 21,075 Total revenues 68,851 9,186 327 3,209 81,573 EXPENSES Depreciation and amortization 804 319 25 810 1,958 Impairment 1,041 — — 31 1,072 Other operating expenses (1) — 9,655 3,478 54,998 68,131 Reimbursed expenses 20,934 — — — 20,934 Total operating expenses 22,779 9,974 3,503 55,839 92,095 OPERATING INCOME (LOSS) 46,072 (788 ) (3,176 ) (52,630 ) (10,522 ) Interest expense — (68 ) — (15 ) (83 ) Amortization of loan costs — (6 ) (19 ) (14 ) (39 ) Interest income — — — 244 244 Other income (expense) — (47 ) (12 ) (12 ) (71 ) INCOME (LOSS) BEFORE INCOME TAXES 46,072 (909 ) (3,207 ) (52,427 ) (10,471 ) Income tax (expense) benefit (17,915 ) 252 — 7,940 (9,723 ) NET INCOME (LOSS) $ 28,157 $ (657 ) $ (3,207 ) $ (44,487 ) $ (20,194 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table presents property and equipment, net by geographic area as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 United States $ 110,972 $ 42,503 Mexico 4,762 4,996 All other countries 456 448 $ 116,190 $ 47,947

Concentration of Risk (Tables)

Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk	Additionally, Remington, Premier, OpenKey, RED, Pure Wellness and Lismore generated revenues through contracts with Ashford Trust and Braemar, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues: Year Ended December 31, 2019 2018 2017 Percentage of total revenues from Ashford Trust and Braemar (1) Remington 99.7 % — % — % Premier 98.5 % 99.6 % — % JSAV (2) 18.4 % 9.8 % 2.2 % OpenKey 16.5 % 12.6 % 28.4 % RED 10.8 % 51.7 % — % Pure Wellness 60.1 % 58.8 % 45.6 % Lismore 100.0 % 100.0 % 100.0 % ________ (1) See note 17 for details regarding our related party transactions. (2) Represents percentage of revenues earned by JSAV from customers at Ashford Trust and Braemar hotels. See note 2 for the discussion of audio visual revenue recognition policy.

Selected Financial Quarterly _2

Selected Financial Quarterly Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of the Quarterly Results of Operations	The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2019 Total revenue $ 63,320 $ 63,466 $ 56,889 $ 107,575 $ 291,250 Total operating expenses 60,778 62,523 63,690 115,489 302,480 Operating income (loss) $ 2,542 $ 943 $ (6,801 ) $ (7,914 ) $ (11,230 ) Net income (loss) $ 568 $ (329 ) $ (6,591 ) $ (9,022 ) $ (15,374 ) Net income (loss) attributable to the Company $ 710 $ 112 $ (6,156 ) $ (8,521 ) $ (13,855 ) Net income (loss) attributable to common stockholders $ (2,572 ) $ (3,163 ) $ (9,428 ) $ (15,055 ) $ (30,218 ) Basic: Net income (loss) attributable to common stockholders per share (1) $ (1.06 ) $ (1.28 ) $ (3.65 ) $ (6.31 ) $ (12.03 ) Weighted average common shares outstanding - basic 2,419 2,462 2,580 2,202 2,416 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (1.13 ) $ (3.00 ) $ (3.94 ) $ (6.31 ) $ (13.55 ) Weighted average common shares outstanding - diluted 2,449 2,717 2,782 2,206 2,568 First Second Third Fourth Full 2018 Total revenue $ 48,168 $ 54,811 $ 41,565 $ 50,976 $ 195,520 Total operating expenses 53,204 43,941 53,069 46,145 196,359 Operating income (loss) $ (5,036 ) $ 10,870 $ (11,504 ) $ 4,831 $ (839 ) Net income (loss) $ (5,835 ) $ 8,932 $ 2,006 $ 2,717 $ 7,820 Net income (loss) attributable to the Company $ (5,723 ) $ 8,960 $ 3,387 $ 3,558 $ 10,182 Net income (loss) attributable to common stockholders $ (5,723 ) $ 8,960 $ 1,409 $ 340 $ 4,986 Basic: Net income (loss) attributable to common stockholders per share (1) $ (2.73 ) $ 4.26 $ 0.67 $ 0.14 $ 2.29 Weighted average common shares outstanding - basic 2,094 2,095 2,109 2,381 2,170 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (2.84 ) $ 0.93 $ 0.18 $ (1.96 ) $ (2.11 ) Weighted average common shares outstanding - diluted 2,115 2,487 2,337 2,652 2,332 _________________ (1) The sum of the basic and diluted income (loss) attributable to common stockholders per share for the four quarters in 2019 and 2018 may differ from the full year basic and diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Organization and Description _2

Organization and Description of Business (Details)

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

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

Jul. 18, 2019USD ($)$ / sharesshares

Mar. 01, 2019USD ($)$ / sharesshares

Jan. 01, 2019USD ($)shares

Oct. 10, 2018USD ($)shares

Sep. 28, 2018USD ($)$ / sharesshares

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

Nov. 01, 2017USD ($)

Apr. 06, 2017USD ($)

Nov. 06, 2022

Nov. 06, 2021

Aug. 08, 2021

Nov. 06, 2020

Aug. 08, 2020

Dec. 31, 2019USD ($)$ / sharesshares

Aug. 08, 2019

Dec. 31, 2018USD ($)$ / sharesshares

Dec. 31, 2017USD ($)

Nov. 05, 2019$ / sharesshares

Oct. 24, 2019

Aug. 07, 2018shares

Noncontrolling Interest [Line Items]

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

$ 0.001

$ 0.01

Proceeds from issuance of common stock

$ 0

$ 18,930,000

$ 0

Investments

(314,000)

0

0

Contribution amount received

3,300,000

Deferred contribution amount

2,100,000

Purchases of common stock

(12,389,000)

$ 0

(24,000)

Percent of voters in favor

92.00%

Public Offering

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares) | shares

270,000

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

$ 74.50

Proceeds from issuance of common stock

$ 20,100,000

Proceeds from issuance of common stock

$ 18,200,000

Over-Allotment Option

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares) | shares

10,000

Proceeds from issuance of common stock

$ 700,000

Ashford Trust and Braemar

Noncontrolling Interest [Line Items]

Purchase of treasury stock (in shares) | shares

(412,974)

Average cost per share (in dollars per share) | $ / shares

$ 30

Purchases of common stock

$ (12,400,000)

Retirement of treasury stock (in shares) | shares

412,974

Ashford Trust

Noncontrolling Interest [Line Items]

Contribution amount received

2,500,000

Stock distribution (in shares) | shares

205,086

Stock distribution conversion ratio

0.0017

Braemar

Noncontrolling Interest [Line Items]

Contribution amount received

801,000

Stock distribution (in shares) | shares

174,983

Stock distribution conversion ratio

0.0047

Affiliated Entity | Ashford Trust and Braemar

Noncontrolling Interest [Line Items]

Commitment amount

50,000,000

Potential commitment amount

$ 100,000,000

Percent of commitment for each hotel

10.00%

Affiliated Entity | Ashford Trust

Noncontrolling Interest [Line Items]

Commitment amount

$ 50,000,000

Percent of commitment for each hotel

10.00%

Affiliated Entity | Braemar

Noncontrolling Interest [Line Items]

Commitment amount

$ 50,000,000

Percent of commitment for each hotel

10.00%

Cost Reimbursement

Noncontrolling Interest [Line Items]

Contribution amount received

$ 1,200,000

Series B Preferred Stock

Noncontrolling Interest [Line Items]

Preferred stock, shares issued (in shares) | shares

8,120,000

0

8,120,000

8,120,000

Series B Preferred Stock | Forecast

Noncontrolling Interest [Line Items]

Preferred stock dividend

6.50%

Series D Preferred Stock

Noncontrolling Interest [Line Items]

Preferred stock, shares issued (in shares) | shares

19,120,000

0

Maximum | Ashford Trust and Braemar

Noncontrolling Interest [Line Items]

Contribution amount

$ 15,000,000

Maximum | Affiliated Entity | Ashford Trust

Noncontrolling Interest [Line Items]

Potential commitment amount

100,000,000

Maximum | Affiliated Entity | Braemar

Noncontrolling Interest [Line Items]

Potential commitment amount

100,000,000

Pure Wellness

Noncontrolling Interest [Line Items]

Voting interests acquired

70.00%

Cash

$ 97,000

Fair value of net assets and liabilities

532,000

Equity consideration

$ 425,000

Pure Wellness | Series A Units

Noncontrolling Interest [Line Items]

Noncontrolling interest percentage

30.00%

Equity consideration

$ 42,000

Pure Wellness | Series B-1 Units

Noncontrolling Interest [Line Items]

Noncontrolling interest percentage

100.00%

Equity consideration

$ 181,000

Pure Wellness | Series B-2 Units

Noncontrolling Interest [Line Items]

Noncontrolling interest percentage

50.00%

Equity consideration

$ 202,000

JSAV

Noncontrolling Interest [Line Items]

Voting interests acquired

88.00%

85.00%

Consideration transferred

$ 25,500,000

Premier

Noncontrolling Interest [Line Items]

Equity consideration

$ 203,000,000

Equity interest issued, value assigned

$ 203,000,000

Voting restriction term

5 years

Voting rights limit

25.00%

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

$ 0.01

Premier | Series B Preferred Stock

Noncontrolling Interest [Line Items]

Equity interest issued, value assigned

$ 203,000,000

203,000,000

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

$ 140

Equity interest issued (in shares) | shares

1,450,000

Preferred stock dividend

5.50%

Premier | Series B Preferred Stock | Forecast

Noncontrolling Interest [Line Items]

Preferred stock dividend

6.50%

6.00%

BAV

Noncontrolling Interest [Line Items]

Cash

4,267,000

$ 0

0

Equity consideration

$ 3,748,000

Sebago

Noncontrolling Interest [Line Items]

Cash

$ 2,500,000

$ 2,426,000

$ 0

$ 0

Equity consideration

$ 4,547,000

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

$ 33.24

Equity interest issued (in shares) | shares

135,366

Fair value of Ashford Inc. common stock

$ 4,500,000

Remington

Noncontrolling Interest [Line Items]

Equity consideration

$ 275,000,000

Equity interest issued (in shares) | shares

11,000,000

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

$ 0.001

$ 0.01

Remington | Series B Preferred Stock

Noncontrolling Interest [Line Items]

Preferred stock dividend

5.50%

Remington | Series B Preferred Stock | Forecast

Noncontrolling Interest [Line Items]

Preferred stock dividend

6.00%

Remington | Series D Preferred Stock

Noncontrolling Interest [Line Items]

Equity interest issued, value assigned

$ 275,000,000

Preferred stock dividend

6.59%

Voting rights limit

40.00%

Equity interests exchanged for stock

$ 203,000,000

Equity interests value assigned after transaction

$ 478,000,000

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

$ 117.50

Remington | Series D Preferred Stock | Forecast

Noncontrolling Interest [Line Items]

Preferred stock dividend

7.28%

6.99%

6.59%

REA Holdings

Noncontrolling Interest [Line Items]

Noncontrolling ownership interest

30.00%

Purchase price

$ 3,000,000

Investments

$ (2,100,000)

Shares issued (in shares) | shares

16,529

Equity issuance (in shares)

$ 890,000

Option to acquire additional ownership interests

50.00%

Ownership interests, value

$ 12,500,000

Ashford Holdings

Noncontrolling Interest [Line Items]

Ownership percentage

0.20%

RED

Noncontrolling Interest [Line Items]

Noncontrolling ownership interest

15.79%

20.00%

Ownership interest

84.00%

84.21%

80.00%

Ashford Inc. | Ashford Holdings

Noncontrolling Interest [Line Items]

Ownership percentage

99.80%

Management Holdco | AIM

Noncontrolling Interest [Line Items]

Ownership percentage

100.00%

Ashford LLC | Management Holdco

Noncontrolling Interest [Line Items]

Ownership percentage

100.00%

JSAV | BAV

Noncontrolling Interest [Line Items]

Cash

5,000,000

Equity consideration

$ 3,500,000

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

$ 57.01

Equity interest issued (in shares) | shares

61,387

Fair value of Ashford Inc. common stock

$ 3,700,000

Fair value additional shares, 18 months from acquisition

500,000

Contingent consideration

$ 1,400,000

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Nov. 06, 2019	Mar. 01, 2019	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 18, 2019	Apr. 06, 2017
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities				$ 0	$ 0	$ 0
Carrying value of redeemable noncontrolling interests				4,131,000	3,531,000
Redemption value adjustment, year-to-date				(785,000)	168,000	(1,270,000)
Carrying value of noncontrolling interests				628,000	458,000
Investments in unconsolidated entities				3,476,000	500,000
Payments to acquire investments				314,000	0	0
Equity in (earnings) loss in unconsolidated entities				286,000	0	0
Impairment				0	1,919,000	1,072,000
Other liabilities				10,800,000	7,800,000
Contingent consideration, Carrying value				5,627,000	0
Advertising costs				$ 1,500,000	905,000	126,000
Deferral of compensation percentage maximum				100.00%
Total notes payable				$ 36,810,000	17,345,000
Operating lease right-of-use assets				31,699,000
Present value of minimum lease payments				$ 31,726,000
Accounting Standards Update 2016-02
Noncontrolling Interest [Line Items]
Operating lease right-of-use assets			$ 26,200,000
Present value of minimum lease payments			$ 26,200,000
Machinery and Equipment
Noncontrolling Interest [Line Items]
Estimated Useful Life				20 years
Minimum | Property and equipment
Noncontrolling Interest [Line Items]
Estimated Useful Life				3 years
Minimum | Software
Noncontrolling Interest [Line Items]
Estimated Useful Life				3 years
Maximum | Property and equipment
Noncontrolling Interest [Line Items]
Estimated Useful Life				7 years 6 months
Maximum | Software
Noncontrolling Interest [Line Items]
Estimated Useful Life				5 years
Remington
Noncontrolling Interest [Line Items]
Other liabilities				$ 2,200,000
Estimated Useful Life	35 years
Pure Wellness
Noncontrolling Interest [Line Items]
Voting interests acquired								70.00%
REA Holdings
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities				2,662,000
Payments to acquire investments				$ 2,176,000	$ 0	0
Voting interests acquired				30.00%
BAV
Noncontrolling Interest [Line Items]
Contingent consideration, Carrying value				$ 4,600,000
Sebago
Noncontrolling Interest [Line Items]
Contingent consideration, Carrying value				$ 1,000,000
Management contracts | Remington
Noncontrolling Interest [Line Items]
Useful life				25 years
Management contracts | Premier
Noncontrolling Interest [Line Items]
Useful life				30 years	30 years
Casualty Insurance Claims
Noncontrolling Interest [Line Items]
Restricted cash				$ 10,700,000	$ 7,900,000
Hotel Properties
Noncontrolling Interest [Line Items]
Restricted cash				5,300,000
Health Insurance Claims
Noncontrolling Interest [Line Items]
Restricted cash				1,200,000
Lease Escrow
Noncontrolling Interest [Line Items]
Restricted cash				800,000
Corporate and Other
Noncontrolling Interest [Line Items]
Equity in (earnings) loss in unconsolidated entities				286,000
Impairment					56,000	$ 31,000
REA Holdings
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest			30.00%
Purchase price			$ 3,000,000
Payments to acquire investments			$ 2,100,000
Shares issued (in shares)			16,529
Equity issuance (in shares)			$ 890,000
Option to acquire additional ownership interests			50.00%
Ownership interests, value			$ 12,500,000
Unconsolidated Properties
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities				$ 500,000	$ 500,000
Ashford LLC
Noncontrolling Interest [Line Items]
Ownership interest				99.81%	99.83%
Redeemable noncontrolling interests				0.19%	0.17%			0.20%
Noncontrolling ownership interest				0.00%	0.00%
Noncontrolling interest, ownership total				100.00%	100.00%
Carrying value of redeemable noncontrolling interests				$ 98,000	$ 215,000
Redemption value adjustment, year-to-date				(63,000)	(180,000)
Redemption value adjustment, cumulative				115,000	178,000
Carrying value of noncontrolling interests				$ 0	$ 0
JSAV
Noncontrolling Interest [Line Items]
Ownership interest				88.20%	85.00%
Redeemable noncontrolling interests				11.80%	15.00%
Noncontrolling ownership interest				0.00%	0.00%
Noncontrolling interest, ownership total				100.00%	100.00%
Carrying value of redeemable noncontrolling interests				$ 2,449,000	$ 1,858,000
Redemption value adjustment, year-to-date				784,000	0
Redemption value adjustment, cumulative				784,000	0
Carrying value of noncontrolling interests				0	0
Assets, available only to settle subsidiary's obligations				56,824,000	37,141,000
Liabilities, no recourse to Ashford Inc.				44,542,000	24,836,000
JSAV | Medium-term Notes
Noncontrolling Interest [Line Items]
Total notes payable				17,785,000
JSAV | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable					12,954,000
JSAV | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Total notes payable				$ 2,599,000	$ 1,733,000
OpenKey
Noncontrolling Interest [Line Items]
Ownership interest				47.61%	45.61%
Redeemable noncontrolling interests				26.59%	29.65%
Noncontrolling ownership interest				25.80%	24.74%
Noncontrolling interest, ownership total				100.00%	100.00%
Carrying value of redeemable noncontrolling interests				$ 1,584,000	$ 1,458,000
Redemption value adjustment, year-to-date				64,000	12,000
Redemption value adjustment, cumulative				2,097,000	2,033,000
Carrying value of noncontrolling interests				395,000	308,000
Assets, available only to settle subsidiary's obligations				1,881,000	1,410,000
Liabilities, no recourse to Ashford Inc.				510,000	421,000
OpenKey | Medium-term Notes
Noncontrolling Interest [Line Items]
Total notes payable				0
OpenKey | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable					0
OpenKey | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Total notes payable					0
OpenKey | Revolving Credit Facility | Facility Due April 2020
Noncontrolling Interest [Line Items]
Total notes payable				$ 0	$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ownership interest				70.00%	70.00%
Redeemable noncontrolling interests				0.00%	0.00%
Noncontrolling ownership interest				30.00%	30.00%
Noncontrolling interest, ownership total				100.00%	100.00%
Carrying value of noncontrolling interests				$ 164,000	$ 218,000
Assets, available only to settle subsidiary's obligations				1,852,000	2,267,000
Liabilities, no recourse to Ashford Inc.				1,671,000	1,977,000
Pure Wellness | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable					0
Pure Wellness | Notes Payable to Banks | Term Loan Due October 2018
Noncontrolling Interest [Line Items]
Total notes payable				0
Pure Wellness | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Total notes payable					60,000
Pure Wellness | Revolving Credit Facility | Facility due On Demand
Noncontrolling Interest [Line Items]
Total notes payable				$ 45,000	$ 60,000
RED
Noncontrolling Interest [Line Items]
Ownership interest				84.21%	80.00%		84.00%
Redeemable noncontrolling interests				0.00%	0.00%
Noncontrolling ownership interest				15.79%	20.00%
Noncontrolling interest, ownership total				100.00%	100.00%
Carrying value of noncontrolling interests				$ 37,000	$ (68,000)
Assets, available only to settle subsidiary's obligations				19,277,000	6,807,000
Liabilities, no recourse to Ashford Inc.				10,652,000	2,839,000
RED | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable				6,275,000	2,480,000
RED | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Total notes payable					$ 118,000
RED | Revolving Credit Facility | Facility Due March 2019
Noncontrolling Interest [Line Items]
Total notes payable				$ 106,000
Other
Noncontrolling Interest [Line Items]
Ownership interest				55.00%	0.00%
Redeemable noncontrolling interests				0.00%	0.00%
Noncontrolling ownership interest				45.00%	0.00%
Noncontrolling interest, ownership total				100.00%	0.00%
Carrying value of noncontrolling interests				$ 32,000	$ 0
Assets, available only to settle subsidiary's obligations				250,000	0
Liabilities, no recourse to Ashford Inc.				59,000	0
Other | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable				0	0
Other | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Total notes payable					$ 0
Other | Revolving Credit Facility | Facility Due March 2019
Noncontrolling Interest [Line Items]
Total notes payable				0
JSAV | BAV
Noncontrolling Interest [Line Items]
Fair value additional shares, 18 months from acquisition		$ 500,000
Contingent consideration, Carrying value				$ 1,600,000
Estimated Useful Life		5 years

Revenues (Details)

Revenues (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Change in Contract with Customer, Liability [Abstract]
Deferred revenue, beginning balance				$ 13,544,000				$ 13,899,000	$ 13,544,000	$ 13,899,000
Increases to deferred income									8,137,000	7,781,000
Recognition of revenue									(8,401,000)	(8,136,000)
Deferred revenue, ending balance	$ 13,280,000				$ 13,544,000				13,280,000	13,544,000	$ 13,899,000
Accounts receivable, net	7,241,000				4,928,000				7,241,000	4,928,000
Due from affiliates	357,000				45,000				357,000	45,000
Total revenues	$ 107,575,000	$ 56,889,000	$ 63,466,000	$ 63,320,000	50,976,000	$ 41,565,000	$ 54,811,000	$ 48,168,000	$ 291,250,000	195,520,000	81,573,000
Number of reportable segments | segment									5
Base advisory fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									$ 42,985,000	44,905,000	43,523,000
Incentive advisory fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									678,000	2,487,000	3,083,000
Other advisory revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									521,000	521,000	277,000
Advisory services
Change in Contract with Customer, Liability [Abstract]
Recognition of revenue									(2,500,000)	(2,100,000)
Total revenues									44,184,000	47,913,000	46,883,000
Base management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									4,054,000	0	0
Incentive management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									472,000	0	0
Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									4,526,000	0	0
Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									25,584,000	8,802,000
Audio visual
Change in Contract with Customer, Liability [Abstract]
Recognition of revenue									(3,500,000)	(3,800,000)
Total revenues									110,609,000	81,186,000	9,186,000
Other
Change in Contract with Customer, Liability [Abstract]
Recognition of revenue									(2,400,000)	(2,200,000)
Total revenues									21,179,000	13,068,000	4,429,000
Debt placement fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									1,998,000	6,093,000	1,137,000
Claims management services
Change in Contract with Customer, Liability [Abstract]
Total revenues									210,000	213,000	0
Lease revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									4,118,000	1,005,000	893,000
Other services
Change in Contract with Customer, Liability [Abstract]
Total revenues									14,853,000	5,757,000	2,399,000
Total other revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									21,179,000	13,068,000	4,429,000
Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									85,168,000	44,551,000	21,075,000
Corporate and Other
Change in Contract with Customer, Liability [Abstract]
Total revenues									17,086,000	10,851,000	3,209,000
Corporate and Other | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
Corporate and Other | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
Corporate and Other | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0
Corporate and Other | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
Corporate and Other | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									$ 1,243,000	0	0
Remington
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Hotel management base fee									3.00%
Hotel management incentive fee									1.00%
Remington | Operating Segments
Change in Contract with Customer, Liability [Abstract]
Total revenues									$ 47,287,000	0	0
Remington | Operating Segments | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
Remington | Operating Segments | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									4,526,000
Remington | Operating Segments | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
Remington | Operating Segments | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
Remington | Operating Segments | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									42,761,000
REIT Advisory | Operating Segments
Change in Contract with Customer, Liability [Abstract]
Total revenues									84,701,000	91,850,000	68,851,000
REIT Advisory | Operating Segments | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenues									44,184,000	47,913,000	46,883,000
REIT Advisory | Operating Segments | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
REIT Advisory | Operating Segments | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0
REIT Advisory | Operating Segments | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
REIT Advisory | Operating Segments | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									36,168,000	42,719,000	21,075,000
Premier | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									25,584,000	8,802,000	0
Premier | Operating Segments
Change in Contract with Customer, Liability [Abstract]
Total revenues									30,580,000	10,634,000	0
Premier | Operating Segments | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0
Premier | Operating Segments | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
Premier | Operating Segments | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									25,584,000	8,802,000
Premier | Operating Segments | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0
Premier | Operating Segments | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									4,996,000	1,832,000
JSAV
Change in Contract with Customer, Liability [Abstract]
Total revenues									110,609,000	81,186,000	9,186,000
JSAV | United States
Change in Contract with Customer, Liability [Abstract]
Total revenues									88,583,000	60,241,000	6,033,000
JSAV | Mexico
Change in Contract with Customer, Liability [Abstract]
Total revenues									16,067,000	15,429,000	2,760,000
JSAV | Dominican Republic
Change in Contract with Customer, Liability [Abstract]
Total revenues									5,959,000	5,516,000	393,000
JSAV | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									110,609,000	81,186,000	9,186,000
JSAV | Operating Segments
Change in Contract with Customer, Liability [Abstract]
Total revenues									110,609,000	81,186,000	9,186,000
JSAV | Operating Segments | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
JSAV | Operating Segments | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
JSAV | Operating Segments | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0
JSAV | Operating Segments | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									110,609,000	81,186,000	9,186,000
JSAV | Operating Segments | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
OpenKey | Operating Segments
Change in Contract with Customer, Liability [Abstract]
Total revenues									987,000	999,000	327,000
OpenKey | Operating Segments | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
OpenKey | Operating Segments | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									0
OpenKey | Operating Segments | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0
OpenKey | Operating Segments | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
OpenKey | Operating Segments | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									$ 0	0	0
Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%								0.70%
Change in Contract with Customer, Liability [Abstract]
Due from related parties	$ 4,805,000				5,293,000				$ 4,805,000	5,293,000
Total revenues									131,718,000	86,589,000	59,654,000
Ashford Trust | Base management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									3,796,000	0	0
Ashford Trust | Incentive management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									434,000	0	0
Ashford Trust | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									4,230,000	0	0
Ashford Trust | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									16,587,000	5,821,000	0
Ashford Trust | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	88,000	0
Ashford Trust | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									71,479,000	35,581,000	20,653,000
Ashford Trust | Corporate and Other
Change in Contract with Customer, Liability [Abstract]
Total revenues									3,864,000	6,965,000	1,833,000
Ashford Trust | Remington
Change in Contract with Customer, Liability [Abstract]
Total revenues									44,394,000	0	0
Ashford Trust | REIT Advisory
Change in Contract with Customer, Liability [Abstract]
Total revenues									63,345,000	72,343,000	57,744,000
Ashford Trust | REIT Advisory | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									16,897,000	7,853,000	201,000
Ashford Trust | Premier | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									20,004,000	7,096,000	0
Ashford Trust | JSAV | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	88,000	0
Ashford Trust | OpenKey
Change in Contract with Customer, Liability [Abstract]
Total revenues									$ 111,000	97,000	77,000
Braemar
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%								0.70%
Change in Contract with Customer, Liability [Abstract]
Proceeds from affiliates										5,000,000
Due from related parties	$ 1,591,000				$ 1,996,000				$ 1,591,000	1,996,000
Total revenues									36,538,000	24,856,000	11,372,000
Braemar | Base management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									248,000	0	0
Braemar | Incentive management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									38,000	0	0
Braemar | Hotel management
Change in Contract with Customer, Liability [Abstract]
Total revenues									286,000	0	0
Braemar | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									8,547,000	2,979,000	0
Braemar | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
Braemar | Cost reimbursement revenue
Change in Contract with Customer, Liability [Abstract]
Total revenues									13,556,000	8,927,000	422,000
Braemar | Corporate and Other
Change in Contract with Customer, Liability [Abstract]
Total revenues									2,275,000	1,827,000	249,000
Braemar | Remington | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									2,754,000	0	0
Braemar | REIT Advisory
Change in Contract with Customer, Liability [Abstract]
Total revenues									21,334,000	19,507,000	11,107,000
Braemar | REIT Advisory | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenues									1,329,000	7,000	0
Braemar | Premier | Project management fees
Change in Contract with Customer, Liability [Abstract]
Total revenues									10,123,000	3,493,000	0
Braemar | JSAV
Change in Contract with Customer, Liability [Abstract]
Total revenues									0	0	0
Braemar | OpenKey
Change in Contract with Customer, Liability [Abstract]
Total revenues									$ 52,000	$ 29,000	$ 16,000
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	$ 10,000,000,000								$ 10,000,000,000
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	$ 6,000,000,000								$ 6,000,000,000

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Marietta Leasehold L.P. finance lease	$ 44,294	$ 0
Total cost	136,683	55,836
Accumulated depreciation	(20,493)	(7,889)
Property and equipment, net	116,190	47,947
Depreciation expense	15,100	4,000	$ 2,300
Depreciation and amortization	24,542	7,919	1,958
Rental pool equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,422	16,386
FF&E under the Ashford Trust ERFP Agreement
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,189	16,100
FF&E under the Braemar ERFP Agreement
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,300	0
Property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,086	9,342
Marine vessels
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,709	5,854
Depreciation expense	441	172
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,237	1,022
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,446	7,132
Audio visual
Property, Plant and Equipment [Line Items]
Depreciation and amortization	4,700	3,800	$ 411
Capitalized software
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,500	$ 1,400

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($)	Nov. 06, 2019	Jul. 18, 2019	Mar. 01, 2019	Aug. 08, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 07, 2018	Nov. 01, 2017
Business Acquisition [Line Items]
Total revenues					$ 107,575,000	$ 56,889,000	$ 63,466,000	$ 63,320,000	$ 50,976,000	$ 41,565,000	$ 54,811,000	$ 48,168,000	$ 291,250,000	$ 195,520,000	$ 81,573,000
Net income (loss)					(9,022,000)	$ (6,591,000)	$ (329,000)	$ 568,000	2,717,000	$ 2,006,000	$ 8,932,000	$ (5,835,000)	(15,374,000)	7,820,000	(20,194,000)
Goodwill					$ 205,606,000				$ 59,683,000				205,606,000	59,683,000	12,947,000
Non-recurring transaction costs													$ 10,600,000	$ 10,400,000
Series B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares issued (in shares)				8,120,000	0				8,120,000				0	8,120,000		8,120,000
Remington | Operating Segments
Business Acquisition [Line Items]
Total revenues													$ 47,287,000	$ 0	0
Net income (loss)													(626,000)
Goodwill					$ 143,854,000				$ 0				143,854,000	0	0
Premier | Operating Segments
Business Acquisition [Line Items]
Total revenues													30,580,000	10,634,000	0
Net income (loss)													21,000	777,000
Goodwill					$ 49,524,000				$ 53,517,000				$ 49,524,000	$ 53,517,000	0
RED Hospitality & Leisure LLC
Business Acquisition [Line Items]
Ownership interest		84.00%			84.21%				80.00%				84.21%	80.00%
Remington
Business Acquisition [Line Items]
Equity consideration	$ 275,000,000
Equity interest issued (in shares)	11,000,000
Favorable lease terms	$ 4,200,000
BAV
Business Acquisition [Line Items]
Equity consideration			$ 3,748,000
Cash													$ 4,267,000	$ 0	0
BAV | JSAV
Business Acquisition [Line Items]
Equity consideration			$ 3,500,000
Equity interest issued (in shares)			61,387
Total revenues													11,400,000
Net income (loss)													1,200,000
Cash			$ 5,000,000
Share price (in dollars per share)			$ 57.01
Fair value of common stock			$ 3,700,000
Goodwill			4,827,000
Fair value additional shares, 18 months from acquisition			500,000
Contingent consideration			1,400,000
Goodwill expected tax deductible			$ 4,800,000
Sebago
Business Acquisition [Line Items]
Equity consideration		$ 4,547,000
Equity interest issued (in shares)		135,366
Total revenues													2,600,000
Net income (loss)													162,000
Cash		$ 2,500,000											$ 2,426,000	$ 0	$ 0
Share price (in dollars per share)		$ 33.24
Fair value of common stock		$ 4,500,000
Consideration threshold for repurchase		3,800,000
Goodwill		$ 1,235,000
Premier
Business Acquisition [Line Items]
Equity consideration				$ 203,000,000
Goodwill				$ 49,524,000
Adjustment to increase the value of acquired management contracts to fair value					$ 5,200,000
Increase to deferred tax liability					$ 1,200,000
Premier | Series B 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%

Acquisitions - Schedules (Detai

Acquisitions - Schedules (Details) - USD ($) $ in Thousands	Nov. 06, 2019	Jul. 18, 2019	Mar. 01, 2019	Aug. 08, 2018	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Additions						$ 150,735	$ 53,517
Goodwill					$ 205,606	205,606	59,683	$ 12,947
Remington
Business Acquisition [Line Items]
Equity consideration	$ 275,000
Preferred stock discount	(2,550)
Working capital adjustments	(48)
Purchase price	272,498
Current assets including cash	27,661
Assets acquired under finance leases	44,294
Property and equipment, net	$ 466
Estimated Useful Life	35 years
Operating lease right-of-use assets	$ 24,649
Additions						143,854
Trademarks	10,300
Customer relationships	148,500
Total assets acquired	399,724
Current liabilities	23,740
Finance lease liabilities, current	331
Operating lease liabilities, current	2,038
Deferred tax liability	38,733
Finance lease liabilities, non-current	39,773
Operating lease liabilities, non-current	22,611
Total assumed liabilities	127,226
Net assets acquired	272,498
Remington | Series D Preferred Stock
Pro Forma Financial Results
Value of stock issued in business acquisition	$ 275,000
Remington | Management contracts
Business Acquisition [Line Items]
Estimated Useful Life	25 years
BAV
Business Acquisition [Line Items]
Cash						4,267	0	0
Term loan			$ 5,000
Equity consideration			3,748
Working capital adjustments			(733)
Consideration payable			500
Contingent consideration			1,384
Purchase price			9,899
BAV | JSAV
Business Acquisition [Line Items]
Cash			5,000
Equity consideration			3,500
Current assets including cash			754
Property and equipment, net			$ 1,983
Estimated Useful Life			5 years
Operating lease right-of-use assets			$ 165
Goodwill			4,827
Trademarks			440
Customer relationships			2,800
Total assets acquired			10,969
Current liabilities			639
Deferred tax liability			431
Total assumed liabilities			1,070
Net assets acquired			$ 9,899
BAV | JSAV | Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life			15 years
Sebago
Business Acquisition [Line Items]
Cash		$ 2,500				2,426	0	$ 0
Term loan		2,500
Equity consideration		4,547
Working capital adjustments		(74)
Purchase price		6,973
Current assets including cash		76
Property and equipment, net		1,530
Operating lease right-of-use assets		391
Goodwill		1,235
Trademarks		490
Customer relationships		3,100
Total assets acquired		$ 9,042
Estimated Useful Life		20 years
Current liabilities		$ 291
Deferred tax liability		1,778
Total assumed liabilities		2,069
Net assets acquired		$ 6,973
Sebago | Boat slip rights
Business Acquisition [Line Items]
Estimated Useful Life		20 years
Sebago | Marine vessels
Business Acquisition [Line Items]
Property and equipment, net		$ 2,220
Estimated Useful Life		20 years
Remington, Sebago, BAV and Premier
Pro Forma Financial Results
Total revenue						558,664	525,845
Net income (loss)						(864)	19,777
Net income (loss) attributable to common stockholders						(34,010)	$ (12,745)
Premier
Business Acquisition [Line Items]
Equity consideration				$ 203,000
Preferred stock discount				(2,883)
Purchase price				200,117
Current assets including cash				3,878
Property and equipment, net				47
Goodwill				49,524
Customer relationships				194,000
Total assets acquired				$ 247,449
Estimated Useful Life				30 years
Current liabilities				$ 2,375
Deferred tax liability				44,957
Total assumed liabilities				47,332
Net assets acquired				200,117
Pro Forma Financial Results
Value of stock issued in business acquisition				203,000
Premier | Series B Preferred Stock
Pro Forma Financial Results
Value of stock issued in business acquisition				$ 203,000	203,000	$ 203,000
Premier | Series D Preferred Stock
Pro Forma Financial Results
Exchange of Series B convertible preferred stock to Series D convertible preferred stock					$ 203,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Balance at the beginning of year	$ 59,683	$ 12,947
Additions	150,735	53,517
Adjustments	(4,812)	(6,781)
Balance at the end of year	205,606	59,683
Operating Segments | Remington
Goodwill [Roll Forward]
Balance at the beginning of year	0	0
Additions		0
Adjustments	0	0
Balance at the end of year	143,854	0
Operating Segments | Premier
Goodwill [Roll Forward]
Balance at the beginning of year	53,517	0
Additions	0	53,517
Adjustments	(3,993)	0
Balance at the end of year	49,524	53,517
Operating Segments | JSAV
Goodwill [Roll Forward]
Balance at the beginning of year	5,384	12,165
Additions	5,429	0
Adjustments	(602)	(6,781)
Balance at the end of year	10,211	5,384
Corporate and Other
Goodwill [Roll Forward]
Balance at the beginning of year	782	782
Additions	1,452	0
Adjustments	(217)	0
Balance at the end of year	2,017	$ 782
Remington
Goodwill [Roll Forward]
Additions	$ 143,854

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	$ 14,431	$ 3,201
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	355,138	195,494
Accumulated Amortization	(21,608)	(5,501)
Net Carrying Amount	333,530	189,993
Trademarks | Remington
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	10,300	0
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:	490	0
Customer relationships | JSAV
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319	6,519
Accumulated Amortization	(2,173)	(1,087)
Net Carrying Amount	7,146	5,432
Customer relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175
Accumulated Amortization	(96)	(61)
Net Carrying Amount	79	114
Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,100	0
Accumulated Amortization	(70)	0
Net Carrying Amount	3,030	0
Management contracts | Remington
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	148,500	0
Accumulated Amortization	(2,436)	0
Net Carrying Amount	146,064	0
Management contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000	188,800
Accumulated Amortization	(16,830)	(4,353)
Net Carrying Amount	177,170	184,447
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	44	0
Accumulated Amortization	(3)	0
Net Carrying Amount	$ 41	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 16,100	$ 5,300	$ 182
Management contracts | Remington
Finite-Lived Intangible Assets [Line Items]
Useful life	25 years
Management contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Useful life	30 years	30 years
Boat slip rights | RED Hospitality & Leisure LLC
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 - Debt Sched

Notes Payable, net - Debt Schedule (Details) - USD ($)	Jul. 19, 2024	Mar. 01, 2018	Dec. 31, 2019	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]
Total notes payable			$ 36,810,000				$ 17,345,000
Less deferred loan costs, net			(227,000)				(234,000)
Notes payable less net deferred loan costs			36,583,000				17,111,000
Less current portion			(3,550,000)				(2,595,000)
Notes payable, net - non-current			$ 33,033,000				$ 14,516,000
One-Month LIBOR
Debt Instrument [Line Items]
Reference rate			1.76%				2.50%
Prime Rate
Debt Instrument [Line Items]
Reference rate			4.75%				5.50%
Interest Rate Cap
Debt Instrument [Line Items]
Notional amount			$ 5,000,000
Strike rate			4.00%
Revolving Credit Facility | Senior Revolving Credit Facility
Debt Instrument [Line Items]
Total notes payable			$ 10,000,000				$ 0
Debt term		3 years
Debt term of extension option		1 year
Maximum borrowing capacity			35,000,000
Additional borrowing capacity			40,000,000
Current borrowing capacity			$ 25,000,000
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 | One-Month LIBOR
Debt Instrument [Line Items]
Reference rate			1.00%
Revolving Credit Facility | J&S Facility due 2022
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 3,500,000		3,000,000
Face amount of debt					5,000,000
Remaining borrowing capacity			$ 900,000
Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Maximum borrowing capacity			55,000								$ 100,000
Line of Credit | OpenKey
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 1,500,000
JSAV | Revolving Credit Facility
Debt Instrument [Line Items]
Total notes payable			2,599,000				1,733,000
JSAV | Revolving Credit Facility | Facility due 2022
Debt Instrument [Line Items]
Total notes payable			$ 2,599,000				1,733,000
JSAV | Revolving Credit Facility | Facility due 2022 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
JSAV | Notes Payable to Banks
Debt Instrument [Line Items]
Total notes payable							12,954,000
JSAV | Notes Payable to Banks | Term Loan Due November 2022
Debt Instrument [Line Items]
Total notes payable			$ 12,642,000				8,917,000
JSAV | Notes Payable to Banks | Term Loan Due November 2022 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
JSAV | Notes Payable to Banks | Equipment Note due 2022
Debt Instrument [Line Items]
Total notes payable			$ 3,393,000				2,087,000
Face amount of debt					8,000,000
JSAV | Notes Payable to Banks | Equipment Note due 2022 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
JSAV | Notes Payable to Banks | Term Loan Due November 1, 2022
Debt Instrument [Line Items]
Total notes payable			$ 1,750,000				1,950,000
Face amount of debt					$ 2,400,000
JSAV | Notes Payable to Banks | Term Loan Due November 1, 2022 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
OpenKey | Revolving Credit Facility
Debt Instrument [Line Items]
Total notes payable							0
OpenKey | Revolving Credit Facility | Facility Due April 2020
Debt Instrument [Line Items]
Total notes payable			$ 0				0
OpenKey | Revolving Credit Facility | Facility due October 2018 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
OpenKey | Notes Payable to Banks
Debt Instrument [Line Items]
Total notes payable							0
Pure Wellness | Revolving Credit Facility
Debt Instrument [Line Items]
Total notes payable							60,000
Pure Wellness | Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Total notes payable			$ 45,000				60,000
Pure Wellness | Revolving Credit Facility | Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Pure Wellness | Notes Payable to Banks
Debt Instrument [Line Items]
Total notes payable							0
RED | Revolving Credit Facility
Debt Instrument [Line Items]
Total notes payable							118,000
RED | Revolving Credit Facility | Facility Due March 2019
Debt Instrument [Line Items]
Total notes payable			$ 106,000
RED | Revolving Credit Facility | Facility Due March 2019 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
RED | Revolving Credit Facility | Facility Due 2020
Debt Instrument [Line Items]
Total notes payable							118,000
RED | Revolving Credit Facility | Facility Due February 2020
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 144,000			$ 250,000
RED | Notes Payable to Banks
Debt Instrument [Line Items]
Total notes payable			6,275,000				2,480,000
RED | Notes Payable to Banks | Term Loan Due April 2025
Debt Instrument [Line Items]
Total notes payable			$ 605,000				695,000
Face amount of debt										$ 750,000
RED | Notes Payable to Banks | Term Loan Due April 2025 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
RED | Notes Payable to Banks | Term Loan Due February 2029
Debt Instrument [Line Items]
Total notes payable			$ 1,636,000				1,785,000
Face amount of debt									$ 1,800,000
RED | Notes Payable to Banks | Term Loan Due February 2029 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
RED | Notes Payable to Banks | Term Loan Due December 2026
Debt Instrument [Line Items]
Total notes payable			$ 1,400,000				0
Face amount of debt			1,400,000
Remaining borrowing capacity			$ 0
RED | Notes Payable to Banks | Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate			6.00%	6.00%
Total notes payable			$ 1,674,000				0
Face amount of debt				$ 1,700,000
RED | Notes Payable to Banks | Term Loan Due July 2029 | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Floor interest rate	6.00%
RED | Notes Payable to Banks | Term Loan Due July 2022
Debt Instrument [Line Items]
Interest rate			6.50%
Total notes payable			$ 960,000				$ 0
Face amount of debt				$ 1,100,000
Minimum | Revolving Credit Facility | Senior Revolving Credit Facility
Debt Instrument [Line Items]
Additional borrowing capacity			$ 75,000,000
Minimum | Revolving Credit Facility | Senior Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Minimum | Revolving Credit Facility | Senior Revolving Credit Facility | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Maximum | Revolving Credit Facility | Senior Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
Maximum | Revolving Credit Facility | Senior Revolving Credit Facility | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%

Notes Payable, net - Maturities

Notes Payable, net - Maturities of Debt (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 3,341
2021	13,217
2022	16,355
2023	723
2024	562
Thereafter	2,612
Total	$ 36,810

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liabilities
Fair value of the contingent consideration liability	$ 5,627	$ 0
Effect of Fair Value Measured Assets and Liabilities
Assets, gain (loss) recognized in income	0	0	$ (91)
Liabilities, gain (loss) recognized in income	1,441	8,106	(11,476)
Unrealized gain (loss) on investments	0	0	203
Realized gain (loss) on investments	0	0	(294)
Gain (loss) included in income	1,441	8,106	(11,567)
Contingent Consideration Liability
Effect of Fair Value Measured Assets and Liabilities
Liabilities, gain (loss) recognized in income	(4,244)	(338)	(1,066)
Subsidiary Compensation Plan
Effect of Fair Value Measured Assets and Liabilities
Liabilities, gain (loss) recognized in income	(47)	0	0
Deferred Compensation Plan
Effect of Fair Value Measured Assets and Liabilities
Liabilities, gain (loss) recognized in income	5,732	8,444	(10,410)
Options on futures contracts
Effect of Fair Value Measured Assets and Liabilities
Assets, gain (loss) recognized in income	0	0	$ (91)
BAV
Liabilities
Fair value of the contingent consideration liability	4,600
BAV | JSAV
Liabilities
Fair value of the contingent consideration liability	1,600
Sebago
Liabilities
Fair value of the contingent consideration liability	1,000
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	1,195
Liabilities
Contingent consideration	(5,627)	0
Subsidiary compensation plan	(415)
Deferred compensation plan	(4,729)	(10,574)
Total	(10,771)	(10,574)
Fair Value, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	1,195
Liabilities
Contingent consideration	(2,668)
Subsidiary compensation plan	0
Deferred compensation plan	(4,729)	(10,574)
Total	(7,397)	(10,574)
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Liabilities
Contingent consideration	0
Subsidiary compensation plan	(415)
Deferred compensation plan		0
Total	(415)	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Liabilities
Contingent consideration	(2,959)
Subsidiary compensation plan	0
Deferred compensation plan	0	0
Total	(2,959)	$ 0
Ashford Trust | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	768
Ashford Trust | Fair Value, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	768
Ashford Trust | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Ashford Trust | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Braemar | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	427
Braemar | Fair Value, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	427
Braemar | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Braemar | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0
Restricted Investments
Effect of Fair Value Measured Assets and Liabilities
Historical Cost	1,309
Gross Unrealized Gains	0
Gross Unrealized Losses	(114)
Restricted investment	$ 1,195

Fair Value Measurements - Level

Fair Value Measurements - Level 3 (Details) - Contingent Consideration Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contingent Consideration Liability
Balance	$ 0	$ (2,262)
Acquisition	(1,384)	0
Gains (losses) included in earnings	(1,575)	(338)
Dispositions and settlements	0	2,600
Transfers into/out of Level 3	$ 0	0
Balance		$ 0

Lease Commitments - Lease Balan

Lease Commitments - Lease Balances and Other Information (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2019USD ($)	Dec. 31, 2019USD ($)extension_period	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options | extension_period		2
Renewal term		10 years
Rental expense			$ 2,100,000	$ 307,000
Operating lease right-of-use assets		$ 31,699,000
Finance lease liability		42,054,000
Finance lease assets		46,233,000	807,000
Total leased assets		77,932,000
Operating lease liabilities		3,207,000
Finance lease liabilities		572,000	521,000
Operating lease liabilities		28,519,000
Finance lease liabilities		41,482,000	$ 140,000
Total leased liabilities		$ 73,780,000
Weighted average remaining lease term for operating leases		10 years 11 months 12 days
Weighted average remaining lease term for finance leases		34 years 1 month 2 days
Weighted average discount rate for operating leases		5.20%
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
Dallas, Texas
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 10,000,000				$ 4,100,000
Marietta Georgia
Lessee, Lease, Description [Line Items]
Property and equipment	44,300,000
Finance lease liability	$ 40,100,000

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment, Carrying value	$ 1,195	$ 0
Restricted investment, Fair value	1,195	0
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	4,729	10,574
Contingent consideration, Carrying value	5,627	0
Deferred compensation plan, Fair value	4,729	10,574
Contingent consideration, Fair Value	5,627	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	35,349	51,529	$ 36,480	$ 84,091
Cash and cash equivalents, Fair value	35,349	51,529
Restricted Cash, Carrying Value	17,900	7,914	$ 9,076	$ 9,752
Restricted cash, Fair value	17,900	7,914
Accounts receivable, net, Carrying value	7,241	4,928
Accounts receivable, net, Fair value	7,241	4,928
Due from affiliates, Carrying value	357	45
Due from affiliates, Fair value	357	45
Investments in unconsolidated entities, Carrying value	3,476	500
Investments in unconsolidated entities, Estimated fair value	3,476	500
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	39,160	24,880
Accounts payable and accrued expenses, Fair value	39,160	24,880
Dividends payable, Carrying value	4,725	0
Dividends payable, Fair value	4,725	0
Due to affiliates, Carrying value	1,011	2,032
Due to affiliates, Fair value	1,011	2,032
Other liabilities, Carrying value	13,868	8,418
Other liabilities, Fair value	13,868	8,418
Notes payable, Carrying value	36,810	17,345
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	34,705	16,071
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 38,359	17,763
Maximum maturity period of financial assets	90 days
Ashford Trust
Financial assets not measured at fair value:
Due from related parties, Carrying value	$ 4,805	5,293
Due from related parties, Fair Value	4,805	5,293
Braemar
Financial assets not measured at fair value:
Due from related parties, Carrying value	1,591	1,996
Due from related parties, Fair Value	$ 1,591	$ 1,996

Lease Commitments - Lease Expen

Lease Commitments - Lease Expense and Cash Outflows from Operating and Finance Leases (Details) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance lease cost
Depreciation and amortization	$ 384
Interest expense	443
Total lease cost	4,278
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	2,021
Payments on finance lease liabilities	627	$ 123	$ 83
General and administrative
Lessee, Lease, Description [Line Items]
Operating lease cost	3,324
Cost of revenues for project management
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 127

Lease Commitments - Maturities

Lease Commitments - Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating Leases
2020	$ 4,795
2021	4,656
2022	4,385
2023	4,152
2024	3,928
Thereafter	20,441
Total minimum lease payments	42,357
Imputed interest	(10,631)
Present value of minimum lease payments	31,726
Finance Leases
2020	3,164
2021	3,062
2022	3,044
2023	2,991
2024	2,971
Thereafter	86,188
Total minimum lease payments	101,420
Imputed interest	(59,366)
Present value of minimum lease payments	$ 42,054

Lease Commitments - Lease Commi

Lease Commitments - Lease Commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)
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
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

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-term Purchase Commitment [Line Items]
ERFP Commitments	$ 11,411	$ 0	$ 0
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP Commitments	11,411	0	0
Braemar
Long-term Purchase Commitment [Line Items]
ERFP Commitments	0	0	$ 0
Fair Value, Recurring
Long-term Purchase Commitment [Line Items]
Contingent consideration	$ 5,627	$ 0

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Income Tax Benefit to Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory income tax rate	$ 2,955	$ 534	$ 3,665
State income tax expense, net of federal income tax benefit	(1,768)	804	(388)
Income passed through to common unit holders and noncontrolling interests	38	(36)	(2)
Permanent differences	(1,299)	(66)	(201)
Valuation allowance	(1,043)	8,887	(12,725)
Effect of the Tax Cuts and Jobs Act	0	0	(303)
Other	(423)	241	231
Total income tax (expense) benefit	$ (1,540)	$ 10,364	$ (9,723)

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax (Expense) Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal		$ (1,309)	$ (439)	$ (3,305)
Foreign		(809)	(437)	(47)
State		(1,352)	(1,000)	(369)
Total current		(3,470)	(1,876)	(3,721)
Deferred:
Federal		2,828	10,646	(5,854)
Foreign		(189)	0	0
State		(709)	1,594	(148)
Total deferred	$ 15,100	1,930	12,240	(6,002)
Total income tax (expense) benefit		$ (1,540)	$ 10,364	$ (9,723)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax interest and penalties expense		$ 11	$ 6	$ 1
Operating loss carryforwards		17,500
Deferred tax liability recorded	$ 43,700
Deferred income tax benefit	$ 15,100	1,930	12,240	(6,002)
Valuation allowance		4,812	3,950
Unrecognized tax benefits		$ 471	$ 0	$ 0	$ 0

Income Taxes (Net Deferred Asse

Income Taxes (Net Deferred Asset (Liability)) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Prepaid expenses	$ (431)	$ (274)
Investments in unconsolidated entities and joint ventures	(2,430)	(488)
Capitalized acquisition costs	6,139	4,030
Deferred compensation	1,269	2,462
Accrued expenses	2,573	757
Equity-based compensation	8,722	6,282
Property and equipment	(7,940)	(3,418)
Intangibles	(79,295)	(41,931)
Deferred revenue	2,377	2,189
Net operating loss	4,307	2,835
Deferred tax asset	(64,709)	(27,556)
Valuation allowance	(4,812)	(3,950)
Net deferred tax asset (liability)	$ (69,521)	$ (31,506)

Income Taxes (Reconciliation _2

Income Taxes (Reconciliation of Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 0	$ 0	$ 0
Gross increases for tax positions of prior years	218	0	0
Gross decreases for tax positions of prior years	0	0	0
Gross increases for tax positions of current year	253	0	0
Gross decreases for tax positions of current year	0	0	0
Settlements with taxing authorities	0	0	0
Statute of limitations expirations	0	0	0
Balance at the end of year	$ 471	$ 0	$ 0

Equity (Details)

Equity (Details) - USD ($)	Oct. 10, 2018	Sep. 28, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Proceeds from issuance of common stock			$ 0	$ 18,930,000	$ 0
Capital stock authorized (in shares)			200,000,000
Common stock, shares authorized (in shares)			100,000,000	100,000,000
Common Stock, par value (in dollars per share)			$ 0.001	$ 0.01
Preferred stock, shares authorized (in shares)			50,000,000
(Income) loss allocated to noncontrolling interests:			$ 536,000	$ 924,000	358,000
JSAV
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:			0	58,000	(49,000)
OpenKey
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:			624,000	826,000	515,000
RED
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:			(105,000)	68,000	0
Pure Wellness
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:			(9,000)	(28,000)	38,000
Other
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests:			$ 26,000	$ 0	$ (146,000)
Blank Check Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			50,000,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			19,120,000
Preferred Stock, par value (in dollars per share)			$ 0.001	$ 0
Public Offering
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 18,200,000
Issuance of common stock (in shares)		270,000
Share price (in dollars per share)		$ 74.50
Proceeds from issuance of common stock		$ 20,100,000
Over-Allotment Option
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 700,000
Issuance of common stock (in shares)	10,000

Mezzanine Equity (Details)

Mezzanine Equity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Nov. 06, 2019USD ($)$ / shares	Aug. 08, 2018USD ($)$ / shares	Nov. 06, 2022	Nov. 06, 2021	Aug. 08, 2021	Nov. 06, 2020	Aug. 08, 2020	Dec. 31, 2019USD ($)$ / sharesshares	Aug. 08, 2019	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2014shares	Apr. 07, 2017	Apr. 06, 2017	Nov. 12, 2014
Redeemable Noncontrolling Interest [Line Items]
Term of redemption								1 year
Special distribution, maximum percentage of shares available for conversion for unitholders															99.00%
Units exchanged (in shares) | shares												356
Activity of Member Interest
Units outstanding at beginning of year (in shares) | shares								4		4	4
Units redeemed for cash (in shares) | shares								0		0	0
Units outstanding at end of year (in shares) | shares								4		4	4
Units convertible/redeemable at end of year (in shares) | shares								4		4	4
Net (income) loss attributable to redeemable noncontrolling interests								$ 983		$ 1,438	$ 1,484
Deemed contribution on Series B convertible preferred stock								1,161		0	0
Amortization of preferred stock discount								(1,928)		(730)	0
Preferred dividends								$ 14,435		$ 4,466	$ 0
Preferred dividends per share (in dollars per share) | $ / shares								$ 1.4775		$ 0.5500	$ 0
Retained Earnings
Activity of Member Interest
Deemed contribution on Series B convertible preferred stock								$ 1,161
Amortization of preferred stock discount								(1,928)		$ (730)
Preferred dividends								14,435		4,466
Remington
Activity of Member Interest
Consideration transferred	$ (275,000)
Premier
Activity of Member Interest
Consideration transferred		$ (203,000)
Equity interest issued, value assigned		203,000
Ashford Holdings
Activity of Member Interest
Redeemable noncontrolling interests													0.20%
Net (income) loss attributable to redeemable noncontrolling interests								$ 54		$ (9)	$ 19
JSAV
Activity of Member Interest
Redeemable noncontrolling interests								11.80%		15.00%
Net (income) loss attributable to redeemable noncontrolling interests								$ 247		$ 361	136
OpenKey
Activity of Member Interest
Redeemable noncontrolling interests								26.59%		29.65%
Net (income) loss attributable to redeemable noncontrolling interests								$ 682		$ 1,086	$ 1,329
Ashford LLC
Activity of Member Interest
Redeemable noncontrolling interests								0.19%		0.17%				0.20%
Series D Preferred Stock | Remington
Activity of Member Interest
Equity interest issued, value assigned	275,000
Equity interests exchanged for stock	203,000
Equity interests value assigned after transaction	$ 478,000
Conversion price (in dollars per share) | $ / shares	$ 25
Preferred stock dividend	6.59%
Conversion price (in dollars per share) | $ / shares	$ 117.50
Series D Preferred Stock | Premier
Activity of Member Interest
Redemption amount		$ 25,000
Preferred stock right, redemption price per right (in dollars per share) | $ / shares		$ 25.125
Series B Preferred Stock | Remington
Activity of Member Interest
Preferred stock dividend									5.50%
Deemed contribution on Series B convertible preferred stock	$ 1,200
Fair value of exchanged stock	201,100
Book value of exchanged stock	$ 202,300
Series B Preferred Stock | Premier
Activity of Member Interest
Equity interest issued, value assigned		$ 203,000						$ 203,000
Preferred stock dividend									5.50%
Forecast | Series D Preferred Stock | Remington
Activity of Member Interest
Preferred stock dividend			7.28%	6.99%		6.59%
Forecast | Series B Preferred Stock
Activity of Member Interest
Preferred stock dividend					6.50%
Forecast | Series B Preferred Stock | Remington
Activity of Member Interest
Preferred stock dividend							6.00%
Forecast | Series B Preferred Stock | Premier
Activity of Member Interest
Preferred stock dividend					6.50%		6.00%
Ashford Trust, Inc
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares of Trust common units converted to one share of Inc. common stock															55
Ashford LLC
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares of Trust common units converted to one share of Inc. common stock															55

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 34,861	$ 41,918	$ 17,863
Unrecognized compensation expense, stock options	$ 10,600
Period for recognition	1 year 3 months 6 days
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 8,313	9,580	7,535
Unrecognized compensation expense, stock options	$ 115
Period for recognition	2 years 3 months 19 days
Options granted fair value	$ 7,900	$ 10,400	$ 8,500
Vesting period	3 years
Expiration period	10 years
Weighted average assumptions used:
Weighted-average grant date fair value (in dollars per share)	$ 26.42	$ 38.93	$ 25.29
Expected volatility	39.00%	35.80%	34.90%
Expected term (in years)	6 years 6 months	6 years 6 months	6 years 6 months
Risk-free interest rate	2.60%	2.70%	2.00%
Expected dividend yield	0.00%	0.00%	0.00%
Options
Outstanding, beginning balance (in shares)	1,236,000	972,000	639,000
Granted (in shares)	300,000	267,000	334,000
Exercised (in shares)	0	0	0
Forfeited, canceled or expired (in shares)	(2,000)	(3,000)	(1,000)
Outstanding, ending balance (in shares)	1,534,000	1,236,000	972,000	639,000
Options, Weighted Average Exercise Price
Outstanding, beginning balance (in shares)	$ 69.26	$ 62.17	$ 64.53
Granted (in dollars per share)	61.12	94.96	57.61
Exercised (in dollars per share)	0	45.59	0
Forfeited, canceled or expired (in dollars per share)	70.67	62.28	50.15
Outstanding, ending balance (in shares)	$ 67.66	$ 69.26	$ 62.17	$ 64.53
Options, Additional Disclosures
Exercisable at end of period (in shares)	708,000
Exercisable at end of period (in dollars per share)	$ 65.63
Outstanding, Weighted Average Contractual Term	6 years 9 months 14 days	7 years 2 months 16 days	7 years 8 months 1 day	7 years 256 days
Granted, Weighted Average Remaining Contractual Term	10 years	10 years	10 years
Exercised, Weighted Average Remaining Contractual Term		7 years 6 months 11 days
Forfeited, canceled, or expired, Weighted Average Remaining Contractual Term	9 years 1 month 6 days	8 years 9 months 26 days	9 years 2 months 19 days
Exercisable, Weighted Average Contractual Term	5 years 4 days
Outstanding, begging balance, Aggregate Intrinsic Value of In-the Money Options	$ 2,126	$ 29,974	$ 0
Granted, Aggregate Intrinsic Value of In-the Money Options	0	0	11,837
Exercised, Aggregate Intrinsic Value of In-the Money Options	0	3	0
Forfeited, canceled, or expired, Aggregate Intrinsic Value of In-the Money Options	0	7	80
Outstanding, ending balance, Aggregate Intrinsic Value of In-the Money Options	0	2,126	29,974	$ 0
Exercisable at end of period, Aggregate Intrinsic Value of In-the Money Options	0
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 8,874	$ 10,019	$ 8,469
Restricted Stock
Restricted Shares
Outstanding at beginning of year (in shares)	0	0	1,000
Restricted shares granted (in shares)	5,000	6,000	5,000
Restricted shares vested (in shares)	(5,000)	(6,000)	(6,000)
Restricted shares forfeited (in shares)	0	0	0
Outstanding at end of year (in shares)	0	0	0	1,000
Restricted Stock, Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 0	$ 0	$ 56.20
Restricted shares granted (in dollars per share)	31.79	73.02	52.89
Restricted shares vested (in dollars per share)	31.79	73.02	53.64
Restricted shares forfeited (in dollars per share)	0	0	0
Outstanding at end of year (in dollars per share)	$ 0	$ 0	$ 0	$ 56.20
Restricted stock fair value	$ 150	$ 405	$ 250
Deferred Stock Units
Restricted Shares
Outstanding at beginning of year (in shares)	0	0	0
Restricted shares granted (in shares)	7,000	0	0
Restricted shares vested (in shares)	0	0	0
Outstanding at end of year (in shares)	7,000	0	0	0
Restricted Stock, Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 0	$ 0	$ 0
Restricted shares granted (in dollars per share)	31.79	0	0
Restricted shares vested (in dollars per share)	0	0	0
Outstanding at end of year (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Restricted stock fair value	$ 225
Executive Officer | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 2,500
Ashford Trust and Braemar | Executive Officer | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		6,700
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	2,162,745
Shares available for future issuance (in shares)	262,989
Automatic yearly increase of authorized shares	15.00%
2014 Incentive Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)					592,230
Employee Equity Grants | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 95	0	$ 0
Director Equity Grants | Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	466	439	250
Pre-Spin Equity Grants | Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	0	0	684
REIT Equity Based Compensation | Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 25,987	$ 31,899	$ 9,394

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) shares in Thousands, $ in Thousands	Jan. 15, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferral of compensation percentage maximum		100.00%
Liabilities, gain (loss) recognized in income		$ 1,441	$ 8,106	$ (11,476)
Distribution from deferred compensation plan		113	$ 241	229
Deferred compensation plan distribution (in shares)			3
Deferred compensation plan, Carrying value		4,729	$ 10,574
Award amounts paid within vesting date	45 days
Incentive liabilities		0	121
Salaries and benefits expense (income)		9	77	200
Incentive distribution		130	443	0
Subsidiary compensation plan liability		35	173
Related expense		34,861	41,918	17,863
Accrued Expenses
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Subsidiary compensation plan liability		415
Remington
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Related expense		$ 47
Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Employee's contributions		3.00%
Minimum | Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age		18 years
Employee period of service		0 years
Percentage of Company contributions		0.00%
Maximum vesting term		0 years
Maximum | Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age		21 years
Employee period of service		1 year
Percentage of Company contributions		100.00%
Maximum vesting term		6 years
401(k) Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age		21 years
Employee period of service		1 year
Minimum hours worked to participate in plan		1000 hours
Percentage of Company contributions		50.00%
Percentage of Employee's contributions		6.00%
Company contribution vesting percentage per year		25.00%
401(k) Plan | Salaries and Benefits
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Matching expenses incurred		$ 867	446	$ 304
401(k) Plan | Cost of revenues for project management
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Matching expenses incurred		$ 169	$ 47
401(k) Plan | Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Company contributions		50.00%
Percentage of Employee's contributions		2.00%
Common Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation plan distribution (in shares)		3	3	3
Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Liabilities, gain (loss) recognized in income		$ 5,732	$ 8,444	$ (10,410)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 24, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 21, 2017
Related Party Transaction [Line Items]
ERFP Commitments		$ 11,411,000				$ 0				$ 11,411,000	$ 0	$ 0
Total revenues		107,575,000	$ 56,889,000	$ 63,466,000	$ 63,320,000	50,976,000	$ 41,565,000	$ 54,811,000	$ 48,168,000	291,250,000	195,520,000	81,573,000
Equity in earnings (loss) of unconsolidated entities										(286,000)	0	0
Payments to acquire investments										314,000	0	0
Reimbursed expenses										84,643,000	44,347,000	20,934,000
Advisory agreement, amount due upon approval													$ 5,000,000
Advisory agreement, renewal term	10 years
Rental expense											2,100,000	307,000
Contribution amount received		3,300,000								3,300,000
Deferred contribution amount		2,100,000								2,100,000
Remington
Related Party Transaction [Line Items]
Reimbursements										6,600,000	6,600,000	5,100,000
Hilton Old Town Alexandria
Related Party Transaction [Line Items]
ERFP initial commitment											11,100,000
ERFP payments											(11,100,000)
La Posada
Related Party Transaction [Line Items]
ERFP initial commitment											5,000,000
ERFP payments											(5,000,000)
Hilton Santa Cruz/Scotts Valley
Related Party Transaction [Line Items]
ERFP initial commitment										5,000,000
ERFP payments										(5,000,000)
Embassy Suits New York Midtown Manhattan
Related Party Transaction [Line Items]
ERFP initial commitment										19,500,000
ERFP payments										(8,089,000)
Ritz-Carlton Lake Tahoe
Related Party Transaction [Line Items]
ERFP initial commitment										10,300,000
ERFP payments										(10,300,000)
Ashford Trust and Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Commitment amount		50,000,000								50,000,000
Potential commitment amount		$ 100,000,000								$ 100,000,000
Percent of commitment for each hotel		10.00%								10.00%
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Contribution amount		$ 15,000,000								$ 15,000,000
Braemar
Related Party Transaction [Line Items]
ERFP Commitments		$ 0				0				$ 0	0	0
Advisory services, quarterly base fee		0.70%								0.70%
Total revenues										$ 36,538,000	24,856,000	11,372,000
Due from related parties		$ 1,591,000				1,996,000				1,591,000	1,996,000
Equity in earnings (loss) of unconsolidated entities		239,000
Cost of revenues										561,000	3,000	0
Contribution amount received		801,000								801,000
Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Commitment amount		$ 50,000,000								$ 50,000,000
Percent of commitment for each hotel		10.00%								10.00%
Braemar | Maximum | Affiliated Entity
Related Party Transaction [Line Items]
Potential commitment amount		$ 100,000,000								$ 100,000,000
Braemar | Hilton Old Town Alexandria
Related Party Transaction [Line Items]
ERFP initial commitment											0
ERFP payments											0
Braemar | La Posada
Related Party Transaction [Line Items]
ERFP initial commitment											0
ERFP payments											0
Braemar | Hilton Santa Cruz/Scotts Valley
Related Party Transaction [Line Items]
ERFP initial commitment										0
ERFP payments										0
Braemar | Embassy Suits New York Midtown Manhattan
Related Party Transaction [Line Items]
ERFP initial commitment										0
ERFP payments										0
Braemar | Ritz-Carlton Lake Tahoe
Related Party Transaction [Line Items]
ERFP initial commitment										10,300,000
ERFP payments										(10,300,000)
Ashford Trust
Related Party Transaction [Line Items]
ERFP Commitments		$ 11,411,000				0				$ 11,411,000	0	0
Gross asset value multiplier		0.70%								0.70%
Advisory services, quarterly base fee		0.70%								0.70%
Total revenues										$ 131,718,000	86,589,000	59,654,000
Due from related parties		$ 4,805,000				$ 5,293,000				4,805,000	5,293,000
Equity in earnings (loss) of unconsolidated entities		266,000
Cost of revenues										7,438,000	3,444,000	90,000
Contribution amount received		2,500,000								2,500,000
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Commitment amount		$ 50,000,000								$ 50,000,000
Percent of commitment for each hotel		10.00%								10.00%
Ashford Trust | Minimum
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
Ashford Trust | Maximum
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
Ashford Trust | Maximum | Affiliated Entity
Related Party Transaction [Line Items]
Potential commitment amount		$ 100,000,000								100,000,000
Ashford Trust | Hilton Old Town Alexandria
Related Party Transaction [Line Items]
ERFP initial commitment											11,100,000
ERFP payments											(11,100,000)
Ashford Trust | La Posada
Related Party Transaction [Line Items]
ERFP initial commitment											5,000,000
ERFP payments											(5,000,000)
Ashford Trust | Hilton Santa Cruz/Scotts Valley
Related Party Transaction [Line Items]
ERFP initial commitment										5,000,000
ERFP payments										(5,000,000)
Ashford Trust | Embassy Suits New York Midtown Manhattan
Related Party Transaction [Line Items]
ERFP initial commitment										19,500,000
ERFP payments										(8,089,000)
Ashford Trust | Ritz-Carlton Lake Tahoe
Related Party Transaction [Line Items]
ERFP initial commitment										0
ERFP payments										$ 0
Braemar OP
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%								0.70%
Corporate and Other | Braemar
Related Party Transaction [Line Items]
Total revenues										$ 2,275,000	1,827,000	249,000
Corporate and Other | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										$ 3,864,000	$ 6,965,000	1,833,000
RED
Related Party Transaction [Line Items]
Noncontrolling ownership interest		15.79%				20.00%				15.79%	20.00%
RED | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 105,000				$ 60,000				$ 105,000	$ 60,000
Ashford LLC
Related Party Transaction [Line Items]
Noncontrolling ownership interest		0.00%				0.00%				0.00%	0.00%
Ashford LLC | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 659,000				$ 941,000				$ 659,000	$ 941,000
Ashford LLC | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		(621,000)				2,337,000				(621,000)	2,337,000
AIM | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		$ 82,000				$ 99,000				$ 82,000	$ 99,000
JSAV
Related Party Transaction [Line Items]
Noncontrolling ownership interest		0.00%				0.00%				0.00%	0.00%
JSAV | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 173,000				$ 4,000				$ 173,000	$ 4,000
JSAV | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		$ 1,070,000				$ 826,000				$ 1,070,000	$ 826,000
Pure Wellness
Related Party Transaction [Line Items]
Noncontrolling ownership interest		30.00%				30.00%				30.00%	30.00%
Pure Wellness | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 3,000				$ 30,000				$ 3,000	$ 30,000
Pure Wellness | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		$ 297,000				$ 418,000				$ 297,000	$ 418,000
OpenKey
Related Party Transaction [Line Items]
Noncontrolling ownership interest		25.80%				24.74%				25.80%	24.74%
OpenKey | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		$ 0				$ 12,000				$ 0	$ 12,000
OpenKey | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		2,000				2,000				2,000	2,000
Premier | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		750,000				949,000				750,000	949,000
Premier | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		1,882,000				1,611,000				1,882,000	1,611,000
Remington | Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties		(99,000)				0				(99,000)	0
Remington | Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Due from related party		$ 2,093,000				$ 0				$ 2,093,000	0
Remington
Related Party Transaction [Line Items]
Hotel management base fee										3.00%
Hotel management incentive fee										1.00%
Remington | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										$ 44,394,000	0	0
OpenKey | Braemar
Related Party Transaction [Line Items]
Total revenues										52,000	29,000	16,000
OpenKey | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										111,000	97,000	77,000
REIT Advisory | Braemar
Related Party Transaction [Line Items]
Total revenues										21,334,000	19,507,000	11,107,000
REIT Advisory | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										63,345,000	72,343,000	57,744,000
JSAV
Related Party Transaction [Line Items]
Total revenues										110,609,000	81,186,000	9,186,000
JSAV | Braemar
Related Party Transaction [Line Items]
Total revenues										$ 0	$ 0	0
Braemar | OpenKey
Related Party Transaction [Line Items]
Noncontrolling ownership interest		8.58%				8.21%				8.58%	8.21%
Payments to acquire investments										$ 332,000	$ 2,000,000	0
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Noncontrolling ownership interest		17.00%				16.30%				17.00%	16.30%
Payments to acquire investments										$ 647,000	$ 667,000	983,000
Officer of J&S
Related Party Transaction [Line Items]
Rental expense										307,000	335,000	50,000
Per year expense										307,000
Hotel management
Related Party Transaction [Line Items]
Total revenues										4,526,000	0	0
Hotel management | Braemar
Related Party Transaction [Line Items]
Total revenues										286,000	0	0
Hotel management | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										4,230,000	0	0
Base management fees
Related Party Transaction [Line Items]
Total revenues										4,054,000	0	0
Base management fees | Braemar
Related Party Transaction [Line Items]
Total revenues										248,000	0	0
Base management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										3,796,000	0	0
Incentive management fees
Related Party Transaction [Line Items]
Total revenues										472,000	0	0
Incentive management fees | Braemar
Related Party Transaction [Line Items]
Total revenues										38,000	0	0
Incentive management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										434,000	0	0
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues										85,168,000	44,551,000	21,075,000
Contribution amount received		$ 1,200,000								1,200,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Reimbursed expenses										73,000
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues										13,556,000	8,927,000	422,000
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										71,479,000	35,581,000	20,653,000
Audio visual
Related Party Transaction [Line Items]
Total revenues										110,609,000	81,186,000	9,186,000
Cost of revenues										82,237,000	64,555,000	7,757,000
Audio visual | Braemar
Related Party Transaction [Line Items]
Total revenues										0	0	0
Audio visual | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										0	88,000	0
Audio visual | REIT Advisory | Braemar
Related Party Transaction [Line Items]
Total revenues										1,329,000	7,000	0
Audio visual | REIT Advisory | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										16,897,000	7,853,000	201,000
Audio visual | JSAV
Related Party Transaction [Line Items]
Total revenues										110,609,000	81,186,000	9,186,000
Audio visual | JSAV | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										0	88,000	0
Project management fees
Related Party Transaction [Line Items]
Total revenues										25,584,000	8,802,000
Cost of revenues										5,853,000	1,508,000	0
Project management fees | Braemar
Related Party Transaction [Line Items]
Total revenues										8,547,000	2,979,000	0
Project management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										16,587,000	5,821,000	0
Project management fees | Premier
Related Party Transaction [Line Items]
Reimbursed expenses										223,000
Project management fees | Remington | Braemar
Related Party Transaction [Line Items]
Total revenues										2,754,000	0	0
Project management fees | Premier
Related Party Transaction [Line Items]
Total revenues										25,584,000	8,802,000	0
Project management fees | Premier | Braemar
Related Party Transaction [Line Items]
Total revenues										10,123,000	3,493,000	0
Project management fees | Premier | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										20,004,000	7,096,000	0
Other
Related Party Transaction [Line Items]
Total revenues										21,179,000	13,068,000	4,429,000
Other advisory revenue
Related Party Transaction [Line Items]
Total revenues										521,000	521,000	277,000
Lease revenue
Related Party Transaction [Line Items]
Total revenues										4,118,000	1,005,000	893,000
Base fee | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										32,486,000	35,482,000	34,724,000
Base fee | Investment Advisory, Management and Administrative Service | Braemar
Related Party Transaction [Line Items]
Total revenues										10,499,000	9,423,000	8,799,000
Incentive management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										0	1,809,000	1,809,000
Incentive management fees | Investment Advisory, Management and Administrative Service | Braemar
Related Party Transaction [Line Items]
Total revenues										678,000	678,000	1,274,000
Other advisory revenue | Investment Advisory, Management and Administrative Service | Braemar
Related Party Transaction [Line Items]
Total revenues										521,000	521,000	277,000
Advisory services | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										32,486,000	37,291,000	36,533,000
Advisory services | Investment Advisory, Management and Administrative Service | Braemar
Related Party Transaction [Line Items]
Total revenues										11,698,000	10,622,000	10,350,000
Debt placement fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										1,294,000	5,094,000	913,000
Debt placement fees | Other | Braemar
Related Party Transaction [Line Items]
Total revenues										704,000	999,000	224,000
Claims management services | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										75,000	76,000	0
Claims management services | Other | Braemar
Related Party Transaction [Line Items]
Total revenues										135,000	137,000	0
Lease revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										3,783,000	670,000	558,000
Lease revenue | Other | Braemar
Related Party Transaction [Line Items]
Total revenues										335,000	335,000	335,000
Other services | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										1,784,000	1,968,000	997,000
Other services | Other | Braemar
Related Party Transaction [Line Items]
Total revenues										1,277,000	857,000	41,000
Total other revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										6,936,000	7,808,000	2,468,000
Total other revenue | Other | Braemar
Related Party Transaction [Line Items]
Total revenues										$ 2,451,000	$ 2,328,000	$ 600,000

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to the Company	$ (8,521)	$ (6,156)	$ 112	$ 710	$ 3,558	$ 3,387	$ 8,960	$ (5,723)	$ (13,855)	$ 10,182	$ (18,352)
Less: Dividends on preferred stock and amortization									(16,363)	(5,196)	0
Deemed contribution on Series B convertible preferred stock									1,161	0	0
Less: Undistributed net (income) allocated to unvested shares									0	(21)	0
Undistributed net income (loss) allocated to common stockholders									(29,057)	4,965	(18,352)
Distributed and undistributed net income (loss) - basic									(29,057)	4,965	(18,352)
Effect of deferred compensation plan									(5,732)	(8,444)	0
Effect of incremental subsidiary shares									0	(1,447)	(1,465)
Distributed and undistributed net loss - diluted									$ (34,789)	$ (4,926)	$ (19,817)
Weighted average common shares outstanding – basic (in shares)	2,202	2,580	2,462	2,419	2,381	2,109	2,095	2,094	2,416	2,170	2,031
Effect of deferred compensation plan shares (in shares)									152	103	0
Effect of contingently issuable shares (in shares)									0	59	36
Weighted average common shares outstanding – diluted (in shares)	2,206	2,782	2,717	2,449	2,652	2,337	2,487	2,115	2,568	2,332	2,067
Net income (loss) attributable to common stockholders (in dollars per share)	$ (6.31)	$ (3.65)	$ (1.28)	$ (1.06)	$ 0.14	$ 0.67	$ 4.26	$ (2.73)	$ (12.03)	$ 2.29	$ (9.04)
Net income (loss) attributable to common stockholders (in dollars per share)	$ (6.31)	$ (3.94)	$ (3)	$ (1.13)	$ (1.96)	$ 0.18	$ 0.93	$ (2.84)	$ (13.55)	$ (2.11)	$ (9.59)
Net income (loss) allocated to common stockholders is not adjusted for:									$ 14,219	$ 5,226	$ (19)
Dividends on preferred stock and amortization									$ 15,202	$ 5,196	$ 0
Weighted average diluted shares are not adjusted for:									2,031	751	38
Effect of unvested restricted shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) allocated to common stockholders is not adjusted for:									$ 0	$ 21	$ 0
Weighted average diluted shares are not adjusted for:									11	9	0
Effect of assumed exercise of stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average diluted shares are not adjusted for:									20	163	34
Effect of assumed conversion of Ashford Holdings units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) allocated to common stockholders is not adjusted for:									$ (54)	$ 9	$ (19)
Weighted average diluted shares are not adjusted for:									4	4	4
Effect of incremental subsidiary shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) allocated to common stockholders is not adjusted for:									$ (929)	$ 0	$ 0
Weighted average diluted shares are not adjusted for:									159	0	0
Effect of assumed conversion of preferred stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average diluted shares are not adjusted for:									1,837	575	0

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment									2
Total revenues	$ 107,575	$ 56,889	$ 63,466	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168	$ 291,250	$ 195,520	$ 81,573
Depreciation and amortization									24,542	7,919	1,958
Impairment									0	1,919	1,072
Other operating expenses									193,295	142,174	68,131
Reimbursed expenses									84,643	44,347	20,934
Total expenses	115,489	63,690	62,523	60,778	46,145	53,069	43,941	53,204	302,480	196,359	92,095
OPERATING INCOME (LOSS)	(7,914)	(6,801)	943	2,542	4,831	(11,504)	10,870	(5,036)	(11,230)	(839)	(10,522)
Equity in earnings (loss) of unconsolidated entities									(286)	0	0
Interest expense									(2,059)	(959)	(83)
Amortization of loan costs									(308)	(241)	(39)
Interest income									46	329	244
Other income (expense)									3	(834)	(71)
INCOME (LOSS) BEFORE INCOME TAXES									(13,834)	(2,544)	(10,471)
Income tax (expense) benefit									(1,540)	10,364	(9,723)
NET INCOME (LOSS)	$ (9,022)	$ (6,591)	$ (329)	$ 568	$ 2,717	$ 2,006	$ 8,932	$ (5,835)	(15,374)	7,820	(20,194)
JSAV
Segment Reporting Information [Line Items]
Total revenues									110,609	81,186	9,186
Consolidation, Eliminations | Remington
Segment Reporting Information [Line Items]
Reimbursed expenses									1,400
Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									84,701	91,850	68,851
Depreciation and amortization									6,778	706	804
Impairment										1,863	1,041
Other operating expenses									0	0	0
Reimbursed expenses									35,643	42,515	20,934
Total expenses									42,421	45,084	22,779
OPERATING INCOME (LOSS)									42,280	46,766	46,072
Equity in earnings (loss) of unconsolidated entities									0
Interest expense									0	0	0
Amortization of loan costs									0	0	0
Interest income									0	0	0
Other income (expense)									0	0	0
INCOME (LOSS) BEFORE INCOME TAXES									42,280	46,766	46,072
Income tax (expense) benefit									(9,861)	(11,146)	(17,915)
NET INCOME (LOSS)									32,419	35,620	28,157
Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									47,287	0	0
Depreciation and amortization									2,459
Other operating expenses									2,555
Reimbursed expenses									42,761
Total expenses									47,775
OPERATING INCOME (LOSS)									(488)
Equity in earnings (loss) of unconsolidated entities									0
Interest expense									0
Amortization of loan costs									0
Interest income									0
Other income (expense)									2
INCOME (LOSS) BEFORE INCOME TAXES									(486)
Income tax (expense) benefit									(140)
NET INCOME (LOSS)									(626)
Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									30,580	10,634	0
Depreciation and amortization									12,494	4,358
Impairment										0
Other operating expenses									11,821	3,428
Reimbursed expenses									4,996	1,832
Total expenses									29,311	9,618
OPERATING INCOME (LOSS)									1,269	1,016
Equity in earnings (loss) of unconsolidated entities									0
Interest expense									0	0
Amortization of loan costs									0	0
Interest income									0	0
Other income (expense)									0	0
INCOME (LOSS) BEFORE INCOME TAXES									1,269	1,016
Income tax (expense) benefit									(1,248)	(239)
NET INCOME (LOSS)									21	777
Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									110,609	81,186	9,186
Depreciation and amortization									1,995	2,221	319
Impairment										0	0
Other operating expenses									110,815	79,193	9,655
Reimbursed expenses									0	0	0
Total expenses									112,810	81,414	9,974
OPERATING INCOME (LOSS)									(2,201)	(228)	(788)
Equity in earnings (loss) of unconsolidated entities									0
Interest expense									(1,114)	(745)	(68)
Amortization of loan costs									(55)	(47)	(6)
Interest income									0	0	0
Other income (expense)									30	(883)	(47)
INCOME (LOSS) BEFORE INCOME TAXES									(3,340)	(1,903)	(909)
Income tax (expense) benefit									271	76	252
NET INCOME (LOSS)									(3,069)	(1,827)	(657)
Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									987	999	327
Depreciation and amortization									27	27	25
Impairment										0	0
Other operating expenses									3,399	4,510	3,478
Reimbursed expenses									0	0	0
Total expenses									3,426	4,537	3,503
OPERATING INCOME (LOSS)									(2,439)	(3,538)	(3,176)
Equity in earnings (loss) of unconsolidated entities									0
Interest expense									(2)	0	0
Amortization of loan costs									(35)	(25)	(19)
Interest income									0	0	0
Other income (expense)									19	2	(12)
INCOME (LOSS) BEFORE INCOME TAXES									(2,457)	(3,561)	(3,207)
Income tax (expense) benefit									0	0	0
NET INCOME (LOSS)									(2,457)	(3,561)	(3,207)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									17,086	10,851	3,209
Depreciation and amortization									789	607	810
Impairment										56	31
Other operating expenses									64,705	55,043	54,998
Reimbursed expenses									1,243	0	0
Total expenses									66,737	55,706	55,839
OPERATING INCOME (LOSS)									(49,651)	(44,855)	(52,630)
Equity in earnings (loss) of unconsolidated entities									(286)
Interest expense									(943)	(214)	(15)
Amortization of loan costs									(218)	(169)	(14)
Interest income									46	329	244
Other income (expense)									(48)	47	(12)
INCOME (LOSS) BEFORE INCOME TAXES									(51,100)	(44,862)	(52,427)
Income tax (expense) benefit									9,438	21,673	7,940
NET INCOME (LOSS)									(41,662)	(23,189)	(44,487)
Advisory services
Segment Reporting Information [Line Items]
Total revenues									44,184	47,913	46,883
Advisory services | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									44,184	47,913	46,883
Advisory services | Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									0
Advisory services | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									0	0
Advisory services | Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Advisory services | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Advisory services | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Hotel management
Segment Reporting Information [Line Items]
Total revenues									4,526	0	0
Hotel management | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									0
Hotel management | Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									4,526
Hotel management | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									0
Hotel management | Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									0
Hotel management | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									0
Hotel management | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									0
Audio visual
Segment Reporting Information [Line Items]
Total revenues									110,609	81,186	9,186
Audio visual | JSAV
Segment Reporting Information [Line Items]
Total revenues									110,609	81,186	9,186
Audio visual | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Audio visual | Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									0
Audio visual | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									0	0
Audio visual | Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									110,609	81,186	9,186
Audio visual | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Audio visual | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Project management fees
Segment Reporting Information [Line Items]
Total revenues									25,584	8,802
Project management fees | Premier
Segment Reporting Information [Line Items]
Total revenues									25,584	8,802	0
Project management fees | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									0	0
Project management fees | Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									0
Project management fees | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									25,584	8,802
Project management fees | Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									0	0
Project management fees | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									0	0
Project management fees | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									0	0
Other
Segment Reporting Information [Line Items]
Total revenues									21,179	13,068	4,429
Other | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									4,349	1,218	893
Other | Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									0
Other | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									0	0
Other | Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Other | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									987	999	327
Other | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									15,843	10,851	3,209
Cost reimbursement revenue
Segment Reporting Information [Line Items]
Total revenues									85,168	44,551	21,075
Cost reimbursement revenue | Consolidation, Eliminations | Remington
Segment Reporting Information [Line Items]
Total revenues									1,400
Cost reimbursement revenue | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenues									36,168	42,719	21,075
Cost reimbursement revenue | Operating Segments | Remington
Segment Reporting Information [Line Items]
Total revenues									42,761
Cost reimbursement revenue | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenues									4,996	1,832
Cost reimbursement revenue | Operating Segments | JSAV
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Cost reimbursement revenue | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenues									0	0	0
Cost reimbursement revenue | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues									$ 1,243	$ 0	$ 0

Segment Reporting - Geographic

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 116,190	$ 47,947
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	110,972	42,503
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	4,762	4,996
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 456	$ 448

Concentration of Risk (Details)

Concentration of Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Concentration Risk [Line Items]
Assets	$ 782,500	$ 379,005
Revenue Benchmark | Remington
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	99.70%	0.00%	0.00%
Revenue Benchmark | Premier
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	98.50%	99.60%	0.00%
Revenue Benchmark | JSAV
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	18.40%	9.80%	2.20%
Revenue Benchmark | Pure Wellness
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	60.10%	58.80%	45.60%
Revenue Benchmark | OpenKey
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	16.50%	12.60%	28.40%
Revenue Benchmark | RED
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	10.80%	51.70%	0.00%
Revenue Benchmark | Lismore
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	100.00%	100.00%	100.00%
Assets | Geographic Concentration Risk | Mexico
Concentration Risk [Line Items]
Assets	$ 2,300	$ 1,900
Assets | Geographic Concentration Risk | Dominican Republic
Concentration Risk [Line Items]
Assets	$ 581	$ 267

Selected Financial Quarterly _3

Selected Financial Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 107,575	$ 56,889	$ 63,466	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168	$ 291,250	$ 195,520	$ 81,573
Total operating expenses	115,489	63,690	62,523	60,778	46,145	53,069	43,941	53,204	302,480	196,359	92,095
OPERATING INCOME (LOSS)	(7,914)	(6,801)	943	2,542	4,831	(11,504)	10,870	(5,036)	(11,230)	(839)	(10,522)
NET INCOME (LOSS)	(9,022)	(6,591)	(329)	568	2,717	2,006	8,932	(5,835)	(15,374)	7,820	(20,194)
Net income (loss) attributable to the Company	(8,521)	(6,156)	112	710	3,558	3,387	8,960	(5,723)	(13,855)	10,182	(18,352)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (15,055)	$ (9,428)	$ (3,163)	$ (2,572)	$ 340	$ 1,409	$ 8,960	$ (5,723)	$ (30,218)	$ 4,986	$ (18,352)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (6.31)	$ (3.65)	$ (1.28)	$ (1.06)	$ 0.14	$ 0.67	$ 4.26	$ (2.73)	$ (12.03)	$ 2.29	$ (9.04)
Weighted average common shares outstanding – basic (in shares)	2,202	2,580	2,462	2,419	2,381	2,109	2,095	2,094	2,416	2,170	2,031
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (6.31)	$ (3.94)	$ (3)	$ (1.13)	$ (1.96)	$ 0.18	$ 0.93	$ (2.84)	$ (13.55)	$ (2.11)	$ (9.59)
Weighted average common shares outstanding – diluted (in shares)	2,206	2,782	2,717	2,449	2,652	2,337	2,487	2,115	2,568	2,332	2,067

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jan. 28, 2020USD ($)
Sebago | Subsequent Event
Subsequent Event [Line Items]
Cash payment of contingent consideration liability	$ 1