Ashford (AINC) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36400
Entity Registrant Name	ASHFORD INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-2331507
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,553,922
Entity Central Index Key	0001604738
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AINC
Security Exchange Name	NYSEAMER
Convertible Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSEAMER
No Trading Symbol Flag	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 68,623	$ 35,349
Restricted cash	36,577	17,900
Restricted investment	156	1,195
Accounts receivable, net	3,833	7,241
Due from affiliates	108	357
Inventories	1,550	1,642
Prepaid expenses and other	7,693	7,212
Total current assets	121,249	77,292
Investments in unconsolidated entities	3,777	3,476
Property and equipment, net	96,623	116,190
Operating lease right-of-use assets	31,450	31,699
Goodwill	66,834	205,606
Intangible assets, net	278,777	347,961
Other assets	3,131	276
Total assets	601,841	782,500
Current liabilities:
Accounts payable and accrued expenses	42,093	39,160
Dividends payable	15,860	4,725
Due to affiliates	733	1,011
Deferred income	15,883	233
Deferred compensation plan	17	35
Notes payable, net	57,719	3,550
Finance lease liabilities	560	572
Operating lease liabilities	3,696	3,207
Other liabilities	34,023	19,066
Total current liabilities	170,584	71,559
Deferred income	9,338	13,047
Deferred tax liability, net	46,739	69,521
Deferred compensation plan	1,139	4,694
Notes payable, net	4,574	33,033
Finance lease liabilities	42,710	41,482
Operating lease liabilities	27,810	28,519
Other liabilities	0	430
Total liabilities	302,894	262,285
Commitments and contingencies (note 9)
MEZZANINE EQUITY
Redeemable noncontrolling interests	2,962	4,131
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 2,539,046 and 2,202,580 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	3	2
Additional paid-in capital	290,674	285,825
Accumulated deficit	(469,651)	(244,084)
Accumulated other comprehensive income (loss)	(1,363)	(216)
Treasury stock, at cost, 31,840 and 1,638 shares at September 30, 2020 and December 31, 2019, respectively	(436)	(131)
Total equity (deficit) of the Company	(180,773)	41,396
Noncontrolling interests in consolidated entities	312	628
Total equity (deficit)	(180,461)	42,024
Total liabilities and equity	601,841	782,500
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding, net of discount, as of September 30, 2020 and December 31, 2019	476,446	474,060
Ashford Trust
Current assets:
Due from related parties	2,585	4,805
Braemar
Current assets:
Due from related parties	$ 124	$ 1,591

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
EQUITY (DEFICIT)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	2,539,046	2,202,580
Common stock, shares outstanding (in shares)	2,539,046	2,202,580
Treasury stock (in shares)	31,840	1,638
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	19,120,000	19,120,000
Preferred stock, shares outstanding (in shares)	19,120,000	19,120,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE
Total revenues	$ 55,868,000	$ 56,889,000	$ 235,308,000	$ 183,675,000
EXPENSES
Salaries and benefits	13,820,000	13,602,000	43,807,000	40,795,000
Depreciation and amortization	10,094,000	8,048,000	30,172,000	16,671,000
General and administrative	5,540,000	6,795,000	16,064,000	22,238,000
Impairment	0	0	178,213,000	0
Other	9,147,000	4,849,000	14,734,000	9,326,000
Reimbursed expenses	28,072,000	11,203,000	127,638,000	32,185,000
Total expenses	70,502,000	63,690,000	439,532,000	186,991,000
OPERATING INCOME (LOSS)	(14,634,000)	(6,801,000)	(204,224,000)	(3,316,000)
Equity in earnings (loss) of unconsolidated entities	48,000	464,000	301,000	(109,000)
Interest expense	(1,259,000)	(456,000)	(3,681,000)	(1,198,000)
Amortization of loan costs	(86,000)	(75,000)	(242,000)	(214,000)
Interest income	0	0	29,000	29,000
Realized gain (loss) on investments	0	0	(386,000)	0
Other income (expense)	(44,000)	(20,000)	(499,000)	(115,000)
INCOME (LOSS) BEFORE INCOME TAXES	(15,975,000)	(6,888,000)	(208,702,000)	(4,923,000)
Income tax (expense) benefit	1,835,000	297,000	7,404,000	(1,429,000)
NET INCOME (LOSS)	(14,140,000)	(6,591,000)	(201,298,000)	(6,352,000)
(Income) loss from consolidated entities attributable to noncontrolling interests	319,000	101,000	757,000	395,000
Net (income) loss attributable to redeemable noncontrolling interests	604,000	334,000	1,688,000	623,000
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(13,217,000)	(6,156,000)	(198,853,000)	(5,334,000)
Preferred dividends, declared and undeclared	(7,985,000)	(2,909,000)	(23,800,000)	(8,492,000)
Amortization of preferred stock discount	(781,000)	(363,000)	(2,386,000)	(1,338,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (21,983,000)	$ (9,428,000)	$ (225,039,000)	$ (15,164,000)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (9.53)	$ (3.65)	$ (99.62)	$ (6.09)
Weighted average common shares outstanding – basic (in shares)	2,306	2,580	2,259	2,489
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (9.53)	$ (3.94)	$ (99.62)	$ (7.95)
Weighted average common shares outstanding – diluted (in shares)	2,306	2,782	2,259	2,679
Advisory services
REVENUE
Total revenues	$ 10,832,000	$ 10,871,000	$ 34,098,000	$ 33,280,000
Hotel management fees
REVENUE
Total revenues	3,777,000	0	13,592,000	0
Project management fees
REVENUE
Total revenues	1,790,000	6,660,000	7,780,000	19,533,000
EXPENSES
Cost of revenues	703,000	1,461,000	3,032,000	4,376,000
Audio visual
REVENUE
Total revenues	3,114,000	22,430,000	33,758,000	83,532,000
EXPENSES
Cost of revenues	3,126,000	17,732,000	25,872,000	61,400,000
Other
REVENUE
Total revenues	8,222,000	5,627,000	18,250,000	14,719,000
Cost reimbursement revenue
REVENUE
Total revenues	$ 28,133,000	$ 11,301,000	$ 127,830,000	$ 32,611,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (14,140)	$ (6,591)	$ (201,298)	$ (6,352)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	(1,170)	(116)	(584)	119
Unrealized gain (loss) on restricted investment	(214)	0	(1,014)	0
Less reclassification for realized (gain) loss on restricted investment included in net income	0	0	386	0
COMPREHENSIVE INCOME (LOSS)	(15,524)	(6,707)	(202,510)	(6,233)
Comprehensive (income) loss attributable to noncontrolling interests	319	101	757	395
Comprehensive (income) loss attributable to redeemable noncontrolling interests	739	350	1,753	609
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (14,466)	$ (6,256)	$ (200,000)	$ (5,229)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	BAV	Sebago	Common Stock	Common StockBAV	Common StockSebago	Additional Paid-in Capital	Additional Paid-in CapitalBAV	Additional Paid-in CapitalSebago	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests in Consolidated Entities	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018				2,392
Beginning balance at Dec. 31, 2018	$ 65,901			$ 24			$ 280,159			$ (214,242)	$ (498)		$ 458
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				8
Equity-based compensation	6,901						6,917						(16)
Acquisitions (in shares)					60	135
Acquisitions		$ 3,748	$ 4,547		$ 1	$ 1		$ 3,747	$ 4,546
Investment in Real Estate Advisory Holdings LLC (in shares)				17
Investment in Real Estate Advisory Holdings LLC	887						887
Amortization of preferred stock discount	(1,338)									(1,338)				$ 1,338
Dividends declared and undeclared - preferred stock	(8,492)
Dividends declared - preferred stock	$ (8,492)									(8,492)
Deferred compensation plan distribution (in shares)	3			3
Deferred compensation plan distribution	$ 93						93
Employee advances	353						353
Contributions from noncontrolling interests	1,038												1,038
Reallocation of carrying value	(746)						(489)						(257)		$ 746
Redemption value adjustment	27									27					(27)
Distributions to consolidated noncontrolling interests	(63)												(63)
Foreign currency translation adjustment	105										105				14
Reclassification for realized loss (gain) on available for sale securities	0
Net income (loss)	(5,334)									(5,334)					(623)
Net income (loss)	(5,729)												(395)
Ending balance (in shares) at Sep. 30, 2019				2,615
Ending balance at Sep. 30, 2019	67,232			$ 26			296,213			(229,379)	(393)		765
Temporary equity, beginning balance (in shares) at Dec. 31, 2018														8,120
Temporary equity, beginning balance at Dec. 31, 2018														$ 200,847
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2018															3,531
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(1,338)									(1,338)				$ 1,338
Reallocation of carrying value	(746)						(489)						(257)		746
Redemption value adjustment, year-to-date	27									27					(27)
Foreign currency translation adjustment	105										105				14
Net income (loss) attributable to the Company	(5,334)									(5,334)					(623)
Temporary equity, ending balance (in shares) at Sep. 30, 2019														8,120
Temporary equity, ending balance at Sep. 30, 2019														$ 202,185
Redeemable noncontrolling interests, ending balance at Sep. 30, 2019															3,641
Beginning balance (in shares) at Dec. 31, 2018				2,392
Beginning balance at Dec. 31, 2018	65,901			$ 24			280,159			(214,242)	(498)		458
Ending balance (in shares) at Dec. 31, 2019				2,203								2
Ending balance at Dec. 31, 2019	42,024			$ 2			285,825			(244,084)	(216)	$ (131)	628
Temporary equity, beginning balance (in shares) at Dec. 31, 2018														8,120
Temporary equity, beginning balance at Dec. 31, 2018														$ 200,847
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2018															3,531
Temporary equity, ending balance (in shares) at Dec. 31, 2019														19,120
Temporary equity, ending balance at Dec. 31, 2019														$ 474,060
Redeemable noncontrolling interests, ending balance at Dec. 31, 2019	4,131														4,131
Beginning balance (in shares) at Jun. 30, 2019				2,476
Beginning balance at Jun. 30, 2019	69,998			$ 25			289,821			(219,965)	(293)		410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				3
Equity-based compensation	2,089						2,081						8
Acquisitions (in shares)					135
Acquisitions		$ 4,547			$ 1			$ 4,546
Amortization of preferred stock discount	(363)									(363)				$ 363
Dividends declared and undeclared - preferred stock	(2,909)
Dividends declared - preferred stock	$ (2,909)									(2,909)
Deferred compensation plan distribution (in shares)	1			1
Deferred compensation plan distribution	$ 20						20
Contributions from noncontrolling interests	583												583
Reallocation of carrying value	(390)						(255)						(135)		390
Redemption value adjustment	14									14					(14)
Foreign currency translation adjustment	(100)										(100)				(16)
Reclassification for realized loss (gain) on available for sale securities	0
Net income (loss)	(6,156)									(6,156)					(334)
Net income (loss)	(6,257)												(101)
Ending balance (in shares) at Sep. 30, 2019				2,615
Ending balance at Sep. 30, 2019	67,232			$ 26			296,213			(229,379)	(393)		765
Temporary equity, beginning balance (in shares) at Jun. 30, 2019														8,120
Temporary equity, beginning balance at Jun. 30, 2019														$ 201,822
Redeemable noncontrolling interests, beginning balance at Jun. 30, 2019															3,615
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(363)									(363)				$ 363
Reallocation of carrying value	(390)						(255)						(135)		390
Redemption value adjustment, year-to-date	14									14					(14)
Foreign currency translation adjustment	(100)										(100)				(16)
Net income (loss) attributable to the Company	(6,156)									(6,156)					(334)
Temporary equity, ending balance (in shares) at Sep. 30, 2019														8,120
Temporary equity, ending balance at Sep. 30, 2019														$ 202,185
Redeemable noncontrolling interests, ending balance at Sep. 30, 2019															3,641
Beginning balance (in shares) at Dec. 31, 2019				2,203								2
Beginning balance at Dec. 31, 2019	42,024			$ 2			285,825			(244,084)	(216)	$ (131)	628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				365
Equity-based compensation	4,516			$ 1			4,512						3
Forfeiture of restricted common shares (in shares)				(28)								(28)
Forfeiture of restricted common shares	0						287					$ (287)
Purchase of treasury stock (in shares)				(2)								(2)
Purchase of treasury stock	(18)											$ (18)
Amortization of preferred stock discount	(2,386)									(2,400)				$ 2,386
Dividends declared and undeclared - preferred stock	(23,800)									(23,800)
Dividends declared - preferred stock	$ (15,815)
Deferred compensation plan distribution (in shares)	1			1
Deferred compensation plan distribution	$ 8						8
Employee advances	79						79
Contributions from noncontrolling interests	457												457
Reallocation of carrying value	(56)						(37)						(19)		56
Redemption value adjustment	(528)									(528)					528
Foreign currency translation adjustment	(519)										(519)				(65)
Unrealized gain (loss) on available for sale securities	(1,014)										(1,014)
Reclassification for realized loss (gain) on available for sale securities	386										386
Net income (loss)	(198,853)									(198,853)					(1,688)
Net income (loss)	(199,610)												(757)
Ending balance (in shares) at Sep. 30, 2020				2,539								32
Ending balance at Sep. 30, 2020	(180,461)			$ 3			290,674			(469,651)	(1,363)	$ (436)	312
Temporary equity, beginning balance (in shares) at Dec. 31, 2019														19,120
Temporary equity, beginning balance at Dec. 31, 2019														$ 474,060
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2019	4,131														4,131
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(2,386)									(2,400)				$ 2,386
Reallocation of carrying value	(56)						(37)						(19)		56
Redemption value adjustment, year-to-date	(528)									(528)					528
Foreign currency translation adjustment	(519)										(519)				(65)
Net income (loss) attributable to the Company	(198,853)									(198,853)					(1,688)
Temporary equity, ending balance (in shares) at Sep. 30, 2020														19,120
Temporary equity, ending balance at Sep. 30, 2020														$ 476,446
Redeemable noncontrolling interests, ending balance at Sep. 30, 2020	2,962														2,962
Beginning balance (in shares) at Jun. 30, 2020				2,505								31
Beginning balance at Jun. 30, 2020	(159,163)			$ 3			288,774			(447,649)	(114)	$ (428)	251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				35
Equity-based compensation	1,922						1,922
Forfeiture of restricted common shares (in shares)				(1)								(1)
Forfeiture of restricted common shares	0						7					$ (7)
Purchase of treasury stock	(1)											$ (1)
Amortization of preferred stock discount	(781)									(781)				$ 781
Dividends declared and undeclared - preferred stock	(7,985)									(7,985)
Dividends declared - preferred stock	$ (7,875)
Deferred compensation plan distribution (in shares)	0
Deferred compensation plan distribution	$ 2						2
Employee advances	(31)						(31)
Contributions from noncontrolling interests	380												380
Redemption value adjustment	(19)									(19)					19
Foreign currency translation adjustment	(1,035)										(1,035)				(135)
Unrealized gain (loss) on available for sale securities	(214)										(214)
Reclassification for realized loss (gain) on available for sale securities	0
Net income (loss)	(13,217)														(604)
Net income (loss)	(13,536)									(13,217)			(319)
Ending balance (in shares) at Sep. 30, 2020				2,539								32
Ending balance at Sep. 30, 2020	(180,461)			$ 3			$ 290,674			(469,651)	(1,363)	$ (436)	$ 312
Temporary equity, beginning balance (in shares) at Jun. 30, 2020														19,120
Temporary equity, beginning balance at Jun. 30, 2020														$ 475,665
Redeemable noncontrolling interests, beginning balance at Jun. 30, 2020															3,682
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	(781)									(781)				$ 781
Redemption value adjustment, year-to-date	(19)									$ (19)					19
Foreign currency translation adjustment	(1,035)										$ (1,035)				(135)
Net income (loss) attributable to the Company	(13,217)														(604)
Temporary equity, ending balance (in shares) at Sep. 30, 2020														19,120
Temporary equity, ending balance at Sep. 30, 2020														$ 476,446
Redeemable noncontrolling interests, ending balance at Sep. 30, 2020	$ 2,962														$ 2,962

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash Flows from Operating Activities
Net income (loss)	$ (14,140,000)	$ (6,591,000)	$ (201,298,000)	$ (6,352,000)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization			34,438,000	21,461,000
Change in fair value of deferred compensation plan			(3,566,000)	(5,603,000)
Equity-based compensation			4,088,000	6,950,000
Equity in (earnings) loss in unconsolidated entities	(48,000)	(464,000)	(301,000)	109,000
Deferred tax expense (benefit)			(12,918,000)	(1,057,000)
Change in fair value of contingent consideration			751,000	4,412,000
Impairment	0	0	178,213,000	0
(Gain) loss on disposal of property and equipment			6,556,000	(73,000)
Amortization of other assets			978,000	0
Amortization of loan costs	86,000	75,000	242,000	214,000
Realized loss on restricted investments			386,000	0
Write off of deferred loan costs			145,000	0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable			3,276,000	(969,000)
Due from affiliates			249,000	(10,000)
Inventories			73,000	(154,000)
Prepaid expenses and other			(709,000)	(230,000)
Investment in unconsolidated entities			0	115,000
Operating lease right-of-use assets			2,551,000	1,387,000
Other assets			(142,000)	0
Accounts payable and accrued expenses			3,273,000	2,113,000
Due to affiliates			(278,000)	(610,000)
Other liabilities			15,498,000	3,864,000
Operating lease liabilities			(2,522,000)	(1,362,000)
Deferred income			12,030,000	(2,078,000)
Net cash provided by (used in) operating activities			44,700,000	22,748,000
Cash Flows from Investing Activities
Additions to property and equipment			(2,383,000)	(5,143,000)
Proceeds from disposal of property and equipment, net			4,000	231,000
Additional purchase price paid for Remington working capital adjustment			(1,293,000)	0
Acquisition of assets related to RED			(1,170,000)	(1,570,000)
Net cash provided by (used in) investing activities			(4,842,000)	(38,740,000)
Cash Flows from Financing Activities
Payments for dividends on preferred stock			(12,665,000)	(5,582,000)
Payments on revolving credit facilities			(12,200,000)	(25,980,000)
Borrowings on revolving credit facilities			10,412,000	26,448,000
Proceeds from notes payable			44,797,000	11,019,000
Payments on notes payable			(17,029,000)	(1,735,000)
Payments on finance lease liabilities			(637,000)	(476,000)
Payments of loan costs			(290,000)	(45,000)
Purchase of treasury stock			(18,000)	0
Employee advances			79,000	353,000
Payment of contingent consideration			(1,384,000)	0
Contributions from noncontrolling interest			457,000	980,000
Distributions to noncontrolling interests in consolidated entities			0	(63,000)
Net cash provided by (used in) financing activities			11,522,000	4,919,000
Effect of foreign exchange rate changes on cash and cash equivalents			571,000	8,000
Net change in cash, cash equivalents and restricted cash			51,951,000	(11,065,000)
Cash, cash equivalents and restricted cash at beginning of period			53,249,000	59,443,000	$ 59,443,000
Cash, cash equivalents and restricted cash at end of period	105,200,000	48,378,000	105,200,000	48,378,000	53,249,000
Supplemental Cash Flow Information
Interest paid			3,039,000	1,063,000
Income taxes paid (refunded), net			7,746,000	2,203,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distribution from deferred compensation plan	2,000	20,000	8,000	93,000
Capital expenditures accrued but not paid			743,000	445,000
Finance lease additions			1,864,000	1,620,000
Contributions from noncontrolling interests			0	58,000
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period			35,349,000	51,529,000	51,529,000
Restricted cash at beginning of period			17,900,000	7,914,000	7,914,000
Cash and cash equivalents at end of period	68,623,000	36,400,000	68,623,000	36,400,000	35,349,000
Restricted cash at end of period	36,577,000	11,978,000	36,577,000	11,978,000	17,900,000
Cash, cash equivalents and restricted cash	$ 105,200,000	$ 48,378,000	53,249,000	48,378,000	$ 53,249,000
BAV
Cash Flows from Investing Activities
Acquisitions			0	(4,267,000)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration			0	3,748,000
Sebago
Cash Flows from Investing Activities
Acquisitions			0	(2,426,000)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration			0	4,547,000
REA Holdings
Cash Flows from Investing Activities
Investment in REA Holdings			0	(2,176,000)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration			0	887,000
Ashford Trust
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties			2,220,000	849,000
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement			0	(13,089,000)
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties			1,467,000	(228,000)
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement			$ 0	$ (10,300,000)

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2020
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 and related 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 Hospitality Advisors, LLC (“Ashford LLC”), Ashford Hospitality Services, LLC (“Ashford Services”) and their respective subsidiaries. We are currently the advisor to 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. Additionally, Remington, which we acquired on November 6, 2019, operates certain of the hotel properties owned by Ashford Trust and Braemar. Shareholder Rights Plan On March 13, 2020, we adopted a shareholder rights plan by entering into a Rights Agreement, dated March 13, 2020, with ComputerShare Trust Company, N.A., as rights agent (the “Rights Agreement”). We intend for the shareholder rights plan to improve the bargaining position of the Company’s board of directors (the “Board”) in the event of an unsolicited offer to acquire our outstanding shares of common stock. The Board implemented the rights plan by declaring a dividend of one preferred share purchase right (a “Right”) that was paid on March 23, 2020, for each outstanding share of our common stock on March 23, 2020 (the “Record Date”), to our stockholders of record on that date. Each of those Rights becomes exercisable on the Distribution Date (defined below) and entitles the registered holder to purchase from the Company one one-thousandth of a share of our Series E Preferred Stock, par value $0.001 per share, at a price of $275 per one one-thousandth of a share of our Series E Preferred Stock represented by such a right, subject to adjustment. The Rights will expire on February 13, 2021 unless the expiration date is extended or unless the Rights are earlier redeemed by the Company. Initially, the Rights will be attached to all certificates representing our common stock, and no separate certificates evidencing the Rights (the “Rights Certificates”) will be issued. The Rights Agreement provides that, until the date on which the Rights separate and begin trading separately from our common stock (which we refer to as the “Distribution Date”) or earlier expiration or redemption of the Rights: (i) the Rights will be transferred with and only with the shares of our common stock; (ii) new certificates representing shares of our common stock issued after the Record Date or upon transfer or new issuance of shares of our common stock will contain a notation incorporating the Rights Agreement by reference; and (iii) the surrender for transfer of any certificates for shares of our common stock outstanding as of the Record Date, even without such notation or a copy of the Summary of Rights (as defined in the Rights Agreement) being attached thereto, will also constitute the transfer of the Rights associated with the shares of our common stock represented by such certificate. The Distribution Date will occur, and the Rights would separate and begin trading separately from the shares of our common stock, and Rights Certificates will be caused to evidence the Rights on the earlier to occur of: i. 10 business days following a public announcement, or the public disclosure of facts indicating, that a person or group of affiliated or associated persons has acquired Beneficial Ownership (as defined in the Rights Agreement) of 10% or more of the outstanding shares of our common stock (referred to, subject to certain exceptions, as “Acquiring Persons”) (or, in the event an exchange of the Rights for shares of our common stock is effected in accordance with certain provisions of the Rights Agreement and the Board determines that a later date is advisable, then such later date that is not more than 20 days after such public announcement); or ii. 10 business days (or such later date as may be determined by action of the Board prior to such time as any person becomes an Acquiring Person) following the commencement of, or announcement of an intention to make, a tender offer or exchange offer, the consummation of which would result in the Beneficial Ownership by a person or group of 10% or more of the outstanding shares of our common stock. The Rights also become exercisable if a person or group that already beneficially owns 10% or more of our common stock acquires any additional shares of our common stock without the approval of the Board, except that the Distribution Date will not occur as a result of our company, one of our subsidiaries, one of our employee benefit plans or a trustee for one of those plans, or Mr. Monty J. Bennett and certain of his affiliates and associates acquiring additional shares of our common stock, and those persons will not be Acquiring Persons. If a person or group becomes an Acquiring Person at any time after the date of the Rights Agreement, with certain limited exceptions, the Rights will become exercisable for shares of our common stock (or, in certain circumstances, shares of our Series E Preferred Stock or other of our securities that are similar) having a value equal to two times the exercise price of the right. From and after the announcement that any person has become an Acquiring Person, if the Rights evidenced by a Rights Certificate are or were at any time on or after the earlier of: (i) the date of such announcement; or (ii) the Distribution Date acquired or beneficially owned by an Acquiring Person or an associate or affiliate of an Acquiring Person, such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights. In addition, if, at any time after a person becomes an Acquiring Person: (i) we consolidate with, or merge with and into, any other person; (ii) any person consolidates with us, or merges with and into us and we are the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares of our common stock are or will be changed into or exchanged for stock or other securities of any other person (or of ours) or cash or any other property; or (iii) 50% or more of our consolidated assets or Earning Power (as defined in the Rights Agreement) are sold, then proper provision will be made so that each holder of a right will thereafter have the right to receive, upon the exercise of a right at the then current exercise price of the right, that number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price of the Right. Upon the occurrence of an event of the type described in this paragraph, if the Board so elects, we will deliver upon payment of the exercise price of a right an amount of cash or securities equivalent in value to the shares of common stock issuable upon exercise of a right. If we fail to meet that obligation within 30 days following of the announcement that a person has become an Acquiring Person, we must deliver, upon exercise of a right but without requiring payment of the exercise price then in effect, shares of our common stock (to the extent available) and cash equal in value to the difference between the value of the shares of our common stock otherwise issuable upon the exercise of a right and the exercise price then in effect. The Board may extend the 30 -day period described above for up to an additional 60 days to permit the taking of action that may be necessary to authorize sufficient additional shares of our Common Stock to permit the issuance of such shares of our Common Stock upon the exercise in full of the Rights. COVID-19, Management’s Plans and Liquidity In December 2019, COVID-19 was identified in Wuhan, China, which subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Our clients Ashford Trust and Braemar have reported that the negative impact on room demand within their respective portfolios stemming from COVID-19 is significant, which has resulted and is expected to result in significantly reduced occupancy and RevPAR. Furthermore, the prolonged presence of the virus has resulted in health and other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry has experienced postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, the Company dramatically reduced staffing and expenses at its products and services businesses and at our corporate office. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. In addition, a possible “second wave” or recurrence of COVID-19 cases could result in further reductions in business and personal travel and could cause state and local governments to reinstate travel restrictions. The Company expects that the COVID-19 pandemic will have a significant negative impact on the Company’s results of operations, financial position and cash flow in 2020 and beyond. As a result, in March 2020, the Company declared 50% of the cumulative preferred dividend which was due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020, reduced the cash compensation of its executive officers and other employees, amended payment terms pursuant to certain hotel management agreements to better manage corporate working capital, reduced planned capital expenditures, and significantly reduced operating expenses. On March 16, 2020, the Company announced that the Board had declared and the Company would pay 50% of the dividend which was due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020. The declared $3.9 million dividends were paid on April 15, 2020. On June 24, 2020, the Company declared the remaining 50% or approximately $4.0 million of dividends, including compounding dividends, due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020 which were paid on July 14, 2020 . The Company did not declare dividends with respect to its Series D Convertible Preferred Stock for the second quarter of 2020. On September 14, 2020, the Board declared a dividend of $0.411875 per share which was due with respect to its Series D Convertible Preferred Stock for the third quarter of 2020. The declared $7.9 million dividends were paid on October 15, 2020. As of September 30, 2020, the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million which relates to the second quarter of 2020. The Company adopted a remote-work policy at its corporate office in an effort to protect the health and safety of its employees and does not anticipate these policies to have any adverse impact on its ability to continue to operate its business. 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 the inability of our portfolio companies to borrow unused amounts under their respective lines of credit, even if repayment of some or all of their borrowings is not required. As of September 30, 2020 , we were in compliance in all material respects with all covenants or other requirements set forth in our $35 million Term Loan Agreement, as amended. However, as of September 30, 2020, the entire $34.1 million outstanding balance under our Term Loan agreement, as amended, has been classified as a current liability on our condensed consolidated balance sheets due to uncertainty about the Company’s ability to remain in compliance with the loan’s financial covenants for the next twelve months. This uncertainty is the result of issues outside of management’s control, including that Ashford Trust, one of the Company’s key clients, currently exhibits conditions that create substantial doubt about its ability to continue as a going concern and continued cash payment of advisory fees and other revenue remains subject to the discretion of the independent board members of Ashford Trust. As of September 30, 2020 , Presentation Technologies LLC (“JSAV”) was not in compliance with certain debt covenants pursuant to existing debt agreements which have no recourse to Ashford Inc., including the leverage and fixed charge coverage ratios, which constituted an “Event of Default” as such term is defined under the applicable loan agreements. Following an Event of Default, JSAV’s lender can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreements. As a result, JSAV’s outstanding debt balance of $20.6 million has been classified as a current liability within our condensed consolidated balance sheet as of September 30, 2020. As of September 30, 2020, Pure Wellness and RED were in compliance in all material respects with all covenants or other requirements set forth in their debt and related agreements as amended. However, there can be no guarantee that our portfolio companies will remain in compliance for the remainder of the fiscal year. Due to the significant negative impact of COVID-19 on the operations of our portfolio companies, we expect that within the next twelve months RED will violate debt covenants pursuant to certain existing loan agreements which have no recourse to Ashford Inc. As a result, RED may be required to immediately repay a debt balance of $2.6 million which has therefore been classified as a current liability within our condensed consolidated balance sheet as of September 30, 2020. The JSAV and RED portfolio company loans are secured by the respective portfolio company’s tangible assets. None of our portfolio companies’ debt has recourse to Ashford Inc. with the exception of $3.8 million of debt held by the entity that conducts RED’s legacy U.S. Virgin Islands operations which is currently not expected to violate debt covenants. See notes 2 and 6 . The Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern for at least one year after the date the financial statements are issued. U.S. generally accepted accounting principles require that in making this determination, the Company cannot consider any remedies that are outside of the Company’s control and have not been fully implemented. As a result, the Company could not consider future potential fundraising activities, whether through equity or debt offerings, disposition of assets or the likelihood of obtaining debt waivers as we could not conclude they were probable of being effectively implemented. Further, the Company could not consider continued cash payment of advisory fees and other revenue from Ashford Trust, one of the Company’s key customers, due to the uncertainty of future payment of such fees because Ashford Trust currently exhibits conditions that create substantial doubt about its ability to continue as a going concern. Also, the continued cash payment of such advisory fees and other revenue remains subject to the discretion of the independent board members of Ashford Trust, which is not within the Company’s control. As such, the Company’s ability to remain in compliance with the financial covenants related to our Term Loan Agreement, as amended, for the next twelve months is outside of management’s control. Accordingly, the Company has classified the entire $34.1 million outstanding under our Term Loan Agreement, as amended, as a current liability on our condensed consolidated balance sheet which resulted in a negative $49.3 million working capital position as of September 30, 2020 . We expect that the continuing COVID-19 pandemic will put additional financial stress on Ashford Trust, which may in turn negatively impact our ability to collect our receivables fully or in a timely manner. As previously disclosed, the independent members of the Board determined to provide Ashford Trust with a short-term deferral of certain fees and expenses payable pursuant to our advisory agreement with Ashford Trust and the Ashford Trust Agreement. The Board may decide to make similar deferrals or waivers in the future or decide to accept a form of consideration other than cash for fees and expenses pursuant to the advisory agreement with Ashford Trust and the Ashford Trust Agreement. Additionally, due to the uncertainty surrounding future cash flows and Ashford Trust’s financial position, it may be necessary for Ashford Trust to seek protection under Chapter 11 of the United States Bankruptcy Code. If Ashford Trust files for bankruptcy, this may result in the termination of its advisory agreement, hotel management agreement, project management agreement and/or any other agreements with the Company or our consolidated portfolio companies. Any unsecured claim we hold against a bankrupt entity, including the termination fee due under our advisory agreement with Ashford Trust, may be paid only to the extent funds are available and is unlikely to be paid in full. We may recover substantially less than the full value of any unsecured claims in the event of the bankruptcy of Ashford Trust, which would adversely impact our financial condition and could cause us to seek protection under Chapter 11 of the United States Bankruptcy Code. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Other Developments On March 13, 2020, the Company entered into the Extension Agreement (the “Extension Agreement”), related to the Ashford Trust Enhanced Return Funding Program (the “Ashford Trust ERFP Agreement”). Under the terms of the Extension Agreement, the remaining ERFP commitment funding deadline under the Ashford Trust ERFP Agreement of $11.4 million as of September 30, 2020 and December 31, 2019 , has been extended from January 22, 2021 to December 31, 2022. See note 9 . On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of the COVID-19, effective March 21, 2020, the base salary for its Chief Executive Officer, Mr. Monty J. Bennett, will be temporarily reduced by 20% and the base salary for certain other Company officers, including its Chief Financial Officer and its other named executive officers, will be temporarily reduced by 15% until the effects of COVID-19 have subsided and it has been determined that the Company is in a healthy financial position. Any amounts relinquished pursuant to the reduction may be paid by the Company in the future. On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of COVID-19, the annual cash retainer for each non-employee director serving on the Company’s Board would be temporarily reduced by 25% and would continue in effect until the Board determined in its discretion that the effects of COVID-19 had subsided. The Company also disclosed at that time that any amounts relinquished pursuant to the reduction in fees may be paid in the future, as determined by the Board in its discretion. On August 7, 2020, the Company announced that for fiscal year 2020, the directors will receive the full value of their annual cash retainer (without reduction). However, the full value of such cash retainer will be paid 25% in fully vested common shares and 75% in cash. The remaining quarterly installments of such retainer will be adjusted so that, for fiscal year 2020 in the aggregate, each director will have received 25% of the value of the full annual cash retainer in equity and the remaining 75% in cash. This arrangement does not apply to any additional cash retainers for committee service or service as lead director, which will continue to be paid in cash. The Board currently intends to continue this arrangement through our 2021 Annual Meeting of Stockholders, at which time the Board currently intends to re-examine the program. On May 15, 2020, the Company and its Chief Executive Officer, Mr. Monty J. Bennett, entered into a letter agreement pursuant to which, effective as of May 15, 2020 and continuing through and including the Company’s last payroll period in 2020, Mr. Monty J. Bennett will accept payment of his base salary (as previously reduced by mutual agreement of the Company and Mr. Monty J. Bennett) in the form of common stock of the Company, issued pursuant to the Company’s 2014 Incentive Plan, as amended. Each issuance of the Company’s common stock will occur on, or as soon as reasonably practicable following, each regular payroll date. The number of shares issued with respect to each payroll date will be equal to the cash salary which would have been paid, less any taxes withheld and benefits deductions, divided by the volume weighted average price per share of the Company’s common stock over all trading days in the period commencing on the first trading date in the applicable payroll period and ending on the last trading date immediately prior to the last day of the payroll period. The Board and Mr. Bennett agreed to effectuate this change to preserve Company liquidity as the Company navigates the effects of the novel coronavirus (COVID-19). The accompanying condensed consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, and entities that we consolidate. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its condensed consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 12, 2020 . 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 the three and nine months ended September 30, 2019, revenues and operating expense line item amounts have been reclassified to conform to the presentation adopted in the fourth quarter of 2019. These reclassifications have no effect on total revenues, 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 noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Other Ashford Inc. ownership interest 99.84 % 88.70 % 49.04 % 70.00 % 84.21 % 55.00 % Redeemable noncontrolling interests (1) (2) 0.16 % 11.30 % 25.06 % — % — % — % Noncontrolling interests in consolidated entities — % — % 25.90 % 30.00 % 15.79 % 45.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 24 $ 1,519 $ 1,419 n/a n/a n/a Redemption value adjustment, year-to-date 323 4 200 n/a n/a n/a Redemption value adjustment, cumulative 438 788 2,297 n/a n/a n/a Carrying value of noncontrolling interests — — 417 112 (228 ) 11 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 47,680 2,367 1,817 21,869 145 Liabilities (9) n/a 44,280 954 1,829 14,050 61 Notes payable (9) n/a 20,017 — — 7,686 — Revolving credit facility (9) n/a 616 — 100 246 — 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) 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 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in JSAV, which we consolidate under the voting interest model. JSAV provides event technology and creative communications solutions in the hospitality industry. See also notes 1 , 10 and 11 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 10 and 11 . (5) Represents ownership interests in Pure 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 10 . (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, a leading provider of watersports activities and excursion services based in Key West, Florida which was acquired by RED in 2019. 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 10 . (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. Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. No such impairment was recorded during the three and nine months ended September 30, 2020 and 2019 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at September 30, 2020 and December 31, 2019 . We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three and nine months ended September 30, 2020 and 2019 . In the event that the assumptions used to estimate fair value change in the future, we may be required to record an impairment charge related to this investment. Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): September 30, 2020 December 31, 2019 Carrying value of the investment in REA Holdings $ 2,963 2,662 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity in earnings (loss) in unconsolidated entities $ 48 $ 464 $ 301 $ (109 ) Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues 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 September 30, 2020 and December 31, 2019 , restricted cash included $28.1 million and $10.7 million , respectively, of reserves for insurance claims and the associated ancillary costs. The restricted cash balance increased in 2020 primarily due to a transfer of $11.8 million of cash from Ashford Trust into an insurance claim related Company escrow account in the second quarter of 2020. 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 in 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 September 30, 2020 and December 31, 2019 , restricted cash also included $6.1 million and $5.3 million , respectively, 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 September 30, 2020 and December 31, 2019 , restricted cash also included $1.6 million and $1.2 million , respectively, 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 September 30, 2020 and 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. 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. As of September 30, 2020 and December 31, 2019 , property and equipment, net of accumulated depreciation, included assets related to our consolidated subsidiary Marietta Leasehold, L.P.’s (“Marietta”) finance lease of $43.2 million and $44.1 million , ERFP assets of $20.3 million and $33.5 million , audio visual equipment at JSAV of $12.6 million and $15.1 million and marine vessels at RED of $9.9 million and $10.1 million , respectively. Other Liabilities —As of September 30, 2020 and December 31, 2019 , other liabilities included reserves in the amount of $28.1 million and $10.8 million , respectively, related primarily to Ashford Trust and Braemar properties’ insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated balance sheets. As of September 30, 2020 and December 31, 2019 , other liabilities also included $1.6 million and $2.2 million , respectively, of reserves for Remington health insurance claims, $500,000 and $500,000 , respectively, of the remaining purchase price due to the sellers of BAV Services (“BAV”), subject to certain conditions, and reserves of $3.9 million and $4.6 million , respectively, for the fair value of contingent consideration due to the sellers of BAV. Other liabilities as of December 31, 2019 also included a $1.0 million accrual for contingent consideration due to the sellers of Sebago. See notes 4 . Revenue Recognition —See note 3 . Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities, beginning in 2017, in Mexico and the Dominican Republic and, beginning in 2018, in the U.S. Virgin Islands. Tax years 2016 through 2019 remain subject to potential examination by certain federal and state taxing authorities. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to the business. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended March 31, 2020. For the period ended September 30, 2020, the CARES Act did not have a material impact on the Company’s condensed consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. The Company filed a claim to carryback the 2018 tax net operating loss to a prior year as provided for by the CARES Act. The Company expects to receive the carryback amount of approximately $1.0 million within the next 12 months. Recently Adopted Accounting Standards —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. We adopted ASU 2017-04 effective January 1, 2020. See our Goodwill and Indefinite-Lived Intangible Assets accounting policy disclosed in note 5 . 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. We adopted this standard effective January 1, 2020, and the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. 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. We elected to prospectively adopt ASU 2018-15 effective January 1, 2020, in our condensed consolidated financial statements. The adoption of ASU 2018-15 resulted in reclassifying capitalized implementation costs of service contracts incurred in a hosting arrangement from “property and equipment, net” to “other assets” in our condensed consolidated balance sheets. Amortization of the service contracts will continue to be recorded in “reimbursed expenses” in our condensed consolidated statements of operations. 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. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”). ASU 2019-10 revised the mandatory adoption date for public business entities that meet the definition of a smaller reporting company to be effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact ASU 2016-13 and ASU 2019-10 may have on our condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our condensed consolidated financial statements and related disclosures.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2020
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, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. For Braemar, the base fee 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 subject to meeting the FCCR Condition. In the third quarter of 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement as stated in the Braemar advisory agreement. As such, the Company did not recognize any incentive fee revenue related to Braemar in the three months ended September 30, 2020. The three months ended September 30, 2020 additionally includes a reversal of $339,000 of incentive fee revenue recognized in the first two quarters of 2020 which the Company no longer expects to collect due to Braemar no longer meeting the FCCR Condition. 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 revenue for managing the hotel employees and daily operations of the hotels, pursuant to the amended and restated hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenue 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 revenue 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 and related fees include revenue earned from providing placement, modifications, forbearances or refinancings of certain mortgage debt by Lismore. For certain agreements, the fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan is closed. For other agreements, deferred income related to the various Lismore fees will be recognized over the term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and legacy key money transaction with Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. Our ERFP leases entered into in 2018 with Ashford Trust commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASU 2016-02, Leases (“ASU 2016-02”), other revenue for the three and nine months ended September 30, 2019, includes a portion of the base advisory fee for leases commencing prior to our adoption, which is 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. Hotel 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 condensed 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 condensed 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 revenue being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred income that will be recognized 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 revenue recognized that was 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 2020 2019 Balance as of June 30 $ 20,237 $ 11,226 Increases to deferred income 10,786 1,681 Recognition of revenue (1) (5,802 ) (1,287 ) Balance as of September 30 $ 25,221 $ 11,620 ________ (1) Deferred income recognized in the three months ended September 30, 2020 , includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $458,000 of audio visual revenue, (c) $4.0 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore (see note 14), which includes a $1.3 million cumulative catch-up adjustment to revenue which was previously considered constrained, and (d) $773,000 of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the three months ended September 30, 2019 , includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $194,000 of audio visual revenue and (c) $539,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Income 2020 2019 Balance as of January 1 $ 13,280 $ 13,544 Increases to deferred income 22,457 4,429 Recognition of revenue (1) (10,516 ) (6,353 ) Balance as of September 30 $ 25,221 $ 11,620 ________ (1) Deferred income recognized in the nine months ended September 30, 2020 , includes (a) $1.7 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.6 million of audio visual revenue, (c) $5.4 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore (see note 14) and (d) $1.9 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the nine months ended September 30, 2019 , includes (a) $2.0 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.6 million of audio visual revenue and (c) $1.8 million of “other services” revenue earned by our hospitality products and services companies. 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, (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, and (iii) debt placement and related fees that will be recognized over the term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. See notes 1 and 14 . Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at September 30, 2020 . 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 $3.8 million and $7.2 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $2.6 million and $4.8 million in “due from Ashford Trust”, and $124,000 and $1.6 million included in “due from Braemar” related to REIT advisory services at September 30, 2020 and December 31, 2019 , respectively. We had no significant impairments related to these receivables during the three and nine months ended September 30, 2020 and 2019 . Disaggregated Revenue Our revenues were comprised of the following for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Advisory services revenue: Base advisory fee $ 11,040 $ 10,570 $ 33,707 $ 32,382 Incentive advisory fee (339 ) 170 — 509 Other advisory revenue 131 131 391 389 Total advisory services revenue 10,832 10,871 34,098 33,280 Hotel management: Base fee 3,777 — 13,592 — Project management revenue 1,790 6,660 7,780 19,533 Audio visual revenue 3,114 22,430 33,758 83,532 Other revenue: Debt placement and related fees (2) 4,017 429 5,480 1,862 Claims management services 55 51 184 147 Lease revenue — 1,029 — 3,088 Other services (3) 4,150 4,118 12,586 9,622 Total other revenue 8,222 5,627 18,250 14,719 Cost reimbursement revenue 28,133 11,301 127,830 32,611 Total revenues $ 55,868 $ 56,889 $ 235,308 $ 183,675 REVENUES BY SEGMENT (1) REIT advisory $ 16,790 $ 21,381 $ 53,297 $ 64,638 Remington 24,800 — 117,715 — Premier 2,277 7,881 10,173 23,371 JSAV 3,114 22,430 33,758 83,532 OpenKey 341 313 1,155 764 Corporate and other 8,546 4,884 19,210 11,370 Total revenues $ 55,868 $ 56,889 $ 235,308 $ 183,675 ________ (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 16 for discussion of segment reporting. (2) Debt placement and related fees are earned by Lismore for providing placement, modification, forbearance or refinancing 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, and the revenue of Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. 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 three and nine months ended September 30, 2020 and 2019 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 2,977 $ 19,860 $ 25,622 $ 67,550 Mexico 54 1,804 6,563 11,289 Dominican Republic 83 766 1,573 4,693 $ 3,114 $ 22,430 $ 33,758 $ 83,532

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2020
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 condensed 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 revenue 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 condensed 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 at the acquisition date by approximately $4.2 million for favorable lease terms compared to market terms. The results of operations of Marietta are included in our condensed 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. In the first quarter of 2020, we finalized the valuation of the acquired assets and liabilities associated with the acquisition. The final fair value analysis resulted in a $40.9 million adjustment to reduce the value of the acquired management contracts to their estimated fair value and a corresponding increase to goodwill on our condensed consolidated balance sheets during the first quarter of 2020. We also recorded an adjustment of approximately $10.3 million to reduce the deferred tax liability and a corresponding decrease to goodwill. Additionally, the purchase price adjustment related to working capital was finalized and paid in the first quarter of 2020 resulting in a $ 1.3 million increase in the fair value of the purchase price. The fair value of the purchase price and final 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 1,341 Total fair value of purchase price $ 273,791 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 175,653 Trademarks 10,400 Management contracts 107,600 22 years Total assets acquired 390,723 Current liabilities 23,740 Finance lease liabilities, current 331 Operating lease liabilities, current 2,038 Deferred tax liability 28,439 Finance lease liabilities, non-current 39,773 Operating lease liabilities, non-current 22,611 Total assumed liabilities 116,932 Net assets acquired $ 273,791 (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 condensed consolidated statement of operations for the three and nine months ended September 30, 2020 include total revenue from Remington of $24.8 million and $117.7 million , respectively. In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2020 includes a net loss from Remington of $3.3 million and $133.3 million , respectively. Net loss for the nine months ended September 30, 2020 includes goodwill impairment of $121.0 million and impairment of trademarks of $5.5 million incurred in the first quarter of 2020. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2019, 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 which the Company settled in the first quarter of 2020 with a cash payment of $1.0 million to the sellers of Sebago. The number of Ashford Inc. shares to be issued was 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. 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. In the third quarter of 2020, we finalized the valuation of the assets acquired and liabilities associated with the acquisition. The fair value of the purchase price and final 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 2,115 20 years Property and equipment, net 1,635 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 condensed consolidated statements of operations for the three and nine months ended September 30, 2020 , include total revenue from Sebago of $1.6 million and $3.4 million , respectively. Our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, include total revenue from Sebago of $1.2 million . In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2020 , include net income from Sebago of $37,000 and a net loss of $214,000 , respectively. Our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, include net income from Sebago of $129,000 . The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2019, 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. In the first quarter of 2020, BAV achieved the maximum performance target allowed resulting in a liability of $3.0 million being recorded in “other liabilities” in our condensed consolidated balance sheets. Additionally, the transaction included 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. On May 6, 2020, the Company executed the Second Amendment to the Asset Purchase Agreement in which we agreed to immediately pay $1.5 million in cash and modified certain contingent consideration and stock consideration collar payment terms related to the acquisition of BAV to extend remaining payments of cash or stock on various payment dates through March 2021. Pursuant to the agreement, we paid $1.5 million cash to the BAV sellers on May 7, 2020 related to the $3.0 million in contingent consideration earned by the BAV sellers in connection with BAV’s achievement of performance targets during the trailing twelve month period. See note 7 for further discussion of the Company’s liabilities related to acquisition-related contingent consideration. On November 4, 2020, the Company executed the Third Amendment to the Asset Purchase Agreement in which we deferred $500,000 of consideration payable to the BAV sellers until November 30, 2020. The payment may be settled in cash or Ashford Inc. common stock using a 30-Day VWAP as of October 31, 2020. 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. In the first quarter of 2020, we finalized the valuation of the acquired assets and liabilities associated with the acquisition. The fair value of the purchase price and final 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 condensed consolidated statements of operations for the three and nine months ended September 30, 2020 , include total revenue from BAV of $1.1 million and $4.0 million , respectively. Our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, include total revenue from BAV of $2.8 million and $8.5 million , respectively. In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2020 , include net income from BAV of $449,000 and $850,000 , respectively. Our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, include net income from BAV of $428,000 and $1.2 million , respectively. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2019, 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 and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2019, and the removal of $212,000 and $775,000 of transaction costs directly attributable to the acquisitions (net of the incremental tax expense) for the three and nine months ended September 30, 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 55,868 $ 132,000 $ 235,308 $ 425,800 Net income (loss) (13,982 ) (2,704 ) (200,616 ) 1,420 Net income (loss) attributable to common stockholders (21,825 ) (10,936 ) (224,357 ) (23,763 )

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Impairment of Goodwill and Intangible Assets —During the first quarter of 2020, as a result of our reduced cash flow projections and the significant decline in our market capitalization as a result of the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform an interim quantitative assessment of goodwill and intangible assets. As a result, we recorded goodwill impairment charges of $170.6 million and intangible asset impairment charges of $7.6 million . No impairment charges were recorded in the second or third quarter of 2020. During the first quarter of 2020, we recognized goodwill impairment charges of $170.6 million , of which $121.0 million related to our Remington segment, and $49.5 million related to our Premier segment. We engaged a third-party valuation expert to assist us in performing an interim quantitative assessment to determine whether it was more likely than not that the carrying value of goodwill in our reporting units was impaired as of March 31, 2020. The fair value estimates for all reporting units were based on a blended analysis of the present value of future discounted cash flows and the market value approach . No impairment charges were recorded in the second or third quarter of 2020. See note 7. Based on our quantitative assessment as of March 31, 2020, we determined that the fair values of Remington and Premier were less than the carrying values of these reporting units. The carrying value of Remington was reduced by a $5.5 million impairment of the Remington trademarks prior to assessing goodwill for impairment. The excess carrying value of Remington and Premier over the estimate of fair value was recorded in “impairment” on our condensed consolidated statements of operations. No impairment charges were recorded in the second or third quarter of 2020. As of September 30, 2020 , our Remington segment had $54.6 million goodwill remaining and our Premier segment had no goodwill remaining. Intangible Assets During the first quarter of 2020, we engaged a third-party valuation expert to assist in determining the fair value of our indefinite-lived trademarks. We recognized intangible asset impairment charges of $7.6 million related to trademarks within our Remington and JSAV segments which resulted from changes in estimated future revenues. The Remington and JSAV trademarks were written down to $4.9 million and $1.5 million , respectively, based on a valuation using the relief-from-royalty method . No impairment charges were recorded in the second or third quarter of 2020. The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 , are as follows (in thousands): Remington Premier JSAV Corporate and Other Consolidated Balance at December 31, 2019 $ 143,854 $ 49,524 $ 10,211 $ 2,017 $ 205,606 Changes in goodwill: Adjustments (1) 31,800 — — — 31,800 Impairments (2) (121,048 ) (49,524 ) — — (170,572 ) Balance at September 30, 2020 $ 54,606 $ — $ 10,211 $ 2,017 $ 66,834 ________ (1) The adjustment to Remington goodwill relates to changes in our final valuation of the acquired assets and liabilities associated with the acquisition of Remington. See note 4 . (2) See explanation of impairment charges above. Intangible assets, net as of September 30, 2020 and December 31, 2019 , are as follows (in thousands): September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ (12,746 ) $ 94,854 $ 148,500 $ (2,436 ) $ 146,064 Premier management contracts 194,000 (26,279 ) 167,721 194,000 (16,830 ) 177,170 JSAV customer relationships 9,319 (3,012 ) 6,307 9,319 (2,173 ) 7,146 RED boat slip rights 3,100 (186 ) 2,914 3,100 (70 ) 3,030 Pure Wellness customer relationships 175 (122 ) 53 175 (96 ) 79 Other 47 (9 ) 38 44 (3 ) 41 $ 314,241 $ (42,354 ) $ 271,887 $ 355,138 $ (21,608 ) $ 333,530 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 10,400 $ (5,500 ) $ 4,900 $ 10,300 $ — $ 10,300 JSAV trademarks 3,641 (2,141 ) 1,500 3,641 — 3,641 RED trademarks 490 — 490 490 — 490 $ 14,531 $ (7,641 ) $ 6,890 $ 14,431 $ — $ 14,431 Amortization expense for definite-lived intangible assets was $7.0 million and $20.7 million for the three and nine months ended September 30, 2020 , respectively. Amortization expense for definite-lived intangible assets was $5.3 million and $11.3 million for the three and nine months ended September 30, 2019 , respectively. 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 22 , 30 , and 20 years, respectively.

Notes Payable, net

Notes Payable, net	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable— Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate September 30, 2020 December 31, 2019 Term loan (7) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to 2.25% or LIBOR (2) + 3.00% to 3.25% $ 34,125 $ 10,000 Term loan (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 12,300 12,642 Revolving credit facility (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 616 2,599 Equipment note (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 6,017 3,393 Draw term loan (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 1,700 1,750 Revolving credit facility (5) (10) Pure Wellness On demand Prime Rate (4) + 1.00% 100 45 Term loan (6) (11) RED October 5, 2025 Prime Rate (4) + 1.75% 581 605 Revolving credit facility (6) (12) RED November 5, 2020 Prime Rate (4) + 1.75% 246 106 Draw term loan (6) (13) RED June 5, 2027 Prime Rate (4) + 1.75% 1,375 1,400 Term loan (6) (14) RED February 1, 2029 Prime Rate (4) + 2.00% 1,592 1,636 Term loan (5) (15) RED July 17, 2029 6.0% (16) 1,663 1,674 Term loan (5) (16) RED July 17, 2023 6.5% 900 960 Draw term loan (5) (17) RED August 5, 2028 Prime Rate (4) + 2.00% 1,575 — Notes payable 62,790 36,810 Less deferred loan costs, net (497 ) (227 ) Notes payable less net deferred loan costs 62,293 36,583 Less current portion (57,719 ) (3,550 ) Notes payable, net - non-current $ 4,574 $ 33,033 __________________ (1) Base Rate, as defined in the term loan 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 0.15% and 1.76% at September 30, 2020 and December 31, 2019 , respectively. (4) Prime Rate was 3.25% and 4.75% at September 30, 2020 and December 31, 2019 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 19, 2020, the Company amended and restated the senior revolving credit facility pursuant to a Fourth Amendment to the Term Loan Agreement. The Company converted and consolidated the existing $10 million borrowing under the senior revolving credit facility (which had been borrowed on a revolving basis) into a term loan and drew down the remaining $25 million balance of the senior revolving credit facility, borrowing $35 million under the term loan in the aggregate. Effective June 23, 2020, the Company and Bank of America N.A. executed the Fifth Amendment to the Term Loan Agreement . The Fifth Amendment (a) established a 0.50% LIBOR floor, (b) eliminated the consolidated net worth financial covenant, and (c) waived the violation of the consolidated net worth financial covenant that occurred on March 31, 2020. The Term Loan Agreement has a four year term and a maximum principal amount of $35 million . Principal payments of 1.25% of the outstanding balance are payable on the last business day of each fiscal quarter commencing June 30, 2020. Principal payment amounts are subject to maintaining a fixed charge coverage ratio below specified thresholds which if not met increase the principal payment due each quarter from 1.25% to 5.0% of the outstanding principal balance. The Company is also subject to certain financial covenants. See covenant compliance discussion below. (8) On March 1, 2019, in connection with the acquisition of BAV, JSAV amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . In connection with the term loan, JSAV entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at September 30, 2020 and December 31, 2019 , was not material. (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 April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. On July 20, 2020, Pure Wellness increased the line of credit to $250,000 . (11) On March 23, 2018, RED entered into a term loan of $750,000 . (12) On August 5, 2020, RED renewed its $250,000 revolving credit facility for an additional three months. (13) On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million . (14) On August 31, 2018, RED entered into a term loan of $1.8 million . (15) 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% . (16) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million . (17) On March 24, 2020, RED entered into a draw term loan with a maximum aggregate principal amount of $1.9 million . The draw term loan requires payment of interest only until March 5, 2021. 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 the inability of our portfolio companies to borrow unused amounts under their respective lines of credit, even if repayment of some or all of their borrowings is not required. As of September 30, 2020 , we were in compliance in all material respects with all covenants or other requirements set forth in our $35 million Term Loan Agreement, as amended. However, as of September 30, 2020, the entire $34.1 million outstanding balance under our Term Loan agreement, as amended, has been classified as a current liability on our condensed consolidated balance sheets due to uncertainty about the Company’s ability to remain in compliance with the loan’s financial covenants for the next twelve months. This uncertainty is the result of issues outside of management’s control, including that Ashford Trust, one of the Company’s key clients, currently exhibits conditions that create substantial doubt about its ability to continue as a going concern and continued cash payment of advisory fees and other revenue remains subject to the discretion of the independent board members of Ashford Trust. As of September 30, 2020 , JSAV was not in compliance with certain debt covenants pursuant to existing debt agreements which have no recourse to Ashford Inc., including the leverage and fixed charge coverage ratios, which constituted an “Event of Default” as such term is defined under the applicable loan agreements. Following an Event of Default, JSAV’s lender can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreements. As a result, JSAV’s outstanding debt balance of $20.6 million has been classified as a current liability within our condensed consolidated balance sheet as of September 30, 2020. As of September 30, 2020, Pure Wellness and RED were in compliance in all material respects with all covenants or other requirements set forth in their debt and related agreements as amended. However, there can be no guarantee that our portfolio companies will remain in compliance for the remainder of the fiscal year. Due to the significant negative impact of COVID-19 on the operations of our portfolio companies, we expect that within the next twelve months RED will violate debt covenants pursuant to certain existing loan agreements which have no recourse to Ashford Inc. As a result, RED may be required to immediately repay a debt balance of $2.6 million which has therefore been classified as a current liability within our condensed consolidated balance sheet as of September 30, 2020. The JSAV and RED portfolio company loans are secured by the respective portfolio company’s tangible assets. None of our portfolio companies’ debt has recourse to Ashford Inc. with the exception of $3.8 million of debt held by the entity that conducts RED’s legacy U.S. Virgin Islands operations which is currently not expected to violate debt covenants. See note 1. In April of 2020, certain of our portfolio companies applied for and received loans from Key Bank, N.A., Comerica Bank and Centennial Bank under the Paycheck Protection Program (“PPP”) which was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). All funds borrowed under the PPP were returned on or before May 7, 2020.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our assets and liabilities measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total September 30, 2020 Assets Restricted Investment: Ashford Trust common stock $ 48 (2) $ — $ — $ 48 Braemar common stock 108 (2) — — 108 Total $ 156 $ — $ — $ 156 Liabilities Contingent consideration $ (2,359 ) (1) $ — $ — $ (2,359 ) Subsidiary compensation plan — (33 ) (2) — (33 ) Deferred compensation plan (1,156 ) — — (1,156 ) Total $ (3,515 ) $ (33 ) $ — $ (3,548 ) Net $ (3,359 ) $ (33 ) $ — $ (3,392 ) __________________ (1) Represents the fair value of the contingent consideration liability of $2.4 million related to the stock consideration collar associated with JSAV’s acquisition of BAV. The contingent consideration liabilities are reported as “other liabilities” in our condensed consolidated balance sheets. See notes 1 and 4 . (2) 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 September 30, 2020, 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, 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 ) Net $ (6,202 ) $ (415 ) $ (2,959 ) $ (9,576 ) __________________ (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 4 . (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of BAV, which is reported within “other liabilities” in our consolidated balance sheets. See notes 1 and 4 . (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. The following table presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability Balance at December 31, 2019 $ (2,959 ) Acquisitions — Gains (losses) included in earnings (1) (41 ) Dispositions and settlements — Transfers into/out of Level 3 (2) 3,000 Balance at September 30, 2020 $ — __________________ (1) Reported as “other” operating expense in our condensed consolidated statements of operations. (2) Includes JSAV’s contingent consideration associated with the acquisition of BAV in March of 2019. In the first quarter of 2020, BAV fully achieved the operating performance targets during the earn-out period, in accordance with the applicable agreement. On May 6, 2020, the Company executed the Second Amendment to the Asset Purchase Agreement in which we agreed to immediately pay $1.5 million in cash and modified certain contingent consideration and stock consideration collar payment terms related to the acquisition of BAV to extend remaining payments of cash or stock on various payment dates through March 2021. Pursuant to the agreement, we paid $1.5 million cash to the BAV sellers on May 7, 2020. The final liability of $1.5 million owed to the sellers of BAV is no longer contingent and is reported in our condensed consolidated balance sheets within “other liabilities.” Assets Measured at Fair Value on a Non-recurring Basis Our non-financial assets, such as goodwill, indefinite-lived intangible assets and long-lived assets are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominately on Level 3 inputs. Goodwill During the first quarter of 2020, we recognized goodwill impairment charges of $170.6 million , of which $121.0 million related to our Remington segment, and $49.5 million related to our Premier segment. As a result of our reduced cash flow projections and the significant decline in our market capitalization due to the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform an interim quantitative assessment of goodwill as of March 31, 2020, in which we compared the fair value of the reporting units to their carrying value. We engaged a third-party valuation expert to assist us in performing this assessment. The fair value estimates for all reporting units were based on a blended analysis of the present value of future discounted cash flows and the market value approach , Level 3 inputs. The significant estimates used in the discounted cash flows model included our weighted average cost of capital, projected cash flows and the long-term rate of growth. Our cash flow assumptions were based on the actual historical performance of the reporting unit and took into account the recent severe and continued weakening of operating results as well as the anticipated rate of recovery due to the COVID-19 pandemic. The projected cash flows were based on management’s expectation of the timing of recovery from the economic downturn under various scenarios. The significant estimates used in the market approach model included identifying public companies engaged in businesses that are considered comparable to those of the reporting unit and assessing comparable revenue and earnings multiples in estimating the fair value of the reporting unit. The excess of the reporting unit's carrying value over our estimate of the fair value was recorded as the goodwill impairment charge in the first quarter of 2020. No goodwill impairment charges were recorded in the second or third quarter of 2020. As of September 30, 2020 , our Remington segment had $54.6 million goodwill remaining and our Premier segment had no goodwill remaining. Changes in circumstances due to the potential long-term economic impact and near-term financial impacts of the COVID-19 pandemic could result in additional impairment losses of all or a portion of our goodwill and intangible assets, including further declines in our market capitalization or further declines in our cash flows if Ashford Trust files for bankruptcy, which could result in the termination of the advisory agreement, hotel management agreement, project management agreement and/or any other agreements with the Company or our portfolio companies. We will continue to monitor and evaluate our results and evaluate the likelihood of any potential impairment charges at our reporting units . Indefinite-Lived Intangible Assets As a result of our reduced cash flow projections and the significant decline in our market capitalization due to the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform an interim quantitative assessment of intangible assets as of March 31, 2020. During the first quarter of 2020, we engaged a third-party valuation expert to assist in determining the fair value of our indefinite-lived trademarks. We recognized intangible asset impairment charges of $7.6 million related to trademarks within our Remington and JSAV segments which resulted from changes in estimated future revenues. The Remington and JSAV trademarks were written down to $4.9 million and $1.5 million , respectively, based on a valuation using the relief-from-royalty method , which includes unobservable inputs including royalty rates and projected revenues. No impairment charges were recorded in the second or third quarter of 2020. Long-Lived Assets Long-lived assets include property and equipment, finance and operating lease assets, and definite-lived intangible assets which primarily include Remington and Premier management contracts, JSAV customer relationships and RED boat slip rights resulting from our acquisitions. In the first quarter of 2020, we performed a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset to its carrying value. The undiscounted cash flows exceeded the carrying value and therefore the assets were not impaired and no further evaluation was required. No impairment charges were recorded in the second or third quarter of 2020. Effect of Fair Value Measured Assets and Liabilities on Our Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Assets Restricted investment: (1) Ashford Trust common stock $ — $ — $ (200 ) $ — Braemar common stock — — (186 ) — Goodwill — — (170,572 ) — Intangible assets, net — — (7,641 ) — Total — — (178,599 ) $ — Liabilities Contingent consideration (2) $ (134 ) $ (2,773 ) $ (751 ) $ (4,412 ) Subsidiary compensation plan (3) 22 — 187 — Deferred compensation plan (3) 869 1,526 3,566 5,603 Total $ 757 $ (1,247 ) $ 3,002 $ 1,191 Net $ 757 $ (1,247 ) $ (175,597 ) $ 1,191 __________________ (1) Represents the realized loss on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (2) Represents the changes in fair value of the contingent consideration liabilities related to the level of achievement of certain performance targets and stock consideration collars associated with the acquisition of BAV. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. See note 4 . (3) Reported as a component of “salaries and benefits” in our condensed 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: September 30, 2020 Equity securities (1) $ 1,170 $ — $ (1,014 ) $ 156 __________________ (1) Distribution of $195,000 of available-for-sale securities were recognized in the nine months ended September 30, 2020 . Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets. 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 as of December 31, 2019 . Unrealized losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): September 30, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 156 $ 156 $ 1,195 $ 1,195 Financial liabilities measured at fair value: Deferred compensation plan $ 1,156 $ 1,156 $ 4,729 $ 4,729 Contingent consideration 2,359 2,359 5,627 5,627 Financial assets not measured at fair value: Cash and cash equivalents $ 68,623 $ 68,623 $ 35,349 $ 35,349 Restricted cash 36,577 36,577 17,900 17,900 Accounts receivable, net 3,833 3,833 7,241 7,241 Due from affiliates 108 108 357 357 Due from Ashford Trust 2,585 2,585 4,805 4,805 Due from Braemar 124 124 1,591 1,591 Investments in unconsolidated entities 3,777 3,777 3,476 3,476 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 42,093 $ 42,093 $ 39,160 $ 39,160 Dividends payable 15,860 15,860 4,725 4,725 Due to affiliates 733 733 1,011 1,011 Other liabilities 31,664 31,664 13,868 13,868 Notes payable 62,790 59,109 to 65,331 36,810 34,705 to 38,359 Restricted investment. These financial assets are carried at fair value 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 is carried at fair value based on the terms of the acquisition agreements and any changes to fair value are recorded in “other” operating expenses in our condensed consolidated statements of operations. See note 7 . 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, due from Braemar, 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. See note 2. Notes payable. The fair value of notes payable is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of September 30, 2020 , we had approximately $11.4 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement which, under the Extension Agreement, must be fulfilled by December 31, 2022. Contingent Consideration — We had total acquisition-related contingent consideration liabilities outstanding of approximately $3.9 million and $5.6 million as of September 30, 2020 and December 31, 2019, respectively, primarily related to the level of achievement of certain performance targets and stock consideration collars. See notes 4 and 7. Litigation — In June 2020, each of the Company, Braemar, Ashford Trust, and Lismore, a subsidiary of the Company (collectively with the Company, Braemar, Ashford Trust and Lismore, the “Ashford Companies”), received an administrative subpoena from the SEC. The Company’s administrative subpoena requires the production of documents and other information since January 1, 2018 relating to, among other things, (1) related party transactions among the Ashford Companies (including the Ashford Trust Agreement and the Braemar Agreement pursuant to which each of Ashford Trust and Braemar engaged Lismore to negotiate the refinancing, modification or forbearance of certain mortgage debt) or between any of the Ashford Companies and any officer, director or owner of the Ashford Companies or any entity controlled by any such person, and (2) the Company’s accounting policies, procedures and internal controls related to such related party transactions. In addition, in October 2020, Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, received an administrative subpoena from the SEC requesting testimony and the production of documents and other information substantially similar to the requests in the subpoenas received by the Ashford Companies. The Company and Mr. Monty J. Bennett are responding to the administrative subpoenas. A class action lawsuit has been filed against one of the Company’s subsidiaries alleging violations of certain California employment laws. The court has entered an order granting class certification with respect to: (1) a statewide class of non-exempt employees who were allegedly deprived of rest breaks as a result of the subsidiary’s previous policy requiring employees to stay on premises during rest breaks; and (2) a derivative class of non-exempt former employees who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members are being prepared. Upon receipt, recipients of the notice will have sixty ( 60 ) days to opt out of the class. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because the class size has not yet been determined and there is uncertainty under California law with respect to a significant legal issue, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of September 30, 2020, no amounts have been accrued. The Company is engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the financial position, results of operations or cash flow 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 consolidated financial position or results of operations could be materially adversely affected in future periods.

Equity (Deficit)

Equity (Deficit)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity (Deficit)	Equity (Deficit) Shareholder Rights Plan —On March 13, 2020, the Board adopted a shareholder rights plan (the “2020 Rights Agreement”). The 2020 Rights Agreement is intended to improve the bargaining position of the Board in the event of an unsolicited offer to acquire our outstanding shares of common stock. Pursuant to the 2020 Rights Agreement, the Board declared a dividend of one preferred share purchase right (a “Right”) payable on March 23, 2020, for each outstanding share of common stock, par value $0.001 per share, outstanding on March 23, 2020 to the stockholders of record on that date. Each Right initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series E Preferred Stock, par value $0.001 per share (the “Preferred Shares”), of the Company, at a price of $275 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. The Rights become exercisable upon certain conditions, as defined in the rights agreement. At any time prior to the time any person or group becomes an Acquiring Person, as defined in the rights agreement, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. The value of the Rights is de minimis . Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Income) loss allocated to noncontrolling interests: OpenKey 181 146 420 475 RED 109 (27 ) 264 (87 ) Pure Wellness 29 (27 ) 52 (2 ) Other — 9 21 9 Total net (income) loss allocated to noncontrolling interests $ 319 $ 101 $ 757 $ 395

Mezzanine Equity

Mezzanine Equity	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — Redeemable noncontrolling interests are included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 35 $ 15 $ 396 $ 25 JSAV 392 165 870 71 OpenKey 177 154 422 527 Total net (income) loss allocated to redeemable noncontrolling interests $ 604 $ 334 $ 1,688 $ 623 Convertible Preferred Stock —Our convertible preferred stock is included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. 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 the 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, was outstanding). Each share of Series D Convertible Preferred Stock: (i) has a liquidation value of $25 per share; (ii) accrues cumulative dividends at the rate of: (a) 6.59% per annum until November 6, 2020; (b) 6.99% per annum from November 6, 2020 until November 6, 2021; and (c) 7.28% per annum thereafter, (iii) participates 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. In the event the Company fails to pay the dividends on the Series D Convertible Preferred Stock for two consecutive quarterly periods (a “Preferred Stock Breach”), then until such arrearage is paid in cash in full: (A) the dividend rate on the Series D Convertible Preferred Stock will increase to 10.00% per annum until no Preferred Stock Breach exists; (B) no dividends on the Company’s common stock may be declared or paid, and no other distributions or redemptions may be made, on the Company’s common stock; and (C) the Board will be increased by two seats and the holders of 55% of the outstanding Series D Convertible Preferred Stock will be entitled to fill such newly created seats. The Series D Convertible Preferred Stock is held primarily by Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, Mr. Archie Bennett, Jr., who is Mr. Monty J. Bennett’s father, one of our other executive officers and several other individuals. To the extent not paid on April 15, July 15, October 15 and January 15 of each calendar year in respect of the quarterly periods ending on March 31, June 30, September 30 and December 31, respectively (each such date, a “Dividend Payment Date”), all accrued dividends on any share shall accumulate and compound on the applicable Dividend Payment Date whether or not declared by the Board and whether or not funds are legally available for the payment thereof. All accrued dividends shall remain accumulated, compounding dividends until paid in cash pursuant hereto or converted to common shares. The Series D Convertible Preferred Stock is entitled to vote alongside our voting common stock on an as-converted basis, subject to applicable voting limitations. So long as any shares of Series D Convertible Preferred Stock are outstanding, the Company is prohibited from taking specified actions without the consent of the holders of 55% of the outstanding Series D Convertible Preferred Stock, including: (i) modifying the terms, rights, preferences, privileges or voting powers of the Series D Convertible Preferred Stock; (ii) altering the rights; preferences or privileges of any capital stock of the Company so as to affect adversely the Series D Convertible Preferred Stock; (iii) issuing any security senior to the Series D Convertible Preferred Stock, or any shares of Series D Convertible Preferred Stock other than pursuant to the Combination Agreement dated May 31, 2019 between us, the Bennetts, Remington Holdings, L.P. and certain other parties, as amended (the “Combination Agreement”); (iv) entering into any agreement that expressly prohibits or restricts the payment of dividends on the Series D Convertible Preferred Stock or the common stock of the Company or the exercise of the Change of Control Put Option (as defined in the Combination Agreement); or (v) other than the payment of dividends on the Series D Convertible Preferred Stock or payments to purchase any of the Series D Convertible Preferred Stock, transferring all or a substantial portion of the Company’s or its subsidiaries’ cash balances or other assets to a person other than the Company or its subsidiaries, other than by means of a dividend payable by the Company pro rata to the holders of the Company common stock (together with a corresponding dividend payable to the holders of the Series D Convertible Preferred Stock). 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). Under the applicable authoritative accounting guidance, the increasing dividend rate feature of the Series D Convertible Preferred Stock 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” on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2020 , we recorded $781,000 and $2.4 million , respectively, of amortization related to preferred stock discounts. For the three and nine months ended September 30, 2019 , we recorded $363,000 and $1.3 million , respectively, of amortization related to preferred stock discounts. On March 16, 2020, the Company announced that the Board had declared and the Company would pay 50% of the dividend which was due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020. The declared $3.9 million dividends were paid on April 15, 2020. On June 24, 2020, the Company declared the remaining 50% or approximately $4.0 million of dividends, including compounding dividends, due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020 which were paid on July 14, 2020 . The Company did not declare dividends with respect to its Series D Convertible Preferred Stock for the second quarter of 2020. On September 14, 2020, the Board declared a dividend of $0.411875 per share which was due with respect to its Series D Convertible Preferred Stock for the third quarter of 2020. The declared $7.9 million dividends were paid on October 15, 2020. As of September 30, 2020, the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million which relates to the second quarter of 2020. All dividends, declared and undeclared, are recorded as a reduction in net income (loss) in the period incurred in our condensed consolidated statements of operations. All accrued dividends accumulate and compound until paid in cash or converted into common stock of the Company pursuant to the Certificate of Designation for the Series D Convertible Preferred Stock. Unpaid dividends, declared and undeclared, totaling $15.9 million at September 30, 2020 , are recorded as a liability in our condensed consolidated balance sheets as “dividends payable”. Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Preferred dividends - declared $ 7,875 $ 2,909 $ 15,815 $ 8,492 Preferred dividends per share - declared $ 0.4119 $ 0.3583 $ 0.8271 $ 1.0458 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): September 30, 2020 December 31, 2019 Aggregate preferred dividends - undeclared $ 7,985 $ — Aggregate preferred dividends - undeclared per share $ 0.4176 $ —

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three and nine months ended September 30, 2020 and 2019 are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity-based compensation Stock option amortization (1) $ 1,454 $ 2,070 $ 3,146 $ 6,264 Employee equity grant expense (2) 221 14 573 71 Director and other non-employee equity grants expense (3) 100 5 369 615 Total equity-based compensation $ 1,775 $ 2,089 $ 4,088 $ 6,950 Other equity-based compensation REIT equity-based compensation (4) $ 4,088 $ 6,743 $ 13,288 $ 19,226 $ 5,863 $ 8,832 $ 17,376 $ 26,176 ________ (1) As of September 30, 2020 , the Company had approximately $4.3 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.8 years . The nine months ended September 30, 2020, includes the forfeiture of 98,603 options from the voluntary resignation of Douglas A. Kessler, Senior Managing Director of the Company, in May of 2020. (2) As of September 30, 2020 , the Company had approximately $2.1 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.3 years . Effective as of May 15, 2020, employee equity grant expense additionally includes common stock issued to Mr. Monty J. Bennett at fair value in lieu of cash for payment of his base salary pursuant to the Company’s 2014 Incentive Plan, as amended. See note 1 . (3) Grants of stock, restricted stock and stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. See “Equity-based Compensation” in note 2 . (4) REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees. See notes 2 and 14 .

Deferred Compensation Plan

Deferred Compensation Plan	9 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation Plan We administer a non-qualified deferred compensation plan (“DCP”) for certain executive officers. The plan allowed participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. For the periods the DCP was administered by Ashford Trust, the participants elected Ashford Trust common stock as their investment option. In accordance with the applicable authoritative accounting guidance, the deferred amounts and any dividends earned received equity treatment and were included in additional paid-in capital. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our condensed consolidated statements of operations and comprehensive income (loss). The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Change in fair value Unrealized gain (loss) $ 869 $ 1,526 $ 3,566 $ 5,603 Distributions Fair value (1) $ 2 $ 20 $ 8 $ 93 Shares (1) — 1 1 3 ________ (1) Distributions made to one participant. As of September 30, 2020 and December 31, 2019 the carrying value of the DCP liability was $1.2 million and $4.7 million , respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
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. Ashford Trust — We are a party to an amended and restated advisory agreement, as amended, with Ashford Trust and Ashford Trust OP. In addition, 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. On March 20, 2020, we amended the master project management agreement to provide that Premier’s fees shall be paid by Ashford Trust to Premier upon the completion of any work provided by third party vendors to Ashford Trust. Further, 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. Ashford Trust pays the Company a monthly hotel management fee equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenue (the “base fee”) as well as annual incentive hotel management fees, if certain operational criteria are met and other general and administrative expense reimbursements. Under the original terms of the Ashford Trust master hotel management agreement, Ashford Trust paid us on the fifth day of each month for the base fees in the preceding month. On March 13, 2020, Ashford Trust entered into the Ashford Trust Hotel Management Letter Agreement with the Company. In order to allow the Company to better manage our corporate working capital and to ensure the continued efficient operation of the Ashford Trust hotels managed by Remington, Ashford Trust agreed to pay the base fee and to reimburse all expenses for Remington-managed hotels on a weekly basis for the preceding week, rather than on a monthly basis. The Ashford Trust Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by Ashford Trust. On March 20, 2020, Lismore, a wholly owned subsidiary of the Company, entered into an agreement to seek modifications, forbearances or refinancings of Ashford Trust’s loans (the “Ashford Trust Agreement”). Pursuant to the Ashford Trust Agreement, Lismore shall, during the term of the agreement (which commenced on March 20, 2020 and shall end on the date that is twelve months following the commencement date, or upon it being terminated by Ashford Trust on not less than thirty days written notice) negotiate the refinancing, modification or forbearance of the existing mortgage debt on Ashford Trust’s hotels. For the purposes of the Ashford Trust Agreement, financing shall include, without limitation, senior or subordinate loan financing, provided in any single transaction or a combination of transactions, including, mortgage loan financing, mezzanine loan financing, or subordinate loan financing encumbering the applicable hotel or unsecured loan financing. On July 1, 2020, Lismore and Ashford Trust amended and restated the Ashford Trust Agreement with an effective date of April 6, 2020. Pursuant to the amended and restated agreement, the term of the agreement was extended to 24 months following the commencement date. In connection with the services to be provided by Lismore under the amended and restated agreement, Lismore received a fee of $2.6 million in three equal installments of $857,000 per month beginning July 20, 2020, and ending on September 20, 2020. Lismore is also entitled to receive a fee that is calculated and payable as follows: (i) a fee equal to 25 basis points ( 0.25% ) of the amount of a loan, payable upon the acceptance by the applicable lender of any forbearance or extension of such loan, or in the case where a third-party agent or contractor engaged by Ashford Trust has secured an extension of the maturity date equal to or greater than 12 months of any such loan, then the amount payable to Lismore shall be reduced to 10 basis points ( 0.10% ); (ii) a fee equal to 75 basis points ( 0.75% ) of the amount of any principal reduction of a loan upon the acceptance by any lender of any principal reduction of such loan; and (iii) a fee equal to 150 basis points ( 1.50% ) of the implied conversion value (but in any case, no less than 50% of the face value of such loan or loans) of a loan upon the acceptance by any lender of any debt to equity conversion of such loan. At the time of amendment, Lismore had been paid approximately $8.3 million , in the aggregate, pursuant to the original agreement. Under the amended and restated agreement, Ashford Trust is still entitled, in the event that Ashford Trust does not complete, for any reason, extensions or forbearances during the term of the agreement equal to or greater than approximately $4.1 billion , to offset, against any fees Ashford Trust or its affiliates owe pursuant to the advisory agreement, a portion of the fee previously paid by Ashford Trust to Lismore equal to the product of (x) approximately $4.1 billion minus the amount of extensions or forbearances completed during the term of the agreement multiplied by (y) 0.125% . For the three and nine month period ended September 30, 2020 , the Company recognized revenue of $3.0 million and $3.6 million , respectively. The three month period ended September 30, 2020 includes a $1.1 million cumulative catch-up adjustment to revenue which was previously considered constrained. As of September 30, 2020 , the Company recorded $9.9 million as deferred income of which $2.0 million is subject to claw back. The deferred income related to the various Lismore fees described above will be recognized over the 24 month term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. See the table below for details of the revenue recognized by the Company and note 3 for additional discussion of the related deferred income. On October 16, 2020, the independent members of the Board provided Ashford Trust a 30 -day deferral on the payment of: (i) approximately $3.0 million in base advisory fees due to the Company with respect to the month of October 2020; (ii) approximately $1.0 million in reimbursable expenses due to the Company with respect to the month of October 2020, payable under the amended and restated advisory agreement, as amended, with Ashford Trust and Ashford Trust OP; and (iii) $3.0 million of success fees earned by Lismore in the third quarter of 2020. The Board also accelerated approximately $506,000 in claw back credit due to Ashford Trust which, absent a waiver, would occur after the expiration of the Lismore Agreement. In addition, the independent members of the Board provided to Ashford Trust a limited waiver of any claim against Ashford Trust and Ashford Trust’s affiliates, and each of their officers and directors, for breach of the Ashford Trust Agreement or any damages that may have arisen in absence of the success fee deferrals. On November 4, 2020, the independent members of the Board provided Ashford Trust: (i) a deferral on the payment of base advisory fees with respect to October 2020 in the amount of approximately $3.0 million that were previously deferred on October 16, 2020; (ii) a deferral on the payment of approximately $3.0 million of success fees earned by Lismore that were previously deferred on October 16, 2020; (iii) a deferral on the payment of approximately $3.0 million in base advisory fees due to the Company with respect to the month of November 2020; (iv) a deferral on the payment of any Lismore success fees that may be earned during November 2020, such that each such deferred payment shall be due and payable on December 1, 2020; and (v) a limited waiver of any claim against Ashford Trust and Ashford Trust’s affiliates, and each of their officers and directors, for breach of the advisory agreement or any damages that may have arisen in absence of the fee deferrals. In addition, the independent members of the Board waived the obligation of Ashford Trust to replace the FF&E owned by the Company at Ashford Trust’s Embassy Suites New York Manhattan Times Square hotel that was lost when Ashford Trust consummated a deed-in-lieu of foreclosure transaction with the mezzanine lender. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 REVENUES BY TYPE Advisory services revenue: Base advisory fee $ 8,653 $ 8,003 $ 26,127 $ 24,463 Hotel management: Base management fees (1) 3,491 — 12,688 — Project management revenue (2) 722 4,192 4,642 12,481 Audio visual revenue (3) — — — — Other revenue Debt placement and related fees (4) 2,957 — 3,774 1,158 Claims management services (5) 42 26 88 57 Lease revenue (6) — 946 — 2,837 Other services (7) 340 482 1,126 1,358 Total other revenue 3,339 1,454 4,988 5,410 Cost reimbursement revenue 23,155 8,289 111,175 24,245 Total revenues $ 39,360 $ 21,938 $ 159,620 $ 66,599 REVENUES BY SEGMENT (8) REIT advisory $ 12,457 $ 15,888 $ 38,419 $ 48,500 Remington 22,049 — 108,323 — Premier 1,020 5,083 6,281 15,098 OpenKey 49 28 178 83 Corporate and other 3,785 939 6,419 2,918 Total revenues $ 39,360 $ 21,938 $ 159,620 $ 66,599 COST OF REVENUES Cost of audio visual revenues (3) $ 59 $ 1,778 $ 2,073 $ 5,324 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (3) $ 133 $ 4,110 $ 4,737 $ 12,160 ________ (1) Hotel management revenue is reported within our Remington segment. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). See note 3 for discussion of the hotel management revenue recognition policy. (2) 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. See note 3 for discussion of the project management revenue recognition policy. (3) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (4) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. Revenue recognized by the Company in the three months ended September 30, 2020 includes a $1.1 million cumulative catch-up related to revenue which was previously considered constrained. (5) Claims management services include revenue earned from providing insurance claim assessment and administration services. (6) 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, other revenue for the three and nine months ended September 30, 2019, includes a portion of the base advisory fee for leases commencing prior to our adoption, which is equal to the estimated fair value of the lease payments that would have been made. (7) 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. (8) See note 16 for discussion of segment reporting. Braemar — We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. In addition, 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. On March 20, 2020, we amended the project management agreement to provide that Premier’s fees shall be paid by Braemar to Premier upon the completion of any work provided by third party vendors to Braemar. In 2014, Braemar entered into a hotel master management agreement with Remington Lodging (then wholly-owned by Mr. Monty J. Bennett, our Chairman and Mr. Archie Bennett, Jr., who is Monty J. Bennett’s father.) 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. Braemar pays the Company a monthly hotel management fee equal to the greater of $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenue (the “base fee”) as well as annual incentive hotel management fees, if certain operational criteria are met and other general and administrative expense reimbursements. Under the original terms of the Braemar master hotel management agreement, Braemar paid us on the fifth day of each month for the base fees in the preceding month. On March 13, 2020, Braemar entered into the Braemar Hotel Management Letter Agreement with the Company. In order to allow the Company to better manage its corporate working capital and to ensure the continued efficient operation of the Braemar hotels managed by Remington, Braemar agreed to pay the base fee and to reimburse all expenses for Remington-managed hotels on a weekly basis for the preceding week, rather than on a monthly basis. The Braemar Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by Braemar. On March 20, 2020, Lismore entered into an agreement to seek modifications, forbearances or refinancings of Braemar’s loans (the “Braemar Agreement”). Pursuant to the Braemar Agreement, Lismore shall, during the term of the agreement (which commenced on March 20, 2020 and shall end on the date that is twelve months following the commencement date, or upon it being terminated by Braemar on not less than thirty days written notice) negotiate the refinancing, modification or forbearance of the existing mortgage and mezzanine debt on Braemar’s hotels. For the purposes of the Braemar Agreement, financing shall include, without limitation, senior or subordinate loan financing, provided in any single transaction or a combination of transactions, including, mortgage loan financing, mezzanine loan financing, or subordinate loan financing encumbering the applicable hotel or unsecured loan financing. In connection with the services provided by Lismore, Lismore shall be paid an advisory fee of up to 50 basis points ( 0.50% ) of the aggregate amount of the modifications, forbearances or refinancings, of Braemar’s mortgage and mezzanine debt and Braemar’s secured revolving credit facility (the “Braemar Financings”) calculated and payable as follows: (i) 0.125% of the aggregate amount of potential Braemar Financings upon execution of the Braemar Agreement; (ii) 0.125% payable in six equal installments beginning April 20, 2020 and ending on September 20, 2020; provided, however, in the event Braemar does not complete, for any reason, Braemar Financings during the term of the Braemar Agreement equal to or greater than $1.1 billion , then Braemar shall offset, against any fees owed by Braemar or its affiliates pursuant to the advisory agreement, a portion of the fee paid by Braemar to Lismore pursuant to this section equal to the product of (x) the amount of Braemar Financings completed during the term of the Braemar Agreement minus $1.1 billion multiplied by (y) 0.125% ; and (iii) 25 basis points ( 0.25% ) payable upon the acceptance by the applicable lender of any Braemar Financing. For the three and nine month period ended September 30, 2020 , the Company recognized revenue of $1.0 million and $1.7 million , respectively. The three month period ended September 30, 2020 includes a $137,000 cumulative catch-up adjustment to revenue which was previously considered constrained. As of September 30, 2020 , the Company recorded $2.5 million as deferred income of which $682,000 is subject to claw back. The deferred income related to the various Lismore fees described above will be recognized over the 12 month term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. The following table summarizes the revenues related to Braemar (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 REVENUES BY TYPE Advisory services revenue: Base advisory fee $ 2,387 $ 2,567 $ 7,580 $ 7,919 Incentive advisory fee (1) (339 ) 170 — 509 Other advisory revenue (2) 131 131 391 389 Total advisory services revenue 2,179 2,868 7,971 8,817 Hotel management: Base management fees (3) 256 — 765 — Project management revenue (4) 362 2,413 1,817 6,862 Audio visual revenue (5) — — — — Other revenue Debt placement and related fees (6) 1,060 429 1,706 704 Claims management services (7) 13 25 96 90 Lease revenue (8) — 83 — 251 Other services (9) 300 356 775 904 Total other revenue 1,373 893 2,577 1,949 Cost reimbursement revenue 4,491 3,108 14,851 8,362 Total revenues $ 8,661 $ 9,282 $ 27,981 $ 25,990 REVENUES BY SEGMENT (10) REIT advisory $ 4,338 $ 5,493 $ 14,868 $ 16,138 Remington 2,278 — 7,527 — Premier 501 2,839 2,491 8,079 OpenKey 30 9 101 42 Corporate and other 1,514 941 2,994 1,731 Total revenues $ 8,661 $ 9,282 $ 27,981 $ 25,990 COST OF REVENUES Cost of audio visual revenues (5) $ 20 $ 199 $ 467 $ 404 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 87 $ 439 $ 1,092 $ 888 ________ (1) In the third quarter of 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement as stated in the Braemar advisory agreement. As such, the Company did not recognize any incentive fee revenue related to Braemar in the three months ended September 30, 2020. The three months ended September 30, 2020 additionally includes a reversal of $339,000 of incentive fee revenue recognized in the first two quarters of 2020 which the Company no longer expects to collect due to Braemar no longer meeting the FCCR Condition. Incentive advisory fee for the three and nine months ended September 30, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which was paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2019 and 2017 measurement periods. See note 3 . (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. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). 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. 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 condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. Revenue recognized by the Company in the three months ended September 30, 2020 includes a $137,000 cumulative catch-up related to revenue which was previously considered constrained. (7) Claims management services include revenue 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, other revenue for the three and nine months ended September 30, 2019, includes a portion of the base advisory fee for leases commencing prior to our adoption, which is 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 16 for discussion of segment reporting. Other Related Party Transactions — 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. On March 16, 2020, the Company announced entry into the Extension Agreement, dated March 13, 2020 (the “Extension Agreement”), related to the Ashford Trust ERFP Agreement. Under the terms of the Extension Agreement, the remaining ERFP commitment funding deadline under the Ashford Trust ERFP Agreement of $11.4 million as of September 30, 2020 and December 31, 2019 , has been extended from January 22, 2021 to December 31, 2022. See note 9 . On August 19, 2020, Ashford Trust sold the Embassy Suites New York Manhattan Times Square. The hotel contained FF&E with a net book value of $6.4 million which was owned by the Company and leased to Ashford Trust rent-free pursuant to the Ashford Trust ERFP Agreement. On November 4, 2020, the independent members of the Board waived the requirement for Ashford Trust to provide replacement FF&E. As a result, the Company recorded a loss on disposal of FF&E of $6.4 million within “other” operating expense in our condensed consolidated statements of operations for the three and nine months ended September 30, 2020. 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. In conjunction with the formation of Ashford Securities, Ashford Trust and Braemar entered into a contribution agreement with Ashford Inc. in the third quarter of 2019 in which Ashford Trust and Braemar agreed to a combined contribution of up to $15.0 million to fund the operations of Ashford Securities. As of September 30, 2020 , Ashford Trust and Braemar have funded approximately $3.0 million and $996,000 , respectively. The Company recognized $538,000 and $183,000 of cost reimbursement revenue from Ashford Trust and Braemar, respectively, for the three months ended September 30, 2020 in our condensed consolidated statements of operations. The Company recognized $1.7 million and $613,000 of cost reimbursement revenue from Ashford Trust and Braemar, respectively, for the nine months ended September 30, 2020 in our condensed consolidated statements of operations. Additionally, see note 2 with respect to the Company’s restricted cash and other liabilities policies related to reserves for insurance claims and associated ancillary costs.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (13,217 ) $ (6,156 ) $ (198,853 ) $ (5,334 ) Less: Dividends on preferred stock, declared and undeclared (1) (7,985 ) (2,909 ) (23,800 ) (8,492 ) Less: Amortization of preferred stock discount (781 ) (363 ) (2,386 ) (1,338 ) Undistributed net income (loss) allocated to common stockholders (21,983 ) (9,428 ) (225,039 ) (15,164 ) Distributed and undistributed net income (loss) - basic $ (21,983 ) $ (9,428 ) $ (225,039 ) $ (15,164 ) Effect of deferred compensation plan — (1,526 ) — (5,603 ) Effect of incremental subsidiary shares — — — (527 ) Distributed and undistributed net income (loss) - diluted $ (21,983 ) $ (10,954 ) $ (225,039 ) $ (21,294 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,306 2,580 2,259 2,489 Effect of deferred compensation plan shares — 202 — 135 Effect of incremental subsidiary shares — — — 55 Weighted average common shares outstanding – diluted 2,306 2,782 2,259 2,679 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (9.53 ) $ (3.65 ) $ (99.62 ) $ (6.09 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (9.53 ) $ (3.94 ) $ (99.62 ) $ (7.95 ) ________ (1) As of September 30, 2020 , the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million . Undeclared dividends were deducted to arrive at net income attributable to common stockholders. See note 11. Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (35 ) (15 ) (396 ) (25 ) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (569 ) (319 ) (1,292 ) (71 ) Dividends on preferred stock, declared and undeclared 7,985 2,909 23,800 8,492 Amortization of preferred stock discount 781 363 2,386 1,338 Total $ 8,162 $ 2,938 $ 24,498 $ 9,734 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 14 12 27 10 Effect of assumed exercise of stock options — — — 27 Effect of assumed conversion of Ashford Holdings units 4 4 4 4 Effect of incremental subsidiary shares 835 186 598 74 Effect of assumed conversion of preferred stock 4,136 1,450 4,091 1,450 Total 4,989 1,652 4,720 1,565

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our operating segments include: (a) REIT Advisory, which provides asset management and advisory services to other entities, (b) Remington, which provides hotel management services, (c) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services, (d) JSAV, which provides event technology and creative communications solutions services, (e) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (f) RED, a provider of watersports activities and other travel and transportation services, (g) Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia, (h) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, and (i) Lismore and REA Holdings, which provide debt placement and related services, real estate advisory services and brokerage services. For 2020, 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 three and nine months ended September 30, 2020 , and 2019 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended September 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 10,832 $ — $ — $ — $ — $ — $ 10,832 Hotel management — 3,777 — — — — 3,777 Project management fees — — 1,790 — — — 1,790 Audio visual — — — 3,114 — — 3,114 Other 55 — — — 341 7,826 8,222 Cost reimbursement revenue (1) 5,903 21,023 487 — — 720 28,133 Total revenues 16,790 24,800 2,277 3,114 341 8,546 55,868 EXPENSES Depreciation and amortization 2,128 3,514 3,157 494 5 796 10,094 Other operating expenses (2) — 3,101 1,662 6,033 1,035 20,505 32,336 Reimbursed expenses (1) 5,841 21,023 487 — — 721 28,072 Total operating expenses 7,969 27,638 5,306 6,527 1,040 22,022 70,502 OPERATING INCOME (LOSS) 8,821 (2,838 ) (3,029 ) (3,413 ) (699 ) (13,476 ) (14,634 ) Equity in earnings (loss) of unconsolidated entities — — — — — 48 48 Interest expense — — — (187 ) — (1,072 ) (1,259 ) Amortization of loan costs — — — (14 ) — (72 ) (86 ) Other income (expense) — — — (8 ) — (36 ) (44 ) INCOME (LOSS) BEFORE INCOME TAXES 8,821 (2,838 ) (3,029 ) (3,622 ) (699 ) (14,608 ) (15,975 ) Income tax (expense) benefit (2,093 ) (502 ) 624 816 — 2,990 1,835 NET INCOME (LOSS) $ 6,728 $ (3,340 ) $ (2,405 ) $ (2,806 ) $ (699 ) $ (11,618 ) $ (14,140 ) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $1.8 million of hotel management revenue, 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, general and administrative expenses and other expenses. Nine Months Ended September 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 34,098 $ — $ — $ — $ — $ — $ 34,098 Hotel management fees — 13,592 — — — — 13,592 Project management fees — — 7,780 — — — 7,780 Audio visual — — — 33,758 — — 33,758 Other 195 — — — 1,155 16,900 18,250 Cost reimbursement revenue (1) 19,004 104,123 2,393 — — 2,310 127,830 Total revenues 53,297 117,715 10,173 33,758 1,155 19,210 235,308 EXPENSES Depreciation and amortization 7,004 10,425 9,471 1,486 15 1,771 30,172 Impairment — 126,548 49,524 2,141 — — 178,213 Other operating expenses (2) — 10,753 6,549 37,478 2,757 45,972 103,509 Reimbursed expenses (1) 18,811 104,123 2,393 — — 2,311 127,638 Total operating expenses 25,815 251,849 67,937 41,105 2,772 50,054 439,532 OPERATING INCOME (LOSS) 27,482 (134,134 ) (57,764 ) (7,347 ) (1,617 ) (30,844 ) (204,224 ) Equity in earnings (loss) of unconsolidated entities — — — — — 301 301 Interest expense — — — (628 ) — (3,053 ) (3,681 ) Amortization of loan costs — — — (43 ) — (199 ) (242 ) Interest income — — — — — 29 29 Realized gain (loss) on investments — (386 ) — — — — (386 ) Other income (expense) — 26 — (321 ) (6 ) (198 ) (499 ) INCOME (LOSS) BEFORE INCOME TAXES 27,482 (134,494 ) (57,764 ) (8,339 ) (1,623 ) (33,964 ) (208,702 ) Income tax (expense) benefit (6,516 ) 1,212 1,351 1,853 — 9,504 7,404 NET INCOME (LOSS) $ 20,966 $ (133,282 ) $ (56,413 ) $ (6,486 ) $ (1,623 ) $ (24,460 ) $ (201,298 ) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $7.6 million of hotel management revenue, 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, general and administrative expenses and other expenses. Three Months Ended September 30, 2019 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 10,871 $ — $ — $ — $ — $ 10,871 Project management fees — 6,660 — — — 6,660 Audio visual — — 22,430 — — 22,430 Other 1,080 — — 313 4,234 5,627 Cost reimbursement revenue 9,430 1,221 — — 650 11,301 Total revenues 21,381 7,881 22,430 313 4,884 56,889 EXPENSES Depreciation and amortization 2,396 4,937 513 7 195 8,048 Other operating expenses (1) — 2,946 24,965 896 15,632 44,439 Reimbursed expenses 9,332 1,221 — — 650 11,203 Total operating expenses 11,728 9,104 25,478 903 16,477 63,690 OPERATING INCOME (LOSS) 9,653 (1,223 ) (3,048 ) (590 ) (11,593 ) (6,801 ) Equity in earnings (loss) of unconsolidated entities — — — — 464 464 Interest expense — — (298 ) — (158 ) (456 ) Amortization of loan costs — — (14 ) (6 ) (55 ) (75 ) Other income (expense) — — 49 3 (72 ) (20 ) INCOME (LOSS) BEFORE INCOME TAXES 9,653 (1,223 ) (3,311 ) (593 ) (11,414 ) (6,888 ) Income tax (expense) benefit (2,093 ) 9 698 — 1,683 297 NET INCOME (LOSS) $ 7,560 $ (1,214 ) $ (2,613 ) $ (593 ) $ (9,731 ) $ (6,591 ) ________ (1) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual, general and administrative expenses and other expenses. Nine Months Ended September 30, 2019 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 33,280 $ — $ — $ — $ — $ 33,280 Project management fees — 19,533 — — — 19,533 Audio visual — — 83,532 — — 83,532 Other 3,235 — — 764 10,720 14,719 Cost reimbursement revenue 28,123 3,838 — — 650 32,611 Total revenues 64,638 23,371 83,532 764 11,370 183,675 EXPENSES Depreciation and amortization 4,311 10,413 1,471 21 455 16,671 Other operating expenses (1) — 8,697 83,269 2,614 43,555 138,135 Reimbursed expenses 27,697 3,838 — — 650 32,185 Total operating expenses 32,008 22,948 84,740 2,635 44,660 186,991 OPERATING INCOME (LOSS) 32,630 423 (1,208 ) (1,871 ) (33,290 ) (3,316 ) Equity in earnings (loss) of unconsolidated entities — — — — (109 ) (109 ) Interest expense — — (868 ) — (330 ) (1,198 ) Amortization of loan costs — — (41 ) (19 ) (154 ) (214 ) Interest income — — — — 29 29 Other income (expense) — — (107 ) 15 (23 ) (115 ) INCOME (LOSS) BEFORE INCOME TAXES 32,630 423 (2,224 ) (1,875 ) (33,877 ) (4,923 ) Income tax (expense) benefit (7,132 ) (759 ) 130 — 6,332 (1,429 ) NET INCOME (LOSS) $ 25,498 $ (336 ) $ (2,094 ) $ (1,875 ) $ (27,545 ) $ (6,352 ) ________ (1) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual, general and administrative expenses and other expenses.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 4, 2020, the Company executed the Third Amendment to the Asset Purchase Agreement in which we deferred $500,000 of consideration payable to the BAV sellers until November 30, 2020. The payment may be settled in cash or Ashford Inc. common stock using a 30-Day VWAP as of October 31, 2020.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 12, 2020 . 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 the three and nine months ended September 30, 2019, revenues and operating expense line item amounts have been reclassified to conform to the presentation adopted in the fourth quarter of 2019. These reclassifications have no effect on total revenues, 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 condensed consolidated
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues 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 September 30, 2020 and December 31, 2019 , restricted cash included $28.1 million and $10.7 million , respectively, of reserves for insurance claims and the associated ancillary costs. The restricted cash balance increased in 2020 primarily due to a transfer of $11.8 million of cash from Ashford Trust into an insurance claim related Company escrow account in the second quarter of 2020. 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 in 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.
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.
Other Liabilities	Other Liabilities —As of September 30, 2020 and December 31, 2019 , other liabilities included reserves in the amount of $28.1 million and $10.8 million , respectively, related primarily to Ashford Trust and Braemar properties’ insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities, beginning in 2017, in Mexico and the Dominican Republic and, beginning in 2018, in the U.S. Virgin Islands. Tax years 2016 through 2019 remain subject to potential examination by certain federal and state taxing authorities.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —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. We adopted ASU 2017-04 effective January 1, 2020. See our Goodwill and Indefinite-Lived Intangible Assets accounting policy disclosed in note 5 . 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. We adopted this standard effective January 1, 2020, and the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. 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. We elected to prospectively adopt ASU 2018-15 effective January 1, 2020, in our condensed consolidated financial statements. The adoption of ASU 2018-15 resulted in reclassifying capitalized implementation costs of service contracts incurred in a hosting arrangement from “property and equipment, net” to “other assets” in our condensed consolidated balance sheets. Amortization of the service contracts will continue to be recorded in “reimbursed expenses” in our condensed consolidated statements of operations. 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. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”). ASU 2019-10 revised the mandatory adoption date for public business entities that meet the definition of a smaller reporting company to be effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. We are currently evaluating the impact ASU 2016-13 and ASU 2019-10 may have on our condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our condensed consolidated financial statements and related disclosures.
Revenue Recognition	Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation 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, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. For Braemar, the base fee 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 subject to meeting the FCCR Condition. In the third quarter of 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement as stated in the Braemar advisory agreement. As such, the Company did not recognize any incentive fee revenue related to Braemar in the three months ended September 30, 2020. The three months ended September 30, 2020 additionally includes a reversal of $339,000 of incentive fee revenue recognized in the first two quarters of 2020 which the Company no longer expects to collect due to Braemar no longer meeting the FCCR Condition. 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 revenue for managing the hotel employees and daily operations of the hotels, pursuant to the amended and restated hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lesser of 1% of each hotel’s annual gross revenue 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 revenue 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 and related fees include revenue earned from providing placement, modifications, forbearances or refinancings of certain mortgage debt by Lismore. For certain agreements, the fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan is closed. For other agreements, deferred income related to the various Lismore fees will be recognized over the term of the agreement on a straight line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and legacy key money transaction with Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. Our ERFP leases entered into in 2018 with Ashford Trust commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASU 2016-02, Leases (“ASU 2016-02”), other revenue for the three and nine months ended September 30, 2019, includes a portion of the base advisory fee for leases commencing prior to our adoption, which is 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. Hotel 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 condensed 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 condensed 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 revenue being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred income that will be recognized 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 revenue recognized that was included in the deferred income balance at the beginning of the period.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 Ashford JSAV (3) OpenKey (4) Pure (5) RED (6) Other Ashford Inc. ownership interest 99.84 % 88.70 % 49.04 % 70.00 % 84.21 % 55.00 % Redeemable noncontrolling interests (1) (2) 0.16 % 11.30 % 25.06 % — % — % — % Noncontrolling interests in consolidated entities — % — % 25.90 % 30.00 % 15.79 % 45.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 24 $ 1,519 $ 1,419 n/a n/a n/a Redemption value adjustment, year-to-date 323 4 200 n/a n/a n/a Redemption value adjustment, cumulative 438 788 2,297 n/a n/a n/a Carrying value of noncontrolling interests — — 417 112 (228 ) 11 Assets, available only to settle subsidiary’s obligations (7) (8) n/a 47,680 2,367 1,817 21,869 145 Liabilities (9) n/a 44,280 954 1,829 14,050 61 Notes payable (9) n/a 20,017 — — 7,686 — Revolving credit facility (9) n/a 616 — 100 246 — 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) 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 — ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in JSAV, which we consolidate under the voting interest model. JSAV provides event technology and creative communications solutions in the hospitality industry. See also notes 1 , 10 and 11 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 10 and 11 . (5) Represents ownership interests in Pure 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 10 . (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, a leading provider of watersports activities and excursion services based in Key West, Florida which was acquired by RED in 2019. 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 10 . (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.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): September 30, 2020 December 31, 2019 Carrying value of the investment in REA Holdings $ 2,963 2,662 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity in earnings (loss) in unconsolidated entities $ 48 $ 464 $ 301 $ (109 )

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2020 2019 Balance as of June 30 $ 20,237 $ 11,226 Increases to deferred income 10,786 1,681 Recognition of revenue (1) (5,802 ) (1,287 ) Balance as of September 30 $ 25,221 $ 11,620 ________ (1) Deferred income recognized in the three months ended September 30, 2020 , includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $458,000 of audio visual revenue, (c) $4.0 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore (see note 14), which includes a $1.3 million cumulative catch-up adjustment to revenue which was previously considered constrained, and (d) $773,000 of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the three months ended September 30, 2019 , includes (a) $554,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $194,000 of audio visual revenue and (c) $539,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Income 2020 2019 Balance as of January 1 $ 13,280 $ 13,544 Increases to deferred income 22,457 4,429 Recognition of revenue (1) (10,516 ) (6,353 ) Balance as of September 30 $ 25,221 $ 11,620 ________ (1) Deferred income recognized in the nine months ended September 30, 2020 , includes (a) $1.7 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.6 million of audio visual revenue, (c) $5.4 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore (see note 14) and (d) $1.9 million of “other services” revenue earned by our hospitality products and services companies, excluding Lismore. Deferred income recognized in the nine months ended September 30, 2019 , includes (a) $2.0 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.6 million of audio visual revenue and (c) $1.8 million
Disaggregation of Revenue	The following table presents revenue from our JSAV reporting segment geographically for the three and nine months ended September 30, 2020 and 2019 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 2,977 $ 19,860 $ 25,622 $ 67,550 Mexico 54 1,804 6,563 11,289 Dominican Republic 83 766 1,573 4,693 $ 3,114 $ 22,430 $ 33,758 $ 83,532 Our revenues were comprised of the following for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Advisory services revenue: Base advisory fee $ 11,040 $ 10,570 $ 33,707 $ 32,382 Incentive advisory fee (339 ) 170 — 509 Other advisory revenue 131 131 391 389 Total advisory services revenue 10,832 10,871 34,098 33,280 Hotel management: Base fee 3,777 — 13,592 — Project management revenue 1,790 6,660 7,780 19,533 Audio visual revenue 3,114 22,430 33,758 83,532 Other revenue: Debt placement and related fees (2) 4,017 429 5,480 1,862 Claims management services 55 51 184 147 Lease revenue — 1,029 — 3,088 Other services (3) 4,150 4,118 12,586 9,622 Total other revenue 8,222 5,627 18,250 14,719 Cost reimbursement revenue 28,133 11,301 127,830 32,611 Total revenues $ 55,868 $ 56,889 $ 235,308 $ 183,675 REVENUES BY SEGMENT (1) REIT advisory $ 16,790 $ 21,381 $ 53,297 $ 64,638 Remington 24,800 — 117,715 — Premier 2,277 7,881 10,173 23,371 JSAV 3,114 22,430 33,758 83,532 OpenKey 341 313 1,155 764 Corporate and other 8,546 4,884 19,210 11,370 Total revenues $ 55,868 $ 56,889 $ 235,308 $ 183,675 ________ (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 16 for discussion of segment reporting. (2) Debt placement and related fees are earned by Lismore for providing placement, modification, forbearance or refinancing 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, and the revenue of Marietta, which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions	The fair value of the purchase price and final 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 final 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 1,341 Total fair value of purchase price $ 273,791 The fair value of the purchase price and final 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
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	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 175,653 Trademarks 10,400 Management contracts 107,600 22 years Total assets acquired 390,723 Current liabilities 23,740 Finance lease liabilities, current 331 Operating lease liabilities, current 2,038 Deferred tax liability 28,439 Finance lease liabilities, non-current 39,773 Operating lease liabilities, non-current 22,611 Total assumed liabilities 116,932 Net assets acquired $ 273,791 (1) Assets acquired under finance leases are included in “property and equipment, net.” 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 Fair Value Estimated Useful Life Current assets $ 76 Marine vessels 2,115 20 years Property and equipment, net 1,635 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 and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2019, and the removal of $212,000 and $775,000 of transaction costs directly attributable to the acquisitions (net of the incremental tax expense) for the three and nine months ended September 30, 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 55,868 $ 132,000 $ 235,308 $ 425,800 Net income (loss) (13,982 ) (2,704 ) (200,616 ) 1,420 Net income (loss) attributable to common stockholders (21,825 ) (10,936 ) (224,357 ) (23,763 )

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 , are as follows (in thousands): Remington Premier JSAV Corporate and Other Consolidated Balance at December 31, 2019 $ 143,854 $ 49,524 $ 10,211 $ 2,017 $ 205,606 Changes in goodwill: Adjustments (1) 31,800 — — — 31,800 Impairments (2) (121,048 ) (49,524 ) — — (170,572 ) Balance at September 30, 2020 $ 54,606 $ — $ 10,211 $ 2,017 $ 66,834 ________ (1) The adjustment to Remington goodwill relates to changes in our final valuation of the acquired assets and liabilities associated with the acquisition of Remington. See note 4 . (2)
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of September 30, 2020 and December 31, 2019 , are as follows (in thousands): September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ (12,746 ) $ 94,854 $ 148,500 $ (2,436 ) $ 146,064 Premier management contracts 194,000 (26,279 ) 167,721 194,000 (16,830 ) 177,170 JSAV customer relationships 9,319 (3,012 ) 6,307 9,319 (2,173 ) 7,146 RED boat slip rights 3,100 (186 ) 2,914 3,100 (70 ) 3,030 Pure Wellness customer relationships 175 (122 ) 53 175 (96 ) 79 Other 47 (9 ) 38 44 (3 ) 41 $ 314,241 $ (42,354 ) $ 271,887 $ 355,138 $ (21,608 ) $ 333,530 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 10,400 $ (5,500 ) $ 4,900 $ 10,300 $ — $ 10,300 JSAV trademarks 3,641 (2,141 ) 1,500 3,641 — 3,641 RED trademarks 490 — 490 490 — 490 $ 14,531 $ (7,641 ) $ 6,890 $ 14,431 $ — $ 14,431
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of September 30, 2020 and December 31, 2019 , are as follows (in thousands): September 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ (12,746 ) $ 94,854 $ 148,500 $ (2,436 ) $ 146,064 Premier management contracts 194,000 (26,279 ) 167,721 194,000 (16,830 ) 177,170 JSAV customer relationships 9,319 (3,012 ) 6,307 9,319 (2,173 ) 7,146 RED boat slip rights 3,100 (186 ) 2,914 3,100 (70 ) 3,030 Pure Wellness customer relationships 175 (122 ) 53 175 (96 ) 79 Other 47 (9 ) 38 44 (3 ) 41 $ 314,241 $ (42,354 ) $ 271,887 $ 355,138 $ (21,608 ) $ 333,530 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 10,400 $ (5,500 ) $ 4,900 $ 10,300 $ — $ 10,300 JSAV trademarks 3,641 (2,141 ) 1,500 3,641 — 3,641 RED trademarks 490 — 490 490 — 490 $ 14,531 $ (7,641 ) $ 6,890 $ 14,431 $ — $ 14,431

Notes Payable, net (Tables)

Notes Payable, net (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate September 30, 2020 December 31, 2019 Term loan (7) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to 2.25% or LIBOR (2) + 3.00% to 3.25% $ 34,125 $ 10,000 Term loan (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 12,300 12,642 Revolving credit facility (5) (8) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 616 2,599 Equipment note (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 6,017 3,393 Draw term loan (5) (9) JSAV November 1, 2022 One-Month LIBOR (3) + 3.25% 1,700 1,750 Revolving credit facility (5) (10) Pure Wellness On demand Prime Rate (4) + 1.00% 100 45 Term loan (6) (11) RED October 5, 2025 Prime Rate (4) + 1.75% 581 605 Revolving credit facility (6) (12) RED November 5, 2020 Prime Rate (4) + 1.75% 246 106 Draw term loan (6) (13) RED June 5, 2027 Prime Rate (4) + 1.75% 1,375 1,400 Term loan (6) (14) RED February 1, 2029 Prime Rate (4) + 2.00% 1,592 1,636 Term loan (5) (15) RED July 17, 2029 6.0% (16) 1,663 1,674 Term loan (5) (16) RED July 17, 2023 6.5% 900 960 Draw term loan (5) (17) RED August 5, 2028 Prime Rate (4) + 2.00% 1,575 — Notes payable 62,790 36,810 Less deferred loan costs, net (497 ) (227 ) Notes payable less net deferred loan costs 62,293 36,583 Less current portion (57,719 ) (3,550 ) Notes payable, net - non-current $ 4,574 $ 33,033 __________________ (1) Base Rate, as defined in the term loan 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 0.15% and 1.76% at September 30, 2020 and December 31, 2019 , respectively. (4) Prime Rate was 3.25% and 4.75% at September 30, 2020 and December 31, 2019 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 19, 2020, the Company amended and restated the senior revolving credit facility pursuant to a Fourth Amendment to the Term Loan Agreement. The Company converted and consolidated the existing $10 million borrowing under the senior revolving credit facility (which had been borrowed on a revolving basis) into a term loan and drew down the remaining $25 million balance of the senior revolving credit facility, borrowing $35 million under the term loan in the aggregate. Effective June 23, 2020, the Company and Bank of America N.A. executed the Fifth Amendment to the Term Loan Agreement . The Fifth Amendment (a) established a 0.50% LIBOR floor, (b) eliminated the consolidated net worth financial covenant, and (c) waived the violation of the consolidated net worth financial covenant that occurred on March 31, 2020. The Term Loan Agreement has a four year term and a maximum principal amount of $35 million . Principal payments of 1.25% of the outstanding balance are payable on the last business day of each fiscal quarter commencing June 30, 2020. Principal payment amounts are subject to maintaining a fixed charge coverage ratio below specified thresholds which if not met increase the principal payment due each quarter from 1.25% to 5.0% of the outstanding principal balance. The Company is also subject to certain financial covenants. See covenant compliance discussion below. (8) On March 1, 2019, in connection with the acquisition of BAV, JSAV amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . In connection with the term loan, JSAV entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at September 30, 2020 and December 31, 2019 , was not material. (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 April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. On July 20, 2020, Pure Wellness increased the line of credit to $250,000 . (11) On March 23, 2018, RED entered into a term loan of $750,000 . (12) On August 5, 2020, RED renewed its $250,000 revolving credit facility for an additional three months. (13) On February 27, 2019, RED entered into a draw term loan in the amount of $1.4 million . (14) On August 31, 2018, RED entered into a term loan of $1.8 million . (15) 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% . (16) On July 18, 2019, in connection with the acquisition of Sebago, RED entered into a term loan of $1.1 million . (17) On March 24, 2020, RED entered into a draw term loan with a maximum aggregate principal amount of $1.9 million . The draw term loan requires payment of interest only until March 5, 2021.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total September 30, 2020 Assets Restricted Investment: Ashford Trust common stock $ 48 (2) $ — $ — $ 48 Braemar common stock 108 (2) — — 108 Total $ 156 $ — $ — $ 156 Liabilities Contingent consideration $ (2,359 ) (1) $ — $ — $ (2,359 ) Subsidiary compensation plan — (33 ) (2) — (33 ) Deferred compensation plan (1,156 ) — — (1,156 ) Total $ (3,515 ) $ (33 ) $ — $ (3,548 ) Net $ (3,359 ) $ (33 ) $ — $ (3,392 ) __________________ (1) Represents the fair value of the contingent consideration liability of $2.4 million related to the stock consideration collar associated with JSAV’s acquisition of BAV. The contingent consideration liabilities are reported as “other liabilities” in our condensed consolidated balance sheets. See notes 1 and 4 . (2) 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 September 30, 2020, 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, 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 ) Net $ (6,202 ) $ (415 ) $ (2,959 ) $ (9,576 ) __________________ (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 4 . (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of BAV, which is reported within “other liabilities” in our consolidated balance sheets. See notes 1 and 4 . (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.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability Balance at December 31, 2019 $ (2,959 ) Acquisitions — Gains (losses) included in earnings (1) (41 ) Dispositions and settlements — Transfers into/out of Level 3 (2) 3,000 Balance at September 30, 2020 $ — __________________ (1) Reported as “other” operating expense in our condensed consolidated statements of operations. (2) Includes JSAV’s contingent consideration associated with the acquisition of BAV in March of 2019. In the first quarter of 2020, BAV fully achieved the operating performance targets during the earn-out period, in accordance with the applicable agreement. On May 6, 2020, the Company executed the Second Amendment to the Asset Purchase Agreement in which we agreed to immediately pay $1.5 million in cash and modified certain contingent consideration and stock consideration collar payment terms related to the acquisition of BAV to extend remaining payments of cash or stock on various payment dates through March 2021. Pursuant to the agreement, we paid $1.5 million cash to the BAV sellers on May 7, 2020. The final liability of $1.5 million owed to the sellers of BAV is no longer contingent and is reported in our condensed consolidated balance sheets within “other liabilities.”
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Income (Loss)	The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Assets Restricted investment: (1) Ashford Trust common stock $ — $ — $ (200 ) $ — Braemar common stock — — (186 ) — Goodwill — — (170,572 ) — Intangible assets, net — — (7,641 ) — Total — — (178,599 ) $ — Liabilities Contingent consideration (2) $ (134 ) $ (2,773 ) $ (751 ) $ (4,412 ) Subsidiary compensation plan (3) 22 — 187 — Deferred compensation plan (3) 869 1,526 3,566 5,603 Total $ 757 $ (1,247 ) $ 3,002 $ 1,191 Net $ 757 $ (1,247 ) $ (175,597 ) $ 1,191 __________________ (1) Represents the realized loss on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (2) Represents the changes in fair value of the contingent consideration liabilities related to the level of achievement of certain performance targets and stock consideration collars associated with the acquisition of BAV. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. See note 4 . (3) Reported as a component of “salaries and benefits” in our condensed 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: September 30, 2020 Equity securities (1) $ 1,170 $ — $ (1,014 ) $ 156 __________________ (1) Distribution of $195,000 of available-for-sale securities were recognized in the nine months ended September 30, 2020 . Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets. 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 as of December 31, 2019 . Unrealized losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our condensed consolidated balance sheets.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): September 30, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 156 $ 156 $ 1,195 $ 1,195 Financial liabilities measured at fair value: Deferred compensation plan $ 1,156 $ 1,156 $ 4,729 $ 4,729 Contingent consideration 2,359 2,359 5,627 5,627 Financial assets not measured at fair value: Cash and cash equivalents $ 68,623 $ 68,623 $ 35,349 $ 35,349 Restricted cash 36,577 36,577 17,900 17,900 Accounts receivable, net 3,833 3,833 7,241 7,241 Due from affiliates 108 108 357 357 Due from Ashford Trust 2,585 2,585 4,805 4,805 Due from Braemar 124 124 1,591 1,591 Investments in unconsolidated entities 3,777 3,777 3,476 3,476 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 42,093 $ 42,093 $ 39,160 $ 39,160 Dividends payable 15,860 15,860 4,725 4,725 Due to affiliates 733 733 1,011 1,011 Other liabilities 31,664 31,664 13,868 13,868 Notes payable 62,790 59,109 to 65,331 36,810 34,705 to 38,359

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of (Income) Loss Allocated To Noncontrolling Interests	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Income) loss allocated to noncontrolling interests: OpenKey 181 146 420 475 RED 109 (27 ) 264 (87 ) Pure Wellness 29 (27 ) 52 (2 ) Other — 9 21 9 Total net (income) loss allocated to noncontrolling interests $ 319 $ 101 $ 757 $ 395

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 35 $ 15 $ 396 $ 25 JSAV 392 165 870 71 OpenKey 177 154 422 527 Total net (income) loss allocated to redeemable noncontrolling interests $ 604 $ 334 $ 1,688 $ 623
Dividends Declared	Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Preferred dividends - declared $ 7,875 $ 2,909 $ 15,815 $ 8,492 Preferred dividends per share - declared $ 0.4119 $ 0.3583 $ 0.8271 $ 1.0458 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): September 30, 2020 December 31, 2019 Aggregate preferred dividends - undeclared $ 7,985 $ — Aggregate preferred dividends - undeclared per share $ 0.4176 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Cost	Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three and nine months ended September 30, 2020 and 2019 are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity-based compensation Stock option amortization (1) $ 1,454 $ 2,070 $ 3,146 $ 6,264 Employee equity grant expense (2) 221 14 573 71 Director and other non-employee equity grants expense (3) 100 5 369 615 Total equity-based compensation $ 1,775 $ 2,089 $ 4,088 $ 6,950 Other equity-based compensation REIT equity-based compensation (4) $ 4,088 $ 6,743 $ 13,288 $ 19,226 $ 5,863 $ 8,832 $ 17,376 $ 26,176 ________ (1) As of September 30, 2020 , the Company had approximately $4.3 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.8 years . The nine months ended September 30, 2020, includes the forfeiture of 98,603 options from the voluntary resignation of Douglas A. Kessler, Senior Managing Director of the Company, in May of 2020. (2) As of September 30, 2020 , the Company had approximately $2.1 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.3 years . Effective as of May 15, 2020, employee equity grant expense additionally includes common stock issued to Mr. Monty J. Bennett at fair value in lieu of cash for payment of his base salary pursuant to the Company’s 2014 Incentive Plan, as amended. See note 1 . (3) Grants of stock, restricted stock and stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. See “Equity-based Compensation” in note 2 . (4) REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees. See notes 2 and 14 .

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Change in fair value Unrealized gain (loss) $ 869 $ 1,526 $ 3,566 $ 5,603 Distributions Fair value (1) $ 2 $ 20 $ 8 $ 93 Shares (1) — 1 1 3 ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 REVENUES BY TYPE Advisory services revenue: Base advisory fee $ 8,653 $ 8,003 $ 26,127 $ 24,463 Hotel management: Base management fees (1) 3,491 — 12,688 — Project management revenue (2) 722 4,192 4,642 12,481 Audio visual revenue (3) — — — — Other revenue Debt placement and related fees (4) 2,957 — 3,774 1,158 Claims management services (5) 42 26 88 57 Lease revenue (6) — 946 — 2,837 Other services (7) 340 482 1,126 1,358 Total other revenue 3,339 1,454 4,988 5,410 Cost reimbursement revenue 23,155 8,289 111,175 24,245 Total revenues $ 39,360 $ 21,938 $ 159,620 $ 66,599 REVENUES BY SEGMENT (8) REIT advisory $ 12,457 $ 15,888 $ 38,419 $ 48,500 Remington 22,049 — 108,323 — Premier 1,020 5,083 6,281 15,098 OpenKey 49 28 178 83 Corporate and other 3,785 939 6,419 2,918 Total revenues $ 39,360 $ 21,938 $ 159,620 $ 66,599 COST OF REVENUES Cost of audio visual revenues (3) $ 59 $ 1,778 $ 2,073 $ 5,324 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (3) $ 133 $ 4,110 $ 4,737 $ 12,160 ________ (1) Hotel management revenue is reported within our Remington segment. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). See note 3 for discussion of the hotel management revenue recognition policy. (2) 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. See note 3 for discussion of the project management revenue recognition policy. (3) JSAV primarily contracts directly with customers to whom it provides audio visual services. JSAV recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (4) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. Revenue recognized by the Company in the three months ended September 30, 2020 includes a $1.1 million cumulative catch-up related to revenue which was previously considered constrained. (5) Claims management services include revenue earned from providing insurance claim assessment and administration services. (6) 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, other revenue for the three and nine months ended September 30, 2019, includes a portion of the base advisory fee for leases commencing prior to our adoption, which is equal to the estimated fair value of the lease payments that would have been made. (7) 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. (8) See note 16 for discussion of segment reporting. The following table summarizes the revenues related to Braemar (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 REVENUES BY TYPE Advisory services revenue: Base advisory fee $ 2,387 $ 2,567 $ 7,580 $ 7,919 Incentive advisory fee (1) (339 ) 170 — 509 Other advisory revenue (2) 131 131 391 389 Total advisory services revenue 2,179 2,868 7,971 8,817 Hotel management: Base management fees (3) 256 — 765 — Project management revenue (4) 362 2,413 1,817 6,862 Audio visual revenue (5) — — — — Other revenue Debt placement and related fees (6) 1,060 429 1,706 704 Claims management services (7) 13 25 96 90 Lease revenue (8) — 83 — 251 Other services (9) 300 356 775 904 Total other revenue 1,373 893 2,577 1,949 Cost reimbursement revenue 4,491 3,108 14,851 8,362 Total revenues $ 8,661 $ 9,282 $ 27,981 $ 25,990 REVENUES BY SEGMENT (10) REIT advisory $ 4,338 $ 5,493 $ 14,868 $ 16,138 Remington 2,278 — 7,527 — Premier 501 2,839 2,491 8,079 OpenKey 30 9 101 42 Corporate and other 1,514 941 2,994 1,731 Total revenues $ 8,661 $ 9,282 $ 27,981 $ 25,990 COST OF REVENUES Cost of audio visual revenues (5) $ 20 $ 199 $ 467 $ 404 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 87 $ 439 $ 1,092 $ 888 ________ (1) In the third quarter of 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement as stated in the Braemar advisory agreement. As such, the Company did not recognize any incentive fee revenue related to Braemar in the three months ended September 30, 2020. The three months ended September 30, 2020 additionally includes a reversal of $339,000 of incentive fee revenue recognized in the first two quarters of 2020 which the Company no longer expects to collect due to Braemar no longer meeting the FCCR Condition. Incentive advisory fee for the three and nine months ended September 30, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which was paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2019 and 2017 measurement periods. See note 3 . (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. Base management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). 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. 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 condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. Revenue recognized by the Company in the three months ended September 30, 2020 includes a $137,000 cumulative catch-up related to revenue which was previously considered constrained. (7) Claims management services include revenue 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, other revenue for the three and nine months ended September 30, 2019, includes a portion of the base advisory fee for leases commencing prior to our adoption, which is 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 16 for discussion of segment reporting.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (13,217 ) $ (6,156 ) $ (198,853 ) $ (5,334 ) Less: Dividends on preferred stock, declared and undeclared (1) (7,985 ) (2,909 ) (23,800 ) (8,492 ) Less: Amortization of preferred stock discount (781 ) (363 ) (2,386 ) (1,338 ) Undistributed net income (loss) allocated to common stockholders (21,983 ) (9,428 ) (225,039 ) (15,164 ) Distributed and undistributed net income (loss) - basic $ (21,983 ) $ (9,428 ) $ (225,039 ) $ (15,164 ) Effect of deferred compensation plan — (1,526 ) — (5,603 ) Effect of incremental subsidiary shares — — — (527 ) Distributed and undistributed net income (loss) - diluted $ (21,983 ) $ (10,954 ) $ (225,039 ) $ (21,294 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,306 2,580 2,259 2,489 Effect of deferred compensation plan shares — 202 — 135 Effect of incremental subsidiary shares — — — 55 Weighted average common shares outstanding – diluted 2,306 2,782 2,259 2,679 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (9.53 ) $ (3.65 ) $ (99.62 ) $ (6.09 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (9.53 ) $ (3.94 ) $ (99.62 ) $ (7.95 ) ________ (1) As of September 30, 2020 , the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million . Undeclared dividends were deducted to arrive at net income attributable to common stockholders. See note 11.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (35 ) (15 ) (396 ) (25 ) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (569 ) (319 ) (1,292 ) (71 ) Dividends on preferred stock, declared and undeclared 7,985 2,909 23,800 8,492 Amortization of preferred stock discount 781 363 2,386 1,338 Total $ 8,162 $ 2,938 $ 24,498 $ 9,734 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 14 12 27 10 Effect of assumed exercise of stock options — — — 27 Effect of assumed conversion of Ashford Holdings units 4 4 4 4 Effect of incremental subsidiary shares 835 186 598 74 Effect of assumed conversion of preferred stock 4,136 1,450 4,091 1,450 Total 4,989 1,652 4,720 1,565

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three and nine months ended September 30, 2020 , and 2019 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended September 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 10,832 $ — $ — $ — $ — $ — $ 10,832 Hotel management — 3,777 — — — — 3,777 Project management fees — — 1,790 — — — 1,790 Audio visual — — — 3,114 — — 3,114 Other 55 — — — 341 7,826 8,222 Cost reimbursement revenue (1) 5,903 21,023 487 — — 720 28,133 Total revenues 16,790 24,800 2,277 3,114 341 8,546 55,868 EXPENSES Depreciation and amortization 2,128 3,514 3,157 494 5 796 10,094 Other operating expenses (2) — 3,101 1,662 6,033 1,035 20,505 32,336 Reimbursed expenses (1) 5,841 21,023 487 — — 721 28,072 Total operating expenses 7,969 27,638 5,306 6,527 1,040 22,022 70,502 OPERATING INCOME (LOSS) 8,821 (2,838 ) (3,029 ) (3,413 ) (699 ) (13,476 ) (14,634 ) Equity in earnings (loss) of unconsolidated entities — — — — — 48 48 Interest expense — — — (187 ) — (1,072 ) (1,259 ) Amortization of loan costs — — — (14 ) — (72 ) (86 ) Other income (expense) — — — (8 ) — (36 ) (44 ) INCOME (LOSS) BEFORE INCOME TAXES 8,821 (2,838 ) (3,029 ) (3,622 ) (699 ) (14,608 ) (15,975 ) Income tax (expense) benefit (2,093 ) (502 ) 624 816 — 2,990 1,835 NET INCOME (LOSS) $ 6,728 $ (3,340 ) $ (2,405 ) $ (2,806 ) $ (699 ) $ (11,618 ) $ (14,140 ) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $1.8 million of hotel management revenue, 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, general and administrative expenses and other expenses. Nine Months Ended September 30, 2020 REIT Advisory Remington Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 34,098 $ — $ — $ — $ — $ — $ 34,098 Hotel management fees — 13,592 — — — — 13,592 Project management fees — — 7,780 — — — 7,780 Audio visual — — — 33,758 — — 33,758 Other 195 — — — 1,155 16,900 18,250 Cost reimbursement revenue (1) 19,004 104,123 2,393 — — 2,310 127,830 Total revenues 53,297 117,715 10,173 33,758 1,155 19,210 235,308 EXPENSES Depreciation and amortization 7,004 10,425 9,471 1,486 15 1,771 30,172 Impairment — 126,548 49,524 2,141 — — 178,213 Other operating expenses (2) — 10,753 6,549 37,478 2,757 45,972 103,509 Reimbursed expenses (1) 18,811 104,123 2,393 — — 2,311 127,638 Total operating expenses 25,815 251,849 67,937 41,105 2,772 50,054 439,532 OPERATING INCOME (LOSS) 27,482 (134,134 ) (57,764 ) (7,347 ) (1,617 ) (30,844 ) (204,224 ) Equity in earnings (loss) of unconsolidated entities — — — — — 301 301 Interest expense — — — (628 ) — (3,053 ) (3,681 ) Amortization of loan costs — — — (43 ) — (199 ) (242 ) Interest income — — — — — 29 29 Realized gain (loss) on investments — (386 ) — — — — (386 ) Other income (expense) — 26 — (321 ) (6 ) (198 ) (499 ) INCOME (LOSS) BEFORE INCOME TAXES 27,482 (134,494 ) (57,764 ) (8,339 ) (1,623 ) (33,964 ) (208,702 ) Income tax (expense) benefit (6,516 ) 1,212 1,351 1,853 — 9,504 7,404 NET INCOME (LOSS) $ 20,966 $ (133,282 ) $ (56,413 ) $ (6,486 ) $ (1,623 ) $ (24,460 ) $ (201,298 ) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $7.6 million of hotel management revenue, 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, general and administrative expenses and other expenses. Three Months Ended September 30, 2019 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 10,871 $ — $ — $ — $ — $ 10,871 Project management fees — 6,660 — — — 6,660 Audio visual — — 22,430 — — 22,430 Other 1,080 — — 313 4,234 5,627 Cost reimbursement revenue 9,430 1,221 — — 650 11,301 Total revenues 21,381 7,881 22,430 313 4,884 56,889 EXPENSES Depreciation and amortization 2,396 4,937 513 7 195 8,048 Other operating expenses (1) — 2,946 24,965 896 15,632 44,439 Reimbursed expenses 9,332 1,221 — — 650 11,203 Total operating expenses 11,728 9,104 25,478 903 16,477 63,690 OPERATING INCOME (LOSS) 9,653 (1,223 ) (3,048 ) (590 ) (11,593 ) (6,801 ) Equity in earnings (loss) of unconsolidated entities — — — — 464 464 Interest expense — — (298 ) — (158 ) (456 ) Amortization of loan costs — — (14 ) (6 ) (55 ) (75 ) Other income (expense) — — 49 3 (72 ) (20 ) INCOME (LOSS) BEFORE INCOME TAXES 9,653 (1,223 ) (3,311 ) (593 ) (11,414 ) (6,888 ) Income tax (expense) benefit (2,093 ) 9 698 — 1,683 297 NET INCOME (LOSS) $ 7,560 $ (1,214 ) $ (2,613 ) $ (593 ) $ (9,731 ) $ (6,591 ) ________ (1) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual, general and administrative expenses and other expenses. Nine Months Ended September 30, 2019 REIT Advisory Premier JSAV OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 33,280 $ — $ — $ — $ — $ 33,280 Project management fees — 19,533 — — — 19,533 Audio visual — — 83,532 — — 83,532 Other 3,235 — — 764 10,720 14,719 Cost reimbursement revenue 28,123 3,838 — — 650 32,611 Total revenues 64,638 23,371 83,532 764 11,370 183,675 EXPENSES Depreciation and amortization 4,311 10,413 1,471 21 455 16,671 Other operating expenses (1) — 8,697 83,269 2,614 43,555 138,135 Reimbursed expenses 27,697 3,838 — — 650 32,185 Total operating expenses 32,008 22,948 84,740 2,635 44,660 186,991 OPERATING INCOME (LOSS) 32,630 423 (1,208 ) (1,871 ) (33,290 ) (3,316 ) Equity in earnings (loss) of unconsolidated entities — — — — (109 ) (109 ) Interest expense — — (868 ) — (330 ) (1,198 ) Amortization of loan costs — — (41 ) (19 ) (154 ) (214 ) Interest income — — — — 29 29 Other income (expense) — — (107 ) 15 (23 ) (115 ) INCOME (LOSS) BEFORE INCOME TAXES 32,630 423 (2,224 ) (1,875 ) (33,877 ) (4,923 ) Income tax (expense) benefit (7,132 ) (759 ) 130 — 6,332 (1,429 ) NET INCOME (LOSS) $ 25,498 $ (336 ) $ (2,094 ) $ (1,875 ) $ (27,545 ) $ (6,352 ) ________ (1) Other operating expenses includes salaries and benefits, costs of revenues for project management, cost of revenues for audio visual, general and administrative expenses and other expenses.

Organization and Description _2

Organization and Description of Business (Details)

Sep. 14, 2020USD ($)$ / shares

Jun. 24, 2020USD ($)

Mar. 16, 2020USD ($)

Mar. 13, 2020Rate

Mar. 31, 2020

Dec. 31, 2020USD ($)

Sep. 30, 2020USD ($)$ / shares

Aug. 07, 2020

Mar. 23, 2020right$ / sharesshares

Mar. 21, 2020

Mar. 19, 2020USD ($)

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

Noncontrolling Interest [Line Items]

Undeclared preferred dividends

$ 7,900,000

Debt amount

62,790,000

$ 36,810,000

Working capital

49,300,000

COVID-19

Noncontrolling Interest [Line Items]

Percent reduction in annual cash retainers

25.00%

COVID-19 | Chief Executive Officer

Noncontrolling Interest [Line Items]

Percent reduction in salary

20.00%

COVID-19 | Executive Officers

Noncontrolling Interest [Line Items]

Percent reduction in salary

15.00%

COVID-19 | Director

Noncontrolling Interest [Line Items]

Percentage of cash retainer paid in equity

25.00%

Percentage of cash retainer paid in cash

75.00%

JSAV | COVID-19

Noncontrolling Interest [Line Items]

Current debt

20,600,000

RED | U.S. Virgin Islands

Noncontrolling Interest [Line Items]

Debt amount

3,800,000

RED | COVID-19 | Forecast

Noncontrolling Interest [Line Items]

Debt balances to be repaid

$ 2,600,000

Ashford Trust

Noncontrolling Interest [Line Items]

ERFP commitments

11,400,000

$ 11,400,000

Senior revolving credit facility | Term Loan Agreement

Noncontrolling Interest [Line Items]

Line of credit outstanding

$ 34,100,000

Senior revolving credit facility | Notes Payable to Banks

Noncontrolling Interest [Line Items]

Line of credit outstanding

$ 35,000,000

Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

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

$ 0.001

$ 0.001

Dividend rate

50.00%

50.00%

50.00%

Preferred dividends declared

$ 7,900,000

$ 4,000,000

$ 3,900,000

Preferred dividends declared (in dollars per share) | $ / shares

$ 0.411875

Series E Preferred Stock

Noncontrolling Interest [Line Items]

Preferred share purchase right | right

1

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

$ 0.001

Number of shares entitled to purchase from the Company (in shares) | shares

0.001

Share of preferred stock (in dollars per share) | $ / shares

$ 275

Period following a public announcement of beneficial ownership

10 days

Percentage for beneficial ownership

10.00%

Period following a public announcement of beneficial ownership, effected by provisions

20 days

Ownership threshold

10.00%

Percent of consolidated assets

50.00%

Multiple of exercise price | Rate

200.00%

Obligation period following announcement of acquiring person

30 days

Extended obligation period following announcement of acquiring person

60 days

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 18, 2019
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests	$ 2,962		$ 2,962		$ 4,131
Redemption value adjustment, year-to-date	(19)	$ 14	(528)	$ 27
Carrying value of noncontrolling interests	312		312		628
Long-term debt, gross	$ 62,790		$ 62,790		$ 36,810
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	99.84%		99.84%		99.81%
Redeemable noncontrolling interests	0.16%		0.16%		0.19%
Noncontrolling interests in consolidated entities	0.00%		0.00%		0.00%
Noncontrolling ownership	100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests	$ 24		$ 24		$ 98
Redemption value adjustment, year-to-date			323		(63)
Redemption value adjustment, cumulative			438		115
Carrying value of noncontrolling interests	$ 0		$ 0		$ 0
JSAV
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	88.70%		88.70%		88.20%
Redeemable noncontrolling interests	11.30%		11.30%		11.80%
Noncontrolling interests in consolidated entities	0.00%		0.00%		0.00%
Noncontrolling ownership	100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests	$ 1,519		$ 1,519		$ 2,449
Redemption value adjustment, year-to-date			4		784
Redemption value adjustment, cumulative			788		784
Carrying value of noncontrolling interests	0		0		0
Assets, available only to settle subsidiary's obligations	47,680		47,680		56,824
Liabilities	44,280		44,280		44,542
JSAV | Notes payable
Noncontrolling Interest [Line Items]
Long-term debt, gross	20,017		20,017		17,785
JSAV | Revolving credit facility
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 616		$ 616		$ 2,599
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	49.04%		49.04%		47.61%
Redeemable noncontrolling interests	25.06%		25.06%		26.59%
Noncontrolling interests in consolidated entities	25.90%		25.90%		25.80%
Noncontrolling ownership	100.00%		100.00%		100.00%
Carrying value of redeemable noncontrolling interests	$ 1,419		$ 1,419		$ 1,584
Redemption value adjustment, year-to-date			200		64
Redemption value adjustment, cumulative			2,297		2,097
Carrying value of noncontrolling interests	417		417		395
Assets, available only to settle subsidiary's obligations	2,367		2,367		1,881
Liabilities	954		954		510
OpenKey | Notes payable
Noncontrolling Interest [Line Items]
Long-term debt, gross	0		0		0
OpenKey | Revolving credit facility
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 0		$ 0		$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	70.00%		70.00%		70.00%
Redeemable noncontrolling interests	0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities	30.00%		30.00%		30.00%
Noncontrolling ownership	100.00%		100.00%		100.00%
Carrying value of noncontrolling interests	$ 112		$ 112		$ 164
Assets, available only to settle subsidiary's obligations	1,817		1,817		1,852
Liabilities	1,829		1,829		1,671
Pure Wellness | Notes payable
Noncontrolling Interest [Line Items]
Long-term debt, gross	0		0		0
Pure Wellness | Revolving credit facility
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 100		$ 100		$ 45
RED
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	84.21%		84.21%		84.21%	84.00%
Redeemable noncontrolling interests	0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities	15.79%		15.79%		15.79%
Noncontrolling ownership	100.00%		100.00%		100.00%
Carrying value of noncontrolling interests	$ (228)		$ (228)		$ 37
Assets, available only to settle subsidiary's obligations	21,869		21,869		19,277
Liabilities	14,050		14,050		10,652
RED | Notes payable
Noncontrolling Interest [Line Items]
Long-term debt, gross	7,686		7,686		6,275
RED | Revolving credit facility
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 246		$ 246		$ 106
Other
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	55.00%		55.00%		55.00%
Redeemable noncontrolling interests	0.00%		0.00%		0.00%
Noncontrolling interests in consolidated entities	45.00%		45.00%		45.00%
Noncontrolling ownership	100.00%		100.00%		100.00%
Carrying value of noncontrolling interests	$ 11		$ 11		$ 32
Assets, available only to settle subsidiary's obligations	145		145		250
Liabilities	61		61		59
Other | Notes payable
Noncontrolling Interest [Line Items]
Long-term debt, gross	0		0		0
Other | Revolving credit facility
Noncontrolling Interest [Line Items]
Long-term debt, gross	$ 0		$ 0		$ 0

Significant Accounting Polici_5

Significant Accounting Policies (Details) - USD ($)	Mar. 01, 2019	Jan. 01, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Impairment			$ 0		$ 0	$ 178,213,000	$ 0
Investments in unconsolidated entities			3,777,000			3,777,000		$ 3,476,000
Equity in earnings (loss) of unconsolidated entities			0		0	0	0
Equity in earnings (loss) of unconsolidated entities			48,000		464,000	301,000	(109,000)
Restricted cash			36,577,000		$ 11,978,000	36,577,000	11,978,000	17,900,000	$ 7,914,000
Escrow transfer			11,800,000			11,800,000
Property and equipment, net			96,623,000			96,623,000		116,190,000
Other current liabilities			28,100,000			28,100,000		10,800,000
Expected carryback amount to receive			1,000,000			1,000,000
Furniture, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Finance lease assets			43,200,000			43,200,000		44,100,000
Property and equipment, net			20,300,000			20,300,000		33,500,000
Audio visual
Noncontrolling Interest [Line Items]
Property and equipment, net			12,600,000			12,600,000		15,100,000
Maritime Equipment
Noncontrolling Interest [Line Items]
Property and equipment, net			9,900,000			9,900,000		10,100,000
REA Holdings
Noncontrolling Interest [Line Items]
Purchase price		$ 3,000,000
Payments to acquire investments		$ 2,100,000
Shares issued (in shares)		16,529
Equity issuance		$ 890,000
Option to acquire additional ownership interest		50.00%
Ownership interests, value		$ 12,500,000
Casualty Insurance Claims
Noncontrolling Interest [Line Items]
Restricted cash			28,100,000			28,100,000		10,700,000
Hotel Properties
Noncontrolling Interest [Line Items]
Restricted cash			6,100,000			6,100,000		5,300,000
Health Insurance Claims
Noncontrolling Interest [Line Items]
Restricted cash			1,600,000			1,600,000		1,200,000
Lease Escrow
Noncontrolling Interest [Line Items]
Restricted cash			800,000			800,000		800,000
REA Holdings
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities			$ 2,963,000			2,963,000		$ 2,662,000
Payments to acquire investments						$ 0	$ 2,176,000
Ownership interest in REA Holdings			30.00%			30.00%		30.00%
Remington
Noncontrolling Interest [Line Items]
Other current liabilities			$ 1,600,000			$ 1,600,000		$ 2,200,000
BAV
Noncontrolling Interest [Line Items]
Interest issued and issuable, 18 months	$ 500,000
Contingent consideration possible	$ 1,400,000		3,900,000			3,900,000		4,600,000
BAV | JSAV
Noncontrolling Interest [Line Items]
Interest issued and issuable, 18 months						500,000		500,000
Sebago
Noncontrolling Interest [Line Items]
Cash payment				$ 1,000,000
Unconsolidated Entities
Noncontrolling Interest [Line Items]
Impairment						0
REA Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		30.00%
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities			$ 500,000			$ 500,000		$ 500,000

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	Nov. 06, 2019	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Period of unsatisfied performance obligations		1 year	1 year
Accounts receivable, net		$ 3,833	$ 3,833	$ 7,241
Remington
Disaggregation of Revenue [Line Items]
Base management fee, percentage of hotel revenues	3.00%		3.00%
Incentive management fee, percent of hotel revenues			1.00%
Ashford Trust
Disaggregation of Revenue [Line Items]
Due from related parties		$ 2,585	$ 2,585	4,805
Ashford Trust | Minimum
Disaggregation of Revenue [Line Items]
Advisory services, monthly base fee		0.50%	0.50%
Total market capitalization threshold for calculating base advisory fee		$ 6,000,000	$ 6,000,000
Ashford Trust | Maximum
Disaggregation of Revenue [Line Items]
Advisory services, monthly base fee		0.70%	0.70%
Total market capitalization threshold for calculating base advisory fee		$ 10,000,000	$ 10,000,000
Braemar
Disaggregation of Revenue [Line Items]
Advisory services, monthly base fee		0.70%	0.70%
Reversal of incentive fee revenue		$ 339
Investment in unconsolidated entities			$ 5,000
Due from related parties		$ 124	$ 124	$ 1,591

Revenues - Deferred Income Acti

Revenues - Deferred Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Deferred Revenue and Contract Balances
Beginning balance	$ 20,237	$ 11,226	$ 13,280	$ 13,544
Increases to deferred income	10,786	1,681	22,457	4,429
Recognition of revenue	(5,802)	(1,287)	(10,516)	(6,353)
Ending balance	25,221	11,620	25,221	11,620
Cumulative catch-up adjustment to revenue	1,300
Advisory services
Deferred Revenue and Contract Balances
Recognition of revenue	(554)	(554)	(1,700)	(2,000)
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(458)	(194)	(1,600)	(2,600)
Other revenue
Deferred Revenue and Contract Balances
Recognition of revenue	(4,000)		(1,900)
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	$ (773)	$ (539)	$ (5,400)	$ (1,800)

Revenues - Remaining Performanc

Revenues - Remaining Performance Obligations (Details)	Sep. 30, 2020
Braemar | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial contract period	10 years

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Revenue from External Customer [Line Items]
Total revenues	$ 55,868	$ 56,889	$ 235,308	$ 183,675
Number of reportable segments | segment			5
Advisory services
Revenue from External Customer [Line Items]
Total revenues	10,832	10,871	$ 34,098	33,280
Base advisory fee
Revenue from External Customer [Line Items]
Total revenues	11,040	10,570	33,707	32,382
Incentive advisory fee
Revenue from External Customer [Line Items]
Total revenues	(339)	170	0	509
Other advisory revenue
Revenue from External Customer [Line Items]
Total revenues	131	131	391	389
Base fee
Revenue from External Customer [Line Items]
Total revenues	3,777	0	13,592	0
Project management fees
Revenue from External Customer [Line Items]
Total revenues	1,790	6,660	7,780	19,533
Audio visual
Revenue from External Customer [Line Items]
Total revenues	3,114	22,430	33,758	83,532
Total other revenue
Revenue from External Customer [Line Items]
Total revenues	8,222	5,627	18,250	14,719
Debt placement and related fees
Revenue from External Customer [Line Items]
Total revenues	4,017	429	5,480	1,862
Claims management services
Revenue from External Customer [Line Items]
Total revenues	55	51	184	147
Lease revenue
Revenue from External Customer [Line Items]
Total revenues	0	1,029	0	3,088
Other services
Revenue from External Customer [Line Items]
Total revenues	4,150	4,118	12,586	9,622
Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	28,133	11,301	127,830	32,611
JSAV
Revenue from External Customer [Line Items]
Total revenues	3,114	22,430	33,758	83,532
Operating Segments | REIT Advisory
Revenue from External Customer [Line Items]
Total revenues	16,790	21,381	53,297	64,638
Operating Segments | REIT Advisory | Advisory services
Revenue from External Customer [Line Items]
Total revenues	10,832	10,871	34,098	33,280
Operating Segments | REIT Advisory | Project management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | REIT Advisory | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | REIT Advisory | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	5,903	9,430	19,004	28,123
Operating Segments | Remington
Revenue from External Customer [Line Items]
Total revenues	24,800	0	117,715	0
Operating Segments | Remington | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0		0
Operating Segments | Remington | Project management fees
Revenue from External Customer [Line Items]
Total revenues	0		0
Operating Segments | Remington | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0		0
Operating Segments | Remington | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	21,023		104,123
Operating Segments | Premier
Revenue from External Customer [Line Items]
Total revenues	2,277	7,881	10,173	23,371
Operating Segments | Premier | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | Premier | Project management fees
Revenue from External Customer [Line Items]
Total revenues	1,790	6,660	7,780	19,533
Operating Segments | Premier | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | Premier | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	487	1,221	2,393	3,838
Operating Segments | JSAV
Revenue from External Customer [Line Items]
Total revenues	3,114	22,430	33,758	83,532
Operating Segments | JSAV | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | JSAV | Project management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | JSAV | Audio visual
Revenue from External Customer [Line Items]
Total revenues	3,114	22,430	33,758	83,532
Operating Segments | JSAV | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | OpenKey
Revenue from External Customer [Line Items]
Total revenues	341	313	1,155	764
Operating Segments | OpenKey | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | OpenKey | Project management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | OpenKey | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Operating Segments | OpenKey | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other
Revenue from External Customer [Line Items]
Total revenues	8,546	4,884	19,210	11,370
Corporate and Other | Advisory services
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Project management fees
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Audio visual
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Corporate and Other | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	$ 720	$ 650	$ 2,310	$ 650

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 55,868	$ 56,889	$ 235,308	$ 183,675
JSAV
Disaggregation of Revenue [Line Items]
Total revenues	3,114	22,430	33,758	83,532
JSAV | United States
Disaggregation of Revenue [Line Items]
Total revenues	2,977	19,860	25,622	67,550
JSAV | Mexico
Disaggregation of Revenue [Line Items]
Total revenues	54	1,804	6,563	11,289
JSAV | Dominican Republic
Disaggregation of Revenue [Line Items]
Total revenues	$ 83	$ 766	$ 1,573	$ 4,693

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($)	Nov. 06, 2019	Jul. 18, 2019	Mar. 01, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 04, 2020	May 07, 2020	May 06, 2020	Dec. 31, 2019	Feb. 28, 2019
Business Acquisition [Line Items]
Impairment				$ 0	$ 170,600,000
Asset impairment charges				0	5,500,000
Contingent consideration				2,359,000			$ 2,359,000					$ 5,627,000
Non-recurring transaction costs				$ 212,000			$ 775,000
RED
Business Acquisition [Line Items]
Ownership by parent		84.00%		84.21%			84.21%					84.21%
Remington
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued	$ 275,000,000
Equity interest issued (in shares)	11,000,000
Favorable lease terms	$ 4,200,000
Increase to value of management contracts					40,900,000
Increase to deferred tax liability					10,300,000
Increase in the fair value of the purchase price					1,300,000
Acquisition revenues				$ 24,800,000			$ 117,700,000
Net income (loss) from acquisition				3,340,000			133,282,000
Impairment							121,000,000
Asset impairment charges							5,500,000
Sebago
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued		$ 4,547,000
Equity interest issued (in shares)		135,366
Acquisition revenues				1,600,000		$ 1,200,000	3,400,000	$ 1,200,000
Net income (loss) from acquisition				37,000		129,000	(214,000)	129,000
Cash consideration		$ 2,500,000					0	2,426,000
Cash payment					1,000,000
Share price (in dollars per share)		$ 33.24
Goodwill expected tax deductible		$ 1,200,000
Contingent consideration												$ 1,000,000
JSAV
Business Acquisition [Line Items]
Voting interests acquired			88.00%										85.00%
BAV
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued			$ 3,748,000
Equity interest issued (in shares)			61,387
Acquisition revenues				1,100,000		2,800,000	4,000,000	8,500,000
Net income (loss) from acquisition				449,000		$ 428,000	850,000	1,200,000
Cash consideration			$ 5,000,000				0	$ 4,267,000
Share price (in dollars per share)			$ 57.01
Goodwill expected tax deductible			$ 4,800,000
Interest issued and issuable, 18 months			500,000
Contingent consideration possible			$ 1,400,000	3,900,000			3,900,000					4,600,000
Contingent consideration				2,400,000			2,400,000					$ 1,600,000
Settlement term one			12 months
Settlement term two			15 months
Settlement term three			18 months
Cash, contingent consideration and stock consideration related to acquisition										$ 1,500,000	$ 1,500,000
BAV | Subsequent Event
Business Acquisition [Line Items]
Deferred consideration payable									$ 500,000
BAV | Common Stock
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued			$ 3,500,000
BAV | Minimum
Business Acquisition [Line Items]
Payable term			12 months
BAV | Maximum
Business Acquisition [Line Items]
Payable term			18 months
Contingent consideration				$ 3,000,000	$ 3,000,000		$ 3,000,000

Acquisitions - Acquisition Sche

Acquisitions - Acquisition Schedules (Details) - USD ($) $ in Thousands	Nov. 06, 2019	Jul. 18, 2019	Mar. 01, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill				$ 66,834		$ 66,834		$ 205,606
Pro Forma Financial Results
Total revenues				55,868	$ 132,000	235,308	$ 425,800
Net income (loss)				(13,982)	(2,704)	(200,616)	1,420
Net income (loss) attributable to common stockholders				$ (21,825)	$ (10,936)	$ (224,357)	$ (23,763)
Remington
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued	$ 275,000
Preferred stock discount	(2,550)
Less working capital adjustments	1,341
Purchase price consideration	273,791
Current assets	27,661
Assets acquired under finance leases	$ 44,294
Estimated Useful Life	35 years
Property and equipment, net	$ 466
Operating lease right-of-use assets	24,649
Goodwill	175,653
Trademarks	10,400
Finite-lived intangibles	107,600
Total assets acquired	390,723
Current liabilities	23,740
Finance lease liabilities, current	331
Operating lease liabilities, current	2,038
Noncurrent liabilities	28,439
Finance lease liabilities, non-current	39,773
Operating lease liabilities, non-current	22,611
Total assumed liabilities	116,932
Net assets acquired	$ 273,791
Remington | Management contracts
Business Acquisition [Line Items]
Estimated Useful Life	22 years
Sebago
Business Acquisition [Line Items]
Cash/Term loan		$ 2,500
Fair value of Ashford Inc. common stock issued		4,547
Less working capital adjustments		(74)
Purchase price consideration		6,973
Current assets		76
Property and equipment, net		1,635
Operating lease right-of-use assets		391
Goodwill		1,235
Trademarks		490
Finite-lived intangibles		$ 3,100
Estimated Useful Life		20 years
Total assets acquired		$ 9,042
Current liabilities		291
Noncurrent liabilities		1,778
Total assumed liabilities		2,069
Net assets acquired		6,973
Sebago | Marine vessels
Business Acquisition [Line Items]
Property and equipment, net		$ 2,115
Estimated Useful Life		20 years
Sebago | Boat slip rights
Business Acquisition [Line Items]
Estimated Useful Life		20 years
BAV
Business Acquisition [Line Items]
Cash/Term loan			$ 5,000
Fair value of Ashford Inc. common stock issued			3,748
Less working capital adjustments			(733)
Consideration payable			500
Fair value of contingent consideration			1,384
Purchase price consideration			9,899
Current assets			754
Property and equipment, net			1,983
Operating lease right-of-use assets			165
Goodwill			4,827
Trademarks			440
Finite-lived intangibles			$ 2,800
Estimated Useful Life			5 years
Total assets acquired			$ 10,969
Current liabilities			639
Noncurrent liabilities			431
Total assumed liabilities			1,070
Net assets acquired			$ 9,899
BAV | Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life			15 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 0	$ 170,600,000
Impairment	0	7,600,000	$ 0		$ 0
Asset impairment charges	0	5,500,000
Goodwill	66,834,000			$ 66,834,000		$ 205,606,000
Indefinite-lived intangible assets, written down amount	6,890,000			6,890,000
Amortization expense	7,000,000		$ 5,300,000	$ 20,700,000	$ 11,300,000
Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life				30 years
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life				22 years
JSAV | Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life				5 years
JSAV | Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life				15 years
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Useful life				20 years
Trademarks | Remington
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, written down amount	4,900,000			$ 4,900,000
Trademarks | JSAV
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, written down amount	1,500,000			1,500,000
Remington
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge		121,000,000
Goodwill	54,600,000			54,600,000
Remington | Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, written down amount		4,900,000
Remington | Operating Segments
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge				121,048,000
Goodwill	54,606,000			54,606,000		143,854,000
Premier
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge		$ 49,500,000
Goodwill	0			0
Premier | Operating Segments
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge				49,524,000
Goodwill	$ 0			$ 0		$ 49,524,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Goodwill [Roll Forward]
Balance at December 31, 2019		$ 205,606,000	$ 205,606,000
Changes in goodwill:
Adjustments			31,800,000
Impairments	$ 0	(170,600,000)
Balance at September 30, 2020	66,834,000		66,834,000
Remington
Changes in goodwill:
Impairments		(121,000,000)
Balance at September 30, 2020	54,600,000		54,600,000
Premier
Changes in goodwill:
Impairments		(49,500,000)
Balance at September 30, 2020	0		0
Operating Segments | Remington
Goodwill [Roll Forward]
Balance at December 31, 2019		143,854,000	143,854,000
Changes in goodwill:
Adjustments			31,800,000
Impairments			(121,048,000)
Balance at September 30, 2020	54,606,000		54,606,000
Operating Segments | Premier
Goodwill [Roll Forward]
Balance at December 31, 2019		49,524,000	49,524,000
Changes in goodwill:
Adjustments			0
Impairments			(49,524,000)
Balance at September 30, 2020	0		0
Operating Segments | JSAV
Goodwill [Roll Forward]
Balance at December 31, 2019		10,211,000	10,211,000
Changes in goodwill:
Adjustments			0
Impairments			0
Balance at September 30, 2020	10,211,000		10,211,000
Corporate and Other
Goodwill [Roll Forward]
Balance at December 31, 2019		$ 2,017,000	2,017,000
Changes in goodwill:
Adjustments			0
Balance at September 30, 2020	$ 2,017,000		$ 2,017,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 314,241		$ 355,138
Accumulated Amortization	(42,354)		(21,608)
Net Carrying Amount	271,887		333,530
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	14,531		14,431
Impairment	(7,641)
Net Carrying Amount	6,890
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	47		44
Accumulated Amortization	(9)		(3)
Net Carrying Amount	38		41
Remington | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	10,400		10,300
Impairment	(5,500)
Net Carrying Amount	4,900
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	107,600		148,500
Accumulated Amortization	(12,746)		(2,436)
Net Carrying Amount	94,854		146,064
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000		194,000
Accumulated Amortization	(26,279)		(16,830)
Net Carrying Amount	167,721		177,170
JSAV | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 3,641	3,641
Impairment	(2,141)
Net Carrying Amount	1,500
JSAV | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319		9,319
Accumulated Amortization	(3,012)		(2,173)
Net Carrying Amount	6,307		7,146
RED | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	490		490
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,100		3,100
Accumulated Amortization	(186)		(70)
Net Carrying Amount	2,914		3,030
Pure Wellness | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175		175
Accumulated Amortization	(122)		(96)
Net Carrying Amount	$ 53		$ 79

Notes Payable, net (Details)

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

Jul. 19, 2024

Mar. 19, 2020

Jul. 18, 2019

Dec. 31, 2020

Sep. 30, 2020

Sep. 30, 2019

Jul. 20, 2020

Jun. 23, 2020

Mar. 24, 2020

Dec. 31, 2019

Mar. 01, 2019

Feb. 28, 2019

Feb. 27, 2019

Aug. 31, 2018

Mar. 23, 2018

Apr. 06, 2017

Debt Instrument [Line Items]

Long-term debt, gross

$ 62,790,000

$ 36,810,000

Less deferred loan costs, net

(497,000)

(227,000)

Notes payable less net deferred loan costs

62,293,000

36,583,000

Less current portion

(57,719,000)

(3,550,000)

Notes payable, net - non-current

4,574,000

$ 33,033,000

Borrowings on revolving credit facilities

10,412,000

$ 26,448,000

JSAV | COVID-19

Debt Instrument [Line Items]

Current debt

20,600,000

RED | U.S. Virgin Islands

Debt Instrument [Line Items]

Long-term debt, gross

3,800,000

Forecast | RED | COVID-19

Debt Instrument [Line Items]

Debt balances to be repaid

$ 2,600,000

Interest Rate Cap

Debt Instrument [Line Items]

Notional amount

$ 5,000,000

Derivative interest rate

4.00%

LIBOR

Debt Instrument [Line Items]

Reference rate

0.15%

1.76%

Prime Rate

Debt Instrument [Line Items]

Reference rate

3.25%

4.75%

Notes Payable to Banks | Term Loan Due March 2024

Debt Instrument [Line Items]

Long-term debt, gross

$ 34,125,000

$ 10,000,000

Floor rate

0.50%

Face amount of debt

$ 35,000,000

Period payment, percent of principal

1.25%

Period payment, default percent of principal

5.00%

Notes Payable to Banks | Term Loan Due March 2024 | LIBOR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Notes Payable to Banks | Term Loan Due March 2024 | LIBOR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Notes Payable to Banks | Term Loan Due March 2024 | Base Rate | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Notes Payable to Banks | Term Loan Due March 2024 | Base Rate | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Notes Payable to Banks | Term Loan Due November 2022

Debt Instrument [Line Items]

Long-term debt, gross

$ 12,300,000

12,642,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Notes Payable to Banks | Equipment Note Due 2022

Debt Instrument [Line Items]

Long-term debt, gross

$ 6,017,000

3,393,000

Face amount of debt

$ 8,000,000

Notes Payable to Banks | Equipment Note Due 2022 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Notes Payable to Banks | Term Loan Due November 2022

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,700,000

1,750,000

Face amount of debt

2,400,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Notes Payable to Banks | Facility due On Demand | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.00%

Notes Payable to Banks | Term Loan Due October 2025

Debt Instrument [Line Items]

Long-term debt, gross

$ 581,000

605,000

Face amount of debt

$ 750,000

Notes Payable to Banks | Facility Due 2020 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Notes Payable to Banks | Term Loan Due June 2027

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,375,000

1,400,000

Face amount of debt

$ 1,400,000

Notes Payable to Banks | Term Loan Due February 2029

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,592,000

1,636,000

Face amount of debt

$ 1,800,000

Notes Payable to Banks | Term Loan Due February 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Notes Payable to Banks | Term Loan Due July 2029

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,663,000

1,674,000

Interest rate

6.00%

6.00%

Face amount of debt

$ 1,700,000

Debt term

5 years

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%

Notes Payable to Banks | Term Loan Due July 2022

Debt Instrument [Line Items]

Long-term debt, gross

$ 900,000

960,000

Interest rate

6.50%

Face amount of debt

$ 1,100,000

Notes Payable to Banks | Term Loan Due August 2028

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,575,000

0

Face amount of debt

$ 1,900,000

Notes Payable to Banks | Term Loan Due August 2028 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Notes Payable to Banks | Senior revolving credit facility

Debt Instrument [Line Items]

Line of credit outstanding

$ 35,000,000

Revolving Credit Facility | Facility Due 2022

Debt Instrument [Line Items]

Long-term debt, gross

$ 616,000

2,599,000

Revolving Credit Facility | Facility Due 2022 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Revolving Credit Facility | Facility due On Demand

Debt Instrument [Line Items]

Long-term debt, gross

$ 100,000

45,000

Maximum borrowing capacity

$ 250,000

$ 100,000

Revolving Credit Facility | Term Loan Due October 2025 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Revolving Credit Facility | Facility Due 2020

Debt Instrument [Line Items]

Long-term debt, gross

$ 246,000

$ 106,000

Maximum borrowing capacity

$ 250,000

Revolving Credit Facility | Term Loan Due June 2027 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Revolving Credit Facility | Senior revolving credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

10,000,000

Borrowings on revolving credit facilities

$ 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 | 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

Term Loan Agreement | Senior revolving credit facility

Debt Instrument [Line Items]

Debt term

4 years

Line of credit outstanding

$ 34,100,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 2,359	$ 5,627
BAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	2,400	1,600
Sebago
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration		1,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	156	1,195
Contingent consideration	(2,359)	(5,627)
Subsidiary compensation plan	(33)	(415)
Deferred compensation plan	(1,156)	(4,729)
Total	(3,548)	(10,771)
Net	(3,392)	(9,576)
Fair Value, Measurements, Recurring | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	48	768
Fair Value, Measurements, Recurring | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	108	427
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	156	1,195
Contingent consideration	(2,359)	(2,668)
Subsidiary compensation plan	0	0
Deferred compensation plan	(1,156)	(4,729)
Total	(3,515)	(7,397)
Net	(3,359)	(6,202)
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	48	768
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	108	427
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Contingent consideration	0	0
Subsidiary compensation plan	(33)	(415)
Deferred compensation plan	0	0
Total	(33)	(415)
Net	(33)	(415)
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Contingent consideration	0	(2,959)
Subsidiary compensation plan	0	0
Deferred compensation plan	0	0
Total	0	(2,959)
Net	0	(2,959)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	$ 0	$ 0

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Contingent Consideration Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	May 07, 2020	May 06, 2020
BAV
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash, contingent consideration and stock consideration related to acquisition		$ 1,500	$ 1,500
Fair Value, Measurements, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2019	$ (5,627)
Balance at September 30, 2020	(2,359)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2019	(2,959)
Balance at September 30, 2020	0
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Acquisitions	0
Gains (losses) included in earnings	(41)
Dispositions and settlements	0
Transfers into/out of Level 3	$ 3,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	$ 0	$ 170,600,000
Goodwill	66,834,000				$ 205,606,000
Impairment	0	7,600,000	$ 0	$ 0
Indefinite-lived intangible assets, written down amount	6,890,000
Impairment of long-lived assets	0
Remington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		121,000,000
Goodwill	54,600,000
Remington | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, written down amount		4,900,000
Premier
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		49,500,000
Goodwill	$ 0
JSAV | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, written down amount		$ 1,500,000

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on the Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 0		$ 0	$ (178,599,000)	$ 0
Goodwill	0	$ (170,600,000)
Intangible assets, net	0	$ (7,600,000)	0		0
Unrealized gain (loss)	757,000		(1,247,000)	3,002,000	1,191,000
Net	757,000		(1,247,000)	(175,597,000)	1,191,000
Goodwill
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	0		0	(170,572,000)	0
Ashford Trust | Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment	0		0	(200,000)	0
Braemar | Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment	0		0	(186,000)	0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	(134,000)		(2,773,000)	(751,000)	(4,412,000)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	22,000		0	187,000	0
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	$ 869,000		$ 1,526,000	$ 3,566,000	$ 5,603,000

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 156	$ 1,195
Available-for-sale securities	195
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	1,170	1,309
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,014)	(114)
Fair Value	$ 156	$ 1,195

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Financial assets measured at fair value:
Restricted investment	$ 156	$ 1,195
Restricted investment, Fair value	156	1,195
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	1,156	4,729
Deferred compensation plan, Fair value	1,156	4,729
Contingent consideration	2,359	5,627
Contingent consideration, Fair value	2,359	5,627
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	68,623	35,349	$ 36,400	$ 51,529
Cash and cash equivalents, Fair value	68,623	35,349
Restricted cash, Carrying value	36,577	17,900	$ 11,978	$ 7,914
Restricted cash, Fair value	36,577	17,900
Accounts receivable, net, Carrying value	3,833	7,241
Accounts receivable, net, Fair value	3,833	7,241
Due from affiliates, Carrying value	108	357
Due from affiliates, Fair value	108	357
Investments in unconsolidated entities, Carrying value	3,777	3,476
Investments in unconsolidated entities, Fair value	3,777	3,476
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	42,093	39,160
Accounts payable and accrued expenses, Fair value	42,093	39,160
Dividends payable, Carrying value	15,860	4,725
Dividends payable, Fair value	15,860	4,725
Due to affiliates	733	1,011
Due to affiliates, Fair value	733	1,011
Other liabilities, Carrying value	31,664	13,868
Other liabilities, Fair value	31,664	13,868
Notes payable, Carrying value	62,790	36,810
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	59,109	34,705
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 65,331	38,359
Maximum maturity period of financial assets	90 days
Ashford Trust
Financial assets not measured at fair value:
Due from related parties, Carrying value	$ 2,585	4,805
Due from related parties, Fair value	2,585	4,805
Braemar
Financial assets not measured at fair value:
Due from related parties, Carrying value	124	1,591
Due from related parties, Fair value	$ 124	$ 1,591

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)day	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Contingent consideration	$ 751,000	$ 4,412,000
Class Action Lawsuit, California Employment Laws
Long-term Purchase Commitment [Line Items]
Number of days to opt out of the class | day	60
Loss contingency accrual	$ 0
Fair Value, Measurements, Recurring
Long-term Purchase Commitment [Line Items]
Contingent consideration	3,900,000		$ 5,600,000
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP commitment	$ 11,400,000

Equity (Deficit) (Details)

Equity (Deficit) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 23, 2020right$ / sharesshares
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 319	$ 101	$ 757	$ 395
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	181	146	420	475
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	109	(27)	264	(87)
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	29	(27)	52	(2)
Other
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 0	$ 9	$ 21	$ 9
Series E Preferred Stock
Class of Stock [Line Items]
Preferred share purchase right | right					1
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.001
Number of shares entitled to purchase from the Company (in shares) | shares					0.001
Share of preferred stock (in dollars per share) | $ / shares					$ 275
Acquiring right price (in dollars per share) | $ / shares					$ 0.001

Mezzanine Equity - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 604	$ 334	$ 1,688	$ 623
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	35	15	396	25
JSAV
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	392	165	870	71
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 177	$ 154	$ 422	$ 527

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($)	Sep. 14, 2020	Jun. 24, 2020	Mar. 16, 2020	Nov. 06, 2019	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 06, 2022	Nov. 06, 2021	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Amortization of preferred stock discount						$ 781,000	$ 363,000	$ 2,386,000	$ 1,338,000
Undeclared preferred dividends								7,900,000
Dividends payable						15,860,000		15,860,000				$ 4,725,000
Preferred dividends						$ 7,875,000	$ 2,909,000	$ 15,815,000	$ 8,492,000
Preferred dividends (in dollars per share)						$ 0.4119	$ 0.3583	$ 0.8271	$ 1.0458
Aggregate preferred dividends - undeclared						$ 7,985,000		$ 7,985,000				$ 0
Preferred dividends per share - undeclared (in dollars per share)						$ 0.4176		$ 0.4176				$ 0
Accumulated Deficit
Redeemable Noncontrolling Interest [Line Items]
Amortization of preferred stock discount						$ 781,000	$ 363,000	$ 2,400,000	$ 1,338,000
Preferred dividends							$ 2,909,000		$ 8,492,000
Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Dividend rate		50.00%	50.00%		50.00%
Preferred stock, consent percentage				55.00%
Preferred dividends declared	$ 7,900,000	$ 4,000,000	$ 3,900,000
Preferred dividends declared (in dollars per share)	$ 0.411875
Remington
Redeemable Noncontrolling Interest [Line Items]
Fair value of Ashford Inc. common stock issued				$ 275,000,000
Remington | Series B Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Value assigned after transactions				0
Remington | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Value assigned for exchanged stock				203,000,000
Value assigned after transactions				$ 478,000,000
Liquidation value (in dollars per share)				$ 25
Dividend rate				6.59%				10.00%
Share price (in dollars per share)				$ 117.50
Remington | Series D Convertible Preferred Stock | Forecast
Redeemable Noncontrolling Interest [Line Items]
Dividend rate										7.28%	6.99%
Premier | Series B Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued, value assigned				$ 203,000,000
Premier | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Redemption increments amount				$ 25,000,000
Redemption price (in dollars per share)				$ 25.125

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 5,863	$ 8,832	$ 17,376	$ 26,176
Unrecognized compensation expense, stock options		4,300		4,300
Senior Managing Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options forfeited (in shares)	98,603
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		1,454	2,070	$ 3,146	6,264
Period for recognition				9 months 18 days
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		221	14	$ 573	71
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		1,775	2,089	4,088	6,950
Stock Compensation Plan | Director and other non-employee equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		100	5	369	615
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		4,088	$ 6,743	13,288	$ 19,226
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options		$ 2,100		$ 2,100
Period for recognition				2 years 3 months 18 days

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferral of compensation percentage maximum	100.00%		100.00%
Change in fair value
Unrealized gain (loss)	$ 757	$ (1,247)	$ 3,002	$ 1,191
Distributions
Distribution from deferred compensation plan	$ 2	$ 20	$ 8	$ 93
Deferred compensation plan distribution (in shares)	0	1	1	3
Deferred compensation plan liability	$ 1,156		$ 1,156		$ 4,729
Deferred compensation plan
Change in fair value
Unrealized gain (loss)	$ 869	$ 1,526	$ 3,566	$ 5,603

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	Oct. 16, 2020USD ($)	Aug. 19, 2020USD ($)	Jul. 01, 2020USD ($)installment	Mar. 20, 2020USD ($)	Nov. 06, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Nov. 04, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Total revenues						$ 55,868,000	$ 56,889,000	$ 235,308,000	$ 183,675,000
Cumulative catch-up adjustment to revenue						1,300,000
Deferred revenue						25,221,000	11,620,000	25,221,000	11,620,000		$ 20,237,000	$ 13,280,000	$ 11,226,000	$ 13,544,000
Lismore Capital LLC and Ashford Trust
Related Party Transaction [Line Items]
Agreement term			24 months
Amount of fee entitled to receive			$ 2,600,000
Number of installments | installment			3
Monthly installment fee			$ 857,000
Aggregate and installment fee, percent			0.25%
Extension term			12 months
Aggregate amount of transaction			$ 8,300,000
Financing amount			$ 4,100,000,000
Fee multiple, percent			0.125%
Total revenues						3,000,000		3,600,000
Cumulative catch-up adjustment to revenue						1,100,000
Deferred income subject to claw back						2,000,000		2,000,000
Lismore Capital LLC and Ashford Trust | Payable Reduction
Related Party Transaction [Line Items]
Agreement terms, percent			0.10%
Lismore Capital LLC and Ashford Trust | Advisory Services Fee
Related Party Transaction [Line Items]
Agreement terms, percent			0.75%
Lismore Capital LLC and Ashford Trust | Percent of Conversion Value
Related Party Transaction [Line Items]
Agreement terms, percent			1.50%
Lismore Capital LLC and Ashford Trust | Percent of Face Value
Related Party Transaction [Line Items]
Agreement terms, percent			50.00%
Lismore Capital LLC | Braemar
Related Party Transaction [Line Items]
Aggregate and installment fee, percent				0.50%
Financing amount				$ 1,100,000,000
Advisory services fee percentage				0.125%
Advisory services fee, installment percentage				0.125%
Fee multiple, percent				0.25%
Total revenues						1,000,000		1,700,000
Cumulative catch-up adjustment to revenue						137,000
Deferred income subject to claw back						682,000		682,000
Ashford Trust
Related Party Transaction [Line Items]
Total revenues						39,360,000	21,938,000	159,620,000	66,599,000
Remaining commitment amount						11,400,000		11,400,000
ERFP, carrying value		$ 6,400,000
Amount received								3,000,000
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Program commitment amount						$ 50,000,000		$ 50,000,000
Program percent of commitment for each hotel						10.00%		10.00%
ERFP, acquisition term								2 years
Remaining commitment amount												$ 11,400,000
Ashford Trust | Affiliated Entity | Maximum
Related Party Transaction [Line Items]
Program potential commitment amount						$ 100,000,000		$ 100,000,000
Ashford Trust | Subsequent Event
Related Party Transaction [Line Items]
Deferral payment term	30 days
Ashford Trust | Base fee | Subsequent Event
Related Party Transaction [Line Items]
Deferral payment	$ 3,000,000									$ 3,000,000
Ashford Trust | Reimbursable Expenses | Subsequent Event
Related Party Transaction [Line Items]
Deferral payment	1,000,000
Ashford Trust | Success Fees | Subsequent Event
Related Party Transaction [Line Items]
Deferral payment	3,000,000									$ 3,000,000
Claw back credit	$ 506,000
Braemar
Related Party Transaction [Line Items]
Total revenues						8,661,000	9,282,000	27,981,000	25,990,000
Reversal of incentive fee revenue						339,000
Amount received								$ 996,000
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Amount committed							15,000,000		15,000,000
Remington
Related Party Transaction [Line Items]
Base management fee, percentage of hotel revenues					3.00%			3.00%
Hotel management fees
Related Party Transaction [Line Items]
Total revenues						3,777,000	0	$ 13,592,000	0
Hotel management fees | Remington
Related Party Transaction [Line Items]
Monthly hotel management fee					$ 14,000
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues						28,133,000	11,301,000	127,830,000	32,611,000
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues						23,155,000	8,289,000	111,175,000	24,245,000
Amount received						538,000		1,700,000
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues						4,491,000	$ 3,108,000	14,851,000	$ 8,362,000
Amount received						$ 183,000		$ 613,000

Related Party Transactions - Pe

Related Party Transactions - Performance Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Deferred revenue	$ 25,221	$ 20,237	$ 13,280	$ 11,620	$ 11,226	$ 13,544
Lismore Capital LLC and Ashford Trust | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Related Party Transaction [Line Items]
Deferred revenue	$ 9,900
Initial contract period	24 months
Lismore Capital LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Related Party Transaction [Line Items]
Initial contract period	12 months
Braemar | Lismore Capital LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Related Party Transaction [Line Items]
Deferred revenue	$ 2,500
Initial contract period	12 months

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($) $ in Thousands	Nov. 06, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Total revenues		$ 55,868	$ 56,889	$ 235,308	$ 183,675
Advisory agreement, initial term				10 years
Advisory agreement, amount due upon approval		5,000		$ 5,000
Remington
Related Party Transaction [Line Items]
Base management fee, percentage of hotel revenues	3.00%			3.00%
Base fee
Related Party Transaction [Line Items]
Total revenues		3,777	0	$ 13,592	0
Project management fees
Related Party Transaction [Line Items]
Total revenues		1,790	6,660	7,780	19,533
Cost of revenues for audio visual		703	1,461	3,032	4,376
Audio visual
Related Party Transaction [Line Items]
Total revenues		3,114	22,430	33,758	83,532
Cost of revenues for audio visual		3,126	17,732	25,872	61,400
Other revenue
Related Party Transaction [Line Items]
Total revenues		8,222	5,627	18,250	14,719
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		28,133	11,301	127,830	32,611
Ashford Trust
Related Party Transaction [Line Items]
Total revenues		39,360	21,938	159,620	66,599
Cost of revenues for audio visual		59	1,778	2,073	5,324
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		3,785	939	6,419	2,918
Ashford Trust | REIT Advisory
Related Party Transaction [Line Items]
Total revenues		12,457	15,888	38,419	48,500
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues		49	28	178	83
Ashford Trust | Base fee
Related Party Transaction [Line Items]
Total revenues		3,491	0	12,688	0
Ashford Trust | Project management fees
Related Party Transaction [Line Items]
Total revenues		722	4,192	4,642	12,481
Ashford Trust | Project management fees | Remington
Related Party Transaction [Line Items]
Total revenues		22,049	0	108,323	0
Ashford Trust | Project management fees | Premier
Related Party Transaction [Line Items]
Total revenues		1,020	5,083	6,281	15,098
Ashford Trust | Audio visual
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Ashford Trust | Audio visual | REIT Advisory
Related Party Transaction [Line Items]
Total revenues		133	4,110	4,737	12,160
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		23,155	8,289	111,175	24,245
Ashford Trust | Base advisory fee | Advisory services revenue:
Related Party Transaction [Line Items]
Total revenues		8,653	8,003	26,127	24,463
Ashford Trust | Total other revenue | Other revenue
Related Party Transaction [Line Items]
Total revenues		3,339	1,454	4,988	5,410
Ashford Trust | Debt placement and related fees | Other revenue
Related Party Transaction [Line Items]
Total revenues		2,957	0	3,774	1,158
Ashford Trust | Claims management services | Other revenue
Related Party Transaction [Line Items]
Total revenues		42	26	88	57
Ashford Trust | Lease revenue | Other revenue
Related Party Transaction [Line Items]
Total revenues		0	946	0	2,837
Ashford Trust | Other services | Other revenue
Related Party Transaction [Line Items]
Total revenues		340	482	1,126	1,358
Braemar
Related Party Transaction [Line Items]
Total revenues		8,661	9,282	27,981	25,990
Cost of revenues for audio visual		20	199	467	404
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		1,514	941	2,994	1,731
Braemar | REIT Advisory
Related Party Transaction [Line Items]
Total revenues		4,338	5,493	14,868	16,138
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues		30	9	101	42
Braemar | Base fee
Related Party Transaction [Line Items]
Total revenues		256	0	765	0
Braemar | Project management fees
Related Party Transaction [Line Items]
Total revenues		362	2,413	1,817	6,862
Braemar | Project management fees | Remington
Related Party Transaction [Line Items]
Total revenues		2,278	0	7,527	0
Braemar | Project management fees | Premier
Related Party Transaction [Line Items]
Total revenues		501	2,839	2,491	8,079
Braemar | Audio visual
Related Party Transaction [Line Items]
Total revenues		0	0	0	0
Braemar | Audio visual | REIT Advisory
Related Party Transaction [Line Items]
Total revenues		87	439	1,092	888
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		4,491	3,108	14,851	8,362
Braemar | Total advisory services revenue | Advisory services revenue:
Related Party Transaction [Line Items]
Total revenues		2,179	2,868	7,971	8,817
Braemar | Base advisory fee | Advisory services revenue:
Related Party Transaction [Line Items]
Total revenues		2,387	2,567	7,580	7,919
Braemar | Incentive advisory fee | Advisory services revenue:
Related Party Transaction [Line Items]
Total revenues		(339)	170	0	509
Braemar | Other advisory revenue | Advisory services revenue:
Related Party Transaction [Line Items]
Total revenues		131	131	391	389
Braemar | Total other revenue | Other revenue
Related Party Transaction [Line Items]
Total revenues		1,373	893	2,577	1,949
Braemar | Debt placement and related fees | Other revenue
Related Party Transaction [Line Items]
Total revenues		1,060	429	1,706	704
Braemar | Claims management services | Other revenue
Related Party Transaction [Line Items]
Total revenues		13	25	96	90
Braemar | Lease revenue | Other revenue
Related Party Transaction [Line Items]
Total revenues		0	83	0	251
Braemar | Other services | Other revenue
Related Party Transaction [Line Items]
Total revenues		$ 300	$ 356	$ 775	$ 904

Income (Loss) Per Share - Basic

Income (Loss) Per Share - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (13,217)	$ (6,156)	$ (198,853)	$ (5,334)
Less: Dividends on preferred stock, declared and undeclared	(7,985)	(2,909)	(23,800)	(8,492)
Less: Amortization of preferred stock discount	(781)	(363)	(2,386)	(1,338)
Undistributed net income (loss) allocated to common stockholders	(21,983)	(9,428)	(225,039)	(15,164)
Distributed and undistributed net income (loss) - basic	(21,983)	(9,428)	(225,039)	(15,164)
Effect of deferred compensation plan	0	(1,526)	0	(5,603)
Effect of incremental subsidiary shares	0	0	0	(527)
Distributed and undistributed net income (loss) - diluted	$ (21,983)	$ (10,954)	$ (225,039)	$ (21,294)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,306	2,580	2,259	2,489
Effect of deferred compensation plan shares (in shares)	0	202	0	135
Effect of contingently issuable shares (in shares)	0	0	0	55
Weighted average common shares outstanding – diluted (in shares)	2,306	2,782	2,259	2,679
Income (loss) per share – basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (9.53)	$ (3.65)	$ (99.62)	$ (6.09)
Income (loss) per share – diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (9.53)	$ (3.94)	$ (99.62)	$ (7.95)
Undeclared preferred dividends			$ 7,900

Income (Loss) Per Share - Dilut

Income (Loss) Per Share - Diluted Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 8,162	$ 2,938	$ 24,498	$ 9,734
Dividends on preferred stock, declared and undeclared	7,985	2,909	23,800	8,492
Amortization of preferred stock discount	$ 781	$ 363	$ 2,386	$ 1,338
Weighted average diluted shares (in shares)	4,989	1,652	4,720	1,565
Effect of assumed conversion of Ashford Holdings units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ (35)	$ (15)	$ (396)	$ (25)
Weighted average diluted shares (in shares)	4	4	4	4
Effect of incremental subsidiary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ (569)	$ (319)	$ (1,292)	$ (71)
Weighted average diluted shares (in shares)	835	186	598	74
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	14	12	27	10
Effect of assumed exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	0	0	0	27
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	4,136	1,450	4,091	1,450

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			5
REVENUE
Total revenues	$ 55,868,000	$ 56,889,000	$ 235,308,000	$ 183,675,000
EXPENSES
Depreciation and amortization	10,094,000	8,048,000	30,172,000	16,671,000
Impairment	0	0	178,213,000	0
Other operating expenses	32,336,000	44,439,000	103,509,000	138,135,000
Reimbursed expenses	28,072,000	11,203,000	127,638,000	32,185,000
Total expenses	70,502,000	63,690,000	439,532,000	186,991,000
OPERATING INCOME (LOSS)	(14,634,000)	(6,801,000)	(204,224,000)	(3,316,000)
Equity in earnings (loss) of unconsolidated entities	48,000	464,000	301,000	(109,000)
Interest expense	(1,259,000)	(456,000)	(3,681,000)	(1,198,000)
Amortization of loan costs	(86,000)	(75,000)	(242,000)	(214,000)
Interest income	0	0	29,000	29,000
Realized gain (loss) on investments	0	0	(386,000)	0
Other income (expense)	(44,000)	(20,000)	(499,000)	(115,000)
INCOME (LOSS) BEFORE INCOME TAXES	(15,975,000)	(6,888,000)	(208,702,000)	(4,923,000)
Income tax (expense) benefit	1,835,000	297,000	7,404,000	(1,429,000)
NET INCOME (LOSS)	(14,140,000)	(6,591,000)	(201,298,000)	(6,352,000)
JSAV
REVENUE
Total revenues	3,114,000	22,430,000	33,758,000	83,532,000
Operating Segments | REIT Advisory
REVENUE
Total revenues	16,790,000	21,381,000	53,297,000	64,638,000
EXPENSES
Depreciation and amortization	2,128,000	2,396,000	7,004,000	4,311,000
Impairment			0
Other operating expenses	0	0	0	0
Reimbursed expenses	5,841,000	9,332,000	18,811,000	27,697,000
Total expenses	7,969,000	11,728,000	25,815,000	32,008,000
OPERATING INCOME (LOSS)	8,821,000	9,653,000	27,482,000	32,630,000
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income			0	0
Realized gain (loss) on investments			0
Other income (expense)	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	8,821,000	9,653,000	27,482,000	32,630,000
Income tax (expense) benefit	(2,093,000)	(2,093,000)	(6,516,000)	(7,132,000)
NET INCOME (LOSS)	6,728,000	7,560,000	20,966,000	25,498,000
Operating Segments | Remington
REVENUE
Total revenues	24,800,000	0	117,715,000	0
EXPENSES
Depreciation and amortization	3,514,000		10,425,000
Impairment			126,548,000
Other operating expenses	3,101,000		10,753,000
Reimbursed expenses	21,023,000		104,123,000
Total expenses	27,638,000		251,849,000
OPERATING INCOME (LOSS)	(2,838,000)		(134,134,000)
Equity in earnings (loss) of unconsolidated entities	0		0
Interest expense	0		0
Amortization of loan costs	0		0
Interest income			0
Realized gain (loss) on investments			(386,000)
Other income (expense)	0		26,000
INCOME (LOSS) BEFORE INCOME TAXES	(2,838,000)		(134,494,000)
Income tax (expense) benefit	(502,000)		1,212,000
Operating Segments | Premier
REVENUE
Total revenues	2,277,000	7,881,000	10,173,000	23,371,000
EXPENSES
Depreciation and amortization	3,157,000	4,937,000	9,471,000	10,413,000
Impairment			49,524,000
Other operating expenses	1,662,000	2,946,000	6,549,000	8,697,000
Reimbursed expenses	487,000	1,221,000	2,393,000	3,838,000
Total expenses	5,306,000	9,104,000	67,937,000	22,948,000
OPERATING INCOME (LOSS)	(3,029,000)	(1,223,000)	(57,764,000)	423,000
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	0	0	0
Interest income			0	0
Realized gain (loss) on investments			0
Other income (expense)	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	(3,029,000)	(1,223,000)	(57,764,000)	423,000
Income tax (expense) benefit	624,000	9,000	1,351,000	(759,000)
NET INCOME (LOSS)	(2,405,000)	(1,214,000)	(56,413,000)	(336,000)
Operating Segments | JSAV
REVENUE
Total revenues	3,114,000	22,430,000	33,758,000	83,532,000
EXPENSES
Depreciation and amortization	494,000	513,000	1,486,000	1,471,000
Impairment			2,141,000
Other operating expenses	6,033,000	24,965,000	37,478,000	83,269,000
Reimbursed expenses	0	0	0	0
Total expenses	6,527,000	25,478,000	41,105,000	84,740,000
OPERATING INCOME (LOSS)	(3,413,000)	(3,048,000)	(7,347,000)	(1,208,000)
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	(187,000)	(298,000)	(628,000)	(868,000)
Amortization of loan costs	(14,000)	(14,000)	(43,000)	(41,000)
Interest income			0	0
Realized gain (loss) on investments			0
Other income (expense)	(8,000)	49,000	(321,000)	(107,000)
INCOME (LOSS) BEFORE INCOME TAXES	(3,622,000)	(3,311,000)	(8,339,000)	(2,224,000)
Income tax (expense) benefit	816,000	698,000	1,853,000	130,000
NET INCOME (LOSS)	(2,806,000)	(2,613,000)	(6,486,000)	(2,094,000)
Operating Segments | OpenKey
REVENUE
Total revenues	341,000	313,000	1,155,000	764,000
EXPENSES
Depreciation and amortization	5,000	7,000	15,000	21,000
Impairment			0
Other operating expenses	1,035,000	896,000	2,757,000	2,614,000
Reimbursed expenses	0	0	0	0
Total expenses	1,040,000	903,000	2,772,000	2,635,000
OPERATING INCOME (LOSS)	(699,000)	(590,000)	(1,617,000)	(1,871,000)
Equity in earnings (loss) of unconsolidated entities	0	0	0	0
Interest expense	0	0	0	0
Amortization of loan costs	0	(6,000)	0	(19,000)
Interest income			0	0
Realized gain (loss) on investments			0
Other income (expense)	0	3,000	(6,000)	15,000
INCOME (LOSS) BEFORE INCOME TAXES	(699,000)	(593,000)	(1,623,000)	(1,875,000)
Income tax (expense) benefit	0	0	0	0
NET INCOME (LOSS)	(699,000)	(593,000)	(1,623,000)	(1,875,000)
Corporate and Other
REVENUE
Total revenues	8,546,000	4,884,000	19,210,000	11,370,000
EXPENSES
Depreciation and amortization	796,000	195,000	1,771,000	455,000
Impairment			0
Other operating expenses	20,505,000	15,632,000	45,972,000	43,555,000
Reimbursed expenses	721,000	650,000	2,311,000	650,000
Total expenses	22,022,000	16,477,000	50,054,000	44,660,000
OPERATING INCOME (LOSS)	(13,476,000)	(11,593,000)	(30,844,000)	(33,290,000)
Equity in earnings (loss) of unconsolidated entities	48,000	464,000	301,000
Interest expense	(1,072,000)	(158,000)	(3,053,000)	(330,000)
Amortization of loan costs	(72,000)	(55,000)	(199,000)	(154,000)
Interest income			29,000	29,000
Realized gain (loss) on investments			0
Other income (expense)	(36,000)	(72,000)	(198,000)	(23,000)
INCOME (LOSS) BEFORE INCOME TAXES	(14,608,000)	(11,414,000)	(33,964,000)	(33,877,000)
Income tax (expense) benefit	2,990,000	1,683,000	9,504,000	6,332,000
NET INCOME (LOSS)	(11,618,000)	(9,731,000)	(24,460,000)	(27,545,000)
Advisory services
REVENUE
Total revenues	10,832,000	10,871,000	34,098,000	33,280,000
Advisory services | Operating Segments | REIT Advisory
REVENUE
Total revenues	10,832,000	10,871,000	34,098,000	33,280,000
Advisory services | Operating Segments | Remington
REVENUE
Total revenues	0		0
Advisory services | Operating Segments | Premier
REVENUE
Total revenues	0	0	0	0
Advisory services | Operating Segments | JSAV
REVENUE
Total revenues	0	0	0	0
Advisory services | Operating Segments | OpenKey
REVENUE
Total revenues	0	0	0	0
Advisory services | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Hotel management fees
REVENUE
Total revenues	3,777,000	0	13,592,000	0
Hotel management fees | Operating Segments | REIT Advisory
REVENUE
Total revenues	0		0
Hotel management fees | Operating Segments | Remington
REVENUE
Total revenues	3,777,000		13,592,000
Hotel management fees | Operating Segments | Premier
REVENUE
Total revenues	0		0
Hotel management fees | Operating Segments | JSAV
REVENUE
Total revenues	0		0
Hotel management fees | Operating Segments | OpenKey
REVENUE
Total revenues	0		0
Hotel management fees | Corporate and Other
REVENUE
Total revenues	0		0
Project management fees
REVENUE
Total revenues	1,790,000	6,660,000	7,780,000	19,533,000
Project management fees | Operating Segments | REIT Advisory
REVENUE
Total revenues	0	0	0	0
Project management fees | Operating Segments | Remington
REVENUE
Total revenues	0		0
Project management fees | Operating Segments | Premier
REVENUE
Total revenues	1,790,000	6,660,000	7,780,000	19,533,000
Project management fees | Operating Segments | JSAV
REVENUE
Total revenues	0	0	0	0
Project management fees | Operating Segments | OpenKey
REVENUE
Total revenues	0	0	0	0
Project management fees | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Audio visual
REVENUE
Total revenues	3,114,000	22,430,000	33,758,000	83,532,000
Audio visual | Operating Segments | REIT Advisory
REVENUE
Total revenues	0	0	0	0
Audio visual | Operating Segments | Remington
REVENUE
Total revenues	0		0
Audio visual | Operating Segments | Premier
REVENUE
Total revenues	0	0	0	0
Audio visual | Operating Segments | JSAV
REVENUE
Total revenues	3,114,000	22,430,000	33,758,000	83,532,000
Audio visual | Operating Segments | OpenKey
REVENUE
Total revenues	0	0	0	0
Audio visual | Corporate and Other
REVENUE
Total revenues	0	0	0	0
Other
REVENUE
Total revenues	8,222,000	5,627,000	18,250,000	14,719,000
Other | Operating Segments | REIT Advisory
REVENUE
Total revenues	55,000	1,080,000	195,000	3,235,000
Other | Operating Segments | Remington
REVENUE
Total revenues	0		0
Other | Operating Segments | Premier
REVENUE
Total revenues	0	0	0	0
Other | Operating Segments | JSAV
REVENUE
Total revenues	0	0	0	0
Other | Operating Segments | OpenKey
REVENUE
Total revenues	341,000	313,000	1,155,000	764,000
Other | Corporate and Other
REVENUE
Total revenues	7,826,000	4,234,000	16,900,000	10,720,000
Cost reimbursement revenue
REVENUE
Total revenues	28,133,000	11,301,000	127,830,000	32,611,000
Cost reimbursement revenue | Operating Segments | REIT Advisory
REVENUE
Total revenues	5,903,000	9,430,000	19,004,000	28,123,000
Cost reimbursement revenue | Operating Segments | Remington
REVENUE
Total revenues	21,023,000		104,123,000
Cost reimbursement revenue | Operating Segments | Premier
REVENUE
Total revenues	487,000	1,221,000	2,393,000	3,838,000
Cost reimbursement revenue | Operating Segments | JSAV
REVENUE
Total revenues	0	0	0	0
Cost reimbursement revenue | Operating Segments | OpenKey
REVENUE
Total revenues	0	0	0	0
Cost reimbursement revenue | Corporate and Other
REVENUE
Total revenues	720,000	$ 650,000	2,310,000	$ 650,000
Cost reimbursement revenue | Consolidation, Eliminations
REVENUE
Total revenues	$ 1,800,000		$ 7,600,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Nov. 04, 2020USD ($)
Subsequent Event | BAV
Subsequent Event [Line Items]
Deferred consideration payable	$ 500