Ashford (AINC) 10-K 25 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 23, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 1200
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
Title of 12(b) Security	Common Stock
Trading Symbol	AINC
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 42,573,508
Entity Common Stock, Shares Outstanding		3,150,437
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2022 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Entity Central Index Key	0001604738
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	BDO USA, LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 37,571	$ 45,270
Restricted cash	34,878	37,396
Restricted investment	576	290
Accounts receivable, net	10,502	3,458
Due from affiliates	165	353
Inventories	1,555	1,546
Prepaid expenses and other	9,490	7,629
Total current assets	98,456	111,282
Investments in unconsolidated entities	3,581	3,687
Property and equipment, net ($86 and $12,972, respectively, attributable to VIEs)	83,566	88,760
Operating lease right-of-use assets	26,975	30,431
Goodwill	56,622	56,622
Intangible assets, net ($9 and $3,409, respectively, attributable to VIEs)	244,726	271,432
Other assets	870	3,225
Total assets	514,796	565,439
Current liabilities:
Accounts payable and accrued expenses	39,897	40,378
Dividends payable	34,574	16,280
Due to affiliates	0	1,471
Deferred income	2,937	12,738
Deferred compensation plan	0	29
Notes payable, net ($100 and $972, respectively, attributable to VIEs)	6,725	5,347
Finance lease liabilities	1,065	841
Operating lease liabilities	3,628	3,691
Other liabilities	25,899	29,905
Total current liabilities	114,725	110,680
Deferred income	7,968	8,621
Deferred tax liability, net	32,848	37,904
Deferred compensation plan	3,326	1,678
Notes payable, net ($0 and $6,911, respectively, attributable to VIEs)	52,669	57,349
Finance lease liabilities	43,479	43,143
Operating lease liabilities	23,477	26,881
Total liabilities	278,492	286,256
Commitments and contingencies (note 11)
MEZZANINE EQUITY
Redeemable noncontrolling interests	69	1,834
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,023,002 and 2,868,288 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	3	3
Additional paid-in capital	294,395	293,597
Accumulated deficit	(534,999)	(491,483)
Accumulated other comprehensive income (loss)	(1,206)	(1,156)
Treasury stock, at cost, 49,686 and 32,031 shares at December 31, 2021 and December 31, 2020, respectively	(596)	(438)
Total equity (deficit) of the Company	(242,403)	(199,477)
Noncontrolling interests in consolidated entities	638	(121)
Total equity (deficit)	(241,765)	(199,598)
Total liabilities and equity (deficit)	514,796	565,439
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 December 31, 2021 and December 31, 2020	478,000	476,947
Ashford Trust
Current assets:
Due from related parties	2,575	13,198
Braemar
Current assets:
Due from related parties	$ 1,144	$ 2,142

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 83,566	$ 88,760
Intangible assets, net ($9 and $3,409, respectively, attributable to VIEs)	244,726	271,432
Current liabilities:
Notes payable, net ($100 and $972, respectively, attributable to VIEs)	6,725	5,347
Notes payable, net ($0 and $6,911, respectively, attributable to VIEs)	$ 52,669	$ 57,349
MEZZANINE EQUITY
Preferred stock, shares issued (in shares)	50,000,000
EQUITY (DEFICIT)
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	3,023,002	2,868,288
Common stock, shares outstanding (in shares)	3,023,002	2,868,288
Treasury stock (in shares)	49,686	32,031
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)	19,120,000	19,120,000
Preferred stock, shares issued (in shares)	19,120,000	19,120,000
Variable Interest Entity, Primary Beneficiary
ASSETS
Property and equipment, net	$ 86	$ 12,972
Intangible assets, net ($9 and $3,409, respectively, attributable to VIEs)	9	3,409
Current liabilities:
Notes payable, net ($100 and $972, respectively, attributable to VIEs)	100	972
Notes payable, net ($0 and $6,911, respectively, attributable to VIEs)	$ 0	$ 6,911

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
EXPENSES
Salaries and benefits	13,793	17,392	15,776	13,820	13,677	16,310	33,168	29,987	46,961	43,807	65,251	57,171	59,659
Depreciation and amortization	8,056	8,259	8,139	10,094	10,109	9,969	16,398	20,078	24,454	30,172	32,598	39,957	24,542
General and administrative	7,585	6,591	5,268	5,540	4,341	6,183	11,859	10,524	19,444	16,064	26,288	20,351	33,484
Impairment	1,160	0	0	0	0	178,213	0	178,213	1,160	178,213	1,160	188,837	0
Other	4,758	5,059	3,611	9,147	1,361	4,226	8,670	5,587	13,428	14,734	18,199	18,687	12,062
Reimbursed expenses	59,822	45,217	32,115	31,970	26,443	68,229	77,332	94,672	137,154	126,642	203,956	158,501	80,421
Total expenses	107,559	90,412	70,053	74,400	59,125	305,011	160,465	364,136	268,024	438,536	389,800	517,281	298,258
OPERATING INCOME (LOSS)	627	(5,000)	(7,685)	(14,634)	(11,139)	(178,451)	(12,685)	(189,590)	(12,058)	(204,224)	(5,233)	(223,930)	(11,230)
Equity in earnings (loss) of unconsolidated entities	12	(58)	(114)	48	17	236	(172)	253	(160)	301	(126)	212	(286)
Interest expense	(1,290)	(1,288)	(1,267)	(1,259)	(1,246)	(1,176)	(2,555)	(2,422)	(3,845)	(3,681)	(5,144)	(5,389)	(2,059)
Amortization of loan costs	(78)	(45)	(86)	(86)	(90)	(66)	(131)	(156)	(209)	(242)	(322)	(318)	(308)
Interest income	72	72	63	0	1	28	135	29	207	29	285	32	46
Realized gain (loss) on investments	370	(179)	(194)	0	(11)	(375)	(373)	(386)	(3)	(386)	(3)	(386)	0
Other income (expense)	29	(172)	(113)	(44)	66	(521)	(285)	(455)	(256)	(499)	(437)	(264)	3
INCOME (LOSS) BEFORE INCOME TAXES	(258)	(6,670)	(9,396)	(15,975)	(12,402)	(180,325)	(16,066)	(192,727)	(16,324)	(208,702)	(10,980)	(230,043)	(13,834)
Income tax (expense) benefit	(98)	697	951	1,835	3,484	2,085	1,648	5,569	1,550	7,404	162	14,255	(1,540)
NET INCOME (LOSS)	(356)	(5,973)	(8,445)	(14,140)	(8,918)	(178,240)	(14,418)	(187,158)	(14,774)	(201,298)	(10,818)	(215,788)	(15,374)
(Income) loss from consolidated entities attributable to noncontrolling interests	180	234	95	319	278	160	329	438	509	757	678	1,178	536
Net (income) loss attributable to redeemable noncontrolling interests	13	19	176	604	644	440	195	1,084	208	1,688	215	2,245	983
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(163)	(5,720)	(8,174)	(13,217)	(7,996)	(177,640)	(13,894)	(185,636)	(14,057)	(198,853)	(9,925)	(212,365)	(13,855)
Preferred dividends, declared and undeclared	(8,762)	(8,633)	(8,606)	(7,985)	(7,940)	(7,875)	(17,239)	(15,815)	(26,001)	(23,800)	(35,000)	(32,095)	(14,435)
Amortization of preferred stock discount	(306)	(311)	(316)	(781)	(795)	(810)	(627)	(1,605)	(933)	(2,386)	(1,053)	(2,887)	(1,928)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (9,231)	$ (14,664)	$ (17,096)	$ (21,983)	$ (16,731)	$ (186,325)	$ (31,760)	$ (203,056)	$ (40,991)	$ (225,039)	$ (45,978)	$ (247,347)	$ (30,218)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.31)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)	$ (16.68)	$ (108.30)	$ (12.03)
Weighted average common shares outstanding (in shares)	2,785	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259	2,756	2,284	2,416
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.64)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)	$ (16.68)	$ (108.30)	$ (13.55)
Weighted average common shares outstanding (in shares)	2,982	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259	2,756	2,284	2,568
Advisory services fees
REVENUE
Total revenues	$ 10,143	$ 10,062	$ 9,927	$ 10,832	$ 11,430	$ 11,836	$ 19,989	$ 23,266	$ 30,132	$ 34,098	$ 47,566	$ 45,247	$ 44,184
Hotel management fees
REVENUE
Total revenues	7,750	6,515	4,472	3,777	3,691	6,124	10,987	9,815	18,737	13,592	26,260	17,126	4,526
Design and construction fees
REVENUE
Total revenues	2,202	1,867	1,542	1,790	2,052	3,938	3,409	5,990	5,611	7,780	9,557	8,936	25,584
EXPENSES
Cost of revenues	1,032	1,022	758	703	878	1,451	1,780	2,329	2,812	3,032	4,105	3,521	5,853
Audio visual
REVENUE
Total revenues	15,108	9,451	3,611	3,114	970	29,674	13,062	30,644	28,170	33,758	49,880	37,881	110,609
EXPENSES
Cost of revenues	11,353	6,872	4,386	3,126	2,316	20,430	11,258	22,746	22,611	25,872	38,243	30,256	82,237
Other
REVENUE
Total revenues	13,104	12,166	10,629	8,222	3,337	6,691	22,795	10,028	35,899	18,250	47,329	25,602	21,179
Cost reimbursement revenue
REVENUE
Total revenues	$ 59,879	$ 45,351	$ 32,187	$ 32,031	$ 26,506	$ 68,297	$ 77,538	$ 94,803	$ 137,417	$ 126,834	$ 203,975	$ 158,559	$ 80,946

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (10,818)	$ (215,788)	$ (15,374)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	(19)	(447)	448
Unrealized gain (loss) on restricted investment	(409)	(879)	(114)
Less reclassification for realized (gain) loss on restricted investment included in net income	378	386	0
COMPREHENSIVE INCOME (LOSS)	(10,868)	(216,728)	(15,040)
Comprehensive (income) loss attributable to noncontrolling interests	678	1,178	536
Comprehensive (income) loss attributable to redeemable noncontrolling interests	215	2,310	931
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (9,975)	$ (213,240)	$ (13,573)

CONSOLIDATED STATEMENTS OF EQUI

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								0
Beginning balance at Dec. 31, 2018	$ 65,901			$ 24			$ 280,159			$ (214,242)	$ (498)	$ 0	$ 458		$ 3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(12,389)						(12,389)
Extinguishment of common stock (in shares)				(412)
Extinguishment of common stock	0			$ (4)			4
Equity-based compensation (in shares)				8
Equity-based compensation	8,741						8,753						(12)
Purchase of treasury stock	0						131					$ (131)
Purchase of treasury stock (in shares)												(2)
Change in par value of common stock upon reorganization	0			$ (20)			20
Deemed contribution on Series B convertible preferred stock	1,161									1,161
Acquisitions (in shares)					60	135								11,000
Acquisitions		$ 3,748	$ 4,539		$ 1	$ 1		$ 3,747	$ 4,538					$ 275,000
Investment in REA Holdings (in shares)				17
Investment in REA Holdings	887						887
Amortization of preferred stock discount	(1,928)									(1,928)				$ 1,928
Dividends declared - preferred stock	$ (14,435)									(14,435)
Deferred compensation plan distribution (in shares)	3			3
Distribution from deferred compensation plan	$ 113						113
Employee advances	351						351
Contributions from noncontrolling interests	1,038												1,038
Reallocation of carrying value	(746)						(489)						(257)		746
Redemption value adjustment	(785)									(785)					785
Distributions to consolidated noncontrolling interests	(63)												(63)
Foreign currency translation adjustment	396										396				52
Unrealized gain (loss) on available for sale securities	(114)										(114)
Reclassification for realized loss (gain) on available for sale securities	0
Net income (loss)	(13,855)									(13,855)
Net income (loss)	(14,391)												(536)		(983)
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		4,131
Beginning balance (in shares) at Dec. 31, 2018	4													8,120
Beginning balance at Dec. 31, 2018														$ 200,847
Increase (Decrease) in Temporary Equity [Roll Forward]
Extinguishment of Series B convertible preferred stock (in shares)														(8,120)
Extinguishment of Series B convertible preferred stock														$ (202,282)
Exchange of Series B convertible preferred stock to Series D convertible preferred stock (in shares)														8,120
Exchange of Series B convertible preferred stock to Series D convertible preferred stock														$ 203,000
Acquisitions (in shares)					60	135								11,000
Acquisitions		$ 3,748	$ 4,539		$ 1	$ 1		$ 3,747	$ 4,538					$ 275,000
Discount on Series D convertible preferred stock														(4,433)
Amortization of preferred stock discount	$ (1,928)									(1,928)				$ 1,928
Ending balance (in shares) at Dec. 31, 2019	4													19,120
Ending balance at Dec. 31, 2019														$ 474,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				694
Equity-based compensation	$ 8,150			$ 1			8,140						9
Purchase of treasury stock	(18)											$ (18)
Purchase of treasury stock (in shares)				(2)								(2)
Forfeiture of restricted common shares (in shares)				(28)								(28)
Forfeiture of restricted common shares	0						289					$ (289)
Deemed contribution on Series B convertible preferred stock	0
Amortization of preferred stock discount	(2,887)									(2,887)				2,887
Dividends declared and undeclared - preferred stock	(32,095)									(32,095)
Dividends declared - preferred stock	$ (15,815)
Deferred compensation plan distribution (in shares)	1			1
Distribution from deferred compensation plan	$ 11						11
Employee advances	(584)						(584)
Acquisition of noncontrolling interest in consolidated entities	1,076						303			785			(12)		(1,301)
Contributions from noncontrolling interests	457												457
Reallocation of carrying value	(412)						(387)						(25)		412
Redemption value adjustment	(837)									(837)					837
Foreign currency translation adjustment	(447)										(447)
Unrealized gain (loss) on available for sale securities	(879)										(879)
Reclassification for realized loss (gain) on available for sale securities	386										386
Net income (loss)	(212,365)									(212,365)
Net income (loss)	(213,543)												(1,178)		(2,245)
Ending balance (in shares) at Dec. 31, 2020				2,868								32
Ending balance at Dec. 31, 2020	(199,598)			$ 3			293,597			(491,483)	(1,156)	$ (438)	(121)		1,834
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	$ (2,887)									(2,887)				$ 2,887
Ending balance (in shares) at Dec. 31, 2020	4													19,120
Ending balance at Dec. 31, 2020														$ 476,947
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)				169
Equity-based compensation	$ 4,299						4,296						3
Purchase of treasury stock	(121)											$ (121)
Purchase of treasury stock (in shares)				(14)								(14)
Forfeiture of restricted common shares (in shares)				(3)								(3)
Forfeiture of restricted common shares	0						37					$ (37)
Deemed contribution on Series B convertible preferred stock	0
Amortization of preferred stock discount	(1,053)									(1,053)				1,053
Dividends declared and undeclared - preferred stock	(35,000)									(35,000)
Dividends declared - preferred stock	$ (16,706)
Deferred compensation plan distribution (in shares)	3			3
Distribution from deferred compensation plan	$ 51						51
Employee advances	180						180
Acquisition of noncontrolling interest in consolidated entities	(506)						(3,392)			2,560			326		(1,648)
Contributions from noncontrolling interests	734												734
Reallocation of carrying value	0						(374)						374
Redemption value adjustment	(98)									(98)					98
Foreign currency translation adjustment	(19)										(19)
Unrealized gain (loss) on available for sale securities	(409)										(409)
Reclassification for realized loss (gain) on available for sale securities	378										378
Net income (loss)	(9,925)									(9,925)
Net income (loss)	(10,603)												(678)		(215)
Ending balance (in shares) at Dec. 31, 2021				3,023								49
Ending balance at Dec. 31, 2021	(241,765)			$ 3			$ 294,395			(534,999)	$ (1,206)	$ (596)	$ 638		$ 69
Increase (Decrease) in Temporary Equity [Roll Forward]
Amortization of preferred stock discount	$ (1,053)									$ (1,053)				$ 1,053
Ending balance (in shares) at Dec. 31, 2021	4													19,120
Ending balance at Dec. 31, 2021														$ 478,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net income (loss)	$ (10,818)	$ (215,788)	$ (15,374)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	38,497	45,674	31,142
Change in fair value of deferred compensation plan	1,671	(3,012)	(5,732)
Equity-based compensation	4,553	5,562	8,874
Equity in (earnings) loss in unconsolidated entities	126	(212)	286
Deferred tax expense (benefit)	(5,056)	(22,410)	(1,930)
Change in fair value of contingent consideration	23	436	4,244
Impairment	1,160	188,837	0
(Gain) loss on disposal of assets	1,593	8,357	(25)
Amortization of other assets	1,039	1,286	0
Amortization of loan costs	322	318	308
Realized loss on restricted investments	378	386	0
Other (gain) loss	(306)	145	0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(4,180)	3,666	(1,210)
Due from affiliates	188	4	843
Inventories	(666)	79	(397)
Prepaid expenses and other	(1,744)	0	(2,172)
Investment in unconsolidated entities	69	0	115
Operating lease right-of-use assets	3,713	3,764	2,048
Other assets	99	(116)	0
Accounts payable and accrued expenses	302	5,565	5,006
Due to affiliates	(1,698)	461	(1,314)
Other liabilities	(4,029)	11,828	2,152
Operating lease liabilities	(3,724)	(3,650)	(2,021)
Deferred income	(10,481)	8,158	(420)
Net cash provided by (used in) operating activities	20,836	32,210	24,699
Cash Flows from Investing Activities
Additions to property and equipment	(4,044)	(2,846)	(6,654)
Proceeds from sale of property and equipment, net	2,104	4	231
Additional purchase price paid for Remington working capital adjustment	0	(1,293)	0
Cash acquired in acquisition of Remington Lodging	0	0	12,056
Payments to acquire investments	(250)	0	(314)
Acquisition of non-controlling interest in consolidated subsidiaries	0	(150)	0
Purchase of common stock of related parties	(873)	0	0
Acquisition of assets related to RED	(4,030)	(1,745)	(1,892)
Proceeds from sale of equity method investment	535	0	0
Issuance of note receivable	(2,880)	0	0
Net cash provided by (used in) investing activities	(9,438)	(6,030)	(28,831)
Cash Flows from Financing Activities
Purchases of common stock	0	0	(12,389)
Payments for dividends on preferred stock	(16,706)	(20,540)	(9,710)
Payments on revolving credit facilities	(1,063)	(15,723)	(46,808)
Borrowings on revolving credit facilities	1,826	14,660	57,647
Proceeds from notes payable	2,900	44,797	11,105
Payments on notes payable	(8,737)	(17,775)	(2,479)
Payments on finance lease liabilities	(439)	(785)	(627)
Payments of loan costs	(222)	(375)	(76)
Purchase of treasury stock	(121)	(18)	0
Employee advances	180	(584)	353
Payment of contingent consideration	0	(1,384)	0
Contributions from noncontrolling interest	734	457	980
Distributions to noncontrolling interests in consolidated entities	0	0	(63)
Net cash provided by (used in) financing activities	(21,648)	2,730	(2,067)
Effect of foreign exchange rate changes on cash and cash equivalents	33	507	5
Net change in cash, cash equivalents and restricted cash	(10,217)	29,417	(6,194)
Cash, cash equivalents and restricted cash at beginning of period	82,666	53,249	59,443
Cash, cash equivalents and restricted cash at end of period	72,449	82,666	53,249
Supplemental Cash Flow Information
Interest paid	5,022	4,761	1,924
Income taxes paid (refunded), net	6,628	8,539	3,179
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Remington Lodging through issuance of convertible preferred stock, less cash acquired	0	0	260,442
Distribution from deferred compensation plan	51	11	113
Capital expenditures accrued but not paid	205	494	968
Finance lease additions	0	1,869	42,028
Acquisition of noncontrolling interest in consolidated entities with notes payable and common stock	2,202	0	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	45,270	35,349	51,529
Restricted cash at beginning of period	37,396	17,900	7,914
Cash and cash equivalents at end of period	37,571	45,270	35,349
Restricted cash at end of period	34,878	37,396	17,900
Cash, cash equivalents and restricted cash at end of period	72,449	82,666	53,249
BAV
Cash Flows from Investing Activities
Acquisitions	0	0	(4,267)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	0	0	3,748
Sebago
Cash Flows from Investing Activities
Acquisitions	0	0	(2,426)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	0	0	4,539
REA Holdings
Cash Flows from Investing Activities
Payments to acquire investments	0	0	(2,176)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	0	0	887
Ashford Trust
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
(Gain) loss on disposal of assets		(6,400)
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	10,623	(8,393)	160
Cash Flows from Investing Activities
Payments to acquire property, plant, and equipment, ERFP agreement	0	0	(13,089)
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	(818)	1,265	116
Cash Flows from Investing Activities
Payments to acquire property, plant, and equipment, ERFP agreement	$ 0	$ 0	$ (10,300)

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
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 November 6, 2019, refer to our predecessor publicly-traded parent Ashford OAINC II Inc., (formerly named Ashford Inc. and incorporated in Maryland) (“Maryland Ashford”), 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) design and construction and architectural 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 for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar and their respective hotels from an ownership perspective, in each case subject to the respective advisory agreements and the supervision and oversight of the respective boards 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 United States 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 operates certain hotel properties owned by Ashford Trust and Braemar. COVID-19, Management’s Plans and Liquidity In December 2019, COVID-19 was identified in Wuhan, China, and subsequently spread to other regions of the world, which has resulted in significant travel restrictions and extended shutdown of numerous businesses throughout 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 its corporate office. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. In addition, one or more possible recurrences of COVID-19 case surges 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 may continue to have a significant negative impact on the Company’s results of operations, financial position and cash flow in 2022 and potentially beyond. As a result, in March 2020, the Company amended payment terms pursuant to certain hotel management agreements to better manage corporate working capital, reduced planned capital expenditures, significantly reduced operating expenses and reduced the cash compensation of its executive officers and other employees, including an arrangement pursuant to which Mr. Monty J. Bennett received his base salary in the form of common stock issued under the Company’s 2014 Incentive Plan, as amended. Additionally, the Company did not declare dividends which were due with respect to its Series D Convertible Preferred Stock for the second and fourth quarters of 2020 and the second and fourth quarters of 2021. As of December 31, 2021, the Company had aggregate undeclared preferred stock dividends of approximately $34.6 million, which relates to the second and fourth quarters of 2020 and the second and fourth quarters of 2021. On March 9, 2022, the Company declared a dividend with respect to its Series D Covertible Preferred Stock for the first quarter of 2022. The declared $8.7 million of dividends are payable on April 15, 2022 to stockholders of record on March 31, 2022. During the first quarter of 2021, base salaries for the Company’s executive officers and other employees were restored to pre-reduction levels and the arrangement by which Mr. Monty J. Bennett received his base salary in the form of common stock ended. Additionally, the Company declared $8.4 million in dividends in each of the first and third quarters of 2021 which were due with respect to its Series D Convertible Preferred Stock. The dividends were paid on April 15 and October 15, 2021, respectively. On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other things (i) revise the term and termination rights; (ii) fix the percentage used to calculate the base fee thereunder at 0.70% per annum; (iii) update the list of peer group members; (iv) suspend the requirement that Ashford Trust maintain a minimum Consolidated Tangible Net Worth until the first fiscal quarter beginning after June 30, 2023; and (v) revise the criteria that would constitute a Company Change of Control of Ashford Trust in order to provide Ashford Trust additional flexibility to dispose of underperforming assets negatively impacted by COVID-19. In connection with the transactions contemplated by the Credit Agreement, dated as of January 15, 2021 (as amended, the “Credit Agreement”), by and among Ashford Trust, Oaktree Capital Management L.P. (“Oaktree”) and the lenders party thereto, on January 15, 2021, the Company entered into a Subordination and Non-Disturbance Agreement (the “SNDA”) with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of 80% of such fees paid during the fiscal year ended December 31, 2019 (the “Advisory Fee Cap”), (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore Capital II LLC (formerly known as Lismore Capital LLC) (“Lismore”) in connection with the transactions contemplated by the Credit Agreement. On October 12, 2021, Ashford Trust entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with certain funds and accounts managed by Oaktree Capital Management, L.P., as lenders, and Oaktree, as administrative agent. Amendment No. 1, subject to the conditions set forth therein, among other things, suspends Ashford Trust’s obligation to subordinate fees due under the advisory agreement if at any point there is no accrued interest outstanding or any accrued dividends on any of Ashford Trust’s preferred stock and Ashford Trust has sufficient unrestricted cash to repay in full all outstanding loans under the Credit Agreement, as amended. On December 13, 2021, Ashford Trust paid the Company $7.2 million for advisory fees that had been deferred as a result of the $29.0 million annual Advisory Fee Cap. See notes 3 and 17. When preparing financial statements, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that create substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, the Company considered its current financial condition and liquidity sources, including current funds available, forecasted future cash flows and its unconditional obligations due over the next 12 months. 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. As of December 31, 2021, our Term Loan Agreement was in compliance with all covenants or other requirements and debt held by our subsidiaries was in compliance with all covenants or other requirements. We cannot predict when hotel operating levels at our clients, Ashford Trust and Braemar, will return to normalized levels after the effects of the pandemic subside, whether our clients’ hotels will be forced to shut down operations again or whether one or more governmental entities may impose additional travel restrictions due to a resurgence of COVID-19 cases in the future. As a result of these factors resulting from the impact of the pandemic, we are unable to estimate future financial performance with certainty. However, based primarily on our assessment of the ability of our key clients, Ashford Trust and Braemar, to pay their obligations to the Company in accordance with the advisory agreements and Ashford Trust’s payment in the fourth quarter of 2021 of previously deferred advisory fees, the Company has concluded that the facts and circumstances that previously gave rise to substantial doubt about the Company’s ability to continue as a going concern have been resolved. Additional factors considered in our assessment include our completed loan amendments, other agreements, our current cash on hand, our forecast of future operating results for the next 12 months from the date of this report and the actions we have taken to improve our liquidity. Facts and circumstances could change in the future that are outside of management’s control, such as changes in Ashford Trust’s and Braemar’s financial position and liquidity, additional government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19, which could subsequently change our assessment. See note 17. Other Developments On December 31, 2020, we acquired all of the redeemable noncontrolling interest shares in Inspire Event Technologies Holdings, LLC (formerly Presentation Technologies, LLC), our subsidiary doing business as INSPIRE (formerly JSAV) (“INSPIRE”) for $150,000. As a result of the acquisition, our ownership in INSPIRE increased from approximately 88% to 100%. During the first quarter of 2021, we paid the remainder of contingent consideration due to the sellers of BAV Services, Inc. (“BAV”) in connection with the acquisition of BAV, including $350,000 related to the earn-out which was paid on January 11, 2021, and the final stock collar consideration payments in the amounts of $870,000 and $888,000 which were paid on February 1, 2021 and March 4, 2021, respectively. In January 2021, Remington executed two new hotel management contracts with a third-party hotel owner. In conjunction, Remington loaned approximately $2.9 million to the hotel owner. The loan requires interest only payments each quarter at an annual rate of 10% commencing on March 31, 2021. The principal balance and any outstanding accrued interest on the loan is due and payable to Remington in full on December 31, 2022. The note receivable is recorded within “accounts receivable, net” in our consolidated balance sheet as of December 31, 2021. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey, Inc. (“OpenKey”) for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium, or cash at our sole discretion. As a result of the acquisition, our ownership in OpenKey increased to 74.76% with the remainder held by noncontrolling interest holders, including 17.07% and 7.97% owned by Ashford Trust and Braemar, respectively, as of March 9, 2021. On May 3, 2021, we acquired shares in RED Hospitality & Leisure, LLC (“RED”) from a noncontrolling interest holder, increasing our ownership of RED from 84.21% to 97.87% effective retroactively to January 1, 2021, for a total purchase price of $200,000. The purchase price will be paid in the form of shares of the Company’s common stock, delivered quarterly in $25,000 increments, beginning on the closing date and ending on November 15, 2022. In the fourth quarter of 2021, the Company acquired the remaining shares in RED held by a noncontrolling interest holder for a total purchase price of $75,000. The purchase price was paid as of December 31, 2021 in the form of shares of common stock of the Company. On October 1, 2021, the Company announced that JSAV completed a strategic rebranding and is now named INSPIRE. INSPIRE is a global event solution company specializing in audio-visual, staging and production.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Restatement and Revisions of Previously Issued Financial Statements —As part of the Company’s financial statement close process and preparation of the 2021 Form 10-K, the Company identified errors in its historical financial statements within its Remington segment related to both the recognition of cost reimbursement revenue and reimbursed expenses for certain insurance costs and the timing of recognition of cost reimbursement revenue and reimbursed expenses for hotel management related salaries and benefits costs that are reimbursed from hotel owners. These costs are reported gross in the Company’s consolidated statements of operations in cost reimbursement revenue with an offsetting amount reported in reimbursed expenses. The Company determined that its interim consolidated financial statements for the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020 and September 30, 2021 and 2020 were materially misstated and needed to be restated and are illustrated in detail in Note 21 to the consolidated financial statements. In addition, the Company determined that its annual consolidated financial statements for the years ended December 31, 2020 and 2019 were not materially misstated but needed to be revised. The error had no impact on the Company’s consolidated balance sheets, consolidated statements of other comprehensive income (loss), consolidated statements of equity (deficit) and consolidated statements of cash flows. Amounts and disclosures included in this Form 10-K have been revised to reflect the corrected presentation. The table below sets forth the impact of the revisions on the Company’s annual consolidated financial statements (in thousands): Years Ended December 31, 2020 and 2019 (As Revised) Year Ended December 31, 2020 Year ended December 31, 2019 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised REVENUE Cost reimbursement revenue $ 162,636 $ (4,077) $ 158,559 $ 85,168 $ (4,222) $ 80,946 Total revenues 297,428 (4,077) 293,351 291,250 (4,222) 287,028 EXPENSES Reimbursed expenses 162,578 (4,077) 158,501 84,643 (4,222) 80,421 Total expenses 521,358 (4,077) 517,281 302,480 (4,222) 298,258 OPERATING INCOME (LOSS) $ (223,930) $ — $ (223,930) $ (11,230) $ — $ (11,230) Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements, include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical consolidated financial statements. 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 December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 75.38 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 24.62 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 69 n/a n/a Redemption value adjustment, year-to-date 96 n/a n/a Redemption value adjustment, cumulative 581 n/a n/a Carrying value of noncontrolling interests n/a 479 159 Assets, available only to settle subsidiary’s obligations (6)(9) n/a 2,533 1,779 Liabilities (8)(9) n/a 424 1,643 Revolving credit facility (8) n/a — 100 December 31, 2020 Ashford OpenKey (3) Pure (4) RED (5) Ashford Inc. ownership interest 99.86 % 49.04 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.14 % 25.06 % — % — % Noncontrolling interests in consolidated entities — % 25.90 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 35 $ 1,799 n/a n/a Redemption value adjustment, year-to-date 371 466 n/a n/a Redemption value adjustment, cumulative 486 2,563 n/a n/a Carrying value of noncontrolling interests n/a 164 89 (374) Assets, available only to settle subsidiary’s obligations (6)(7)(9) n/a 1,287 1,677 21,204 Liabilities (8)(9) n/a 837 1,767 13,817 Notes payable (8) n/a — — 7,627 Revolving credit facility (8) n/a — 100 247 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in 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. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. See also notes 1 and 6. (4) Represents ownership interests in PRE Opco, LLC (“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 and commercial office industry. See also notes 1 and 12. (5) Represents ownership interests in RED, our wholly owned subsidiary as of December 31, 2021. During the year ended December 31, 2021, we acquired the remaining outstanding shares in RED from the previous noncontrolling interest holders, increasing our ownership of RED from 84.21% at the beginning of the year to 100.00%. RED is a provider of watersports activities and other travel and transportation services and includes RED’s operating subsidiaries that conduct RED’s legacy U.S. Virgin Islands and Turks and Caicos Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. Prior to our acquisition of RED’s noncontrolling interest, RED was a VIE for which we were considered the primary beneficiary and therefore consolidated it. We were provided a preferred return on our investment in RED which was accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 12. (6) Total assets consist primarily of cash and cash equivalents, property and equipment, intangibles and other assets that can only be used to settle the subsidiaries’ obligations. (7) The assets of Sebago are not available to settle the obligations of RED’s operating subsidiaries that conduct RED’s legacy U.S. Virgin Islands and Turks and Caicos Islands operations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loan and line of credit held by RED’s operating subsidiary that conducts RED’s legacy U.S. Virgin Islands operations. See note 6. (9) See our consolidated balance sheets for disclosure by line item of material assets and liabilities of the VIEs consolidated by the Company. Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. No such impairment was recorded during the years ended December 31, 2021 and 2020. We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at December 31, 2021 and December 31, 2020. 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 years ended December 31, 2021 and 2020. 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. Our investment in Real Estate Advisory Holdings LLC (“REA Holdings”) is accounted for under the equity method as we have significant influence over the voting interest entity. 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, which expires on the later of (i) February 28, 2024 and (ii) 30 business days following the completion date of the Company’s preliminary audit for calendar year 2023. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): December 31, 2021 December 31, 2020 Carrying value of the investment in REA Holdings $ 2,831 2,873 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Year Ended December 31, 2021 2020 2019 Equity in earnings (loss) in unconsolidated entities $ 13 $ 212 $ (286) Acquisitions —We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target’s primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital, and the cost savings expected to be derived from acquiring an asset, if applicable. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in our consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill. Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of 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 —Restricted cash was comprised of the following (in thousands): December 31, 2021 December 31, 2020 REIT Advisory: Insurance claim reserves (1) $ 24,588 $ 26,304 Remington: Managed hotel properties’ reserves (2) 6,923 5,908 Insurance claim reserves (3) 1,312 1,532 Total Remington restricted cash 8,235 7,440 INSPIRE: Debt service related operating reserves (4) 1,000 — Marietta: Capital improvement reserves (5) 255 2,852 Restricted cash held in escrow (6) 800 800 Total Marietta restricted cash 1,055 3,652 Total restricted cash $ 34,878 $ 37,396 ________ (1) 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. (2) Cash received from hotel properties managed by Remington is 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 which is presented net 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.” (3) Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in current “other liabilities.” (4) Cash is restricted due to operating reserves required under INSPIRE’s amended credit agreement to service interest expense and projected operating costs. See note 6. (5) Includes cash reserves for capital improvements associated with renovations at the hotel leased by our consolidated subsidiary, Marietta Leasehold LP, (“Marietta”), which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. The liability related to the restricted cash balance for the hotel’s renovations are included in “accounts payable and accrued expenses.” (6) Restricted cash is held in escrow in accordance with the Marietta lease agreement. The cash held in escrow is funded from hotel cash flows and can only be used for repairs and maintenance or capital improvements at the property. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of December 31, 2021, accounts receivable also includes a note receivable due to Remington of approximately $2.9 million. See note 1. Inventories —Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) valuation method. Property and Equipment, net —Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment at cost. Impairment of Property and Equipment —Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. During the year ended December 31, 2020, as a result of the negative impact of the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform recoverability tests by comparing the sum of the estimated undiscounted future cash flows attributable to the assets to the carrying values. Approximately $36,000 of impairment charges related to long-lived assets were recorded in the year ended December 31, 2020 based on the results of the recoverability tests. No impairment charges related to Property and Equipment were recorded in the years ended December 31, 2021 and 2019. Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of Remington, INSPIRE and Sebago. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluate factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit’s carrying amount over its fair value. We determine the fair value of a reporting unit based on a blended analysis of the present value of future cash flows and the market value approach. Based on the results of our annual impairment assessments, no impairment of goodwill was indicated as of October 1, 2021. Additionally, no indicators of impairment were identified from the date of our impairment assessments through December 31, 2021. During 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 multiple impairment assessments on our reporting units’ goodwill balances. During the third quarter of 2021, as a result of the strategic rebranding of our segment formerly known as JSAV to INSPIRE, we concluded sufficient indicators existed to require us to perform an assessment of INSPIRE’s JSAV trademark. We performed an impairment test and calculated the fair value of our indefinite-lived INSPIRE trademarks using the relief-from-royalty method which includes unobservable inputs including royalty rates and projected revenues for the time period that the Company is expected to benefit from the trademark. The relief-from-royalty method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. For additional information on our goodwill and trademark impairments, see note 5. Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include management contracts, customer relationships and boat slip rights resulting from our acquisitions. The Remington and Premier management contracts are not amortized on a straight-line basis, rather the assets are amortized in a manner that approximates the pattern of the assets’ economic benefit to the Company over an estimated useful life of 22 and 30 years, respectively. The INSPIRE, RED and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. During the year ended December 31, 2020, as a result of the negative impact of the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform recoverability tests by comparing the sum of the estimated undiscounted future cash flows attributable to the assets to the carrying values. For additional information on our definite-lived intangible assets, see note 5. Other Liabilities —As of December 31, 2021 and December 31, 2020, other liabilities included reserves in the amount of $24.6 million and $26.3 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 consolidated balance sheets. As of December 31, 2021 and December 31, 2020, other liabilities also included $1.3 million and $1.5 million, respectively, relating to reserves for Remington health insurance claims, and liabilities of $0 and $2.1 million, respectively, for the fair value of contingent consideration due to the sellers of BAV. Revenue Recognition —See note 3. Salaries and Benefits —Salaries and benefits are expensed as incurred and include salaries and benefit related expenses for our officers and employees. Salaries and benefits also includes expense for equity grants of the Company’s common stock to our officers and employees and changes in fair value in the deferred compensation plan liability. See notes 14 and 15. General and Administrative —General and administrative costs are expensed as incurred, and include advertising costs of $1.5 million, $1.4 million and $1.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Depreciation and Amortization —Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives ranging from less than a year to 33 years for our Marietta finance lease. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Property and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years. Our RED vessels are depreciated using the straight-line method over a useful life of 20 years. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above. Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. The Company accounts for forfeitures when they occur. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “reimbursed expenses,” equal to the grant date fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “cost reimbursement revenue”. Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss), foreign currency translation adjustments and unrealized gain (loss) on restricted investments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the INSPIRE operations in Mexico and the Dominican Republic from their respective functional currencies to U.S. dollars. This amount is not included in net income and would only be realized upon the sale or upon complete or substantially complete liquidation of the foreign businesses. The unrealized gain (loss) on restricted investments includes the unrealized gain (loss) on available-for-sale securities associated with restricted investments awarded to certain employees of our subsidiaries. The accumulated other comprehensive income (loss) is presented on our consolidated balance sheets as of December 31, 2021 and 2020. Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust —Due from Ashford Trust represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust is generally settled within a period not exceeding one year. Due from Braemar —Due from Braemar represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Braemar is generally settled within a period not exceeding one year. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. See note 18 . Leases —We determine if an arrangement is a lease at the inception of the contract. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments related to operating leases is recognized on a straight-line basis over the lease term. Lease expense for minimum lease payments related to financing leases is recognized using the effective interest method over the lease term. Short-term leases (less than twelve months) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. See note 7. Deferred Compensation Plan —Effective January 1, 2008, Ashford Trust established a nonqualified deferred compensation plan (“DCP”) for certain executive officers, which was assumed by the Company in connection with the separation from Ashford Trust. The plan allowed participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. The DCP is carried at fair value with changes in fair value reflected in “salaries and benefits” in our consolidated statements of operations. See note 15. 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 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

Revenues

Revenues	12 Months Ended
	Dec. 31, 2021
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 Fees Revenue Advisory services fees revenue is reported within our REIT Advisory segment and primarily consists of advisory fees that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, prior to January 14, 2021, the base fee was paid monthly and ranged from 0.50% to 0.70% per annum of the total market capitalization ranging from greater than $10.0 billion to less than $6.0 billion plus the Net Asset Fee Adjustment, as defined in the Amended and Restated Advisory Agreement, subject to certain minimums. On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other things, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. In connection with the transactions contemplated by the Credit Agreement, the Company entered into the SNDA with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of the Advisory Fee Cap, (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore in connection with the transactions contemplated by the Credit Agreement. See note 1. Under the Second Amended and Restated Advisory Agreement, advisory fees earned each year from Ashford Trust in excess of the Advisory Fee Cap are a form of variable consideration that is constrained and deferred until such fees are probable of not being subject to significant reversal. The Advisory Fee Cap is $29.0 million each year as stated in the Credit Agreement. As a result, until the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full to Oaktree by Ashford Trust, base advisory fee revenue recognized each month is equal to the lesser of (1) base fees calculated as described above based on Ashford Trust’s market capitalization or (2) 1/12th of $29.0 million. Any cash received from Ashford Trust for base advisory fees in excess of revenue recognized is deferred until it is probable that the fees would no longer be constrained. Any portion of deferred advisory fees that becomes probable of being unconstrained during the same year in which the fees were earned will be recognized with a cumulative catch-up in the interim period in which the constraint is resolved. Any portion of deferred advisory fees that becomes probable of being unconstrained in a year subsequent to the year in which the fees were earned will be recognized in the interim period in which the constraint is resolved. On October 12, 2021, Ashford Trust entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with certain funds and accounts managed by Oaktree Capital Management, L.P., as lenders, and Oaktree, as administrative agent. Amendment No. 1, subject to the conditions set forth therein, among other things, suspends Ashford Trust’s obligation to subordinate fees due under the advisory agreement if at any point there is no accrued interest outstanding or any accrued dividends on any of Ashford Trust’s preferred stock and Ashford Trust has sufficient unrestricted cash to repay in full all outstanding loans under the Credit Agreement, as amended. On December 13, 2021, Ashford Trust paid the Company $7.2 million for advisory fees that had been deferred as a result of the $29.0 million annual Advisory Fee Cap. The $7.2 million payment was recorded as revenue in “advisory services fees” in our consolidated statements of operations for the year ended December 31, 2021. 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 our advisory agreement with Braemar, 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. During the year ended December 31, 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement, as stated in the Braemar advisory agreement, related to the third year installment of Braemar’s 2018 incentive advisory fee. As such, the Company did not recognize any incentive fee revenue related to Braemar in the year ended December 31, 2020. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. Ashford Trust’s annual stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. Hotel Management Fees Revenue Hotel management fees 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 Remington’s 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. Design and Construction Fees Revenue Design and construction fees revenue (formerly called project management revenue) primarily consists of revenue generated by our subsidiary, Premier Project Management LLC (“Premier”). Premier provides design and construction management services, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services and freight management 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 INSPIRE 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 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 refinancing 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. Consistent with our accounting treatment prior to adopting ASU 2016-02, Leases (“ASU 2016-02”), other revenue for the year ended December 31, 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. Prior to December 31, 2020, we additionally were reimbursed by Ashford Trust for expenses incurred by Ashford Investment Management, LLC (“AIM”) for managing Ashford Trust’s excess cash under an Investment Management Agreement with Ashford Trust. AIM was not compensated for its services but was reimbursed for all costs and expenses. Effective December 31, 2020, the Investment Management Agreement with Ashford Trust was terminated. 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. Design and construction 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 Ashford Trust, Braemar and other hotel owners. We recognize revenue within “cost reimbursement revenue” in our consolidated statements of operations when the amounts may be billed to Ashford Trust, Braemar and other hotel owners, and we recognize expenses within “reimbursed expenses” in our consolidated statements of operations as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized software programs and the related reimbursements we receive from Ashford Trust and Braemar in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other 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 change 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 2021 2020 2019 Balance as of January 1 $ 21,359 $ 13,280 $ 13,544 Increases to deferred income 11,774 23,033 8,137 Recognition of revenue (1) (22,228) (14,954) (8,401) Balance as of December 31 $ 10,905 $ 21,359 $ 13,280 ________ (1) Deferred income recognized in the year ended December 31, 2021, includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $2.1 million of audio visual revenue, (c) $11.2 million of other revenue primarily related to the Ashford Trust Agreement with Lismore, which includes a $1.2 million cumulative catch-up adjustment to revenue which was previously considered constrained (see note 17), and (d) $6.9 million of “other services” revenue earned by our products and services companies, excluding Lismore. Deferred income recognized in the year ended December 31, 2020, includes (a) $2.2 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.8 million of audio visual revenue, (c) $8.3 million of other revenue related to the Ashford Trust Agreement and the Braemar Agreement with Lismore (see note 17) and (d) $2.6 million of “other services” revenue earned by our products and services companies, excluding Lismore. Deferred income recognized in the year ended December 31, 2019, includes (a) $2.5 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.5 million of audio visual revenue and (c) $2.4 million of “other services” revenue earned by our 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 note 17. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at December 31, 2021. The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred income until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $7.6 million and $3.5 million included in “accounts receivable, net” primarily related to our products and services segment, $2.6 million and $13.2 million in “due from Ashford Trust”, and $1.1 million and $2.1 million included in “due from Braemar” related to REIT advisory services at December 31, 2021 and December 31, 2020, respectively. We had no significant impairments related to these receivables during the year ended December 31, 2021 and 2020. See note 17. Disaggregated Revenue Our revenues were comprised of the following for the years ended December 31, 2021, 2020 and 2019, respectively (in thousands) as shown below. Cost reimbursement revenue and reimbursed expenses for our Remington segment have been revised as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Year Ended December 31, 2021 2020 2019 Advisory services fees: Base advisory fees $ 47,045 $ 44,725 $ 42,985 Incentive advisory fees — — 678 Other advisory revenue 521 522 521 Total advisory services fees revenue 47,566 45,247 44,184 Hotel management fees: Base fees 21,291 17,126 4,054 Incentive fees 4,969 — 472 Total hotel management fees revenue 26,260 17,126 4,526 Design and construction fees revenue 9,557 8,936 25,584 Audio visual revenue 49,880 37,881 110,609 Other revenue: Watersports, ferry and excursion services (1) 23,867 9,663 9,354 Debt placement and related fees (2) 12,384 8,412 1,998 Claims management services 81 226 210 Lease revenue — — 4,118 Other services (3) 10,997 7,301 5,499 Total other revenue 47,329 25,602 21,179 Cost reimbursement revenue 203,975 158,559 80,946 Total revenues $ 384,567 $ 293,351 $ 287,028 REVENUES BY SEGMENT (4) REIT advisory $ 74,616 $ 70,169 $ 84,701 Remington 197,802 145,596 43,065 Premier 12,413 11,604 30,580 INSPIRE 49,900 37,881 110,609 RED 23,867 9,663 9,354 OpenKey 1,965 1,479 987 Corporate and other 24,004 16,959 7,732 Total revenues $ 384,567 $ 293,351 $ 287,028 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands, the Turks and Caicos Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (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 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. (4) We have six reportable segments: REIT Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Marietta and Pure Wellness into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. Geographic Information Our REIT Advisory, Remington, Premier, OpenKey, and Corporate and Other reporting segments conduct their business primarily within the United States. Our INSPIRE reporting segment conducts business in the United States, Mexico, and the Dominican Republic. RED conducts business in the United States and the Turks and Caicos Islands, a territory of the United Kingdom. The following table presents revenue from INSPIRE and RED geographically for the years ended December 31, 2021, 2020 and 2019, respectively (in thousands): Year Ended December 31, 2021 2020 2019 INSPIRE: United States $ 39,164 $ 28,923 $ 88,583 Mexico 7,724 7,100 16,067 Dominican Republic 2,992 1,858 5,959 Total audio visual revenue $ 49,880 $ 37,881 $ 110,609 RED: United States $ 22,665 $ 9,663 $ 9,354 United Kingdom (Turks and Caicos Islands) 1,202 — — Total watersports, ferry and excursion services $ 23,867 $ 9,663 $ 9,354

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consisted of the following (in thousands): December 31, 2021 2020 Marietta Leasehold L.P. finance lease $ 44,294 $ 44,294 Rental pool equipment 20,498 21,200 FF&E leased to Ashford Trust 19,688 21,100 FF&E leased to Braemar 1,744 1,420 Property and equipment 10,370 11,014 Marine vessels 15,153 11,262 Leasehold improvements 1,177 1,193 Computer software 1,244 657 Total cost 114,168 112,140 Accumulated depreciation (30,602) (23,380) Property and equipment, net $ 83,566 $ 88,760

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Impairment of Goodwill and Intangible Assets —During 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 recorded goodwill impairment charges during the year ended December 31, 2020 of $180.8 million and intangible asset impairment charges of $8.0 million . 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 cash flows and the market value approach. See note 9. 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. During the fourth quarter of 2020, we updated our goodwill impairment assessments and recorded impairment charges of $10.2 million related to our INSPIRE segment which represented all of its goodwill. We performed a detailed quantitative assessment of goodwill associated with our INSPIRE segment due to sustained under-performance and a less optimistic outlook of the segment’s forecasted operating results. The fair value estimate was based on the present value of future discounted cash flows. We also performed a qualitative assessment of goodwill associated with our Remington segment and concluded no impairment triggering event existed based on operating results consistent with the projections in the detailed quantitative assessment prepared in the first quarter of 2020. No impairment charges or any other adjustments related to goodwill were recorded for the year ended December 31, 2021. As of December 31, 2021 and 2020, our Remington segment had $54.6 million of goodwill remaining and our Premier and INSPIRE segments 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 INSPIRE segments which resulted from changes in estimated future revenues. We updated this assessment in the fourth quarter of 2020 and recorded an additional impairment charge of $340,000 related to the INSPIRE trademarks. The Remington and INSPIRE trademarks were written down to $4.9 million and $1.2 million, respectively, based on a valuation using the relief-from-royalty method. During the third quarter of 2021, as a result of the strategic rebranding of our segment formerly known as JSAV to INSPIRE, we performed an impairment test and calculated the fair value of our indefinite-lived JSAV trademarks using the relief-from-royalty method which includes unobservable inputs including royalty rates and projected revenues for the time period that the Company is expected to benefit from the trademark. As a result of the evaluation, we recognized intangible asset impairment charges of $1.2 million, which was the full impairment of the indefinite-lived JSAV trademarks within the INSPIRE segment for the year ended December 31, 2021. The changes in the carrying amount of goodwill for the years ended December 31, 2021 and December 31, 2020, are as follows (in thousands): Remington Premier INSPIRE RED Corporate and Other (1) Consolidated Balance at January 1, 2020 $ 143,854 $ 49,524 $ 10,211 $ 1,235 $ 782 $ 205,606 Changes in goodwill: Adjustments (2) 31,799 — — — — 31,799 Impairments (3) (121,048) (49,524) (10,211) — — (180,783) Balance at December 31, 2020 54,605 — — 1,235 782 56,622 Balance at December 31, 2021 $ 54,605 $ — $ — $ 1,235 $ 782 $ 56,622 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness. (2) The adjustment to Remington goodwill relates to changes in our final valuation of the acquired assets and liabilities associated with the acquisition of Remington. (3) See explanation above of impairment charges recognized during the year ended December 31, 2020. These impairment charges represent the accumulated impairments to date. Intangible assets, net as of December 31, 2021 and December 31, 2020, are as follows (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ — $ (28,284) $ 79,316 $ 107,600 $ — $ (16,237) $ 91,363 Premier management contracts 194,000 — (41,619) 152,381 194,000 — (29,428) 164,572 INSPIRE customer relationships 9,319 — (4,409) 4,910 9,319 — (3,291) 6,028 RED boat slip rights 3,100 — (380) 2,720 3,100 — (225) 2,875 Pure Wellness customer relationships 175 — (166) 9 175 — (131) 44 Other — — — — 47 (37) (10) — $ 314,194 $ — $ (74,858) $ 239,336 $ 314,241 $ (37) $ (49,322) $ 264,882 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ — $ 4,900 $ 10,400 $ (5,500) $ 4,900 INSPIRE trademarks (1) 1,160 (1,160) — 3,641 (2,481) 1,160 RED trademarks 490 — 490 490 — 490 $ 6,550 $ (1,160) $ 5,390 $ 14,531 $ (7,981) $ 6,550 ________ (1) See explanation of impairment charges above. Amortization expense for definite-lived intangible assets was $25.6 million, $27.7 million and $16.1 million for the years ended December 31, 2021, 2020 and 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. Expected future amortization expense of definite-lived intangible assets as of December 31, 2021 are as follows (in thousands): 2022 $ 23,759 2023 22,146 2024 20,195 2025 17,803 2026 16,364 Thereafter 139,069 Total $ 239,336

Notes Payable, net

Notes Payable, net	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable— Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2021 December 31, 2020 Term loan (9) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to 2.25% or LIBOR (2) (3) +3.00% to 3.25% $ 27,271 $ 33,688 Note payable (12) Ashford Inc. February 29, 2028 4.00% 1,746 — Term loan (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 1.75% 20,000 20,000 Revolving credit facility (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 1.75% 1,869 1,106 Revolving credit facility (5) (13) Pure Wellness On demand Prime Rate (4) + 1.00% 100 100 Term loan (6) (8) (19) RED October 5, 2025 Prime Rate (4) + 1.75% — 571 Revolving credit facility (6) (8) (14) (18) RED August 5, 2022 Prime Rate (4) + 1.75% — 247 Draw term loan (6) (8) (19) RED June 5, 2027 Prime Rate (4) + 1.75% — 1,375 Term loan (6) (8) (19) RED February 1, 2029 Prime Rate (4) + 2.00% — 1,584 Term loan (5) (8) (15) RED July 17, 2029 6.00% (15) 1,641 1,663 Term loan (5) (8) (16) RED July 17, 2023 6.50% 607 859 Draw term loan (5) (8) (18) RED August 5, 2028 Prime Rate (4) + 2.00% — 1,575 Term loan (5) (8) (17) RED August 5, 2029 Prime Rate (4) +2.00% 888 — Term loan (5) (8) (18) RED August 5, 2029 Prime Rate (4) + 2.00% 2,143 — Term loan (6) (8) (19) RED August 5, 2029 Prime Rate (4) + 1.75% 3,357 — Total notes payable 59,622 62,768 Capitalized default interest, net (11) 290 427 Deferred loan costs, net (518) (499) Notes payable including capitalized default interest and deferred loan costs, net 59,394 62,696 Less current portion (6,725) (5,347) Total notes payable, net - non-current $ 52,669 $ 57,349 __________________ (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 0.10% and 0.14% at December 31, 2021 and December 31, 2020, respectively. (4) Prime Rate was 3.25% and 3.25% at December 31, 2021 and December 31, 2020, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility is collateralized primarily by INSPIRE’s accounts receivable with a carrying value of $5.0 million and $900,000 as of December 31, 2021 and 2020, respectively. INSPIRE’s term loan is collateralized by substantially all the assets of INSPIRE with a carrying value of $32.8 million and $34.6 million as of December 31, 2021 and 2020, respectively. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $12.5 million and $11.0 million as of December 31, 2021 and 2020, respectively. (9) On March 29, 2021, the Company amended its Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A. (as so amended, the “Seventh Amendment”). The Seventh Amendment (a) increases the required amortization rate from 1.25% to 2.50% each quarter commencing July 1, 2021, (b) requires the Company to maintain a minimum liquidity of $15.0 million at all times, including pro forma for preferred dividends, and (c) restricts dividends and stock repurchases, other than preferred dividends, so long as there is no default under the Term Loan Agreement. 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 2.50% to 5.0% of the outstanding principal balance. Upon signing the Seventh Amendment, the Company made a $5.0 million prepayment to Bank of America, N.A. as consideration for their execution and delivery of the Seventh Amendment. The Company is also subject to certain financial covenants. See covenant compliance discussion below. (10) On December 31, 2020, INSPIRE amended its credit agreement dated as of November 1, 2017. As a result of the INSPIRE Amendment, the credit agreement revised the maximum borrowing capacity of the revolving credit facility from $3.5 million to $3.0 million. As of December 31, 2021, the amount unused under INSPIRE’s revolving credit facility was $1.1 million. The INSPIRE Amendment additionally replaced INSPIRE’s previous term loan, draw term loan and equipment loans with a $20.0 million senior secured term loan. The INSPIRE Amendment also extended the maturity date of INSPIRE’s obligations under the revolving credit facility and term loan to January 1, 2024, with the potential for a further one-year extension at INSPIRE’s option subject to satisfaction of certain conditions, including a payment of a one-time, permanent principal reduction of the term loan of not less than $2.5 million and other fees as of the date of INSPIRE’s election to extend. Pursuant to the INSPIRE Amendment, INSPIRE’s obligations to comply with certain financial and other covenants was waived until March 31, 2023. As a result of the INSPIRE Amendment, amounts borrowed under the revolving credit facility and the term loan will bear interest at the prime rate plus a margin of 1.25%, with the margin increasing by 0.25% beginning on July 1, 2021 and at the beginning of each successive quarter thereafter. INSPIRE will pay a commitment fee of 1.5% of the term loan in installments, with the possibility that the last $100,000 installment, scheduled to be paid on December 31, 2022, be forgiven if INSPIRE’s obligations under the INSPIRE Amendment have been satisfied in full in advance of that date. The INSPIRE Amendment suspended payments of principal under the term loan through December 2021. Commencing January 1, 2022, INSPIRE will be required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. On September 22, 2021, the INSPIRE Amendment was further amended to reduce INSPIRE’s requirement to fund an operating reserve account from an initial amount of $3.0 million to $1.0 million. In connection with the credit agreement dated as of November 1, 2017, INSPIRE entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0%. The fair value of the interest rate cap at December 31, 2021 and December 31, 2020, was not material. (11) On December 31, 2020, the Company determined the INSPIRE Amendment was considered a troubled debt restructuring due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the year ended December 31, 2020, as the carrying amount of the original loan was not greater than the undiscounted cash flows of the modified loans. Additionally, as a result of the troubled debt restructuring, $427,000 of accrued default interest and late charges were capitalized into the INSPIRE term loan balance at December 31, 2020, and are amortized over the remaining term of the loan using the effective interest method. (12) On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium or cash at our sole discretion. (13) 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. As of December 31, 2021, the amount unused under Pure Wellness’s revolving credit facility was $150,000. (14) On July 23, 2021, RED renewed its $250,000 revolving credit facility. As of December 31, 2021, the amount unused under RED’s revolving credit facility was $250,000. (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 July 23, 2021, RED entered into a new term loan agreement with a maximum principal amount of $900,000. RED will not be required to make any payments of principal until May 5, 2022. (18) On July 23, 2021, RED consolidated the draw term loan previously maturing August 2028 and the outstanding balance for RED’s line of credit into a new term loan. RED is required to pay monthly installments of principal and interest commencing September 5, 2021 until the maturity date. (19) On July 23, 2021, RED consolidated the draw term loan previously maturing June 2027 and two term loans previously maturing October 2025 and February 2029 into a new term loan. Commencing September 5, 2021, RED is required to pay monthly installments of principal and interest until the maturity date. Maturities and scheduled amortization of long-term debt as of December 31, 2021, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2022 $ 6,584 2023 7,260 2024 38,834 2025 1,041 2026 1,089 Thereafter 4,814 Total $ 59,622

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment under operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Our acquisition of Remington Lodging in November of 2019 included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The lease is considered to be a finance lease and resulted in an increase to “property and equipment, net” and “finance lease liabilities” of approximately $44.3 million and $40.1 million, respectively. In addition to our lease with the City of Marietta, we lease certain equipment and boat slips under finance leases. The net book value of these assets is included in “property and equipment, net” in our consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our consolidated statements of operations. As of December 31, 2021 and 2020, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 26,975 $ 30,431 Finance lease assets Property and equipment, net 44,333 45,789 Total leased assets $ 71,308 $ 76,220 Liabilities Current Operating Operating lease liabilities $ 3,628 $ 3,691 Finance Finance lease liabilities 1,065 841 Noncurrent Operating Operating lease liabilities 23,477 26,881 Finance Finance lease liabilities 43,479 43,143 Total leased liabilities $ 71,649 $ 74,556 We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2021 2020 2019 Operating lease cost Rent expense (1) General and administrative $ 5,654 $ 5,327 $ 3,324 Rent expense Cost of revenues for design and construction — — 127 Finance lease cost Amortization of leased assets Depreciation and amortization 1,455 1,458 384 Interest on lease liabilities Interest expense 2,727 2,626 443 Total lease cost $ 9,836 $ 9,411 $ 4,278 __________________ (1) The years ended December 31, 2021, 2020 and 2019 include short term lease expense of $442,000, $227,000 and $137,000, respectively. For the year ended December 31, 2021, 2020 and 2019, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,713 $ 3,650 $ 2,021 Financing cash flows from finance leases $ 439 $ 785 $ 627 As of December 31, 2021, future minimum lease payments on operating leases and financing leases and total future minimum lease payments to be received were as follows (in thousands): Operating Leases Finance Leases Sublease Payments to be Received 2022 $ 4,964 $ 3,548 $ 211 2023 4,799 4,553 215 2024 4,529 3,064 105 2025 3,998 2,948 83 2026 3,728 2,948 83 Thereafter 12,887 80,338 159 Total minimum lease payments (receipts) $ 34,905 $ 97,399 $ 856 Imputed interest (7,800) (52,855) Present value of minimum lease payments $ 27,105 $ 44,544 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2021 December 31, 2020 December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 9.34 9.93 10.95 Finance leases (2) 31.49 32.3 34.09 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.2 % 6.2 % 6.2 % __________________ (1) The weighted-average remaining lease term includes two optional 10 year extension periods for our INSPIRE headquarters in Irving, Texas, as failure to renew the lease would result in INSPIRE incurring significant relocation costs. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment under operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Our acquisition of Remington Lodging in November of 2019 included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The lease is considered to be a finance lease and resulted in an increase to “property and equipment, net” and “finance lease liabilities” of approximately $44.3 million and $40.1 million, respectively. In addition to our lease with the City of Marietta, we lease certain equipment and boat slips under finance leases. The net book value of these assets is included in “property and equipment, net” in our consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our consolidated statements of operations. As of December 31, 2021 and 2020, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 26,975 $ 30,431 Finance lease assets Property and equipment, net 44,333 45,789 Total leased assets $ 71,308 $ 76,220 Liabilities Current Operating Operating lease liabilities $ 3,628 $ 3,691 Finance Finance lease liabilities 1,065 841 Noncurrent Operating Operating lease liabilities 23,477 26,881 Finance Finance lease liabilities 43,479 43,143 Total leased liabilities $ 71,649 $ 74,556 We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2021 2020 2019 Operating lease cost Rent expense (1) General and administrative $ 5,654 $ 5,327 $ 3,324 Rent expense Cost of revenues for design and construction — — 127 Finance lease cost Amortization of leased assets Depreciation and amortization 1,455 1,458 384 Interest on lease liabilities Interest expense 2,727 2,626 443 Total lease cost $ 9,836 $ 9,411 $ 4,278 __________________ (1) The years ended December 31, 2021, 2020 and 2019 include short term lease expense of $442,000, $227,000 and $137,000, respectively. For the year ended December 31, 2021, 2020 and 2019, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,713 $ 3,650 $ 2,021 Financing cash flows from finance leases $ 439 $ 785 $ 627 As of December 31, 2021, future minimum lease payments on operating leases and financing leases and total future minimum lease payments to be received were as follows (in thousands): Operating Leases Finance Leases Sublease Payments to be Received 2022 $ 4,964 $ 3,548 $ 211 2023 4,799 4,553 215 2024 4,529 3,064 105 2025 3,998 2,948 83 2026 3,728 2,948 83 Thereafter 12,887 80,338 159 Total minimum lease payments (receipts) $ 34,905 $ 97,399 $ 856 Imputed interest (7,800) (52,855) Present value of minimum lease payments $ 27,105 $ 44,544 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2021 December 31, 2020 December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 9.34 9.93 10.95 Finance leases (2) 31.49 32.3 34.09 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.2 % 6.2 % 6.2 % __________________ (1) The weighted-average remaining lease term includes two optional 10 year extension periods for our INSPIRE headquarters in Irving, Texas, as failure to renew the lease would result in INSPIRE incurring significant relocation costs. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment under operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Our acquisition of Remington Lodging in November of 2019 included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The lease is considered to be a finance lease and resulted in an increase to “property and equipment, net” and “finance lease liabilities” of approximately $44.3 million and $40.1 million, respectively. In addition to our lease with the City of Marietta, we lease certain equipment and boat slips under finance leases. The net book value of these assets is included in “property and equipment, net” in our consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our consolidated statements of operations. As of December 31, 2021 and 2020, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 26,975 $ 30,431 Finance lease assets Property and equipment, net 44,333 45,789 Total leased assets $ 71,308 $ 76,220 Liabilities Current Operating Operating lease liabilities $ 3,628 $ 3,691 Finance Finance lease liabilities 1,065 841 Noncurrent Operating Operating lease liabilities 23,477 26,881 Finance Finance lease liabilities 43,479 43,143 Total leased liabilities $ 71,649 $ 74,556 We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2021 2020 2019 Operating lease cost Rent expense (1) General and administrative $ 5,654 $ 5,327 $ 3,324 Rent expense Cost of revenues for design and construction — — 127 Finance lease cost Amortization of leased assets Depreciation and amortization 1,455 1,458 384 Interest on lease liabilities Interest expense 2,727 2,626 443 Total lease cost $ 9,836 $ 9,411 $ 4,278 __________________ (1) The years ended December 31, 2021, 2020 and 2019 include short term lease expense of $442,000, $227,000 and $137,000, respectively. For the year ended December 31, 2021, 2020 and 2019, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,713 $ 3,650 $ 2,021 Financing cash flows from finance leases $ 439 $ 785 $ 627 As of December 31, 2021, future minimum lease payments on operating leases and financing leases and total future minimum lease payments to be received were as follows (in thousands): Operating Leases Finance Leases Sublease Payments to be Received 2022 $ 4,964 $ 3,548 $ 211 2023 4,799 4,553 215 2024 4,529 3,064 105 2025 3,998 2,948 83 2026 3,728 2,948 83 Thereafter 12,887 80,338 159 Total minimum lease payments (receipts) $ 34,905 $ 97,399 $ 856 Imputed interest (7,800) (52,855) Present value of minimum lease payments $ 27,105 $ 44,544 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2021 December 31, 2020 December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 9.34 9.93 10.95 Finance leases (2) 31.49 32.3 34.09 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.2 % 6.2 % 6.2 % __________________ (1) The weighted-average remaining lease term includes two optional 10 year extension periods for our INSPIRE headquarters in Irving, Texas, as failure to renew the lease would result in INSPIRE incurring significant relocation costs. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses were comprised of the following (in thousands): December 31, 2021 December 31, 2020 Accounts payable $ 11,682 $ 15,145 Accrued payroll expense 23,648 21,741 Accrued vacation expense 3,427 2,516 Accrued interest 259 201 Other accrued expenses 881 775 Total accounts payable and accrued expenses $ 39,897 $ 40,378

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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 Significant Unobservable Inputs Total December 31, 2021 Assets Restricted Investment: Ashford Trust common stock $ 150 (1) $ — $ — $ 150 Braemar common stock 426 (1) — — 426 Total $ 576 $ — $ — $ 576 Liabilities Subsidiary compensation plan $ — $ (164) (1) $ — $ (164) Deferred compensation plan (3,326) — — (3,326) Total $ (3,326) $ (164) $ — $ (3,490) Net $ (2,750) $ (164) $ — $ (2,914) __________________ (1) The restricted investment includes 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. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2021, 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 Significant Unobservable Inputs Total December 31, 2020 Assets Restricted Investment: Ashford Trust common stock $ 88 (2) $ — $ — $ 88 Braemar common stock 202 (2) — — 202 Total $ 290 $ — $ — $ 290 Liabilities Contingent consideration $ (1,735) (1) $ — $ — $ (1,735) Subsidiary compensation plan — (89) (2) — (89) Deferred compensation plan (1,707) — — (1,707) Total $ (3,442) $ (89) $ — $ (3,531) Net $ (3,152) $ (89) $ — $ (3,241) __________________ (1) Represents the fair value of the contingent consideration liability of $1.7 million related to the stock consideration collar associated with INSPIRE’s acquisition of BAV. The contingent consideration liabilities are reported as “other current liabilities” in our consolidated balance sheets. See note 1. (2) The restricted investment includes 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. The compensation agreement liability is based on ratably accrued vested shares through December 31, 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. The following table presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability Balance at January 1, 2020 $ (2,959) Acquisitions — Gains (losses) included in earnings (2) (41) Dispositions and settlements — Transfers into/out of Level 3 (1) 3,000 Balance at December 31, 2020 $ — __________________ (1) Includes INSPIRE’s initial contingent consideration associated with the acquisition of BAV in March of 2019. In the first quarter of 2020, BAV achieved the maximum $3.0 million performance target. We subsequently paid $2.4 million in cash to the sellers of BAV consisting of a $1.5 million payment on May 7, 2020, and a $900,000 payment on December 31, 2020. The Company elected to settle the remainder of the contingent consideration in the form of cash instead of Ashford Inc. common stock. Pursuant to the Second Amendment to the Asset Purchase Agreement, which was executed on May 6, 2020, the Company was provided a $250,000 discount upon the election of cash settlement. The final amount paid in January 2021, net of the discount, was $350,000. The liability of $350,000 as of December 31, 2020 owed to the sellers of BAV is reported in our consolidated balance sheets within “other liabilities.” (2) Fair value adjustment reported as “other” operating expense in our consolidated statements of operations. 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 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 recorded goodwill impairment charges during the year ended December 31, 2020 of $180.8 million. 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 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 in which we compared the fair value of the reporting units to their carrying value. The fair value estimates for all reporting units were based on a blended analysis of the present value of future 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. During the fourth quarter of 2020, we recorded goodwill impairment charges of $10.2 million related to our INSPIRE segment. We performed an annual quantitative assessment of goodwill for our INSPIRE segment due to sustained under-performance and a less optimistic outlook of the segment’s forecasted operating results. The fair value estimate was based on the present value of future discounted cash flows considered 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 management’s expectation of the timing of recovery from the economic downturn. 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 fourth quarter of 2020. As of December 31, 2021, our Remington segment had $54.6 million of goodwill remaining and our Premier and INSPIRE segments had no goodwill remaining. No impairment charges or any other adjustments related to goodwill were recorded for the year ended December 31, 2021. 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 remaining goodwill and intangible asset balances. 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 the negative impact of the COVID-19 pandemic on our business, 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 INSPIRE segments which resulted from changes in estimated future revenues. We updated this assessment in the fourth quarter of 2020 and recorded an additional impairment charge of $340,000 related to the INSPIRE trademarks. The Remington and INSPIRE trademarks were written down to $4.9 million and $1.2 million, respectively, based on a valuation using the relief-from-royalty method. During the third quarter of 2021, as a result of the strategic rebranding of our segment formerly known as JSAV to INSPIRE, we performed an impairment test and calculated the fair value of our indefinite-lived JSAV trademarks using the relief-from-royalty method which includes unobservable inputs including royalty rates and projected revenues for the time period that the Company is expected to benefit from the trademark. As a result of the evaluation, we recognized intangible asset impairment charges of $1.2 million, which was the full impairment of the indefinite-lived JSAV trademarks within the INSPIRE segment for the year ended December 31, 2021. 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, INSPIRE customer relationships and RED boat slip rights resulting from our acquisitions. During the year ended December 31, 2020, as a result of the negative impact of the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform recoverability tests by comparing the sum of the estimated undiscounted future cash flows attributable to the assets to the carrying values. Approximately $36,000 of impairment charges related to long-lived assets were recorded in 2020 based on the results of the recoverability tests. Effect of Fair Value Measured Assets and Liabilities on Our Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2021 2020 2019 Assets Restricted investment: (1) Ashford Trust common stock $ (336) $ (200) $ — Braemar common stock (42) (186) — Goodwill — (180,783) — Intangible assets, net (1,160) (8,018) — Property and equipment, net — (36) — Total $ (1,538) $ (189,223) $ — Liabilities Contingent consideration (2) $ (23) $ (436) $ (4,244) Subsidiary compensation plan (3) (295) 131 (47) Deferred compensation plan (3) (1,671) 3,012 5,732 Total $ (1,989) $ 2,707 $ 1,441 Net $ (3,527) $ (186,516) $ 1,441 __________________ (1) Represents the realized gain (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 consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2021 Equity securities (1) $ 1,068 $ — $ (492) $ 576 __________________ (1) Distribution of $855,000 of available-for-sale securities occurred in the year ended December 31, 2021. Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our consolidated balance sheets. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2020 Equity securities (1) $ 1,169 $ — $ (879) $ 290 __________________ (1) Distribution of $195,000 of available-for-sale securities had occurred as of December 31, 2020. Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our consolidated balance sheets.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 576 $ 576 $ 290 $ 290 Financial liabilities measured at fair value: Deferred compensation plan $ 3,326 $ 3,326 $ 1,707 $ 1,707 Contingent consideration — — 1,735 1,735 Financial assets not measured at fair value: Cash and cash equivalents $ 37,571 $ 37,571 $ 45,270 $ 45,270 Restricted cash 34,878 34,878 37,396 37,396 Accounts receivable, net 7,622 7,622 3,458 3,458 Notes receivable 2,880 2,880 — — Due from affiliates 165 165 353 353 Due from Ashford Trust 2,575 2,575 13,198 13,198 Due from Braemar 1,144 1,144 2,142 2,142 Investments in unconsolidated entities 3,581 3,581 3,687 3,687 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 39,897 $ 39,897 $ 40,378 $ 40,378 Dividends payable 34,574 34,574 16,280 16,280 Due to affiliates — — 1,471 1,471 Other liabilities 25,899 25,899 28,170 28,170 Notes payable 59,622 56,641 to 62,603 62,768 59,629 to 65,906 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 INSPIRE’s acquisition of BAV was carried at fair value based on the terms of the acquisition agreements and any changes to fair value are recorded in “other” operating expenses in our consolidated statements of operations. This is considered a Level 1 valuation technique. See note 9 . Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due from Ashford Trust, due from Braemar, notes receivable, 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 assets 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of December 31, 2021, 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. Litigation —On December 20, 2016, a class action lawsuit was filed against one of the Company’s subsidiaries in The Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees who were allegedly deprived of rest breaks as a result of the subsidiary’s previous written policy requiring employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees who were not paid for allegedly missed breaks upon separation from employment. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because there remains uncertainty under California law with respect to a significant legal issue, discovery relating to class members continues, and the trial judge retains discretion to award lower penalties than set forth in the applicable California employment laws, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of December 31, 2021, no amounts have been accrued.

Equity (Deficit)

Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity (Deficit)	Equity (Deficit) Capital Stock —In accordance with the Company’s charter, we are authorized to issue 200 million shares of capital stock, consisting of 100 million shares of common stock, par value $0.001 per share, 50 million shares of blank check common stock, par value $0.001 per share, and 50 million shares of preferred stock, par value $0.001 per share, 19,120,000 of which is designated as Series D Convertible Preferred Stock. Shareholder Rights Plan —On March 13, 2020, the Board adopted a shareholder rights plan (the “2020 Rights Agreement”). The 2020 Rights Agreement was 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 was de minimis. The 2020 Rights Agreement expired on February 13, 2021. Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2021 2020 2019 (Income) loss allocated to noncontrolling interests: OpenKey $ 799 $ 670 624 RED (51) 412 (105) Pure Wellness (70) 75 (9) Other — 21 26 Total net (income) loss allocated to noncontrolling interests $ 678 $ 1,178 $ 536

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — Redeemable noncontrolling interests are included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. Redeemable noncontrolling interests in Ashford Holdings represents certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford Holdings, which is an allocation of net income/loss attributable to the members based on the weighted average ownership percentage of these members’ interest. Each common unit of membership interest may be redeemed by the holder, for cash or registered shares in certain cases outside the Company’s control. A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2021 2020 2019 Units outstanding at beginning of year 4 4 4 Units redeemed for cash — — — Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4 Redeemable noncontrolling interest additionally includes redeemable ownership interests in the common stock of our consolidated subsidiary OpenKey for the years ended December 31, 2021 and 2020 and INSPIRE for the year ended December 31, 2020. See also notes 1, 2, and 17 to our consolidated financial statements. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Year Ended December 31, 2021 2020 2019 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 63 $ 432 $ 54 INSPIRE — 1,148 247 OpenKey 152 665 682 Total net (income) loss allocated to redeemable noncontrolling interests $ 215 $ 2,245 $ 983 Convertible Preferred Stock —Our convertible preferred stock is included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. 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 design and construction 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 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 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 consolidated balance sheets. For the years ended December 31, 2021, 2020 and 2019, we recorded $1.1 million, $2.9 million and $1.9 million respectively, of amortization related to preferred stock discounts. The Company declared dividends which were due with respect to its Series D Convertible Preferred Stock of $8.4 million for each of the first and third quarters of 2021 which were paid on April 15, 2021 and October 15, 2021, respectively. The Company did not declare dividends with respect to its Series D Convertible Preferred Stock for the second and fourth quarters of 2021. As of December 31, 2021, the Company had aggregate undeclared preferred stock dividends of approximately $34.6 million, which relates to the second and fourth quarters of 2020 and the second and fourth quarters of 2021. All dividends, declared and undeclared, are recorded as a reduction in net income (loss) attributable to common stockholders in the period incurred in our 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 $34.6 million and $16.3 million at December 31, 2021 and 2020, respectively, are recorded as a liability in our 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): Year Ended December 31, 2021 2020 2019 Preferred dividends - declared $ 16,706 $ 15,815 $ 14,435 Preferred dividends per share - declared $ 0.8737 $ 0.8271 $ 1.4775 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): December 31, 2021 December 31, 2020 Aggregate preferred dividends - undeclared $ 34,574 $ 16,280 Aggregate preferred dividends - undeclared per share $ 1.8083 $ 0.8515

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Under our 2014 Incentive Plan, we are authorized to grant 2,843,745 incentive stock awards in the form of shares of our common stock or securities convertible into shares of our common stock. As of December 31, 2021, 508,717 incentive stock award shares were available for future issuance under the 2014 Incentive Plan. As defined by the 2014 Incentive Plan, authorized shares automatically increase on January 1 of each year in an amount equal to 15% of the sum of (i) the fully diluted share count and (ii) the shares of common stock reserved for issuance under the Company’s deferred compensation plan less shares available under the 2014 Incentive Plan as of December 31 of the previous year. Pursuant to the plan, we have 707,918 shares of our common stock, or securities convertible into 707,918 shares of our common stock, available for issuance under our 2014 Incentive Plan, as of January 1, 2022. 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 consolidated statements of operations. The components of equity-based compensation expense for the years ended December 31, 2021, 2020, and 2019 are presented below by award type (in thousands): Year Ended December 31, 2021 2020 2019 Equity-based compensation Option amortization (1) $ 2,641 $ 4,347 $ 8,313 Employee equity grant expense (2) 1,217 787 95 Director and other non-employee equity grants expense (3) 695 428 466 Total equity-based compensation $ 4,553 $ 5,562 $ 8,874 Other equity-based compensation REIT equity-based compensation (4) $ 19,098 $ 17,325 $ 25,987 $ 23,651 $ 22,887 $ 34,861 ________ (1) As of December 31, 2021, the Company had approximately $346,000 of total unrecognized compensation expense related to options that will be recognized over a weighted average period of 0.2 years. The year ended December 31, 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 December 31, 2021, the Company had approximately $1.9 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 1.7 years. (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. (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. As of December 31, 2021, we had outstanding equity-based compensation awards as follows: Stock Options —The Company did not grant any stock option grants during the years ended December 31, 2021 and 2020. During the year ended December 31, 2019, we granted 300,000 stock options to employees with grant date fair value of $7.9 million. The grant price of the options was the market value of our stock on the date of grant. The options vest three years from the grant date with a maximum option term of ten years. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. Due to our lack of history, we do not have adequate historical exercise/cancellation behavior on which to base the expected life assumption. We were not able to use the “simplified” method as described in SAB 107 and 110 because the options remain exercisable for the full contractual term upon termination. Therefore, we used an adjusted simplified method, where any options expected to be forfeited over the term of the option were assumed to be exercised at full term and all other options were assumed to be exercised at the midpoint of the average time-to-vest and the full contractual term. We will continue to evaluate the expected life as we accumulate more data. Additionally, we do not have adequate historical stock price information on which to base the expected volatility assumption. In order to estimate volatility, we utilized the weighted average of our own stock price volatility based on daily data points over our full trading history and the average of the most recent historical volatilities of our peer group commensurate with the option’s expected life (or full history if the peer had insufficient trading history). The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2019 Weighted-average grant date fair value $ 26.42 Weighted average assumptions used: Expected volatility 39.0 % Expected term (in years) 6.5 Risk-free interest rate 2.6 % Expected dividend yield — % A summary of stock option activity is as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the (In thousands) (per option) (In years) (In thousands) Outstanding, January 1, 2019 1,236 $ 69.26 7.21 $ 2,126 Granted 300 61.12 10.00 — Exercised — — — — Forfeited, canceled or expired (2) 70.67 9.10 — Outstanding, December 31, 2019 1,534 67.66 6.79 — Granted — — — — Exercised — — — — Forfeited, canceled or expired (100) 73.39 8.11 — Outstanding, December 31, 2020 1,434 67.26 5.67 — Granted — — — — Exercised — — — — Forfeited, canceled or expired (3) 69.51 7.67 — Conversions to Class 2 LTIP Units (631) 62.72 4.80 — Outstanding, December 31, 2021 800 70.84 4.56 — Options exercisable at December 31, 2021 636 $ 73.33 3.89 $ — The aggregate intrinsic value represents the difference between the exercise price of the stock options and the quoted closing common stock price as of the end of the period. At December 31, 2021, the Company had approximately $221,000 of total unrecognized compensation expense, related to stock options that will be recognized over the weighted average period of 0.2 years. Class 2 LTIP Units —On September 10, 2021, the independent members of the Board of Directors of the Company approved Amendment No. 1 (the “Amendment”) to the Third Amended and Restated Limited Liability Company Agreement of Ashford Hospitality Holdings LLC (a subsidiary operating partnership of the Company), dated as of November 6, 2019 (the “LLC Agreement”). The purpose of the Amendment is to create a new class of Class 2 Long-Term Incentive Partnership Units (the “Class 2 LTIP Units”) in Ashford Hospitality Holdings LLC (“AHH”), which replicate the economics of a stock option granted by the Company by converting (prior to the applicable final conversion date) into a number of long-term incentive partnership units (the “LTIP Units”) in AHH based on the appreciation in a share of the Company’s common stock over the issue price of the applicable Class 2 LTIP Unit. LTIP Units are in turn convertible into common limited partnership units of AHH, which are themselves redeemable for cash or convertible into shares of the Company’s common stock on a 1-for-1 basis at the sole option of the Company. The Amendment was approved in order to provide certain executives of the Company the opportunity to substitute historical stock options granted by the Company with Class 2 LTIP Units awarded under the Company’s 2014 Incentive Plan, as amended, with such Class 2 LTIP Units having an issue price equal to the exercise price of the applicable substituted option, the same vesting conditions as the applicable substituted option and a final conversion date that is the same as the expiration date of the applicable substituted option. There was no incremental expense recognized upon conversion as the fair value of the Class 2 LTIP Units and the applicable substituted options were the same. A summary of Class 2 LTIP Unit activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2021 — — — — Granted — — — — Exercised — — — — Forfeited, canceled or expired — — — — Conversions from stock options 631 62.72 4.80 — Outstanding, December 31, 2021 631 62.72 4.80 — Options exercisable at December 31, 2021 541 $ 62.99 4.41 $ — The aggregate intrinsic value represents the difference between the exercise price of the Class 2 LTIP Units and the quoted closing common stock price as of the end of the period. At December 31, 2021, the Company had approximately $125,000 of total unrecognized compensation expense, related to Class 2 LTIP Units that will be recognized over the weighted average period of 0.2 years. Restricted Stock —A summary of our restricted stock activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2021 2020 2019 Restricted Shares Weighted Average Restricted Shares Weighted Average Restricted Shares Weighted Average Outstanding at beginning of year 241 $ 10.45 — $ — — $ — Restricted shares granted (1) 172 9.03 686 7.43 5 31.79 Restricted shares vested (107) 9.19 (417) 5.78 (5) 31.79 Restricted shares forfeited (3) 9.87 (28) 10.28 — — Outstanding at end of year 303 $ 9.93 241 $ 10.45 — $ — ________ (1) Equity-based compensation expense of $580,000, $1.0 million and $150,000 was recognized in connection with stock grants of 172,000, 390,000 and 5,000 to our employees and independent directors for the years ended December 31, 2021, 2020 and 2019, respectively. Restricted shares granted and vested for the year ended December 31, 2020 includes 296,000 shares which immediately vested related to the payment of 25% of the 2019 annual bonuses awarded to certain executive officers of the Company, including the Company’s named executive officers, which was delayed beyond their standard payment date in March 2020. Restricted shares that vested for the year ended December 31, 2021 had a fair value of $915,000 at the date of vesting. Deferred Stock Units —Beginning in 2019 under our existing 2014 Incentive Plan, our independent directors may elect to receive Deferred Stock Units (“DSU”) which allows deferral of immediate vesting common shares granted in the period until the earlier of the end of the director’s service or a change of control in the Company. DSUs are fully vested as of the grant date and may only be settled in the Company’s common stock. A summary of our DSU activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2021 2020 2019 DSUs Weighted Average DSUs Weighted Average DSUs Weighted Average Outstanding at beginning of year 43 $ 9.67 7 $ 31.79 — $ — DSUs granted (1) 23 9.70 37 6.12 7 31.79 DSUs settled — — (1) 31.79 — — Outstanding at end of year 66 $ 9.68 43 $ 9.67 7 $ 31.79 ________ (1) Equity-based compensation expense of $225,000 was recognized in connection with grants of 23,000, 37,000 and 7,000 immediately vested DSUs to our independent directors for the years ended December 31, 2021, 2020 and 2019.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2021
Compensation Related Costs [Abstract]
Employee Benefit Plans	Employee Benefit Plans 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 consolidated statements of operations and comprehensive income (loss). The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2021 2020 2019 Change in fair value Unrealized gain (loss) $ (1,601) $ 3,012 $ 5,732 Distributions Fair value (1) $ 51 $ 11 $ 113 Shares (1) 3 1 3 ________ (1) Distributions made to one participant. As of December 31, 2021 and December 31, 2020, the carrying value of the DCP liability was $3.3 million and $1.7 million, respectively. 401(k) Plan —Ashford LLC sponsors a 401(k) Plan. It is a qualified defined contribution retirement plan that covers employees 21 years of age or older who have completed one year of service and work a minimum of 1,000 hours annually. The 401(k) Plan allows eligible employees to contribute, subject to Internal Revenue Service imposed limitations, to various investment funds. The Company makes matching cash contributions equal to 50% of up to the first 6% of an employee’s eligible compensation contributed to the 401(k) Plan. Participant contributions vest immediately, whereas company matches vest 25% annually. Our consolidated subsidiaries also sponsor qualified defined contributions. These 401(k) Plans cover employees 18 to 21 years of age or older with 0 to 1 year of service and offer company matches in discretionary amounts varying from 0% up to 100% of the first 3% of an employee’s eligible compensation and 50% of the next 2% of an employee’s eligible compensation contributed to the 401(k) Plan, with vesting periods varying from 0 to 6 years. Participant contributions vest immediately. Due to the significant negative impact on the Company’s operations and financial results from COVID-19, Ashford LLC and our consolidated subsidiaries did not offer the company matches to their respective 401(k) programs beginning in the second quarter of 2020. For the years ended December 31, 2021, 2020 and 2019, “salaries and benefits” expense on our consolidated statements of operations included matching expense of $0, $884,000, and $867,000, respectively. For the years ended December 31, 2021, 2020 and 2019, “cost of revenues for design and construction” on our consolidated statements of operations included matching expense of $0, $46,000 and $169,000, respectively. Subsidiary Compensation Plan —Remington has an employee compensation plan under which it awards to employees, subject to vesting, shares of Ashford Trust and Braemar common stock, which were purchased on the open market. The compensation plan liability is based on ratably accrued vested shares through December 31, 2021, which are exercisable upon vesting. As of December 31, 2021 and 2020, the subsidiary compensation plan accrued liability in the amount of $164,000 and $89,000, respectively, was recorded in “accounts payable and accrued expenses” in our consolidated balance sheets. For the years ended December 31, 2021, 2020 and 2019, the related loss of $295,000, gain of $131,000, and loss of $47,000,

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table reconciles the income tax benefit at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2021 2020 2019 Income tax benefit at federal statutory income tax rate $ 2,261 $ 48,534 $ 2,955 State income tax expense, net of federal income tax benefit 437 2,675 (1,768) Income passed through to common unit holders and noncontrolling interests (32) 94 38 Permanent differences (1,086) (1,397) (1,299) Nondeductible impairment of goodwill — (35,820) — Valuation allowance (860) (1,051) (1,043) Other (558) 1,220 (423) Total income tax (expense) benefit $ 162 $ 14,255 $ (1,540) The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ (4,192) $ (7,116) $ (1,309) Foreign (223) 25 (809) State (479) (1,064) (1,352) Total current (4,894) (8,155) (3,470) Deferred: Federal 4,081 17,938 2,828 Foreign (203) 136 (189) State 1,178 4,336 (709) Total deferred 5,056 22,410 1,930 Total income tax (expense) benefit $ 162 $ 14,255 $ (1,540) Interest of $32,000 and penalties of $0 and $11,000 were received from or were paid to taxing authorities for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021 and 2020, our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2021 2020 Prepaid expenses $ (698) $ (490) Investments in unconsolidated entities and joint ventures 15 1,620 Capitalized acquisition costs 5,575 5,547 Deferred compensation 850 535 Accrued expenses 2,045 4,896 Equity-based compensation 10,700 9,764 Property and equipment (5,106) (2,664) Intangibles (47,061) (58,656) Deferred revenue 1,120 1,822 Net operating loss 6,436 5,585 Deferred tax asset (liability) (26,124) (32,041) Valuation allowance (6,724) (5,863) Net deferred tax asset (liability) $ (32,848) $ (37,904) As of December 31, 2021, the Company has net operating loss carryforwards of approximately $30.0 million for tax purposes, which will be available to offset future taxable income, subject to certain limitations. If not used, $2.5 million and $3.4 million will expire in 2036 and 2037, respectively. The remaining $24.1 million of net operating losses have an indefinite carryforward period. We evaluate the recoverability of our deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. We assess whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. The analysis utilized in determining the valuation allowance involves considerable judgment and assumptions. At December 31, 2021, there is a full valuation allowance on the deferred tax assets related to OpenKey and related to INSPIRE’s operations in Mexico and the Dominican Republic, collectively totaling $6.7 million. We are able to recognize our remaining deferred tax assets based on future taxable income from reversing taxable temporary differences associated with the deferred tax liability recognized as a result of the Premier and Remington acquisitions. A reconciliation of the unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance at the beginning of the year $ — $ 471 $ — Gross increases for tax positions of prior years — — 218 Gross decreases for tax positions of prior years — (471) — Gross increases for tax positions of current year — — 253 Gross decreases for tax positions of current year — — — Settlements with taxing authorities — — — Statute of limitations expirations — — — Balance at the end of year $ — $ — $ 471 The total amount of unrecognized tax benefits that could affect the Company’s effective tax rate if recognized was $0 as of December 31, 2021. The Company’s policy is to record penalty and interest as a component of income tax expense. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
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 its operating subsidiary, Ashford Hospitality Limited Partnership (“Ashford Trust OP”). On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other things (i) revise the term and termination rights; (ii) fix the percentage used to calculate the base fee thereunder at 0.70% per annum; (iii) update the list of peer group members; (iv) suspend the requirement that Ashford Trust maintain a minimum Consolidated Tangible Net Worth until the first fiscal quarter beginning after June 30, 2023; and (v) revise the criteria that would constitute a Company Change of Control of Ashford Trust in order to provide Ashford Trust additional flexibility to dispose of underperforming assets negatively impacted by COVID-19. In connection with the transactions contemplated by the Credit Agreement, the Company entered into the SNDA with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of the Advisory Fee Cap, (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore in connection with the transactions contemplated by the Credit Agreement. See note 3 for discussion of the advisory services fees revenue recognition policy. On October 12, 2021, Ashford Trust entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with certain funds and accounts managed by Oaktree Capital Management, L.P., as lenders, and Oaktree, as administrative agent. Amendment No. 1, subject to the conditions set forth therein, among other things, suspends Ashford Trust’s obligation to subordinate fees due under the advisory agreement if at any point there is no accrued interest outstanding or any accrued dividends on any of Ashford Trust’s preferred stock and Ashford Trust has sufficient unrestricted cash to repay in full all outstanding loans under the Credit Agreement, as amended. On December 13, 2021, Ashford Trust paid the Company $7.2 million for advisory fees that had been deferred as a result of the $29.0 million annual Advisory Fee Cap. The $7.2 million payment was recorded as revenue in “advisory services fees” in our consolidated statements of operations for the year ended December 31, 2021. At December 31, 2021, the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record cost reimbursement revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the grant date fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “reimbursed expenses.” We are also entitled to an incentive advisory fee that is measured annually in each year that Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Trust’s peer group, subject to the FCCR Condition, as defined in our advisory agreement. In addition, 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 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 design and construction 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 (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 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 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 with Ashford Trust (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 years ended December 31, 2021 and 2020, the Company recognized revenue of $10.3 million and $5.7 million, respectively. As of December 31, 2021 and 2020, the Company recorded $2.4 million and $7.3 million, respectively, as deferred income. Additionally, the independent members of the Board accelerated approximately $506,000 in claw back credit due to Ashford Trust which, absent a waiver, would occur after the expiration of the Ashford Trust Agreement. Such claw back credit was due to Ashford Trust in connection with certain properties Ashford Trust no longer owns. This amount was offset against base advisory fees. Approximately $149,000 may be offset against fees under the agreement that are eligible for claw back under the agreement. The deferred income related to the various Lismore fees described above are being 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 January 4, 2021, the independent members of the board of directors (the “Board”) of Ashford Inc. agreed to: (i) defer Ashford Trust’s payment of the base advisory fees that were previously deferred for the months of October 2020, November 2020 and December 2020; (ii) defer approximately $2.8 million in base advisory fees with respect to the month of January 2021; (iii) defer Ashford Trust’s payment of Lismore success fees that were previously deferred for the months of October 2020, November 2020 and December 2020; and (iv) defer payment of Ashford Trust’s Lismore success fees for the month of January 2021. As a result, the foregoing payments became due on January 11, 2021. Additionally, the independent members of the Board waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the advisory agreement and Ashford Trust Agreement or any damages that may have arisen in absence of such fee deferrals. On January 11, 2021, the independent members of the Board provided Ashford Trust an additional deferral of the base advisory fees and any Lismore success fees for the months of October 2020, November 2020, December 2020 and January 2021 that were previously deferred such that all such fees would be due and payable on the earlier of (x) January 18, 2021 and (y) immediately prior to the closing of Credit Agreement between Ashford Trust and Oaktree. Additionally, the Board waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the advisory agreement and Ashford Trust Agreement or any damages that may have arisen in absence of such fee deferral. In accordance with the terms of the previously disclosed deferrals, Ashford Trust paid the Company $14.4 million on January 15, 2021. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands) as shown below. Cost reimbursement revenue and reimbursed expenses for our Remington segment have been revised as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Year Ended December 31, 2021 2020 2019 REVENUES BY TYPE Advisory services fees: Base advisory fees (1) $ 36,239 $ 34,744 $ 32,486 Hotel management fees: Base management fees 17,819 15,923 3,796 Incentive management fees 4,180 — 434 Total hotel management fees revenue (2) 21,999 15,923 4,230 Design and construction fees revenue (3) 4,032 4,964 16,587 Other revenue Debt placement and related fees (5) 11,381 5,853 1,294 Claims management services (6) 74 118 75 Lease revenue (7) — — 3,783 Other services (8) 1,628 1,496 1,784 Total other revenue 13,083 7,467 6,936 Cost reimbursement revenue 162,920 137,131 67,632 Total revenues $ 238,273 $ 200,229 $ 127,871 REVENUES BY SEGMENT (9) REIT advisory $ 51,726 $ 50,574 $ 63,345 Remington 167,600 133,489 40,547 Premier 5,939 6,800 20,004 OpenKey 119 234 111 Corporate and other 12,889 9,132 3,864 Total revenues $ 238,273 $ 200,229 127,871 COST OF REVENUES Cost of revenues for audio visual (4) $ 2,969 $ 2,241 $ 7,438 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 6,734 $ 5,123 $ 16,897 Watersports, ferry and excursion services from guests at REIT properties (4) 545 125 — ________ (1) Advisory services fees earned from Ashford Trust during the year ended December 31, 2021, includes $7.2 million of advisory fees which were paid by Ashford Trust in December of 2021 that were previously deferred as a result of the $29.0 million annual Advisory Fee Cap. See note 3 for discussion of the advisory services fees revenue recognition policy. (2) Hotel management fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotels’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (3) Design and construction fees 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 design and construction fees revenue recognition policy. (4) INSPIRE and RED primarily contract directly with customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Claims management services include revenue earned from providing insurance claim assessment and administration services. (7) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust, we lease FF&E to Ashford Trust rent-free. Our ERFP leases entered into in 2018 commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASU 2016-02, other revenue for the year ended December 31, 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. (8) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (9) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust, net at December 31, 2021 and 2020 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2021 December 31, 2020 Ashford LLC $ 691 $ 9,152 AIM — (111) Remington (44) 498 Premier 737 (268) INSPIRE 985 136 OpenKey 16 12 Pure Wellness 177 359 Lismore 13 3,420 Due from Ashford Trust $ 2,575 $ 13,198 Braemar — We are also a party to an amended and restated advisory agreement with Braemar and its operating subsidiary Braemar Hospitality Limited Partnership (“Braemar OP”). Prior to January 15, 2019, the base fee was paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee (defined in the advisory agreement as the aggregate gross asset value of all key money assets multiplied by 1/12th of 0.70%), subject to a minimum monthly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of Braemar’s consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). Upon effectiveness of the Braemar ERFP Agreement on January 15, 2019, the base fee is paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Braemar based on a pro rata allocation as determined by the ratio of Braemar’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record cost reimbursement revenue for equity grants of Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the grant date fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “reimbursed expenses.” We are also entitled to an incentive advisory fee that is measured annually in each year that Braemar’s annual total stockholder return exceeds the average annual total stockholder return for Braemar’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. In addition, Premier is party to a master project management agreement with Braemar OP and Braemar TRS Yountville LLC, a wholly owned subsidiary of Braemar OP 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 design and construction 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 with Braemar to negotiate the refinancing, modification or forbearance of the existing mortgage and mezzanine debt on Braemar’s hotels (the “Braemar Agreement”). The Braemar Agreement was terminated effective March 20, 2021. Upon entering into the Braemar Agreement, Braemar made an initial payment of approximately $1.4 million. Braemar also paid the Company a total of $1.4 million in six equal installments beginning April 20, 2020 and ending September 20, 2020, of which $681,000 was subject to claw back and was set-off against the cash payment of Braemar’s base advisory fees upon the termination of the Braemar Agreement in March 2021. Braemar additionally paid the Company approximately $1.4 million in success fees in connection with signed forbearance or other agreements, of which no amounts were available for claw back. In total, Braemar paid approximately $4.1 million under the Braemar Agreement. For the years ended December 31, 2021 and 2020, the Company recognized revenue of $853,000 and $2.6 million, respectively, related to the Braemar Agreement. As of December 31, 2021 and 2020, the Company recorded $0 and $1.6 million, respectively, as deferred income. Year Ended December 31, 2021 2020 2019 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 10,806 $ 9,981 $ 10,499 Incentive advisory fees (1) — — 678 Other advisory revenue (2) 521 522 521 Total advisory services fees revenue 11,327 10,503 11,698 Hotel management fees: Base management fees 2,304 1,037 248 Incentive management fees 612 — 38 Total hotel management fees revenue (3) 2,916 1,037 286 Design and construction fees revenue (4) 2,230 2,127 8,547 Other revenue Watersports, ferry and excursion services (6) 2,605 950 1,010 Debt placement and related fees (7) 1,003 2,559 704 Claims management services (8) 7 108 135 Lease revenue (9) — — 335 Other services (10) 192 190 267 Total other revenue 3,807 3,807 2,451 Cost reimbursement revenue 30,394 18,898 13,239 Total revenues $ 50,674 $ 36,372 $ 36,221 REVENUES BY SEGMENT (11) REIT advisory $ 22,911 $ 19,581 $ 21,334 Remington 18,345 9,524 2,437 Premier 3,009 2,848 10,123 RED 2,605 950 1,010 OpenKey 38 84 52 Corporate and other 3,766 3,385 1,265 Total revenues $ 50,674 $ 36,372 $ 36,221 COST OF REVENUES Cost of revenues for audio visual (5) $ 998 $ 495 $ 561 Other (5) 421 149 14 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 2,175 $ 1,151 $ 1,329 Watersports, ferry and excursion services from guests at REIT properties (5) 2,117 550 347 ________ (1) During the year ended December 31, 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement, as stated in the Braemar advisory agreement, related to the third year installment of Braemar’s 2018 incentive advisory fee. As such, the Company did not recognize any incentive fee revenue related to Braemar in the year ended December 31, 2020. Incentive advisory fee for the year ended December 31, 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 2021, 2020 and 2019 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 fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotels’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (4) Design and construction fees 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 design and construction fees revenue recognition policy. (5) INSPIRE and RED primarily contract directly with third-party customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (6) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Braemar rather than contracting with third-party customers. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) In connection with our legacy key money transaction with Braemar which commenced prior to 2019, we lease FF&E to Braemar rent-free. Consistent with our accounting treatment prior to adopting ASU 2016-02, other revenue for the year ended December 31, 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. (10) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar, net at December 31, 2021 and 2020 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2021 December 31, 2020 Ashford LLC $ 354 $ 1,978 Remington (234) (162) Premier 327 179 INSPIRE 494 2 OpenKey 2 3 RED 201 142 Due from Braemar $ 1,144 $ 2,142 ERFP Commitments — On June 26, 2018, the Company entered into the Ashford Trust ERFP Agreement with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. On January 15, 2019, the Company entered into the Braemar ERFP Agreement (collectively with the Ashford Trust ERFP Agreement, the “ERFP Agreements”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the ERFP Agreements, the Company agreed to provide $50 million (each, an “Aggregate ERFP Amount” and collectively, the “Aggregate ERFP Amounts”) to each of Ashford Trust and Braemar (collectively, the “REITs”), respectively, in connection with each such REIT’s acquisition of hotels recommended by us, with the option to increase each Aggregate ERFP Amount to up to $100 million upon mutual agreement by the parties to the respective ERFP Agreement. Under each of the ERFP Agreements, the Company will pay each REIT 10% of each acquired hotel’s purchase price in exchange for furniture, fixtures and equipment (“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 respective 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 i

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (9,925) $ (212,365) $ (13,855) Less: Dividends on preferred stock, declared and undeclared (1) (35,000) (32,095) (14,435) Less: Amortization of preferred stock discount (1,053) (2,887) (1,928) Add: Deemed Contribution on preferred stock — — 1,161 Undistributed net income (loss) allocated to common stockholders (45,978) (247,347) (29,057) Distributed and undistributed net income (loss) - basic $ (45,978) $ (247,347) $ (29,057) Effect of deferred compensation plan — — (5,732) Distributed and undistributed net income (loss) - diluted $ (45,978) $ (247,347) $ (34,789) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,756 2,284 2,416 Effect of deferred compensation plan shares — — 152 Weighted average common shares outstanding – diluted 2,756 2,284 2,568 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (16.68) $ (108.30) $ (12.03) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (16.68) $ (108.30) $ (13.55) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 13. Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Year Ended December 31, 2021 2020 2019 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ (63) $ (432) $ (54) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (152) (1,813) (929) Deemed contribution on preferred stock — — (1,161) Dividends on preferred stock, declared and undeclared 35,000 32,095 14,435 Amortization of preferred stock discount 1,053 2,887 1,928 Total $ 35,838 $ 32,737 $ 14,219 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 124 23 11 Effect of assumed exercise of stock options — — 20 Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of incremental subsidiary shares 145 504 159 Effect of assumed conversion of preferred stock 4,265 4,111 1,837 Total 4,538 4,642 2,031

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
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) INSPIRE, 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 and (h) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality and commercial office industry. For 2021, OpenKey, RED, Marietta and Pure Wellness do not meet the aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose OpenKey as a reportable segment. Beginning December 31, 2021, the Company elected to additionally disclose RED as a reportable segment. As such, the Company has updated our presentation for the years ended December 31, 2020 and 2019 to align with the updated presentation. Accordingly, we have six reportable segments: REIT Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Marietta and Pure Wellness into an “all other” seventh 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’s (“CODM”) primary measure of segment profitability is net income. Our CODM currently reviews assets at the consolidated level and does not currently review segment assets to make key decisions on resource allocations. Since such asset information by segment is not reviewed by our CODM, segment assets are not available for disclosure. Certain information concerning our segments for the years ended December 31, 2021, 2020 and 2019 are presented in the following tables (in thousands). Cost reimbursement revenue and reimbursed expenses for our Remington segment have been revised as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Year Ended December 31, 2021 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 47,566 $ — $ — $ — $ — $ — $ — $ 47,566 Hotel management fees — 26,260 — — — — — 26,260 Design and construction fees — — 9,557 — — — — 9,557 Audio visual — — — 49,880 — — — 49,880 Other 81 20 — — 23,867 1,965 21,396 47,329 Cost reimbursement revenue (1) 26,969 171,522 2,856 20 — — 2,608 203,975 Total revenues 74,616 197,802 12,413 49,900 23,867 1,965 24,004 384,567 EXPENSES Depreciation and amortization 4,039 12,141 12,230 1,880 400 15 1,893 32,598 Impairment — — — 1,160 — — — 1,160 Other operating expenses (2) 645 14,525 8,846 52,228 18,547 5,170 52,125 152,086 Reimbursed expenses (1) 26,949 171,522 2,856 20 — — 2,609 203,956 Total operating expenses 31,633 198,188 23,932 55,288 18,947 5,185 56,627 389,800 OPERATING INCOME (LOSS) 42,983 (386) (11,519) (5,388) 4,920 (3,220) (32,623) (5,233) Equity in earnings (loss) of unconsolidated entities — (139) — — — — 13 (126) Interest expense — — — (876) (628) — (3,640) (5,144) Amortization of loan costs — — — (121) (81) — (120) (322) Interest income — 277 — — — — 8 285 Realized gain (loss) on investments — (3) — — — — — (3) Other income (expense) — 10 — (189) (252) 7 (13) (437) INCOME (LOSS) BEFORE INCOME TAXES 42,983 (241) (11,519) (6,574) 3,959 (3,213) (36,375) (10,980) Income tax (expense) benefit (10,097) (1,406) 2,414 1,326 (1,025) — 8,950 162 NET INCOME (LOSS) $ 32,886 $ (1,647) $ (9,105) $ (5,248) $ 2,934 $ (3,213) $ (27,425) $ (10,818) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $8.6 million of hotel management fees 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 design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Year Ended December 31, 2020 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 45,247 $ — $ — $ — $ — $ — $ — $ 45,247 Hotel management fees — 17,126 — — — — — 17,126 Design and construction fees — — 8,936 — — — — 8,936 Audio visual — — — 37,881 — — — 37,881 Other 237 — — — 9,663 1,479 14,223 25,602 Cost reimbursement revenue (1) 24,685 128,470 2,668 — — — 2,736 158,559 Total revenues 70,169 145,596 11,604 37,881 9,663 1,479 16,959 293,351 EXPENSES Depreciation and amortization 9,131 13,943 12,628 1,968 329 19 1,939 39,957 Impairment — 126,548 49,524 12,692 — — 73 188,837 Other operating expenses (2) 8,035 12,751 7,930 45,125 9,942 4,044 42,159 129,986 Reimbursed expenses (1) 24,627 128,470 2,668 — — — 2,736 158,501 Total operating expenses 41,793 281,712 72,750 59,785 10,271 4,063 46,907 517,281 OPERATING INCOME (LOSS) 28,376 (136,116) (61,146) (21,904) (608) (2,584) (29,948) (223,930) Equity in earnings (loss) of unconsolidated entities — — — — — — 212 212 Interest expense — — — (1,253) (554) — (3,582) (5,389) Amortization of loan costs — — — (57) (4) — (257) (318) Interest income — — — — — — 32 32 Realized gain (loss) on investments — (386) — — — — — (386) Other income (expense) — 27 — (48) (72) (6) (165) (264) INCOME (LOSS) BEFORE INCOME TAXES 28,376 (136,475) (61,146) (23,262) (1,238) (2,590) (33,708) (230,043) Income tax (expense) benefit (8,066) 3,108 3,267 5,060 523 — 10,363 14,255 NET INCOME (LOSS) $ 20,310 $ (133,367) $ (57,879) $ (18,202) $ (715) $ (2,590) $ (23,345) $ (215,788) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $9.4 million of hotel management fees 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 design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Year ended December 31, 2019 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 44,184 $ — $ — $ — $ — $ — $ — $ 44,184 Hotel management fees — 4,526 — — — — — 4,526 Design and construction fees — — 25,584 — — — — 25,584 Audio visual — — — 110,609 — — — 110,609 Other 4,349 — — — 9,354 987 6,489 21,179 Cost reimbursement revenue (1) 36,168 38,539 4,996 — — — 1,243 80,946 Total revenues 84,701 43,065 30,580 110,609 9,354 987 7,732 287,028 EXPENSES Depreciation and amortization 6,778 2,459 12,494 1,995 126 27 663 24,542 Other operating expenses (2) — 2,555 11,821 110,815 8,826 3,399 55,879 193,295 Reimbursed expenses (1) 35,643 38,539 4,996 — — — 1,243 80,421 Total operating expenses 42,421 43,553 29,311 112,810 8,952 3,426 57,785 298,258 OPERATING INCOME (LOSS) 42,280 (488) 1,269 (2,201) 402 (2,439) (50,053) (11,230) Equity in earnings (loss) of unconsolidated entities — — — — — — (286) (286) Interest expense — — — (1,114) (349) (2) (594) (2,059) Amortization of loan costs — — — (55) (26) (35) (192) (308) Interest income — — — — — — 46 46 Other income (expense) — 2 — 30 (37) 19 (11) 3 INCOME (LOSS) BEFORE INCOME TAXES 42,280 (486) 1,269 (3,340) (10) (2,457) (51,090) (13,834) Income tax (expense) benefit (9,861) (140) (1,248) 271 (510) — 9,948 (1,540) NET INCOME (LOSS) $ 32,419 $ (626) $ 21 $ (3,069) $ (520) $ (2,457) $ (41,142) $ (15,374) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $1.4 million of hotel management fees 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 design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Geographic Information For revenues by geographical locations, see note 3. The following table presents property and equipment, net by geographic area as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 United States $ 80,879 $ 84,784 Mexico 2,119 3,662 Dominican Republic 365 314 United Kingdom (Turks and Caicos Islands) 203 — $ 83,566 $ 88,760

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk During the years ended December 31, 2021, 2020 and 2019, our advisory revenue was primarily derived from our advisory agreements with Ashford Trust and Braemar. Additionally, Remington, Premier, OpenKey, RED, Pure Wellness and Lismore generated revenues through contracts with Ashford Trust and Braemar, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues. Remington’s percentage of total revenue has been revised to account for the revisions in cost reimbursement revenue as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Year Ended December 31, 2021 2020 2019 Percentage of total revenues from Ashford Trust and Braemar (1) Remington 93.7 % 97.9 % 99.4 % Premier 72.1 % 83.1 % 98.5 % INSPIRE (2) 17.9 % 16.6 % 18.4 % OpenKey 8.0 % 21.5 % 16.5 % RED 10.9 % 9.8 % 10.8 % Pure Wellness 62.1 % 73.7 % 60.1 % Lismore 100.0 % 100.0 % 100.0 % ________ (1) See note 17 for details regarding our related party transactions. (2) Represents percentage of revenues earned by INSPIRE from customers at Ashford Trust and Braemar hotels. See note 2 for the discussion of audio visual revenue recognition policy. The carrying amounts of net assets related to our INSPIRE operations in Mexico and the Dominican Republic decreased to a net deficit of $864,000 and $201,000, respectively, as of December 31, 2021, from a net deficit position of $389,000 and $30,000 as of December 31, 2020. The carrying amounts of net assets related to our RED operations in Turks and Caicos were $172,000 and $0 as of December 31, 2021 and 2020, respectively. For discussion of revenues by geographic location, see note 3. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. We are exposed to credit risk with respect to cash held at financial institutions that are in excess of the FDIC insurance limits of $250,000 and U.S. government treasury bond holdings. Our counterparties are investment grade financial institutions.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Quarterly Financial Data (Unaudited) As discussed in note 2, the Company determined that its interim consolidated financial statements for the quarterly periods ended March 31, 2021 and 2020, June 30, 2021 and 2020 and September 30, 2021 and 2020 were materially misstated and needed to be restated. The tables below set forth the impact of the restatement on the previously issued condensed consolidated statements of operations (in thousands). The error had no impact on the Company’s condensed consolidated balance sheets, condensed consolidated statements of other comprehensive income (loss), condensed consolidated statements of equity (deficit) and condensed consolidated statements of cash flows. Three Months Ended March 31, 2021 and 2020 (Unaudited, As Restated) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 9,927 $ — $ 9,927 $ 11,836 $ — $ 11,836 Hotel management fees 4,472 — 4,472 6,124 — 6,124 Project management fees 1,542 — 1,542 3,938 — 3,938 Audio visual 3,611 — 3,611 29,674 — 29,674 Other 10,629 — 10,629 6,691 — 6,691 Cost reimbursement revenue 33,752 (1,565) 32,187 75,579 (7,282) 68,297 Total revenues 63,933 (1,565) 62,368 133,842 (7,282) 126,560 EXPENSES Salaries and benefits 15,776 — 15,776 16,310 — 16,310 Cost of revenues for design and construction 758 — 758 1,451 — 1,451 Cost of revenues for audio visual 4,386 — 4,386 20,430 — 20,430 Depreciation and amortization 8,139 — 8,139 9,969 — 9,969 General and administrative 5,268 — 5,268 6,183 — 6,183 Impairment — — — 178,213 — 178,213 Other 3,611 — 3,611 4,226 — 4,226 Reimbursed expenses 33,680 (1,565) 32,115 75,511 (7,282) 68,229 Total expenses 71,618 (1,565) 70,053 312,293 (7,282) 305,011 OPERATING INCOME (LOSS) (7,685) — (7,685) (178,451) — (178,451) Equity in earnings (loss) of unconsolidated entities (114) — (114) 236 — 236 Interest expense (1,267) — (1,267) (1,176) — (1,176) Amortization of loan costs (86) — (86) (66) — (66) Interest income 63 — 63 28 — 28 Realized gain (loss) on investments (194) — (194) (375) — (375) Other income (expense) (113) — (113) (521) — (521) INCOME (LOSS) BEFORE INCOME TAXES (9,396) — (9,396) (180,325) — (180,325) Income tax (expense) benefit 951 — 951 2,085 — 2,085 NET INCOME (LOSS) (8,445) — (8,445) (178,240) — (178,240) (Income) loss from consolidated entities attributable to noncontrolling interests 95 — 95 160 — 160 Net (income) loss attributable to redeemable noncontrolling interests 176 — 176 440 — 440 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (8,174) — (8,174) (177,640) — (177,640) Preferred dividends, declared and undeclared (8,606) — (8,606) (7,875) — (7,875) Amortization of preferred stock discount (316) — (316) (810) — (810) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (17,096) $ — $ (17,096) $ (186,325) $ — $ (186,325) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (6.36) $ — $ (6.36) $ (84.73) $ — $ (84.73) Weighted average common shares outstanding - basic 2,686 — 2,686 2,199 — 2,199 Diluted: Net income (loss) attributable to common stockholders $ (6.36) $ — $ (6.36) $ (84.73) $ — $ (84.73) Weighted average common shares outstanding - diluted 2,686 — 2,686 2,199 — 2,199 Three Months Ended June 30, 2021 and 2020 (Unaudited, As Restated) Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 10,062 $ — $ 10,062 $ 11,430 $ — $ 11,430 Hotel management fees 6,515 — 6,515 3,691 — 3,691 Project management fees 1,867 — 1,867 2,052 — 2,052 Audio visual 9,451 — 9,451 970 — 970 Other 12,166 — 12,166 3,337 — 3,337 Cost reimbursement revenue 48,279 (2,928) 45,351 24,118 2,388 26,506 Total revenues 88,340 (2,928) 85,412 45,598 2,388 47,986 EXPENSES Salaries and benefits 17,392 — 17,392 13,677 — 13,677 Cost of revenues for design and construction 1,022 — 1,022 878 — 878 Cost of revenues for audio visual 6,872 — 6,872 2,316 — 2,316 Depreciation and amortization 8,259 — 8,259 10,109 — 10,109 General and administrative 6,591 — 6,591 4,341 — 4,341 Impairment — — — — — — Other 5,059 — 5,059 1,361 — 1,361 Reimbursed expenses 48,145 (2,928) 45,217 24,055 2,388 26,443 Total expenses 93,340 (2,928) 90,412 56,737 2,388 59,125 OPERATING INCOME (LOSS) (5,000) — (5,000) (11,139) — (11,139) Equity in earnings (loss) of unconsolidated entities (58) — (58) 17 — 17 Interest expense (1,288) — (1,288) (1,246) — (1,246) Amortization of loan costs (45) — (45) (90) — (90) Interest income 72 — 72 1 — 1 Realized gain (loss) on investments (179) — (179) (11) — (11) Other income (expense) (172) — (172) 66 — 66 INCOME (LOSS) BEFORE INCOME TAXES (6,670) — (6,670) (12,402) — (12,402) Income tax (expense) benefit 697 — 697 3,484 — 3,484 NET INCOME (LOSS) (5,973) — (5,973) (8,918) — (8,918) (Income) loss from consolidated entities attributable to noncontrolling interests 234 — 234 278 — 278 Net (income) loss attributable to redeemable noncontrolling interests 19 — 19 644 — 644 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (5,720) — (5,720) (7,996) — (7,996) Preferred dividends, declared and undeclared (8,633) — (8,633) (7,940) — (7,940) Amortization of preferred stock discount (311) — (311) (795) — (795) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (14,664) $ — $ (14,664) $ (16,731) $ — $ (16,731) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (5.31) $ — $ (5.31) $ (7.37) $ — $ (7.37) Weighted average common shares outstanding - basic 2,764 — 2,764 2,269 — 2,269 Diluted: Net income (loss) attributable to common stockholders $ (5.31) $ — $ (5.31) $ (7.37) $ — $ (7.37) Weighted average common shares outstanding - diluted 2,764 — 2,764 2,269 — 2,269 Six Months Ended June 30, 2021 and 2020 (Unaudited, As Restated) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 19,989 $ — $ 19,989 $ 23,266 $ — $ 23,266 Hotel management fees 10,987 — 10,987 9,815 — 9,815 Project management fees 3,409 — 3,409 5,990 — 5,990 Audio visual 13,062 — 13,062 30,644 — 30,644 Other 22,795 — 22,795 10,028 — 10,028 Cost reimbursement revenue 82,031 (4,493) 77,538 99,697 (4,894) 94,803 Total revenues 152,273 (4,493) 147,780 179,440 (4,894) 174,546 EXPENSES Salaries and benefits 33,168 — 33,168 29,987 — 29,987 Cost of revenues for design and construction 1,780 — 1,780 2,329 — 2,329 Cost of revenues for audio visual 11,258 — 11,258 22,746 — 22,746 Depreciation and amortization 16,398 — 16,398 20,078 — 20,078 General and administrative 11,859 — 11,859 10,524 — 10,524 Impairment — — — 178,213 — 178,213 Other 8,670 — 8,670 5,587 — 5,587 Reimbursed expenses 81,825 (4,493) 77,332 99,566 (4,894) 94,672 Total expenses 164,958 (4,493) 160,465 369,030 (4,894) 364,136 OPERATING INCOME (LOSS) (12,685) — (12,685) (189,590) — (189,590) Equity in earnings (loss) of unconsolidated entities (172) — (172) 253 — 253 Interest expense (2,555) — (2,555) (2,422) — (2,422) Amortization of loan costs (131) — (131) (156) — (156) Interest income 135 — 135 29 — 29 Realized gain (loss) on investments (373) — (373) (386) — (386) Other income (expense) (285) — (285) (455) — (455) INCOME (LOSS) BEFORE INCOME TAXES (16,066) — (16,066) (192,727) — (192,727) Income tax (expense) benefit 1,648 — 1,648 5,569 — 5,569 NET INCOME (LOSS) (14,418) — (14,418) (187,158) — (187,158) (Income) loss from consolidated entities attributable to noncontrolling interests 329 — 329 438 — 438 Net (income) loss attributable to redeemable noncontrolling interests 195 — 195 1,084 — 1,084 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (13,894) — (13,894) (185,636) — (185,636) Preferred dividends, declared and undeclared (17,239) — (17,239) (15,815) — (15,815) Amortization of preferred stock discount (627) — (627) (1,605) — (1,605) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,760) $ — $ (31,760) $ (203,056) $ — $ (203,056) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (11.66) $ — $ (11.66) $ (90.81) $ — $ (90.81) Weighted average common shares outstanding - basic 2,724 — 2,724 2,236 — 2,236 Diluted: Net income (loss) attributable to common stockholders $ (11.66) $ — $ (11.66) $ (90.81) $ — $ (90.81) Weighted average common shares outstanding - diluted 2,724 — 2,724 2,236 — 2,236 Three Months Ended September 30, 2021 and 2020 (Unaudited, As Restated) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 10,143 $ — $ 10,143 $ 10,832 $ — $ 10,832 Hotel management fees 7,750 — 7,750 3,777 — 3,777 Project management fees 2,202 — 2,202 1,790 — 1,790 Audio visual 15,108 — 15,108 3,114 — 3,114 Other 13,104 — 13,104 8,222 — 8,222 Cost reimbursement revenue 54,048 5,831 59,879 28,133 3,898 32,031 Total revenues 102,355 5,831 108,186 55,868 3,898 59,766 EXPENSES Salaries and benefits 13,793 — 13,793 13,820 — 13,820 Cost of revenues for design and construction 1,032 — 1,032 703 — 703 Cost of revenues for audio visual 11,353 — 11,353 3,126 — 3,126 Depreciation and amortization 8,056 — 8,056 10,094 — 10,094 General and administrative 7,585 — 7,585 5,540 — 5,540 Impairment 1,160 — 1,160 — — — Other 4,758 — 4,758 9,147 — 9,147 Reimbursed expenses 53,991 5,831 59,822 28,072 3,898 31,970 Total expenses 101,728 5,831 107,559 70,502 3,898 74,400 OPERATING INCOME (LOSS) 627 — 627 (14,634) — (14,634) Equity in earnings (loss) of unconsolidated entities 12 — 12 48 — 48 Interest expense (1,290) — (1,290) (1,259) — (1,259) Amortization of loan costs (78) — (78) (86) — (86) Interest income 72 — 72 — — — Realized gain (loss) on investments 370 — 370 — — — Other income (expense) 29 — 29 (44) — (44) INCOME (LOSS) BEFORE INCOME TAXES (258) — (258) (15,975) — (15,975) Income tax (expense) benefit (98) — (98) 1,835 — 1,835 NET INCOME (LOSS) (356) — (356) (14,140) — (14,140) (Income) loss from consolidated entities attributable to noncontrolling interests 180 — 180 319 — 319 Net (income) loss attributable to redeemable noncontrolling interests 13 — 13 604 — 604 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (163) — (163) (13,217) — (13,217) Preferred dividends, declared and undeclared (8,762) — (8,762) (7,985) — (7,985) Amortization of preferred stock discount (306) — (306) (781) — (781) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,231) $ — $ (9,231) $ (21,983) $ — $ (21,983) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (3.31) $ — $ (3.31) $ (9.53) $ — $ (9.53) Weighted average common shares outstanding - basic 2,785 — 2,785 2,306 — 2,306 Diluted: Net income (loss) attributable to common stockholders $ (3.64) $ — $ (3.64) $ (9.53) $ — $ (9.53) Weighted average common shares outstanding - diluted 2,982 — 2,982 2,306 — 2,306 Nine Months Ended September 30, 2021 and 2020 (Unaudited, As Restated) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 30,132 $ — $ 30,132 $ 34,098 $ — $ 34,098 Hotel management fees 18,737 — 18,737 13,592 — 13,592 Project management fees 5,611 — 5,611 7,780 — 7,780 Audio visual 28,170 — 28,170 33,758 — 33,758 Other 35,899 — 35,899 18,250 — 18,250 Cost reimbursement revenue 136,079 1,338 137,417 127,830 (996) 126,834 Total revenues 254,628 1,338 255,966 235,308 (996) 234,312 EXPENSES Salaries and benefits 46,961 — 46,961 43,807 — 43,807 Cost of revenues for design and construction 2,812 — 2,812 3,032 — 3,032 Cost of revenues for audio visual 22,611 — 22,611 25,872 — 25,872 Depreciation and amortization 24,454 — 24,454 30,172 — 30,172 General and administrative 19,444 — 19,444 16,064 — 16,064 Impairment 1,160 — 1,160 178,213 — 178,213 Other 13,428 — 13,428 14,734 — 14,734 Reimbursed expenses 135,816 1,338 137,154 127,638 (996) 126,642 Total expenses 266,686 1,338 268,024 439,532 (996) 438,536 OPERATING INCOME (LOSS) (12,058) — (12,058) (204,224) — (204,224) Equity in earnings (loss) of unconsolidated entities (160) — (160) 301 — 301 Interest expense (3,845) — (3,845) (3,681) — (3,681) Amortization of loan costs (209) — (209) (242) — (242) Interest income 207 — 207 29 — 29 Realized gain (loss) on investments (3) — (3) (386) — (386) Other income (expense) (256) — (256) (499) — (499) INCOME (LOSS) BEFORE INCOME TAXES (16,324) — (16,324) (208,702) — (208,702) Income tax (expense) benefit 1,550 — 1,550 7,404 — 7,404 NET INCOME (LOSS) (14,774) — (14,774) (201,298) — (201,298) (Income) loss from consolidated entities attributable to noncontrolling interests 509 — 509 757 — 757 Net (income) loss attributable to redeemable noncontrolling interests 208 — 208 1,688 — 1,688 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (14,057) — (14,057) (198,853) — (198,853) Preferred dividends, declared and undeclared (26,001) — (26,001) (23,800) — (23,800) Amortization of preferred stock discount (933) — (933) (2,386) — (2,386) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (40,991) $ — $ (40,991) $ (225,039) $ — $ (225,039) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (14.93) $ — $ (14.93) $ (99.62) $ — $ (99.62) Weighted average common shares outstanding - basic 2,746 — 2,746 2,259 — 2,259 Diluted: Net income (loss) attributable to common stockholders $ (14.93) $ — $ (14.93) $ (99.62) $ — $ (99.62) Weighted average common shares outstanding - diluted 2,746 — 2,746 2,259 — 2,259

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 10, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (“Braemar Limited Waiver”) with Braemar, Braemar OP, Braemar TRS and Ashford LLC . On March 15, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (the “Ashford Trust Limited Waiver” and together with the Braemar Limited Waiver, the “Limited Waivers”) with Ashford Trust, Ashford Trust OP, Ashford Trust TRS and Ashford LLC. Pursuant to the Limited Waivers, the parties to the Second Amended and Restated Advisory Agreement and Fifth Amended and Restated Advisory Agreement waive the operation of any provision such agreement that would otherwise limit the ability of Ashford Trust or Braemar, as applicable, in its discretion, at its cost and expense, to award during the first and second fiscal quarters of calendar year 2022 (the “Waiver Period”), cash incentive compensation to employees and other representatives of the Company; provided that, pursuant to the Ashford Trust Limited Waiver, such awarded cash incentive compensation does not exceed $8,476,000, in the aggregate, during the Waiver Period. On March 17, 2022, in connection with the purchase and construction of marine vessels, RED entered into two closed-end non-revolving line of credit loans of $1.5 million each which convert to term loans once fully drawn. Each loan matures March 17, 2032, bearing an interest rate of 5.0% for the first three years. After three years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 5.0%. Each loan is non-recourse to the Company.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements, include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical consolidated financial statements. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities—We hold “investments in unconsolidated entities” in our consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment.
Acquisitions	Acquisitions —We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target’s primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital, and the cost savings expected to be derived from acquiring an asset, if applicable. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in our consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill.
Use of Estimates	Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of 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.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of December 31, 2021, accounts receivable also includes a note receivable due to Remington of approximately $2.9 million. See note 1.
Inventories	Inventories—Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) valuation method.
Property and Equipment, net	Property and Equipment, net—Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment at cost.
Impairment of Property and Equipment	Impairment of Property and Equipment—Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. During the year ended December 31, 2020, as a result of the negative impact of the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform recoverability tests by comparing the sum of the estimated undiscounted future cash flows attributable to the assets to the carrying values. Approximately $36,000 of impairment charges related to long-lived assets were recorded in the year ended December 31, 2020 based on the results of the recoverability tests.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of Remington, INSPIRE and Sebago. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluate factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit’s carrying amount over its fair value. We determine the fair value of a reporting unit based on a blended analysis of the present value of future cash flows and the market value approach. Based on the results of our annual impairment assessments, no impairment of goodwill was indicated as of October 1, 2021. Additionally, no indicators of impairment were identified from the date of our impairment assessments through December 31, 2021. During 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 multiple impairment assessments on our reporting units’ goodwill balances.
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets—Definite-lived intangible assets primarily include management contracts, customer relationships and boat slip rights resulting from our acquisitions. The Remington and Premier management contracts are not amortized on a straight-line basis, rather the assets are amortized in a manner that approximates the pattern of the assets’ economic benefit to the Company over an estimated useful life of 22 and 30 years, respectively. The INSPIRE, RED and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. During the year ended December 31, 2020, as a result of the negative impact of the COVID-19 pandemic, we concluded that sufficient indicators existed to require us to perform recoverability tests by comparing the sum of the estimated undiscounted future cash flows attributable to the assets to the carrying values.
Other Liabilities	Other Liabilities—As of December 31, 2021 and December 31, 2020, other liabilities included reserves in the amount of $24.6 million and $26.3 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 consolidated balance sheets.
Salaries and Benefits	Salaries and Benefits—Salaries and benefits are expensed as incurred and include salaries and benefit related expenses for our officers and employees. Salaries and benefits also includes expense for equity grants of the Company’s common stock to our officers and employees and changes in fair value in the deferred compensation plan liability.
General and Administrative	General and Administrative—General and administrative costs are expensed as incurred
Depreciation and Amortization	Depreciation and Amortization—Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives ranging from less than a year to 33 years for our Marietta finance lease. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Property and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years. Our RED vessels are depreciated using the straight-line method over a useful life of 20 years. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales.
Equity-Based Compensation	Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. The Company accounts for forfeitures when they occur. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “reimbursed expenses,” equal to the grant date fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “cost reimbursement revenue”.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss)—Comprehensive income consists of net income (loss), foreign currency translation adjustments and unrealized gain (loss) on restricted investments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the INSPIRE operations in Mexico and the Dominican Republic from their respective functional currencies to U.S. dollars. This amount is not included in net income and would only be realized upon the sale or upon complete or substantially complete liquidation of the foreign businesses. The unrealized gain (loss) on restricted investments includes the unrealized gain (loss) on available-for-sale securities associated with restricted investments awarded to certain employees of our subsidiaries.
Due to/from Affiliate	Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust —Due from Ashford Trust represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust is generally settled within a period not exceeding one year.
Income (Loss) Per Share	Income (Loss) Per Share—Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Leases	Leases—We determine if an arrangement is a lease at the inception of the contract. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments related to operating leases is recognized on a straight-line basis over the lease term. Lease expense for minimum lease payments related to financing leases is recognized using the effective interest method over the lease term. Short-term leases (less than twelve months) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
Deferred Compensation Plan	Deferred Compensation Plan—Effective January 1, 2008, Ashford Trust established a nonqualified deferred compensation plan (“DCP”) for certain executive officers, which was assumed by the Company in connection with the separation from Ashford Trust. The plan allowed participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. The DCP is carried at fair value with changes in fair value reflected in “salaries and benefits” in our consolidated statements of operations.
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 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 2017 through 2021 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 our 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. The CARES Act did not 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 received the carryback amount of $1.0 million in March of 2021.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards —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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to provide guidance and relief for transitioning to alternative reference rates. ASU 2021-01 is effective immediately for all entities. There was no impact on our consolidated financial statements and related disclosures upon adoption of ASU 2020-04 and 2021-01, and the Company will continue to evaluate as reference rate reform activities occur. 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 consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470) 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 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 Fees Revenue Advisory services fees revenue is reported within our REIT Advisory segment and primarily consists of advisory fees that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, prior to January 14, 2021, the base fee was paid monthly and ranged from 0.50% to 0.70% per annum of the total market capitalization ranging from greater than $10.0 billion to less than $6.0 billion plus the Net Asset Fee Adjustment, as defined in the Amended and Restated Advisory Agreement, subject to certain minimums. On January 14, 2021, the Company entered into the Second Amended and Restated Advisory Agreement with Ashford Trust. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other things, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. In connection with the transactions contemplated by the Credit Agreement, the Company entered into the SNDA with Ashford Trust and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Credit Agreement, (1) prior to the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of the Advisory Fee Cap, (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under any enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder, and (3) any payments to Lismore in connection with the transactions contemplated by the Credit Agreement. See note 1. Under the Second Amended and Restated Advisory Agreement, advisory fees earned each year from Ashford Trust in excess of the Advisory Fee Cap are a form of variable consideration that is constrained and deferred until such fees are probable of not being subject to significant reversal. The Advisory Fee Cap is $29.0 million each year as stated in the Credit Agreement. As a result, until the later of (i) the second anniversary of the Credit Agreement and (ii) the date accrued interest “in kind” is paid in full to Oaktree by Ashford Trust, base advisory fee revenue recognized each month is equal to the lesser of (1) base fees calculated as described above based on Ashford Trust’s market capitalization or (2) 1/12th of $29.0 million. Any cash received from Ashford Trust for base advisory fees in excess of revenue recognized is deferred until it is probable that the fees would no longer be constrained. Any portion of deferred advisory fees that becomes probable of being unconstrained during the same year in which the fees were earned will be recognized with a cumulative catch-up in the interim period in which the constraint is resolved. Any portion of deferred advisory fees that becomes probable of being unconstrained in a year subsequent to the year in which the fees were earned will be recognized in the interim period in which the constraint is resolved. On October 12, 2021, Ashford Trust entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with certain funds and accounts managed by Oaktree Capital Management, L.P., as lenders, and Oaktree, as administrative agent. Amendment No. 1, subject to the conditions set forth therein, among other things, suspends Ashford Trust’s obligation to subordinate fees due under the advisory agreement if at any point there is no accrued interest outstanding or any accrued dividends on any of Ashford Trust’s preferred stock and Ashford Trust has sufficient unrestricted cash to repay in full all outstanding loans under the Credit Agreement, as amended. On December 13, 2021, Ashford Trust paid the Company $7.2 million for advisory fees that had been deferred as a result of the $29.0 million annual Advisory Fee Cap. The $7.2 million payment was recorded as revenue in “advisory services fees” in our consolidated statements of operations for the year ended December 31, 2021. 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 our advisory agreement with Braemar, 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. During the year ended December 31, 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement, as stated in the Braemar advisory agreement, related to the third year installment of Braemar’s 2018 incentive advisory fee. As such, the Company did not recognize any incentive fee revenue related to Braemar in the year ended December 31, 2020. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. Ashford Trust’s annual stockholder return did not meet the relevant incentive fee thresholds during the 2021, 2020 and 2019 measurement periods. Hotel Management Fees Revenue Hotel management fees 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 Remington’s 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. Design and Construction Fees Revenue Design and construction fees revenue (formerly called project management revenue) primarily consists of revenue generated by our subsidiary, Premier Project Management LLC (“Premier”). Premier provides design and construction management services, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services and freight management 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 INSPIRE 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 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 refinancing 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. Consistent with our accounting treatment prior to adopting ASU 2016-02, Leases (“ASU 2016-02”), other revenue for the year ended December 31, 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. Prior to December 31, 2020, we additionally were reimbursed by Ashford Trust for expenses incurred by Ashford Investment Management, LLC (“AIM”) for managing Ashford Trust’s excess cash under an Investment Management Agreement with Ashford Trust. AIM was not compensated for its services but was reimbursed for all costs and expenses. Effective December 31, 2020, the Investment Management Agreement with Ashford Trust was terminated. 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. Design and construction 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 Ashford Trust, Braemar and other hotel owners. We recognize revenue within “cost reimbursement revenue” in our consolidated statements of operations when the amounts may be billed to Ashford Trust, Braemar and other hotel owners, and we recognize expenses within “reimbursed expenses” in our consolidated statements of operations as they are incurred. This pattern of recognition results in temporary timing differences between the costs incurred for centralized software programs and the related reimbursements we receive from Ashford Trust and Braemar in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other 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 change 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)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The table below sets forth the impact of the revisions on the Company’s annual consolidated financial statements (in thousands): Years Ended December 31, 2020 and 2019 (As Revised) Year Ended December 31, 2020 Year ended December 31, 2019 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised REVENUE Cost reimbursement revenue $ 162,636 $ (4,077) $ 158,559 $ 85,168 $ (4,222) $ 80,946 Total revenues 297,428 (4,077) 293,351 291,250 (4,222) 287,028 EXPENSES Reimbursed expenses 162,578 (4,077) 158,501 84,643 (4,222) 80,421 Total expenses 521,358 (4,077) 517,281 302,480 (4,222) 298,258 OPERATING INCOME (LOSS) $ (223,930) $ — $ (223,930) $ (11,230) $ — $ (11,230) Three Months Ended March 31, 2021 and 2020 (Unaudited, As Restated) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 9,927 $ — $ 9,927 $ 11,836 $ — $ 11,836 Hotel management fees 4,472 — 4,472 6,124 — 6,124 Project management fees 1,542 — 1,542 3,938 — 3,938 Audio visual 3,611 — 3,611 29,674 — 29,674 Other 10,629 — 10,629 6,691 — 6,691 Cost reimbursement revenue 33,752 (1,565) 32,187 75,579 (7,282) 68,297 Total revenues 63,933 (1,565) 62,368 133,842 (7,282) 126,560 EXPENSES Salaries and benefits 15,776 — 15,776 16,310 — 16,310 Cost of revenues for design and construction 758 — 758 1,451 — 1,451 Cost of revenues for audio visual 4,386 — 4,386 20,430 — 20,430 Depreciation and amortization 8,139 — 8,139 9,969 — 9,969 General and administrative 5,268 — 5,268 6,183 — 6,183 Impairment — — — 178,213 — 178,213 Other 3,611 — 3,611 4,226 — 4,226 Reimbursed expenses 33,680 (1,565) 32,115 75,511 (7,282) 68,229 Total expenses 71,618 (1,565) 70,053 312,293 (7,282) 305,011 OPERATING INCOME (LOSS) (7,685) — (7,685) (178,451) — (178,451) Equity in earnings (loss) of unconsolidated entities (114) — (114) 236 — 236 Interest expense (1,267) — (1,267) (1,176) — (1,176) Amortization of loan costs (86) — (86) (66) — (66) Interest income 63 — 63 28 — 28 Realized gain (loss) on investments (194) — (194) (375) — (375) Other income (expense) (113) — (113) (521) — (521) INCOME (LOSS) BEFORE INCOME TAXES (9,396) — (9,396) (180,325) — (180,325) Income tax (expense) benefit 951 — 951 2,085 — 2,085 NET INCOME (LOSS) (8,445) — (8,445) (178,240) — (178,240) (Income) loss from consolidated entities attributable to noncontrolling interests 95 — 95 160 — 160 Net (income) loss attributable to redeemable noncontrolling interests 176 — 176 440 — 440 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (8,174) — (8,174) (177,640) — (177,640) Preferred dividends, declared and undeclared (8,606) — (8,606) (7,875) — (7,875) Amortization of preferred stock discount (316) — (316) (810) — (810) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (17,096) $ — $ (17,096) $ (186,325) $ — $ (186,325) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (6.36) $ — $ (6.36) $ (84.73) $ — $ (84.73) Weighted average common shares outstanding - basic 2,686 — 2,686 2,199 — 2,199 Diluted: Net income (loss) attributable to common stockholders $ (6.36) $ — $ (6.36) $ (84.73) $ — $ (84.73) Weighted average common shares outstanding - diluted 2,686 — 2,686 2,199 — 2,199 Three Months Ended June 30, 2021 and 2020 (Unaudited, As Restated) Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 10,062 $ — $ 10,062 $ 11,430 $ — $ 11,430 Hotel management fees 6,515 — 6,515 3,691 — 3,691 Project management fees 1,867 — 1,867 2,052 — 2,052 Audio visual 9,451 — 9,451 970 — 970 Other 12,166 — 12,166 3,337 — 3,337 Cost reimbursement revenue 48,279 (2,928) 45,351 24,118 2,388 26,506 Total revenues 88,340 (2,928) 85,412 45,598 2,388 47,986 EXPENSES Salaries and benefits 17,392 — 17,392 13,677 — 13,677 Cost of revenues for design and construction 1,022 — 1,022 878 — 878 Cost of revenues for audio visual 6,872 — 6,872 2,316 — 2,316 Depreciation and amortization 8,259 — 8,259 10,109 — 10,109 General and administrative 6,591 — 6,591 4,341 — 4,341 Impairment — — — — — — Other 5,059 — 5,059 1,361 — 1,361 Reimbursed expenses 48,145 (2,928) 45,217 24,055 2,388 26,443 Total expenses 93,340 (2,928) 90,412 56,737 2,388 59,125 OPERATING INCOME (LOSS) (5,000) — (5,000) (11,139) — (11,139) Equity in earnings (loss) of unconsolidated entities (58) — (58) 17 — 17 Interest expense (1,288) — (1,288) (1,246) — (1,246) Amortization of loan costs (45) — (45) (90) — (90) Interest income 72 — 72 1 — 1 Realized gain (loss) on investments (179) — (179) (11) — (11) Other income (expense) (172) — (172) 66 — 66 INCOME (LOSS) BEFORE INCOME TAXES (6,670) — (6,670) (12,402) — (12,402) Income tax (expense) benefit 697 — 697 3,484 — 3,484 NET INCOME (LOSS) (5,973) — (5,973) (8,918) — (8,918) (Income) loss from consolidated entities attributable to noncontrolling interests 234 — 234 278 — 278 Net (income) loss attributable to redeemable noncontrolling interests 19 — 19 644 — 644 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (5,720) — (5,720) (7,996) — (7,996) Preferred dividends, declared and undeclared (8,633) — (8,633) (7,940) — (7,940) Amortization of preferred stock discount (311) — (311) (795) — (795) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (14,664) $ — $ (14,664) $ (16,731) $ — $ (16,731) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (5.31) $ — $ (5.31) $ (7.37) $ — $ (7.37) Weighted average common shares outstanding - basic 2,764 — 2,764 2,269 — 2,269 Diluted: Net income (loss) attributable to common stockholders $ (5.31) $ — $ (5.31) $ (7.37) $ — $ (7.37) Weighted average common shares outstanding - diluted 2,764 — 2,764 2,269 — 2,269 Six Months Ended June 30, 2021 and 2020 (Unaudited, As Restated) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 19,989 $ — $ 19,989 $ 23,266 $ — $ 23,266 Hotel management fees 10,987 — 10,987 9,815 — 9,815 Project management fees 3,409 — 3,409 5,990 — 5,990 Audio visual 13,062 — 13,062 30,644 — 30,644 Other 22,795 — 22,795 10,028 — 10,028 Cost reimbursement revenue 82,031 (4,493) 77,538 99,697 (4,894) 94,803 Total revenues 152,273 (4,493) 147,780 179,440 (4,894) 174,546 EXPENSES Salaries and benefits 33,168 — 33,168 29,987 — 29,987 Cost of revenues for design and construction 1,780 — 1,780 2,329 — 2,329 Cost of revenues for audio visual 11,258 — 11,258 22,746 — 22,746 Depreciation and amortization 16,398 — 16,398 20,078 — 20,078 General and administrative 11,859 — 11,859 10,524 — 10,524 Impairment — — — 178,213 — 178,213 Other 8,670 — 8,670 5,587 — 5,587 Reimbursed expenses 81,825 (4,493) 77,332 99,566 (4,894) 94,672 Total expenses 164,958 (4,493) 160,465 369,030 (4,894) 364,136 OPERATING INCOME (LOSS) (12,685) — (12,685) (189,590) — (189,590) Equity in earnings (loss) of unconsolidated entities (172) — (172) 253 — 253 Interest expense (2,555) — (2,555) (2,422) — (2,422) Amortization of loan costs (131) — (131) (156) — (156) Interest income 135 — 135 29 — 29 Realized gain (loss) on investments (373) — (373) (386) — (386) Other income (expense) (285) — (285) (455) — (455) INCOME (LOSS) BEFORE INCOME TAXES (16,066) — (16,066) (192,727) — (192,727) Income tax (expense) benefit 1,648 — 1,648 5,569 — 5,569 NET INCOME (LOSS) (14,418) — (14,418) (187,158) — (187,158) (Income) loss from consolidated entities attributable to noncontrolling interests 329 — 329 438 — 438 Net (income) loss attributable to redeemable noncontrolling interests 195 — 195 1,084 — 1,084 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (13,894) — (13,894) (185,636) — (185,636) Preferred dividends, declared and undeclared (17,239) — (17,239) (15,815) — (15,815) Amortization of preferred stock discount (627) — (627) (1,605) — (1,605) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,760) $ — $ (31,760) $ (203,056) $ — $ (203,056) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (11.66) $ — $ (11.66) $ (90.81) $ — $ (90.81) Weighted average common shares outstanding - basic 2,724 — 2,724 2,236 — 2,236 Diluted: Net income (loss) attributable to common stockholders $ (11.66) $ — $ (11.66) $ (90.81) $ — $ (90.81) Weighted average common shares outstanding - diluted 2,724 — 2,724 2,236 — 2,236 Three Months Ended September 30, 2021 and 2020 (Unaudited, As Restated) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 10,143 $ — $ 10,143 $ 10,832 $ — $ 10,832 Hotel management fees 7,750 — 7,750 3,777 — 3,777 Project management fees 2,202 — 2,202 1,790 — 1,790 Audio visual 15,108 — 15,108 3,114 — 3,114 Other 13,104 — 13,104 8,222 — 8,222 Cost reimbursement revenue 54,048 5,831 59,879 28,133 3,898 32,031 Total revenues 102,355 5,831 108,186 55,868 3,898 59,766 EXPENSES Salaries and benefits 13,793 — 13,793 13,820 — 13,820 Cost of revenues for design and construction 1,032 — 1,032 703 — 703 Cost of revenues for audio visual 11,353 — 11,353 3,126 — 3,126 Depreciation and amortization 8,056 — 8,056 10,094 — 10,094 General and administrative 7,585 — 7,585 5,540 — 5,540 Impairment 1,160 — 1,160 — — — Other 4,758 — 4,758 9,147 — 9,147 Reimbursed expenses 53,991 5,831 59,822 28,072 3,898 31,970 Total expenses 101,728 5,831 107,559 70,502 3,898 74,400 OPERATING INCOME (LOSS) 627 — 627 (14,634) — (14,634) Equity in earnings (loss) of unconsolidated entities 12 — 12 48 — 48 Interest expense (1,290) — (1,290) (1,259) — (1,259) Amortization of loan costs (78) — (78) (86) — (86) Interest income 72 — 72 — — — Realized gain (loss) on investments 370 — 370 — — — Other income (expense) 29 — 29 (44) — (44) INCOME (LOSS) BEFORE INCOME TAXES (258) — (258) (15,975) — (15,975) Income tax (expense) benefit (98) — (98) 1,835 — 1,835 NET INCOME (LOSS) (356) — (356) (14,140) — (14,140) (Income) loss from consolidated entities attributable to noncontrolling interests 180 — 180 319 — 319 Net (income) loss attributable to redeemable noncontrolling interests 13 — 13 604 — 604 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (163) — (163) (13,217) — (13,217) Preferred dividends, declared and undeclared (8,762) — (8,762) (7,985) — (7,985) Amortization of preferred stock discount (306) — (306) (781) — (781) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,231) $ — $ (9,231) $ (21,983) $ — $ (21,983) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (3.31) $ — $ (3.31) $ (9.53) $ — $ (9.53) Weighted average common shares outstanding - basic 2,785 — 2,785 2,306 — 2,306 Diluted: Net income (loss) attributable to common stockholders $ (3.64) $ — $ (3.64) $ (9.53) $ — $ (9.53) Weighted average common shares outstanding - diluted 2,982 — 2,982 2,306 — 2,306 Nine Months Ended September 30, 2021 and 2020 (Unaudited, As Restated) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 30,132 $ — $ 30,132 $ 34,098 $ — $ 34,098 Hotel management fees 18,737 — 18,737 13,592 — 13,592 Project management fees 5,611 — 5,611 7,780 — 7,780 Audio visual 28,170 — 28,170 33,758 — 33,758 Other 35,899 — 35,899 18,250 — 18,250 Cost reimbursement revenue 136,079 1,338 137,417 127,830 (996) 126,834 Total revenues 254,628 1,338 255,966 235,308 (996) 234,312 EXPENSES Salaries and benefits 46,961 — 46,961 43,807 — 43,807 Cost of revenues for design and construction 2,812 — 2,812 3,032 — 3,032 Cost of revenues for audio visual 22,611 — 22,611 25,872 — 25,872 Depreciation and amortization 24,454 — 24,454 30,172 — 30,172 General and administrative 19,444 — 19,444 16,064 — 16,064 Impairment 1,160 — 1,160 178,213 — 178,213 Other 13,428 — 13,428 14,734 — 14,734 Reimbursed expenses 135,816 1,338 137,154 127,638 (996) 126,642 Total expenses 266,686 1,338 268,024 439,532 (996) 438,536 OPERATING INCOME (LOSS) (12,058) — (12,058) (204,224) — (204,224) Equity in earnings (loss) of unconsolidated entities (160) — (160) 301 — 301 Interest expense (3,845) — (3,845) (3,681) — (3,681) Amortization of loan costs (209) — (209) (242) — (242) Interest income 207 — 207 29 — 29 Realized gain (loss) on investments (3) — (3) (386) — (386) Other income (expense) (256) — (256) (499) — (499) INCOME (LOSS) BEFORE INCOME TAXES (16,324) — (16,324) (208,702) — (208,702) Income tax (expense) benefit 1,550 — 1,550 7,404 — 7,404 NET INCOME (LOSS) (14,774) — (14,774) (201,298) — (201,298) (Income) loss from consolidated entities attributable to noncontrolling interests 509 — 509 757 — 757 Net (income) loss attributable to redeemable noncontrolling interests 208 — 208 1,688 — 1,688 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (14,057) — (14,057) (198,853) — (198,853) Preferred dividends, declared and undeclared (26,001) — (26,001) (23,800) — (23,800) Amortization of preferred stock discount (933) — (933) (2,386) — (2,386) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (40,991) $ — $ (40,991) $ (225,039) $ — $ (225,039) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (14.93) $ — $ (14.93) $ (99.62) $ — $ (99.62) Weighted average common shares outstanding - basic 2,746 — 2,746 2,259 — 2,259 Diluted: Net income (loss) attributable to common stockholders $ (14.93) $ — $ (14.93) $ (99.62) $ — $ (99.62) Weighted average common shares outstanding - diluted 2,746 — 2,746 2,259 — 2,259
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 75.38 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 24.62 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 69 n/a n/a Redemption value adjustment, year-to-date 96 n/a n/a Redemption value adjustment, cumulative 581 n/a n/a Carrying value of noncontrolling interests n/a 479 159 Assets, available only to settle subsidiary’s obligations (6)(9) n/a 2,533 1,779 Liabilities (8)(9) n/a 424 1,643 Revolving credit facility (8) n/a — 100 December 31, 2020 Ashford OpenKey (3) Pure (4) RED (5) Ashford Inc. ownership interest 99.86 % 49.04 % 70.00 % 84.21 % Redeemable noncontrolling interests (1) (2) 0.14 % 25.06 % — % — % Noncontrolling interests in consolidated entities — % 25.90 % 30.00 % 15.79 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 35 $ 1,799 n/a n/a Redemption value adjustment, year-to-date 371 466 n/a n/a Redemption value adjustment, cumulative 486 2,563 n/a n/a Carrying value of noncontrolling interests n/a 164 89 (374) Assets, available only to settle subsidiary’s obligations (6)(7)(9) n/a 1,287 1,677 21,204 Liabilities (8)(9) n/a 837 1,767 13,817 Notes payable (8) n/a — — 7,627 Revolving credit facility (8) n/a — 100 247 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Holdings represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in 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. On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. See also notes 1 and 6. (4) Represents ownership interests in PRE Opco, LLC (“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 and commercial office industry. See also notes 1 and 12. (5) Represents ownership interests in RED, our wholly owned subsidiary as of December 31, 2021. During the year ended December 31, 2021, we acquired the remaining outstanding shares in RED from the previous noncontrolling interest holders, increasing our ownership of RED from 84.21% at the beginning of the year to 100.00%. RED is a provider of watersports activities and other travel and transportation services and includes RED’s operating subsidiaries that conduct RED’s legacy U.S. Virgin Islands and Turks and Caicos Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. Prior to our acquisition of RED’s noncontrolling interest, RED was a VIE for which we were considered the primary beneficiary and therefore consolidated it. We were provided a preferred return on our investment in RED which was accounted for in our income allocation based on the applicable partnership agreement. See also notes 1 and 12. (6) Total assets consist primarily of cash and cash equivalents, property and equipment, intangibles and other assets that can only be used to settle the subsidiaries’ obligations. (7) The assets of Sebago are not available to settle the obligations of RED’s operating subsidiaries that conduct RED’s legacy U.S. Virgin Islands and Turks and Caicos Islands operations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loan and line of credit held by RED’s operating subsidiary that conducts RED’s legacy U.S. Virgin Islands operations. See note 6. (9) See our consolidated balance sheets for disclosure by line item of material assets and liabilities of the VIEs consolidated by the Company.
Investments in Unconsolidated Entities	December 31, 2021 December 31, 2020 Carrying value of the investment in REA Holdings $ 2,831 2,873 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Year Ended December 31, 2021 2020 2019 Equity in earnings (loss) in unconsolidated entities $ 13 $ 212 $ (286)
Restricted Cash	Restricted cash was comprised of the following (in thousands): December 31, 2021 December 31, 2020 REIT Advisory: Insurance claim reserves (1) $ 24,588 $ 26,304 Remington: Managed hotel properties’ reserves (2) 6,923 5,908 Insurance claim reserves (3) 1,312 1,532 Total Remington restricted cash 8,235 7,440 INSPIRE: Debt service related operating reserves (4) 1,000 — Marietta: Capital improvement reserves (5) 255 2,852 Restricted cash held in escrow (6) 800 800 Total Marietta restricted cash 1,055 3,652 Total restricted cash $ 34,878 $ 37,396 ________ (1) 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. (2) Cash received from hotel properties managed by Remington is 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 which is presented net 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.” (3) Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in current “other liabilities.” (4) Cash is restricted due to operating reserves required under INSPIRE’s amended credit agreement to service interest expense and projected operating costs. See note 6. (5) Includes cash reserves for capital improvements associated with renovations at the hotel leased by our consolidated subsidiary, Marietta Leasehold LP, (“Marietta”), which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia. The liability related to the restricted cash balance for the hotel’s renovations are included in “accounts payable and accrued expenses.” (6) Restricted cash is held in escrow in accordance with the Marietta lease agreement. The cash held in escrow is funded from hotel cash flows and can only be used for repairs and maintenance or capital improvements at the property.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2021 2020 2019 Balance as of January 1 $ 21,359 $ 13,280 $ 13,544 Increases to deferred income 11,774 23,033 8,137 Recognition of revenue (1) (22,228) (14,954) (8,401) Balance as of December 31 $ 10,905 $ 21,359 $ 13,280 ________
Disaggregation of Revenue	Our revenues were comprised of the following for the years ended December 31, 2021, 2020 and 2019, respectively (in thousands) as shown below. Cost reimbursement revenue and reimbursed expenses for our Remington segment have been revised as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Year Ended December 31, 2021 2020 2019 Advisory services fees: Base advisory fees $ 47,045 $ 44,725 $ 42,985 Incentive advisory fees — — 678 Other advisory revenue 521 522 521 Total advisory services fees revenue 47,566 45,247 44,184 Hotel management fees: Base fees 21,291 17,126 4,054 Incentive fees 4,969 — 472 Total hotel management fees revenue 26,260 17,126 4,526 Design and construction fees revenue 9,557 8,936 25,584 Audio visual revenue 49,880 37,881 110,609 Other revenue: Watersports, ferry and excursion services (1) 23,867 9,663 9,354 Debt placement and related fees (2) 12,384 8,412 1,998 Claims management services 81 226 210 Lease revenue — — 4,118 Other services (3) 10,997 7,301 5,499 Total other revenue 47,329 25,602 21,179 Cost reimbursement revenue 203,975 158,559 80,946 Total revenues $ 384,567 $ 293,351 $ 287,028 REVENUES BY SEGMENT (4) REIT advisory $ 74,616 $ 70,169 $ 84,701 Remington 197,802 145,596 43,065 Premier 12,413 11,604 30,580 INSPIRE 49,900 37,881 110,609 RED 23,867 9,663 9,354 OpenKey 1,965 1,479 987 Corporate and other 24,004 16,959 7,732 Total revenues $ 384,567 $ 293,351 $ 287,028 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands, the Turks and Caicos Islands operations and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (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 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. (4) We have six reportable segments: REIT Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Marietta and Pure Wellness into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. The following table presents revenue from INSPIRE and RED geographically for the years ended December 31, 2021, 2020 and 2019, respectively (in thousands): Year Ended December 31, 2021 2020 2019 INSPIRE: United States $ 39,164 $ 28,923 $ 88,583 Mexico 7,724 7,100 16,067 Dominican Republic 2,992 1,858 5,959 Total audio visual revenue $ 49,880 $ 37,881 $ 110,609 RED: United States $ 22,665 $ 9,663 $ 9,354 United Kingdom (Turks and Caicos Islands) 1,202 — — Total watersports, ferry and excursion services $ 23,867 $ 9,663 $ 9,354

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net, consisted of the following (in thousands): December 31, 2021 2020 Marietta Leasehold L.P. finance lease $ 44,294 $ 44,294 Rental pool equipment 20,498 21,200 FF&E leased to Ashford Trust 19,688 21,100 FF&E leased to Braemar 1,744 1,420 Property and equipment 10,370 11,014 Marine vessels 15,153 11,262 Leasehold improvements 1,177 1,193 Computer software 1,244 657 Total cost 114,168 112,140 Accumulated depreciation (30,602) (23,380) Property and equipment, net $ 83,566 $ 88,760

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2021 and December 31, 2020, are as follows (in thousands): Remington Premier INSPIRE RED Corporate and Other (1) Consolidated Balance at January 1, 2020 $ 143,854 $ 49,524 $ 10,211 $ 1,235 $ 782 $ 205,606 Changes in goodwill: Adjustments (2) 31,799 — — — — 31,799 Impairments (3) (121,048) (49,524) (10,211) — — (180,783) Balance at December 31, 2020 54,605 — — 1,235 782 56,622 Balance at December 31, 2021 $ 54,605 $ — $ — $ 1,235 $ 782 $ 56,622 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness. (2) The adjustment to Remington goodwill relates to changes in our final valuation of the acquired assets and liabilities associated with the acquisition of Remington. (3) See explanation above of impairment charges recognized during the year ended December 31, 2020. These impairment charges represent the accumulated impairments to date.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of December 31, 2021 and December 31, 2020, are as follows (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ — $ (28,284) $ 79,316 $ 107,600 $ — $ (16,237) $ 91,363 Premier management contracts 194,000 — (41,619) 152,381 194,000 — (29,428) 164,572 INSPIRE customer relationships 9,319 — (4,409) 4,910 9,319 — (3,291) 6,028 RED boat slip rights 3,100 — (380) 2,720 3,100 — (225) 2,875 Pure Wellness customer relationships 175 — (166) 9 175 — (131) 44 Other — — — — 47 (37) (10) — $ 314,194 $ — $ (74,858) $ 239,336 $ 314,241 $ (37) $ (49,322) $ 264,882 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ — $ 4,900 $ 10,400 $ (5,500) $ 4,900 INSPIRE trademarks (1) 1,160 (1,160) — 3,641 (2,481) 1,160 RED trademarks 490 — 490 490 — 490 $ 6,550 $ (1,160) $ 5,390 $ 14,531 $ (7,981) $ 6,550 ________ (1) See explanation of impairment charges above.
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of December 31, 2021 and December 31, 2020, are as follows (in thousands): December 31, 2021 December 31, 2020 Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Impairment Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 107,600 $ — $ (28,284) $ 79,316 $ 107,600 $ — $ (16,237) $ 91,363 Premier management contracts 194,000 — (41,619) 152,381 194,000 — (29,428) 164,572 INSPIRE customer relationships 9,319 — (4,409) 4,910 9,319 — (3,291) 6,028 RED boat slip rights 3,100 — (380) 2,720 3,100 — (225) 2,875 Pure Wellness customer relationships 175 — (166) 9 175 — (131) 44 Other — — — — 47 (37) (10) — $ 314,194 $ — $ (74,858) $ 239,336 $ 314,241 $ (37) $ (49,322) $ 264,882 Gross Carrying Amount Impairment Net Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ — $ 4,900 $ 10,400 $ (5,500) $ 4,900 INSPIRE trademarks (1) 1,160 (1,160) — 3,641 (2,481) 1,160 RED trademarks 490 — 490 490 — 490 $ 6,550 $ (1,160) $ 5,390 $ 14,531 $ (7,981) $ 6,550 ________ (1) See explanation of impairment charges above.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Expected future amortization expense of definite-lived intangible assets as of December 31, 2021 are as follows (in thousands): 2022 $ 23,759 2023 22,146 2024 20,195 2025 17,803 2026 16,364 Thereafter 139,069 Total $ 239,336

Notes Payable, net (Tables)

Notes Payable, net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2021 December 31, 2020 Term loan (9) Ashford Inc. March 19, 2024 Base Rate (1) + 2.00% to 2.25% or LIBOR (2) (3) +3.00% to 3.25% $ 27,271 $ 33,688 Note payable (12) Ashford Inc. February 29, 2028 4.00% 1,746 — Term loan (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 1.75% 20,000 20,000 Revolving credit facility (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 1.75% 1,869 1,106 Revolving credit facility (5) (13) Pure Wellness On demand Prime Rate (4) + 1.00% 100 100 Term loan (6) (8) (19) RED October 5, 2025 Prime Rate (4) + 1.75% — 571 Revolving credit facility (6) (8) (14) (18) RED August 5, 2022 Prime Rate (4) + 1.75% — 247 Draw term loan (6) (8) (19) RED June 5, 2027 Prime Rate (4) + 1.75% — 1,375 Term loan (6) (8) (19) RED February 1, 2029 Prime Rate (4) + 2.00% — 1,584 Term loan (5) (8) (15) RED July 17, 2029 6.00% (15) 1,641 1,663 Term loan (5) (8) (16) RED July 17, 2023 6.50% 607 859 Draw term loan (5) (8) (18) RED August 5, 2028 Prime Rate (4) + 2.00% — 1,575 Term loan (5) (8) (17) RED August 5, 2029 Prime Rate (4) +2.00% 888 — Term loan (5) (8) (18) RED August 5, 2029 Prime Rate (4) + 2.00% 2,143 — Term loan (6) (8) (19) RED August 5, 2029 Prime Rate (4) + 1.75% 3,357 — Total notes payable 59,622 62,768 Capitalized default interest, net (11) 290 427 Deferred loan costs, net (518) (499) Notes payable including capitalized default interest and deferred loan costs, net 59,394 62,696 Less current portion (6,725) (5,347) Total notes payable, net - non-current $ 52,669 $ 57,349 __________________ (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 0.10% and 0.14% at December 31, 2021 and December 31, 2020, respectively. (4) Prime Rate was 3.25% and 3.25% at December 31, 2021 and December 31, 2020, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility is collateralized primarily by INSPIRE’s accounts receivable with a carrying value of $5.0 million and $900,000 as of December 31, 2021 and 2020, respectively. INSPIRE’s term loan is collateralized by substantially all the assets of INSPIRE with a carrying value of $32.8 million and $34.6 million as of December 31, 2021 and 2020, respectively. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $12.5 million and $11.0 million as of December 31, 2021 and 2020, respectively. (9) On March 29, 2021, the Company amended its Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A. (as so amended, the “Seventh Amendment”). The Seventh Amendment (a) increases the required amortization rate from 1.25% to 2.50% each quarter commencing July 1, 2021, (b) requires the Company to maintain a minimum liquidity of $15.0 million at all times, including pro forma for preferred dividends, and (c) restricts dividends and stock repurchases, other than preferred dividends, so long as there is no default under the Term Loan Agreement. 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 2.50% to 5.0% of the outstanding principal balance. Upon signing the Seventh Amendment, the Company made a $5.0 million prepayment to Bank of America, N.A. as consideration for their execution and delivery of the Seventh Amendment. The Company is also subject to certain financial covenants. See covenant compliance discussion below. (10) On December 31, 2020, INSPIRE amended its credit agreement dated as of November 1, 2017. As a result of the INSPIRE Amendment, the credit agreement revised the maximum borrowing capacity of the revolving credit facility from $3.5 million to $3.0 million. As of December 31, 2021, the amount unused under INSPIRE’s revolving credit facility was $1.1 million. The INSPIRE Amendment additionally replaced INSPIRE’s previous term loan, draw term loan and equipment loans with a $20.0 million senior secured term loan. The INSPIRE Amendment also extended the maturity date of INSPIRE’s obligations under the revolving credit facility and term loan to January 1, 2024, with the potential for a further one-year extension at INSPIRE’s option subject to satisfaction of certain conditions, including a payment of a one-time, permanent principal reduction of the term loan of not less than $2.5 million and other fees as of the date of INSPIRE’s election to extend. Pursuant to the INSPIRE Amendment, INSPIRE’s obligations to comply with certain financial and other covenants was waived until March 31, 2023. As a result of the INSPIRE Amendment, amounts borrowed under the revolving credit facility and the term loan will bear interest at the prime rate plus a margin of 1.25%, with the margin increasing by 0.25% beginning on July 1, 2021 and at the beginning of each successive quarter thereafter. INSPIRE will pay a commitment fee of 1.5% of the term loan in installments, with the possibility that the last $100,000 installment, scheduled to be paid on December 31, 2022, be forgiven if INSPIRE’s obligations under the INSPIRE Amendment have been satisfied in full in advance of that date. The INSPIRE Amendment suspended payments of principal under the term loan through December 2021. Commencing January 1, 2022, INSPIRE will be required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. On September 22, 2021, the INSPIRE Amendment was further amended to reduce INSPIRE’s requirement to fund an operating reserve account from an initial amount of $3.0 million to $1.0 million. In connection with the credit agreement dated as of November 1, 2017, INSPIRE entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0%. The fair value of the interest rate cap at December 31, 2021 and December 31, 2020, was not material. (11) On December 31, 2020, the Company determined the INSPIRE Amendment was considered a troubled debt restructuring due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the year ended December 31, 2020, as the carrying amount of the original loan was not greater than the undiscounted cash flows of the modified loans. Additionally, as a result of the troubled debt restructuring, $427,000 of accrued default interest and late charges were capitalized into the INSPIRE term loan balance at December 31, 2020, and are amortized over the remaining term of the loan using the effective interest method. (12) On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium or cash at our sole discretion. (13) 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. As of December 31, 2021, the amount unused under Pure Wellness’s revolving credit facility was $150,000. (14) On July 23, 2021, RED renewed its $250,000 revolving credit facility. As of December 31, 2021, the amount unused under RED’s revolving credit facility was $250,000. (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 July 23, 2021, RED entered into a new term loan agreement with a maximum principal amount of $900,000. RED will not be required to make any payments of principal until May 5, 2022. (18) On July 23, 2021, RED consolidated the draw term loan previously maturing August 2028 and the outstanding balance for RED’s line of credit into a new term loan. RED is required to pay monthly installments of principal and interest commencing September 5, 2021 until the maturity date. (19) On July 23, 2021, RED consolidated the draw term loan previously maturing June 2027 and two term loans previously maturing October 2025 and February 2029 into a new term loan. Commencing September 5, 2021, RED is required to pay monthly installments of principal and interest until the maturity date.
Schedule of Maturities of Long-term Debt	Maturities and scheduled amortization of long-term debt as of December 31, 2021, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2022 $ 6,584 2023 7,260 2024 38,834 2025 1,041 2026 1,089 Thereafter 4,814 Total $ 59,622

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Balances	As of December 31, 2021 and 2020, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 26,975 $ 30,431 Finance lease assets Property and equipment, net 44,333 45,789 Total leased assets $ 71,308 $ 76,220 Liabilities Current Operating Operating lease liabilities $ 3,628 $ 3,691 Finance Finance lease liabilities 1,065 841 Noncurrent Operating Operating lease liabilities 23,477 26,881 Finance Finance lease liabilities 43,479 43,143 Total leased liabilities $ 71,649 $ 74,556
Lease Cost	We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2021 2020 2019 Operating lease cost Rent expense (1) General and administrative $ 5,654 $ 5,327 $ 3,324 Rent expense Cost of revenues for design and construction — — 127 Finance lease cost Amortization of leased assets Depreciation and amortization 1,455 1,458 384 Interest on lease liabilities Interest expense 2,727 2,626 443 Total lease cost $ 9,836 $ 9,411 $ 4,278 __________________ (1) The years ended December 31, 2021, 2020 and 2019 include short term lease expense of $442,000, $227,000 and $137,000, respectively. For the year ended December 31, 2021, 2020 and 2019, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,713 $ 3,650 $ 2,021 Financing cash flows from finance leases $ 439 $ 785 $ 627 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2021 December 31, 2020 December 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 9.34 9.93 10.95 Finance leases (2) 31.49 32.3 34.09 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.2 % 6.2 % 6.2 % __________________ (1) The weighted-average remaining lease term includes two optional 10 year extension periods for our INSPIRE headquarters in Irving, Texas, as failure to renew the lease would result in INSPIRE incurring significant relocation costs. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Maturities of Operating Lease Liabilities	As of December 31, 2021, future minimum lease payments on operating leases and financing leases and total future minimum lease payments to be received were as follows (in thousands): Operating Leases Finance Leases Sublease Payments to be Received 2022 $ 4,964 $ 3,548 $ 211 2023 4,799 4,553 215 2024 4,529 3,064 105 2025 3,998 2,948 83 2026 3,728 2,948 83 Thereafter 12,887 80,338 159 Total minimum lease payments (receipts) $ 34,905 $ 97,399 $ 856 Imputed interest (7,800) (52,855) Present value of minimum lease payments $ 27,105 $ 44,544
Maturities of Financing Lease Liabilities	As of December 31, 2021, future minimum lease payments on operating leases and financing leases and total future minimum lease payments to be received were as follows (in thousands): Operating Leases Finance Leases Sublease Payments to be Received 2022 $ 4,964 $ 3,548 $ 211 2023 4,799 4,553 215 2024 4,529 3,064 105 2025 3,998 2,948 83 2026 3,728 2,948 83 Thereafter 12,887 80,338 159 Total minimum lease payments (receipts) $ 34,905 $ 97,399 $ 856 Imputed interest (7,800) (52,855) Present value of minimum lease payments $ 27,105 $ 44,544

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses were comprised of the following (in thousands): December 31, 2021 December 31, 2020 Accounts payable $ 11,682 $ 15,145 Accrued payroll expense 23,648 21,741 Accrued vacation expense 3,427 2,516 Accrued interest 259 201 Other accrued expenses 881 775 Total accounts payable and accrued expenses $ 39,897 $ 40,378

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
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 Significant Unobservable Inputs Total December 31, 2021 Assets Restricted Investment: Ashford Trust common stock $ 150 (1) $ — $ — $ 150 Braemar common stock 426 (1) — — 426 Total $ 576 $ — $ — $ 576 Liabilities Subsidiary compensation plan $ — $ (164) (1) $ — $ (164) Deferred compensation plan (3,326) — — (3,326) Total $ (3,326) $ (164) $ — $ (3,490) Net $ (2,750) $ (164) $ — $ (2,914) __________________ (1) The restricted investment includes 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. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2021, 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 Significant Unobservable Inputs Total December 31, 2020 Assets Restricted Investment: Ashford Trust common stock $ 88 (2) $ — $ — $ 88 Braemar common stock 202 (2) — — 202 Total $ 290 $ — $ — $ 290 Liabilities Contingent consideration $ (1,735) (1) $ — $ — $ (1,735) Subsidiary compensation plan — (89) (2) — (89) Deferred compensation plan (1,707) — — (1,707) Total $ (3,442) $ (89) $ — $ (3,531) Net $ (3,152) $ (89) $ — $ (3,241) __________________ (1) Represents the fair value of the contingent consideration liability of $1.7 million related to the stock consideration collar associated with INSPIRE’s acquisition of BAV. The contingent consideration liabilities are reported as “other current liabilities” in our consolidated balance sheets. See note 1. (2) The restricted investment includes 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. The compensation agreement liability is based on ratably accrued vested shares through December 31, 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. The following table presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability Balance at January 1, 2020 $ (2,959) Acquisitions — Gains (losses) included in earnings (2) (41) Dispositions and settlements — Transfers into/out of Level 3 (1) 3,000 Balance at December 31, 2020 $ — __________________ (1) Includes INSPIRE’s initial contingent consideration associated with the acquisition of BAV in March of 2019. In the first quarter of 2020, BAV achieved the maximum $3.0 million performance target. We subsequently paid $2.4 million in cash to the sellers of BAV consisting of a $1.5 million payment on May 7, 2020, and a $900,000 payment on December 31, 2020. The Company elected to settle the remainder of the contingent consideration in the form of cash instead of Ashford Inc. common stock. Pursuant to the Second Amendment to the Asset Purchase Agreement, which was executed on May 6, 2020, the Company was provided a $250,000 discount upon the election of cash settlement. The final amount paid in January 2021, net of the discount, was $350,000. The liability of $350,000 as of December 31, 2020 owed to the sellers of BAV is reported in our consolidated balance sheets within “other liabilities.” (2) Fair value adjustment reported as “other” operating expense in our consolidated statements of operations.
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Income (Loss)	The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2021 2020 2019 Assets Restricted investment: (1) Ashford Trust common stock $ (336) $ (200) $ — Braemar common stock (42) (186) — Goodwill — (180,783) — Intangible assets, net (1,160) (8,018) — Property and equipment, net — (36) — Total $ (1,538) $ (189,223) $ — Liabilities Contingent consideration (2) $ (23) $ (436) $ (4,244) Subsidiary compensation plan (3) (295) 131 (47) Deferred compensation plan (3) (1,671) 3,012 5,732 Total $ (1,989) $ 2,707 $ 1,441 Net $ (3,527) $ (186,516) $ 1,441 __________________ (1) Represents the realized gain (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 consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in our consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2021 Equity securities (1) $ 1,068 $ — $ (492) $ 576 __________________ (1) Distribution of $855,000 of available-for-sale securities occurred in the year ended December 31, 2021. Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our consolidated balance sheets. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2020 Equity securities (1) $ 1,169 $ — $ (879) $ 290 __________________ (1) Distribution of $195,000 of available-for-sale securities had occurred as of December 31, 2020. Unrealized gains and losses associated with available-for-sale securities are included within “accumulated other comprehensive income” in our consolidated balance sheets.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 576 $ 576 $ 290 $ 290 Financial liabilities measured at fair value: Deferred compensation plan $ 3,326 $ 3,326 $ 1,707 $ 1,707 Contingent consideration — — 1,735 1,735 Financial assets not measured at fair value: Cash and cash equivalents $ 37,571 $ 37,571 $ 45,270 $ 45,270 Restricted cash 34,878 34,878 37,396 37,396 Accounts receivable, net 7,622 7,622 3,458 3,458 Notes receivable 2,880 2,880 — — Due from affiliates 165 165 353 353 Due from Ashford Trust 2,575 2,575 13,198 13,198 Due from Braemar 1,144 1,144 2,142 2,142 Investments in unconsolidated entities 3,581 3,581 3,687 3,687 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 39,897 $ 39,897 $ 40,378 $ 40,378 Dividends payable 34,574 34,574 16,280 16,280 Due to affiliates — — 1,471 1,471 Other liabilities 25,899 25,899 28,170 28,170 Notes payable 59,622 56,641 to 62,603 62,768 59,629 to 65,906

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2021
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): Year Ended December 31, 2021 2020 2019 (Income) loss allocated to noncontrolling interests: OpenKey $ 799 $ 670 624 RED (51) 412 (105) Pure Wellness (70) 75 (9) Other — 21 26 Total net (income) loss allocated to noncontrolling interests $ 678 $ 1,178 $ 536

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Temporary Equity	A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2021 2020 2019 Units outstanding at beginning of year 4 4 4 Units redeemed for cash — — — Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Year Ended December 31, 2021 2020 2019 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 63 $ 432 $ 54 INSPIRE — 1,148 247 OpenKey 152 665 682 Total net (income) loss allocated to redeemable noncontrolling interests $ 215 $ 2,245 $ 983
Dividends Declared	Declared convertible preferred stock cumulative dividends for all issued and outstanding shares were as follows (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Preferred dividends - declared $ 16,706 $ 15,815 $ 14,435 Preferred dividends per share - declared $ 0.8737 $ 0.8271 $ 1.4775 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): December 31, 2021 December 31, 2020 Aggregate preferred dividends - undeclared $ 34,574 $ 16,280 Aggregate preferred dividends - undeclared per share $ 1.8083 $ 0.8515

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
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 consolidated statements of operations. The components of equity-based compensation expense for the years ended December 31, 2021, 2020, and 2019 are presented below by award type (in thousands): Year Ended December 31, 2021 2020 2019 Equity-based compensation Option amortization (1) $ 2,641 $ 4,347 $ 8,313 Employee equity grant expense (2) 1,217 787 95 Director and other non-employee equity grants expense (3) 695 428 466 Total equity-based compensation $ 4,553 $ 5,562 $ 8,874 Other equity-based compensation REIT equity-based compensation (4) $ 19,098 $ 17,325 $ 25,987 $ 23,651 $ 22,887 $ 34,861 ________ (1) As of December 31, 2021, the Company had approximately $346,000 of total unrecognized compensation expense related to options that will be recognized over a weighted average period of 0.2 years. The year ended December 31, 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 December 31, 2021, the Company had approximately $1.9 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 1.7 years. (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. (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.
Schedule of Stock Options, Valuation Assumptions	The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2019 Weighted-average grant date fair value $ 26.42 Weighted average assumptions used: Expected volatility 39.0 % Expected term (in years) 6.5 Risk-free interest rate 2.6 % Expected dividend yield — %
Schedule of Stock Option Activity	A summary of stock option activity is as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the (In thousands) (per option) (In years) (In thousands) Outstanding, January 1, 2019 1,236 $ 69.26 7.21 $ 2,126 Granted 300 61.12 10.00 — Exercised — — — — Forfeited, canceled or expired (2) 70.67 9.10 — Outstanding, December 31, 2019 1,534 67.66 6.79 — Granted — — — — Exercised — — — — Forfeited, canceled or expired (100) 73.39 8.11 — Outstanding, December 31, 2020 1,434 67.26 5.67 — Granted — — — — Exercised — — — — Forfeited, canceled or expired (3) 69.51 7.67 — Conversions to Class 2 LTIP Units (631) 62.72 4.80 — Outstanding, December 31, 2021 800 70.84 4.56 — Options exercisable at December 31, 2021 636 $ 73.33 3.89 $ — A summary of Class 2 LTIP Unit activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2021 — — — — Granted — — — — Exercised — — — — Forfeited, canceled or expired — — — — Conversions from stock options 631 62.72 4.80 — Outstanding, December 31, 2021 631 62.72 4.80 — Options exercisable at December 31, 2021 541 $ 62.99 4.41 $ —
Summary of Restricted Stock Activity	Restricted Stock —A summary of our restricted stock activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2021 2020 2019 Restricted Shares Weighted Average Restricted Shares Weighted Average Restricted Shares Weighted Average Outstanding at beginning of year 241 $ 10.45 — $ — — $ — Restricted shares granted (1) 172 9.03 686 7.43 5 31.79 Restricted shares vested (107) 9.19 (417) 5.78 (5) 31.79 Restricted shares forfeited (3) 9.87 (28) 10.28 — — Outstanding at end of year 303 $ 9.93 241 $ 10.45 — $ — ________ (1) Equity-based compensation expense of $580,000, $1.0 million and $150,000 was recognized in connection with stock grants of 172,000, 390,000 and 5,000 to our employees and independent directors for the years ended December 31, 2021, 2020 and 2019, respectively. Restricted shares granted and vested for the year ended December 31, 2020 includes 296,000 shares which immediately vested related to the payment of 25% of the 2019 annual bonuses awarded to certain executive officers of the Company, including the Company’s named executive officers, which was delayed beyond their standard payment date in March 2020. Restricted shares that vested for the year ended December 31, 2021 had a fair value of $915,000 at the date of vesting. A summary of our DSU activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2021 2020 2019 DSUs Weighted Average DSUs Weighted Average DSUs Weighted Average Outstanding at beginning of year 43 $ 9.67 7 $ 31.79 — $ — DSUs granted (1) 23 9.70 37 6.12 7 31.79 DSUs settled — — (1) 31.79 — — Outstanding at end of year 66 $ 9.68 43 $ 9.67 7 $ 31.79 ________ (1) Equity-based compensation expense of $225,000 was recognized in connection with grants of 23,000, 37,000 and 7,000 immediately vested DSUs to our independent directors for the years ended December 31, 2021, 2020 and 2019.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2021 2020 2019 Change in fair value Unrealized gain (loss) $ (1,601) $ 3,012 $ 5,732 Distributions Fair value (1) $ 51 $ 11 $ 113 Shares (1) 3 1 3 ________ (1) Distributions made to one participant.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the income tax benefit at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2021 2020 2019 Income tax benefit at federal statutory income tax rate $ 2,261 $ 48,534 $ 2,955 State income tax expense, net of federal income tax benefit 437 2,675 (1,768) Income passed through to common unit holders and noncontrolling interests (32) 94 38 Permanent differences (1,086) (1,397) (1,299) Nondeductible impairment of goodwill — (35,820) — Valuation allowance (860) (1,051) (1,043) Other (558) 1,220 (423) Total income tax (expense) benefit $ 162 $ 14,255 $ (1,540)
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ (4,192) $ (7,116) $ (1,309) Foreign (223) 25 (809) State (479) (1,064) (1,352) Total current (4,894) (8,155) (3,470) Deferred: Federal 4,081 17,938 2,828 Foreign (203) 136 (189) State 1,178 4,336 (709) Total deferred 5,056 22,410 1,930 Total income tax (expense) benefit $ 162 $ 14,255 $ (1,540)
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2021 and 2020, our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2021 2020 Prepaid expenses $ (698) $ (490) Investments in unconsolidated entities and joint ventures 15 1,620 Capitalized acquisition costs 5,575 5,547 Deferred compensation 850 535 Accrued expenses 2,045 4,896 Equity-based compensation 10,700 9,764 Property and equipment (5,106) (2,664) Intangibles (47,061) (58,656) Deferred revenue 1,120 1,822 Net operating loss 6,436 5,585 Deferred tax asset (liability) (26,124) (32,041) Valuation allowance (6,724) (5,863) Net deferred tax asset (liability) $ (32,848) $ (37,904)
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance at the beginning of the year $ — $ 471 $ — Gross increases for tax positions of prior years — — 218 Gross decreases for tax positions of prior years — (471) — Gross increases for tax positions of current year — — 253 Gross decreases for tax positions of current year — — — Settlements with taxing authorities — — — Statute of limitations expirations — — — Balance at the end of year $ — $ — $ 471

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust (in thousands) as shown below. Cost reimbursement revenue and reimbursed expenses for our Remington segment have been revised as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Year Ended December 31, 2021 2020 2019 REVENUES BY TYPE Advisory services fees: Base advisory fees (1) $ 36,239 $ 34,744 $ 32,486 Hotel management fees: Base management fees 17,819 15,923 3,796 Incentive management fees 4,180 — 434 Total hotel management fees revenue (2) 21,999 15,923 4,230 Design and construction fees revenue (3) 4,032 4,964 16,587 Other revenue Debt placement and related fees (5) 11,381 5,853 1,294 Claims management services (6) 74 118 75 Lease revenue (7) — — 3,783 Other services (8) 1,628 1,496 1,784 Total other revenue 13,083 7,467 6,936 Cost reimbursement revenue 162,920 137,131 67,632 Total revenues $ 238,273 $ 200,229 $ 127,871 REVENUES BY SEGMENT (9) REIT advisory $ 51,726 $ 50,574 $ 63,345 Remington 167,600 133,489 40,547 Premier 5,939 6,800 20,004 OpenKey 119 234 111 Corporate and other 12,889 9,132 3,864 Total revenues $ 238,273 $ 200,229 127,871 COST OF REVENUES Cost of revenues for audio visual (4) $ 2,969 $ 2,241 $ 7,438 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 6,734 $ 5,123 $ 16,897 Watersports, ferry and excursion services from guests at REIT properties (4) 545 125 — ________ (1) Advisory services fees earned from Ashford Trust during the year ended December 31, 2021, includes $7.2 million of advisory fees which were paid by Ashford Trust in December of 2021 that were previously deferred as a result of the $29.0 million annual Advisory Fee Cap. See note 3 for discussion of the advisory services fees revenue recognition policy. (2) Hotel management fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotels’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (3) Design and construction fees 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 design and construction fees revenue recognition policy. (4) INSPIRE and RED primarily contract directly with customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Claims management services include revenue earned from providing insurance claim assessment and administration services. (7) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust, we lease FF&E to Ashford Trust rent-free. Our ERFP leases entered into in 2018 commenced on December 31, 2018. Consistent with our accounting treatment prior to adopting ASU 2016-02, other revenue for the year ended December 31, 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. (8) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (9) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust, net at December 31, 2021 and 2020 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2021 December 31, 2020 Ashford LLC $ 691 $ 9,152 AIM — (111) Remington (44) 498 Premier 737 (268) INSPIRE 985 136 OpenKey 16 12 Pure Wellness 177 359 Lismore 13 3,420 Due from Ashford Trust $ 2,575 $ 13,198 Year Ended December 31, 2021 2020 2019 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 10,806 $ 9,981 $ 10,499 Incentive advisory fees (1) — — 678 Other advisory revenue (2) 521 522 521 Total advisory services fees revenue 11,327 10,503 11,698 Hotel management fees: Base management fees 2,304 1,037 248 Incentive management fees 612 — 38 Total hotel management fees revenue (3) 2,916 1,037 286 Design and construction fees revenue (4) 2,230 2,127 8,547 Other revenue Watersports, ferry and excursion services (6) 2,605 950 1,010 Debt placement and related fees (7) 1,003 2,559 704 Claims management services (8) 7 108 135 Lease revenue (9) — — 335 Other services (10) 192 190 267 Total other revenue 3,807 3,807 2,451 Cost reimbursement revenue 30,394 18,898 13,239 Total revenues $ 50,674 $ 36,372 $ 36,221 REVENUES BY SEGMENT (11) REIT advisory $ 22,911 $ 19,581 $ 21,334 Remington 18,345 9,524 2,437 Premier 3,009 2,848 10,123 RED 2,605 950 1,010 OpenKey 38 84 52 Corporate and other 3,766 3,385 1,265 Total revenues $ 50,674 $ 36,372 $ 36,221 COST OF REVENUES Cost of revenues for audio visual (5) $ 998 $ 495 $ 561 Other (5) 421 149 14 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 2,175 $ 1,151 $ 1,329 Watersports, ferry and excursion services from guests at REIT properties (5) 2,117 550 347 ________ (1) During the year ended December 31, 2020, the Company determined it was no longer probable Braemar would meet the minimum FCCR Condition requirement, as stated in the Braemar advisory agreement, related to the third year installment of Braemar’s 2018 incentive advisory fee. As such, the Company did not recognize any incentive fee revenue related to Braemar in the year ended December 31, 2020. Incentive advisory fee for the year ended December 31, 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 2021, 2020 and 2019 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 fees revenue is reported within our Remington segment. 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, 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 lessor of 1% of each hotels’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (4) Design and construction fees 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 design and construction fees revenue recognition policy. (5) INSPIRE and RED primarily contract directly with third-party customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (6) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Braemar rather than contracting with third-party customers. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) In connection with our legacy key money transaction with Braemar which commenced prior to 2019, we lease FF&E to Braemar rent-free. Consistent with our accounting treatment prior to adopting ASU 2016-02, other revenue for the year ended December 31, 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. (10) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar, net at December 31, 2021 and 2020 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): December 31, 2021 December 31, 2020 Ashford LLC $ 354 $ 1,978 Remington (234) (162) Premier 327 179 INSPIRE 494 2 OpenKey 2 3 RED 201 142 Due from Braemar $ 1,144 $ 2,142

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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): Year Ended December 31, 2021 2020 2019 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (9,925) $ (212,365) $ (13,855) Less: Dividends on preferred stock, declared and undeclared (1) (35,000) (32,095) (14,435) Less: Amortization of preferred stock discount (1,053) (2,887) (1,928) Add: Deemed Contribution on preferred stock — — 1,161 Undistributed net income (loss) allocated to common stockholders (45,978) (247,347) (29,057) Distributed and undistributed net income (loss) - basic $ (45,978) $ (247,347) $ (29,057) Effect of deferred compensation plan — — (5,732) Distributed and undistributed net income (loss) - diluted $ (45,978) $ (247,347) $ (34,789) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,756 2,284 2,416 Effect of deferred compensation plan shares — — 152 Weighted average common shares outstanding – diluted 2,756 2,284 2,568 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (16.68) $ (108.30) $ (12.03) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (16.68) $ (108.30) $ (13.55) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 13.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Year Ended December 31, 2021 2020 2019 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ (63) $ (432) $ (54) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock (152) (1,813) (929) Deemed contribution on preferred stock — — (1,161) Dividends on preferred stock, declared and undeclared 35,000 32,095 14,435 Amortization of preferred stock discount 1,053 2,887 1,928 Total $ 35,838 $ 32,737 $ 14,219 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 124 23 11 Effect of assumed exercise of stock options — — 20 Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of incremental subsidiary shares 145 504 159 Effect of assumed conversion of preferred stock 4,265 4,111 1,837 Total 4,538 4,642 2,031

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the years ended December 31, 2021, 2020 and 2019 are presented in the following tables (in thousands). Cost reimbursement revenue and reimbursed expenses for our Remington segment have been revised as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Year Ended December 31, 2021 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 47,566 $ — $ — $ — $ — $ — $ — $ 47,566 Hotel management fees — 26,260 — — — — — 26,260 Design and construction fees — — 9,557 — — — — 9,557 Audio visual — — — 49,880 — — — 49,880 Other 81 20 — — 23,867 1,965 21,396 47,329 Cost reimbursement revenue (1) 26,969 171,522 2,856 20 — — 2,608 203,975 Total revenues 74,616 197,802 12,413 49,900 23,867 1,965 24,004 384,567 EXPENSES Depreciation and amortization 4,039 12,141 12,230 1,880 400 15 1,893 32,598 Impairment — — — 1,160 — — — 1,160 Other operating expenses (2) 645 14,525 8,846 52,228 18,547 5,170 52,125 152,086 Reimbursed expenses (1) 26,949 171,522 2,856 20 — — 2,609 203,956 Total operating expenses 31,633 198,188 23,932 55,288 18,947 5,185 56,627 389,800 OPERATING INCOME (LOSS) 42,983 (386) (11,519) (5,388) 4,920 (3,220) (32,623) (5,233) Equity in earnings (loss) of unconsolidated entities — (139) — — — — 13 (126) Interest expense — — — (876) (628) — (3,640) (5,144) Amortization of loan costs — — — (121) (81) — (120) (322) Interest income — 277 — — — — 8 285 Realized gain (loss) on investments — (3) — — — — — (3) Other income (expense) — 10 — (189) (252) 7 (13) (437) INCOME (LOSS) BEFORE INCOME TAXES 42,983 (241) (11,519) (6,574) 3,959 (3,213) (36,375) (10,980) Income tax (expense) benefit (10,097) (1,406) 2,414 1,326 (1,025) — 8,950 162 NET INCOME (LOSS) $ 32,886 $ (1,647) $ (9,105) $ (5,248) $ 2,934 $ (3,213) $ (27,425) $ (10,818) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $8.6 million of hotel management fees 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 design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Year Ended December 31, 2020 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 45,247 $ — $ — $ — $ — $ — $ — $ 45,247 Hotel management fees — 17,126 — — — — — 17,126 Design and construction fees — — 8,936 — — — — 8,936 Audio visual — — — 37,881 — — — 37,881 Other 237 — — — 9,663 1,479 14,223 25,602 Cost reimbursement revenue (1) 24,685 128,470 2,668 — — — 2,736 158,559 Total revenues 70,169 145,596 11,604 37,881 9,663 1,479 16,959 293,351 EXPENSES Depreciation and amortization 9,131 13,943 12,628 1,968 329 19 1,939 39,957 Impairment — 126,548 49,524 12,692 — — 73 188,837 Other operating expenses (2) 8,035 12,751 7,930 45,125 9,942 4,044 42,159 129,986 Reimbursed expenses (1) 24,627 128,470 2,668 — — — 2,736 158,501 Total operating expenses 41,793 281,712 72,750 59,785 10,271 4,063 46,907 517,281 OPERATING INCOME (LOSS) 28,376 (136,116) (61,146) (21,904) (608) (2,584) (29,948) (223,930) Equity in earnings (loss) of unconsolidated entities — — — — — — 212 212 Interest expense — — — (1,253) (554) — (3,582) (5,389) Amortization of loan costs — — — (57) (4) — (257) (318) Interest income — — — — — — 32 32 Realized gain (loss) on investments — (386) — — — — — (386) Other income (expense) — 27 — (48) (72) (6) (165) (264) INCOME (LOSS) BEFORE INCOME TAXES 28,376 (136,475) (61,146) (23,262) (1,238) (2,590) (33,708) (230,043) Income tax (expense) benefit (8,066) 3,108 3,267 5,060 523 — 10,363 14,255 NET INCOME (LOSS) $ 20,310 $ (133,367) $ (57,879) $ (18,202) $ (715) $ (2,590) $ (23,345) $ (215,788) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $9.4 million of hotel management fees 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 design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Year ended December 31, 2019 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 44,184 $ — $ — $ — $ — $ — $ — $ 44,184 Hotel management fees — 4,526 — — — — — 4,526 Design and construction fees — — 25,584 — — — — 25,584 Audio visual — — — 110,609 — — — 110,609 Other 4,349 — — — 9,354 987 6,489 21,179 Cost reimbursement revenue (1) 36,168 38,539 4,996 — — — 1,243 80,946 Total revenues 84,701 43,065 30,580 110,609 9,354 987 7,732 287,028 EXPENSES Depreciation and amortization 6,778 2,459 12,494 1,995 126 27 663 24,542 Other operating expenses (2) — 2,555 11,821 110,815 8,826 3,399 55,879 193,295 Reimbursed expenses (1) 35,643 38,539 4,996 — — — 1,243 80,421 Total operating expenses 42,421 43,553 29,311 112,810 8,952 3,426 57,785 298,258 OPERATING INCOME (LOSS) 42,280 (488) 1,269 (2,201) 402 (2,439) (50,053) (11,230) Equity in earnings (loss) of unconsolidated entities — — — — — — (286) (286) Interest expense — — — (1,114) (349) (2) (594) (2,059) Amortization of loan costs — — — (55) (26) (35) (192) (308) Interest income — — — — — — 46 46 Other income (expense) — 2 — 30 (37) 19 (11) 3 INCOME (LOSS) BEFORE INCOME TAXES 42,280 (486) 1,269 (3,340) (10) (2,457) (51,090) (13,834) Income tax (expense) benefit (9,861) (140) (1,248) 271 (510) — 9,948 (1,540) NET INCOME (LOSS) $ 32,419 $ (626) $ 21 $ (3,069) $ (520) $ (2,457) $ (41,142) $ (15,374) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $1.4 million of hotel management fees 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 design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses.
Long-lived Assets by Geographic Areas	The following table presents property and equipment, net by geographic area as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 United States $ 80,879 $ 84,784 Mexico 2,119 3,662 Dominican Republic 365 314 United Kingdom (Turks and Caicos Islands) 203 — $ 83,566 $ 88,760

Concentration of Risk (Tables)

Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk	Additionally, Remington, Premier, OpenKey, RED, Pure Wellness and Lismore generated revenues through contracts with Ashford Trust and Braemar, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues. Remington’s percentage of total revenue has been revised to account for the revisions in cost reimbursement revenue as stated in note 2 for the years ended December 31, 2020 and 2019. All revisions to prior period amounts stated within note 2 occurred within our Remington segment. Year Ended December 31, 2021 2020 2019 Percentage of total revenues from Ashford Trust and Braemar (1) Remington 93.7 % 97.9 % 99.4 % Premier 72.1 % 83.1 % 98.5 % INSPIRE (2) 17.9 % 16.6 % 18.4 % OpenKey 8.0 % 21.5 % 16.5 % RED 10.9 % 9.8 % 10.8 % Pure Wellness 62.1 % 73.7 % 60.1 % Lismore 100.0 % 100.0 % 100.0 % ________ (1) See note 17 for details regarding our related party transactions. (2) Represents percentage of revenues earned by INSPIRE from customers at Ashford Trust and Braemar hotels. See note 2 for the discussion of audio visual revenue recognition policy.

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The table below sets forth the impact of the revisions on the Company’s annual consolidated financial statements (in thousands): Years Ended December 31, 2020 and 2019 (As Revised) Year Ended December 31, 2020 Year ended December 31, 2019 As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised REVENUE Cost reimbursement revenue $ 162,636 $ (4,077) $ 158,559 $ 85,168 $ (4,222) $ 80,946 Total revenues 297,428 (4,077) 293,351 291,250 (4,222) 287,028 EXPENSES Reimbursed expenses 162,578 (4,077) 158,501 84,643 (4,222) 80,421 Total expenses 521,358 (4,077) 517,281 302,480 (4,222) 298,258 OPERATING INCOME (LOSS) $ (223,930) $ — $ (223,930) $ (11,230) $ — $ (11,230) Three Months Ended March 31, 2021 and 2020 (Unaudited, As Restated) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 9,927 $ — $ 9,927 $ 11,836 $ — $ 11,836 Hotel management fees 4,472 — 4,472 6,124 — 6,124 Project management fees 1,542 — 1,542 3,938 — 3,938 Audio visual 3,611 — 3,611 29,674 — 29,674 Other 10,629 — 10,629 6,691 — 6,691 Cost reimbursement revenue 33,752 (1,565) 32,187 75,579 (7,282) 68,297 Total revenues 63,933 (1,565) 62,368 133,842 (7,282) 126,560 EXPENSES Salaries and benefits 15,776 — 15,776 16,310 — 16,310 Cost of revenues for design and construction 758 — 758 1,451 — 1,451 Cost of revenues for audio visual 4,386 — 4,386 20,430 — 20,430 Depreciation and amortization 8,139 — 8,139 9,969 — 9,969 General and administrative 5,268 — 5,268 6,183 — 6,183 Impairment — — — 178,213 — 178,213 Other 3,611 — 3,611 4,226 — 4,226 Reimbursed expenses 33,680 (1,565) 32,115 75,511 (7,282) 68,229 Total expenses 71,618 (1,565) 70,053 312,293 (7,282) 305,011 OPERATING INCOME (LOSS) (7,685) — (7,685) (178,451) — (178,451) Equity in earnings (loss) of unconsolidated entities (114) — (114) 236 — 236 Interest expense (1,267) — (1,267) (1,176) — (1,176) Amortization of loan costs (86) — (86) (66) — (66) Interest income 63 — 63 28 — 28 Realized gain (loss) on investments (194) — (194) (375) — (375) Other income (expense) (113) — (113) (521) — (521) INCOME (LOSS) BEFORE INCOME TAXES (9,396) — (9,396) (180,325) — (180,325) Income tax (expense) benefit 951 — 951 2,085 — 2,085 NET INCOME (LOSS) (8,445) — (8,445) (178,240) — (178,240) (Income) loss from consolidated entities attributable to noncontrolling interests 95 — 95 160 — 160 Net (income) loss attributable to redeemable noncontrolling interests 176 — 176 440 — 440 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (8,174) — (8,174) (177,640) — (177,640) Preferred dividends, declared and undeclared (8,606) — (8,606) (7,875) — (7,875) Amortization of preferred stock discount (316) — (316) (810) — (810) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (17,096) $ — $ (17,096) $ (186,325) $ — $ (186,325) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (6.36) $ — $ (6.36) $ (84.73) $ — $ (84.73) Weighted average common shares outstanding - basic 2,686 — 2,686 2,199 — 2,199 Diluted: Net income (loss) attributable to common stockholders $ (6.36) $ — $ (6.36) $ (84.73) $ — $ (84.73) Weighted average common shares outstanding - diluted 2,686 — 2,686 2,199 — 2,199 Three Months Ended June 30, 2021 and 2020 (Unaudited, As Restated) Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 10,062 $ — $ 10,062 $ 11,430 $ — $ 11,430 Hotel management fees 6,515 — 6,515 3,691 — 3,691 Project management fees 1,867 — 1,867 2,052 — 2,052 Audio visual 9,451 — 9,451 970 — 970 Other 12,166 — 12,166 3,337 — 3,337 Cost reimbursement revenue 48,279 (2,928) 45,351 24,118 2,388 26,506 Total revenues 88,340 (2,928) 85,412 45,598 2,388 47,986 EXPENSES Salaries and benefits 17,392 — 17,392 13,677 — 13,677 Cost of revenues for design and construction 1,022 — 1,022 878 — 878 Cost of revenues for audio visual 6,872 — 6,872 2,316 — 2,316 Depreciation and amortization 8,259 — 8,259 10,109 — 10,109 General and administrative 6,591 — 6,591 4,341 — 4,341 Impairment — — — — — — Other 5,059 — 5,059 1,361 — 1,361 Reimbursed expenses 48,145 (2,928) 45,217 24,055 2,388 26,443 Total expenses 93,340 (2,928) 90,412 56,737 2,388 59,125 OPERATING INCOME (LOSS) (5,000) — (5,000) (11,139) — (11,139) Equity in earnings (loss) of unconsolidated entities (58) — (58) 17 — 17 Interest expense (1,288) — (1,288) (1,246) — (1,246) Amortization of loan costs (45) — (45) (90) — (90) Interest income 72 — 72 1 — 1 Realized gain (loss) on investments (179) — (179) (11) — (11) Other income (expense) (172) — (172) 66 — 66 INCOME (LOSS) BEFORE INCOME TAXES (6,670) — (6,670) (12,402) — (12,402) Income tax (expense) benefit 697 — 697 3,484 — 3,484 NET INCOME (LOSS) (5,973) — (5,973) (8,918) — (8,918) (Income) loss from consolidated entities attributable to noncontrolling interests 234 — 234 278 — 278 Net (income) loss attributable to redeemable noncontrolling interests 19 — 19 644 — 644 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (5,720) — (5,720) (7,996) — (7,996) Preferred dividends, declared and undeclared (8,633) — (8,633) (7,940) — (7,940) Amortization of preferred stock discount (311) — (311) (795) — (795) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (14,664) $ — $ (14,664) $ (16,731) $ — $ (16,731) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (5.31) $ — $ (5.31) $ (7.37) $ — $ (7.37) Weighted average common shares outstanding - basic 2,764 — 2,764 2,269 — 2,269 Diluted: Net income (loss) attributable to common stockholders $ (5.31) $ — $ (5.31) $ (7.37) $ — $ (7.37) Weighted average common shares outstanding - diluted 2,764 — 2,764 2,269 — 2,269 Six Months Ended June 30, 2021 and 2020 (Unaudited, As Restated) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 19,989 $ — $ 19,989 $ 23,266 $ — $ 23,266 Hotel management fees 10,987 — 10,987 9,815 — 9,815 Project management fees 3,409 — 3,409 5,990 — 5,990 Audio visual 13,062 — 13,062 30,644 — 30,644 Other 22,795 — 22,795 10,028 — 10,028 Cost reimbursement revenue 82,031 (4,493) 77,538 99,697 (4,894) 94,803 Total revenues 152,273 (4,493) 147,780 179,440 (4,894) 174,546 EXPENSES Salaries and benefits 33,168 — 33,168 29,987 — 29,987 Cost of revenues for design and construction 1,780 — 1,780 2,329 — 2,329 Cost of revenues for audio visual 11,258 — 11,258 22,746 — 22,746 Depreciation and amortization 16,398 — 16,398 20,078 — 20,078 General and administrative 11,859 — 11,859 10,524 — 10,524 Impairment — — — 178,213 — 178,213 Other 8,670 — 8,670 5,587 — 5,587 Reimbursed expenses 81,825 (4,493) 77,332 99,566 (4,894) 94,672 Total expenses 164,958 (4,493) 160,465 369,030 (4,894) 364,136 OPERATING INCOME (LOSS) (12,685) — (12,685) (189,590) — (189,590) Equity in earnings (loss) of unconsolidated entities (172) — (172) 253 — 253 Interest expense (2,555) — (2,555) (2,422) — (2,422) Amortization of loan costs (131) — (131) (156) — (156) Interest income 135 — 135 29 — 29 Realized gain (loss) on investments (373) — (373) (386) — (386) Other income (expense) (285) — (285) (455) — (455) INCOME (LOSS) BEFORE INCOME TAXES (16,066) — (16,066) (192,727) — (192,727) Income tax (expense) benefit 1,648 — 1,648 5,569 — 5,569 NET INCOME (LOSS) (14,418) — (14,418) (187,158) — (187,158) (Income) loss from consolidated entities attributable to noncontrolling interests 329 — 329 438 — 438 Net (income) loss attributable to redeemable noncontrolling interests 195 — 195 1,084 — 1,084 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (13,894) — (13,894) (185,636) — (185,636) Preferred dividends, declared and undeclared (17,239) — (17,239) (15,815) — (15,815) Amortization of preferred stock discount (627) — (627) (1,605) — (1,605) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,760) $ — $ (31,760) $ (203,056) $ — $ (203,056) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (11.66) $ — $ (11.66) $ (90.81) $ — $ (90.81) Weighted average common shares outstanding - basic 2,724 — 2,724 2,236 — 2,236 Diluted: Net income (loss) attributable to common stockholders $ (11.66) $ — $ (11.66) $ (90.81) $ — $ (90.81) Weighted average common shares outstanding - diluted 2,724 — 2,724 2,236 — 2,236 Three Months Ended September 30, 2021 and 2020 (Unaudited, As Restated) Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 10,143 $ — $ 10,143 $ 10,832 $ — $ 10,832 Hotel management fees 7,750 — 7,750 3,777 — 3,777 Project management fees 2,202 — 2,202 1,790 — 1,790 Audio visual 15,108 — 15,108 3,114 — 3,114 Other 13,104 — 13,104 8,222 — 8,222 Cost reimbursement revenue 54,048 5,831 59,879 28,133 3,898 32,031 Total revenues 102,355 5,831 108,186 55,868 3,898 59,766 EXPENSES Salaries and benefits 13,793 — 13,793 13,820 — 13,820 Cost of revenues for design and construction 1,032 — 1,032 703 — 703 Cost of revenues for audio visual 11,353 — 11,353 3,126 — 3,126 Depreciation and amortization 8,056 — 8,056 10,094 — 10,094 General and administrative 7,585 — 7,585 5,540 — 5,540 Impairment 1,160 — 1,160 — — — Other 4,758 — 4,758 9,147 — 9,147 Reimbursed expenses 53,991 5,831 59,822 28,072 3,898 31,970 Total expenses 101,728 5,831 107,559 70,502 3,898 74,400 OPERATING INCOME (LOSS) 627 — 627 (14,634) — (14,634) Equity in earnings (loss) of unconsolidated entities 12 — 12 48 — 48 Interest expense (1,290) — (1,290) (1,259) — (1,259) Amortization of loan costs (78) — (78) (86) — (86) Interest income 72 — 72 — — — Realized gain (loss) on investments 370 — 370 — — — Other income (expense) 29 — 29 (44) — (44) INCOME (LOSS) BEFORE INCOME TAXES (258) — (258) (15,975) — (15,975) Income tax (expense) benefit (98) — (98) 1,835 — 1,835 NET INCOME (LOSS) (356) — (356) (14,140) — (14,140) (Income) loss from consolidated entities attributable to noncontrolling interests 180 — 180 319 — 319 Net (income) loss attributable to redeemable noncontrolling interests 13 — 13 604 — 604 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (163) — (163) (13,217) — (13,217) Preferred dividends, declared and undeclared (8,762) — (8,762) (7,985) — (7,985) Amortization of preferred stock discount (306) — (306) (781) — (781) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,231) $ — $ (9,231) $ (21,983) $ — $ (21,983) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (3.31) $ — $ (3.31) $ (9.53) $ — $ (9.53) Weighted average common shares outstanding - basic 2,785 — 2,785 2,306 — 2,306 Diluted: Net income (loss) attributable to common stockholders $ (3.64) $ — $ (3.64) $ (9.53) $ — $ (9.53) Weighted average common shares outstanding - diluted 2,982 — 2,982 2,306 — 2,306 Nine Months Ended September 30, 2021 and 2020 (Unaudited, As Restated) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Restated As Previously Reported Adjustment As Restated REVENUE Advisory services fees $ 30,132 $ — $ 30,132 $ 34,098 $ — $ 34,098 Hotel management fees 18,737 — 18,737 13,592 — 13,592 Project management fees 5,611 — 5,611 7,780 — 7,780 Audio visual 28,170 — 28,170 33,758 — 33,758 Other 35,899 — 35,899 18,250 — 18,250 Cost reimbursement revenue 136,079 1,338 137,417 127,830 (996) 126,834 Total revenues 254,628 1,338 255,966 235,308 (996) 234,312 EXPENSES Salaries and benefits 46,961 — 46,961 43,807 — 43,807 Cost of revenues for design and construction 2,812 — 2,812 3,032 — 3,032 Cost of revenues for audio visual 22,611 — 22,611 25,872 — 25,872 Depreciation and amortization 24,454 — 24,454 30,172 — 30,172 General and administrative 19,444 — 19,444 16,064 — 16,064 Impairment 1,160 — 1,160 178,213 — 178,213 Other 13,428 — 13,428 14,734 — 14,734 Reimbursed expenses 135,816 1,338 137,154 127,638 (996) 126,642 Total expenses 266,686 1,338 268,024 439,532 (996) 438,536 OPERATING INCOME (LOSS) (12,058) — (12,058) (204,224) — (204,224) Equity in earnings (loss) of unconsolidated entities (160) — (160) 301 — 301 Interest expense (3,845) — (3,845) (3,681) — (3,681) Amortization of loan costs (209) — (209) (242) — (242) Interest income 207 — 207 29 — 29 Realized gain (loss) on investments (3) — (3) (386) — (386) Other income (expense) (256) — (256) (499) — (499) INCOME (LOSS) BEFORE INCOME TAXES (16,324) — (16,324) (208,702) — (208,702) Income tax (expense) benefit 1,550 — 1,550 7,404 — 7,404 NET INCOME (LOSS) (14,774) — (14,774) (201,298) — (201,298) (Income) loss from consolidated entities attributable to noncontrolling interests 509 — 509 757 — 757 Net (income) loss attributable to redeemable noncontrolling interests 208 — 208 1,688 — 1,688 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (14,057) — (14,057) (198,853) — (198,853) Preferred dividends, declared and undeclared (26,001) — (26,001) (23,800) — (23,800) Amortization of preferred stock discount (933) — (933) (2,386) — (2,386) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (40,991) $ — $ (40,991) $ (225,039) $ — $ (225,039) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (14.93) $ — $ (14.93) $ (99.62) $ — $ (99.62) Weighted average common shares outstanding - basic 2,746 — 2,746 2,259 — 2,259 Diluted: Net income (loss) attributable to common stockholders $ (14.93) $ — $ (14.93) $ (99.62) $ — $ (99.62) Weighted average common shares outstanding - diluted 2,746 — 2,746 2,259 — 2,259

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Mar. 09, 2022USD ($)	May 03, 2021USD ($)	Mar. 09, 2021USD ($)	Mar. 04, 2021USD ($)	Feb. 01, 2021USD ($)	Jan. 11, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 31, 2021USD ($)contract	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 02, 2021	Jan. 14, 2021	Jan. 13, 2021	Dec. 30, 2020
Noncontrolling Interest [Line Items]
Aggregate preferred dividends - undeclared							$ 16,280		$ 34,574											$ 34,574	$ 16,280
Preferred dividends declared									0	$ 8,400	$ 0	$ 8,400
Percent excess of fees paid																								80.00%
Total revenues										$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	384,567	293,351	$ 287,028
Payments to acquire notes receivable																				2,880	0	0
Acquisition of non-controlling interest in consolidated subsidiaries																				0	150	0
Subsequent Event
Noncontrolling Interest [Line Items]
Preferred dividends declared	$ 8,700
Maximum
Noncontrolling Interest [Line Items]
Advisory fee cap									$ 29,000											29,000
INSPIRE
Noncontrolling Interest [Line Items]
Total revenues																				$ 49,900	37,881	110,609
Ashford Trust
Noncontrolling Interest [Line Items]
Quarterly base fee (as a percent)									0.70%											0.70%				0.70%
Total revenues																				$ 238,273	$ 200,229	$ 127,871
Ashford Trust | Advisory services fees revenue | Base advisory fees, constrained and deferred
Noncontrolling Interest [Line Items]
Total revenues																				$ 7,200
Ashford Trust | Maximum
Noncontrolling Interest [Line Items]
Quarterly base fee (as a percent)																									0.70%
OpenKey
Noncontrolling Interest [Line Items]
Acquisition of non-controlling interest in consolidated subsidiaries			$ 1,900
Payment term of acquired redeemable noncontrolling interests (in years)			7 years
Annual interest rate of acquired redeemable noncontrolling interests			4.00%
Percentage payable premium or cash			10.00%
Ownership by parent (as a percent)			74.76%
RED
Noncontrolling Interest [Line Items]
Ownership by parent (as a percent)		97.87%					84.21%		100.00%											100.00%	84.21%		84.21%
Noncontrolling interests in consolidated entities (as a percent)							15.79%														15.79%
Increased ownership purchase price of noncontrolling interests		$ 200							$ 75
Common stock delivered as part of purchase price, quarterly share distributions		$ 25
Remington
Noncontrolling Interest [Line Items]
Number of new hotel management contracts | contract								2
Payments to acquire notes receivable								$ 2,900
Note receivable, interest rate, stated percentage								10.00%
Ashford Trust | OpenKey
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated entities (as a percent)			17.07%				17.52%		16.65%											16.65%	17.52%
Braemar | OpenKey
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated entities (as a percent)			7.97%				8.18%		7.77%											7.77%	8.18%
INSPIRE
Noncontrolling Interest [Line Items]
Total fair value of purchase price							$ 150
Voting interests (as a percent)																										88.00%
Voting interests acquired (as a percent)							100.00%														100.00%
BAV
Noncontrolling Interest [Line Items]
Cash payment				$ 888	$ 870	$ 350		$ 350

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
EXPENSES
Reimbursed expenses	59,822	45,217	32,115	31,970	26,443	68,229	77,332	94,672	137,154	126,642	203,956	158,501	80,421
Total expenses	107,559	90,412	70,053	74,400	59,125	305,011	160,465	364,136	268,024	438,536	389,800	517,281	298,258
OPERATING INCOME (LOSS)	627	(5,000)	(7,685)	(14,634)	(11,139)	(178,451)	(12,685)	(189,590)	(12,058)	(204,224)	(5,233)	(223,930)	(11,230)
Cost reimbursement revenue
REVENUE
Total revenues	59,879	45,351	32,187	32,031	26,506	68,297	77,538	94,803	137,417	126,834	$ 203,975	158,559	80,946
As Previously Reported
REVENUE
Total revenues	102,355	88,340	63,933	55,868	45,598	133,842	152,273	179,440	254,628	235,308		297,428	291,250
EXPENSES
Reimbursed expenses	53,991	48,145	33,680	28,072	24,055	75,511	81,825	99,566	135,816	127,638		162,578	84,643
Total expenses	101,728	93,340	71,618	70,502	56,737	312,293	164,958	369,030	266,686	439,532		521,358	302,480
OPERATING INCOME (LOSS)	627	(5,000)	(7,685)	(14,634)	(11,139)	(178,451)	(12,685)	(189,590)	(12,058)	(204,224)		(223,930)	(11,230)
As Previously Reported | Cost reimbursement revenue
REVENUE
Total revenues	54,048	48,279	33,752	28,133	24,118	75,579	82,031	99,697	136,079	127,830		162,636	85,168
Adjustment
REVENUE
Total revenues	5,831	(2,928)	(1,565)	3,898	2,388	(7,282)	(4,493)	(4,894)	1,338	(996)		(4,077)	(4,222)
EXPENSES
Reimbursed expenses	5,831	(2,928)	(1,565)	3,898	2,388	(7,282)	(4,493)	(4,894)	1,338	(996)		(4,077)	(4,222)
Total expenses	5,831	(2,928)	(1,565)	3,898	2,388	(7,282)	(4,493)	(4,894)	1,338	(996)		(4,077)	(4,222)
OPERATING INCOME (LOSS)	0	0	0	0	0	0	0	0	0	0		0	0
Adjustment | Cost reimbursement revenue
REVENUE
Total revenues	$ 5,831	$ (2,928)	$ (1,565)	$ 3,898	$ 2,388	$ (7,282)	$ (4,493)	$ (4,894)	$ 1,338	$ (996)		$ (4,077)	$ (4,222)

Significant Accounting Polici_5

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 09, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 03, 2021	May 02, 2021
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests		$ 69	$ 1,834
Redemption value adjustment		(98)	(837)	$ (785)
Carrying value of noncontrolling interests		638	(121)
Total notes payable		59,622	62,768
Acquisition of non-controlling interest in consolidated subsidiaries		$ 0	$ 150	$ 0
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		99.87%	99.86%
Redeemable noncontrolling interests		0.13%	0.14%
Noncontrolling interests in consolidated entities		0.00%	0.00%
Noncontrolling ownership		100.00%	100.00%
Carrying value of redeemable noncontrolling interests		$ 69	$ 35
Redemption value adjustment		96	371
Redemption value adjustment, cumulative		$ 581	$ 486
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		75.38%	49.04%
Redeemable noncontrolling interests		0.00%	25.06%
Noncontrolling interests in consolidated entities		24.62%	25.90%
Noncontrolling ownership		100.00%	100.00%
Carrying value of redeemable noncontrolling interests			$ 1,799
Redemption value adjustment			466
Redemption value adjustment, cumulative			2,563
Carrying value of noncontrolling interests		$ 479	164
Assets, available only to settle subsidiary's obligations		2,533	1,287
Liabilities		424	837
Acquisition of non-controlling interest in consolidated subsidiaries	$ 1,900
OpenKey | Notes payable
Noncontrolling Interest [Line Items]
Total notes payable			0
OpenKey | Revolving credit facility
Noncontrolling Interest [Line Items]
Total notes payable		$ 0	$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		70.00%	70.00%
Redeemable noncontrolling interests		0.00%	0.00%
Noncontrolling interests in consolidated entities		30.00%	30.00%
Noncontrolling ownership		100.00%	100.00%
Carrying value of noncontrolling interests		$ 159	$ 89
Assets, available only to settle subsidiary's obligations		1,779	1,677
Liabilities		1,643	1,767
Pure Wellness | Notes payable
Noncontrolling Interest [Line Items]
Total notes payable			0
Pure Wellness | Revolving credit facility
Noncontrolling Interest [Line Items]
Total notes payable		$ 100	$ 100
RED
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		100.00%	84.21%		97.87%	84.21%
Redeemable noncontrolling interests			0.00%
Noncontrolling interests in consolidated entities			15.79%
Noncontrolling ownership			100.00%
Carrying value of noncontrolling interests			$ (374)
Assets, available only to settle subsidiary's obligations			21,204
Liabilities			13,817
RED | Notes payable
Noncontrolling Interest [Line Items]
Total notes payable			7,627
RED | Revolving credit facility
Noncontrolling Interest [Line Items]
Total notes payable			$ 247

Significant Accounting Polici_6

Significant Accounting Policies - Narrative (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Jan. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2021

Jun. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Noncontrolling Interest [Line Items]

Impairment

$ 1,160,000

$ 0

$ 0

$ 0

$ 0

$ 178,213,000

$ 0

$ 178,213,000

$ 1,160,000

$ 178,213,000

$ 1,160,000

$ 188,837,000

$ 0

Investments in unconsolidated entities

3,581,000

3,687,000

Equity in earnings (loss) of unconsolidated entities

0

0

Payments to acquire notes receivable

2,880,000

0

0

Impairment of long-lived assets

0

36,000

0

Other current liabilities

24,600,000

26,300,000

Advertising costs

$ 1,500,000

1,400,000

$ 1,500,000

Deferral of compensation percentage maximum

100.00%

Expected carryback amount to receive

$ 1,000,000

Deferral of social security taxes

$ 1,300,000

2,500,000

Remington

Noncontrolling Interest [Line Items]

Payments to acquire notes receivable

$ 2,900,000

Remington

Noncontrolling Interest [Line Items]

Impairment

0

126,548,000

Premier

Noncontrolling Interest [Line Items]

Impairment

$ 0

49,524,000

Management contracts | Remington

Noncontrolling Interest [Line Items]

Useful life (in years)

22 years

Management contracts | Premier

Noncontrolling Interest [Line Items]

Useful life (in years)

30 years

Unconsolidated Entities

Noncontrolling Interest [Line Items]

Impairment

$ 0

0

REA Holdings

Noncontrolling Interest [Line Items]

Option to acquire additional ownership interest (as a percent)

50.00%

Ownership interests, value

$ 12,500,000

Leaseholds and Leasehold Improvements | Maximum

Noncontrolling Interest [Line Items]

Useful life

33 years

Property and equipment | Minimum

Noncontrolling Interest [Line Items]

Useful life

3 years

Property and equipment | Maximum

Noncontrolling Interest [Line Items]

Useful life

7 years 6 months

Machinery and Equipment

Noncontrolling Interest [Line Items]

Useful life

20 years

Remington

Noncontrolling Interest [Line Items]

Other current liabilities

$ 1,300,000

1,500,000

Remington | Management contracts

Noncontrolling Interest [Line Items]

Useful life (in years)

22 years

BAV

Noncontrolling Interest [Line Items]

Contingent consideration possible

$ 0

2,100,000

Unconsolidated variable interest entity

Noncontrolling Interest [Line Items]

Investments in unconsolidated entities

$ 500,000

$ 500,000

Significant Accounting Polici_7

Significant Accounting Policies - Ownership Interest in REA Holdings (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value											$ 3,581	$ 3,687
Equity in earnings (loss) of unconsolidated entities	$ 12	$ (58)	$ (114)	$ 48	$ 17	$ 236	$ (172)	$ 253	$ (160)	$ 301	(126)	212	$ (286)
Real Estate Advisory Holdings LLC
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities											13	212	$ (286)
REA Holdings
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value											$ 2,831	$ 2,873
Ownership interest in REA Holdings											30.00%	30.00%

Significant Accounting Polici_8

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 34,878	$ 37,396	$ 17,900	$ 7,914
Restricted cash current	34,878	37,396
Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,235	7,440
Insurance claim reserves | REIT advisory
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	24,588	26,304
Managed hotel properties' reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,923	5,908
Insurance claim reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,312	1,532
Debt service related operating reserves | INSPIRE
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,000	0
Total Marietta restricted cash | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	1,055	3,652
Capital improvements reserves | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	255	2,852
Restricted cash held in escrow | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	$ 800	$ 800

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($)	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 14, 2021	Jan. 13, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 108,186,000	$ 85,412,000	$ 62,368,000	$ 59,766,000	$ 47,986,000	$ 126,560,000	$ 147,780,000	$ 174,546,000	$ 255,966,000	$ 234,312,000	$ 384,567,000	$ 293,351,000	$ 287,028,000
Period of unsatisfied performance obligations (in years)											1 year
Accounts receivable, net											$ 7,600,000	3,500,000
Remington
Disaggregation of Revenue [Line Items]
Total revenues											$ 197,802,000	145,596,000	43,065,000
Base management fees, percentage of hotel revenues											3.00%
Incentive management fee, percentage of hotel revenues											1.00%
Maximum
Disaggregation of Revenue [Line Items]
Advisory fee cap											$ 29,000,000
Advisory fee monthly cap											$ 2,416,700
Ashford Trust
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)											0.70%			0.70%
Total revenues											$ 238,273,000	200,229,000	127,871,000
Due from related parties											2,600,000	13,200,000
Ashford Trust | Base advisory fees, constrained and deferred | Advisory services fees revenue
Disaggregation of Revenue [Line Items]
Total revenues											$ 7,200,000
Ashford Trust | Minimum
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)															0.50%
Total market capitalization threshold for calculating base advisory fee															$ 6,000,000,000
Ashford Trust | Maximum
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)															0.70%
Total market capitalization threshold for calculating base advisory fee															$ 10,000,000,000
Braemar
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)											0.70%
Total revenues											$ 50,674,000	36,372,000	36,221,000
Investment in unconsolidated entities											$ 5,000,000
Initial contract period (in years)											10 years
Due from related parties											$ 1,100,000	2,100,000
Braemar | Incentive fees | Advisory services fees revenue
Disaggregation of Revenue [Line Items]
Total revenues											$ 0	$ 0	$ 678,000
Braemar | Maximum
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)											0.05833%

Revenues - Deferred Income Acti

Revenues - Deferred Income Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Revenue and Contract Balances
Beginning balance	$ 21,359	$ 13,280	$ 13,544
Increases to deferred income	11,774	23,033	8,137
Recognition of revenue	(22,228)	(14,954)	(8,401)
Ending balance	10,905	21,359	13,280
Revenue recognized	22,228	14,954	8,401
Advisory services fees
Deferred Revenue and Contract Balances
Recognition of revenue	(2,100)	(2,200)	(2,500)
Revenue recognized	2,100	2,200	2,500
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(2,100)	(1,800)	(3,500)
Revenue recognized	2,100	1,800	3,500
Other revenue
Deferred Revenue and Contract Balances
Recognition of revenue	(11,200)	(8,300)
Revenue recognized	11,200	8,300
Cumulative catch-up adjustment to revenue	1,200
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	(6,900)	(2,600)	(2,400)
Revenue recognized	$ 6,900	$ 2,600	$ 2,400

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
Advisory services fees
Revenue from External Customer [Line Items]
Total revenues	10,143	10,062	9,927	10,832	11,430	11,836	19,989	23,266	30,132	34,098	47,566	45,247	44,184
Base advisory fees
Revenue from External Customer [Line Items]
Total revenues											47,045	44,725	42,985
Incentive advisory fees
Revenue from External Customer [Line Items]
Total revenues											0	0	678
Other advisory revenue
Revenue from External Customer [Line Items]
Total revenues											521	522	521
Hotel management fees
Revenue from External Customer [Line Items]
Total revenues	7,750	6,515	4,472	3,777	3,691	6,124	10,987	9,815	18,737	13,592	26,260	17,126	4,526
Base fees
Revenue from External Customer [Line Items]
Total revenues											21,291	17,126	4,054
Incentive fees
Revenue from External Customer [Line Items]
Total revenues											4,969	0	472
Design and construction fees
Revenue from External Customer [Line Items]
Total revenues	2,202	1,867	1,542	1,790	2,052	3,938	3,409	5,990	5,611	7,780	9,557	8,936	25,584
Audio visual
Revenue from External Customer [Line Items]
Total revenues	15,108	9,451	3,611	3,114	970	29,674	13,062	30,644	28,170	33,758	49,880	37,881	110,609
Total other revenue
Revenue from External Customer [Line Items]
Total revenues											47,329	25,602	21,179
Watersports, ferry and excursion services
Revenue from External Customer [Line Items]
Total revenues											23,867		9,354
Debt placement and related fees
Revenue from External Customer [Line Items]
Total revenues											12,384	8,412	1,998
Claims management services
Revenue from External Customer [Line Items]
Total revenues											81	226	210
Lease revenue
Revenue from External Customer [Line Items]
Total revenues											0	0	4,118
Other services
Revenue from External Customer [Line Items]
Total revenues											10,997	7,301	5,499
Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues	$ 59,879	$ 45,351	$ 32,187	$ 32,031	$ 26,506	$ 68,297	$ 77,538	$ 94,803	$ 137,417	$ 126,834	203,975	158,559	80,946
REIT advisory
Revenue from External Customer [Line Items]
Total revenues											74,616	70,169	84,701
REIT advisory | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											47,566	45,247	44,184
REIT advisory | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
REIT advisory | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
REIT advisory | Audio visual
Revenue from External Customer [Line Items]
Total revenues											0	0	0
REIT advisory | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											26,969	24,685	36,168
Remington
Revenue from External Customer [Line Items]
Total revenues											197,802	145,596	43,065
Remington | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Remington | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											26,260	17,126	4,526
Remington | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Remington | Audio visual
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Remington | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											171,522	128,470	38,539
Premier
Revenue from External Customer [Line Items]
Total revenues											12,413	11,604	30,580
Premier | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Premier | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Premier | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											9,557	8,936	25,584
Premier | Audio visual
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Premier | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											2,856	2,668	4,996
INSPIRE
Revenue from External Customer [Line Items]
Total revenues											49,900	37,881	110,609
INSPIRE | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
INSPIRE | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
INSPIRE | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
INSPIRE | Audio visual
Revenue from External Customer [Line Items]
Total revenues											49,880	37,881	110,609
INSPIRE | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											20	0	0
RED
Revenue from External Customer [Line Items]
Total revenues											23,867	9,663	9,354
RED | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
RED | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
RED | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
RED | Audio visual
Revenue from External Customer [Line Items]
Total revenues											0	0	0
RED | Watersports, ferry and excursion services
Revenue from External Customer [Line Items]
Total revenues											23,867	9,663	9,354
RED | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											0	0	0
OpenKey
Revenue from External Customer [Line Items]
Total revenues											1,965	1,479	987
OpenKey | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
OpenKey | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
OpenKey | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
OpenKey | Audio visual
Revenue from External Customer [Line Items]
Total revenues											0	0	0
OpenKey | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Corporate and Other
Revenue from External Customer [Line Items]
Total revenues											24,004	16,959	7,732
Corporate and Other | Advisory services fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Corporate and Other | Hotel management fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Corporate and Other | Design and construction fees
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Corporate and Other | Audio visual
Revenue from External Customer [Line Items]
Total revenues											0	0	0
Corporate and Other | Cost reimbursement revenue
Revenue from External Customer [Line Items]
Total revenues											$ 2,608	$ 2,736	$ 1,243

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	$ 15,108	$ 9,451	$ 3,611	$ 3,114	$ 970	$ 29,674	$ 13,062	$ 30,644	$ 28,170	$ 33,758	49,880	37,881	110,609
Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues											23,867		9,354
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues											49,900	37,881	110,609
INSPIRE | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues											49,880	37,881	110,609
INSPIRE | United States | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues											39,164	28,923	88,583
INSPIRE | Mexico | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues											7,724	7,100	16,067
INSPIRE | Dominican Republic | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues											2,992	1,858	5,959
RED
Disaggregation of Revenue [Line Items]
Total revenues											23,867	9,663	9,354
RED | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues											0	0	0
RED | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues											23,867	9,663	9,354
RED | United States | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues											22,665	9,663	9,354
RED | United Kingdom (Turks and Caicos Islands) | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues											$ 1,202	$ 0	$ 0

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Marietta Leasehold L.P. finance lease											$ 44,294	$ 44,294
Total cost											114,168	112,140
Accumulated depreciation											(30,602)	(23,380)
Property and equipment, net											83,566	88,760
Depreciation expense											12,900	18,000	$ 15,100
Depreciation and amortization	$ 8,056	$ 8,259	$ 8,139	$ 10,094	$ 10,109	$ 9,969	$ 16,398	$ 20,078	$ 24,454	$ 30,172	32,598	39,957	24,542
Rental pool equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross											20,498	21,200
FF&E leased to Ashford Trust
Property, Plant and Equipment [Line Items]
Property and equipment, gross											19,688	21,100
FF&E leased to Braemar
Property, Plant and Equipment [Line Items]
Property and equipment, gross											1,744	1,420
Property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross											10,370	11,014
Marine vessels
Property, Plant and Equipment [Line Items]
Property and equipment, gross											15,153	11,262
Depreciation expense											929	795	441
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross											1,177	1,193
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross											1,244	657
Audio visual
Property, Plant and Equipment [Line Items]
Depreciation and amortization											$ 5,000	$ 4,900	4,700
Capitalized software
Property, Plant and Equipment [Line Items]
Depreciation expense													$ 1,500

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge		$ 170,600,000	$ 0	$ 180,783,000
Impairment			1,160,000	7,981,000
Asset impairment charges		5,500,000
Goodwill	$ 56,622,000		56,622,000	56,622,000	$ 205,606,000
Indefinite-lived intangible assets, written down amount	6,550,000		5,390,000	6,550,000
Amortization expense			$ 25,600,000	27,700,000	16,100,000
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			15 years
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			22 years
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			30 years
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			20 years
Trademarks | Remington
Finite-Lived Intangible Assets [Line Items]
Impairment				5,500,000
Indefinite-lived intangible assets, written down amount	4,900,000			4,900,000
Remington and INSPIRE | Trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment		7,600,000
Remington
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge		121,000,000		121,048,000
Goodwill	54,605,000		$ 54,605,000	54,605,000	143,854,000
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			22 years
Remington | Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, written down amount	4,900,000			4,900,000
INSPIRE
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	10,200,000			10,211,000
Impairment	340,000
Goodwill	0		$ 0	0	10,211,000
INSPIRE | Trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment			1,200,000
Indefinite-lived intangible assets, written down amount	1,200,000			1,200,000
Premier
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge		$ 49,500,000		49,524,000
Goodwill	$ 0		$ 0	$ 0	$ 49,524,000
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)			30 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance		$ 205,606,000	$ 56,622,000	$ 205,606,000
Adjustments				31,799,000
Impairments		(170,600,000)	0	(180,783,000)
Ending balance	$ 56,622,000		56,622,000	56,622,000
Remington
Goodwill [Roll Forward]
Beginning balance		143,854,000	54,605,000	143,854,000
Adjustments				31,799,000
Impairments		(121,000,000)		(121,048,000)
Ending balance	54,605,000		54,605,000	54,605,000
Premier
Goodwill [Roll Forward]
Beginning balance		49,524,000	0	49,524,000
Adjustments				0
Impairments		(49,500,000)		(49,524,000)
Ending balance	0		0	0
INSPIRE
Goodwill [Roll Forward]
Beginning balance		10,211,000	0	10,211,000
Adjustments				0
Impairments	(10,200,000)			(10,211,000)
Ending balance	0		0	0
RED
Goodwill [Roll Forward]
Beginning balance		1,235,000	1,235,000	1,235,000
Adjustments				0
Impairments				0
Ending balance	1,235,000		1,235,000	1,235,000
Corporate and Other
Goodwill [Roll Forward]
Beginning balance		$ 782,000	782,000	782,000
Adjustments				0
Impairments				0
Ending balance	$ 782,000		$ 782,000	$ 782,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 314,194	$ 314,241
Impairment		(37)
Accumulated Amortization	(74,858)	(49,322)
Net Carrying Amount	239,336	264,882
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	6,550	14,531
Impairment	(1,160)	(7,981)
Net Carrying Amount	5,390	6,550
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0	47
Impairment		(37)
Accumulated Amortization	0	(10)
Net Carrying Amount	0	0
Remington | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	4,900	10,400
Impairment		(5,500)
Net Carrying Amount		4,900
Remington | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	107,600	107,600
Accumulated Amortization	(28,284)	(16,237)
Net Carrying Amount	79,316	91,363
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000	194,000
Accumulated Amortization	(41,619)	(29,428)
Net Carrying Amount	152,381	164,572
INSPIRE | Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	1,160	3,641
Impairment	(1,160)	(2,481)
Net Carrying Amount	0	1,160
INSPIRE | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319	9,319
Accumulated Amortization	(4,409)	(3,291)
Net Carrying Amount	4,910	6,028
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	(380)	(225)
Net Carrying Amount	2,720	2,875
Pure Wellness | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175
Accumulated Amortization	(166)	(131)
Net Carrying Amount	$ 9	$ 44

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 23,759
2023	22,146
2024	20,195
2025	17,803
2026	16,364
Thereafter	139,069
Total	$ 239,336	$ 264,882

Notes Payable, net - Schedule o

Notes Payable, net - Schedule of Debt (Details) - USD ($)	Mar. 29, 2021	Mar. 09, 2021	Dec. 31, 2020	Jul. 18, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 22, 2021	Sep. 21, 2021	Jul. 23, 2021	Mar. 28, 2021	Dec. 30, 2020	Jul. 20, 2020	Dec. 31, 2018	Apr. 06, 2017
Debt Instrument [Line Items]
Total notes payable			$ 62,768,000		$ 59,622,000	$ 62,768,000
Capitalized default interest, net			427,000		290,000	427,000
Deferred loan costs, net			(499,000)		(518,000)	(499,000)
Notes payable including capitalized default interest and deferred loan costs, net			62,696,000		59,394,000	62,696,000
Less current portion			(5,347,000)		(6,725,000)	(5,347,000)
Total notes payable, net - non-current			$ 57,349,000		52,669,000	57,349,000
Extension term (in years)			1 year
Restricted cash			$ 37,396,000		34,878,000	37,396,000	$ 17,900,000							$ 7,914,000
Gain (loss) on TDR recognized						0
Acquisition of non-controlling interest in consolidated subsidiaries					0	150,000	$ 0
RED
Debt Instrument [Line Items]
Debt instrument, collateral amount			11,000,000		12,500,000	11,000,000
Operating Reserves | INSPIRE
Debt Instrument [Line Items]
Restricted cash			$ 0		1,000,000	$ 0
OpenKey
Debt Instrument [Line Items]
Acquisition of non-controlling interest in consolidated subsidiaries		$ 1,900,000
Payment term of acquired redeemable noncontrolling interests (in years)		7 years
Annual interest rate of acquired redeemable noncontrolling interests		4.00%
Percentage payable premium or cash		10.00%
Interest Rate Cap
Debt Instrument [Line Items]
Notional amount					$ 5,000,000
Derivative interest rate					4.00%
LIBOR
Debt Instrument [Line Items]
Reference rate			0.14%		0.10%	0.14%
Prime Rate
Debt Instrument [Line Items]
Reference rate			3.25%		3.25%	3.25%
Term Loan Due March 2024 | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Term Loan Due March 2024 | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Term Loan Due March 2024 | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					3.00%
Term Loan Due March 2024 | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					3.25%
Note Payable Due February 2028
Debt Instrument [Line Items]
Interest rate					4.00%
Term Loan Due January 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Facility Due 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Term Loan Due October 2025 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Facility Due 2022 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Term Loan Due June 2027 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Term Loan Due February 2029 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate					6.00%
Term Loan Due July 2023
Debt Instrument [Line Items]
Interest rate					6.50%
Term Loan Due August 2028 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Term Loan One Due August 2029 Plus 2.00% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Term Loan Two Due August 2029 Plus 2.00% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Term Loan Due August 2029 Plus 1.75% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Term Loan and Facility Due 2024 | Operating Reserves
Debt Instrument [Line Items]
Restricted cash								$ 1,000,000	$ 3,000,000
Term Loan and Facility Due 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Interest rate increase					0.25%
Notes Payable to Banks | Term Loan Due March 2024
Debt Instrument [Line Items]
Total notes payable			$ 33,688,000		$ 27,271,000	$ 33,688,000
Quarterly amortization rate	2.50%										1.25%
Minimum liquidity	$ 15,000,000
Period payment, percent of principal	2.50%
Period payment, default percent of principal	5.00%
Debt prepayment	$ 5,000,000
Notes Payable to Banks | Term Loan Due March 2024 | LIBOR
Debt Instrument [Line Items]
Reference rate					1.00%
Notes Payable to Banks | Term Loan Due March 2024 | Federal Funds Rate
Debt Instrument [Line Items]
Reference rate					0.50%
Notes Payable to Banks | Note Payable Due February 2028
Debt Instrument [Line Items]
Total notes payable			0		$ 1,746,000	0
Notes Payable to Banks | Term Loan Due January 2024
Debt Instrument [Line Items]
Total notes payable			20,000,000		20,000,000	20,000,000
Face amount of debt			20,000,000			20,000,000
Minimum principal payment to extend loan			2,500,000			2,500,000
Notes Payable to Banks | Term Loan Due January 2024 | INSPIRE
Debt Instrument [Line Items]
Debt instrument, collateral amount			34,600,000		32,800,000	34,600,000
Notes Payable to Banks | Term Loan Due October 2025
Debt Instrument [Line Items]
Total notes payable			571,000		0	571,000
Notes Payable to Banks | Term Loan Due June 2027
Debt Instrument [Line Items]
Total notes payable			1,375,000		0	1,375,000
Notes Payable to Banks | Term Loan Due February 2029
Debt Instrument [Line Items]
Total notes payable			1,584,000		0	1,584,000
Notes Payable to Banks | Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate				6.00%
Total notes payable			1,663,000		$ 1,641,000	1,663,000
Face amount of debt				$ 1,700,000
Interest rate term (in years)				5 years
Notes Payable to Banks | Term Loan Due July 2029 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Floor interest rate					6.00%
Notes Payable to Banks | Term Loan Due July 2023
Debt Instrument [Line Items]
Total notes payable			859,000		$ 607,000	859,000
Face amount of debt				$ 1,100,000
Notes Payable to Banks | Term Loan Due August 2028
Debt Instrument [Line Items]
Total notes payable			1,575,000		0	1,575,000
Notes Payable to Banks | Term Loan One Due August 2029 Plus 2.00%
Debt Instrument [Line Items]
Total notes payable			0		888,000	0
Face amount of debt										$ 900,000
Notes Payable to Banks | Term Loan Two Due August 2029 Plus 2.00%
Debt Instrument [Line Items]
Total notes payable			0		2,143,000	0
Notes Payable to Banks | Term Loan Due August 2029 Plus 1.75%
Debt Instrument [Line Items]
Total notes payable			0		$ 3,357,000	0
Notes Payable to Banks | Term Loan and Facility Due 2024
Debt Instrument [Line Items]
Commitment fee percent					1.50%
Commitment fee amount					$ 100,000
Monthly payment one					200,000
Monthly payment two					250,000
Monthly payment three					300,000
Revolving Credit Facility | Facility Due 2024
Debt Instrument [Line Items]
Total notes payable			1,106,000		1,869,000	1,106,000
Maximum borrowing capacity			3,000,000			3,000,000
Remaining borrowing capacity					1,100,000
Revolving Credit Facility | Facility Due 2024 | INSPIRE
Debt Instrument [Line Items]
Debt instrument, collateral amount			900,000		5,000,000	900,000
Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Total notes payable			100,000		100,000	100,000
Maximum borrowing capacity													$ 250,000		$ 100,000
Remaining borrowing capacity					150,000
Revolving Credit Facility | Facility Due 2022
Debt Instrument [Line Items]
Total notes payable			$ 247,000		0	$ 247,000
Maximum borrowing capacity										$ 250,000		$ 3,500,000
Remaining borrowing capacity					$ 250,000

Notes Payable, net - Maturities

Notes Payable, net - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 6,584
2023	7,260
2024	38,834
2025	1,041
2026	1,089
Thereafter	4,814
Total	$ 59,622	$ 62,768

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2019USD ($)	Dec. 31, 2021USD ($)renewalOption	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options | renewalOption		1
Operating lease, expense		$ 3,400	$ 3,400	$ 2,000
Finance lease liability		$ 44,544
Operating leases		9 years 4 months 2 days	9 years 11 months 4 days	10 years 11 months 12 days
Finance leases		31 years 5 months 26 days	32 years 3 months 18 days	34 years 1 month 2 days
Operating leases		5.20%	5.20%	5.20%
Finance leases		6.20%	6.20%	6.20%
Finance lease, right-of-use asset, statement of financial position, extensible enumeration		Property and equipment, net	Property and equipment, net
Marietta Georgia
Lessee, Lease, Description [Line Items]
Property and equipment, net	$ 44,300
Finance lease liability	$ 40,100
Minimum
Lessee, Lease, Description [Line Items]
Renewal term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term		10 years

Leases - Lease Balances (Detail

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Operating lease right-of-use assets	$ 26,975	$ 30,431
Finance lease assets	44,333	45,789
Total leased assets	71,308	76,220
Current
Operating lease liabilities	3,628	3,691
Finance lease liabilities	1,065	841
Noncurrent
Operating lease liabilities	23,477	26,881
Finance lease liabilities	43,479	43,143
Total leased liabilities	$ 71,649	$ 74,556

Leases - Lease Expense and Cash

Leases - Lease Expense and Cash Outflows from Operating and Finance Leases (Details) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost
Depreciation and amortization	$ 1,455	$ 1,458	$ 384
Interest expense	2,727	2,626	443
Total lease cost	9,836	9,411	4,278
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,713	3,650	2,021
Financing cash flows from finance leases	439	785	627
General and administrative
Lessee, Lease, Description [Line Items]
Operating lease cost	5,654	5,327	3,324
Finance lease cost
Short-term Lease, Cost	442	227	137
Cost of revenues for design and construction
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 0	$ 0	$ 127

Leases - Maturities of Operatin

Leases - Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating Leases
2022	$ 4,964
2023	4,799
2024	4,529
2025	3,998
2026	3,728
Thereafter	12,887
Total minimum lease payments (receipts)	34,905
Imputed interest	(7,800)
Present value of minimum lease payments	27,105
Finance Leases
2022	3,548
2023	4,553
2024	3,064
2025	2,948
2026	2,948
Thereafter	80,338
Total minimum lease payments (receipts)	97,399
Imputed interest	(52,855)
Present value of minimum lease payments	44,544
Sublease Payments to be Received
2022	211
2023	215
2024	105
2025	83
2026	83
Thereafter	159
Total minimum lease payments (receipts)	$ 856

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Terms and Discount Rates (Details) - renewalOption	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term
Operating leases	9 years 4 months 2 days	9 years 11 months 4 days	10 years 11 months 12 days
Finance leases	31 years 5 months 26 days	32 years 3 months 18 days	34 years 1 month 2 days
Weighted-average discount rate
Operating leases	5.20%	5.20%	5.20%
Finance leases	6.20%	6.20%	6.20%
Number of renewal options	1
Irving, Texas
Weighted-average discount rate
Number of renewal options	2
Renewal term	10 years

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 11,682	$ 15,145
Accrued payroll expense	23,648	21,741
Accrued vacation expense	3,427	2,516
Accrued interest	259	201
Other accrued expenses	881	775
Total accounts payable and accrued expenses	$ 39,897	$ 40,378

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
BAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration		$ 350
INSPIRE | BAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 1,700
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	576	290
Contingent consideration		(1,735)
Subsidiary compensation plan	(164)	(89)
Deferred compensation plan	(3,326)	(1,707)
Total	(3,490)	(3,531)
Net	(2,914)	(3,241)
Fair Value, Measurements, Recurring | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	150	88
Fair Value, Measurements, Recurring | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	426	202
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	576	290
Contingent consideration		(1,735)
Subsidiary compensation plan	0	0
Deferred compensation plan	(3,326)	(1,707)
Total	(3,326)	(3,442)
Net	(2,750)	(3,152)
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	150	88
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	426	202
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
Subsidiary compensation plan	(164)	(89)
Deferred compensation plan	0	0
Total	(164)	(89)
Net	(164)	(89)
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
Subsidiary compensation plan	0	0
Deferred compensation plan	0	0
Total	0	0
Net	0	0
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	Mar. 04, 2021	Feb. 01, 2021	Jan. 11, 2021	May 06, 2020	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 07, 2020	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Discount upon election of cash settlement						$ (23)	$ (436)	$ (4,244)
BAV
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration							350
Cash, contingent consideration and stock consideration related to acquisition							900		$ 1,500	$ 2,400
Discount upon election of cash settlement				$ 250
Cash payment	$ 888	$ 870	$ 350		$ 350
BAV | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration										$ 3,000
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance							0	$ (2,959)
Ending balance					$ 0	$ 0	(2,959)
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		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 170,600,000	$ 0	$ 180,783,000
Goodwill	$ 56,622,000		56,622,000	56,622,000	$ 205,606,000
Impairment			1,160,000	7,981,000
Indefinite-lived intangible assets, written down amount	6,550,000		5,390,000	6,550,000
Impairment of long-lived assets			0	36,000	0
Remington and INSPIRE | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment		7,600,000
Remington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		121,000,000		121,048,000
Goodwill	54,605,000		54,605,000	54,605,000	143,854,000
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			4,900,000
INSPIRE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	10,200,000			10,211,000
Goodwill	0		0	0	10,211,000
Impairment	340,000
INSPIRE | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment			1,200,000
Indefinite-lived intangible assets, written down amount	1,200,000			1,200,000
Premier
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 49,500,000		49,524,000
Goodwill	$ 0		$ 0	$ 0	$ 49,524,000

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	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ (170,600,000)	$ 0	$ (180,783,000)
Intangible assets, net		(1,160,000)	(7,981,000)
Property and equipment, net		0	(36,000)	$ 0
Total		(1,538,000)	(189,223,000)	0
Unrealized gain (loss)		(1,989,000)	2,707,000	1,441,000
Net		(3,527,000)	(186,516,000)	1,441,000
Goodwill
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill		0	(180,783,000)	0
Intangible assets, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets, net		(1,160,000)	(8,018,000)	0
Ashford Trust | Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment		(336,000)	(200,000)	0
Braemar | Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investment		(42,000)	(186,000)	0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)		(23,000)	(436,000)	(4,244,000)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)		(295,000)	131,000	(47,000)
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)		$ (1,671,000)	$ 3,012,000	$ 5,732,000

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 576	$ 290
Available-for-sale securities	855	195
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	1,068	1,169
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(492)	(879)
Fair Value	$ 576	$ 290

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets measured at fair value:
Restricted investment, Carrying value	$ 576	$ 290
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	3,300	1,700
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	37,571	45,270	$ 35,349	$ 51,529
Restricted cash, Carrying value	34,878	37,396	$ 17,900	$ 7,914
Accounts receivable, net, Carrying value	7,600	3,500
Due from affiliates, Carrying value	165	353
Investments in unconsolidated entities, Carrying value	3,581	3,687
Financial liabilities not measured at fair value:
Dividends payable, Carrying value	34,574	16,280
Due to affiliates	0	1,471
Notes payable, Carrying value	59,622	62,768
Carrying Value
Financial assets measured at fair value:
Restricted investment, Carrying value	576	290
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	3,326	1,707
Contingent consideration	0	1,735
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	37,571	45,270
Restricted cash, Carrying value	34,878	37,396
Accounts receivable, net, Carrying value	7,622	3,458
Notes receivable, Carrying value	2,880	0
Due from affiliates, Carrying value	165	353
Investments in unconsolidated entities, Carrying value	3,581	3,687
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	39,897	40,378
Dividends payable, Carrying value	34,574	16,280
Due to affiliates	0	1,471
Other liabilities, Carrying value	25,899	28,170
Notes payable, Carrying value	59,622	62,768
Estimated Fair Value
Financial assets measured at fair value:
Restricted investment, Fair value	576	290
Financial liabilities measured at fair value:
Deferred compensation plan, Fair value	3,326	1,707
Contingent consideration, Fair value	0	1,735
Financial assets not measured at fair value:
Cash and cash equivalents, Fair value	37,571	45,270
Restricted cash, Fair value	34,878	37,396
Accounts receivable, net, Fair value	7,622	3,458
Notes receivable, Fair value	2,880	0
Due from affiliates, Fair value	165	353
Investments in unconsolidated entities, Fair value	3,581	3,687
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Fair value	39,897	40,378
Dividends payable, Fair value	34,574	16,280
Due to affiliates, Fair value	0	1,471
Other liabilities, Fair value	25,899	28,170
Minimum | Estimated Fair Value
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 56,641	59,629
Maximum
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets (in days)	90 days
Maximum | Estimated Fair Value
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 62,603	65,906
Ashford Trust
Financial assets not measured at fair value:
Due from related parties	2,600	13,200
Ashford Trust | Carrying Value
Financial assets not measured at fair value:
Due from related parties	2,575	13,198
Ashford Trust | Estimated Fair Value
Financial assets not measured at fair value:
Due from related parties, Fair value	2,575	13,198
Braemar
Financial assets not measured at fair value:
Due from related parties	1,100	2,100
Braemar | Carrying Value
Financial assets not measured at fair value:
Due from related parties	1,144	2,142
Braemar | Estimated Fair Value
Financial assets not measured at fair value:
Due from related parties, Fair value	$ 1,144	$ 2,142

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2021	Nov. 25, 2020
Class Action Lawsuit, California Employment Laws
Long-term Purchase Commitment [Line Items]
Loss contingency accrual	$ 0
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP commitment		$ 11,400,000

Equity (Deficit) - Narrative (D

Equity (Deficit) - Narrative (Details)	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares	Mar. 23, 2020right$ / sharesshares
Class of Stock [Line Items]
Capital stock authorized (in shares)	200,000,000
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	50,000,000
Blank Check Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000
Series D Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	19,120,000	19,120,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
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)			0.001
Share of preferred stock (in dollars per share) | $ / shares			$ 275
Acquiring right price (in dollars per share) | $ / shares			$ 0.001

Equity (Deficit) - Noncontrolli

Equity (Deficit) - Noncontrolling Interest in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 180	$ 234	$ 95	$ 319	$ 278	$ 160	$ 329	$ 438	$ 509	$ 757	$ 678	$ 1,178	$ 536
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests											799	670	624
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests											(51)	412	(105)
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests											(70)	75	(9)
Other
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests											$ 0	$ 21	$ 26

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($)	Nov. 06, 2019	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Nov. 06, 2022	Dec. 31, 2021	Nov. 06, 2021	Dec. 31, 2020	Nov. 06, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Amortization of preferred stock discount			$ 306,000	$ 311,000	$ 316,000	$ 781,000	$ 795,000	$ 810,000	$ 627,000	$ 1,605,000	$ 933,000	$ 2,386,000		$ 1,053,000		$ 2,887,000		$ 1,928,000
Preferred dividends declared		$ 0	$ 8,400,000	$ 0	$ 8,400,000
Aggregate preferred dividends - undeclared		34,574,000												34,574,000		16,280,000
Dividends payable		$ 34,574,000												$ 34,574,000		$ 16,280,000
Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, consent percentage	55.00%
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															6.99%		6.59%
Share price (in dollars per share)	$ 117.50
Increase in annual percentage	10.00%
Remington | Series D Convertible Preferred Stock | Forecast
Redeemable Noncontrolling Interest [Line Items]
Dividend rate													7.28%
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
Redemption, minimum business days before purchase closes (in days)	5 days

Mezzanine Equity - Unit Activit

Mezzanine Equity - Unit Activity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)	4	4	4
Units redeemed for cash (in shares)	0	0	0
Ending balance (in shares)	4	4	4
Units convertible/redeemable at end of year (in shares)	4	4	4

Mezzanine Equity - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 13	$ 19	$ 176	$ 604	$ 644	$ 440	$ 195	$ 1,084	$ 208	$ 1,688	$ 215	$ 2,245	$ 983
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests											63	432	54
INSPIRE
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests											0	1,148	247
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests											$ 152	$ 665	$ 682

Mezzanine Equity - Preferred St

Mezzanine Equity - Preferred Stock Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Preferred dividends - declared	$ 16,706	$ 15,815	$ 14,435
Preferred dividends per share - declared (in dollars per share)	$ 0.8737	$ 0.8271	$ 1.4775
Aggregate preferred dividends - undeclared	$ 34,574	$ 16,280
Preferred dividends per share - undeclared (in dollars per share)	$ 1.8083	$ 0.8515

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	300,000
Options granted fair value			$ 7,900
Unrecognized compensation expense, stock options	$ 346
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	2,843,745
Shares available for future issuance (in shares)	508,717
Automatic yearly increase of authorized shares	15.00%
Subsequent Event | 2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)				707,918
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Expiration period	10 years
Unrecognized compensation expense, stock options	$ 221
Period for recognition (in years)	2 months 12 days
Class 2 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Unrecognized compensation expense, stock options	$ 125

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 23,651	$ 22,887	$ 34,861
Unrecognized compensation expense, stock options	$ 346
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]
Equity-based compensation	$ 2,641	4,347	8,313
Unrecognized compensation expense, stock options	$ 221
Period for recognition (in years)	2 months 12 days
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 1,217	787	95
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	4,553	5,562	8,874
Stock Compensation Plan | Director and other non-employee equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	695	428	466
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 19,098	$ 17,325	$ 25,987
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition (in years)	1 year 8 months 12 days
Unrecognized compensation expense, other than options	$ 1,900

Equity-Based Compensation - Wei

Equity-Based Compensation - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 26.42
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	39.00%
Expected term (in years)	6 years 6 months
Risk-free interest rate	2.60%
Expected dividend yield	0.00%

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Outstanding, beginning balance (in shares)	1,434,000	1,534,000	1,236,000
Granted (in shares)	0	0	300,000
Exercised (in shares)	0	0	0
Forfeited, canceled or expired (in shares)	(3,000)	(100,000)	(2,000)
Converted (in shares)	(631,000)
Outstanding, ending balance (in shares)	800,000	1,434,000	1,534,000	1,236,000
Exercisable at end of period (in shares)	636,000
Weighted Average Exercise Price
Outstanding, beginning balance (in shares)	$ 67.26	$ 67.66	$ 69.26
Granted (in dollars per share)	0	0	61.12
Exercised (in dollars per share)	0	0	0
Forfeited, canceled or expired (in dollars per share)	69.51	73.39	70.67
Converted (in dollars per share)	62.72
Outstanding, ending balance (in shares)	70.84	$ 67.26	$ 67.66	$ 69.26
Exercisable at end of period (in dollars per share)	$ 73.33
Weighted Average Contractual Term
Outstanding	4 years 6 months 21 days	5 years 8 months 1 day	6 years 9 months 14 days	7 years 2 months 15 days
Granted			10 years
Forfeited, canceled or expired	7 years 8 months 1 day	8 years 1 month 9 days	9 years 1 month 6 days
Converted	4 years 9 months 18 days
Options, exercisable	3 years 10 months 20 days
Aggregate Intrinsic Value of In-the Money Options
Outstanding, beginning balance	$ 0	$ 0	$ 2,126
Granted	0	0	0
Exercised	0	0	0
Forfeited, canceled or expired	0	0	0
Conversions to Class 2 LTIP Units	0
Outstanding, ending balance	0	$ 0	$ 0	$ 2,126
Exercisable at end of period, Aggregate Intrinsic Value of In-the Money Options	$ 0
Class 2 LTIP Units
Number of Options
Outstanding, beginning balance (in shares)	0
Granted (in shares)	0
Exercised (in shares)	0
Forfeited, canceled or expired (in shares)	0
Converted (in shares)	(631,000)
Outstanding, ending balance (in shares)	631,000	0
Exercisable at end of period (in shares)	541,000
Weighted Average Exercise Price
Outstanding, beginning balance (in shares)	$ 0
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited, canceled or expired (in dollars per share)	0
Converted (in dollars per share)	62,720
Outstanding, ending balance (in shares)	62.72	$ 0
Exercisable at end of period (in dollars per share)	$ 62.99
Weighted Average Contractual Term
Outstanding	4 years 9 months 18 days
Converted	4 years 9 months 18 days
Options, exercisable	4 years 4 months 28 days
Aggregate Intrinsic Value of In-the Money Options
Outstanding, beginning balance	$ 0
Granted	0
Exercised	0
Forfeited, canceled or expired	0
Conversions to Class 2 LTIP Units	0
Outstanding, ending balance	0	$ 0
Exercisable at end of period, Aggregate Intrinsic Value of In-the Money Options	$ 0

Equity-Based Compensation - S_2

Equity-Based Compensation - Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Price Per Share at Grant
Equity-based compensation	$ 23,651	$ 22,887	$ 34,861
Restricted Stock
Stock Units
Outstanding at beginning of year (in shares)	241	0	0
Shares granted (in shares)	172	686	5
Shares vested (in shares)	(107)	(417)	(5)
Shares forfeited (in shares)	(3)	(28)	0
Outstanding at end of year (in shares)	303	241	0
Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 10.45	$ 0	$ 0
Shares granted (in dollars per share)	9.03	7.43	31.79
Shares vested (in dollars per share)	9.19	5.78	31.79
Shares forfeited (in dollars per share)	9.87	10.28	0
Outstanding at end of year (in dollars per share)	$ 9.93	$ 10.45	$ 0
Restricted stock fair value	$ 915
Restricted Stock | Employee and Independent Directors
Stock Units
Shares granted (in shares)	172	390	5
Weighted Average Price Per Share at Grant
Equity-based compensation	$ 580	$ 1,000	$ 150
Restricted Stock | Executive Officer
Stock Units
Shares vested (in shares)		(296)
Weighted Average Price Per Share at Grant
Percent of annual bonuses awarded		25.00%
Deferred Stock Units
Stock Units
Outstanding at beginning of year (in shares)	43	7	0
Shares granted (in shares)	23	37	7
Shares vested (in shares)	0	(1)	0
Outstanding at end of year (in shares)	66	43	7
Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 9.67	$ 31.79	$ 0
Shares granted (in dollars per share)	9.70	6.12	31.79
Shares vested (in dollars per share)	0	31.79	0
Outstanding at end of year (in dollars per share)	$ 9.68	$ 9.67	$ 31.79
Restricted stock fair value	$ 225	$ 225	$ 225

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)hour	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferral of compensation percentage maximum	100.00%
Deferred compensation plan liability	$ 3,300	$ 1,700
Subsidiary compensation plan liability	0	29
Equity-based compensation	23,651	22,887	$ 34,861
Remington
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Equity-based compensation	295	131	47
Accrued Expenses
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Subsidiary compensation plan liability	$ 164	89
Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Employee's contributions	3.00%
Subsidiary | Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age	18 years
Employee period of service	0 years
Percentage of Company contributions	0.00%
Maximum vesting term	0 years
Subsidiary | Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age	21 years
Employee period of service	1 year
Percentage of Company contributions	100.00%
Maximum vesting term	6 years
401(k) Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age	21 years
Employee period of service	1 year
Number of hours worked | hour	1,000
Percentage of Company contributions	50.00%
Percentage of Employee's contributions	6.00%
Company contribution vesting percentage per year	25.00%
401(k) Plan | Salaries and Benefits
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Matching expenses incurred	$ 0	884	867
401(k) Plan | Cost of revenues for design and construction
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Matching expenses incurred	$ 0	$ 46	$ 169
401(k) Plan | Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Company contributions	50.00%
Percentage of Employee's contributions	2.00%

Employee Benefit Plans - DCP Ac

Employee Benefit Plans - DCP Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in fair value
Unrealized gain (loss)	$ (1,989)	$ 2,707	$ 1,441
Distributions
Fair value	$ 51	$ 11	$ 113
Shares (in shares)	3	1	3
Historical Deferred Compensation Plan
Change in fair value
Unrealized gain (loss)	$ (1,601)	$ 3,012	$ 5,732

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Benefit to Expense (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory income tax rate											$ 2,261	$ 48,534	$ 2,955
State income tax expense, net of federal income tax benefit											437	2,675	(1,768)
Income passed through to common unit holders and noncontrolling interests											(32)	94	38
Permanent differences											(1,086)	(1,397)	(1,299)
Nondeductible impairment of goodwill											0	(35,820)	0
Valuation allowance											(860)	(1,051)	(1,043)
Other											(558)	1,220	(423)
Total income tax (expense) benefit	$ (98)	$ 697	$ 951	$ 1,835	$ 3,484	$ 2,085	$ 1,648	$ 5,569	$ 1,550	$ 7,404	$ 162	$ 14,255	$ (1,540)

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal											$ (4,192)	$ (7,116)	$ (1,309)
Foreign											(223)	25	(809)
State											(479)	(1,064)	(1,352)
Total current											(4,894)	(8,155)	(3,470)
Deferred:
Federal											4,081	17,938	2,828
Foreign											(203)	136	(189)
State											1,178	4,336	(709)
Total deferred											5,056	22,410	1,930
Total income tax (expense) benefit	$ (98)	$ 697	$ 951	$ 1,835	$ 3,484	$ 2,085	$ 1,648	$ 5,569	$ 1,550	$ 7,404	$ 162	$ 14,255	$ (1,540)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Interest on income taxes expense	$ 32,000
Income tax penalties expense		$ 0	$ 11,000
Operating loss carryforwards	30,000,000
Operating loss carryforward with indefinite carryforward period	24,100,000
Valuation allowance	6,724,000	5,863,000
Unrecognized tax benefits	0	$ 0	$ 471,000	$ 0
INSPIRE Operations In Mexico and Dominican Republic, and OpenKey
Income Tax Contingency [Line Items]
Valuation allowance	6,700,000
Tax Period 2036
Income Tax Contingency [Line Items]
Operating loss carryforward, subject to expiration	2,500,000
Tax Period 2037
Income Tax Contingency [Line Items]
Operating loss carryforward, subject to expiration	$ 3,400,000

Income Taxes - Net Deferred Ass

Income Taxes - Net Deferred Asset (Liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Prepaid expenses	$ (698)	$ (490)
Investments in unconsolidated entities and joint ventures	15	1,620
Capitalized acquisition costs	5,575	5,547
Deferred compensation	850	535
Accrued expenses	2,045	4,896
Equity-based compensation	10,700	9,764
Property and equipment	(5,106)	(2,664)
Intangibles	(47,061)	(58,656)
Deferred revenue	1,120	1,822
Net operating loss	6,436	5,585
Deferred tax asset (liability)	(26,124)	(32,041)
Valuation allowance	(6,724)	(5,863)
Net deferred tax asset (liability)	$ (32,848)	$ (37,904)

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 0	$ 471,000	$ 0
Gross increases for tax positions of prior years	0	0	218,000
Gross decreases for tax positions of prior years	0	(471,000)	0
Gross increases for tax positions of current year	0	0	253,000
Gross decreases for tax positions of current year	0	0	0
Settlements with taxing authorities	0	0	0
Statute of limitations expirations	0	0	0
Balance at the end of year	$ 0	$ 0	$ 471,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	Jan. 20, 2021USD ($)	Jan. 15, 2021USD ($)	Aug. 19, 2020USD ($)	Jul. 01, 2020USD ($)installment	Mar. 20, 2020USD ($)	Sep. 25, 2019USD ($)	Jan. 15, 2019USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 20, 2020USD ($)installment	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 09, 2021	Jan. 14, 2021	Jan. 13, 2021	Jan. 04, 2021USD ($)	Nov. 25, 2020USD ($)	Mar. 13, 2020USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Total revenues									$ 108,186,000	$ 85,412,000	$ 62,368,000	$ 59,766,000	$ 47,986,000	$ 126,560,000		$ 147,780,000	$ 174,546,000	$ 255,966,000	$ 234,312,000	$ 384,567,000	$ 293,351,000	$ 287,028,000
Deferred revenue																				10,905,000	21,359,000	13,280,000							$ 13,544,000
Loss on disposal																				(1,593,000)	$ (8,357,000)	25,000
Allocation percentage																					50.00%
Aggregate non-listed preferred equity offerings						$ 400,000,000															$ 400,000,000
Capital contributions																					3,800,000
Operating lease, expense																				3,400,000	3,400,000	2,000,000
Payments to acquire investments																				250,000	0	314,000
Reimbursed expenses									59,822,000	45,217,000	32,115,000	31,970,000	26,443,000	68,229,000		77,332,000	94,672,000	137,154,000	126,642,000	203,956,000	158,501,000	80,421,000
Officer of J&S
Related Party Transaction [Line Items]
Operating lease, expense																					$ 308,000	307,000
Maximum
Related Party Transaction [Line Items]
Advisory fee cap																				$ 29,000,000
Remington
Related Party Transaction [Line Items]
Other charges																						6,600,000
Braemar
Related Party Transaction [Line Items]
Allocation percentage						25.00%															50.00%
Braemar | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities																				7.77%	8.18%		7.97%
Payments to acquire investments																				$ 233,000	$ 26,000	332,000
Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage						75.00%															0.00%
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities																				16.65%	17.52%		17.07%
Payments to acquire investments																				$ 500,000	$ 431,000	647,000
Ashford Trust
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)																				0.70%				0.70%
Total revenues																				$ 238,273,000	200,229,000	127,871,000
ERFP commitments																												$ 11,400,000
Remaining commitment amount																											$ 11,400,000
Net book value of FF&E sold	$ 399,000		$ 6,400,000
Loss on disposal											271,000										6,400,000
Purchased FF&E											82,000
Loss on sale of FF&E											107,000
Amount received																				3,500,000
Ashford Trust | Maximum
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)																									0.70%
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Program commitment amount							$ 50,000,000
Program percent of commitment for each hotel							10.00%
ERFP, acquisition term (in years)							2 years
Ashford Trust | Affiliated Entity | Maximum
Related Party Transaction [Line Items]
Program potential commitment amount							$ 100,000,000
Ashford Trust | Base fees
Related Party Transaction [Line Items]
Deferral payment																										$ 2,800,000
Ashford Trust | Deferred Fees
Related Party Transaction [Line Items]
Related party expense		$ 14,400,000
Ashford Trust | Fair Market Value of Replacement Assets
Related Party Transaction [Line Items]
Due from related party									128,000									128,000
Lismore Capital LLC and Ashford Trust
Related Party Transaction [Line Items]
Total revenues												10,300,000							5,700,000
Agreement term (in months)				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 (in months)				12 months
Aggregate amount of transaction				$ 8,300,000
Financing amount				$ 4,100,000,000
Fee multiple, percent				0.125%
Deferred revenue									2,400,000									2,400,000			7,300,000
Accelerated claw back amount				$ 506,000
Lismore Capital LLC and Ashford Trust | Base fees
Related Party Transaction [Line Items]
Deferred income subject to claw back				$ 149,000
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]
Total revenues																				853,000	2,600,000
Aggregate amount of transaction					$ 1,400,000										$ 4,100,000
Deferred revenue																				$ 0	1,600,000
Lismore Capital LLC | Periodic Installments | Braemar
Related Party Transaction [Line Items]
Number of installments | installment															6
Aggregate amount of transaction															$ 1,400,000
Payment amount to be offset against future fees															$ 681,000
Lismore Capital LLC | Success Fees | Braemar
Related Party Transaction [Line Items]
Aggregate amount of transaction								$ 1,400,000
Braemar
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)																				0.70%
Total revenues																				$ 50,674,000	36,372,000	36,221,000
Remaining commitment amount																				0
Purchased FF&E																					1,800,000
Loss on sale of FF&E																					1,600,000
Amount received																				$ 3,500,000
Braemar | Maximum
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)																				0.05833%
Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Purchased FF&E										1,600,000
Loss on sale of FF&E										267,000
Offset amount										(1,600,000)
Proceeds from sale of FF&E										144,000
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Amount committed						$ 15,000,000
Remington
Related Party Transaction [Line Items]
Total revenues																				$ 197,802,000	145,596,000	43,065,000
Base management fees, percentage of hotel revenues																				3.00%
Reimbursed expenses																				$ 171,522,000	128,470,000	38,539,000
Hotel management fees
Related Party Transaction [Line Items]
Total revenues									7,750,000	6,515,000	4,472,000	3,777,000	3,691,000	6,124,000		10,987,000	9,815,000	18,737,000	13,592,000	26,260,000	17,126,000	4,526,000
Hotel management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues																				21,999,000	15,923,000	4,230,000
Hotel management fees | Braemar
Related Party Transaction [Line Items]
Total revenues																				2,916,000	1,037,000	286,000
Hotel management fees | Remington
Related Party Transaction [Line Items]
Total revenues																				26,260,000	17,126,000	4,526,000
Monthly hotel management fee																				14,000
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues									$ 59,879,000	$ 45,351,000	$ 32,187,000	$ 32,031,000	$ 26,506,000	$ 68,297,000		$ 77,538,000	$ 94,803,000	$ 137,417,000	$ 126,834,000	203,975,000	158,559,000	80,946,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Reimbursed expenses																				405,000	387,000	73,000
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues																				162,920,000	137,131,000	67,632,000
Amount received																				0	2,000,000	896,000
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues																				30,394,000	18,898,000	13,239,000
Amount received																				2,600,000	719,000	347,000
Cost reimbursement revenue | Braemar | Dealer Manager Fees
Related Party Transaction [Line Items]
Amount received																				410,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues																				171,522,000	128,470,000	38,539,000
Advisory services fees revenue | Ashford Trust | Base advisory fees, constrained and deferred
Related Party Transaction [Line Items]
Total revenues																				7,200,000
Project Management | Premier
Related Party Transaction [Line Items]
Reimbursed expenses																				$ 27,000	$ 42,000	$ 223,000

Related Party Transactions - Pe

Related Party Transactions - Performance Obligations (Details)	Mar. 20, 2020
Lismore Capital LLC and Ashford Trust | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-21
Related Party Transaction [Line Items]
Initial contract period (in years)	24 months

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
Advisory agreement, amount due upon approval											$ 5,000
Advisory agreement, initial term (in years)											10 years
Maximum
Related Party Transaction [Line Items]
Advisory fee cap											$ 29,000
REIT advisory
Related Party Transaction [Line Items]
Total revenues											74,616	70,169	84,701
Remington
Related Party Transaction [Line Items]
Total revenues											$ 197,802	145,596	43,065
Base management fees, percentage of hotel revenues											3.00%
Incentive management fee, percentage of hotel revenues											1.00%
Premier
Related Party Transaction [Line Items]
Total revenues											$ 12,413	11,604	30,580
RED
Related Party Transaction [Line Items]
Total revenues											23,867	9,663	9,354
OpenKey
Related Party Transaction [Line Items]
Total revenues											1,965	1,479	987
Corporate and Other
Related Party Transaction [Line Items]
Total revenues											24,004	16,959	7,732
Base fees
Related Party Transaction [Line Items]
Total revenues											21,291	17,126	4,054
Incentive fees
Related Party Transaction [Line Items]
Total revenues											4,969	0	472
Hotel management fees
Related Party Transaction [Line Items]
Total revenues	7,750	6,515	4,472	3,777	3,691	6,124	10,987	9,815	18,737	13,592	26,260	17,126	4,526
Hotel management fees | REIT advisory
Related Party Transaction [Line Items]
Total revenues											0	0	0
Hotel management fees | Remington
Related Party Transaction [Line Items]
Total revenues											26,260	17,126	4,526
Hotel management fees | Premier
Related Party Transaction [Line Items]
Total revenues											0	0	0
Hotel management fees | RED
Related Party Transaction [Line Items]
Total revenues											0	0	0
Hotel management fees | OpenKey
Related Party Transaction [Line Items]
Total revenues											0	0	0
Hotel management fees | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											0	0	0
Design and construction fees
Related Party Transaction [Line Items]
Total revenues	2,202	1,867	1,542	1,790	2,052	3,938	3,409	5,990	5,611	7,780	9,557	8,936	25,584
Design and construction fees | REIT advisory
Related Party Transaction [Line Items]
Total revenues											0	0	0
Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues											0	0	0
Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues											9,557	8,936	25,584
Design and construction fees | RED
Related Party Transaction [Line Items]
Total revenues											0	0	0
Design and construction fees | OpenKey
Related Party Transaction [Line Items]
Total revenues											0	0	0
Design and construction fees | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											0	0	0
Audio visual
Related Party Transaction [Line Items]
Total revenues	15,108	9,451	3,611	3,114	970	29,674	13,062	30,644	28,170	33,758	49,880	37,881	110,609
Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues											0	0	0
Audio visual | Remington
Related Party Transaction [Line Items]
Total revenues											0	0	0
Audio visual | Premier
Related Party Transaction [Line Items]
Total revenues											0	0	0
Audio visual | RED
Related Party Transaction [Line Items]
Total revenues											0	0	0
Audio visual | OpenKey
Related Party Transaction [Line Items]
Total revenues											0	0	0
Audio visual | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											0	0	0
Other
Related Party Transaction [Line Items]
Total revenues	13,104	12,166	10,629	8,222	3,337	6,691	22,795	10,028	35,899	18,250	47,329	25,602	21,179
Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues											81	237	4,349
Other | Remington
Related Party Transaction [Line Items]
Total revenues											20	0	0
Other | Premier
Related Party Transaction [Line Items]
Total revenues											0	0	0
Other | RED
Related Party Transaction [Line Items]
Total revenues											23,867	9,663	9,354
Other | OpenKey
Related Party Transaction [Line Items]
Total revenues											1,965	1,479	987
Other | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											21,396	14,223	6,489
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	$ 59,879	$ 45,351	$ 32,187	$ 32,031	$ 26,506	$ 68,297	$ 77,538	$ 94,803	$ 137,417	$ 126,834	203,975	158,559	80,946
Cost reimbursement revenue | REIT advisory
Related Party Transaction [Line Items]
Total revenues											26,969	24,685	36,168
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues											171,522	128,470	38,539
Cost reimbursement revenue | Premier
Related Party Transaction [Line Items]
Total revenues											2,856	2,668	4,996
Cost reimbursement revenue | RED
Related Party Transaction [Line Items]
Total revenues											0	0	0
Cost reimbursement revenue | OpenKey
Related Party Transaction [Line Items]
Total revenues											0	0	0
Cost reimbursement revenue | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											2,608	2,736	1,243
Ashford Trust
Related Party Transaction [Line Items]
Total revenues											238,273	200,229	127,871
Cost of revenues for audio visual											2,969	2,241	7,438
Ashford Trust | REIT advisory
Related Party Transaction [Line Items]
Total revenues											51,726	50,574	63,345
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues											119	234	111
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											12,889	9,132	3,864
Ashford Trust | Base fees
Related Party Transaction [Line Items]
Total revenues											17,819	15,923	3,796
Ashford Trust | Incentive fees
Related Party Transaction [Line Items]
Total revenues											4,180	0	434
Ashford Trust | Hotel management fees
Related Party Transaction [Line Items]
Total revenues											21,999	15,923	4,230
Ashford Trust | Design and construction fees
Related Party Transaction [Line Items]
Total revenues											4,032	4,964	16,587
Ashford Trust | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues											167,600	133,489	40,547
Ashford Trust | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues											5,939	6,800	20,004
Ashford Trust | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues											6,734	5,123	16,897
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues											162,920	137,131	67,632
Ashford Trust | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues											36,239	34,744	32,486
Ashford Trust | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues											13,083	7,467	6,936
Ashford Trust | Watersports, ferry and excursion services | Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues											545	125	0
Ashford Trust | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues											11,381	5,853	1,294
Ashford Trust | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues											74	118	75
Ashford Trust | Lease revenue | Other
Related Party Transaction [Line Items]
Total revenues											0	0	3,783
Ashford Trust | Other services | Other
Related Party Transaction [Line Items]
Total revenues											1,628	1,496	1,784
Ashford Trust | Base advisory fees, constrained and deferred | Advisory services fees
Related Party Transaction [Line Items]
Total revenues											7,200
Braemar
Related Party Transaction [Line Items]
Total revenues											50,674	36,372	36,221
Cost of revenues for audio visual													561
Braemar | REIT advisory
Related Party Transaction [Line Items]
Total revenues											22,911	19,581	21,334
Braemar | RED
Related Party Transaction [Line Items]
Total revenues											2,605	950
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues											38	84	52
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues											3,766	3,385	1,265
Braemar | Base fees
Related Party Transaction [Line Items]
Total revenues											2,304	1,037	248
Braemar | Incentive fees
Related Party Transaction [Line Items]
Total revenues											612	0	38
Braemar | Hotel management fees
Related Party Transaction [Line Items]
Total revenues											2,916	1,037	286
Braemar | Design and construction fees
Related Party Transaction [Line Items]
Total revenues											2,230	2,127	8,547
Braemar | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues											18,345	9,524	2,437
Braemar | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues											3,009	2,848	10,123
Braemar | Audio visual
Related Party Transaction [Line Items]
Cost of revenues for audio visual											998	495
Braemar | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues											2,175	1,151	1,329
Braemar | Other
Related Party Transaction [Line Items]
Cost of revenues for audio visual											421	149	14
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues											30,394	18,898	13,239
Braemar | Total advisory services revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues											11,327	10,503	11,698
Braemar | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues											10,806	9,981	10,499
Braemar | Incentive fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues											0	0	678
Braemar | Other advisory revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues											521	522	521
Braemar | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues											3,807	3,807	2,451
Braemar | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues											2,605	950
Braemar | Watersports, ferry and excursion services | Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues											2,117	550	347
Braemar | Watersports, ferry and excursion services | Other | RED
Related Party Transaction [Line Items]
Total revenues													1,010
Braemar | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues											1,003	2,559	704
Braemar | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues											7	108	135
Braemar | Lease revenue | Other
Related Party Transaction [Line Items]
Total revenues											0	0	335
Braemar | Other services | Other
Related Party Transaction [Line Items]
Total revenues											$ 192	$ 190	$ 267

Related Party Transactions - Am

Related Party Transactions - Amounts Due (To) From Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Ashford Trust
Related Party Transaction [Line Items]
Due from related parties	$ 2,575	$ 13,198
Ashford Trust | Ashford Holdings | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	691	9,152
Ashford Trust | AIM | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	0	(111)
Ashford Trust | Remington | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(44)	498
Ashford Trust | Premier | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	737	(268)
Ashford Trust | INSPIRE | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	985	136
Ashford Trust | OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	16	12
Ashford Trust | Pure Wellness | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	177	359
Ashford Trust | Lismore | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	13	3,420
Braemar
Related Party Transaction [Line Items]
Due from related parties	1,144	2,142
Braemar | Ashford Holdings | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	354	1,978
Braemar | Remington | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(234)	(162)
Braemar | Premier | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	327	179
Braemar | INSPIRE | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	494	2
Braemar | OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	2	3
Braemar | RED | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	$ 201	$ 142

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						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (163)	$ (5,720)	$ (8,174)	$ (13,217)	$ (7,996)	$ (177,640)	$ (13,894)	$ (185,636)	$ (14,057)	$ (198,853)	$ (9,925)	$ (212,365)	$ (13,855)
Less: Dividends on preferred stock, declared and undeclared											(35,000)	(32,095)	(14,435)
Less: Amortization of preferred stock discount											(1,053)	(2,887)	(1,928)
Add: Deemed Contribution on preferred stock											0	0	1,161
Undistributed net income (loss) allocated to common stockholders											(45,978)	(247,347)	(29,057)
Distributed and undistributed net income (loss) - basic											(45,978)	(247,347)	(29,057)
Effect of deferred compensation plan											0	0	(5,732)
Distributed and undistributed net income (loss) - diluted											$ (45,978)	$ (247,347)	$ (34,789)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,785	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259	2,756	2,284	2,416
Effect of deferred compensation plan shares (in shares)											0	0	152
Weighted average common shares outstanding – diluted (in shares)	2,982	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259	2,756	2,284	2,568
Income (loss) per share – basic:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (3.31)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)	$ (16.68)	$ (108.30)	$ (12.03)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (3.64)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)	$ (16.68)	$ (108.30)	$ (13.55)

Income (Loss) Per Share - Dilut

Income (Loss) Per Share - Diluted Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders											$ 35,838	$ 32,737	$ 14,219
Deemed contribution on preferred stock											0	0	(1,161)
Dividends on preferred stock, declared and undeclared	$ 8,762	$ 8,633	$ 8,606	$ 7,985	$ 7,940	$ 7,875	$ 17,239	$ 15,815	$ 26,001	$ 23,800	35,000	32,095	14,435
Amortization of preferred stock discount											$ 1,053	$ 2,887	$ 1,928
Weighted average diluted shares (in shares)											4,538	4,642	2,031
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)											124	23	11
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	20
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											$ (63)	$ (432)	$ (54)
Weighted average diluted shares (in shares)											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											$ (152)	$ (1,813)	$ (929)
Weighted average diluted shares (in shares)											145	504	159
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)											4,265	4,111	1,837

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information (Details) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment											7
REVENUE
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
EXPENSES
Depreciation and amortization	8,056	8,259	8,139	10,094	10,109	9,969	16,398	20,078	24,454	30,172	32,598	39,957	24,542
Impairment	1,160	0	0	0	0	178,213	0	178,213	1,160	178,213	1,160	188,837	0
Other operating expenses											152,086	129,986	193,295
Reimbursed expenses	59,822	45,217	32,115	31,970	26,443	68,229	77,332	94,672	137,154	126,642	203,956	158,501	80,421
Total expenses	107,559	90,412	70,053	74,400	59,125	305,011	160,465	364,136	268,024	438,536	389,800	517,281	298,258
OPERATING INCOME (LOSS)	627	(5,000)	(7,685)	(14,634)	(11,139)	(178,451)	(12,685)	(189,590)	(12,058)	(204,224)	(5,233)	(223,930)	(11,230)
Equity in earnings (loss) of unconsolidated entities	12	(58)	(114)	48	17	236	(172)	253	(160)	301	(126)	212	(286)
Interest expense	(1,290)	(1,288)	(1,267)	(1,259)	(1,246)	(1,176)	(2,555)	(2,422)	(3,845)	(3,681)	(5,144)	(5,389)	(2,059)
Amortization of loan costs	(78)	(45)	(86)	(86)	(90)	(66)	(131)	(156)	(209)	(242)	(322)	(318)	(308)
Interest income	72	72	63	0	1	28	135	29	207	29	285	32	46
Realized gain (loss) on investments	370	(179)	(194)	0	(11)	(375)	(373)	(386)	(3)	(386)	(3)	(386)	0
Other income (expense)	29	(172)	(113)	(44)	66	(521)	(285)	(455)	(256)	(499)	(437)	(264)	3
INCOME (LOSS) BEFORE INCOME TAXES	(258)	(6,670)	(9,396)	(15,975)	(12,402)	(180,325)	(16,066)	(192,727)	(16,324)	(208,702)	(10,980)	(230,043)	(13,834)
Income tax (expense) benefit	(98)	697	951	1,835	3,484	2,085	1,648	5,569	1,550	7,404	162	14,255	(1,540)
NET INCOME (LOSS)	(356)	(5,973)	(8,445)	(14,140)	(8,918)	(178,240)	(14,418)	(187,158)	(14,774)	(201,298)	(10,818)	(215,788)	(15,374)
REIT Advisory
REVENUE
Total revenues											74,616	70,169	84,701
EXPENSES
Depreciation and amortization											4,039	9,131	6,778
Impairment											0	0
Other operating expenses											645	8,035	0
Reimbursed expenses											26,949	24,627	35,643
Total expenses											31,633	41,793	42,421
OPERATING INCOME (LOSS)											42,983	28,376	42,280
Equity in earnings (loss) of unconsolidated entities											0	0	0
Interest expense											0	0	0
Amortization of loan costs											0	0	0
Interest income											0	0	0
Realized gain (loss) on investments											0	0
Other income (expense)											0	0	0
INCOME (LOSS) BEFORE INCOME TAXES											42,983	28,376	42,280
Income tax (expense) benefit											(10,097)	(8,066)	(9,861)
NET INCOME (LOSS)											32,886	20,310	32,419
Remington
REVENUE
Total revenues											197,802	145,596	43,065
EXPENSES
Depreciation and amortization											12,141	13,943	2,459
Impairment											0	126,548
Other operating expenses											14,525	12,751	2,555
Reimbursed expenses											171,522	128,470	38,539
Total expenses											198,188	281,712	43,553
OPERATING INCOME (LOSS)											(386)	(136,116)	(488)
Equity in earnings (loss) of unconsolidated entities											(139)	0	0
Interest expense											0	0	0
Amortization of loan costs											0	0	0
Interest income											277	0	0
Realized gain (loss) on investments											(3)	(386)
Other income (expense)											10	27	2
INCOME (LOSS) BEFORE INCOME TAXES											(241)	(136,475)	(486)
Income tax (expense) benefit											(1,406)	3,108	(140)
NET INCOME (LOSS)											(1,647)	(133,367)	(626)
Premier
REVENUE
Total revenues											12,413	11,604	30,580
EXPENSES
Depreciation and amortization											12,230	12,628	12,494
Impairment											0	49,524
Other operating expenses											8,846	7,930	11,821
Reimbursed expenses											2,856	2,668	4,996
Total expenses											23,932	72,750	29,311
OPERATING INCOME (LOSS)											(11,519)	(61,146)	1,269
Equity in earnings (loss) of unconsolidated entities											0	0	0
Interest expense											0	0	0
Amortization of loan costs											0	0	0
Interest income											0	0	0
Realized gain (loss) on investments											0	0
Other income (expense)											0	0	0
INCOME (LOSS) BEFORE INCOME TAXES											(11,519)	(61,146)	1,269
Income tax (expense) benefit											2,414	3,267	(1,248)
NET INCOME (LOSS)											(9,105)	(57,879)	21
INSPIRE
REVENUE
Total revenues											49,900	37,881	110,609
EXPENSES
Depreciation and amortization											1,880	1,968	1,995
Impairment											1,160	12,692
Other operating expenses											52,228	45,125	110,815
Reimbursed expenses											20	0	0
Total expenses											55,288	59,785	112,810
OPERATING INCOME (LOSS)											(5,388)	(21,904)	(2,201)
Equity in earnings (loss) of unconsolidated entities											0	0	0
Interest expense											(876)	(1,253)	(1,114)
Amortization of loan costs											(121)	(57)	(55)
Interest income											0	0	0
Realized gain (loss) on investments											0	0
Other income (expense)											(189)	(48)	30
INCOME (LOSS) BEFORE INCOME TAXES											(6,574)	(23,262)	(3,340)
Income tax (expense) benefit											1,326	5,060	271
NET INCOME (LOSS)											(5,248)	(18,202)	(3,069)
RED
REVENUE
Total revenues											23,867	9,663	9,354
EXPENSES
Depreciation and amortization											400	329	126
Impairment											0	0
Other operating expenses											18,547	9,942	8,826
Reimbursed expenses											0	0	0
Total expenses											18,947	10,271	8,952
OPERATING INCOME (LOSS)											4,920	(608)	402
Equity in earnings (loss) of unconsolidated entities											0	0	0
Interest expense											(628)	(554)	(349)
Amortization of loan costs											(81)	(4)	(26)
Interest income											0	0	0
Realized gain (loss) on investments											0	0
Other income (expense)											(252)	(72)	(37)
INCOME (LOSS) BEFORE INCOME TAXES											3,959	(1,238)	(10)
Income tax (expense) benefit											(1,025)	523	(510)
NET INCOME (LOSS)											2,934	(715)	(520)
OpenKey
REVENUE
Total revenues											1,965	1,479	987
EXPENSES
Depreciation and amortization											15	19	27
Impairment											0	0
Other operating expenses											5,170	4,044	3,399
Reimbursed expenses											0	0	0
Total expenses											5,185	4,063	3,426
OPERATING INCOME (LOSS)											(3,220)	(2,584)	(2,439)
Equity in earnings (loss) of unconsolidated entities											0	0	0
Interest expense											0	0	(2)
Amortization of loan costs											0	0	(35)
Interest income											0	0	0
Realized gain (loss) on investments											0	0
Other income (expense)											7	(6)	19
INCOME (LOSS) BEFORE INCOME TAXES											(3,213)	(2,590)	(2,457)
Income tax (expense) benefit											0	0	0
NET INCOME (LOSS)											(3,213)	(2,590)	(2,457)
Corporate and Other
REVENUE
Total revenues											24,004	16,959	7,732
EXPENSES
Depreciation and amortization											1,893	1,939	663
Impairment											0	73
Other operating expenses											52,125	42,159	55,879
Reimbursed expenses											2,609	2,736	1,243
Total expenses											56,627	46,907	57,785
OPERATING INCOME (LOSS)											(32,623)	(29,948)	(50,053)
Equity in earnings (loss) of unconsolidated entities											13	212	(286)
Interest expense											(3,640)	(3,582)	(594)
Amortization of loan costs											(120)	(257)	(192)
Interest income											8	32	46
Realized gain (loss) on investments											0	0
Other income (expense)											(13)	(165)	(11)
INCOME (LOSS) BEFORE INCOME TAXES											(36,375)	(33,708)	(51,090)
Income tax (expense) benefit											8,950	10,363	9,948
NET INCOME (LOSS)											(27,425)	(23,345)	(41,142)
Advisory services fees
REVENUE
Total revenues	10,143	10,062	9,927	10,832	11,430	11,836	19,989	23,266	30,132	34,098	47,566	45,247	44,184
Advisory services fees | REIT Advisory
REVENUE
Total revenues											47,566	45,247	44,184
Advisory services fees | Remington
REVENUE
Total revenues											0	0	0
Advisory services fees | Premier
REVENUE
Total revenues											0	0	0
Advisory services fees | INSPIRE
REVENUE
Total revenues											0	0	0
Advisory services fees | RED
REVENUE
Total revenues											0	0	0
Advisory services fees | OpenKey
REVENUE
Total revenues											0	0	0
Advisory services fees | Corporate and Other
REVENUE
Total revenues											0	0	0
Hotel management fees
REVENUE
Total revenues	7,750	6,515	4,472	3,777	3,691	6,124	10,987	9,815	18,737	13,592	26,260	17,126	4,526
Hotel management fees | REIT Advisory
REVENUE
Total revenues											0	0	0
Hotel management fees | Remington
REVENUE
Total revenues											26,260	17,126	4,526
Hotel management fees | Premier
REVENUE
Total revenues											0	0	0
Hotel management fees | INSPIRE
REVENUE
Total revenues											0	0	0
Hotel management fees | RED
REVENUE
Total revenues											0	0	0
Hotel management fees | OpenKey
REVENUE
Total revenues											0	0	0
Hotel management fees | Corporate and Other
REVENUE
Total revenues											0	0	0
Design and construction fees
REVENUE
Total revenues	2,202	1,867	1,542	1,790	2,052	3,938	3,409	5,990	5,611	7,780	9,557	8,936	25,584
Design and construction fees | REIT Advisory
REVENUE
Total revenues											0	0	0
Design and construction fees | Remington
REVENUE
Total revenues											0	0	0
Design and construction fees | Premier
REVENUE
Total revenues											9,557	8,936	25,584
Design and construction fees | INSPIRE
REVENUE
Total revenues											0	0	0
Design and construction fees | RED
REVENUE
Total revenues											0	0	0
Design and construction fees | OpenKey
REVENUE
Total revenues											0	0	0
Design and construction fees | Corporate and Other
REVENUE
Total revenues											0	0	0
Audio visual
REVENUE
Total revenues	15,108	9,451	3,611	3,114	970	29,674	13,062	30,644	28,170	33,758	49,880	37,881	110,609
Audio visual | REIT Advisory
REVENUE
Total revenues											0	0	0
Audio visual | Remington
REVENUE
Total revenues											0	0	0
Audio visual | Premier
REVENUE
Total revenues											0	0	0
Audio visual | INSPIRE
REVENUE
Total revenues											49,880	37,881	110,609
Audio visual | RED
REVENUE
Total revenues											0	0	0
Audio visual | OpenKey
REVENUE
Total revenues											0	0	0
Audio visual | Corporate and Other
REVENUE
Total revenues											0	0	0
Other
REVENUE
Total revenues	13,104	12,166	10,629	8,222	3,337	6,691	22,795	10,028	35,899	18,250	47,329	25,602	21,179
Other | REIT Advisory
REVENUE
Total revenues											81	237	4,349
Other | Remington
REVENUE
Total revenues											20	0	0
Other | Premier
REVENUE
Total revenues											0	0	0
Other | INSPIRE
REVENUE
Total revenues											0	0	0
Other | RED
REVENUE
Total revenues											23,867	9,663	9,354
Other | OpenKey
REVENUE
Total revenues											1,965	1,479	987
Other | Corporate and Other
REVENUE
Total revenues											21,396	14,223	6,489
Cost reimbursement revenue
REVENUE
Total revenues	$ 59,879	$ 45,351	$ 32,187	$ 32,031	$ 26,506	$ 68,297	$ 77,538	$ 94,803	$ 137,417	$ 126,834	203,975	158,559	80,946
Cost reimbursement revenue | REIT Advisory
REVENUE
Total revenues											26,969	24,685	36,168
Cost reimbursement revenue | Remington
REVENUE
Total revenues											171,522	128,470	38,539
Cost reimbursement revenue | Premier
REVENUE
Total revenues											2,856	2,668	4,996
Cost reimbursement revenue | INSPIRE
REVENUE
Total revenues											20	0	0
Cost reimbursement revenue | RED
REVENUE
Total revenues											0	0	0
Cost reimbursement revenue | OpenKey
REVENUE
Total revenues											0	0	0
Cost reimbursement revenue | Corporate and Other
REVENUE
Total revenues											2,608	2,736	1,243
Cost reimbursement revenue | Consolidation, Eliminations | Remington
REVENUE
Total revenues											$ 8,600	$ 9,400	$ 1,400

Segment Reporting - Long-lived

Segment Reporting - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property and equipment, net	$ 83,566	$ 88,760
United States
Segment Reporting Information [Line Items]
Property and equipment, net	80,879	84,784
Mexico
Segment Reporting Information [Line Items]
Property and equipment, net	2,119	3,662
Dominican Republic
Segment Reporting Information [Line Items]
Property and equipment, net	365	314
United Kingdom (Turks and Caicos Islands)
Segment Reporting Information [Line Items]
Property and equipment, net	$ 203	$ 0

Concentration of Risk (Details)

Concentration of Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Remington | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	93.70%	97.90%	99.40%
Premier | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	72.10%	83.10%	98.50%
INSPIRE | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	17.90%	16.60%	18.40%
INSPIRE | Assets | Mexico | Geographic Concentration Risk
Concentration Risk [Line Items]
Net assets	$ (864)	$ (389)
INSPIRE | Assets | Dominican Republic | Geographic Concentration Risk
Concentration Risk [Line Items]
Net assets	$ (201)	$ (30)
OpenKey | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	8.00%	21.50%	16.50%
RED | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	10.90%	9.80%	10.80%
RED | Assets | Turks and Caicos | Geographic Concentration Risk
Concentration Risk [Line Items]
Net assets	$ 172	$ 0
Pure Wellness | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	62.10%	73.70%	60.10%
Lismore | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	100.00%	100.00%	100.00%

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Total revenues	$ 108,186	$ 85,412	$ 62,368	$ 59,766	$ 47,986	$ 126,560	$ 147,780	$ 174,546	$ 255,966	$ 234,312	$ 384,567	$ 293,351	$ 287,028
EXPENSES
Salaries and benefits	13,793	17,392	15,776	13,820	13,677	16,310	33,168	29,987	46,961	43,807	65,251	57,171	59,659
Depreciation and amortization	8,056	8,259	8,139	10,094	10,109	9,969	16,398	20,078	24,454	30,172	32,598	39,957	24,542
General and administrative	7,585	6,591	5,268	5,540	4,341	6,183	11,859	10,524	19,444	16,064	26,288	20,351	33,484
Impairment	1,160	0	0	0	0	178,213	0	178,213	1,160	178,213	1,160	188,837	0
Other	4,758	5,059	3,611	9,147	1,361	4,226	8,670	5,587	13,428	14,734	18,199	18,687	12,062
Reimbursed expenses	59,822	45,217	32,115	31,970	26,443	68,229	77,332	94,672	137,154	126,642	203,956	158,501	80,421
Total expenses	107,559	90,412	70,053	74,400	59,125	305,011	160,465	364,136	268,024	438,536	389,800	517,281	298,258
OPERATING INCOME (LOSS)	627	(5,000)	(7,685)	(14,634)	(11,139)	(178,451)	(12,685)	(189,590)	(12,058)	(204,224)	(5,233)	(223,930)	(11,230)
Equity in earnings (loss) of unconsolidated entities	12	(58)	(114)	48	17	236	(172)	253	(160)	301	(126)	212	(286)
Interest expense	(1,290)	(1,288)	(1,267)	(1,259)	(1,246)	(1,176)	(2,555)	(2,422)	(3,845)	(3,681)	(5,144)	(5,389)	(2,059)
Amortization of loan costs	(78)	(45)	(86)	(86)	(90)	(66)	(131)	(156)	(209)	(242)	(322)	(318)	(308)
Interest income	72	72	63	0	1	28	135	29	207	29	285	32	46
Realized gain (loss) on investments	370	(179)	(194)	0	(11)	(375)	(373)	(386)	(3)	(386)	(3)	(386)	0
Other income (expense)	29	(172)	(113)	(44)	66	(521)	(285)	(455)	(256)	(499)	(437)	(264)	3
INCOME (LOSS) BEFORE INCOME TAXES	(258)	(6,670)	(9,396)	(15,975)	(12,402)	(180,325)	(16,066)	(192,727)	(16,324)	(208,702)	(10,980)	(230,043)	(13,834)
Income tax (expense) benefit	(98)	697	951	1,835	3,484	2,085	1,648	5,569	1,550	7,404	162	14,255	(1,540)
NET INCOME (LOSS)	(356)	(5,973)	(8,445)	(14,140)	(8,918)	(178,240)	(14,418)	(187,158)	(14,774)	(201,298)	(10,818)	(215,788)	(15,374)
(Income) loss from consolidated entities attributable to noncontrolling interests	180	234	95	319	278	160	329	438	509	757	678	1,178	536
Net (income) loss attributable to redeemable noncontrolling interests	13	19	176	604	644	440	195	1,084	208	1,688	215	2,245	983
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(163)	(5,720)	(8,174)	(13,217)	(7,996)	(177,640)	(13,894)	(185,636)	(14,057)	(198,853)	(9,925)	(212,365)	(13,855)
Preferred dividends, declared and undeclared	(8,762)	(8,633)	(8,606)	(7,985)	(7,940)	(7,875)	(17,239)	(15,815)	(26,001)	(23,800)	(35,000)	(32,095)	(14,435)
Amortization of preferred stock discount	(306)	(311)	(316)	(781)	(795)	(810)	(627)	(1,605)	(933)	(2,386)	(1,053)	(2,887)	(1,928)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (9,231)	$ (14,664)	$ (17,096)	$ (21,983)	$ (16,731)	$ (186,325)	$ (31,760)	$ (203,056)	$ (40,991)	$ (225,039)	$ (45,978)	$ (247,347)	$ (30,218)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.31)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)	$ (16.68)	$ (108.30)	$ (12.03)
Weighted average common shares outstanding (in shares)	2,785	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259	2,756	2,284	2,416
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.64)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)	$ (16.68)	$ (108.30)	$ (13.55)
Weighted average common shares outstanding (in shares)	2,982	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259	2,756	2,284	2,568
As Previously Reported
REVENUE
Total revenues	$ 102,355	$ 88,340	$ 63,933	$ 55,868	$ 45,598	$ 133,842	$ 152,273	$ 179,440	$ 254,628	$ 235,308		$ 297,428	$ 291,250
EXPENSES
Salaries and benefits	13,793	17,392	15,776	13,820	13,677	16,310	33,168	29,987	46,961	43,807
Depreciation and amortization	8,056	8,259	8,139	10,094	10,109	9,969	16,398	20,078	24,454	30,172
General and administrative	7,585	6,591	5,268	5,540	4,341	6,183	11,859	10,524	19,444	16,064
Impairment	1,160	0	0	0	0	178,213	0	178,213	1,160	178,213
Other	4,758	5,059	3,611	9,147	1,361	4,226	8,670	5,587	13,428	14,734
Reimbursed expenses	53,991	48,145	33,680	28,072	24,055	75,511	81,825	99,566	135,816	127,638		162,578	84,643
Total expenses	101,728	93,340	71,618	70,502	56,737	312,293	164,958	369,030	266,686	439,532		521,358	302,480
OPERATING INCOME (LOSS)	627	(5,000)	(7,685)	(14,634)	(11,139)	(178,451)	(12,685)	(189,590)	(12,058)	(204,224)		(223,930)	(11,230)
Equity in earnings (loss) of unconsolidated entities	12	(58)	(114)	48	17	236	(172)	253	(160)	301
Interest expense	(1,290)	(1,288)	(1,267)	(1,259)	(1,246)	(1,176)	(2,555)	(2,422)	(3,845)	(3,681)
Amortization of loan costs	(78)	(45)	(86)	(86)	(90)	(66)	(131)	(156)	(209)	(242)
Interest income	72	72	63	0	1	28	135	29	207	29
Realized gain (loss) on investments	370	(179)	(194)	0	(11)	(375)	(373)	(386)	(3)	(386)
Other income (expense)	29	(172)	(113)	(44)	66	(521)	(285)	(455)	(256)	(499)
INCOME (LOSS) BEFORE INCOME TAXES	(258)	(6,670)	(9,396)	(15,975)	(12,402)	(180,325)	(16,066)	(192,727)	(16,324)	(208,702)
Income tax (expense) benefit	(98)	697	951	1,835	3,484	2,085	1,648	5,569	1,550	7,404
NET INCOME (LOSS)	(356)	(5,973)	(8,445)	(14,140)	(8,918)	(178,240)	(14,418)	(187,158)	(14,774)	(201,298)
(Income) loss from consolidated entities attributable to noncontrolling interests	180	234	95	319	278	160	329	438	509	757
Net (income) loss attributable to redeemable noncontrolling interests	13	19	176	604	644	440	195	1,084	208	1,688
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(163)	(5,720)	(8,174)	(13,217)	(7,996)	(177,640)	(13,894)	(185,636)	(14,057)	(198,853)
Preferred dividends, declared and undeclared	(8,762)	(8,633)	(8,606)	(7,985)	(7,940)	(7,875)	(17,239)	(15,815)	(26,001)	(23,800)
Amortization of preferred stock discount	(306)	(311)	(316)	(781)	(795)	(810)	(627)	(1,605)	(933)	(2,386)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (9,231)	$ (14,664)	$ (17,096)	$ (21,983)	$ (16,731)	$ (186,325)	$ (31,760)	$ (203,056)	$ (40,991)	$ (225,039)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.31)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)
Weighted average common shares outstanding (in shares)	2,785	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.64)	$ (5.31)	$ (6.36)	$ (9.53)	$ (7.37)	$ (84.73)	$ (11.66)	$ (90.81)	$ (14.93)	$ (99.62)
Weighted average common shares outstanding (in shares)	2,982	2,764	2,686	2,306	2,269	2,199	2,724	2,236	2,746	2,259
Adjustment
REVENUE
Total revenues	$ 5,831	$ (2,928)	$ (1,565)	$ 3,898	$ 2,388	$ (7,282)	$ (4,493)	$ (4,894)	$ 1,338	$ (996)		(4,077)	(4,222)
EXPENSES
Salaries and benefits	0	0	0	0	0	0	0	0	0	0
Depreciation and amortization	0	0	0	0	0	0	0	0	0	0
General and administrative	0	0	0	0	0	0	0	0	0	0
Impairment	0	0	0	0	0	0	0	0	0	0
Other	0	0	0	0	0	0	0	0	0	0
Reimbursed expenses	5,831	(2,928)	(1,565)	3,898	2,388	(7,282)	(4,493)	(4,894)	1,338	(996)		(4,077)	(4,222)
Total expenses	5,831	(2,928)	(1,565)	3,898	2,388	(7,282)	(4,493)	(4,894)	1,338	(996)		(4,077)	(4,222)
OPERATING INCOME (LOSS)	0	0	0	0	0	0	0	0	0	0		0	0
Equity in earnings (loss) of unconsolidated entities	0	0	0	0	0	0	0	0	0	0
Interest expense	0	0	0	0	0	0	0	0	0	0
Amortization of loan costs	0	0	0	0	0	0	0	0	0	0
Interest income	0	0	0	0	0	0	0	0	0	0
Realized gain (loss) on investments	0	0	0	0	0	0	0	0	0	0
Other income (expense)	0	0	0	0	0	0	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	0	0	0	0	0	0	0	0	0	0
Income tax (expense) benefit	0	0	0	0	0	0	0	0	0	0
NET INCOME (LOSS)	0	0	0	0	0	0	0	0	0	0
(Income) loss from consolidated entities attributable to noncontrolling interests	0	0	0	0	0	0	0	0	0	0
Net (income) loss attributable to redeemable noncontrolling interests	0	0	0	0	0	0	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	0	0	0	0	0	0	0	0	0	0
Preferred dividends, declared and undeclared	0	0	0	0	0	0	0	0	0	0
Amortization of preferred stock discount	0	0	0	0	0	0	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding (in shares)	0	0	0	0	0	0	0	0	0	0
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding (in shares)	0	0	0	0	0	0	0	0	0	0
Advisory services fees
REVENUE
Total revenues	$ 10,143	$ 10,062	$ 9,927	$ 10,832	$ 11,430	$ 11,836	$ 19,989	$ 23,266	$ 30,132	$ 34,098	$ 47,566	45,247	44,184
Advisory services fees | As Previously Reported
REVENUE
Total revenues	10,143	10,062	9,927	10,832	11,430	11,836	19,989	23,266	30,132	34,098
Advisory services fees | Adjustment
REVENUE
Total revenues	0	0	0	0	0	0	0	0	0	0
Hotel management fees
REVENUE
Total revenues	7,750	6,515	4,472	3,777	3,691	6,124	10,987	9,815	18,737	13,592	26,260	17,126	4,526
Hotel management fees | As Previously Reported
REVENUE
Total revenues	7,750	6,515	4,472	3,777	3,691	6,124	10,987	9,815	18,737	13,592
Hotel management fees | Adjustment
REVENUE
Total revenues	0	0	0	0	0	0	0	0	0	0
Design and construction fees
REVENUE
Total revenues	2,202	1,867	1,542	1,790	2,052	3,938	3,409	5,990	5,611	7,780	9,557	8,936	25,584
EXPENSES
Cost of revenues	1,032	1,022	758	703	878	1,451	1,780	2,329	2,812	3,032	4,105	3,521	5,853
Design and construction fees | As Previously Reported
REVENUE
Total revenues	2,202	1,867	1,542	1,790	2,052	3,938	3,409	5,990	5,611	7,780
EXPENSES
Cost of revenues	1,032	1,022	758	703	878	1,451	1,780	2,329	2,812	3,032
Design and construction fees | Adjustment
REVENUE
Total revenues	0	0	0	0	0	0	0	0	0	0
EXPENSES
Cost of revenues	0	0	0	0	0	0	0	0	0	0
Audio visual
REVENUE
Total revenues	15,108	9,451	3,611	3,114	970	29,674	13,062	30,644	28,170	33,758	49,880	37,881	110,609
EXPENSES
Cost of revenues	11,353	6,872	4,386	3,126	2,316	20,430	11,258	22,746	22,611	25,872	38,243	30,256	82,237
Audio visual | As Previously Reported
REVENUE
Total revenues	15,108	9,451	3,611	3,114	970	29,674	13,062	30,644	28,170	33,758
EXPENSES
Cost of revenues	11,353	6,872	4,386	3,126	2,316	20,430	11,258	22,746	22,611	25,872
Audio visual | Adjustment
REVENUE
Total revenues	0	0	0	0	0	0	0	0	0	0
EXPENSES
Cost of revenues	0	0	0	0	0	0	0	0	0	0
Other
REVENUE
Total revenues	13,104	12,166	10,629	8,222	3,337	6,691	22,795	10,028	35,899	18,250	47,329	25,602	21,179
Other | As Previously Reported
REVENUE
Total revenues	13,104	12,166	10,629	8,222	3,337	6,691	22,795	10,028	35,899	18,250
Other | Adjustment
REVENUE
Total revenues	0	0	0	0	0	0	0	0	0	0
Cost reimbursement revenue
REVENUE
Total revenues	59,879	45,351	32,187	32,031	26,506	68,297	77,538	94,803	137,417	126,834	$ 203,975	158,559	80,946
Cost reimbursement revenue | As Previously Reported
REVENUE
Total revenues	54,048	48,279	33,752	28,133	24,118	75,579	82,031	99,697	136,079	127,830		162,636	85,168
Cost reimbursement revenue | Adjustment
REVENUE
Total revenues	$ 5,831	$ (2,928)	$ (1,565)	$ 3,898	$ 2,388	$ (7,282)	$ (4,493)	$ (4,894)	$ 1,338	$ (996)		$ (4,077)	$ (4,222)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Thousands	Mar. 17, 2022	Mar. 15, 2022
Affiliated Entity
Subsequent Event [Line Items]
Cash incentive compensation limit		$ 8,476
Line of Credit | Facility One Due 2032 | RED
Subsequent Event [Line Items]
Face amount of debt	$ 1,500
Line of Credit | Facility Two Due 2032 | RED
Subsequent Event [Line Items]
Face amount of debt	$ 1,500
Line of Credit | Facility Due 2032 | RED
Subsequent Event [Line Items]
Interest rate	5.00%
Stated percentage rate period	3 years
Floor interest rate	5.00%
Line of Credit | Facility Due 2032 | Prime Rate | RED
Subsequent Event [Line Items]
Basis spread on variable rate	0.50%