Ashford (AINC) 10-K 16 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 14, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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
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			$ 27,013,649
Entity Common Stock, Shares Outstanding		3,215,434
Entity Central Index Key	0001604738
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2023 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AINC
Security Exchange Name	NYSEAMER
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSEAMER
No Trading Symbol Flag	true

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 44,390	$ 37,571
Restricted cash	37,058	34,878
Restricted investment	303	576
Accounts receivable, net	17,615	10,502
Due from affiliates	463	165
Inventories	2,143	1,555
Prepaid expenses and other	11,226	9,490
Total current assets	125,026	98,456
Investments in unconsolidated entities	4,217	3,581
Property and equipment, net	41,791	83,566
Operating lease right-of-use assets	23,844	26,975
Goodwill	58,675	56,622
Intangible assets, net	226,544	244,726
Other assets, net	2,259	870
Total assets	482,356	514,796
Current liabilities:
Accounts payable and accrued expenses	56,079	39,897
Dividends payable	27,285	34,574
Due to affiliates	15	0
Due to Ashford Trust	1,197	0
Deferred income	444	2,937
Notes payable, net	5,195	6,725
Finance lease liabilities	1,456	1,065
Operating lease liabilities	3,868	3,628
Other liabilities	25,630	25,899
Total current liabilities	121,169	114,725
Deferred income	7,356	7,968
Deferred tax liability, net	27,873	32,848
Deferred compensation plan	2,849	3,326
Notes payable, net	89,680	52,669
Finance lease liabilities	1,962	43,479
Operating lease liabilities	20,082	23,477
Other liabilities	3,237	0
Total liabilities	274,208	278,492
Commitments and contingencies (note 13)
MEZZANINE EQUITY
Redeemable noncontrolling interests	1,614	69
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,181,585 and 3,072,688 shares issued and 3,110,044 and 3,023,002 shares outstanding at December 31, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	297,715	294,395
Accumulated deficit	(568,482)	(534,999)
Accumulated other comprehensive income (loss)	78	(1,206)
Treasury stock, at cost, 71,541 and 49,686 shares at December 31, 2022 and December 31, 2021, respectively	(947)	(596)
Total equity (deficit) of the Company	(271,633)	(242,403)
Noncontrolling interests in consolidated entities	167	638
Total equity (deficit)	(271,466)	(241,765)
Total liabilities, mezzanine equity and equity (deficit)	482,356	514,796
Series D Convertible Preferred Stock
Current liabilities:
Dividends payable	27,100	34,600
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of December 31, 2022 and December 31, 2021	478,000	478,000
Ashford Trust
Current assets:
Due from related parties	0	2,575
Braemar
Current assets:
Due from related parties	$ 11,828	$ 1,144

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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)	3,181,585	3,072,688
Common stock, shares outstanding (in shares)	3,110,044	3,023,002
Treasury stock (in shares)	71,541	49,686
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Total revenues	$ 644,432	$ 384,567	$ 293,351
EXPENSES
Salaries and benefits	76,521	65,251	57,171
Depreciation and amortization	31,766	32,598	39,957
General and administrative	34,004	26,288	20,351
Impairment	0	1,160	188,837
Other expenses	25,828	18,199	18,687
Reimbursed expenses	361,375	203,956	158,501
Total expenses	622,839	389,800	517,281
OPERATING INCOME (LOSS)	21,593	(5,233)	(223,930)
Equity in earnings (loss) of unconsolidated entities	392	(126)	212
Interest expense	(9,996)	(5,144)	(5,389)
Amortization of loan costs	(761)	(322)	(318)
Interest income	371	285	32
Realized gain (loss) on investments	(121)	(3)	(386)
Other income (expense)	(25)	(437)	(264)
INCOME (LOSS) BEFORE INCOME TAXES	11,453	(10,980)	(230,043)
Income tax (expense) benefit	(8,530)	162	14,255
NET INCOME (LOSS)	2,923	(10,818)	(215,788)
(Income) loss from consolidated entities attributable to noncontrolling interests	1,171	678	1,178
Net (income) loss attributable to redeemable noncontrolling interests	(448)	215	2,245
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	3,646	(9,925)	(212,365)
Preferred dividends, declared and undeclared	(36,458)	(35,000)	(32,095)
Amortization of preferred stock discount	0	(1,053)	(2,887)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (32,812)	$ (45,978)	$ (247,347)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (11.26)	$ (16.68)	$ (108.30)
Weighted average common shares outstanding (in shares)	2,915	2,756	2,284
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (11.26)	$ (16.68)	$ (108.30)
Weighted average common shares outstanding (in shares)	2,915	2,756	2,284
Advisory services fees
REVENUE
Total revenues	$ 48,381	$ 47,566	$ 45,247
Hotel management fees
REVENUE
Total revenues	46,548	26,260	17,126
Design and construction fees
REVENUE
Total revenues	22,167	9,557	8,936
EXPENSES
Cost of revenues	8,359	4,105	3,521
Audio visual
REVENUE
Total revenues	121,261	49,880	37,881
EXPENSES
Cost of revenues	84,986	38,243	30,256
Other
REVENUE
Total revenues	44,312	47,329	25,602
Cost reimbursement revenue
REVENUE
Total revenues	$ 361,763	$ 203,975	$ 158,559

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 2,923	$ (10,818)	$ (215,788)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	645	(19)	(447)
Unrealized gain (loss) on restricted investment	0	(409)	(879)
Less reclassification for realized (gain) loss on restricted investment included in net income	0	378	386
COMPREHENSIVE INCOME (LOSS)	3,568	(10,868)	(216,728)
Comprehensive (income) loss attributable to noncontrolling interests	1,171	678	1,178
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(448)	215	2,310
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 4,291	$ (9,975)	$ (213,240)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	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, 2019		2,203,000
Beginning balance at Dec. 31, 2019	$ 42,024	$ 2	$ 285,825	$ (244,084)	$ (216)	$ (131)	$ 628		$ 4,131
Beginning balance (in shares) at Dec. 31, 2019						(2,000)
Beginning balance (in shares) at Dec. 31, 2019								19,120,000
Beginning balance at Dec. 31, 2019								$ 474,060
Equity-based compensation (in shares)		694,000
Equity-based compensation	8,150	$ 1	8,140				9
Purchase of treasury stock (in shares)		(2,000)				(2,000)
Purchase of treasury stock	(18)					$ (18)
Forfeiture of restricted common shares (in shares)		(28,000)				(28,000)
Forfeiture of restricted common shares	0		289			$ (289)
Amortization of preferred stock discount	(2,887)			(2,887)				$ 2,887
Dividends declared and undeclared - preferred stock	$ (32,095)			(32,095)
Deferred compensation plan distribution (in shares)	1,000	1,000
Fair value	$ 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)
Less reclassification for realized (gain) loss on restricted investment included in net income	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		2,868,000
Ending balance at Dec. 31, 2020	(199,598)	$ 3	293,597	(491,483)	(1,156)	$ (438)	(121)		1,834
Ending balance (in shares) at Dec. 31, 2020						(32,000)
Ending balance (in shares) at Dec. 31, 2020								19,120,000
Ending balance at Dec. 31, 2020								$ 476,947
Equity-based compensation (in shares)		169,000
Equity-based compensation	4,299		4,296				3
Purchase of treasury stock (in shares)		(14,000)				(14,000)
Purchase of treasury stock	(121)					$ (121)
Forfeiture of restricted common shares (in shares)		(3,000)				(3,000)
Forfeiture of restricted common shares	0		37			$ (37)
Amortization of preferred stock discount	(1,053)			(1,053)				$ 1,053
Dividends declared and undeclared - preferred stock	$ (35,000)			(35,000)
Deferred compensation plan distribution (in shares)	3,000	3,000
Fair value	$ 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		0
Redemption value adjustment	(98)			(98)					98
Foreign currency translation adjustment	(19)				(19)
Unrealized gain (loss) on available for sale securities	(409)				(409)
Less reclassification for realized (gain) loss on restricted investment included in net income	378				378
Net income (loss)	(9,925)			(9,925)
Net income (loss)	(10,603)						(678)		(215)
Ending balance (in shares) at Dec. 31, 2021		3,023,000
Ending balance at Dec. 31, 2021	$ (241,765)	$ 3	294,395	(534,999)	(1,206)	$ (596)	638		69
Ending balance (in shares) at Dec. 31, 2021	(49,686)					(49,000)
Ending balance (in shares) at Dec. 31, 2021								19,120,000
Ending balance at Dec. 31, 2021								$ 478,000
Equity-based compensation (in shares)		109,000
Equity-based compensation	$ 3,753		3,753						164
Purchase of treasury stock (in shares)		(16,000)				(16,000)
Purchase of treasury stock	(270)					$ (270)
Forfeiture of restricted common shares (in shares)		(6,000)				(6,000)
Forfeiture of restricted common shares			81			$ (81)
Acquisition of Chesapeake									1,390
Amortization of preferred stock discount	0
Dividends declared and undeclared - preferred stock	$ (36,458)			(36,458)
Deferred compensation plan distribution (in shares)	0
Fair value	$ 0
Employee advances	(45)		(45)
Contributions from noncontrolling interests	327						327
Reallocation of carrying value			(469)				469
Redemption value adjustment	(32)			(32)					32
Distributions to consolidated noncontrolling interests	(96)						(96)		(489)
Foreign currency translation adjustment	645				645
Other				(639)	639
Less reclassification for realized (gain) loss on restricted investment included in net income	0
Net income (loss)	3,646			3,646
Net income (loss)	2,475						(1,171)		448
Ending balance (in shares) at Dec. 31, 2022		3,110,000
Ending balance at Dec. 31, 2022	$ (271,466)	$ 3	$ 297,715	$ (568,482)	$ 78	$ (947)	$ 167		$ 1,614
Ending balance (in shares) at Dec. 31, 2022	(71,541)					(71,000)
Ending balance (in shares) at Dec. 31, 2022								19,120,000
Ending balance at Dec. 31, 2022								$ 478,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net income (loss)	$ 2,923	$ (10,818)	$ (215,788)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	38,003	38,497	45,674
Change in fair value of deferred compensation plan	(477)	1,671	(3,012)
Equity-based compensation	4,045	4,553	5,562
Equity in (earnings) loss in unconsolidated entities	(392)	126	(212)
Deferred tax expense (benefit)	(4,258)	(5,056)	(22,410)
Change in fair value of contingent consideration	650	23	436
Impairment	0	1,160	188,837
(Gain) loss on disposal of assets	3,115	1,593	8,357
Amortization of other assets	663	1,039	1,286
Amortization of loan costs	761	322	318
Realized loss on restricted investments	86	378	386
Loss on disposition of Marietta	1,244	0	0
Other (gain) loss	117	(306)	145
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(9,317)	(4,180)	3,666
Due from affiliates	(298)	188	4
Inventories	(697)	(666)	79
Prepaid expenses and other	(2,017)	(1,744)	0
Investment in unconsolidated entities	156	69	0
Operating lease right-of-use assets	3,481	3,713	3,764
Other assets	(22)	99	(116)
Accounts payable and accrued expenses	16,881	302	5,565
Due to affiliates	240	(1,698)	461
Other liabilities	(286)	(4,029)	11,828
Operating lease liabilities	(3,505)	(3,724)	(3,650)
Deferred income	(3,108)	(10,481)	8,158
Net cash provided by (used in) operating activities	42,108	20,836	32,210
Cash Flows from Investing Activities
Additions to property and equipment	(14,797)	(8,074)	(4,591)
Proceeds from sale of property and equipment, net	466	2,104	4
Additional purchase price paid for Remington working capital adjustment	0	0	(1,293)
Investment in unconsolidated entity	(400)	(250)	0
Acquisition of Chesapeake, net of cash acquired	(6,363)	0	0
Cash held by Marietta upon disposition	(2,123)	0	0
Acquisition of non-controlling interest in consolidated subsidiaries	0	0	(150)
Purchase of common stock of related parties	0	(873)	0
Proceeds from sale of equity method investment	0	535	0
Proceeds from note receivable	1,380	0	0
Issuance of note receivable	(530)	(2,880)	0
Net cash provided by (used in) investing activities	(22,367)	(9,438)	(6,030)
Cash Flows from Financing Activities
Payments for dividends on preferred stock	(43,919)	(16,706)	(20,540)
Payments on revolving credit facilities	(2,910)	(1,063)	(15,723)
Borrowings on revolving credit facilities	1,092	1,826	14,660
Proceeds from notes payable	70,397	2,900	44,797
Payments on notes payable	(31,098)	(8,737)	(17,775)
Payments on finance lease liabilities	(1,160)	(439)	(785)
Payments of loan costs	(2,714)	(222)	(375)
Purchase of treasury stock	(270)	(121)	(18)
Employee advances	(45)	180	(584)
Payment of contingent consideration	0	0	(1,384)
Contributions from noncontrolling interest	327	734	457
Distributions to noncontrolling interests in consolidated entities	(413)	0	0
Net cash provided by (used in) financing activities	(10,713)	(21,648)	2,730
Effect of foreign exchange rate changes on cash and cash equivalents	(29)	33	507
Net change in cash, cash equivalents and restricted cash	8,999	(10,217)	29,417
Cash, cash equivalents and restricted cash at beginning of period	72,449	82,666	53,249
Cash, cash equivalents and restricted cash at end of period	81,448	72,449	82,666
Supplemental Cash Flow Information
Interest paid	9,749	5,022	4,761
Income taxes paid (refunded), net	6,403	6,628	8,539
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Chesapeake through issuance of Series CHP Units from our subsidiary Ashford Holdings	1,387	0	0
Acquisition related contingent consideration liability	1,670	0
Distribution from deferred compensation plan	0	51	11
Capital expenditures accrued but not paid	212	205	494
Finance lease additions	903	0	1,869
Acquisition of noncontrolling interest in consolidated entities with notes payable and common stock	0	2,202	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	44,390	37,571	45,270
Restricted cash	37,058	34,878	37,396
Cash, cash equivalents and restricted cash at end of period	81,448	72,449	82,666
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	2,575	10,623	(8,393)
Due to Ashford Trust	2,229	0	0
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	$ (10,684)	$ (818)	$ 1,265

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company”, “we”, “us” or “our”), a Nevada corporation, is an alternative asset management company with a portfolio of strategic operating businesses that provides products and services primarily to clients in the real estate and hospitality industries, 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”). We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) design and construction 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 U.S. 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 Ashford Trust or Braemar’s individual hotel properties, which duties are, and will continue to be, the responsibility of the hotel management companies that operate such hotel properties. Additionally, Remington Lodging & Hospitality, LLC (“Remington”), a subsidiary of the Company, operates certain hotel properties for Ashford Trust, Braemar and third-parties. Shareholder Rights Plan On August 30, 2022, we adopted a shareholder rights plan by entering into a Rights Agreement, dated August 30, 2022, with ComputerShare Trust Company, N.A., as rights agent (the “Rights Agreement”). The Rights Agreement was adopted in response to recent volatility of the stock market and trading of our common stock and is intended to protect the Company and its stockholders from efforts to obtain control or rapid share accumulations that are inconsistent with the best interests of the Company and its stockholders. The Board implemented the rights plan by declaring (i) a dividend to the holders of the Company’s common stock of one preferred share purchase right (a “Right”) for each share of common stock and (ii) a dividend to the holders of the Company’s Series D Convertible Preferred Stock of one Right in respect of each share of the Company’s common stock issuable upon conversion of the Series D Convertible Preferred Stock. The dividends were distributed on September 9, 2022, to our stockholders of record on that date. Each of those Rights becomes exercisable on the date on which the Rights separate and begin trading separately from our common stock and entitles the registered holder to purchase from the Company one one-thousandth of a share of our Series F Preferred Stock, par value $0.001 per share (“Series F Preferred Stock”), at a price of $275 per one one-thousandth of a share of our Series F Preferred Stock represented by such Right, subject to adjustment. The Rights will expire on July 30, 2023 unless the expiration date is extended or unless the Rights are earlier redeemed by the Company. The value of the Rights was de minimis. Other Developments On April 1, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. On April 18, 2022, the Company drew an additional $20.0 million on the Credit Facility. See note 8. On April 10, 2022, the Company’s board of directors (the “Board”) declared a cash dividend on the Company’s Series D Convertible Preferred Stock for accrued and unpaid dividends for the quarters ended June 30, 2020 and December 31, 2020 to stockholders of record as of April 11, 2022. The Company paid the dividend of approximately $17.8 million, or $0.932 per share of Series D Convertible Preferred Stock, on April 15, 2022. Dividends for the Series D Convertible Preferred Stock remain in arrears for the quarters ended June 30, 2021 and December 31, 2021. On each of April 15, 2022, July 15, 2022 and October 14, 2022 the Company paid $8.7 million of dividends previously declared by the Board with respect to the Company’s Series D Convertible Preferred Stock for the first, second and third quarters of 2022. On December 13, 2022, the Board declared a cash dividend on the Company’s Series D Convertible Preferred Stock for the quarter ended December 31, 2022. The Company paid the dividend of $8.7 million, or $0.455 per share of Series D Convertible Preferred Stock, on January 13, 2023. See note 15. On April 15, 2022, the Company acquired privately held Chesapeake Hospitality (“Chesapeake”), a third-party hotel management company, for a purchase price of $9.6 million. See note 4. In the third quarter of 2022, given the recent increases in the federal funds rate and interest rates on short-term U.S. Treasury securities, the independent members of the respective boards of directors of Ashford Trust and Braemar approved the engagement of the Company to actively manage and invest each of Ashford Trust’s and Braemar’s excess cash in short-term U.S. Treasury securities (the “Cash Management Strategy”). As consideration for the Company’s services under the respective engagements, (i) Ashford Trust will pay the Company an annual fee equal to 20 basis points (0.20%) of the average daily balance of Ashford Trust’s excess cash invested by the Company; and (ii) Braemar will pay the Company an annual fee equal to the lesser of (a) 20 basis points (0.20%) of the average daily balance of Braemar’s excess cash invested by the Company and (b) the actual rate of return realized by the Cash Management Strategy; provided that in no event will the Cash Management Fee be less than zero (such respective fees, the “Cash Management Fees”). The Cash Management Fees will be calculated and payable monthly in arrears. Investment of Ashford Trust’s and Braemar’s excess cash pursuant to the Cash Management Strategy commenced in October 2022. On December 16, 2022, the Company and Ashford Trust entered into an Agreement of Purchase and Sale (the “Purchase Agreement”) pursuant to which, effective as of December 16, 2022, Ashford Trust acquired all of the equity interests in Marietta and, in exchange, Ashford Trust forgave, cancelled and discharged in full the Company’s outstanding $11.4 million commitment to Ashford Trust under the Ashford Trust ERFP Agreement. See notes 5 and 19.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements, include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical consolidated financial statements. The consolidated balance sheet and statement of equity (deficit) as of December 31, 2022 include a correction of an immaterial error which resulted in $639,000 of cumulative unrealized losses on available-for-sale common shares of Ashford Trust and Braemar held by Remington being reclassified from accumulated other comprehensive income to accumulated deficit. Beginning January 1, 2022, unrealized gains and losses on available-for-sale common shares are recorded in other income (expense) in the Company’s consolidated statements of operations. 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, 2022 and December 31, 2021 (in thousands): December 31, 2022 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 76.79 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 23.21 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,614 n/a n/a Redemption value adjustment, year-to-date 32 n/a n/a Redemption value adjustment, cumulative 613 n/a n/a Carrying value of noncontrolling interests n/a 273 (106) Assets, available only to settle subsidiary’s obligations (5) n/a 2,114 1,580 Liabilities (6) n/a 1,078 2,048 Revolving credit facility (6) n/a — 150 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 (5) n/a 2,533 1,779 Liabilities (6) n/a 424 1,643 Revolving credit facility (6) n/a — 100 ________ (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 Hospitality Holdings LLC (“Ashford Holdings”) represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in OpenKey, Inc. (“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 note 8. (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 note 14. (5) 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. (6) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 8. 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, 2022, 2021 and 2020. We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at December 31, 2022 and December 31, 2021. 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, 2022, 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, 2022 December 31, 2021 Carrying value of the investment in REA Holdings $ 3,067 $ 2,831 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, 2022 2021 2020 Equity in earnings (loss) in unconsolidated entities REA Holdings $ 385 $ 13 $ 212 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, 2022 December 31, 2021 REIT Advisory: Insurance claim reserves (1) $ 23,471 $ 24,588 Remington: Managed hotel properties’ reserves (2) 11,464 6,923 Insurance claim reserves (3) 2,123 1,312 Total Remington restricted cash 13,587 8,235 INSPIRE: Debt service related operating reserves (4) — 1,000 Marietta: Capital improvement reserves (5) — 255 Restricted cash held in escrow (6) — 800 Total Marietta restricted cash — 1,055 Total restricted cash $ 37,058 $ 34,878 ________ (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 to/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” in our consolidated balance sheets. (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” in our consolidated balance sheets. (4) Our subsidiary, Inspire Event Technologies, LLC (“INSPIRE”), provides event technology and creative communications solutions services. On June 27, 2022, INSPIRE’s credit agreement was amended to remove the previous requirement for INSPIRE to maintain an operating reserve account of $1.0 million to service interest expense and projected operating costs. See note 8. (5) Includes cash reserves for capital improvements associated with renovations at Marietta Leasehold LP (“Marietta”), which held the leasehold rights to a single hotel and convention center property in Marietta, Georgia until Marietta was acquired by Ashford Trust on December 16, 2022. The liability related to the restricted cash balance for the hotel’s renovations was included in “accounts payable and accrued expenses” in our consolidated balance sheets. (6) Prior to Ashford Trust’s acquisition of Marietta, restricted cash was held in escrow in accordance with the Marietta lease agreement. The cash held in escrow was funded from hotel cash flows and could 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, 2022 and December 31, 2021, accounts receivable included $0 and $2.9 million, respectively, for a note receivable due to Remington. On January 16, 2023, Remington amended the terms of their outstanding note receivable with a third-party property owner with an outstanding principal balance of $1.5 million. The amendment extends the maturity date of the note receivable from December 31, 2022 to January 31, 2024 for the outstanding principal balance and all accrued and unpaid interest. The outstanding principal balance is included in “Other assets, net” in our consolidated balance sheets as of December 31, 2022. See note 23. 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, 2022 and 2021. 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 elected to 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, 2022. Additionally, no indicators of impairment were identified from the date of our impairment assessments through December 31, 2022. 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 11. 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 five Other Liabilities —As of December 31, 2022 and December 31, 2021, other current liabilities included reserves in the amount of $23.5 million and $24.6 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, 2022 and December 31, 2021, other liabilities also included $2.2 million and $1.3 million, respectively, relating to reserves for Remington health insurance claims. As of December 31, 2022, other liabilities non-current of $3.2 million includes a liability for contingent consideration from the Company’s acquisition of Chesapeake of $2.3 million and $917,000 related to an uncertain tax position liability. See notes 11 and 18. 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 16 and 17. General and Administrative —General and administrative costs are expensed as incurred, and include advertising costs of $1.8 million, $1.5 million and $1.4 million for the years ended December 31, 2022, 2021 and 2020, 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 2 to 32 years including the Marietta finance lease prior to Marietta’s acquisition by Ashford Trust on December 16, 2022. 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 2 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) and foreign currency translation adjustments. 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 accumulated other comprehensive income (loss) is presented on our consolidated balance sheets as of December 31, 2022 and 2021. 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 to/from Ashford Trust —Due to/from Ashford Trust represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and business expenses and payables owed by our products and services businesses to Ashford Trust which are presented net on the consolidated balance sheet. Due to/from Ashford Trust is generally settled within a period not exceeding one year and is presented as a current asset or current liability based upon the period’s ending net balance. Due from Braemar —Due from Braemar represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses and payables owed by our products and services businesses to Braemar which are presented net on the consolidated balance sheet. Due from Braemar is generally settled within a period not exceeding one year and is presented as a current asset or current liability based upon the period’s ending net balance. 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 more dilutive of the two-class method or the treasury stock method. 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 20. 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 9. 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 17. 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 2018 through 2022 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. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law and extends several COVID-19 tax related measures passed as part of the CARES Act. Among these is the extension of the deferral period of the remittance of Social Security taxes. 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 December 31, 2020. The Company has deferred $0 and $1.3 million of Social Security taxes within “accounts payable and accrued expenses” in our consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively, related to the Consolidated Appropriations Act, 2021. 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 repo

Revenues

Revenues	12 Months Ended
	Dec. 31, 2022
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, from January 1, 2021 through January 14, 2021, the base fee 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 with Ashford Trust, dated June 10, 2015, as amended), 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 to, among other things, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. On January 15, 2021, Ashford Trust and Ashford Trust OP entered into a Credit Agreement (as amended, the “Oaktree Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management L.P. (“Oaktree”). In connection with the transactions contemplated by the Oaktree Credit Agreement, on January 15, 2021, the Company and certain of its affiliates entered into a Subordination and Non-Disturbance Agreement (the “SNDA”) with Ashford Trust, Ashford Trust OP, Ashford Trust TRS and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Oaktree Credit Agreement, (1) prior to the later of (i) the second anniversary of the Oaktree 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 Second Amended and Restated Advisory Agreement, or any amount owed under any enhanced return funding program in connection with the termination of the Second Amended and Restated Advisory Agreement or sale or foreclosure of assets financed thereunder; and (3) any payments to Lismore Capital II LLC, an indirect consolidated subsidiary of the Company (“Lismore”), in connection with the transactions contemplated by the Oaktree Credit Agreement. Prior to the fourth quarter of 2021, advisory fees under the Second Amended and Restated Advisory Agreement earned from Ashford Trust in 2021 in excess of the Advisory Fee Cap were a form of variable consideration that were constrained and deferred until such fees were probable of not being subject to significant reversal. The Advisory Fee Cap was approximately $29.0 million each year as stated in the Oaktree Credit Agreement. As a result, base advisory fee revenue in 2021 was recognized each month equal to the lesser of (1) base fees calculated as described above based on Ashford Trust’s market capitalization or (2) 1/12 th of $29.0 million. On October 12, 2021, Ashford Trust and Ashford Trust OP entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with Oaktree. Amendment No. 1, subject to the conditions set forth therein, among other things, suspended Ashford Trust’s obligation to subordinate fees due under the Second Amended and Restated 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 Oaktree Credit Agreement. In the fourth quarter of 2021, Ashford Trust met the requirements to suspend its obligation to subordinate fees due under the Second Amended and Restated Advisory Agreement and paid the Company $7.2 million for advisory fees that had been deferred in 2021 as a result of the Advisory Fee Cap. Based upon Ashford Trust’s ability to meet the requirements stated in Amendment No. 1, the Company concluded that base fees from our Second Amended and Restated Advisory Agreement with Ashford Trust which exceed the Advisory Fee Cap were no longer probable of being subject to significant reversal and were recorded within “advisory services fees” in our consolidated statements of operations based upon the fees calculated from Ashford Trust’s market capitalization as described above. For Braemar, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Fifth Amended and Restated 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. Braemar’s 2022 annual total stockholder return met the relevant incentive fee thresholds during the 2022 measurement period and $268,000 was recognized as incentive advisory fees in 2022 for the first year installment which was paid in January of 2023. Ashford Trust’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2022, 2021 and 2020 measurement periods. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021 and 2020 measurement periods. Hotel Management Fees Revenue Hotel management fees revenue is reported within our Remington segment and primarily consists of base management fees, incentive management fees and other management fees. Base management fees, incentive management fees and other management fees are recognized when services have been rendered. For hotels owned by Ashford Trust and Braemar, 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 additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar whenever a hotel’s gross operating profit (“GOP”) exceeds the hotel’s budgeted GOP. The incentive fee is equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s GOP exceeds the hotel’s budgeted GOP. The base management fees and incentive management fees that Remington receives for third-party owned properties vary by property. Other management fees primarily includes fixed monthly accounting fees and fees for revenue management services at certain third-party properties. Design and Construction Fees Revenue Design and construction fees 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. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar (as defined below), 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 (as defined below), 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. 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. The recognition of cost reimbursement revenue and reimbursed expenses for centralized software programs reimbursed by Ashford Trust and Braemar may result in temporary timing differences 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 12 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 2022 2021 Balance as of January 1 $ 10,905 $ 21,359 Increases to deferred income 11,531 11,774 Recognition of revenue (1) (14,636) (22,228) Balance as of December 31 $ 7,800 $ 10,905 ________ (1) Deferred income recognized in the year ended December 31, 2022 includes (a) $2.4 million of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $3.5 million of audio visual revenue, (c) $2.3 million of other revenue primarily related to Ashford Trust’s agreement with Lismore (see note 19), and (d) $6.4 million of “other services” revenue earned by our products and services companies, excluding Lismore. Deferred income recognized in the year ended December 31, 2021 includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $2.1 million of audio visual revenue, (c) $11.2 million of other revenue related to Ashford Trust’s and Braemar’s agreements with Lismore, which includes a $1.2 million cumulative catch-up adjustment to revenue which was previously considered constrained (see note 19), and (d) $6.9 million of “other services” revenue earned by our products and services companies, excluding Lismore. 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 Advisory Agreement with Braemar, 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 was rendered, only to the extent it was probable that a significant reversal of revenue would not occur. Constraints relating to variable consideration were resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price was adjusted on a cumulative catch-up basis in the period a transaction or financing event closed. See note 19. 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, 2022. 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 $17.6 million and $7.6 million included in “accounts receivable, net” primarily related to our products and services segment, $0 and $2.6 million in “due from Ashford Trust”, and $11.8 million and $1.1 million included in “due from Braemar” related to REIT advisory services at December 31, 2022 and December 31, 2021, respectively. We had no impairments related to these receivables during the years ended December 31, 2022, 2021 and 2020. See note 19. Disaggregated Revenue Our revenues were comprised of the following for the years ended December 31, 2022, 2021 and 2020 respectively (in thousands): Year Ended December 31, 2022 2021 2020 Advisory services fees: Base advisory fees $ 47,592 $ 47,045 $ 44,725 Incentive advisory fees 268 — — Other advisory revenue 521 521 522 Total advisory services fees revenue 48,381 47,566 45,247 Hotel management fees: Base fees 34,072 21,291 17,126 Incentive fees 8,533 4,969 — Other management fees 3,943 — — Total hotel management fees revenue 46,548 26,260 17,126 Design and construction fees revenue 22,167 9,557 8,936 Audio visual revenue 121,261 49,880 37,881 Other revenue: Watersports, ferry and excursion services (1) 26,309 23,867 9,663 Debt placement and related fees (2) 4,222 12,384 8,412 Cash management fees (3) 135 — — Claims management services 20 81 226 Other services (4) 13,626 10,997 7,301 Total other revenue 44,312 47,329 25,602 Cost reimbursement revenue 361,763 203,975 158,559 Total revenues $ 644,432 $ 384,567 $ 293,351 REVENUES BY SEGMENT (5) REIT advisory $ 77,347 $ 74,616 $ 70,169 Remington 356,435 197,802 145,596 Premier 32,247 12,413 11,604 INSPIRE 121,418 49,900 37,881 RED 26,335 23,867 9,663 OpenKey 1,484 1,965 1,479 Corporate and other 29,166 24,004 16,959 Total revenues $ 644,432 $ 384,567 $ 293,351 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations, 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) Cash management fees include revenue earned by providing active management and investment of Ashford Trust and Braemar’s excess cash in short-term U.S. Treasury securities. See note 1 to our consolidated financial statements. (4) 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 held the leasehold rights to a single hotel and convention center property in Marietta, Georgia, and was acquired by Ashford Trust on December 16, 2022. See note 5. (5) 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 21 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, 2022, 2021 and 2020, respectively (in thousands): Year Ended December 31, 2022 2021 2020 INSPIRE: United States $ 92,418 $ 39,164 $ 28,923 Mexico 22,087 7,724 7,100 Dominican Republic 6,913 2,992 1,858 Total audio visual revenue $ 121,418 $ 49,880 $ 37,881 RED: United States $ 22,354 $ 22,665 $ 9,663 United Kingdom (Turks and Caicos Islands) 3,981 1,202 — Total watersports, ferry and excursion services $ 26,335 $ 23,867 $ 9,663

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Chesapeake On April 15, 2022, the Company acquired privately held Chesapeake, a third-party hotel management company. The Company paid to the sellers $6.3 million in cash, subject to certain adjustments, and issued to the sellers 378,000 Series CHP Convertible Preferred Units of Ashford Holdings (the “Series CHP Units”) at $25 per Unit, for a total liquidation value of $9.45 million. The Series CHP Units include a discount of $8.1 million resulting in a total fair value of $1.4 million. The discount is due to the Company’s ability to convert the Series CHP Units to common units of Ashford Holdings at the preferred conversion price of $117.50. Common units of Ashford Holdings are exchangeable into common stock of the Company on a 1:1 ratio. The sellers also have the ability to earn up to $10.25 million of additional consideration based on the base management fee contribution from the acquired business for the trailing 12 month periods ending March 2024 and March 2025, respectively, for a total potential purchase consideration of $18.1 million, subject to certain adjustments. The first $6.3 million of such additional consideration is payable in cash and any amounts payable in excess of such $6.3 million may be satisfied by the issuance of shares of common stock of the Company, common units of Ashford Holdings or additional Series CHP Units, as determined by the Company in its sole discretion. The acquisition of Chesapeake was recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation was based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections for Chesapeake and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. In the third quarter of 2022, we recorded an adjustment to increase the working capital paid to the sellers by $73,000. In the fourth quarter of 2022, we finalized the valuation of the acquired assets and liabilities associated with the acquisition. For goodwill reporting purposes, the operations and goodwill for Chesapeake are included in our Remington reporting unit as they are similar businesses. See note 7. The fair value of the purchase price and final allocation of the purchase price are as follows (in thousands): Series CHP Units $ 9,450 Discount on Series CHP Units (8,063) Cash 6,300 Fair value of contingent consideration 1,670 Working capital adjustments 193 Total fair value of purchase price $ 9,550 Fair Value Estimated Useful Life Current assets including cash of $228 $ 930 Goodwill 2,053 Management contracts 7,131 8 years Total assets acquired 10,114 Current liabilities 347 Deferred tax liability 217 Total assumed liabilities 564 Net assets acquired $ 9,550 We do not expect any of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill includes value attributable to growth opportunities to expand Remington’s hotel management services to third-party owners in the hospitality industry. Results of Chesapeake The results of operations of Chesapeake have been included in our results of operations since the acquisition date of April 15, 2022. Our consolidated statements of operations for the year ended December 31, 2022 include total revenue from Chesapeake of $43.1 million. In addition, our consolidated statements of operations for the year ended December 31, 2022 includes net income from Chesapeake of $3.0 million. Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the Chesapeake acquisition had occurred on January 1, 2021, and the removal of $1.9 million of transaction costs directly attributable to the acquisition (net of the incremental tax expense) for the year ended December 31, 2022 (in thousands): Year Ended December 31, 2022 2021 Total revenues $ 657,352 $ 419,832 Net income (loss) 3,531 (14,047) Net income (loss) attributable to common stockholders (32,403) (49,895)

Marietta Disposition

Marietta Disposition	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Marietta Disposition	Marietta Disposition On June 26, 2018, the Company entered into the Ashford Trust ERFP Agreement with Ashford Trust. On April 20, 2021, the Company received written notice from Ashford Trust of Ashford Trust’s intention not to renew the Ashford Trust ERFP Agreement. As a result, the Ashford Trust ERFP Agreement terminated in accordance with its terms on June 26, 2021. The Company remained obligated to fund the remaining $11.4 million ERFP commitment from Ashford Trust’s acquisition of the Embassy Suites Manhattan hotel under the Ashford Trust ERFP Agreement by December 31, 2022. See note 19. On December 16, 2022, the Company and Ashford Trust entered into an Agreement of Purchase and Sale (the “Purchase Agreement”) pursuant to which, effective as of December 16, 2022, Ashford Trust acquired all of the equity interests in Marietta and, in exchange, Ashford Trust forgave, cancelled and discharged in full the Company’s outstanding $11.4 million ERFP commitment to Ashford Trust. The Company incurred a loss on the disposition of Marietta related to the net assets of Marietta on the disposal date of approximately $1.2 million which is included in “other” operating expense in our consolidated statements of operations. Since the disposition of Marietta does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the consolidated financial statements. The results of operations of Marietta are included in net income (loss) through the date of disposition as shown in the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020. The following table includes financial information from Marietta in the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Other revenue $ 9,763 $ 6,336 $ 3,936 Depreciation and amortization (1,206) (1,260) (1,260) General and administrative (113) 48 (163) Other expenses (7,047) (3,758) (2,882) Operating income (loss) 1,397 1,366 (369) Interest expense (2,399) (2,539) (2,470) Loss before income taxes $ (1,002) $ (1,173) $ (2,839) On the date of disposition, the assets and liabilities related to Marietta were as follows (in thousands): December 16, 2022 Assets Current assets: Cash and cash equivalents $ 1,067 Restricted cash 1,056 Accounts receivable, net 22 Inventories 48 Prepaid expenses and other 364 Total current assets 2,557 Property and equipment, net 40,381 Total assets $ 42,938 Liabilities Current liabilities: Accounts payable and accrued expenses $ 582 Due to affiliates 242 Finance lease liabilities 845 Total current liabilities 1,669 Finance lease liabilities 40,025 Total liabilities 41,694 Net assets disposed $ 1,244

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 Marietta Leasehold L.P. finance lease $ — $ 44,294 Rental pool equipment 26,563 20,498 FF&E leased to Ashford Trust 11,283 19,688 FF&E leased to Braemar 1,616 1,744 Property and equipment 11,726 10,370 Marine vessels 17,789 15,153 Leasehold improvements 1,148 1,177 Computer software 1,266 1,244 Total cost 71,391 114,168 Accumulated depreciation (29,600) (30,602) Property and equipment, net $ 41,791 $ 83,566 For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $12.7 million, $12.9 million and $18.0 million, respectively. Depreciation and amortization expense on the statement of operations for the years ended December 31, 2022, 2021 and 2020 excludes depreciation expense related to audio visual equipment of $4.9 million, $5.0 million and $4.9 million, respectively, which is included in “cost of revenues for audio visual” and depreciation expense related to marine vessels of $1.4 million, $929,000, and $795,000, respectively, which is included in “other” operating expense in our consolidated statements of operations.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2022 and December 31, 2021, are as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance at January 1, 2021 $ 54,605 $ 1,235 $ 782 $ 56,622 Balance at December 31, 2021 54,605 1,235 782 56,622 Changes in goodwill: Additions (2) 1,980 — — 1,980 Adjustments (2) 73 — — 73 Balance at December 31, 2022 $ 56,658 $ 1,235 $ 782 $ 58,675 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness. (2) The addition relates to the Company’s acquisition of Chesapeake and subsequent adjustments to the purchase price. See note 4. Intangible Assets Intangible assets, net as of December 31, 2022 and December 31, 2021, are as follows (in thousands): December 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts (1) $ 114,731 $ (40,519) $ 74,212 $ 107,600 $ (28,284) $ 79,316 Premier management contracts 194,000 (53,415) 140,585 194,000 (41,619) 152,381 INSPIRE customer relationships 9,319 (5,527) 3,792 9,319 (4,409) 4,910 RED boat slip rights 3,100 (535) 2,565 3,100 (380) 2,720 Pure Wellness customer relationships 175 (175) — 175 (166) 9 $ 321,325 $ (100,171) $ 221,154 $ 314,194 $ (74,858) $ 239,336 Gross Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 $ — $ 4,900 INSPIRE trademarks (2) — 1,160 (1,160) — RED trademarks 490 490 — 490 $ 5,390 $ 6,550 $ (1,160) $ 5,390 ________ (1) As of December 31, 2022, Remington’s management contracts include $7.1 million of gross management contracts acquired in the Company’s acquisition of Chesapeake. See note 4. (2) 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 in the year ended December 31, 2021. See note 11. Amortization expense for definite-lived intangible assets was $25.3 million, $25.6 million, and $27.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. The useful lives of our customer relationships range from five eight Expected future amortization expense of definite-lived intangible assets as of December 31, 2022 are as follows (in thousands): 2023 $ 24,046 2024 21,558 2025 18,675 2026 16,942 2027 15,451 Thereafter 124,482 Total $ 221,154

Notes Payable, net

Notes Payable, net	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Credit facility (9) Ashford Inc. April 1, 2027 Base Rate (1) + 6.35% or LIBOR (3) +7.35% $ 70,000 $ — Term loan (9) Ashford Inc. March 19, 2024 Base Rate (2) + 2.00% to 2.25% or LIBOR (3) +3.00% to 3.25% — 27,271 Note payable (12) Ashford Inc. February 29, 2028 4.00% 1,495 1,746 Term loan (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.75% 17,300 20,000 Revolving credit facility (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.75% — 1,869 Revolving credit facility (5) (13) Pure Wellness On demand Prime Rate (4) + 1.00% 150 100 Revolving credit facility (5) (8) (14) RED December 5, 2023 Prime Rate (4) + 1.75% — — Term loan (5) (8) (15) RED July 18, 2029 6.00% 1,596 1,641 Term loan (5) (8) RED July 18, 2023 6.50% 337 607 Term loan (5) (8) (16) RED August 5, 2029 Prime Rate (4) + 2.00% 858 888 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 1,980 2,143 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 3,006 3,357 Draw term loan (5) (8) (17) RED March 17, 2032 5.00% 641 — Draw term loan (5) (8) (17) RED March 17, 2032 5.00% 640 — Draw term loan (5) (8) (18) RED Various (18) Prime Rate (4) + 1.00% 1,099 — Total notes payable 99,102 59,622 Capitalized default interest, net (11) 148 290 Deferred loan costs, net (2,643) (518) Original issue discount, net (9) (1,732) — Notes payable including capitalized default interest and deferred loan costs, net 94,875 59,394 Less current portion (5,195) (6,725) Total notes payable, net - non-current $ 89,680 $ 52,669 __________________ (1) Base Rate, as defined in the credit facility agreement with Mustang Lodging Funding LLC, is the greater of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50%, (iii) LIBOR plus 1.00%, or (iv) 1.25%. (2) Base Rate, as defined in the Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A., is the greater of (i) the prime rate set by Bank of America, N. A., (ii) the federal funds rate plus 0.50%, or (iii) LIBOR plus 1.00%. (3) The one-month LIBOR rate was 4.39% and 0.10% at December 31, 2022 and December 31, 2021, respectively. (4) The Prime Rate was 7.50% and 3.25% at December 31, 2022 and December 31, 2021, 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 eligible receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $7.5 million and $5.0 million as of December 31, 2022 and December 31, 2021, respectively. INSPIRE’s term loan is collateralized by substantially all of the assets of INSPIRE. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $13.6 million and $12.5 million as of December 31, 2022 and December 31, 2021, respectively. (9) On April 1, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. The Company used a portion of the proceeds from the Credit Agreement to pay off the remaining $26.6 million balance of the Company’s existing Term Loan Agreement and pay dividends to the holders of the Series D Convertible Preferred Stock. On April 18, 2022, the Company drew an additional $20.0 million on the Credit Facility. The Credit Facility is a five-year interest-only facility with all outstanding principal due at maturity, with three successive one-year extension options subject to an increase in the interest rate during each extension period. Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either the Eurodollar Rate (defined as LIBOR or a comparable or successor rate, with a floor of 0.25%) plus an applicable margin, or the base rate (defined as the highest of the federal funds rate plus 0.50%, the prime rate or the Eurodollar Rate plus 1.00%, with a floor of 1.25%) plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Eurodollar loans will be 7.35% per annum and the applicable margin for base rate loans will be 6.35% per annum, with increases to both applicable margins of 0.50%, 0.75% and 1.00% per annum during each of the three extension periods, respectively. The remaining undrawn balance of the Credit Facility is subject to an unused fee of 1.0% during the first 24 months of the term, payable on the last business day of each month. The Credit Facility included an original issue discount of $2.0 million on the Closing Date. As of December 31, 2022, the amount unused under the Credit Facility was $30.0 million. (10) On December 31, 2020, INSPIRE amended its credit agreement dated as of November 1, 2017 (the “INSPIRE Amendment”). The maximum borrowing capacity under the INSPIRE Amendment for the revolving credit facility is $3.0 million. As of December 31, 2022, the amount unused under INSPIRE’s revolving credit facility was $3.0 million. The INSPIRE Amendment provides INSPIRE with an option to elect a one-year extension 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 were waived until March 31, 2023. Amounts borrowed under the revolving credit facility and the term loan 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. Commencing January 1, 2022, INSPIRE is required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. (11) 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. 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 upon commencement 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) As of December 31, 2022, the amount unused under Pure Wellness’s revolving credit facility was $100,000. (14) As of December 31, 2022, the amount unused under RED’s revolving credit facility was $250,000. (15) On July 18, 2019, 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 23, 2021, RED entered into a term loan agreement with a maximum principal amount of $900,000. RED was not required to make any payments of principal until May 5, 2022. (17) 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 bears 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%. As of December 31, 2022, the amount unused under RED’s non-revolving line of credit loans were $859,000 and $860,000, respectively. (18) On September 15, 2022, RED entered into a closed-end non-revolving line of credit for $1.5 million that converts into individual term loans as RED draws upon the facility. The loans under the facility bear an interest rate at the Wall Street Journal Prime Rate plus 1.0%. The term length of the loans once drawn is either five Maturities and scheduled amortization of long-term debt as of December 31, 2022, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2023 (1) $ 5,047 2024 14,750 2025 1,134 2026 1,224 2027 71,977 Thereafter 4,970 Total $ 99,102 __________________ (1) Excludes $148,000 of capitalized default interest, net which is included in the current portion of “notes payable, net” in our consolidated balance sheets.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
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 We additionally lease certain equipment and boat slips which are accounted for as finance leases. Prior to Ashford Trust’s acquisition of Marietta on December 16, 2022, finance lease assets included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The net book value of finance lease assets is included in “property and equipment, net” in our consolidated balance sheets. Amortization of finance lease assets is included in “depreciation and amortization” expense in our consolidated statements of operations. As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2022 December 31, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 23,844 $ 26,975 Finance lease assets Property and equipment, net 3,236 44,333 Total leased assets $ 27,080 $ 71,308 Liabilities Current Operating Operating lease liabilities $ 3,868 $ 3,628 Finance Finance lease liabilities 1,456 1,065 Noncurrent Operating Operating lease liabilities 20,082 23,477 Finance Finance lease liabilities 1,962 43,479 Total leased liabilities $ 27,368 $ 71,649 We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost Rent expense (1) General and administrative $ 6,060 $ 5,654 $ 5,327 Finance lease cost Amortization of leased assets Depreciation and amortization 1,624 1,455 1,458 Interest on lease liabilities Interest expense 2,616 2,727 2,626 Total lease cost $ 10,300 $ 9,836 $ 9,411 __________________ (1) The years ended December 31, 2022, 2021 and 2020 include short term lease expense of $619,000, $442,000 and $227,000, respectively. The years ended December 31, 2022, 2021 and 2020 include the following operating and finance lease additions (in thousands): Year Ended December 31, Lease Additions 2022 2021 2020 Operating leases $ 298 $ 607 $ 1,350 Finance leases $ 903 $ — $ 1,869 For the years ended December 31, 2022, 2021 and 2020, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,505 $ 3,713 $ 3,650 Financing cash flows from finance leases $ 1,160 $ 439 $ 785 As of December 31, 2022, 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 2023 $ 4,980 $ 1,475 $ 215 2024 4,660 263 105 2025 4,052 235 83 2026 3,781 215 83 2027 3,705 206 83 Thereafter 9,204 1,792 76 Total minimum lease payments (receipts) 30,382 4,186 $ 645 Imputed interest (6,432) (768) Present value of minimum lease payments $ 23,950 $ 3,418 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2022 December 31, 2021 December 31, 2020 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 8.74 9.34 9.93 Finance leases (2) 8.17 31.49 32.30 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.6 % 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 as of December 31, 2021 and 2020 includes our lease with the City of Marietta with a lease term through December 31, 2054. On December 16, 2022, Marietta was acquired by Ashford Trust. See note 5.
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 We additionally lease certain equipment and boat slips which are accounted for as finance leases. Prior to Ashford Trust’s acquisition of Marietta on December 16, 2022, finance lease assets included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The net book value of finance lease assets is included in “property and equipment, net” in our consolidated balance sheets. Amortization of finance lease assets is included in “depreciation and amortization” expense in our consolidated statements of operations. As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2022 December 31, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 23,844 $ 26,975 Finance lease assets Property and equipment, net 3,236 44,333 Total leased assets $ 27,080 $ 71,308 Liabilities Current Operating Operating lease liabilities $ 3,868 $ 3,628 Finance Finance lease liabilities 1,456 1,065 Noncurrent Operating Operating lease liabilities 20,082 23,477 Finance Finance lease liabilities 1,962 43,479 Total leased liabilities $ 27,368 $ 71,649 We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost Rent expense (1) General and administrative $ 6,060 $ 5,654 $ 5,327 Finance lease cost Amortization of leased assets Depreciation and amortization 1,624 1,455 1,458 Interest on lease liabilities Interest expense 2,616 2,727 2,626 Total lease cost $ 10,300 $ 9,836 $ 9,411 __________________ (1) The years ended December 31, 2022, 2021 and 2020 include short term lease expense of $619,000, $442,000 and $227,000, respectively. The years ended December 31, 2022, 2021 and 2020 include the following operating and finance lease additions (in thousands): Year Ended December 31, Lease Additions 2022 2021 2020 Operating leases $ 298 $ 607 $ 1,350 Finance leases $ 903 $ — $ 1,869 For the years ended December 31, 2022, 2021 and 2020, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,505 $ 3,713 $ 3,650 Financing cash flows from finance leases $ 1,160 $ 439 $ 785 As of December 31, 2022, 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 2023 $ 4,980 $ 1,475 $ 215 2024 4,660 263 105 2025 4,052 235 83 2026 3,781 215 83 2027 3,705 206 83 Thereafter 9,204 1,792 76 Total minimum lease payments (receipts) 30,382 4,186 $ 645 Imputed interest (6,432) (768) Present value of minimum lease payments $ 23,950 $ 3,418 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2022 December 31, 2021 December 31, 2020 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 8.74 9.34 9.93 Finance leases (2) 8.17 31.49 32.30 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.6 % 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 as of December 31, 2021 and 2020 includes our lease with the City of Marietta with a lease term through December 31, 2054. On December 16, 2022, Marietta was acquired by Ashford Trust. See note 5.
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 We additionally lease certain equipment and boat slips which are accounted for as finance leases. Prior to Ashford Trust’s acquisition of Marietta on December 16, 2022, finance lease assets included a lease of a single hotel and convention center property in Marietta, Georgia, from the City of Marietta. The net book value of finance lease assets is included in “property and equipment, net” in our consolidated balance sheets. Amortization of finance lease assets is included in “depreciation and amortization” expense in our consolidated statements of operations. As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2022 December 31, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 23,844 $ 26,975 Finance lease assets Property and equipment, net 3,236 44,333 Total leased assets $ 27,080 $ 71,308 Liabilities Current Operating Operating lease liabilities $ 3,868 $ 3,628 Finance Finance lease liabilities 1,456 1,065 Noncurrent Operating Operating lease liabilities 20,082 23,477 Finance Finance lease liabilities 1,962 43,479 Total leased liabilities $ 27,368 $ 71,649 We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost Rent expense (1) General and administrative $ 6,060 $ 5,654 $ 5,327 Finance lease cost Amortization of leased assets Depreciation and amortization 1,624 1,455 1,458 Interest on lease liabilities Interest expense 2,616 2,727 2,626 Total lease cost $ 10,300 $ 9,836 $ 9,411 __________________ (1) The years ended December 31, 2022, 2021 and 2020 include short term lease expense of $619,000, $442,000 and $227,000, respectively. The years ended December 31, 2022, 2021 and 2020 include the following operating and finance lease additions (in thousands): Year Ended December 31, Lease Additions 2022 2021 2020 Operating leases $ 298 $ 607 $ 1,350 Finance leases $ 903 $ — $ 1,869 For the years ended December 31, 2022, 2021 and 2020, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,505 $ 3,713 $ 3,650 Financing cash flows from finance leases $ 1,160 $ 439 $ 785 As of December 31, 2022, 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 2023 $ 4,980 $ 1,475 $ 215 2024 4,660 263 105 2025 4,052 235 83 2026 3,781 215 83 2027 3,705 206 83 Thereafter 9,204 1,792 76 Total minimum lease payments (receipts) 30,382 4,186 $ 645 Imputed interest (6,432) (768) Present value of minimum lease payments $ 23,950 $ 3,418 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2022 December 31, 2021 December 31, 2020 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 8.74 9.34 9.93 Finance leases (2) 8.17 31.49 32.30 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.6 % 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 as of December 31, 2021 and 2020 includes our lease with the City of Marietta with a lease term through December 31, 2054. On December 16, 2022, Marietta was acquired by Ashford Trust. See note 5.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Accounts payable $ 18,841 $ 11,682 Accrued payroll expense 30,626 23,648 Accrued vacation expense 2,418 3,427 Accrued interest 381 259 Other accrued expenses 3,813 881 Total accounts payable and accrued expenses $ 56,079 $ 39,897

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
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, 2022 Assets Restricted Investment: Ashford Trust common stock $ 57 (1) $ — $ — $ 57 Braemar common stock 246 (1) — — 246 Total $ 303 $ — $ — $ 303 Liabilities Contingent consideration $ — $ — $ (2,320) (2) $ (2,320) Subsidiary compensation plan — (74) (1) — (74) Deferred compensation plan (2,849) — — (2,849) Total $ (2,849) $ (74) $ (2,320) $ (5,243) Net $ (2,546) $ (74) $ (2,320) $ (4,940) __________________ (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, 2022, which are distributed to the plan participants upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, which is reported within long-term “other liabilities” in our consolidated balance sheets. See notes 1 and 4. 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 distributed to the plan participants 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 our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2021 $ — Acquisition of Chesapeake (1,670) Gains (losses) from fair value adjustments included in earnings (650) Balance at December 31, 2022 $ (2,320) __________________ (1) The Company measures contingent consideration liabilities at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are a) a discount rate, with a range of 34.90% to 35.35%; b) a forward looking risk-free rate, with a range of 4.22% to 4.69%; and c) a volatility rate of 52.64%. 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, 2022 and December 31, 2021, our Remington segment had $56.7 million and $54.6 million, respectively, 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 years ended December 31, 2022 or December 31, 2021. 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 impairment 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, which includes unobservable Level 3 inputs including royalty rates and projected revenues. 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 Level 3 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 using Level 3 inputs. 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, 2022 2021 2020 Assets Unrealized gain (loss) on investment: (1) Ashford Trust common stock $ 40 $ — $ — Braemar common stock (67) — — Realized gain (loss) on investment: (2) Ashford Trust common stock (109) (336) (200) Braemar common stock 23 (42) (186) Goodwill (3) — — (180,783) Intangible assets, net (3) — (1,160) (8,018) Property and equipment, net (3) — — (36) Total $ (113) $ (1,538) $ (189,223) Liabilities Contingent consideration (4) $ (650) $ (23) $ (436) Subsidiary compensation plan (5) 117 (295) 131 Deferred compensation plans (5) 477 (1,671) 3,012 Total $ (56) $ (1,989) $ 2,707 Net $ (169) $ (3,527) $ (186,516) __________________ (1) Represents the unrealized 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. Reported as a component of “other income (expense)” in our consolidated statements of operations. (2) 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. (3) See above for discussion of impairment. (4) Represents the changes in fair value of our contingent consideration liabilities. The change in the fair value in the year ended December 31, 2022 related to the level of achievement of certain performance targets associated with the acquisition of Chesapeake acquired in April of 2022. The changes in the fair value in the years ended December 31, 2021 and 2020 related to the level of achievement of certain performance targets and stock consideration collars associated with the Company’s previous acquisition of BAV. Changes in the fair value of contingent consideration are reported within “other” operating expense in our consolidated statements of operations. (5) 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, 2022 Equity securities (1) $ 821 $ — $ (518) $ 303 __________________ (1) Distributions of $365,000 of available-for-sale securities occurred in the year ended December 31, 2022. 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) Distributions of $855,000 of available-for-sale securities occurred in the year ended December 31, 2021.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 303 $ 303 $ 576 $ 576 Financial liabilities measured at fair value: Deferred compensation plan $ 2,849 $ 2,849 $ 3,326 $ 3,326 Contingent consideration 2,320 2,320 — — Financial assets not measured at fair value: Cash and cash equivalents $ 44,390 $ 44,390 $ 37,571 $ 37,571 Restricted cash 37,058 37,058 34,878 34,878 Accounts receivable, net 17,615 17,615 7,622 7,622 Notes receivable 2,041 2,041 2,880 2,880 Due from affiliates 463 463 165 165 Due from Ashford Trust — — 2,575 2,575 Due from Braemar 11,828 11,828 1,144 1,144 Investments in unconsolidated entities 4,217 4,217 3,581 3,581 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 56,079 $ 56,079 $ 39,897 $ 39,897 Dividends payable 27,285 27,285 34,574 34,574 Due to affiliates 15 15 — — Due to Ashford Trust 1,197 1,197 — — Other liabilities 26,547 26,547 25,899 25,899 Notes payable 99,102 94,147 to 104,057 59,622 56,641 to 62,603 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 the Company’s acquisition of Chesapeake 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 3 valuation technique. See note 11 . 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 to/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, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Note Receivable — As of December 31, 2022, we have a note receivable to an affiliate BP Annex Dev LLC for $535,000. BP Annex Dev LLC has the ability to borrow an additional $465,000 for a maximum note commitment of $1.0 million from the Company. The note bears interest at 8.00% and matures on November 11, 2026. The note receivable is recorded in “other assets” in our consolidated balance sheet. Release and Waiver Agreement — On April 15, 2022, the Company and Ashford Services agreed with Jeremy Welter, the Chief Operating Officer of the Company, that, effective on July 15, 2022, Mr. Welter would terminate employment with and service to the Company, Ashford Services and their affiliates. Mr. Welter was also the Chief Operating Officer of Ashford Trust and Braemar and accordingly his service as Chief Operating Officer of each of Ashford Trust and Braemar also ended on July 15, 2022. The Company has commitments related to cash compensation for the departure of Mr. Welter which included a cash termination payment of $750,000, which was paid on August 5, 2022, and payments totaling approximately $6.4 million, which are payable in 24 substantially equal monthly installments of approximately $267,000 beginning in August 2022. As of December 31, 2022, the Company’s remaining commitment to Mr. Welter totaled approximately $5.1 million. 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. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class, however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt out period has been extended until such time that discovery has concluded. 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. Therefore, as of December 31, 2022, no amounts have been accrued. On June 23, 2021, a lawsuit was filed in the United States District Court of the Virgin Islands, Division of St. Thomas and St. John (the “Federal Court”) against one of the Company’s subsidiaries. In the lawsuit, the plaintiff alleges negligence and gross negligence against both our subsidiary and a purported agent of our subsidiary and negligent entrustment against our subsidiary in connection with personal injuries allegedly suffered by the plaintiff. The claims were tendered to our insurance company who denied coverage as to the purported agent and issued a reservation of rights letter during the third quarter of 2022 with respect to our subsidiary’s coverage. We have asserted a number of defenses including a statutory defense that would limit our subsidiary’s liability regardless of whether coverage is afforded or not. The parties participated in a mediation conference on June 29, 2022 but were unable to resolve any of the disputes at issue. During the third quarter of 2022, the purported agent entered into a stipulated judgment for his liability and assigned to the plaintiff any and all claims he may have, including those he may have against our insurers. Subsequently, on July 28, 2022, the plaintiff, individually and as assignee of the purported agent’s claims, filed a separate lawsuit in the Superior Court of the Virgin Islands, Division of St. Thomas and St. John (the “Superior Court”) against our insurers and our subsidiary (the “Superior Court Case”). On August 26, 2022, our insurer filed a Notice of Removal to remove the Superior Court Case to the Federal Court and is in the process of defending against the plaintiff’s Motion to Remand this second lawsuit back to the Superior Court. In this second lawsuit, the plaintiff seeks certain declaratory relief as to our insurance policies and asserts allegations of fraud and bad faith denial of coverage of our subsidiary’s purported agent by our insurers and a breach of contract claim against our subsidiary under a theory of insufficient insurance coverage. Specifically, the purported agent has alleged a breach of contract claim against our subsidiary based on being an alleged third-party beneficiary of a contract between our subsidiary and another entity that required our subsidiary to hold specific insurance coverages. We believe the claims asserted against our subsidiary in this second lawsuit are frivolous. A hearing occurred on February 23, 2023 in the first lawsuit to determine if the Federal Court will bifurcate the lawsuit and first decide whether the statutory defense will apply. The Court has not yet made a ruling as to whether the lawsuit will be bifurcated. We intend to vigorously defend these lawsuits and believe that the amount of any potential loss to the Company is immaterial.

Equity (Deficit)

Equity (Deficit)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity (Deficit)	Equity (Deficit) Capital Stock —In accordance with Ashford Inc.’s charter, we are authorized to issue 200 million shares of capital stock, consisting of 100 million shares common stock, par value $0.001 per share, 50 million shares blank check common stock, par value $0.001 per share, and 50 million shares preferred stock, par value $0.001 per share, 19,120,000 of which is designated as Series D Convertible Preferred Stock. Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss attributable to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 (Income) loss attributable to noncontrolling interests: OpenKey $ 1,005 $ 799 $ 670 RED — (51) 412 Pure Wellness 166 (70) 75 Other — — 21 Total net (income) loss attributable to noncontrolling interests $ 1,171 $ 678 $ 1,178

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2022
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. Redeemable noncontrolling interests in Ashford Holdings includes the Series CHP Unit preferred membership interest issued in our acquisition of Chesapeake in April of 2022 and the membership interests of common unit holders. 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 note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss attributable to our redeemable noncontrolling interests (in thousands): Year Ended December 31, 2022 2021 2020 Net (income) loss attributable to redeemable noncontrolling interests: Ashford Holdings $ (448) $ 63 $ 432 INSPIRE — — 1,148 OpenKey — 152 665 Total net (income) loss attributable to redeemable noncontrolling interests $ (448) $ 215 $ 2,245 Series CHP Units —In connection with the acquisition of Chesapeake, Ashford Holdings issued 378,000 Series CHP Units to the sellers of Chesapeake. The Series CHP Units represent a preferred membership interest in Ashford Holdings having a priority in payment of cash dividends over the common unit holders of Ashford Holdings. Each Series CHP Unit (i) has a liquidation value of $25 plus all unpaid accrued and accumulated distributions thereon; (ii) is entitled to cumulative dividends at the rate of 7.28% per annum, payable quarterly in arrears; (iii) participates in any dividend or distribution paid on all outstanding common units of Ashford Holdings in addition to the preferred dividends; (iv) is convertible, along with the aggregate accrued or accumulated and unpaid distributions thereon, into common units of Ashford Holdings at the option of the holder or the issuer, which common units of Ashford Holdings will then be redeemable by the holder thereof into common stock of the Company on a 1:1 ratio or cash, at the Company’s discretion; and (v) provides for customary anti-dilution protections. The number of common units of Ashford Holdings to be received upon conversion of Series of CHP Units, along with the aggregate accrued or accumulated and unpaid distributions thereon, is determined by: (i) multiplying the number of Series CHP Units to be converted by the liquidation value thereof; and then (ii) dividing the result by the preferred conversion price, which is $117.50 per unit. In the event the Company fails to pay the required dividends on the Series CHP Units for two consecutive quarterly periods (a “Preferred Unit Breach”), then until such arrearage is paid in cash in full, the dividend rate on the Series CHP Units will increase to 10.00% per annum until no Preferred Unit Breach exists. Except with respect to certain protective provisions, no holder of Series CHP Units will have voting rights in its capacity as such. As long as any Series CHP Units are outstanding, the Company is prohibited from taking specified actions without the consent of at least 50% of the holders of Series CHP Units, including (i) modifying the terms, rights, preferences, privileges or voting powers of the Series CHP Units or (ii) altering the rights, preferences or privileges of any Units of Ashford Holdings so as to adversely affect the Series CHP Units. For the year ended December 31, 2022, the Company recorded net income attributable to redeemable noncontrolling interests of $489,000 to the Series CHP Unit holders which is included in Ashford Holdings in the table above. Convertible Preferred Stock —Each share of Series D Convertible Preferred Stock: (i) has a liquidation value of $25 per share plus the amount of all unpaid accrued and accumulated dividends on such 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, along with all unpaid accrued and accumulated dividends thereon, 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 beneficially held primarily by Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, and Mr. Archie Bennett, Jr., who is Mr. Monty J. Bennett’s father. 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 (except that the option to purchase may not be exercised with respect to shares of Series D Convertible Preferred Stock with an aggregate purchase price less than $25.0 million) 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 resulted in a discount that was reflected in the fair value of the preferred stock, which was recorded in “Series D Convertible Preferred Stock, net of discount” on our consolidated balance sheets, until the increasing dividend rate feature ended on November 6, 2021. For the years ended December 31, 2021 and 2020, we recorded $1.1 million and $2.9 million, respectively, of amortization related to preferred stock discounts. On April 10, 2022, the Board declared a cash dividend on the Company’s Series D Convertible Preferred Stock for accrued and unpaid dividends for the quarters ended June 30, 2020 and December 31, 2020 to stockholders of record as of April 11, 2022. The Company paid the dividend of approximately $17.8 million, or $0.932 per share of Series D Convertible Preferred Stock, on April 15, 2022. Dividends for the Series D Convertible Preferred Stock remain in arrears for the quarters ended June 30, 2021 and December 31, 2021. As of December 31, 2022, the Company had aggregate undeclared preferred stock dividends of approximately $18.4 million, which relates to the second and fourth quarters of 2021. On each of April 15, 2022, July 15, 2022 and October 14, 2022 the Company paid $8.7 million of dividends previously declared by the Board with respect to the Company’s Series D Convertible Preferred Stock for the first, second and third quarters of 2022. On December 13, 2022, the Board declared a cash dividend on the Company’s Series D Convertible Preferred Stock for the quarter ended December 31, 2022. The Company paid the dividend of $8.7 million, or $0.455 per share of Series D Convertible Preferred Stock, on January 13, 2023. 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 Series D Convertible Preferred Stock dividends, declared and undeclared, totaling $27.1 million and $34.6 million at December 31, 2022 and December 31, 2021, respectively, are recorded as a liability in our consolidated balance sheets as “dividends payable.” Convertible preferred stock cumulative dividends declared during the years ended December 31, 2022, 2021, and 2020 for all issued and outstanding shares were as follows (in thousands, except per share amounts): Year Ended December 31, 2022 2021 2020 Preferred dividends - declared $ 52,618 $ 16,706 $ 15,815 Preferred dividends per share - declared $ 2.7520 $ 0.8737 $ 0.8271 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): December 31, 2022 December 31, 2021 Aggregate preferred dividends - undeclared $ 18,414 $ 34,574 Aggregate preferred dividends - undeclared per share $ 0.9631 $ 1.8083

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Under our 2014 Incentive Plan, we are authorized to grant 3,042,946 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, 2022, 594,121 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 724,987 shares of our common stock, or securities convertible into 724,987 shares of our common stock, available for issuance under our 2014 Incentive Plan, as of January 1, 2023. 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, 2022, 2021, and 2020 are presented below by award type (in thousands): Year Ended December 31, 2022 2021 2020 Equity-based compensation Class 2 LTIP units and stock option amortization (1) $ 1,398 $ 2,641 $ 4,347 Employee equity grant expense (2) 2,135 1,217 787 Director and other non-employee equity grants expense (3) 512 695 428 Total equity-based compensation $ 4,045 $ 4,553 $ 5,562 Other equity-based compensation REIT equity-based compensation (4) $ 16,107 $ 19,098 $ 17,325 $ 20,152 $ 23,651 $ 22,887 ________ (1) As of December 31, 2022, the Company had approximately $286,000 of total unrecognized compensation expense related to the Class 2 LTIP Units (defined below) that will be recognized over a weighted average period of 2.2 years. The year ended December 31, 2022 includes total compensation expense of approximately $947,000 related to the modification of 74,000 and 150,000 fully vested stock options and Class 2 LTIP units, respectively, awarded to employees and management which were granted in December 2014 and expiring in December 2022 under the original grant terms. The modification extended the expiration date for the stock options and Class 2 LTIP unit awards to December 2025. No other modifications were made to the original grant terms. (2) As of December 31, 2022, the Company had approximately $2.1 million of total unrecognized compensation expense related to restricted shares and LTIP units that will be recognized over a weighted average period of 1.5 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, 2022, we had outstanding equity-based compensation awards as follows: Stock Options —During the year ended December 31, 2022, we modified 74,000 fully vested stock options to employees and management which were granted in December 2014 and expiring in December 2022 under the original grant terms. The modification extended the expiration date for the stock options to December 2025 which resulted in $313,000 of expense recognized on the extension date due to the increase in the fair value of the stock options. No other modifications were made to the original grant terms. No stock options were granted or modified for the years ended December 31, 2021 and 2020. 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, 2020 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 — Granted — — — — Exercised — — — — Forfeited, canceled or expired (76) 85.97 — — Conversions to Class 2 LTIP Units (150) 71.06 4.88 — Outstanding, December 31, 2022 574 68.78 4.39 — Options exercisable at December 31, 2022 574 $ 68.78 4.39 $ — 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, 2022, the Company did not have any remaining unrecognized compensation expense related to stock options. 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 is no incremental expense recognized upon conversion as the fair value of the Class 2 LTIP Units and the applicable substituted options are the same. During the year ended December 31, 2022, certain executives converted 150,000 fully vested stock options to Class 2 LTIP Units. The fully vested stock options were granted in December 2014 and expiring in December 2022 under the original grant terms. Subsequent to the conversion of the stock options to Class 2 LTIP Units, the 150,000 Class 2 LTIP Units were modified to extend the expiration date from December 2022 to December 2025. The extension of the expiration date resulted in $634,000 of expense recognized on the extension date due to the increase in the fair value of the Class 2 LTIP Units. No other modifications were made to the original grant terms. During the year ended December 31, 2022, 48,000 Class 2 LTIP Units were granted to an executive officer of the Company with a grant date fair value of $390,000. The units vest three years from the grant date with a maximum option term of ten years. The fair value of each Class 2 LTIP unit granted is estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used to value the Class 2 LTIP Units granted in the year ended December 31, 2022 are detailed below: Year Ended December 31, 2022 Grant date fair value $ 8.10 Assumptions used: Expected volatility 75.2 % Expected term (in years) 6.5 Risk-free interest rate 2.2 % Expected dividend yield — % 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 — Granted 48 45.00 9.21 — Exercised — — — — Forfeited, canceled or expired — — — — Conversions from stock options 150 71.06 4.88 — Outstanding, December 31, 2022 829 63.20 4.63 — Options exercisable at December 31, 2022 781 $ 60.59 4.10 $ — 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, 2022, the Company had approximately $286,000 of total unrecognized compensation expense, related to Class 2 LTIP Units that will be recognized over the weighted average period of 2.2 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, 2022 2021 2020 Restricted Shares Weighted Average Restricted Shares Weighted Average Restricted Shares Weighted Average Outstanding at beginning of year 303 $ 9.93 241 $ 10.45 — $ — Restricted shares granted (1) 109 15.96 172 9.03 686 7.43 Restricted shares vested (177) 10.54 (107) 9.19 (417) 5.78 Restricted shares forfeited (7) 13.44 (3) 9.87 (28) 10.28 Outstanding at end of year 228 $ 12.25 303 $ 9.93 241 $ 10.45 ________ (1) Equity-based compensation expense of $1.0 million, $580,000 and $1.0 million was recognized in connection with stock grants of 109,000, 172,000 and 390,000 to our employees and independent directors for the years ended December 31, 2022, 2021 and 2020, 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, 2022 had a fair value of $2.9 million at the date of vesting. LTIP Units —Under our 2014 Incentive Plan, we are authorized to grant LTIP awards to certain executives and employees as compensation which have a vesting period of three years. All LTIP Units are convertible into common shares of AHH at a 1:1 ratio upon vesting. A summary of our LTIP Unit activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2022 LTIPs Weighted Average Outstanding at beginning of year — $ — LTIPs granted (1) 39 16.14 Outstanding at end of year 39 $ 16.14 ________ (1) Equity-based compensation expense of $164,000 was recognized in connection with the grant of 39,000 LTIP units for the year ended December 31, 2022. At December 31, 2022, all LTIP Units were unvested and the Company had approximately $460,000 of total unrecognized compensation expense related to LTIP Units. 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, 2022 2021 2020 DSUs Weighted Average DSUs Weighted Average DSUs Weighted Average Outstanding at beginning of year 66 $ 9.68 43 $ 9.67 7 $ 31.79 DSUs granted (1) 16 15.27 23 9.70 37 6.12 DSUs settled — — — — (1) 31.79 Outstanding at end of year 82 $ 10.76 66 $ 9.68 43 $ 9.67 ________ (1) Equity-based compensation expense of $225,000 was recognized in connection with grants of 16,000, 23,000 and 37,000 immediately vested DSUs to our independent directors for each of the years ended December 31, 2022, 2021 and 2020, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
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 and other employees which 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 for our executive officers 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, 2022 2021 2020 Change in fair value Unrealized gain (loss) $ 477 $ (1,671) $ 3,012 Distributions Fair value (1) $ — $ 51 $ 11 Shares (1) — 3 1 ________ (1) Distributions made to one participant. As of December 31, 2022 and December 31, 2021, the carrying value of the DCP liability was $2.8 million and $3.3 million, respectively. 401(k) Plan —Ashford LLC and our consolidated subsidiaries sponsor 401(k) Plans. The 401(k) Plans are qualified defined contribution retirement plans that cover employees 21 years of age or older who have completed three months of service. The 401(k) Plans allow eligible employees to contribute, subject to Internal Revenue Service imposed limitations, to various investment funds. The Company and our consolidated subsidiaries make matching cash contributions equal to 100% of up to the first 3% of an employee’s eligible compensation contributed to the respective 401(k) Plan and cash contributions equal to 50% of up to the next 2% of an employee’s eligible compensation contributed to the respective 401(k) Plan. Both participant contributions and company matches vest immediately. For the years ended December 31, 2022, 2021 and 2020, “salaries and benefits” expense on our consolidated statements of operations included matching expense of $2.8 million, $0, and $884,000, respectively. For the years ended December 31, 2022, 2021 and 2020, “cost of revenues for design and construction” on our consolidated statements of operations included matching expense of $183,000, $0 and $46,000, respectively. Due to the significant negative impact on the Company’s operations and financial results from COVID-19, the Company’s 401(k) match was temporarily suspended beginning in the second quarter of 2020 through the year ended December 31, 2021. 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, 2022, which are exercisable upon vesting. As of December 31, 2022 and 2021, the subsidiary compensation plan accrued liability in the amount of $74,000 and $164,000, respectively, was recorded in “accounts payable and accrued expenses” in our consolidated balance sheets. For the years ended December 31, 2022, 2021 and 2020, the related gain of $117,000, loss of $295,000, and gain of $131,000, respectively, were included in “salaries and benefits” in our consolidated statements of operations. See note 11.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2022 2021 2020 Income tax (expense) benefit at federal statutory income tax rate $ (2,422) $ 2,261 $ 48,534 State income tax (expense) benefit, net of federal income tax benefit (1,453) 437 2,675 Foreign income tax expense (1,470) (426) — Income (loss) passed through to common unit holders and noncontrolling interests 58 (32) 94 Permanent differences (203) (1,086) (1,397) Nondeductible impairment of goodwill — — (35,820) Valuation allowance (1,094) (860) (1,051) Uncertain tax position (917) — — Stock compensation expense (741) — — Other (288) (132) 1,220 Total income tax (expense) benefit $ (8,530) $ 162 $ 14,255 The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Current: Federal $ (7,928) $ (4,192) $ (7,116) Foreign (2,031) (223) 25 State (2,829) (479) (1,064) Total current (12,788) (4,894) (8,155) Deferred: Federal 5,301 4,081 17,938 Foreign (125) (203) 136 State (918) 1,178 4,336 Total deferred 4,258 5,056 22,410 Total income tax (expense) benefit $ (8,530) $ 162 $ 14,255 Penalties of $20,000 and interest of $32,000 and $0 were paid to or were received from taxing authorities for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022 and 2021, our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2022 2021 Prepaid expenses $ (709) $ (698) Investments in unconsolidated entities and joint ventures 136 15 Capitalized acquisition costs 5,618 5,575 Deferred compensation 711 850 Accrued expenses 2,453 2,045 Equity-based compensation 10,881 10,700 Property and equipment (4,297) (5,106) Intangibles (42,733) (47,061) Deferred revenue 930 1,120 Net operating loss 6,911 6,436 Deferred tax asset (liability) (20,099) (26,124) Valuation allowance (7,774) (6,724) Net deferred tax asset (liability) $ (27,873) $ (32,848) At December 31, 2022, the Company had federal net operating loss carryforwards of approximately $22.7 million, all related to the separate company filing for OpenKey and only available to reduce future federal tax liabilities at this entity. If unused, $5.9 million of the OpenKey federal net operating loss carryforwards expire in tax year beginning in 2036, with all other federal net operating losses having an indefinite carryforward period. At December 31, 2022, the Company also had state net operating loss carryforwards of $7.6 million with, $2.5 million of these loss carryforwards only available to OpenKey, and foreign net operating loss carryforwards of $8.3 million related primarily to its operations in the U.S. Virgin Islands. 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, 2022, there is a full valuation allowance on the deferred tax assets related to OpenKey and related to INSPIRE’s operations in Mexico, collectively totaling $7.8 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, 2022 2021 2020 Balance at the beginning of the year $ — $ — $ 471 Gross increases for tax positions of prior years 1,161 — — Gross decreases for tax positions of prior years — — (471) Balance at the end of year $ 1,161 $ — $ — The total amount of unrecognized tax benefits that could affect the Company’s effective tax rate if recognized was $917,000, net of federal benefit, as of December 31, 2022. The Company’s policy is to record penalty and interest as a component of income tax expense. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
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 an amendment to the senior secured credit facility with Oaktree which, among other items, suspended 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 due under Ashford Trust’s senior secured credit facility. 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. Premier is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS, a subsidiary of Ashford Trust OP, and certain of their 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. Remington is party to a master hotel management agreement with Ashford Trust TRS and certain of its affiliates to provide hotel management services. Ashford Trust pays the Company a monthly hotel management fee equal to the greater of approximately $16,000 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. Ashford Trust pays the base fee and reimburses all expenses for Remington-managed hotels on a weekly basis for the preceding week. Remington is also party to a mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. In the year ended December 31, 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 negotiate the refinancing, modification or forbearance of the existing mortgage debt on Ashford Trust’s hotels. The Ashford Trust Agreement additionally allows for the Company to receive certain fees for refinancings performed within eight months after the Ashford Trust Agreement terminates. The Ashford Trust Agreement terminated effective April 6, 2022. For the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $2.4 million, $10.3 million and $5.7 million, respectively. Revenue recognized for the year ended December 31, 2021 includes a $1.2 million cumulative catch-up adjustment to revenue which was previously considered constrained. As of December 31, 2022 and December 31, 2021, the Company recorded $0 and $2.4 million, respectively, as deferred income. The deferred income related to the various Lismore fees described above was recognized over the 24 month term of the agreement on a straight line basis as the service was rendered, only to the extent it was probable that a significant reversal of revenue would not occur. Constraints relating to variable consideration were resolved generally upon the closing of a transaction or financing event and the resulting change in The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Year Ended December 31, 2022 2021 2020 REVENUES BY TYPE Advisory services fees: Base advisory fees (1) $ 34,802 $ 36,239 $ 34,744 Hotel management fees: Base management fees 23,873 17,819 15,923 Incentive management fees 6,066 4,180 — Total hotel management fees revenue (2) 29,939 21,999 15,923 Design and construction fees revenue (3) 11,601 4,032 4,964 Other revenue: Watersports, ferry and excursion services (5) 217 — — Debt placement and related fees (6) 3,282 11,381 5,853 Cash management fees (7) 97 — — Claims management services (8) 17 74 118 Other services (9) 1,438 1,628 1,496 Total other revenue 5,051 13,083 7,467 Cost reimbursement revenue 244,148 162,920 137,131 Total revenues $ 325,541 $ 238,273 $ 200,229 REVENUES BY SEGMENT (10) REIT advisory $ 48,859 $ 51,726 $ 50,574 Remington 255,387 167,600 133,489 Premier 18,776 5,939 6,800 INSPIRE 85 — — RED 231 — — OpenKey 123 119 234 Corporate and other (11) 2,080 12,889 9,132 Total revenues $ 325,541 $ 238,273 $ 200,229 COST OF REVENUES Cost of revenues for audio visual (4) $ 7,663 $ 2,969 $ 2,241 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 18,183 $ 6,734 $ 5,123 Watersports, ferry and excursion services revenue from guests at REIT properties (4) 190 545 125 ________ (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 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 hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management 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) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Ashford Trust rather than contracting with third-party customers. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (7) Cash management fees include revenue earned by providing active management and investment of Ashford Trust’s excess cash in short-term U.S. Treasury securities. See note 1 to our consolidated financial statements. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) 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. (10) See note 21 for discussion of segment reporting. (11) The Corporate and Other segment’s revenue in the year ended December 31, 2022 includes a reduction to cost reimbursement revenue of $2.6 million from Ashford Trust for expense reimbursements for Ashford Securities which were reallocated to Braemar. Expense reimbursements are allocated among the Company, Ashford Trust and Braemar quarterly based upon management’s estimate of the actual capital raised through Ashford Securities upon the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023. See discussion regarding Ashford Securities below. The following table summarizes amounts due (to) from Ashford Trust, net at December 31, 2022 and 2021 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, 2022 December 31, 2021 Ashford LLC $ (4,002) $ 691 Remington (2,015) (44) Premier 2,475 737 INSPIRE 1,718 985 OpenKey (35) 16 Pure Wellness 657 177 Lismore — 13 RED 5 — Due (to) from Ashford Trust $ (1,197) $ 2,575 Braemar — We are also a party to an amended and restated advisory agreement with Braemar and its operating subsidiary Braemar OP. The base fee is paid monthly calculated as 1/12 th 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. Premier is party to a master project management agreement with Braemar OP and Braemar TRS Corporation, a wholly owned subsidiary of Braemar OP, and certain of their affiliates to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. Remington is party to a master hotel management agreement with Braemar TRS Corporation and certain of its affiliates to provide hotel management services. Braemar pays the Company a monthly hotel management fee equal to the greater of approximately $16,000 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. Braemar pays the base fee and reimburses all expenses for Remington-managed hotels on a weekly basis for the preceding week. Remington is also party to a mutual exclusivity agreement with Braemar and Braemar OP. 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 terminated effective March 20, 2021. For the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $0, $853,000, and $2.6 million, respectively, related to the Braemar Agreement. As of December 31, 2022 and 2021, the Company did not have any deferred income related to the Braemar Agreement. The following table summarizes the revenues and expenses related to Braemar (in thousands): Year Ended December 31, 2022 2021 2020 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 12,790 $ 10,806 $ 9,981 Incentive advisory fees (1) 268 — — Other advisory revenue (2) 521 521 522 Total advisory services fees revenue 13,579 11,327 10,503 Hotel management fees: Base management fees 2,959 2,304 1,037 Incentive management fees 786 612 — Total hotel management fees revenue (3) 3,745 2,916 1,037 Design and construction fees revenue (4) 7,365 2,230 2,127 Other revenue: Watersports, ferry and excursion services (6) 2,293 2,605 950 Debt placement and related fees (7) 940 1,003 2,559 Cash management fees (8) 38 — — Claims management services (9) 3 7 108 Other services (10) 166 192 190 Total other revenue 3,440 3,807 3,807 Cost reimbursement revenue 57,396 30,394 18,898 Total revenues $ 85,525 $ 50,674 $ 36,372 REVENUES BY SEGMENT (11) REIT advisory $ 28,486 $ 22,911 $ 19,581 Remington 28,181 18,345 9,524 Premier 9,875 3,009 2,848 INSPIRE 72 — — RED 2,304 2,605 950 OpenKey 38 38 84 Corporate and other (12) 16,569 3,766 3,385 Total revenues $ 85,525 $ 50,674 $ 36,372 COST OF REVENUES (5) Cost of revenues for audio visual $ 3,842 $ 998 $ 495 Other 1,153 421 149 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 9,384 $ 2,175 $ 1,151 Watersports, ferry and excursion services revenue from guests at REIT properties (5) 2,132 2,117 550 ________ (1) The incentive advisory fees recognized includes the first year installment of the 2022 incentive advisory fee which was paid in January 2023. Incentive fee payments are subject to meeting the December 31st FCCR Condition each year, as defined in our advisory agreements. The annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021 and 2020 measurement periods. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management 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 hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management 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) Cash management fees include revenue earned by providing active management and investment of Braemar’s excess cash in short-term U.S. Treasury securities. See note 1 to our consolidated financial statements. (9) Claims management services include revenue earned from providing insurance claim assessment and administration services. (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 21 for discussion of segment reporting. (12) The Corporate and Other segment’s revenue in the year ended December 31, 2022 includes a re-allocation of $4.4 million of cost reimbursement revenue to Braemar which had previously been allocated to Ashford Trust and the Company. Expense reimbursements are allocated among the Company, Ashford Trust and Braemar quarterly based upon management’s estimate of the actual capital raised through Ashford Securities upon the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023. See discussion regarding Ashford Securities below. The following table summarizes amounts due (to) from Braemar, net at December 31, 2022 and 2021 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, 2022 December 31, 2021 Ashford LLC $ 7,253 $ 354 Remington (69) (234) Premier 3,443 327 INSPIRE 917 494 OpenKey 8 2 RED 193 201 Pure Wellness 83 — Due from Braemar $ 11,828 $ 1,144 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 paid 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 were subsequently leased by us to such REIT rent-free. The ERFP Agreements required 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 recognized the related depreciation tax deduction at the time such FF&E was purchased by the Company and placed into service at the respective REIT’s hotel properties. On March 13, 2020, the Company entered into an Extension Agreement related to the Ashford Trust ERFP Agreement. Under the terms of the Extension Agreement, the deadline to fund the remaining ERFP commitment under the Ashford Trust ERFP Agreement of $11.4 million, was extended from January 22, 2021 to December 31, 2022. On April 20, 2021, the Company received written notice from Ashford Trust of Ashford Trust’s intention not to renew the Ashford Trust ERFP Agreement. As a result, the Ashford Trust ERFP Agreement terminated in accordance with its terms on June 26, 2021. The expiration of the Ashford Trust ERFP Agreement had no impact on the Extension Agreement which continued in full force until December 16, 2022, when Ashford Trust acquired all of the equity interests in Marietta and, in exchange, forgave, cancelled and discharged in full the outstanding $11.4 million ERFP commitment. See note 5. On November 8, 2021, the Company delivered written notice to Braemar of the Company’s intention not to renew the Braemar ERFP Agreement. As a result, the Braemar ERFP Agreement terminated in accordance with its terms on January 15, 2022. As of December 31, 2022, the Company had no remaining ERFP commitments to Ashford Trust or Braemar under the Ashford Trust ERFP Agreement and the Braemar ERFP Agreement, respectively. Expiration of ERFP Agreement Related Leases with Ashford Trust and Braemar — On August 19, 2020, Ashford Trust sold the Embassy Suites New York Manhattan Times Square. The hotel contained FF&E with a net book value of $6.4 million which was owned by the Company and leased to Ashford Trust rent-free pursuant to the Ashford Trust ERFP Agreement. On November 4, 2020, the independent members of the Board waived the requirement for Ashford Trust to provide replacement FF&E. As a result, the Company recorded a loss on disposal of FF&E of $6.4 million within “other” operating expense in our consolidated statements of operations for the year ended December 31, 2020. For the year ended December 31, 2020, Braemar purchased FF&E from the Company for $1.8 million upon expiration of the underlying leases of FF&E under the Braemar ERFP Agreement and legacy key money agreements. The Company recorded a loss on sale of the FF&E of $1.6 million which is included within “other” operating expense in our consolidated statement of operations for the year ended December 31, 2020. In the first quarter of 2021, Ashford Trust purchased FF&E from the Company at the fair market value of $82,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recorded a loss on sale of the FF&E of $107,000 which is included within “other” operating expense in our consolidated statements of operations. Additionally, on January 20, 2021, Ashford Trust sold the Le Meridien hotel in Minneapolis, Minnesota. The hotel contained FF&E with a net book value of $399,000 which was owned by the Company and leased to Ashford Trust rent-free pursuant to the Ashford Trust ERFP Agreement. The Company recorded a loss on disposal of FF&E of $271,000 within “other” operating expense in our consolidated statements of operations. Pursuant to the agreement, Ashford Trust provided replacement FF&E to the Company in the third quarter of 2021 equal to the fair market value of the sold FF&E with a fair market value of $128,000, which was subsequently leased back to Ashford Trust rent-free. During the second quarter of 2021, the Company purchased $1.6 million of FF&E from Braemar. The Company set-off the purchased FF&E against a $1.6 million outstanding receivable previously incurred by Braemar. The FF&E purchased by the Company was subsequently leased back to Braemar rent-free. In the second quarter of 2021, Braemar purchased FF&E from the Company at the fair market value of $144,000 upon expiration of the underlying leases of the FF&E under the Braemar ERFP Agreement. The Company recorded a loss on sale of the FF&E of $267,000 which is included within “other” operating expense in our consolidated statements of operations. In the first quarter of 2022, Ashford Trust purchased FF&E with a net book value of $1.1 million from the Company at the fair market value of $406,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recorded a loss on sale of the FF&E of $706,000 which is included within “other” operating expense in our consolidated statement of operations. In the fourth quarter of 2022, Ashford Trust purchased FF&E with a net book value of $3.1 million from the Company at the fair market value of $1.0 million upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recognized a $1.0 million outstanding receivable which was recorded net in “due to Ashford Trust” in our consolidated balance sheet. The Company recorded a loss on sale of the FF&E of $2.1 million which is included within “other” operating expense in our consolidated statement of operations. Ashford Securities — On December 31, 2020, an Amended and Restated Contribution Agreement (the “Amended and Restated Contribution Agreement”) was entered into by the Company, Ashford Trust and Braemar (collectively, the “Parties” and each individually a “Party”) with respect to funding certain expenses of Ashford Securities. Beginning on the effective date of the Amended and Restated Contribution Agreement, costs to fund the operations of Ashford Securities were allocated 50% to the Company, 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023, there will be a true up (the “Amended and Restated True-Up Date”) among the Parties whereby the actual amount contributed by each Party will be based on the actual amount of capital raised by such Party through Ashford Securities (the resulting ratio of contributions among the Parties, the “Initial True-Up Ratio”). On January 27, 2022, the Company entered into a Second Amended and Restated Contribution Agreement with Ashford Trust and Braemar which provided for an additional $18 million in aggregate contributions to Ashford Securities allocated 10% to the Company, 45% to Ashford Trust, and 45% to Braemar. As of December 31, 2022, Ashford Trust and Braemar have funded approximately $6.2 million and $5.8 million, respectively. Contributions are allocated among the Parties quarterly based upon management’s estimate of the actual capital that will be raised through Ashford Securities upon the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023. Prior to September 30, 2022, sufficient information was not available to estimate the actual capital which will be raised by each Party on the Amended and Restated True-Up Date. Based upon management’s estimate as of December 31, 2022, the year ended December 31, 2022 included a re-allocation of $2.6 million of cost reimbursement revenue and reimbursed expenses to Braemar which had previously been allocated to Ashford Trust and a re-allocation of $1.8 million of cost reimbursement revenue and reimbursed expenses to Braemar which had previously been allocated to the Company and eliminated upon consolidation. The Company recognized a reduction to cost reimbursement revenue of $2.5 million from Ashford Trust for the year ended December 31, 2022 in our consolidated statements of operations. The Company recognized $0 and $2.0 million of cost reimbursement revenue from Ashford Trust for the years ended December 31, 2021, and 2020, respectively, in our consolidated statements of operations. The Company recognized $15.5 million, $2.6 million, and $719,000 of cost reimbursement revenue from Braemar for the years ended December 31, 2022, 2021, and 2020, respectively, in our consolidated statements of operations. Cost reimbursement revenue for the year ended December 31, 2022 includes $5.8 million of dealer manager fees earned by Ashford Securities for the placement of Braemar’s non-listed preferred equity offerings. Other Related Party Transactions — On March 10, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (“Braemar Limited Waiver”) with Braemar, Braemar Hospitality Limited Partnership (“Braemar OP”), Braemar TRS Corporation (“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 Hospitality Limited Partnership (“Ashford Trust OP”), Ashford TRS Corporation (“Ashford Trust TRS”) and Ashford LLC. Pursuant to the Limited Waivers, the parties to the Second Amended and Restated Advisory Agreement with Ashford Trust and the Fifth Amended and Restated Advisory Agreement with Braemar waive the operation of any provision of 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 $8.5 million , in the aggregate, during the Waiver Period. The Company leases office space from Remington Hotel Corporation (“RHC”), an affiliate owned by the Bennetts, at our corporate headquarters in Dallas, Texas. For the years ended December 31, 2022, 2021, and 2020, we recorded $3.3 million and $3.4 million, and $3.4 million, respectively, in rent expense related to our corporate office lease with RHC. 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. See note 2. Ashford Trust held a 15.06% and 16.65% noncontrolling interest in OpenKey, and Braemar held an 7.92% and 7.77% noncontrolling interest in OpenKey as of December 31, 2022 and 2021, respectively. Ashford Trust invested $0, $500,000 and $431,000 in OpenKey during t

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 3,646 $ (9,925) $ (212,365) Less: Dividends on preferred stock, declared and undeclared (1) (36,458) (35,000) (32,095) Less: Amortization of preferred stock discount — (1,053) (2,887) Undistributed net income (loss) allocated to common stockholders (32,812) (45,978) (247,347) Distributed and undistributed net income (loss) - basic $ (32,812) $ (45,978) $ (247,347) Distributed and undistributed net income (loss) - diluted $ (32,812) $ (45,978) $ (247,347) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,915 2,756 2,284 Weighted average common shares outstanding – diluted 2,915 2,756 2,284 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (11.26) $ (16.68) $ (108.30) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (11.26) $ (16.68) $ (108.30) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 15. 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, 2022 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ 448 $ (63) $ (432) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock — (152) (1,813) Dividends on preferred stock, declared and undeclared 36,458 35,000 32,095 Amortization of preferred stock discount — 1,053 2,887 Total $ 36,906 $ 35,838 $ 32,737 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 92 124 23 Effect of assumed conversion of Ashford Holdings units 65 4 4 Effect of incremental subsidiary shares 117 145 504 Effect of assumed conversion of preferred stock 4,272 4,265 4,111 Total 4,546 4,538 4,642

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
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) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality and commercial office industry; and (h) Marietta, which held the leasehold rights to a single hotel and convention center property in Marietta, Georgia, until the disposition date of December 16, 2022. See discussion in note 5. For 2022, Premier, 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 Premier, RED and OpenKey as reportable segments. 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 note 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, 2022, 2021, and 2020 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Year Ended December 31, 2022 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 48,381 $ — $ — $ — $ — $ — $ — $ 48,381 Hotel management fees — 46,548 — — — — — 46,548 Design and construction fees — — 22,167 — — — — 22,167 Audio visual — — — 121,261 — — — 121,261 Other 157 181 — — 26,309 1,480 16,185 44,312 Cost reimbursement revenue (1) 28,809 309,706 10,080 157 26 4 12,981 361,763 Total revenues 77,347 356,435 32,247 121,418 26,335 1,484 29,166 644,432 EXPENSES Depreciation and amortization 3,410 12,362 11,899 1,803 656 12 1,624 31,766 Other operating expenses (2) 2,828 24,414 13,693 107,520 22,760 5,758 52,725 229,698 Reimbursed expenses (1) 28,421 309,706 10,080 157 26 4 12,981 361,375 Total operating expenses 34,659 346,482 35,672 109,480 23,442 5,774 67,330 622,839 OPERATING INCOME (LOSS) 42,688 9,953 (3,425) 11,938 2,893 (4,290) (38,164) 21,593 Equity in earnings (loss) of unconsolidated entities — 7 — — — — 385 392 Interest expense — — — (1,263) (769) — (7,964) (9,996) Amortization of loan costs — — — (130) (52) — (579) (761) Interest income — 182 — — — — 189 371 Realized gain (loss) on investments — (121) — — — — — (121) Other income (expense) — (26) — 131 (47) 4 (87) (25) INCOME (LOSS) BEFORE INCOME TAXES 42,688 9,995 (3,425) 10,676 2,025 (4,286) (46,220) 11,453 Income tax (expense) benefit (10,406) (1,845) (528) (4,073) (557) — 8,879 (8,530) NET INCOME (LOSS) $ 32,282 $ 8,150 $ (3,953) $ 6,603 $ 1,468 $ (4,286) $ (37,341) $ 2,923 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $13.2 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, 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 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, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 United States $ 36,548 $ 80,879 Mexico 4,478 2,119 Dominican Republic 538 365 United Kingdom (Turks and Caicos Islands) 227 203 $ 41,791 $ 83,566

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk During the years ended December 31, 2022, 2021 and 2020, our advisory revenue was primarily derived from our advisory agreements with Ashford Trust and Braemar. Additionally, Remington, Premier, OpenKey, RED, Pure Wellness and Lismore generated revenues through contracts with Ashford Trust and Braemar, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues. Year Ended December 31, 2022 2021 2020 Percentage of total revenues from Ashford Trust and Braemar (1) Remington 79.6 % 93.7 % 97.9 % Premier 88.8 % 72.1 % 83.1 % INSPIRE (2) 22.8 % 17.9 % 16.6 % OpenKey 10.8 % 8.0 % 21.5 % RED 9.6 % 10.9 % 9.8 % Pure Wellness 65.7 % 62.1 % 73.7 % Lismore 100.0 % 100.0 % 100.0 % ________ (1) See note 19 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 3 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 increased to a net asset position of $1.4 million and $763,000, respectively, as of December 31, 2022, from a net deficit position of $864,000 and $201,000 as of December 31, 2021. The carrying amounts of net assets related to our RED operations in Turks and Caicos were $682,000 and $172,000 as of December 31, 2022 and 2021, 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 3, 2023, the Company acquired RHC, an affiliate owned by the Bennetts, from which the Company leases the offices for our corporate headquarters in Dallas, Texas. The purchase price paid was de minimis. On January 16, 2023, Remington amended the terms of their outstanding note receivable with a third-party property owner with an outstanding principal balance of $1.5 million. The amendment extends the maturity date of the note receivable from December 31, 2022 to January 31, 2024 for the outstanding principal balance and all accrued and unpaid interest. The interest rate on the note receivable is 10% per annum with payments of interest payable quarterly commencing March 31, 2023. On February 1, 2023, the Company entered into a Third Amended and Restated Contribution Agreement with Ashford Trust and Braemar. The Third Amended and Restated Contribution Agreement states that after the Amended and Restated True-Up Date occurs capital contributions for the remainder of fiscal year 2023 will be divided between each Party based on the Initial True-Up Ratio. Thereafter on a yearly basis at year-end, starting with the year-end of 2023, there will be a true-up between the Parties whereby there will be adjustments so that the capital contributions made by each Party will be based on the cumulative amount of capital raised by each Party through Ashford Securities as a percentage of the total amount raised by the Parties collectively through Ashford Securities since June 19, 2019 (the resulting ratio of capital contributions among the Company, Ashford Trust and Braemar following this true-up, the “Cumulative Ratio”). Thereafter, the capital contributions will be divided among each Party in accordance with the Cumulative Ratio, as recalculated at the end of each year. On March 2, 2023, the Company entered into a Limited Waiver Under Advisory Agreement (the “2023 Braemar Limited Waiver”) with Braemar, Braemar OP, and Braemar TRS and a Limited Waiver Under Advisory Agreement (the “2023 Ashford Trust Limited Waiver” and together with the 2023 Braemar Limited Waiver, the “2023 Limited Waivers”) with Ashford Trust, Ashford Trust OP, and Ashford Trust TRS. Pursuant to the 2023 Limited Waivers, the parties to the Second Amended and Restated Advisory Agreement with Ashford Trust and the Fifth Amended and Restated Advisory Agreement with Braemar waive the operation of any provision of 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 2023 (the “2023 Waiver Period”) , cash incentive compensation to employees and other representatives of the Company; provided that, pursuant to the 2023 Ashford Trust Limited Waiver, such awarded cash incentive compensation does not exceed $13.1 million , in the aggregate, during the 2023 Waiver Period. On March 7, 2023, the Company drew $12.0 million on the Credit Facility. The remaining amount unused after drawing upon the Credit Facility is $18.0 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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. The consolidated balance sheet and statement of equity (deficit) as of December 31, 2022 include a correction of an immaterial error which resulted in $639,000 of cumulative unrealized losses on available-for-sale common shares of Ashford Trust and Braemar held by Remington being reclassified from accumulated other comprehensive income to accumulated deficit. Beginning January 1, 2022, unrealized gains and losses on available-for-sale common shares are recorded in other income (expense) in the Company’s consolidated statements of operations. 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.
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.
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 elected to 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, 2022. Additionally, no indicators of impairment were identified from the date of our impairment assessments through December 31, 2022. 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.
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 five
Other Liabilities	Other Liabilities—As of December 31, 2022 and December 31, 2021, other current liabilities included reserves in the amount of $23.5 million and $24.6 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 2 to 32 years including the Marietta finance lease prior to Marietta’s acquisition by Ashford Trust on December 16, 2022. 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 2 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) and foreign currency translation adjustments. 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 accumulated other comprehensive income (loss) is presented on our consolidated balance sheets as of December 31, 2022 and 2021.
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 to/from Ashford Trust —Due to/from Ashford Trust represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and business expenses and payables owed by our products and services businesses to Ashford Trust which are presented net on the consolidated balance sheet. Due to/from Ashford Trust is generally settled within a period not exceeding one year and is presented as a current asset or current liability based upon the period’s ending net balance.
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 more dilutive of the two-class method or the treasury stock method. 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	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 2018 through 2022 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 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. We adopted ASU 2016-13 and ASU 2019-10 effective January 1, 2023 and the adoption did not have a material impact 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
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, from January 1, 2021 through January 14, 2021, the base fee 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 with Ashford Trust, dated June 10, 2015, as amended), 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 to, among other things, fix the percentage used to calculate the base fee thereunder at 0.70% per annum. On January 15, 2021, Ashford Trust and Ashford Trust OP entered into a Credit Agreement (as amended, the “Oaktree Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management L.P. (“Oaktree”). In connection with the transactions contemplated by the Oaktree Credit Agreement, on January 15, 2021, the Company and certain of its affiliates entered into a Subordination and Non-Disturbance Agreement (the “SNDA”) with Ashford Trust, Ashford Trust OP, Ashford Trust TRS and Oaktree pursuant to which the Company agreed to subordinate to the prior repayment in full of all obligations under the Oaktree Credit Agreement, (1) prior to the later of (i) the second anniversary of the Oaktree 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 Second Amended and Restated Advisory Agreement, or any amount owed under any enhanced return funding program in connection with the termination of the Second Amended and Restated Advisory Agreement or sale or foreclosure of assets financed thereunder; and (3) any payments to Lismore Capital II LLC, an indirect consolidated subsidiary of the Company (“Lismore”), in connection with the transactions contemplated by the Oaktree Credit Agreement. Prior to the fourth quarter of 2021, advisory fees under the Second Amended and Restated Advisory Agreement earned from Ashford Trust in 2021 in excess of the Advisory Fee Cap were a form of variable consideration that were constrained and deferred until such fees were probable of not being subject to significant reversal. The Advisory Fee Cap was approximately $29.0 million each year as stated in the Oaktree Credit Agreement. As a result, base advisory fee revenue in 2021 was recognized each month equal to the lesser of (1) base fees calculated as described above based on Ashford Trust’s market capitalization or (2) 1/12 th of $29.0 million. On October 12, 2021, Ashford Trust and Ashford Trust OP entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with Oaktree. Amendment No. 1, subject to the conditions set forth therein, among other things, suspended Ashford Trust’s obligation to subordinate fees due under the Second Amended and Restated 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 Oaktree Credit Agreement. In the fourth quarter of 2021, Ashford Trust met the requirements to suspend its obligation to subordinate fees due under the Second Amended and Restated Advisory Agreement and paid the Company $7.2 million for advisory fees that had been deferred in 2021 as a result of the Advisory Fee Cap. Based upon Ashford Trust’s ability to meet the requirements stated in Amendment No. 1, the Company concluded that base fees from our Second Amended and Restated Advisory Agreement with Ashford Trust which exceed the Advisory Fee Cap were no longer probable of being subject to significant reversal and were recorded within “advisory services fees” in our consolidated statements of operations based upon the fees calculated from Ashford Trust’s market capitalization as described above. For Braemar, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Fifth Amended and Restated 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. Braemar’s 2022 annual total stockholder return met the relevant incentive fee thresholds during the 2022 measurement period and $268,000 was recognized as incentive advisory fees in 2022 for the first year installment which was paid in January of 2023. Ashford Trust’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2022, 2021 and 2020 measurement periods. Braemar’s annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021 and 2020 measurement periods. Hotel Management Fees Revenue Hotel management fees revenue is reported within our Remington segment and primarily consists of base management fees, incentive management fees and other management fees. Base management fees, incentive management fees and other management fees are recognized when services have been rendered. For hotels owned by Ashford Trust and Braemar, 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 additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar whenever a hotel’s gross operating profit (“GOP”) exceeds the hotel’s budgeted GOP. The incentive fee is equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s GOP exceeds the hotel’s budgeted GOP. The base management fees and incentive management fees that Remington receives for third-party owned properties vary by property. Other management fees primarily includes fixed monthly accounting fees and fees for revenue management services at certain third-party properties. Design and Construction Fees Revenue Design and construction fees 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. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar (as defined below), 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 (as defined below), 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. 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. The recognition of cost reimbursement revenue and reimbursed expenses for centralized software programs reimbursed by Ashford Trust and Braemar may result in temporary timing differences 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 12 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, 2022
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 76.79 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 23.21 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,614 n/a n/a Redemption value adjustment, year-to-date 32 n/a n/a Redemption value adjustment, cumulative 613 n/a n/a Carrying value of noncontrolling interests n/a 273 (106) Assets, available only to settle subsidiary’s obligations (5) n/a 2,114 1,580 Liabilities (6) n/a 1,078 2,048 Revolving credit facility (6) n/a — 150 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 (5) n/a 2,533 1,779 Liabilities (6) n/a 424 1,643 Revolving credit facility (6) n/a — 100 ________ (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 Hospitality Holdings LLC (“Ashford Holdings”) represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in OpenKey, Inc. (“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 note 8. (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 note 14. (5) 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. (6) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 8.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): December 31, 2022 December 31, 2021 Carrying value of the investment in REA Holdings $ 3,067 $ 2,831 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, 2022 2021 2020 Equity in earnings (loss) in unconsolidated entities REA Holdings $ 385 $ 13 $ 212
Restricted Cash	Restricted cash was comprised of the following (in thousands): December 31, 2022 December 31, 2021 REIT Advisory: Insurance claim reserves (1) $ 23,471 $ 24,588 Remington: Managed hotel properties’ reserves (2) 11,464 6,923 Insurance claim reserves (3) 2,123 1,312 Total Remington restricted cash 13,587 8,235 INSPIRE: Debt service related operating reserves (4) — 1,000 Marietta: Capital improvement reserves (5) — 255 Restricted cash held in escrow (6) — 800 Total Marietta restricted cash — 1,055 Total restricted cash $ 37,058 $ 34,878 ________ (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 to/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” in our consolidated balance sheets. (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” in our consolidated balance sheets. (4) Our subsidiary, Inspire Event Technologies, LLC (“INSPIRE”), provides event technology and creative communications solutions services. On June 27, 2022, INSPIRE’s credit agreement was amended to remove the previous requirement for INSPIRE to maintain an operating reserve account of $1.0 million to service interest expense and projected operating costs. See note 8. (5) Includes cash reserves for capital improvements associated with renovations at Marietta Leasehold LP (“Marietta”), which held the leasehold rights to a single hotel and convention center property in Marietta, Georgia until Marietta was acquired by Ashford Trust on December 16, 2022. The liability related to the restricted cash balance for the hotel’s renovations was included in “accounts payable and accrued expenses” in our consolidated balance sheets. (6) Prior to Ashford Trust’s acquisition of Marietta, restricted cash was held in escrow in accordance with the Marietta lease agreement. The cash held in escrow was funded from hotel cash flows and could only be used for repairs and maintenance or capital improvements at the property.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2022 2021 Balance as of January 1 $ 10,905 $ 21,359 Increases to deferred income 11,531 11,774 Recognition of revenue (1) (14,636) (22,228) Balance as of December 31 $ 7,800 $ 10,905 ________
Disaggregation of Revenue	Our revenues were comprised of the following for the years ended December 31, 2022, 2021 and 2020 respectively (in thousands): Year Ended December 31, 2022 2021 2020 Advisory services fees: Base advisory fees $ 47,592 $ 47,045 $ 44,725 Incentive advisory fees 268 — — Other advisory revenue 521 521 522 Total advisory services fees revenue 48,381 47,566 45,247 Hotel management fees: Base fees 34,072 21,291 17,126 Incentive fees 8,533 4,969 — Other management fees 3,943 — — Total hotel management fees revenue 46,548 26,260 17,126 Design and construction fees revenue 22,167 9,557 8,936 Audio visual revenue 121,261 49,880 37,881 Other revenue: Watersports, ferry and excursion services (1) 26,309 23,867 9,663 Debt placement and related fees (2) 4,222 12,384 8,412 Cash management fees (3) 135 — — Claims management services 20 81 226 Other services (4) 13,626 10,997 7,301 Total other revenue 44,312 47,329 25,602 Cost reimbursement revenue 361,763 203,975 158,559 Total revenues $ 644,432 $ 384,567 $ 293,351 REVENUES BY SEGMENT (5) REIT advisory $ 77,347 $ 74,616 $ 70,169 Remington 356,435 197,802 145,596 Premier 32,247 12,413 11,604 INSPIRE 121,418 49,900 37,881 RED 26,335 23,867 9,663 OpenKey 1,484 1,965 1,479 Corporate and other 29,166 24,004 16,959 Total revenues $ 644,432 $ 384,567 $ 293,351 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes the entity that conducts RED’s legacy U.S. Virgin Islands operations, 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) Cash management fees include revenue earned by providing active management and investment of Ashford Trust and Braemar’s excess cash in short-term U.S. Treasury securities. See note 1 to our consolidated financial statements. (4) 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 held the leasehold rights to a single hotel and convention center property in Marietta, Georgia, and was acquired by Ashford Trust on December 16, 2022. See note 5. (5) 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 21 for discussion of segment reporting. The following table presents revenue from INSPIRE and RED geographically for the years ended December 31, 2022, 2021 and 2020, respectively (in thousands): Year Ended December 31, 2022 2021 2020 INSPIRE: United States $ 92,418 $ 39,164 $ 28,923 Mexico 22,087 7,724 7,100 Dominican Republic 6,913 2,992 1,858 Total audio visual revenue $ 121,418 $ 49,880 $ 37,881 RED: United States $ 22,354 $ 22,665 $ 9,663 United Kingdom (Turks and Caicos Islands) 3,981 1,202 — Total watersports, ferry and excursion services $ 26,335 $ 23,867 $ 9,663

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Fair Value of the Purchase Price	The fair value of the purchase price and final allocation of the purchase price are as follows (in thousands): Series CHP Units $ 9,450 Discount on Series CHP Units (8,063) Cash 6,300 Fair value of contingent consideration 1,670 Working capital adjustments 193 Total fair value of purchase price $ 9,550
Preliminary Allocation of the Purchase Price	Fair Value Estimated Useful Life Current assets including cash of $228 $ 930 Goodwill 2,053 Management contracts 7,131 8 years Total assets acquired 10,114 Current liabilities 347 Deferred tax liability 217 Total assumed liabilities 564 Net assets acquired $ 9,550
Unaudited Pro Forma Results of Operations	The following table reflects the unaudited pro forma results of operations as if the Chesapeake acquisition had occurred on January 1, 2021, and the removal of $1.9 million of transaction costs directly attributable to the acquisition (net of the incremental tax expense) for the year ended December 31, 2022 (in thousands): Year Ended December 31, 2022 2021 Total revenues $ 657,352 $ 419,832 Net income (loss) 3,531 (14,047) Net income (loss) attributable to common stockholders (32,403) (49,895)

Marietta Disposition (Tables)

Marietta Disposition (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Disposal Groups, Including Discontinued Operations	The following table includes financial information from Marietta in the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Other revenue $ 9,763 $ 6,336 $ 3,936 Depreciation and amortization (1,206) (1,260) (1,260) General and administrative (113) 48 (163) Other expenses (7,047) (3,758) (2,882) Operating income (loss) 1,397 1,366 (369) Interest expense (2,399) (2,539) (2,470) Loss before income taxes $ (1,002) $ (1,173) $ (2,839) On the date of disposition, the assets and liabilities related to Marietta were as follows (in thousands): December 16, 2022 Assets Current assets: Cash and cash equivalents $ 1,067 Restricted cash 1,056 Accounts receivable, net 22 Inventories 48 Prepaid expenses and other 364 Total current assets 2,557 Property and equipment, net 40,381 Total assets $ 42,938 Liabilities Current liabilities: Accounts payable and accrued expenses $ 582 Due to affiliates 242 Finance lease liabilities 845 Total current liabilities 1,669 Finance lease liabilities 40,025 Total liabilities 41,694 Net assets disposed $ 1,244

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net, consisted of the following (in thousands): December 31, 2022 2021 Marietta Leasehold L.P. finance lease $ — $ 44,294 Rental pool equipment 26,563 20,498 FF&E leased to Ashford Trust 11,283 19,688 FF&E leased to Braemar 1,616 1,744 Property and equipment 11,726 10,370 Marine vessels 17,789 15,153 Leasehold improvements 1,148 1,177 Computer software 1,266 1,244 Total cost 71,391 114,168 Accumulated depreciation (29,600) (30,602) Property and equipment, net $ 41,791 $ 83,566

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2022 and December 31, 2021, are as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance at January 1, 2021 $ 54,605 $ 1,235 $ 782 $ 56,622 Balance at December 31, 2021 54,605 1,235 782 56,622 Changes in goodwill: Additions (2) 1,980 — — 1,980 Adjustments (2) 73 — — 73 Balance at December 31, 2022 $ 56,658 $ 1,235 $ 782 $ 58,675 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of December 31, 2022 and December 31, 2021, are as follows (in thousands): December 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts (1) $ 114,731 $ (40,519) $ 74,212 $ 107,600 $ (28,284) $ 79,316 Premier management contracts 194,000 (53,415) 140,585 194,000 (41,619) 152,381 INSPIRE customer relationships 9,319 (5,527) 3,792 9,319 (4,409) 4,910 RED boat slip rights 3,100 (535) 2,565 3,100 (380) 2,720 Pure Wellness customer relationships 175 (175) — 175 (166) 9 $ 321,325 $ (100,171) $ 221,154 $ 314,194 $ (74,858) $ 239,336 Gross Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 $ — $ 4,900 INSPIRE trademarks (2) — 1,160 (1,160) — RED trademarks 490 490 — 490 $ 5,390 $ 6,550 $ (1,160) $ 5,390 ________ (1) As of December 31, 2022, Remington’s management contracts include $7.1 million of gross management contracts acquired in the Company’s acquisition of Chesapeake. See note 4. (2) 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 in the year ended December 31, 2021. See note 11.
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of December 31, 2022 and December 31, 2021, are as follows (in thousands): December 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts (1) $ 114,731 $ (40,519) $ 74,212 $ 107,600 $ (28,284) $ 79,316 Premier management contracts 194,000 (53,415) 140,585 194,000 (41,619) 152,381 INSPIRE customer relationships 9,319 (5,527) 3,792 9,319 (4,409) 4,910 RED boat slip rights 3,100 (535) 2,565 3,100 (380) 2,720 Pure Wellness customer relationships 175 (175) — 175 (166) 9 $ 321,325 $ (100,171) $ 221,154 $ 314,194 $ (74,858) $ 239,336 Gross Carrying Amount Gross Carrying Amount Impairment Net Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 $ — $ 4,900 INSPIRE trademarks (2) — 1,160 (1,160) — RED trademarks 490 490 — 490 $ 5,390 $ 6,550 $ (1,160) $ 5,390 ________ (1) As of December 31, 2022, Remington’s management contracts include $7.1 million of gross management contracts acquired in the Company’s acquisition of Chesapeake. See note 4. (2) 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 in the year ended December 31, 2021. See note 11.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Expected future amortization expense of definite-lived intangible assets as of December 31, 2022 are as follows (in thousands): 2023 $ 24,046 2024 21,558 2025 18,675 2026 16,942 2027 15,451 Thereafter 124,482 Total $ 221,154

Notes Payable, net (Tables)

Notes Payable, net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2022 December 31, 2021 Credit facility (9) Ashford Inc. April 1, 2027 Base Rate (1) + 6.35% or LIBOR (3) +7.35% $ 70,000 $ — Term loan (9) Ashford Inc. March 19, 2024 Base Rate (2) + 2.00% to 2.25% or LIBOR (3) +3.00% to 3.25% — 27,271 Note payable (12) Ashford Inc. February 29, 2028 4.00% 1,495 1,746 Term loan (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.75% 17,300 20,000 Revolving credit facility (5) (7) (10) INSPIRE January 1, 2024 Prime Rate (4) + 2.75% — 1,869 Revolving credit facility (5) (13) Pure Wellness On demand Prime Rate (4) + 1.00% 150 100 Revolving credit facility (5) (8) (14) RED December 5, 2023 Prime Rate (4) + 1.75% — — Term loan (5) (8) (15) RED July 18, 2029 6.00% 1,596 1,641 Term loan (5) (8) RED July 18, 2023 6.50% 337 607 Term loan (5) (8) (16) RED August 5, 2029 Prime Rate (4) + 2.00% 858 888 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 1,980 2,143 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 3,006 3,357 Draw term loan (5) (8) (17) RED March 17, 2032 5.00% 641 — Draw term loan (5) (8) (17) RED March 17, 2032 5.00% 640 — Draw term loan (5) (8) (18) RED Various (18) Prime Rate (4) + 1.00% 1,099 — Total notes payable 99,102 59,622 Capitalized default interest, net (11) 148 290 Deferred loan costs, net (2,643) (518) Original issue discount, net (9) (1,732) — Notes payable including capitalized default interest and deferred loan costs, net 94,875 59,394 Less current portion (5,195) (6,725) Total notes payable, net - non-current $ 89,680 $ 52,669 __________________ (1) Base Rate, as defined in the credit facility agreement with Mustang Lodging Funding LLC, is the greater of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50%, (iii) LIBOR plus 1.00%, or (iv) 1.25%. (2) Base Rate, as defined in the Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A., is the greater of (i) the prime rate set by Bank of America, N. A., (ii) the federal funds rate plus 0.50%, or (iii) LIBOR plus 1.00%. (3) The one-month LIBOR rate was 4.39% and 0.10% at December 31, 2022 and December 31, 2021, respectively. (4) The Prime Rate was 7.50% and 3.25% at December 31, 2022 and December 31, 2021, 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 eligible receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $7.5 million and $5.0 million as of December 31, 2022 and December 31, 2021, respectively. INSPIRE’s term loan is collateralized by substantially all of the assets of INSPIRE. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $13.6 million and $12.5 million as of December 31, 2022 and December 31, 2021, respectively. (9) On April 1, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”) with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. The Company used a portion of the proceeds from the Credit Agreement to pay off the remaining $26.6 million balance of the Company’s existing Term Loan Agreement and pay dividends to the holders of the Series D Convertible Preferred Stock. On April 18, 2022, the Company drew an additional $20.0 million on the Credit Facility. The Credit Facility is a five-year interest-only facility with all outstanding principal due at maturity, with three successive one-year extension options subject to an increase in the interest rate during each extension period. Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either the Eurodollar Rate (defined as LIBOR or a comparable or successor rate, with a floor of 0.25%) plus an applicable margin, or the base rate (defined as the highest of the federal funds rate plus 0.50%, the prime rate or the Eurodollar Rate plus 1.00%, with a floor of 1.25%) plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Eurodollar loans will be 7.35% per annum and the applicable margin for base rate loans will be 6.35% per annum, with increases to both applicable margins of 0.50%, 0.75% and 1.00% per annum during each of the three extension periods, respectively. The remaining undrawn balance of the Credit Facility is subject to an unused fee of 1.0% during the first 24 months of the term, payable on the last business day of each month. The Credit Facility included an original issue discount of $2.0 million on the Closing Date. As of December 31, 2022, the amount unused under the Credit Facility was $30.0 million. (10) On December 31, 2020, INSPIRE amended its credit agreement dated as of November 1, 2017 (the “INSPIRE Amendment”). The maximum borrowing capacity under the INSPIRE Amendment for the revolving credit facility is $3.0 million. As of December 31, 2022, the amount unused under INSPIRE’s revolving credit facility was $3.0 million. The INSPIRE Amendment provides INSPIRE with an option to elect a one-year extension 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 were waived until March 31, 2023. Amounts borrowed under the revolving credit facility and the term loan 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. Commencing January 1, 2022, INSPIRE is required to make monthly payments under the term loan of $200,000 through June 2022, $250,000 through December 2022 and $300,000 thereafter. (11) 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. 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 upon commencement 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) As of December 31, 2022, the amount unused under Pure Wellness’s revolving credit facility was $100,000. (14) As of December 31, 2022, the amount unused under RED’s revolving credit facility was $250,000. (15) On July 18, 2019, 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 23, 2021, RED entered into a term loan agreement with a maximum principal amount of $900,000. RED was not required to make any payments of principal until May 5, 2022. (17) 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 bears 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%. As of December 31, 2022, the amount unused under RED’s non-revolving line of credit loans were $859,000 and $860,000, respectively. (18) On September 15, 2022, RED entered into a closed-end non-revolving line of credit for $1.5 million that converts into individual term loans as RED draws upon the facility. The loans under the facility bear an interest rate at the Wall Street Journal Prime Rate plus 1.0%. The term length of the loans once drawn is either five
Schedule of Maturities of Long-term Debt	Maturities and scheduled amortization of long-term debt as of December 31, 2022, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2023 (1) $ 5,047 2024 14,750 2025 1,134 2026 1,224 2027 71,977 Thereafter 4,970 Total $ 99,102 __________________ (1) Excludes $148,000 of capitalized default interest, net which is included in the current portion of “notes payable, net” in our consolidated balance sheets.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease Balances	As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): Leases Classification December 31, 2022 December 31, 2021 Assets Operating lease assets Operating lease right-of-use assets $ 23,844 $ 26,975 Finance lease assets Property and equipment, net 3,236 44,333 Total leased assets $ 27,080 $ 71,308 Liabilities Current Operating Operating lease liabilities $ 3,868 $ 3,628 Finance Finance lease liabilities 1,456 1,065 Noncurrent Operating Operating lease liabilities 20,082 23,477 Finance Finance lease liabilities 1,962 43,479 Total leased liabilities $ 27,368 $ 71,649
Lease Cost	We incurred the following lease costs related to our operating and finance leases (in thousands): Year Ended December 31, Lease Cost Classification 2022 2021 2020 Operating lease cost Rent expense (1) General and administrative $ 6,060 $ 5,654 $ 5,327 Finance lease cost Amortization of leased assets Depreciation and amortization 1,624 1,455 1,458 Interest on lease liabilities Interest expense 2,616 2,727 2,626 Total lease cost $ 10,300 $ 9,836 $ 9,411 __________________ (1) The years ended December 31, 2022, 2021 and 2020 include short term lease expense of $619,000, $442,000 and $227,000, respectively. The years ended December 31, 2022, 2021 and 2020 include the following operating and finance lease additions (in thousands): Year Ended December 31, Lease Additions 2022 2021 2020 Operating leases $ 298 $ 607 $ 1,350 Finance leases $ 903 $ — $ 1,869 For the years ended December 31, 2022, 2021 and 2020, cash paid amounts included in the measurement of lease liabilities included (in thousands): Year Ended December 31, Lease Payments 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,505 $ 3,713 $ 3,650 Financing cash flows from finance leases $ 1,160 $ 439 $ 785 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: December 31, 2022 December 31, 2021 December 31, 2020 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 8.74 9.34 9.93 Finance leases (2) 8.17 31.49 32.30 Weighted-average discount rate Operating leases 5.2 % 5.2 % 5.2 % Finance leases 6.6 % 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 as of December 31, 2021 and 2020 includes our lease with the City of Marietta with a lease term through December 31, 2054. On December 16, 2022, Marietta was acquired by Ashford Trust. See note 5.
Maturities of Operating Lease Liabilities	As of December 31, 2022, 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 2023 $ 4,980 $ 1,475 $ 215 2024 4,660 263 105 2025 4,052 235 83 2026 3,781 215 83 2027 3,705 206 83 Thereafter 9,204 1,792 76 Total minimum lease payments (receipts) 30,382 4,186 $ 645 Imputed interest (6,432) (768) Present value of minimum lease payments $ 23,950 $ 3,418
Maturities of Financing Lease Liabilities	As of December 31, 2022, 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 2023 $ 4,980 $ 1,475 $ 215 2024 4,660 263 105 2025 4,052 235 83 2026 3,781 215 83 2027 3,705 206 83 Thereafter 9,204 1,792 76 Total minimum lease payments (receipts) 30,382 4,186 $ 645 Imputed interest (6,432) (768) Present value of minimum lease payments $ 23,950 $ 3,418

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Accounts payable $ 18,841 $ 11,682 Accrued payroll expense 30,626 23,648 Accrued vacation expense 2,418 3,427 Accrued interest 381 259 Other accrued expenses 3,813 881 Total accounts payable and accrued expenses $ 56,079 $ 39,897

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 Assets Restricted Investment: Ashford Trust common stock $ 57 (1) $ — $ — $ 57 Braemar common stock 246 (1) — — 246 Total $ 303 $ — $ — $ 303 Liabilities Contingent consideration $ — $ — $ (2,320) (2) $ (2,320) Subsidiary compensation plan — (74) (1) — (74) Deferred compensation plan (2,849) — — (2,849) Total $ (2,849) $ (74) $ (2,320) $ (5,243) Net $ (2,546) $ (74) $ (2,320) $ (4,940) __________________ (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, 2022, which are distributed to the plan participants upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, which is reported within long-term “other liabilities” in our consolidated balance sheets. See notes 1 and 4. 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 distributed to the plan participants 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 our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2021 $ — Acquisition of Chesapeake (1,670) Gains (losses) from fair value adjustments included in earnings (650) Balance at December 31, 2022 $ (2,320) __________________ (1) The Company measures contingent consideration liabilities at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are a) a discount rate, with a range of 34.90% to 35.35%; b) a forward looking risk-free rate, with a range of 4.22% to 4.69%; and c) a volatility rate of 52.64%.
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, 2022 2021 2020 Assets Unrealized gain (loss) on investment: (1) Ashford Trust common stock $ 40 $ — $ — Braemar common stock (67) — — Realized gain (loss) on investment: (2) Ashford Trust common stock (109) (336) (200) Braemar common stock 23 (42) (186) Goodwill (3) — — (180,783) Intangible assets, net (3) — (1,160) (8,018) Property and equipment, net (3) — — (36) Total $ (113) $ (1,538) $ (189,223) Liabilities Contingent consideration (4) $ (650) $ (23) $ (436) Subsidiary compensation plan (5) 117 (295) 131 Deferred compensation plans (5) 477 (1,671) 3,012 Total $ (56) $ (1,989) $ 2,707 Net $ (169) $ (3,527) $ (186,516) __________________ (1) Represents the unrealized 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. Reported as a component of “other income (expense)” in our consolidated statements of operations. (2) 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. (3) See above for discussion of impairment. (4) Represents the changes in fair value of our contingent consideration liabilities. The change in the fair value in the year ended December 31, 2022 related to the level of achievement of certain performance targets associated with the acquisition of Chesapeake acquired in April of 2022. The changes in the fair value in the years ended December 31, 2021 and 2020 related to the level of achievement of certain performance targets and stock consideration collars associated with the Company’s previous acquisition of BAV. Changes in the fair value of contingent consideration are reported within “other” operating expense in our consolidated statements of operations. (5) 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, 2022 Equity securities (1) $ 821 $ — $ (518) $ 303 __________________ (1) Distributions of $365,000 of available-for-sale securities occurred in the year ended December 31, 2022. 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) Distributions of $855,000 of available-for-sale securities occurred in the year ended December 31, 2021.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 303 $ 303 $ 576 $ 576 Financial liabilities measured at fair value: Deferred compensation plan $ 2,849 $ 2,849 $ 3,326 $ 3,326 Contingent consideration 2,320 2,320 — — Financial assets not measured at fair value: Cash and cash equivalents $ 44,390 $ 44,390 $ 37,571 $ 37,571 Restricted cash 37,058 37,058 34,878 34,878 Accounts receivable, net 17,615 17,615 7,622 7,622 Notes receivable 2,041 2,041 2,880 2,880 Due from affiliates 463 463 165 165 Due from Ashford Trust — — 2,575 2,575 Due from Braemar 11,828 11,828 1,144 1,144 Investments in unconsolidated entities 4,217 4,217 3,581 3,581 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 56,079 $ 56,079 $ 39,897 $ 39,897 Dividends payable 27,285 27,285 34,574 34,574 Due to affiliates 15 15 — — Due to Ashford Trust 1,197 1,197 — — Other liabilities 26,547 26,547 25,899 25,899 Notes payable 99,102 94,147 to 104,057 59,622 56,641 to 62,603

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of (Income) Loss Attributed To Noncontrolling Interests	The following table summarizes the (income) loss attributable to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 (Income) loss attributable to noncontrolling interests: OpenKey $ 1,005 $ 799 $ 670 RED — (51) 412 Pure Wellness 166 (70) 75 Other — — 21 Total net (income) loss attributable to noncontrolling interests $ 1,171 $ 678 $ 1,178

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss attributable to our redeemable noncontrolling interests (in thousands): Year Ended December 31, 2022 2021 2020 Net (income) loss attributable to redeemable noncontrolling interests: Ashford Holdings $ (448) $ 63 $ 432 INSPIRE — — 1,148 OpenKey — 152 665 Total net (income) loss attributable to redeemable noncontrolling interests $ (448) $ 215 $ 2,245
Dividends Declared	Convertible preferred stock cumulative dividends declared during the years ended December 31, 2022, 2021, and 2020 for all issued and outstanding shares were as follows (in thousands, except per share amounts): Year Ended December 31, 2022 2021 2020 Preferred dividends - declared $ 52,618 $ 16,706 $ 15,815 Preferred dividends per share - declared $ 2.7520 $ 0.8737 $ 0.8271 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): December 31, 2022 December 31, 2021 Aggregate preferred dividends - undeclared $ 18,414 $ 34,574 Aggregate preferred dividends - undeclared per share $ 0.9631 $ 1.8083

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 2020 are presented below by award type (in thousands): Year Ended December 31, 2022 2021 2020 Equity-based compensation Class 2 LTIP units and stock option amortization (1) $ 1,398 $ 2,641 $ 4,347 Employee equity grant expense (2) 2,135 1,217 787 Director and other non-employee equity grants expense (3) 512 695 428 Total equity-based compensation $ 4,045 $ 4,553 $ 5,562 Other equity-based compensation REIT equity-based compensation (4) $ 16,107 $ 19,098 $ 17,325 $ 20,152 $ 23,651 $ 22,887 ________ (1) As of December 31, 2022, the Company had approximately $286,000 of total unrecognized compensation expense related to the Class 2 LTIP Units (defined below) that will be recognized over a weighted average period of 2.2 years. The year ended December 31, 2022 includes total compensation expense of approximately $947,000 related to the modification of 74,000 and 150,000 fully vested stock options and Class 2 LTIP units, respectively, awarded to employees and management which were granted in December 2014 and expiring in December 2022 under the original grant terms. The modification extended the expiration date for the stock options and Class 2 LTIP unit awards to December 2025. No other modifications were made to the original grant terms. (2) As of December 31, 2022, the Company had approximately $2.1 million of total unrecognized compensation expense related to restricted shares and LTIP units that will be recognized over a weighted average period of 1.5 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 assumptions used to value the Class 2 LTIP Units granted in the year ended December 31, 2022 are detailed below: Year Ended December 31, 2022 Grant date fair value $ 8.10 Assumptions used: Expected volatility 75.2 % Expected term (in years) 6.5 Risk-free interest rate 2.2 % 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, 2020 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 — Granted — — — — Exercised — — — — Forfeited, canceled or expired (76) 85.97 — — Conversions to Class 2 LTIP Units (150) 71.06 4.88 — Outstanding, December 31, 2022 574 68.78 4.39 — Options exercisable at December 31, 2022 574 $ 68.78 4.39 $ — 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 — Granted 48 45.00 9.21 — Exercised — — — — Forfeited, canceled or expired — — — — Conversions from stock options 150 71.06 4.88 — Outstanding, December 31, 2022 829 63.20 4.63 — Options exercisable at December 31, 2022 781 $ 60.59 4.10 $ —
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, 2022 2021 2020 Restricted Shares Weighted Average Restricted Shares Weighted Average Restricted Shares Weighted Average Outstanding at beginning of year 303 $ 9.93 241 $ 10.45 — $ — Restricted shares granted (1) 109 15.96 172 9.03 686 7.43 Restricted shares vested (177) 10.54 (107) 9.19 (417) 5.78 Restricted shares forfeited (7) 13.44 (3) 9.87 (28) 10.28 Outstanding at end of year 228 $ 12.25 303 $ 9.93 241 $ 10.45 ________ (1) Equity-based compensation expense of $1.0 million, $580,000 and $1.0 million was recognized in connection with stock grants of 109,000, 172,000 and 390,000 to our employees and independent directors for the years ended December 31, 2022, 2021 and 2020, 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, 2022 had a fair value of $2.9 million at the date of vesting. A summary of our LTIP Unit activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2022 LTIPs Weighted Average Outstanding at beginning of year — $ — LTIPs granted (1) 39 16.14 Outstanding at end of year 39 $ 16.14 ________ (1) Equity-based compensation expense of $164,000 was recognized in connection with the grant of 39,000 LTIP units for the year ended December 31, 2022. At December 31, 2022, all LTIP Units were unvested and the Company had approximately $460,000 of total unrecognized compensation expense related to LTIP Units. A summary of our DSU activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 DSUs Weighted Average DSUs Weighted Average DSUs Weighted Average Outstanding at beginning of year 66 $ 9.68 43 $ 9.67 7 $ 31.79 DSUs granted (1) 16 15.27 23 9.70 37 6.12 DSUs settled — — — — (1) 31.79 Outstanding at end of year 82 $ 10.76 66 $ 9.68 43 $ 9.67 ________ (1) Equity-based compensation expense of $225,000 was recognized in connection with grants of 16,000, 23,000 and 37,000 immediately vested DSUs to our independent directors for each of the years ended December 31, 2022, 2021 and 2020, respectively.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2022 2021 2020 Change in fair value Unrealized gain (loss) $ 477 $ (1,671) $ 3,012 Distributions Fair value (1) $ — $ 51 $ 11 Shares (1) — 3 1 ________ (1) Distributions made to one participant.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2022 2021 2020 Income tax (expense) benefit at federal statutory income tax rate $ (2,422) $ 2,261 $ 48,534 State income tax (expense) benefit, net of federal income tax benefit (1,453) 437 2,675 Foreign income tax expense (1,470) (426) — Income (loss) passed through to common unit holders and noncontrolling interests 58 (32) 94 Permanent differences (203) (1,086) (1,397) Nondeductible impairment of goodwill — — (35,820) Valuation allowance (1,094) (860) (1,051) Uncertain tax position (917) — — Stock compensation expense (741) — — Other (288) (132) 1,220 Total income tax (expense) benefit $ (8,530) $ 162 $ 14,255
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Current: Federal $ (7,928) $ (4,192) $ (7,116) Foreign (2,031) (223) 25 State (2,829) (479) (1,064) Total current (12,788) (4,894) (8,155) Deferred: Federal 5,301 4,081 17,938 Foreign (125) (203) 136 State (918) 1,178 4,336 Total deferred 4,258 5,056 22,410 Total income tax (expense) benefit $ (8,530) $ 162 $ 14,255
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2022 and 2021, our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2022 2021 Prepaid expenses $ (709) $ (698) Investments in unconsolidated entities and joint ventures 136 15 Capitalized acquisition costs 5,618 5,575 Deferred compensation 711 850 Accrued expenses 2,453 2,045 Equity-based compensation 10,881 10,700 Property and equipment (4,297) (5,106) Intangibles (42,733) (47,061) Deferred revenue 930 1,120 Net operating loss 6,911 6,436 Deferred tax asset (liability) (20,099) (26,124) Valuation allowance (7,774) (6,724) Net deferred tax asset (liability) $ (27,873) $ (32,848)
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the unrecognized tax benefit is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Balance at the beginning of the year $ — $ — $ 471 Gross increases for tax positions of prior years 1,161 — — Gross decreases for tax positions of prior years — — (471) Balance at the end of year $ 1,161 $ — $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Year Ended December 31, 2022 2021 2020 REVENUES BY TYPE Advisory services fees: Base advisory fees (1) $ 34,802 $ 36,239 $ 34,744 Hotel management fees: Base management fees 23,873 17,819 15,923 Incentive management fees 6,066 4,180 — Total hotel management fees revenue (2) 29,939 21,999 15,923 Design and construction fees revenue (3) 11,601 4,032 4,964 Other revenue: Watersports, ferry and excursion services (5) 217 — — Debt placement and related fees (6) 3,282 11,381 5,853 Cash management fees (7) 97 — — Claims management services (8) 17 74 118 Other services (9) 1,438 1,628 1,496 Total other revenue 5,051 13,083 7,467 Cost reimbursement revenue 244,148 162,920 137,131 Total revenues $ 325,541 $ 238,273 $ 200,229 REVENUES BY SEGMENT (10) REIT advisory $ 48,859 $ 51,726 $ 50,574 Remington 255,387 167,600 133,489 Premier 18,776 5,939 6,800 INSPIRE 85 — — RED 231 — — OpenKey 123 119 234 Corporate and other (11) 2,080 12,889 9,132 Total revenues $ 325,541 $ 238,273 $ 200,229 COST OF REVENUES Cost of revenues for audio visual (4) $ 7,663 $ 2,969 $ 2,241 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (4) $ 18,183 $ 6,734 $ 5,123 Watersports, ferry and excursion services revenue from guests at REIT properties (4) 190 545 125 ________ (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 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 hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management 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) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Ashford Trust rather than contracting with third-party customers. (6) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (7) Cash management fees include revenue earned by providing active management and investment of Ashford Trust’s excess cash in short-term U.S. Treasury securities. See note 1 to our consolidated financial statements. (8) Claims management services include revenue earned from providing insurance claim assessment and administration services. (9) 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. (10) See note 21 for discussion of segment reporting. (11) The Corporate and Other segment’s revenue in the year ended December 31, 2022 includes a reduction to cost reimbursement revenue of $2.6 million from Ashford Trust for expense reimbursements for Ashford Securities which were reallocated to Braemar. Expense reimbursements are allocated among the Company, Ashford Trust and Braemar quarterly based upon management’s estimate of the actual capital raised through Ashford Securities upon the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023. See discussion regarding Ashford Securities below. The following table summarizes amounts due (to) from Ashford Trust, net at December 31, 2022 and 2021 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, 2022 December 31, 2021 Ashford LLC $ (4,002) $ 691 Remington (2,015) (44) Premier 2,475 737 INSPIRE 1,718 985 OpenKey (35) 16 Pure Wellness 657 177 Lismore — 13 RED 5 — Due (to) from Ashford Trust $ (1,197) $ 2,575 Year Ended December 31, 2022 2021 2020 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 12,790 $ 10,806 $ 9,981 Incentive advisory fees (1) 268 — — Other advisory revenue (2) 521 521 522 Total advisory services fees revenue 13,579 11,327 10,503 Hotel management fees: Base management fees 2,959 2,304 1,037 Incentive management fees 786 612 — Total hotel management fees revenue (3) 3,745 2,916 1,037 Design and construction fees revenue (4) 7,365 2,230 2,127 Other revenue: Watersports, ferry and excursion services (6) 2,293 2,605 950 Debt placement and related fees (7) 940 1,003 2,559 Cash management fees (8) 38 — — Claims management services (9) 3 7 108 Other services (10) 166 192 190 Total other revenue 3,440 3,807 3,807 Cost reimbursement revenue 57,396 30,394 18,898 Total revenues $ 85,525 $ 50,674 $ 36,372 REVENUES BY SEGMENT (11) REIT advisory $ 28,486 $ 22,911 $ 19,581 Remington 28,181 18,345 9,524 Premier 9,875 3,009 2,848 INSPIRE 72 — — RED 2,304 2,605 950 OpenKey 38 38 84 Corporate and other (12) 16,569 3,766 3,385 Total revenues $ 85,525 $ 50,674 $ 36,372 COST OF REVENUES (5) Cost of revenues for audio visual $ 3,842 $ 998 $ 495 Other 1,153 421 149 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 9,384 $ 2,175 $ 1,151 Watersports, ferry and excursion services revenue from guests at REIT properties (5) 2,132 2,117 550 ________ (1) The incentive advisory fees recognized includes the first year installment of the 2022 incentive advisory fee which was paid in January 2023. Incentive fee payments are subject to meeting the December 31st FCCR Condition each year, as defined in our advisory agreements. The annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021 and 2020 measurement periods. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management 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 hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management 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) Cash management fees include revenue earned by providing active management and investment of Braemar’s excess cash in short-term U.S. Treasury securities. See note 1 to our consolidated financial statements. (9) Claims management services include revenue earned from providing insurance claim assessment and administration services. (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 21 for discussion of segment reporting. (12) The Corporate and Other segment’s revenue in the year ended December 31, 2022 includes a re-allocation of $4.4 million of cost reimbursement revenue to Braemar which had previously been allocated to Ashford Trust and the Company. Expense reimbursements are allocated among the Company, Ashford Trust and Braemar quarterly based upon management’s estimate of the actual capital raised through Ashford Securities upon the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023. See discussion regarding Ashford Securities below. The following table summarizes amounts due (to) from Braemar, net at December 31, 2022 and 2021 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, 2022 December 31, 2021 Ashford LLC $ 7,253 $ 354 Remington (69) (234) Premier 3,443 327 INSPIRE 917 494 OpenKey 8 2 RED 193 201 Pure Wellness 83 — Due from Braemar $ 11,828 $ 1,144

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 3,646 $ (9,925) $ (212,365) Less: Dividends on preferred stock, declared and undeclared (1) (36,458) (35,000) (32,095) Less: Amortization of preferred stock discount — (1,053) (2,887) Undistributed net income (loss) allocated to common stockholders (32,812) (45,978) (247,347) Distributed and undistributed net income (loss) - basic $ (32,812) $ (45,978) $ (247,347) Distributed and undistributed net income (loss) - diluted $ (32,812) $ (45,978) $ (247,347) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,915 2,756 2,284 Weighted average common shares outstanding – diluted 2,915 2,756 2,284 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (11.26) $ (16.68) $ (108.30) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (11.26) $ (16.68) $ (108.30) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 15.
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, 2022 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ 448 $ (63) $ (432) Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock — (152) (1,813) Dividends on preferred stock, declared and undeclared 36,458 35,000 32,095 Amortization of preferred stock discount — 1,053 2,887 Total $ 36,906 $ 35,838 $ 32,737 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 92 124 23 Effect of assumed conversion of Ashford Holdings units 65 4 4 Effect of incremental subsidiary shares 117 145 504 Effect of assumed conversion of preferred stock 4,272 4,265 4,111 Total 4,546 4,538 4,642

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the years ended December 31, 2022, 2021, and 2020 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Year Ended December 31, 2022 REIT Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 48,381 $ — $ — $ — $ — $ — $ — $ 48,381 Hotel management fees — 46,548 — — — — — 46,548 Design and construction fees — — 22,167 — — — — 22,167 Audio visual — — — 121,261 — — — 121,261 Other 157 181 — — 26,309 1,480 16,185 44,312 Cost reimbursement revenue (1) 28,809 309,706 10,080 157 26 4 12,981 361,763 Total revenues 77,347 356,435 32,247 121,418 26,335 1,484 29,166 644,432 EXPENSES Depreciation and amortization 3,410 12,362 11,899 1,803 656 12 1,624 31,766 Other operating expenses (2) 2,828 24,414 13,693 107,520 22,760 5,758 52,725 229,698 Reimbursed expenses (1) 28,421 309,706 10,080 157 26 4 12,981 361,375 Total operating expenses 34,659 346,482 35,672 109,480 23,442 5,774 67,330 622,839 OPERATING INCOME (LOSS) 42,688 9,953 (3,425) 11,938 2,893 (4,290) (38,164) 21,593 Equity in earnings (loss) of unconsolidated entities — 7 — — — — 385 392 Interest expense — — — (1,263) (769) — (7,964) (9,996) Amortization of loan costs — — — (130) (52) — (579) (761) Interest income — 182 — — — — 189 371 Realized gain (loss) on investments — (121) — — — — — (121) Other income (expense) — (26) — 131 (47) 4 (87) (25) INCOME (LOSS) BEFORE INCOME TAXES 42,688 9,995 (3,425) 10,676 2,025 (4,286) (46,220) 11,453 Income tax (expense) benefit (10,406) (1,845) (528) (4,073) (557) — 8,879 (8,530) NET INCOME (LOSS) $ 32,282 $ 8,150 $ (3,953) $ 6,603 $ 1,468 $ (4,286) $ (37,341) $ 2,923 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $13.2 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, 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
Long-lived Assets by Geographic Areas	For revenues by geographical locations, see note 3. The following table presents property and equipment, net by geographic area as of December 31, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 United States $ 36,548 $ 80,879 Mexico 4,478 2,119 Dominican Republic 538 365 United Kingdom (Turks and Caicos Islands) 227 203 $ 41,791 $ 83,566

Concentration of Risk (Tables)

Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk	Additionally, Remington, Premier, OpenKey, RED, Pure Wellness and Lismore generated revenues through contracts with Ashford Trust and Braemar, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues. Year Ended December 31, 2022 2021 2020 Percentage of total revenues from Ashford Trust and Braemar (1) Remington 79.6 % 93.7 % 97.9 % Premier 88.8 % 72.1 % 83.1 % INSPIRE (2) 22.8 % 17.9 % 16.6 % OpenKey 10.8 % 8.0 % 21.5 % RED 9.6 % 10.9 % 9.8 % Pure Wellness 65.7 % 62.1 % 73.7 % Lismore 100.0 % 100.0 % 100.0 % ________ (1) See note 19 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 3 for the discussion of audio visual revenue recognition policy.

Organization and Description _2

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

3 Months Ended

12 Months Ended

Mar. 07, 2023 USD ($)

Mar. 02, 2023 USD ($)

Jan. 13, 2023 USD ($) $ / shares

Oct. 14, 2022 USD ($)

Jul. 15, 2022 USD ($)

Apr. 18, 2022 USD ($)

Apr. 15, 2022 USD ($) $ / shares

Apr. 01, 2022 USD ($) borrowing

Mar. 15, 2022 USD ($)

Sep. 30, 2022

Dec. 31, 2022 USD ($) $ / shares

Dec. 31, 2021 USD ($) $ / shares

Dec. 31, 2020 USD ($)

Aug. 30, 2022 right $ / shares shares

Mar. 13, 2020 USD ($)

Noncontrolling Interest [Line Items]

Payments of ordinary dividends, preferred stock

$ 43,919

$ 16,706

$ 20,540

Chesapeake

Noncontrolling Interest [Line Items]

Total fair value of purchase price

$ 9,550

Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

Preferred share purchase right | right

1

Series F Preferred Stock

Noncontrolling Interest [Line Items]

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

$ 0.001

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

$ 0.275

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

0.001

Ashford Trust

Noncontrolling Interest [Line Items]

Cash management, percent fee

0.20%

ERFP commitments

$ 0

$ 11,400

Ashford Trust | Subsequent Event

Noncontrolling Interest [Line Items]

Cash incentive compensation limit

$ 13,100

Braemar

Noncontrolling Interest [Line Items]

Cash management, percent fee

0.20%

Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

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

$ 0.001

$ 0.001

Series D Convertible Preferred Stock | Subsequent Event

Noncontrolling Interest [Line Items]

Payments of ordinary dividends, preferred stock

$ 8,700

Preferred stock, dividend rate (in dollars per share) | $ / shares

$ 0.455

Dividends For The Quarters Ending June 30, 2020 And December 31, 2020 | Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

Payments of ordinary dividends, preferred stock

$ 17,800

Preferred stock, dividend rate (in dollars per share) | $ / shares

$ 0.932

Dividends For The Quarter Ending March 31, 2022 | Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

Payments of ordinary dividends, preferred stock

$ 8,700

Dividends For The Quarter Ending June 30, 2022 | Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

Payments of ordinary dividends, preferred stock

$ 8,700

Dividends For The Quarter Ending September 30, 2022 | Series D Convertible Preferred Stock

Noncontrolling Interest [Line Items]

Payments of ordinary dividends, preferred stock

$ 8,700

Senior Secured Term Loan Facility Due 2027 | Line of Credit | Secured Debt

Noncontrolling Interest [Line Items]

Maximum borrowing capacity

$ 100,000

Proceeds from long-term lines of credit

$ 20,000

50,000

Remaining borrowing capacity

$ 50,000

$ 30,000

Number of separate borrowings | borrowing

5

Additional borrowing period

24 months

Senior Secured Term Loan Facility Due 2027 | Line of Credit | Secured Debt | Subsequent Event

Noncontrolling Interest [Line Items]

Proceeds from long-term lines of credit

$ 12,000

Remaining borrowing capacity

$ 18,000

Affiliated Entity

Noncontrolling Interest [Line Items]

Cash incentive compensation limit

$ 8,500

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 16, 2023	Mar. 31, 2021	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Total revenues	$ (644,432,000)	$ (384,567,000)	$ (293,351,000)
Reimbursed expenses	(361,375,000)	(203,956,000)	(158,501,000)
Accumulated other comprehensive income	(78,000)	1,206,000
Accumulated deficit	(568,482,000)	(534,999,000)
Impairment	0	1,160,000	188,837,000
Investments in unconsolidated entities	4,217,000	3,581,000
Equity in earnings (loss) of unconsolidated entities	0	0	0
Accounts receivable, net	17,600,000	7,600,000
Finance lease assets	3,236,000	44,333,000
Other current liabilities	23,500,000	24,600,000
Other liabilities	3,237,000	0
Unrecognized tax benefits	1,161,000	0	0			$ 471,000
Advertising costs	$ 1,800,000	1,500,000	1,400,000
Deferral of compensation percentage maximum	100%
Expected carryback amount to receive					$ 1,000,000
Deferral of social security taxes	$ 0	1,300,000
Impairment of long-lived assets	$ 0	$ 0	36,000
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		impairment charges
Maximum | Customer Relationships
Noncontrolling Interest [Line Items]
Useful life (in years)	15 years
Minimum | Customer Relationships
Noncontrolling Interest [Line Items]
Useful life (in years)	5 years
Remington
Noncontrolling Interest [Line Items]
Accounts receivable, net	$ 0	$ 2,900,000
Remington | Subsequent Event
Noncontrolling Interest [Line Items]
Accounts receivable, net				$ 1,500,000
Adjustment
Noncontrolling Interest [Line Items]
Accumulated other comprehensive income	639,000
Accumulated deficit	639,000
Cost reimbursement revenue
Noncontrolling Interest [Line Items]
Total revenues	(361,763,000)	(203,975,000)	(158,559,000)
Remington
Noncontrolling Interest [Line Items]
Total revenues	(356,435,000)	(197,802,000)	(145,596,000)
Reimbursed expenses	$ (309,706,000)	(171,522,000)	(128,470,000)
Impairment		0	126,548,000
Remington | Maximum | Management contracts
Noncontrolling Interest [Line Items]
Useful life (in years)	22 years
Remington | Minimum | Management contracts
Noncontrolling Interest [Line Items]
Useful life (in years)	8 years
Remington | Cost reimbursement revenue
Noncontrolling Interest [Line Items]
Total revenues	$ (309,706,000)	(171,522,000)	(128,470,000)
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%
Ownership interests, value		$ 12,500,000
Leaseholds and Leasehold Improvements | Maximum
Noncontrolling Interest [Line Items]
Estimated Useful Life	32 years
Leaseholds and Leasehold Improvements | Minimum
Noncontrolling Interest [Line Items]
Estimated Useful Life	2 years
Property and equipment | Maximum
Noncontrolling Interest [Line Items]
Estimated Useful Life	7 years 6 months
Property and equipment | Minimum
Noncontrolling Interest [Line Items]
Estimated Useful Life	2 years
Machinery and Equipment
Noncontrolling Interest [Line Items]
Estimated Useful Life	20 years
Remington
Noncontrolling Interest [Line Items]
Other current liabilities	$ 2,200,000	1,300,000
Chesapeake
Noncontrolling Interest [Line Items]
Contingent consideration liability, noncurrent	2,300,000
Unrecognized tax benefits	917,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities	$ 500,000	$ 500,000

Significant Accounting Polici_5

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 09, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests		$ 1,614	$ 69
Redemption value adjustment		(32)	(98)	$ (837)
Carrying value of noncontrolling interests		167	638
Revolving credit facility		89,680	52,669
Acquisition of non-controlling interest in consolidated subsidiaries		$ 0	$ 0	$ 150
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		99.87%	99.87%
Redeemable noncontrolling interests		0.13%	0.13%
Noncontrolling interests in consolidated entities		0%	0%
Noncontrolling ownership		100%	100%
Carrying value of redeemable noncontrolling interests			$ 69
Redemption value adjustment		$ 32	96
Redemption value adjustment, cumulative		$ 613	$ 581
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		76.79%	75.38%
Redeemable noncontrolling interests		0%	0%
Noncontrolling interests in consolidated entities		23.21%	24.62%
Noncontrolling ownership		100%	100%
Carrying value of noncontrolling interests		$ 273	$ 479
Assets, available only to settle subsidiary's obligations		2,114	2,533
Liabilities		1,078	424
Acquisition of non-controlling interest in consolidated subsidiaries	$ 1,900
OpenKey | Revolving credit facility
Noncontrolling Interest [Line Items]
Revolving credit facility		$ 0	$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest		70%	70%
Redeemable noncontrolling interests		0%	0%
Noncontrolling interests in consolidated entities		30%	30%
Noncontrolling ownership		100%	100%
Carrying value of noncontrolling interests		$ (106)	$ 159
Assets, available only to settle subsidiary's obligations		1,580	1,779
Liabilities		2,048	1,643
Pure Wellness | Revolving credit facility
Noncontrolling Interest [Line Items]
Revolving credit facility		$ 150	$ 100

Significant Accounting Polici_6

Significant Accounting Policies - Ownership Interest in REA Holdings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value	$ 4,217	$ 3,581
Equity in earnings (loss) of unconsolidated entities	392	(126)	$ 212
Real Estate Advisory Holdings LLC
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities	385	13	$ 212
REA Holdings
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities, Carrying value	$ 3,067	$ 2,831
Ownership interest in REA Holdings	30%	30%

Significant Accounting Polici_7

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 26, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 37,058		$ 34,878	$ 37,396	$ 17,900
Restricted cash current	37,058		34,878
Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,587		8,235
Insurance claim reserves | REIT advisory
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	23,471		24,588
Managed hotel properties' reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,464		6,923
Insurance claim reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,123		1,312
Debt service related operating reserves | INSPIRE
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	$ 1,000	1,000
Total Marietta restricted cash | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	0		1,055
Capital improvements reserves | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	0		255
Restricted cash held in escrow | Marietta
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash current	$ 0		$ 800

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 15, 2021	Jan. 14, 2021	Jan. 13, 2021
Disaggregation of Revenue [Line Items]
Percent excess of fees paid						80%
Total revenues			$ 644,432	$ 384,567	$ 293,351
Period of unsatisfied performance obligations (in years)			1 year
Accounts receivable, net		$ 7,600	$ 17,600	7,600
Total advisory services revenue
Disaggregation of Revenue [Line Items]
Total revenues			48,381	47,566	45,247
Remington
Disaggregation of Revenue [Line Items]
Total revenues			$ 356,435	197,802	145,596
Base management fees, percentage of hotel revenues			3%
Incentive management fee, percentage of hotel revenues			1%
Remington | Total advisory services revenue
Disaggregation of Revenue [Line Items]
Total revenues			$ 0	0	0
Maximum
Disaggregation of Revenue [Line Items]
Advisory fee cap		29,000	29,000	29,000
Advisory fee monthly cap			2,400
Ashford Trust
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)							0.70%
Total revenues			325,541	238,273	200,229
Due from related parties		2,600	$ 0	2,600
Ashford Trust | Base advisory fees, constrained and deferred | Advisory services fees revenue
Disaggregation of Revenue [Line Items]
Total revenues		7,200		7,200
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
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
Braemar
Disaggregation of Revenue [Line Items]
Quarterly base fee (as a percent)			0.70%
Total revenues			$ 85,525	50,674	36,372
Investment in unconsolidated entities	$ 5,000
Initial contract period (in years)			10 years
Due from related parties		$ 1,100	$ 11,800	1,100
Braemar | Total advisory services revenue
Disaggregation of Revenue [Line Items]
Total revenues			268
Braemar | Incentive fees | Advisory services fees revenue
Disaggregation of Revenue [Line Items]
Total revenues			$ 268	$ 0	$ 0
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, 2022	Dec. 31, 2021
Deferred Revenue and Contract Balances
Beginning balance	$ 10,905	$ 21,359
Increases to deferred income	11,531	11,774
Recognition of revenue	(14,636)	(22,228)
Ending balance	7,800	10,905
Revenue recognized	14,636	22,228
Advisory services fees
Deferred Revenue and Contract Balances
Recognition of revenue	(2,400)	(2,100)
Revenue recognized	2,400	2,100
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(3,500)	(2,100)
Revenue recognized	3,500	2,100
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	(6,400)	(6,900)
Revenue recognized	6,400	6,900
Other revenue
Deferred Revenue and Contract Balances
Recognition of revenue	(2,300)	(11,200)
Revenue recognized	$ 2,300	11,200
Cumulative catch-up adjustment to revenue		$ 1,200

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 Reportable_segment	Dec. 31, 2022 segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Total revenues	$ 644,432			$ 384,567	$ 293,351
Number of reportable segments		6	6
REIT advisory
Disaggregation of Revenue [Line Items]
Total revenues	77,347			74,616	70,169
Remington
Disaggregation of Revenue [Line Items]
Total revenues	356,435			197,802	145,596
Premier
Disaggregation of Revenue [Line Items]
Total revenues	32,247			12,413	11,604
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	121,418			49,900	37,881
RED
Disaggregation of Revenue [Line Items]
Total revenues	26,335			23,867	9,663
OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	1,484			1,965	1,479
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	29,166			24,004	16,959
Number of reportable segments | segment			7
Total advisory services revenue
Disaggregation of Revenue [Line Items]
Total revenues	48,381			47,566	45,247
Total advisory services revenue | REIT advisory
Disaggregation of Revenue [Line Items]
Total revenues	48,381			47,566	45,247
Total advisory services revenue | Remington
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Total advisory services revenue | Premier
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Total advisory services revenue | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Total advisory services revenue | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Total advisory services revenue | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Total advisory services revenue | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Base advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	47,592			47,045	44,725
Incentive advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	268			0	0
Other advisory revenue
Disaggregation of Revenue [Line Items]
Total revenues	521			521	522
Hotel management fees
Disaggregation of Revenue [Line Items]
Total revenues	46,548			26,260	17,126
Hotel management fees | REIT advisory
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Hotel management fees | Remington
Disaggregation of Revenue [Line Items]
Total revenues	46,548			26,260	17,126
Hotel management fees | Premier
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Hotel management fees | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Hotel management fees | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Hotel management fees | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Hotel management fees | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Base fees
Disaggregation of Revenue [Line Items]
Total revenues	34,072			21,291	17,126
Incentive fees
Disaggregation of Revenue [Line Items]
Total revenues	8,533			4,969	0
Other management fees
Disaggregation of Revenue [Line Items]
Total revenues	3,943			0	0
Design and construction fees
Disaggregation of Revenue [Line Items]
Total revenues	22,167			9,557	8,936
Design and construction fees | REIT advisory
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Design and construction fees | Remington
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Design and construction fees | Premier
Disaggregation of Revenue [Line Items]
Total revenues	22,167			9,557	8,936
Design and construction fees | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Design and construction fees | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Design and construction fees | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Design and construction fees | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	121,261			49,880	37,881
Audio visual | REIT advisory
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Audio visual | Remington
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Audio visual | Premier
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Audio visual | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	121,261			49,880	37,881
Audio visual | RED
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Audio visual | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Audio visual | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0			0	0
Total other revenue
Disaggregation of Revenue [Line Items]
Total revenues	44,312			47,329	25,602
Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	26,309			23,867	9,663
Watersports, ferry and excursion services | RED
Disaggregation of Revenue [Line Items]
Total revenues	26,335			23,867	9,663
Debt placement and related fees
Disaggregation of Revenue [Line Items]
Total revenues	4,222			12,384	8,412
Cash management fees
Disaggregation of Revenue [Line Items]
Total revenues	135			0	0
Claims management services
Disaggregation of Revenue [Line Items]
Total revenues	20			81	226
Other services
Disaggregation of Revenue [Line Items]
Total revenues	13,626			10,997	7,301
Cost reimbursement revenue
Disaggregation of Revenue [Line Items]
Total revenues	361,763			203,975	158,559
Cost reimbursement revenue | REIT advisory
Disaggregation of Revenue [Line Items]
Total revenues	28,809			26,969	24,685
Cost reimbursement revenue | Remington
Disaggregation of Revenue [Line Items]
Total revenues	309,706			171,522	128,470
Cost reimbursement revenue | Premier
Disaggregation of Revenue [Line Items]
Total revenues	10,080			2,856	2,668
Cost reimbursement revenue | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	157			20	0
Cost reimbursement revenue | RED
Disaggregation of Revenue [Line Items]
Total revenues	26			0	0
Cost reimbursement revenue | OpenKey
Disaggregation of Revenue [Line Items]
Total revenues	4			0	0
Cost reimbursement revenue | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 12,981			$ 2,608	$ 2,736

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 644,432	$ 384,567	$ 293,351
Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	121,261	49,880	37,881
Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	26,309	23,867	9,663
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	121,418	49,900	37,881
INSPIRE | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	121,261	49,880	37,881
INSPIRE | United States | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	92,418	39,164	28,923
INSPIRE | Mexico | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	22,087	7,724	7,100
INSPIRE | Dominican Republic | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	6,913	2,992	1,858
RED
Disaggregation of Revenue [Line Items]
Total revenues	26,335	23,867	9,663
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	26,335	23,867	9,663
RED | United States | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	22,354	22,665	9,663
RED | United Kingdom (Turks and Caicos Islands) | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,981	$ 1,202	$ 0

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 15, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Equity interest issued, after discount			$ 1,387	$ 0	$ 0
Chesapeake
Business Acquisition [Line Items]
Cash consideration	$ 6,300
Equity interest issued (in shares)	378,000
Equity interest issued (in dollars per share)	$ 25
Equity interest issued, value	$ 9,450
Equity interest issued, discount	8,063
Equity interest issued, after discount	$ 1,400
Preferred units, convertible, conversion price (in dollars per share)	$ 117.50
Contingent consideration	$ 10,250
Total potential consideration	18,100
Adjustment of working capital paid to the sellers		$ 73
Acquisition revenues			43,100
Net income (loss) from acquisition			3,000
Non-recurring transaction costs			$ 1,900
Chesapeake | Cash Consideration Payable
Business Acquisition [Line Items]
Contingent consideration	6,300
Chesapeake | Equity Consideration Payable
Business Acquisition [Line Items]
Contingent consideration	$ 6,300

Acquisitions - Purchase Price a

Acquisitions - Purchase Price and Final Allocation (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 15, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Fair value of contingent consideration		$ 1,670	$ 0
Chesapeake
Business Acquisition [Line Items]
Series CHP Units	$ 9,450
Discount on Series CHP Units	(8,063)
Cash	6,300
Fair value of contingent consideration	1,670
Working capital adjustments	193
Total fair value of purchase price	$ 9,550

Acquisitions - Acquisition Sche

Acquisitions - Acquisition Schedules (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 15, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 58,675	$ 56,622	$ 56,622
Pro Forma Financial Results
Total revenues		657,352	419,832
Net income (loss)		3,531	(14,047)
Net income (loss) attributable to common stockholders		$ (32,403)	$ (49,895)
Chesapeake
Business Acquisition [Line Items]
Current assets including cash of $228	$ 930
Goodwill	2,053
Management contracts	7,131
Total assets acquired	10,114
Current liabilities	347
Deferred tax liability	217
Total assumed liabilities	564
Net assets acquired	9,550
Cash and equivalents	$ 228
Chesapeake | Management contracts
Business Acquisition [Line Items]
Estimated Useful Life	8 years

Marietta Disposition (Details)

Marietta Disposition (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 16, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 13, 2020
Business Acquisition [Line Items]
Gain (loss) on disposition of business	$ 1,200	$ (1,244)	$ 0	$ 0
Ashford Trust
Business Acquisition [Line Items]
ERFP commitments		$ 0			$ 11,400

Marietta Disposition- Consolida

Marietta Disposition- Consolidated Statement ofOperations (Details) - Disposal group, held-for-sale, not discontinued operations - Marietta sale agreement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Other revenue	$ 9,763	$ 6,336	$ 3,936
Depreciation and amortization	(1,206)	(1,260)	(1,260)
General and administrative	(113)	48	(163)
Other expenses	(7,047)	(3,758)	(2,882)
Operating income (loss)	1,397	1,366	(369)
Interest expense	(2,399)	(2,539)	(2,470)
Loss before income taxes	$ (1,002)	$ (1,173)	$ (2,839)

Marietta Disposition - Assets a

Marietta Disposition - Assets and Liabilities (Details) - Disposal group, held-for-sale, not discontinued operations - Marietta sale agreement $ in Thousands	Dec. 16, 2022 USD ($)
Current assets:
Cash held by Marietta upon disposition	$ 1,067
Restricted cash	1,056
Accounts receivable, net	22
Inventories	48
Prepaid expenses and other	364
Total current assets	2,557
Property and equipment, net	40,381
Total assets	42,938
Current liabilities:
Accounts payable and accrued expenses	582
Due to affiliates	242
Finance lease liabilities	845
Total current liabilities	1,669
Finance lease liabilities	40,025
Total liabilities	41,694
Net assets disposed	$ 1,244

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Marietta Leasehold L.P. finance lease	$ 0	$ 44,294
Total cost	71,391	114,168
Accumulated depreciation	(29,600)	(30,602)
Property and equipment, net	41,791	83,566
Depreciation expense	12,700	12,900	$ 18,000
Depreciation and amortization	31,766	32,598	39,957
Rental pool equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	26,563	20,498
FF&E leased to Ashford Trust
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,283	19,688
FF&E leased to Braemar
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,616	1,744
Property and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,726	10,370
Marine vessels
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,789	15,153
Depreciation expense	1,400	929	795
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,148	1,177
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,266	1,244
Audio visual
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 4,900	$ 5,000	$ 4,900

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 58,675	$ 56,622	$ 56,622
Indefinite-lived intangible assets, written down amount		5,390
Amortization expense	$ 25,300	25,600	27,700
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
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 56,658	54,605	54,605
Remington | Management contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	8 years
Remington | Management contracts | Maximum
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	4,900
Premier | Management contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	30 years
RED
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,235	1,235	$ 1,235
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years
RED | Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, written down amount		$ 490

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 56,622
Additions	1,980
Adjustments	73
Ending balance	58,675
Remington
Goodwill [Roll Forward]
Beginning balance	54,605
Additions	1,980
Adjustments	73
Ending balance	56,658
RED
Goodwill [Roll Forward]
Beginning balance	1,235
Additions	0
Adjustments	0
Ending balance	1,235
Corporate and Other
Goodwill [Roll Forward]
Beginning balance	782
Additions	0
Adjustments	0
Ending balance	$ 782

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2022	Apr. 15, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 314,194	$ 321,325
Accumulated Amortization		(74,858)	(100,171)
Net Carrying Amount		239,336	221,154
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount		6,550	5,390
Impairment		(1,160)
Net Carrying Amount		5,390
INSPIRE
Indefinite-lived Intangible Assets [Line Items]
Impairment	$ (340)	(1,200)
Management contracts | Remington
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		107,600	114,731
Accumulated Amortization		(28,284)	(40,519)
Net Carrying Amount		79,316	74,212
Management contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		194,000	194,000
Accumulated Amortization		(41,619)	(53,415)
Net Carrying Amount		152,381	140,585
Customer Relationships | INSPIRE
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		9,319	9,319
Accumulated Amortization		(4,409)	(5,527)
Net Carrying Amount		4,910	3,792
Customer Relationships | Corporate and Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		175	175
Accumulated Amortization		(166)	(175)
Net Carrying Amount		9	0
Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		3,100	3,100
Accumulated Amortization		(380)	(535)
Net Carrying Amount		2,720	2,565
Trademarks | Remington
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount		4,900	4,900
Impairment		0
Net Carrying Amount	4,900	4,900
Trademarks | INSPIRE
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount		1,160	0
Impairment		(1,160)
Net Carrying Amount	$ 1,200	0
Trademarks | RED
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount		490	490
Impairment		0
Net Carrying Amount		$ 490
Chesapeake
Finite-Lived Intangible Assets [Line Items]
Management contracts				$ 7,131
Chesapeake | Management contracts | Remington
Finite-Lived Intangible Assets [Line Items]
Management contracts			$ 7,100

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, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 24,046
2024	21,558
2025	18,675
2026	16,942
2027	15,451
Thereafter	124,482
Total	$ 221,154	$ 239,336

Notes Payable, net - Schedule o

Notes Payable, net - Schedule of Debt (Details)								12 Months Ended
	Sep. 15, 2022 USD ($)	Apr. 18, 2022 USD ($)	Apr. 01, 2022 USD ($) extension borrowing	Mar. 17, 2022 USD ($) debt_instrument	Mar. 09, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 18, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 23, 2021 USD ($)
Debt Instrument [Line Items]
Total notes payable								$ 99,102,000	$ 59,622,000
Capitalized default interest, net						$ 427,000		148,000	290,000	$ 427,000
Deferred loan costs, net								(2,643,000)	(518,000)
Original issue discount, net								(1,732,000)	0
Notes payable including capitalized default interest and deferred loan costs, net								94,875,000	59,394,000
Less current portion								(5,195,000)	(6,725,000)
Total notes payable, net - non-current								89,680,000	52,669,000
Extension term (in years)						1 year
Acquisition of non-controlling interest in consolidated subsidiaries								0	0	150,000
RED
Debt Instrument [Line Items]
Debt instrument, collateral amount								$ 13,600,000	$ 12,500,000
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%
Percentage payable premium or cash					10%
LIBOR
Debt Instrument [Line Items]
Reference rate								4.39%	0.10%
Prime Rate
Debt Instrument [Line Items]
Reference rate								7.50%	3.25%
Term Loan Due March 2024 | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate								2%
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%
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%
Term Loan Due January 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								2.75%
Facility Due 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								2.75%
Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								1%
Facility Due 2022 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								1.75%
Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate								6%
Term Loan Due July 2023
Debt Instrument [Line Items]
Interest rate								6.50%
Term Loan One Due August 2029 Plus 2.00% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								2%
Term Loan Two Due August 2029 Plus 2.00% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								2%
Term Loan Due August 2029 Plus 1.75% | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								1.75%
Draw Term Loan One Due March 2032
Debt Instrument [Line Items]
Interest rate								5%
Draw Term Loan Two Due March 2032
Debt Instrument [Line Items]
Interest rate								5%
Draw Term Loan Due 2027 or 2032 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								1%
Term Loan and Facility Due 2024 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								1.25%
Interest rate increase								0.25%
Line of Credit | RED
Debt Instrument [Line Items]
Remaining borrowing capacity								$ 859,000	$ 860,000
Line of Credit | Credit Facility Due April 2027 | Secured Debt
Debt Instrument [Line Items]
Total notes payable								$ 70,000,000	0
Reference rate								1.25%
Line of Credit | Credit Facility Due April 2027 | Base Rate | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate								6.35%
Line of Credit | Credit Facility Due April 2027 | LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate								7.35%
Reference rate								1%
Line of Credit | Credit Facility Due April 2027 | Federal Funds Rate | Secured Debt
Debt Instrument [Line Items]
Reference rate								0.50%
Line of Credit | Term Loan Due March 2024 | Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt			$ 26,600,000
Line of Credit | Draw Term Loan Due 2027 or 2032
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000
Remaining borrowing capacity								$ 401,000
Line of Credit | Draw Term Loan Due 2027 or 2032 | Minimum
Debt Instrument [Line Items]
Debt term (in years)	5 years
Line of Credit | Draw Term Loan Due 2027 or 2032 | Maximum
Debt Instrument [Line Items]
Debt term (in years)	10 years
Line of Credit | Draw Term Loan Due 2027 or 2032 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Line of Credit | Senior Secured Term Loan Facility Due 2027 | Secured Debt
Debt Instrument [Line Items]
Original issue discount, net			(2,000,000)
Maximum borrowing capacity			100,000,000
Proceeds from long-term lines of credit		$ 20,000,000	50,000,000
Remaining borrowing capacity			$ 50,000,000					30,000,000
Number of separate borrowings | borrowing			5
Additional borrowing period			24 months
Debt term (in years)			5 years
Number of extension options | extension			3
Term of extension options			1 year
Unused capacity fee percentage			1%
Line of Credit | Senior Secured Term Loan Facility Due 2027 | Base Rate | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate			6.35%
Line of Credit | Senior Secured Term Loan Facility Due 2027 | LIBOR | Secured Debt
Debt Instrument [Line Items]
Floor interest rate			0.25%
Line of Credit | Senior Secured Term Loan Facility Due 2027 | Federal Funds Rate | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Line of Credit | Senior Secured Term Loan Facility Due 2027 | Prime or Eurodollar Rate | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Floor interest rate			1.25%
Line of Credit | Senior Secured Term Loan Facility Due 2027 | Eurodollar | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate			7.35%
Line of Credit | Extension Period One | Secured Debt
Debt Instrument [Line Items]
Interest rate increase			0.50%
Line of Credit | Extension Period Two | Secured Debt
Debt Instrument [Line Items]
Interest rate increase			0.75%
Line of Credit | Extension Period Three | Secured Debt
Debt Instrument [Line Items]
Interest rate increase			1%
Line of Credit | Draw Term Loans Due March 2032 | RED
Debt Instrument [Line Items]
Interest rate				5%
Floor interest rate				5%
Number of instruments entered into | debt_instrument				2
Face amount of debt				$ 1,500,000
Stated percentage rate period				3 years
Line of Credit | Draw Term Loans Due March 2032 | Prime Rate | RED
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Notes Payable to Banks | Term Loan Due March 2024
Debt Instrument [Line Items]
Total notes payable								$ 0	27,271,000
Notes Payable to Banks | Term Loan Due March 2024 | LIBOR
Debt Instrument [Line Items]
Reference rate								1%
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								$ 1,495,000	1,746,000
Notes Payable to Banks | Term Loan Due January 2024
Debt Instrument [Line Items]
Total notes payable								17,300,000	20,000,000
Minimum principal payment to extend loan						$ 2,500,000				2,500,000
Notes Payable to Banks | Term Loan Due July 2029
Debt Instrument [Line Items]
Interest rate							6%
Total notes payable								$ 1,596,000	1,641,000
Proceeds from long-term lines of credit							$ 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%
Notes Payable to Banks | Term Loan Due July 2023
Debt Instrument [Line Items]
Total notes payable								$ 337,000	607,000
Notes Payable to Banks | Term Loan One Due August 2029 Plus 2.00%
Debt Instrument [Line Items]
Total notes payable								858,000	888,000
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								1,980,000	2,143,000
Notes Payable to Banks | Term Loan Due August 2029 Plus 1.75%
Debt Instrument [Line Items]
Total notes payable								3,006,000	3,357,000
Notes Payable to Banks | Draw Term Loan One Due March 2032
Debt Instrument [Line Items]
Total notes payable								641,000	0
Notes Payable to Banks | Draw Term Loan Two Due March 2032
Debt Instrument [Line Items]
Total notes payable								640,000	0
Notes Payable to Banks | Draw Term Loan Due 2027 or 2032
Debt Instrument [Line Items]
Total notes payable								1,099,000	0
Notes Payable to Banks | Term Loan and Facility Due 2024
Debt Instrument [Line Items]
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								0	1,869,000
Maximum borrowing capacity						$ 3,000,000				$ 3,000,000
Remaining borrowing capacity								3,000,000
Revolving Credit Facility | Facility Due 2024 | INSPIRE
Debt Instrument [Line Items]
Debt instrument, collateral amount								7,500,000	5,000,000
Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Total notes payable								150,000	100,000
Remaining borrowing capacity								100,000
Revolving Credit Facility | Facility Due 2022
Debt Instrument [Line Items]
Total notes payable								0	$ 0
Remaining borrowing capacity								$ 250,000

Notes Payable, net - Maturities

Notes Payable, net - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2023 (1)	$ 5,047
2024	14,750
2025	1,134
2026	1,224
2027	71,977
Thereafter	4,970
Total	99,102	$ 59,622
Capitalized default interest, net	$ 148	$ 290	$ 427

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) renewalOption	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options | renewalOption	1
Operating lease, expense	$ 3,300	$ 3,400	$ 3,400
Finance lease liability	$ 3,418
Operating leases	8 years 8 months 26 days	9 years 4 months 2 days	9 years 11 months 4 days
Finance leases	8 years 2 months 1 day	31 years 5 months 26 days	32 years 3 months 18 days
Operating leases	5.20%	5.20%	5.20%
Finance leases	6.60%	6.20%	6.20%
Finance lease, right-of-use asset, statement of financial position, extensible enumeration	Property and equipment, net	Property and equipment, net
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, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 23,844	$ 26,975
Finance lease assets	3,236	44,333
Total leased assets	27,080	71,308
Current
Operating lease liabilities	3,868	3,628
Finance lease liabilities	1,456	1,065
Noncurrent
Operating lease liabilities	20,082	23,477
Finance lease liabilities	1,962	43,479
Total leased liabilities	$ 27,368	$ 71,649

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost
Rent expense	$ 6,060	$ 5,654	$ 5,327
Finance lease cost
Depreciation and amortization	1,624	1,455	1,458
Interest expense	2,616	2,727	2,626
Total lease cost	10,300	9,836	9,411
Short-term lease expense	619	442	227
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,505	3,713	3,650
Financing cash flows from finance leases	$ 1,160	$ 439	$ 785

Leases - Maturities of Operatin

Leases - Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 4,980
2024	4,660
2025	4,052
2026	3,781
2027	3,705
Thereafter	9,204
Total minimum lease payments (receipts)	30,382
Imputed interest	(6,432)
Present value of minimum lease payments	23,950
Finance Leases
2023	1,475
2024	263
2025	235
2026	215
2027	206
Thereafter	1,792
Total minimum lease payments (receipts)	4,186
Imputed interest	(768)
Present value of minimum lease payments	3,418
Sublease Payments to be Received
2023	215
2024	105
2025	83
2026	83
2027	83
Thereafter	76
Total minimum lease payments (receipts)	$ 645

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Terms and Discount Rates (Details) - renewalOption	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease term
Operating leases	8 years 8 months 26 days	9 years 4 months 2 days	9 years 11 months 4 days
Finance leases	8 years 2 months 1 day	31 years 5 months 26 days	32 years 3 months 18 days
Weighted-average discount rate
Operating leases	5.20%	5.20%	5.20%
Finance leases	6.60%	6.20%	6.20%
Number of renewal options	1
Irving, Texas
Weighted-average discount rate
Number of renewal options	2
Renewal term	10 years

Leases - Lease Additions (Detai

Leases - Lease Additions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Leases, Addition	$ 298	$ 607	$ 1,350
Finance lease additions	$ 903	$ 0	$ 1,869

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 18,841	$ 11,682
Accrued payroll expense	30,626	23,648
Accrued vacation expense	2,418	3,427
Accrued interest	381	259
Other accrued expenses	3,813	881
Total accounts payable and accrued expenses	$ 56,079	$ 39,897

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	$ 303	$ 576
Contingent consideration	(2,320)
Subsidiary compensation plan	(74)	(164)
Deferred compensation plan	(2,849)	(3,326)
Total	(5,243)	(3,490)
Net	(4,940)	(2,914)
Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	57	150
Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	246	426
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	303	576
Contingent consideration	0
Subsidiary compensation plan	0	0
Deferred compensation plan	(2,849)	(3,326)
Total	(2,849)	(3,326)
Net	(2,546)	(2,750)
Quoted Market Prices (Level 1) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	57	150
Quoted Market Prices (Level 1) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	246	426
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	(74)	(164)
Deferred compensation plan	0	0
Total	(74)	(164)
Net	(74)	(164)
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
Significant Other Observable Inputs (Level 2) | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
Contingent consideration	(2,320)
Subsidiary compensation plan	0	0
Deferred compensation plan	0	0
Total	(2,320)	0
Net	(2,320)	0
Significant Unobservable Inputs (Level 3) | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investment	0	0
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) - Fair Value, Measurements, Recurring - Significant Unobservable Inputs (Level 3) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Measurement Input, Price Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input	0.5264
Minimum | Measurement Input, Discount Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input	0.3490
Minimum | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input	0.0422
Maximum | Measurement Input, Discount Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input	0.3535
Maximum | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input	0.0469
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (2,320)
Acquisition of Chesapeake	(1,670)
Ending balance	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 170,600		$ 180,800
Goodwill	$ 56,622		$ 56,622	$ 56,622	$ 58,675
Impairment			1,160
Indefinite-lived intangible assets, written down amount			5,390
Fair Value Asset Recurring Basis Still Held Unrealized Gain Loss Statement Of Income Extensible List Not Disclosed Flag				impairment charge
Impairment Of Intangible Asset Indefinite Lived Excluding Goodwill Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		intangible asset impairment charges
Fair Value Liability Recurring Basis Still Held Unrealized Gain Loss Statement Of Income Extensible List Not Disclosed Flag				impairment charge
Remington and INSPIRE | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment		$ 7,600
Remington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		121,000
Goodwill	54,605		54,605	$ 54,605	$ 56,658
Remington | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment			0
Indefinite-lived intangible assets, written down amount	4,900		4,900	4,900
INSPIRE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge	10,200
Impairment	340		1,200
INSPIRE | Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment			1,160
Indefinite-lived intangible assets, written down amount	$ 1,200		$ 0	$ 1,200
Premier
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment charge		$ 49,500

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill (3)	$ (170,600)			$ (180,800)
Intangible assets, net			$ (1,160)
Property and equipment, net (3)		$ 0	0	(36)
Total		(113)	(1,538)	(189,223)
Unrealized gain (loss)		(56)	(1,989)	2,707
Net		(169)	(3,527)	(186,516)
Intangible assets, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets, net		0	(1,160)	(8,018)
Goodwill [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill (3)		0	0	(180,783)
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)		(650)	(23)	(436)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)		117	(295)	131
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)		477	(1,671)	3,012
Restricted Investments | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment		40	0	0
Realized gain (loss) on investment		(109)	(336)	(200)
Restricted Investments | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment		(67)	0	0
Realized gain (loss) on investment		$ 23	$ (42)	$ (186)

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 303	$ 576
Distributions of available-for-sale securities	365	855
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	821	1,068
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(518)	(492)
Fair Value	$ 303	$ 576

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets measured at fair value:
Restricted investment, Carrying value	$ 303	$ 576
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	2,800	3,300
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	44,390	37,571	$ 45,270	$ 35,349
Restricted cash, Carrying value	37,058	34,878	$ 37,396	$ 17,900
Accounts receivable, net, Carrying value	17,600	7,600
Due from affiliates, Carrying value	463	165
Investments in unconsolidated entities, Carrying value	4,217	3,581
Financial liabilities not measured at fair value:
Dividends payable, Carrying value	27,285	34,574
Due to affiliates	15	0
Due to Ashford Trust	1,197	0
Due to ashford trust, Fair value	1,197	0
Notes payable, Carrying value	$ 99,102	59,622
Maximum
Financial liabilities not measured at fair value:
Maximum maturity period of financial assets (in days)	90 days
Ashford Trust
Financial assets not measured at fair value:
Due from related parties	$ 0	2,600
Braemar
Financial assets not measured at fair value:
Due from related parties	11,800	1,100
Carrying Value
Financial assets measured at fair value:
Restricted investment, Carrying value	303	576
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	2,849	3,326
Fair value of contingent consideration	2,320	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	44,390	37,571
Restricted cash, Carrying value	37,058	34,878
Accounts receivable, net, Carrying value	17,615	7,622
Notes receivable, Carrying value	2,041	2,880
Due from affiliates, Carrying value	463	165
Investments in unconsolidated entities, Carrying value	4,217	3,581
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	56,079	39,897
Dividends payable, Carrying value	27,285	34,574
Due to affiliates	15	0
Other liabilities, Carrying value	26,547	25,899
Notes payable, Carrying value	99,102	59,622
Carrying Value | Ashford Trust
Financial assets not measured at fair value:
Due from related parties	0	2,575
Carrying Value | Braemar
Financial assets not measured at fair value:
Due from related parties	11,828	1,144
Estimated Fair Value
Financial assets measured at fair value:
Restricted investment, Fair value	303	576
Financial liabilities measured at fair value:
Deferred compensation plan, Fair value	2,849	3,326
Contingent consideration, Fair value	2,320	0
Financial assets not measured at fair value:
Cash and cash equivalents, Fair value	44,390	37,571
Restricted cash, Fair value	37,058	34,878
Accounts receivable, net, Fair value	17,615	7,622
Notes receivable, Fair value	2,041	2,880
Due from affiliates, Fair value	463	165
Investments in unconsolidated entities, Fair value	4,217	3,581
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Fair value	56,079	39,897
Dividends payable, Fair value	27,285	34,574
Due to affiliates, Fair value	15	0
Other liabilities, Fair value	26,547	25,899
Estimated Fair Value | Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	94,147	56,641
Estimated Fair Value | Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	104,057	62,603
Estimated Fair Value | Ashford Trust
Financial assets not measured at fair value:
Due from related parties, Fair value	0	2,575
Estimated Fair Value | Braemar
Financial assets not measured at fair value:
Due from related parties, Fair value	$ 11,828	$ 1,144

Commitments and Contingencies (

Commitments and Contingencies (Details)			12 Months Ended
	Aug. 05, 2022 USD ($)	Jul. 15, 2022 USD ($) installment	Dec. 31, 2022 USD ($)
Former Chief Operating Officer
Long-term Purchase Commitment [Line Items]
Cash termination payment	$ 750,000
Severance payments liability		$ 6,400,000	$ 5,100,000
Number of monthly installments | installment		24
Severance costs, monthly installment amount		$ 267,000
Class Action Lawsuit, California Employment Laws
Long-term Purchase Commitment [Line Items]
Loss contingency accrual			0
BP Annex Dev LLC | Affiliated Entity
Long-term Purchase Commitment [Line Items]
Notes receivable, related parties			535,000
Note payable, additional borrowings			465,000
Maximum note commitment			$ 1,000,000
Agreement terms, percent			8%

Equity (Deficit) - Narrative (D

Equity (Deficit) - Narrative (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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)	$ 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)	$ 0.001	$ 0.001

Equity (Deficit) - Noncontrolli

Equity (Deficit) - Noncontrolling Interest in Consolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	$ 1,171	$ 678	$ 1,178
OpenKey
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	1,005	799	670
RED
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	0	(51)	412
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	166	(70)	75
Other
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	$ 0	$ 0	$ 21

Mezzanine Equity - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (448)	$ 215	$ 2,245
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	(448)	63	432
INSPIRE
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	0	0	1,148
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ 0	$ 152	$ 665

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jul. 15, 2022	Apr. 15, 2022	Nov. 06, 2019	Dec. 31, 2022	Nov. 06, 2022	Dec. 31, 2021	Nov. 06, 2021	Dec. 31, 2020	Nov. 06, 2020
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests				$ 448		$ (215)		$ (2,245)
Amortization of preferred stock discount				0		1,053		2,887
Payments of ordinary dividends, preferred stock				43,919		16,706		20,540
Aggregate preferred dividends - undeclared				18,414		34,574
Dividends payable				27,285		34,574
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests				448		(63)		$ (432)
Series CHP Units | Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests				489
Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, consent percentage			55%
Dividends payable				$ 27,100		$ 34,600
Series D Convertible Preferred Stock | Dividends For The Quarters Ending June 30, 2020 And December 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Payments of ordinary dividends, preferred stock		$ 17,800
Preferred stock, dividend rate (in dollars per share)		$ 0.932
Series D Convertible Preferred Stock | Dividends For The Quarter Ending March 31, 2022
Redeemable Noncontrolling Interest [Line Items]
Payments of ordinary dividends, preferred stock		$ 8,700
Series D Convertible Preferred Stock | Dividends For The Quarter Ending June 30, 2022
Redeemable Noncontrolling Interest [Line Items]
Payments of ordinary dividends, preferred stock	$ 8,700
Remington | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)			$ 25
Dividend rate					7.28%		6.99%		6.59%
Share price (in dollars per share)			$ 117.50
Increase in annual percentage			10%
Premier | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Redemption increments amount			$ 25,000
Redemption price (in dollars per share)			$ 25.125
Redemption, minimum business days before purchase closes (in days)			5 days
Chesapeake
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued (in shares)		378,000
Equity interest issued (in dollars per share)		$ 25
Convertible preferred units, dividend rate, percentage		7.28%
Preferred units, convertible, conversion price (in dollars per share)		$ 117.50
Convertible preferred units, dividend rate, percentage increase		10%
Consent of holders of units necessary for taking specified action, percent		50%

Mezzanine Equity - Preferred St

Mezzanine Equity - Preferred Stock Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Preferred dividends - declared	$ 52,618	$ 16,706	$ 15,815
Preferred dividends per share - declared (in dollars per share)	$ 2.7520	$ 0.8737	$ 0.8271
Aggregate preferred dividends - undeclared	$ 18,414	$ 34,574
Preferred dividends per share - undeclared (in dollars per share)	$ 0.9631	$ 1.8083

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Equity-based compensation	$ 20,152	$ 23,651	$ 22,887
Deferral of compensation percentage maximum	100%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards modified (in shares)	74,000	0	0
Equity-based compensation	$ 1,398	$ 2,641	$ 4,347
Class 2 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	48,000	0
Options granted fair value	$ 390
Period for recognition (in years)	2 years 2 months 12 days
Vesting period	3 years
Awards modified (in shares)	150,000
Expiration period	10 years
Long-Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year	39,000	0
Unrecognized compensation expense, other than options	$ 460
Vesting period	3 years
Equity-based compensation	$ 164
LTIP granted (in shares)	39,000
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	3,042,946
Shares available for future issuance (in shares)	594,121
Automatic yearly increase of authorized shares	15%
2014 Incentive Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)				724,987

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Equity-Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 20,152	$ 23,651	$ 22,887
Plan modification, incremental cost	947
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	1,398	2,641	4,347
Plan modification, incremental cost	$ 313
Plan modification, number of shares (in shares)	74
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 2,135	1,217	787
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	4,045	4,553	5,562
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	16,107	19,098	17,325
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	$ 512	$ 695	$ 428
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition (in years)	1 year 6 months
Unrecognized compensation expense, other than options	$ 2,100
LTIP granted (in shares)	109	172	686
Long-Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 164
Unrecognized compensation expense, other than options	$ 460
LTIP granted (in shares)	39
Vesting period	3 years
Class 2 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 286
Period for recognition (in years)	2 years 2 months 12 days
Plan modification, incremental cost	$ 634
Plan modification, number of shares (in shares)	150
Vesting period	3 years

Equity-Based Compensation - Wei

Equity-Based Compensation - Weighted Average Assumptions (Details) - Class 2 LTIP Units	12 Months Ended
	Dec. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 8.10
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	75.20%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	6 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.20%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Outstanding, beginning balance (in shares)	800	1,434	1,534
Granted (in shares)	0	0	0
Exercised (in shares)	0	0	0
Forfeited, canceled or expired (in shares)	(76)	(3)	(100)
Forfeited, canceled or expired		7 years 8 months 1 day	8 years 1 month 9 days
Converted (in shares)	(150)	(631)
Outstanding, ending balance (in shares)	574	800	1,434	1,534
Exercisable at end of period (in shares)	574
Weighted Average Exercise Price
Outstanding, beginning balance (in shares)	$ 70.84	$ 67.26	$ 67.66
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	0
Forfeited, canceled or expired (in dollars per share)	85.97	69.51	73.39
Converted (in dollars per share)	71.06	62.72
Outstanding, ending balance (in shares)	68.78	$ 70.84	$ 67.26	$ 67.66
Exercisable at end of period (in dollars per share)	$ 68.78
Weighted Average Contractual Term
Converted	4 years 10 months 17 days	4 years 9 months 18 days
Outstanding	4 years 4 months 20 days	4 years 6 months 21 days	5 years 8 months 1 day	6 years 9 months 14 days
Options, exercisable	4 years 4 months 20 days
Aggregate Intrinsic Value of In-the Money Options
Outstanding, beginning balance	$ 0	$ 0	$ 0
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	$ 0
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)	631	0
Granted (in shares)	48	0
Exercised (in shares)	0	0
Forfeited, canceled or expired (in shares)	0	0
Converted (in shares)	(150)	(631)
Outstanding, ending balance (in shares)	829	631	0
Exercisable at end of period (in shares)	781
Weighted Average Exercise Price
Outstanding, beginning balance (in shares)	$ 62.72	$ 0
Granted (in dollars per share)	45	0
Exercised (in dollars per share)	0	0
Forfeited, canceled or expired (in dollars per share)	0	0
Converted (in dollars per share)	71,060	62.72
Outstanding, ending balance (in shares)	63.20	$ 62.72	$ 0
Exercisable at end of period (in dollars per share)	$ 60.59
Weighted Average Contractual Term
Converted	4 years 10 months 17 days	4 years 9 months 18 days
Outstanding	4 years 7 months 17 days	4 years 9 months 18 days
Granted (in shares)	9 years 2 months 15 days
Options, exercisable	4 years 1 month 6 days
Aggregate Intrinsic Value of In-the Money Options
Outstanding, beginning balance	$ 0	$ 0
Granted	0	0
Exercised	0	0
Forfeited, canceled or expired	0	0
Conversions to Class 2 LTIP Units	0	0
Outstanding, ending balance	0	$ 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Price Per Share at Grant
Equity-based compensation	$ 20,152	$ 23,651	$ 22,887
Restricted Stock
Stock Units
Outstanding at beginning of year (in shares)	303	241	0
Shares granted (in shares)	109	172	686
Shares vested (in shares)	(177)	(107)	(417)
Shares forfeited (in shares)	(7)	(3)	(28)
Outstanding at end of year (in shares)	228	303	241
Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 9.93	$ 10.45	$ 0
Shares granted (in dollars per share)	15.96	9.03	7.43
Shares vested (in dollars per share)	10.54	9.19	5.78
Shares forfeited (in dollars per share)	13.44	9.87	10.28
Outstanding at end of year (in dollars per share)	$ 12.25	$ 9.93	$ 10.45
Restricted stock fair value	$ 2,900
Restricted Stock | Employee and Independent Directors
Stock Units
Shares granted (in shares)	109	172	390
Weighted Average Price Per Share at Grant
Equity-based compensation	$ 1,000	$ 580	$ 1,000
Restricted Stock | Executive Officer
Stock Units
Shares vested (in shares)			(296)
Weighted Average Price Per Share at Grant
Percent of annual bonuses awarded			25%
Deferred Stock Units
Stock Units
Outstanding at beginning of year (in shares)	66	43	7
Shares granted (in shares)	16	23	37
Shares vested (in shares)	0	0	(1)
Outstanding at end of year (in shares)	82	66	43
Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 9.68	$ 9.67	$ 31.79
Shares granted (in dollars per share)	15.27	9.70	6.12
Shares vested (in dollars per share)	0	0	31.79
Outstanding at end of year (in dollars per share)	$ 10.76	$ 9.68	$ 9.67
Restricted stock fair value	$ 225	$ 225	$ 225

Equity-Based Compensation - LTI

Equity-Based Compensation - LTIP Activity Summary (Details) - Long-Term Incentive Plan Units shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
LTIPs
Outstanding at beginning of year (in shares) | shares	0
LTIP granted (in shares) | shares	39
Outstanding at end of year (in shares) | shares	39
Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 0
LTIP granted ( in dollars per share) | $ / shares	16.14
Outstanding at end of year (in dollars per share) | $ / shares	$ 16.14

Employee Benefit Plans - DCP Ac

Employee Benefit Plans - DCP Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrealized gain (loss)	$ (56)	$ (1,989)	$ 2,707
Fair value	$ 0	$ 51	$ 11
Deferred compensation plan distribution (in shares)	0	3	1
Deferred compensation plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrealized gain (loss)	$ 477	$ (1,671)	$ 3,012

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation plan liability	$ 2,800	$ 3,300
Equity-based compensation	(20,152)	(23,651)	$ (22,887)
Remington
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Equity-based compensation	117	(295)	131
Accrued Expenses
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Subsidiary compensation plan liability	$ 74	164
401(k) Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age	21 years
Employee period of service	3 months
401(k) Plan | Salaries and Benefits
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Matching expenses incurred	$ 2,800	0	884
401(k) Plan | Cost of revenues for design and construction
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Matching expenses incurred	$ 183	$ 0	$ 46
401(k) Plan | Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Company contributions	50%
Percentage of Employee's contributions	2%
401(k) Plan | Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Company contributions	100%
Percentage of Employee's contributions	3%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Benefit to Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate	$ (2,422)	$ 2,261	$ 48,534
State income tax (expense) benefit, net of federal income tax benefit	(1,453)	437	2,675
Foreign income tax expense	(1,470)	(426)	0
Income (loss) passed through to common unit holders and noncontrolling interests	58	(32)	94
Permanent differences	(203)	(1,086)	(1,397)
Nondeductible impairment of goodwill	0	0	(35,820)
Valuation allowance	(1,094)	(860)	(1,051)
Uncertain tax position	(917)	0	0
Stock compensation expense	(741)	0	0
Other	(288)	(132)	1,220
Total income tax (expense) benefit	$ (8,530)	$ 162	$ 14,255

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (7,928)	$ (4,192)	$ (7,116)
Foreign	(2,031)	(223)	25
State	(2,829)	(479)	(1,064)
Total current	(12,788)	(4,894)	(8,155)
Deferred:
Federal	5,301	4,081	17,938
Foreign	(125)	(203)	136
State	(918)	1,178	4,336
Total deferred	4,258	5,056	22,410
Total income tax (expense) benefit	$ (8,530)	$ 162	$ 14,255

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Income tax penalties expense	$ 20,000
Interest on income taxes expense		$ 32,000
Income tax interest and penalties expense			$ 0
Valuation allowance	7,774,000	6,724,000
Unrecognized tax benefits	1,161,000	$ 0	$ 0	$ 471,000
Unrecognized tax benefits impact tax rate	917,000
Domestic Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	22,700,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	7,600,000
State and Local Jurisdiction | OpenKey
Income Tax Contingency [Line Items]
Operating loss carryforwards	2,500,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Operating loss carryforwards	8,300,000
INSPIRE Operations In Mexico and Dominican Republic, and OpenKey
Income Tax Contingency [Line Items]
Valuation allowance	7,800,000
Tax Period 2036
Income Tax Contingency [Line Items]
Operating loss carryforward, subject to expiration	$ 5,900,000

Income Taxes - Net Deferred Ass

Income Taxes - Net Deferred Asset (Liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Prepaid expenses	$ (709)	$ (698)
Investments in unconsolidated entities and joint ventures	136	15
Capitalized acquisition costs	5,618	5,575
Deferred compensation	711	850
Accrued expenses	2,453	2,045
Equity-based compensation	10,881	10,700
Property and equipment	(4,297)	(5,106)
Intangibles	(42,733)	(47,061)
Deferred revenue	930	1,120
Net operating loss	6,911	6,436
Deferred tax asset (liability)	(20,099)	(26,124)
Valuation allowance	(7,774)	(6,724)
Net deferred tax asset (liability)	$ (27,873)	$ (32,848)

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 0	$ 0	$ 471
Gross increases for tax positions of prior years	1,161	0	0
Gross decreases for tax positions of prior years	0	0	(471)
Balance at the end of year	$ 1,161	$ 0	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)					3 Months Ended					12 Months Ended
	Jan. 27, 2022	Jan. 20, 2021	Aug. 19, 2020	Jan. 15, 2019	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Jan. 14, 2021	Jan. 13, 2021	Mar. 20, 2020	Mar. 13, 2020
Related Party Transaction [Line Items]
Total revenues										$ 644,432,000	$ 384,567,000	$ 293,351,000
Deferred revenue					$ 7,800,000		$ 10,905,000			7,800,000	10,905,000	21,359,000
Loss on disposal										3,115,000	1,593,000	$ 8,357,000
Allocation percentage	10%											50%
Aggregate non-listed preferred equity offerings												$ 400,000,000
Re-allocation of cost reimbursement revenue and reimbursed expenses										1,800,000
Operating lease, expense										3,300,000	3,400,000	3,400,000
Payments to acquire investments										400,000	250,000	0
Reimbursed expenses										361,375,000	203,956,000	158,501,000
Officer of J&S
Related Party Transaction [Line Items]
Operating lease, expense										3,300,000	3,400,000	3,400,000
INSPIRE
Related Party Transaction [Line Items]
Operating lease, expense												$ 308,000
Maximum
Related Party Transaction [Line Items]
Advisory fee cap					$ 29,000,000		$ 29,000,000			$ 29,000,000	$ 29,000,000
Braemar
Related Party Transaction [Line Items]
Allocation percentage	45%											50%
Braemar | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities					7.92%		7.77%			7.92%	7.77%
Payments to acquire investments										$ 327,000	$ 233,000	$ 26,000
Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage	45%											0%
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities					15.06%		16.65%			15.06%	16.65%
Payments to acquire investments										$ 0	$ 500,000	$ 431,000
Ashford Trust
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)														0.70%
Total revenues										325,541,000	238,273,000	200,229,000
ERFP commitments					$ 0					0							$ 11,400,000
Net book value of FF&E sold		$ 399,000	$ 6,400,000
Loss on disposal									$ 271,000			6,400,000
Property and equipment, net					3,100,000	$ 1,100,000				3,100,000
Purchased FF&E					1,000,000	406,000		$ 144,000	82,000
Loss on sale of FF&E					(2,100,000)	$ (706,000)		(267,000)	$ (107,000)
Amount received										6,200,000
Re-allocation of cost reimbursement revenue and reimbursed expenses										2,600,000
Due to ashford trust, Carrying value					1,000,000					1,000,000
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%
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 | Fair Market Value of Replacement Assets
Related Party Transaction [Line Items]
Due from related party													$ 128,000
Lismore Capital LLC and Ashford Trust
Related Party Transaction [Line Items]
Total revenues										2,400,000	10,300,000	5,700,000
Deferred revenue					$ 0		$ 2,400,000			0	2,400,000
Lismore Capital LLC and Ashford Trust | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-07
Related Party Transaction [Line Items]
Initial contract period (in years)																24 months
Lismore Capital LLC | Braemar
Related Party Transaction [Line Items]
Total revenues										$ 0	853,000	2,600,000
Braemar
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)					0.70%					0.70%
Total revenues										$ 85,525,000	50,674,000	36,372,000
Purchased FF&E												1,800,000
Loss on sale of FF&E												(1,600,000)
Amount received										5,800,000
Re-allocation of cost reimbursement revenue and reimbursed expenses										$ 4,400,000
Braemar | Maximum
Related Party Transaction [Line Items]
Quarterly base fee (as a percent)					0.05833%					0.05833%
Braemar | Affiliated Entity
Related Party Transaction [Line Items]
Purchased FF&E								1,600,000
Offset amount								$ 1,600,000
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Amount committed	$ 18,000,000
BP Annex Dev LLC | Affiliated Entity
Related Party Transaction [Line Items]
Notes receivable, related parties					$ 535,000					$ 535,000
Note payable, additional borrowings					465,000					465,000
Maximum note commitment					$ 1,000,000					$ 1,000,000
Agreement terms, percent										8%
Remington
Related Party Transaction [Line Items]
Base management fees, percentage of hotel revenues										3%
Total revenues										$ 356,435,000	197,802,000	145,596,000
Reimbursed expenses										309,706,000	171,522,000	128,470,000
Hotel management fees
Related Party Transaction [Line Items]
Total revenues										46,548,000	26,260,000	17,126,000
Hotel management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										29,939,000	21,999,000	15,923,000
Hotel management fees | Braemar
Related Party Transaction [Line Items]
Total revenues										3,745,000	2,916,000	1,037,000
Hotel management fees | Remington
Related Party Transaction [Line Items]
Monthly hotel management fee										16,000
Total revenues										46,548,000	26,260,000	17,126,000
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues										361,763,000	203,975,000	158,559,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Reimbursed expenses										379,000	405,000	387,000
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										244,148,000	162,920,000	137,131,000
Amount received										2,500,000	0	2,000,000
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues										57,396,000	30,394,000	18,898,000
Amount received										15,500,000	2,600,000	719,000
Cost reimbursement revenue | Braemar | Dealer Manager Fees
Related Party Transaction [Line Items]
Amount received										5,800,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues										309,706,000	171,522,000	128,470,000
Advisory services fees revenue | Ashford Trust | Base advisory fees, constrained and deferred
Related Party Transaction [Line Items]
Total revenues							$ 7,200,000				7,200,000
Other revenue
Related Party Transaction [Line Items]
Total revenues										44,312,000	47,329,000	25,602,000
Cumulative catch-up adjustment to revenue											1,200,000
Other revenue | Remington
Related Party Transaction [Line Items]
Total revenues										181,000	20,000	0
Design and construction fees
Related Party Transaction [Line Items]
Total revenues										22,167,000	9,557,000	8,936,000
Design and construction fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										11,601,000	4,032,000	4,964,000
Design and construction fees | Braemar
Related Party Transaction [Line Items]
Total revenues										7,365,000	2,230,000	2,127,000
Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues										0	0	0
Design and construction fees | Remington | Ashford Trust
Related Party Transaction [Line Items]
Total revenues										255,387,000	167,600,000	133,489,000
Design and construction fees | Remington | Braemar
Related Party Transaction [Line Items]
Total revenues										$ 28,181,000	$ 18,345,000	$ 9,524,000

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total revenues		$ 644,432,000	$ 384,567,000	$ 293,351,000
Advisory agreement, amount due upon approval		$ 5,000,000
Advisory agreement, initial term (in years)		10 years
Re-allocation of cost reimbursement revenue and reimbursed expenses		$ 1,800,000
Aggregate non-listed preferred equity offerings				400,000,000
Maximum
Related Party Transaction [Line Items]
Advisory fee cap	$ 29,000,000	29,000,000	29,000,000
REIT advisory
Related Party Transaction [Line Items]
Total revenues		77,347,000	74,616,000	70,169,000
Remington
Related Party Transaction [Line Items]
Total revenues		$ 356,435,000	197,802,000	145,596,000
Base management fees, percentage of hotel revenues		3%
Incentive management fee, percentage of hotel revenues		1%
Premier
Related Party Transaction [Line Items]
Total revenues		$ 32,247,000	12,413,000	11,604,000
INSPIRE
Related Party Transaction [Line Items]
Total revenues		121,418,000	49,900,000	37,881,000
RED
Related Party Transaction [Line Items]
Total revenues		26,335,000	23,867,000	9,663,000
OpenKey
Related Party Transaction [Line Items]
Total revenues		1,484,000	1,965,000	1,479,000
Corporate and Other
Related Party Transaction [Line Items]
Total revenues		29,166,000	24,004,000	16,959,000
Base fees
Related Party Transaction [Line Items]
Total revenues		34,072,000	21,291,000	17,126,000
Incentive fees
Related Party Transaction [Line Items]
Total revenues		8,533,000	4,969,000	0
Hotel management fees
Related Party Transaction [Line Items]
Total revenues		46,548,000	26,260,000	17,126,000
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		46,548,000	26,260,000	17,126,000
Hotel management fees | Premier
Related Party Transaction [Line Items]
Total revenues		0	0	0
Hotel management fees | INSPIRE
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		22,167,000	9,557,000	8,936,000
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		22,167,000	9,557,000	8,936,000
Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues		0	0	0
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
Other
Related Party Transaction [Line Items]
Total revenues		44,312,000	47,329,000	25,602,000
Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues		157,000	81,000	237,000
Other | Remington
Related Party Transaction [Line Items]
Total revenues		181,000	20,000	0
Other | Premier
Related Party Transaction [Line Items]
Total revenues		0	0	0
Other | INSPIRE
Related Party Transaction [Line Items]
Total revenues		0	0	0
Other | RED
Related Party Transaction [Line Items]
Total revenues		26,309,000	23,867,000	9,663,000
Other | OpenKey
Related Party Transaction [Line Items]
Total revenues		1,480,000	1,965,000	1,479,000
Other | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		16,185,000	21,396,000	14,223,000
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		361,763,000	203,975,000	158,559,000
Cost reimbursement revenue | REIT advisory
Related Party Transaction [Line Items]
Total revenues		28,809,000	26,969,000	24,685,000
Cost reimbursement revenue | Remington
Related Party Transaction [Line Items]
Total revenues		309,706,000	171,522,000	128,470,000
Cost reimbursement revenue | Premier
Related Party Transaction [Line Items]
Total revenues		10,080,000	2,856,000	2,668,000
Cost reimbursement revenue | INSPIRE
Related Party Transaction [Line Items]
Total revenues		157,000	20,000	0
Cost reimbursement revenue | RED
Related Party Transaction [Line Items]
Total revenues		26,000	0	0
Cost reimbursement revenue | OpenKey
Related Party Transaction [Line Items]
Total revenues		4,000	0	0
Cost reimbursement revenue | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		12,981,000	2,608,000	2,736,000
Audio visual
Related Party Transaction [Line Items]
Total revenues		121,261,000	49,880,000	37,881,000
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 | INSPIRE
Related Party Transaction [Line Items]
Total revenues		121,261,000	49,880,000	37,881,000
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
Ashford Trust
Related Party Transaction [Line Items]
Total revenues		325,541,000	238,273,000	200,229,000
Cost of revenues		7,663,000	2,969,000	2,241,000
Re-allocation of cost reimbursement revenue and reimbursed expenses		2,600,000
Ashford Trust | REIT advisory
Related Party Transaction [Line Items]
Total revenues		48,859,000	51,726,000	50,574,000
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues		123,000	119,000	234,000
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		2,080,000	12,889,000	9,132,000
Ashford Trust | Base fees
Related Party Transaction [Line Items]
Total revenues		23,873,000	17,819,000	15,923,000
Ashford Trust | Incentive fees
Related Party Transaction [Line Items]
Total revenues		6,066,000	4,180,000	0
Ashford Trust | Hotel management fees
Related Party Transaction [Line Items]
Total revenues		29,939,000	21,999,000	15,923,000
Ashford Trust | Design and construction fees
Related Party Transaction [Line Items]
Total revenues		11,601,000	4,032,000	4,964,000
Ashford Trust | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues		255,387,000	167,600,000	133,489,000
Ashford Trust | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues		18,776,000	5,939,000	6,800,000
Ashford Trust | Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues		85,000	0	0
Ashford Trust | Design and construction fees | RED
Related Party Transaction [Line Items]
Total revenues		231,000	0	0
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		244,148,000	162,920,000	137,131,000
Ashford Trust | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues		18,183,000	6,734,000	5,123,000
Ashford Trust | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues		34,802,000	36,239,000	34,744,000
Ashford Trust | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues		5,051,000	13,083,000	7,467,000
Ashford Trust | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues		217,000	0	0
Ashford Trust | Watersports, ferry and excursion services | Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues		190,000	545,000	125,000
Ashford Trust | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues		3,282,000	11,381,000	5,853,000
Ashford Trust | Cash management fees | Other
Related Party Transaction [Line Items]
Total revenues		97,000	0	0
Ashford Trust | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues		17,000	74,000	118,000
Ashford Trust | Other services | Other
Related Party Transaction [Line Items]
Total revenues		1,438,000	1,628,000	1,496,000
Ashford Trust | Base advisory fees, constrained and deferred | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	$ 7,200,000		7,200,000
Braemar
Related Party Transaction [Line Items]
Total revenues		85,525,000	50,674,000	36,372,000
Cost of revenues				495,000
Re-allocation of cost reimbursement revenue and reimbursed expenses		4,400,000
Braemar | REIT advisory
Related Party Transaction [Line Items]
Total revenues		28,486,000	22,911,000	19,581,000
Braemar | RED
Related Party Transaction [Line Items]
Total revenues		2,304,000
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues		38,000	38,000	84,000
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues		16,569,000	3,766,000	3,385,000
Braemar | Base fees
Related Party Transaction [Line Items]
Total revenues		2,959,000	2,304,000	1,037,000
Braemar | Incentive fees
Related Party Transaction [Line Items]
Total revenues		786,000	612,000	0
Braemar | Hotel management fees
Related Party Transaction [Line Items]
Total revenues		3,745,000	2,916,000	1,037,000
Braemar | Design and construction fees
Related Party Transaction [Line Items]
Total revenues		7,365,000	2,230,000	2,127,000
Braemar | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues		28,181,000	18,345,000	9,524,000
Braemar | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues		9,875,000	3,009,000	2,848,000
Braemar | Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues		72,000	0
Braemar | Other
Related Party Transaction [Line Items]
Cost of revenues		1,153,000	421,000	149,000
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues		57,396,000	30,394,000	18,898,000
Braemar | Audio visual
Related Party Transaction [Line Items]
Total revenues				0
Cost of revenues		3,842,000	998,000
Braemar | Audio visual | REIT advisory
Related Party Transaction [Line Items]
Total revenues		9,384,000	2,175,000	1,151,000
Braemar | Total advisory services revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues		13,579,000	11,327,000	10,503,000
Braemar | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues		12,790,000	10,806,000	9,981,000
Braemar | Incentive fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues		268,000	0	0
Braemar | Other advisory revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues		521,000	521,000	522,000
Braemar | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues		3,440,000	3,807,000	3,807,000
Braemar | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues		2,293,000	2,605,000
Braemar | Watersports, ferry and excursion services | Other | REIT advisory
Related Party Transaction [Line Items]
Total revenues		2,132,000	2,117,000	550,000
Braemar | Watersports, ferry and excursion services | Other | RED
Related Party Transaction [Line Items]
Total revenues				950,000
Braemar | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues		940,000	1,003,000	2,559,000
Braemar | Cash management fees | Other
Related Party Transaction [Line Items]
Total revenues		38,000	0	0
Braemar | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues		3,000	7,000	108,000
Braemar | Other services | Other
Related Party Transaction [Line Items]
Total revenues		$ 166,000	$ 192,000	$ 190,000

Related Party Transactions - Am

Related Party Transactions - Amounts Due (To) From Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Ashford Trust
Related Party Transaction [Line Items]
Due from related parties	$ (1,197)
Ashford Trust | Ashford Holdings | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(4,002)	$ 691
Ashford Trust | Remington | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(2,015)	(44)
Ashford Trust | Premier | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	2,475	737
Ashford Trust | INSPIRE | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	1,718	985
Ashford Trust | OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(35)	16
Ashford Trust | Pure Wellness | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	657	177
Ashford Trust | Lismore | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	0	13
Ashford Trust | RED
Related Party Transaction [Line Items]
Due from related parties	5	0
Braemar | Ashford Holdings | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	7,253	354
Braemar | Remington | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	(69)	(234)
Braemar | Premier | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	3,443	327
Braemar | INSPIRE | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	917	494
Braemar | OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	8	2
Braemar | Pure Wellness | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	83	0
Braemar | RED | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	$ 193	$ 201

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ 3,646	$ (9,925)	$ (212,365)
Less: Dividends on preferred stock, declared and undeclared	(36,458)	(35,000)	(32,095)
Less: Amortization of preferred stock discount	0	(1,053)	(2,887)
Undistributed net income (loss) allocated to common stockholders	(32,812)	(45,978)	(247,347)
Distributed and undistributed net income (loss) - basic	(32,812)	(45,978)	(247,347)
Distributed and undistributed net income (loss) - diluted	$ (32,812)	$ (45,978)	$ (247,347)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,915	2,756	2,284
Weighted average common shares outstanding – diluted (in shares)	2,915	2,756	2,284
Income (loss) per share – basic:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (11.26)	$ (16.68)	$ (108.30)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (11.26)	$ (16.68)	$ (108.30)

Income (Loss) Per Share - Dilut

Income (Loss) Per Share - Diluted Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 36,906	$ 35,838	$ 32,737
Dividends on preferred stock, declared and undeclared	36,458	35,000	32,095
Amortization of preferred stock discount	$ 0	$ 1,053	$ 2,887
Weighted average diluted shares (in shares)	4,546	4,538	4,642
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	$ 448	$ (63)	$ (432)
Weighted average diluted shares (in shares)	65	4	4
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	92	124	23
Effect of incremental subsidiary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 0	$ (152)	$ (1,813)
Weighted average diluted shares (in shares)	117	145	504
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	4,272	4,265	4,111

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 Reportable_segment	Dec. 31, 2022 segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments		6	6
REVENUE
Total revenues	$ 644,432			$ 384,567	$ 293,351
EXPENSES
Depreciation and amortization	31,766			32,598	39,957
Impairment	0			1,160	188,837
Other operating expenses	229,698			152,086	129,986
Reimbursed expenses	361,375			203,956	158,501
Total expenses	622,839			389,800	517,281
OPERATING INCOME (LOSS)	21,593			(5,233)	(223,930)
Equity in earnings (loss) of unconsolidated entities	392			(126)	212
Interest expense	(9,996)			(5,144)	(5,389)
Amortization of loan costs	(761)			(322)	(318)
Interest income	371			285	32
Realized gain (loss) on investments	(121)			(3)	(386)
Other income (expense)	(25)			(437)	(264)
INCOME (LOSS) BEFORE INCOME TAXES	11,453			(10,980)	(230,043)
Income tax (expense) benefit	(8,530)			162	14,255
NET INCOME (LOSS)	2,923			(10,818)	(215,788)
REIT Advisory
REVENUE
Total revenues	77,347			74,616	70,169
EXPENSES
Depreciation and amortization	3,410			4,039	9,131
Impairment				0	0
Other operating expenses	2,828			645	8,035
Reimbursed expenses	28,421			26,949	24,627
Total expenses	34,659			31,633	41,793
OPERATING INCOME (LOSS)	42,688			42,983	28,376
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	0
Other income (expense)	0			0	0
INCOME (LOSS) BEFORE INCOME TAXES	42,688			42,983	28,376
Income tax (expense) benefit	(10,406)			(10,097)	(8,066)
NET INCOME (LOSS)	32,282			32,886	20,310
Remington
REVENUE
Total revenues	356,435			197,802	145,596
EXPENSES
Depreciation and amortization	12,362			12,141	13,943
Impairment				0	126,548
Other operating expenses	24,414			14,525	12,751
Reimbursed expenses	309,706			171,522	128,470
Total expenses	346,482			198,188	281,712
OPERATING INCOME (LOSS)	9,953			(386)	(136,116)
Equity in earnings (loss) of unconsolidated entities	7			(139)	0
Interest expense	0			0	0
Amortization of loan costs	0			0	0
Interest income	182			277	0
Realized gain (loss) on investments	(121)			(3)	(386)
Other income (expense)	(26)			10	27
INCOME (LOSS) BEFORE INCOME TAXES	9,995			(241)	(136,475)
Income tax (expense) benefit	(1,845)			(1,406)	3,108
NET INCOME (LOSS)	8,150			(1,647)	(133,367)
Premier
REVENUE
Total revenues	32,247			12,413	11,604
EXPENSES
Depreciation and amortization	11,899			12,230	12,628
Impairment				0	49,524
Other operating expenses	13,693			8,846	7,930
Reimbursed expenses	10,080			2,856	2,668
Total expenses	35,672			23,932	72,750
OPERATING INCOME (LOSS)	(3,425)			(11,519)	(61,146)
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	0
Other income (expense)	0			0	0
INCOME (LOSS) BEFORE INCOME TAXES	(3,425)			(11,519)	(61,146)
Income tax (expense) benefit	(528)			2,414	3,267
NET INCOME (LOSS)	(3,953)			(9,105)	(57,879)
INSPIRE
REVENUE
Total revenues	121,418			49,900	37,881
EXPENSES
Depreciation and amortization	1,803			1,880	1,968
Impairment				1,160	12,692
Other operating expenses	107,520			52,228	45,125
Reimbursed expenses	157			20	0
Total expenses	109,480			55,288	59,785
OPERATING INCOME (LOSS)	11,938			(5,388)	(21,904)
Equity in earnings (loss) of unconsolidated entities	0			0	0
Interest expense	(1,263)			(876)	(1,253)
Amortization of loan costs	(130)			(121)	(57)
Interest income	0			0	0
Realized gain (loss) on investments	0			0	0
Other income (expense)	131			(189)	(48)
INCOME (LOSS) BEFORE INCOME TAXES	10,676			(6,574)	(23,262)
Income tax (expense) benefit	(4,073)			1,326	5,060
NET INCOME (LOSS)	6,603			(5,248)	(18,202)
RED
REVENUE
Total revenues	26,335			23,867	9,663
EXPENSES
Depreciation and amortization	656			400	329
Impairment				0	0
Other operating expenses	22,760			18,547	9,942
Reimbursed expenses	26			0	0
Total expenses	23,442			18,947	10,271
OPERATING INCOME (LOSS)	2,893			4,920	(608)
Equity in earnings (loss) of unconsolidated entities	0			0	0
Interest expense	(769)			(628)	(554)
Amortization of loan costs	(52)			(81)	(4)
Interest income	0			0	0
Realized gain (loss) on investments	0			0	0
Other income (expense)	(47)			(252)	(72)
INCOME (LOSS) BEFORE INCOME TAXES	2,025			3,959	(1,238)
Income tax (expense) benefit	(557)			(1,025)	523
NET INCOME (LOSS)	1,468			2,934	(715)
OpenKey
REVENUE
Total revenues	1,484			1,965	1,479
EXPENSES
Depreciation and amortization	12			15	19
Impairment				0	0
Other operating expenses	5,758			5,170	4,044
Reimbursed expenses	4			0	0
Total expenses	5,774			5,185	4,063
OPERATING INCOME (LOSS)	(4,290)			(3,220)	(2,584)
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	0
Other income (expense)	4			7	(6)
INCOME (LOSS) BEFORE INCOME TAXES	(4,286)			(3,213)	(2,590)
Income tax (expense) benefit	0			0	0
NET INCOME (LOSS)	(4,286)			(3,213)	(2,590)
Corporate and Other
Segment Reporting Information [Line Items]
Number of reportable segments | segment			7
REVENUE
Total revenues	29,166			24,004	16,959
EXPENSES
Depreciation and amortization	1,624			1,893	1,939
Impairment				0	73
Other operating expenses	52,725			52,125	42,159
Reimbursed expenses	12,981			2,609	2,736
Total expenses	67,330			56,627	46,907
OPERATING INCOME (LOSS)	(38,164)			(32,623)	(29,948)
Equity in earnings (loss) of unconsolidated entities	385			13	212
Interest expense	(7,964)			(3,640)	(3,582)
Amortization of loan costs	(579)			(120)	(257)
Interest income	189			8	32
Realized gain (loss) on investments	0			0	0
Other income (expense)	(87)			(13)	(165)
INCOME (LOSS) BEFORE INCOME TAXES	(46,220)			(36,375)	(33,708)
Income tax (expense) benefit	8,879			8,950	10,363
NET INCOME (LOSS)	(37,341)			(27,425)	(23,345)
Advisory services fees
REVENUE
Total revenues	48,381			47,566	45,247
Advisory services fees | REIT Advisory
REVENUE
Total revenues	48,381			47,566	45,247
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	46,548			26,260	17,126
Hotel management fees | REIT Advisory
REVENUE
Total revenues	0			0	0
Hotel management fees | Remington
REVENUE
Total revenues	46,548			26,260	17,126
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	22,167			9,557	8,936
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	22,167			9,557	8,936
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	121,261			49,880	37,881
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	121,261			49,880	37,881
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	44,312			47,329	25,602
Other | REIT Advisory
REVENUE
Total revenues	157			81	237
Other | Remington
REVENUE
Total revenues	181			20	0
Other | Premier
REVENUE
Total revenues	0			0	0
Other | INSPIRE
REVENUE
Total revenues	0			0	0
Other | RED
REVENUE
Total revenues	26,309			23,867	9,663
Other | OpenKey
REVENUE
Total revenues	1,480			1,965	1,479
Other | Corporate and Other
REVENUE
Total revenues	16,185			21,396	14,223
Cost reimbursement revenue
REVENUE
Total revenues	361,763			203,975	158,559
Cost reimbursement revenue | REIT Advisory
REVENUE
Total revenues	28,809			26,969	24,685
Cost reimbursement revenue | Remington
REVENUE
Total revenues	309,706			171,522	128,470
Cost reimbursement revenue | Remington | Consolidation, Eliminations
REVENUE
Total revenues	13,200			8,600	9,400
Cost reimbursement revenue | Premier
REVENUE
Total revenues	10,080			2,856	2,668
Cost reimbursement revenue | INSPIRE
REVENUE
Total revenues	157			20	0
Cost reimbursement revenue | RED
REVENUE
Total revenues	26			0	0
Cost reimbursement revenue | OpenKey
REVENUE
Total revenues	4			0	0
Cost reimbursement revenue | Corporate and Other
REVENUE
Total revenues	$ 12,981			$ 2,608	$ 2,736

Segment Reporting - Long-lived

Segment Reporting - Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property and equipment, net	$ 41,791	$ 83,566
United States
Segment Reporting Information [Line Items]
Property and equipment, net	36,548	80,879
Mexico
Segment Reporting Information [Line Items]
Property and equipment, net	4,478	2,119
Dominican Republic
Segment Reporting Information [Line Items]
Property and equipment, net	538	365
United Kingdom (Turks and Caicos Islands)
Segment Reporting Information [Line Items]
Property and equipment, net	$ 227	$ 203

Concentration of Risk (Details)

Concentration of Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Remington | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	79.60%	93.70%	97.90%
Premier | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	88.80%	72.10%	83.10%
INSPIRE | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	22.80%	17.90%	16.60%
INSPIRE | Assets | Mexico | Geographic Concentration Risk
Concentration Risk [Line Items]
Net assets	$ 1,400	$ (864)
INSPIRE | Assets | Dominican Republic | Geographic Concentration Risk
Concentration Risk [Line Items]
Net assets	$ 763	$ (201)
OpenKey | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	10.80%	8%	21.50%
RED | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	9.60%	10.90%	9.80%
RED | Assets | Turks and Caicos | Geographic Concentration Risk
Concentration Risk [Line Items]
Net assets	$ 682	$ 172
Pure Wellness | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	65.70%	62.10%	73.70%
Lismore | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust and Braemar	100%	100%	100%

Subsequent Events (for 10K) (De

Subsequent Events (for 10K) (Details) - USD ($) $ in Millions	Mar. 07, 2023	Mar. 02, 2023	Apr. 18, 2022	Apr. 01, 2022	Mar. 31, 2023	Jan. 16, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Accounts receivable, net							$ 17.6	$ 7.6
Senior Secured Term Loan Facility Due 2027 | Secured Debt | Line of Credit
Subsequent Event [Line Items]
Proceeds from long-term lines of credit			$ 20	$ 50
Remaining borrowing capacity				$ 50			30
Subsequent Event | Senior Secured Term Loan Facility Due 2027 | Secured Debt | Line of Credit
Subsequent Event [Line Items]
Proceeds from long-term lines of credit	$ 12
Remaining borrowing capacity	$ 18
Remington
Subsequent Event [Line Items]
Accounts receivable, net							$ 0	$ 2.9
Remington | Subsequent Event
Subsequent Event [Line Items]
Accounts receivable, net						$ 1.5
Note receivable, interest rate, stated percentage					10%
Ashford Trust | Subsequent Event
Subsequent Event [Line Items]
Cash incentive compensation limit		$ 13.1

Uncategorized Items - ainc-2022

Label	Element	Value
Corporate and Other [Member]
Goodwill	us-gaap_Goodwill	$ 782,000