Ashford Nevada Holding S-4 19 Jul 19 Registration of securities issued in business combination transactions Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Ashford Nevada Holding Corp.
Entity Central Index Key	0001781995
Document Type	S-4
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 39,953	$ 51,529	$ 34,910	$ 36,480	$ 84,091	$ 50,272
Restricted cash	12,604	7,914	15,045	9,076	9,752	5,684
Accounts receivable, net	12,504	4,928		5,127
Due from affiliates	75	45		0
Inventories	1,537	1,202		1,066
Prepaid expenses and other	3,713	3,902		2,913
Total current assets	76,833	76,809		69,746
Investments in unconsolidated entities	3,400	500		500
Furniture, fixtures and equipment, net	54,647	47,947		21,154
Operating lease right-of-use assets	26,151
Goodwill	65,112	59,683		12,947
Intangible assets, net	192,755	193,194		9,713
Other assets	1,208	872		750
Total assets	420,106	379,005		114,810
Current liabilities:
Accounts payable and accrued expenses	21,696	24,880		20,451
Due to affiliates	1,176	2,032		4,272
Deferred income	68	148		459
Deferred compensation plan	160	173		311
Notes payable, net	2,933	2,595		1,751
Operating lease liabilities	2,396
Other liabilities	12,576	8,418		9,076
Total current liabilities	41,005	38,246		36,320
Deferred income	13,103	13,396		13,440
Deferred tax liability, net	31,806	31,506		0
Deferred compensation plan	11,108	10,401		18,948
Notes payable, net	21,672	15,177		9,956
Operating lease liabilities	23,767
Other liabilities	1,902	0
Total liabilities	144,363	108,726		78,742
Commitments and contingencies (note 10)
MEZZANINE EQUITY
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	201,338	200,847		0
Redeemable noncontrolling interests	3,810	3,531		5,111
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A cumulative preferred stock, no shares issued and outstanding at March 31, 2019 and December 31, 2018	0	0		0
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,470,293 and 2,391,541 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	25	24		21
Additional paid-in capital	287,129	280,159		249,695
Accumulated deficit	(216,703)	(214,242)		(219,396)
Accumulated other comprehensive income (loss)	(483)	(498)		(135)
Total stockholders’ equity of the Company	69,968	65,443		30,185
Noncontrolling interests in consolidated entities	627	458		772
Total equity	70,595	65,901	$ 32,105	30,957	$ 90,149	$ 136,636
Total liabilities and equity	420,106	379,005		114,810
Ashford Trust OP
Current assets:
Due from related parties	4,416	5,293		13,346
Braemar OP
Current assets:
Due from related parties	$ 2,031	$ 1,996		$ 1,738

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018	Aug. 08, 2018	Aug. 07, 2018	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01				$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000				50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01				$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000				100,000,000
Common stock, shares issued (in shares)	2,470,293	2,391,541				2,093,556
Common stock, shares outstanding (in shares)	2,470,293	2,391,541				2,093,556
Series A Preferred Stock
Preferred stock, shares authorized (in shares)		2,000,000
Preferred stock, shares issued (in shares)	0	0				0
Preferred stock, shares outstanding (in shares)	0	0				0
Series B Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 25	$ 0				$ 0
Preferred stock, shares issued (in shares)		8,120,000	8,120,000	8,120,000	8,120,000	0
Preferred stock, shares outstanding (in shares)	8,120,000	8,120,000				0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Total revenue	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168					$ 195,520	$ 81,573	$ 67,607
EXPENSES
Salaries and benefits	22,700				26,517					79,205	61,223	52,436
Depreciation and amortization	4,527				1,040					9,342	2,527	1,174
General and administrative	7,982				6,295					34,796	17,363	16,454
Impairment	0				1,919					1,919	1,072	0
Other	1,339				846					3,250	2,153	0
Total expenses	60,778	46,145	53,069	43,941	53,204	$ 37,130	$ 21,595	$ 18,221	$ 15,149	196,359	92,095	70,064
OPERATING INCOME (LOSS)	2,542	4,831	(11,504)	10,870	(5,036)	(7,464)	(2,340)	1,418	(2,136)	(839)	(10,522)	(2,457)
Equity in earnings (loss) of unconsolidated entities	(275)				0
Interest expense	(297)				(143)					(959)	(83)	0
Amortization of loan costs	(69)				(23)					(241)	(39)	0
Interest income	20				112					329	244	73
Other income (expense)	(53)				(39)					(834)	(73)	(162)
INCOME (LOSS) BEFORE INCOME TAXES	1,868				(5,129)					(2,544)	(10,471)	(11,623)
Income tax (expense) benefit	(1,300)				(706)					10,364	(9,723)	(780)
NET INCOME (LOSS)	568	2,717	2,006	8,932	(5,835)	(7,982)	(2,258)	(7,231)	(2,723)	7,820	(20,194)	(12,403)
(Income) loss from consolidated entities attributable to noncontrolling interests	163				173					924	358	8,860
Net (income) loss attributable to redeemable noncontrolling interests	(21)				(61)					1,438	1,484	1,147
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	710	3,558	3,387	8,960	(5,723)	(7,402)	(1,856)	(6,709)	(2,385)	10,182	(18,352)	(2,396)
Preferred dividends	(2,791)				0					(4,466)	0	0
Amortization of preferred stock discount	(491)				0					(730)	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,572)	$ 340	$ 1,409	$ 8,960	$ (5,723)	$ (7,402)	$ (1,856)	$ (6,709)	$ (2,385)	$ 4,986	$ (18,352)	$ (2,396)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.06)	$ 0.14	$ 0.67	$ 4.26	$ (2.73)	$ (3.58)	$ (0.92)	$ (3.32)	$ (1.18)	$ 2.29	$ (9.04)	$ (1.19)
Weighted average common shares outstanding – basic (in shares)	2,419	2,381	2,109	2,095	2,094	2,069	2,022	2,019	2,015	2,170	2,031	2,012
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (1.96)	$ 0.18	$ 0.93	$ (2.84)	$ (3.72)	$ (1.05)	$ (3.85)	$ (1.34)	$ (2.11)	$ (9.59)	$ (2.56)
Weighted average common shares outstanding – diluted (in shares)	2,449	2,652	2,337	2,487	2,115	2,118	2,054	2,265	2,046	2,332	2,067	2,209
Total advisory services revenue
REVENUE
Total revenue	$ 19,187				$ 22,532					$ 89,476	$ 65,982	$ 67,228
Audio visual
REVENUE
Total revenue	30,975				23,310					81,186	9,186	0
EXPENSES
Cost of revenues	21,439				16,587					64,555	7,757	0
Project management
REVENUE
Total revenue	7,790				0					10,634	0	0
EXPENSES
Cost of revenues	2,791				0					3,292	0	0
Other
REVENUE
Total revenue	5,368				2,326					14,224	6,405	379
J&S
REVENUE
Total revenue	30,975				23,310					81,186	9,186
J&S | Audio visual
REVENUE
Total revenue	30,975				23,310					81,186	9,186	0
Premier | Project management
REVENUE
Total revenue	$ 7,790				$ 0					$ 10,634	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 568	$ (5,835)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	30	(114)
COMPREHENSIVE INCOME (LOSS)	598	(5,949)
Comprehensive (income) loss attributable to noncontrolling interests	163	190
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(34)	(61)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 727	$ (5,820)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Entities	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2015		2,011					0
Beginning balance at Dec. 31, 2015	$ 136,636	$ 20	$ 234,716	$ (202,546)	$ 0	$ 104,471	$ 0	$ 240
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	11,573		6,073	5,439		61
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Deferred compensation plan distribution (in shares)		0
Deferred compensation plan distribution	0
Employee advances	(41)		(41)
Purchase of OpenKey shares from noncontrolling interest holder								(18)
Contributions from noncontrolling interests	2,373					2,373
Reallocation of carrying value	(1,469)		(2,623)			1,154		1,469
Redemption value adjustment	(936)			(936)				936
Net income (loss)	(2,396)
Net income (loss)	(11,256)					(8,860)		(1,147)
Ending balance (in shares) at Dec. 31, 2016		2,016					0
Ending balance at Dec. 31, 2016	90,149	$ 20	237,796	(200,439)	0	52,772	$ 0	1,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of BAV Services	5,454	$ 1	5,062			391		2,658
Acquisition of BAV Services (in shares)		71
Equity-based compensation	8,469		7,746	684		39
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Deferred compensation plan distribution (in shares)		3
Deferred compensation plan distribution	229		229
Employee advances	(433)		(433)
Contributions from noncontrolling interests	983					983
Reallocation of carrying value	(1,187)		(681)			(506)		1,187
Redemption value adjustment	(1,270)			(1,270)				1,270
Distributions to consolidated noncontrolling interests	(239)			(19)		(220)
Net income (loss)	(18,352)			(18,352)
Net income (loss)	(18,710)					(358)		(1,484)
Ending balance (in shares) at Dec. 31, 2017		2,094					0
Ending balance at Dec. 31, 2017	30,957	$ 21	249,695	(219,396)	(135)	772	$ 0	5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	0
Equity-based compensation	3,797		3,789			8
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Deferred compensation plan distribution (in shares)		0
Deferred compensation plan distribution	80		80
Employee advances	105		105
Purchase of OpenKey shares from noncontrolling interest holder (in shares)		9
Purchase of OpenKey shares from noncontrolling interest holder	838		838					(838)
Contributions from noncontrolling interests	2,666					2,666
Reallocation of carrying value	(1,166)		530			(1,696)		1,166
Redemption value adjustment	838			838				(838)
Foreign currency translation adjustment	(114)				(97)	(17)
Net income (loss)	(5,723)			(5,723)
Net income (loss)	(5,896)					(173)		61
Ending balance (in shares) at Mar. 31, 2018		2,103					0
Ending balance at Mar. 31, 2018	32,105	$ 21	255,037	(224,281)	(232)	1,560	$ 0	4,662
Beginning balance (in shares) at Dec. 31, 2017		2,094					0
Beginning balance at Dec. 31, 2017	30,957	$ 21	249,695	(219,396)	(135)	772	$ 0	5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of BAV Services	838		838				$ 203,000	(838)
Acquisition of BAV Services (in shares)		9					8,120
Equity-based compensation	10,019		10,009			10
Amortization of preferred stock discount	(730)			(730)			$ 730
Dividends declared - preferred stock	(4,466)			(4,466)
Deferred compensation plan distribution (in shares)		3
Deferred compensation plan distribution	241
Employee advances	(82)		(82)
Purchase of OpenKey shares from noncontrolling interest holder	0
Contributions from noncontrolling interests	2,666					2,666
Reallocation of carrying value	(1,166)		530			(1,696)		1,166
Redemption value adjustment	168			168				(168)
Distributions to consolidated noncontrolling interests	(14)					(14)		(300)
Foreign currency translation adjustment	(363)				(363)			(57)
Net income (loss)	10,182
Net income (loss)	9,258					(924)		(1,438)
Ending balance (in shares) at Dec. 31, 2018		2,392					8,120
Ending balance at Dec. 31, 2018	65,901	$ 24	280,159	(214,242)	(498)	458	$ 200,847	3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	200,847						200,847
Acquisition of BAV Services	3,755	$ 1	3,754
Investment in Real Estate Advisory Holdings LLC	1,000		1,000
Investment in Real Estate Advisory Holdings LLC (in shares)		17
Acquisition of BAV Services (in shares)		60
Equity-based compensation	2,158		2,155			3
Amortization of preferred stock discount	(491)			(491)			$ 491
Dividends declared - preferred stock	(2,791)			(2,791)
Deferred compensation plan distribution (in shares)		1
Deferred compensation plan distribution	46		46
Employee advances	249		249
Contributions from noncontrolling interests	455					455
Reallocation of carrying value	(356)		(234)			(122)		356
Redemption value adjustment	111			111				(111)
Distributions to consolidated noncontrolling interests	(4)					(4)
Foreign currency translation adjustment	15				15			13
Net income (loss)	710			710
Net income (loss)	547					(163)		21
Ending balance (in shares) at Mar. 31, 2019		2,470					8,120
Ending balance at Mar. 31, 2019	70,595	$ 25	$ 287,129	$ (216,703)	$ (483)	$ 627	$ 201,338	$ 3,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at March 31, 2019 and December 31, 2018	$ 201,338

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities
Net income (loss)	$ 568	$ (5,835)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	5,563	1,671
Change in fair value of deferred compensation plan	740	561
Equity-based compensation	2,158	3,797
Equity in (earnings) loss in unconsolidated entities	275	0
Deferred tax expense (benefit)	300	0
Change in fair value of contingent consideration	18	213
Impairment	0	1,919
Amortization of loan costs	69	23
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(6,851)	(1,908)
Due from affiliates	(30)	0
Inventories	(335)	(54)
Prepaid expenses and other	338	45
Operating lease right-of-use assets	412
Other assets	0	(587)
Accounts payable and accrued expenses	(4,448)	(2,752)
Due to affiliates	(734)	(420)
Other liabilities	4,512	4,903
Operating lease liabilities	(400)
Deferred income	(373)	(759)
Net cash provided by (used in) operating activities	2,269	4,429
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(5,000)	0
Additions to furniture, fixtures and equipment	(1,736)	(2,663)
Acquisition of BAV Services	(4,332)	0
Investment in Real Estate Advisory Holdings LLC	(2,176)	0
Acquisition of assets related to RED Hospitality and Leisure LLC	(499)	(1,220)
Net cash provided by (used in) investing activities	(13,743)	(3,883)
Cash Flows from Financing Activities
Payments for dividends on preferred stock	(2,791)	0
Payments on revolving credit facilities	(6,890)	(4,815)
Borrowings on revolving credit facilities	7,617	5,259
Proceeds from notes payable	6,577	1,350
Payments on notes payable and capital leases	(581)	(494)
Payments of loan costs	(41)	(15)
Employee advances	249	105
Contributions from noncontrolling interest	455	2,666
Distributions to noncontrolling interests in consolidated entities	(4)	0
Net cash provided by (used in) financing activities	4,591	4,056
Effect of foreign exchange rate changes on cash and cash equivalents	(3)	(203)
Net change in cash, cash equivalents and restricted cash	(6,886)	4,399
Cash, cash equivalents and restricted cash at beginning of period	59,443	45,556
Cash, cash equivalents and restricted cash at end of period	52,557	49,955
Supplemental Cash Flow Information
Interest paid	211	113
Income taxes paid	91	143
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Distribution from deferred compensation plan	46	80
Capital expenditures accrued but not paid	852	1,953
Capital lease additions	137	0
Amortization of discount on preferred stock	491	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	51,529	36,480
Restricted cash at beginning of period	7,914	9,076
Cash and cash equivalents at end of period	39,953	34,910
Restricted cash at end of period	12,604	15,045
Cash, cash equivalents and restricted cash	59,443	45,556
BAV
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration		0
REA Holdings
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Common stock consideration	890	0
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	522	1,970
Braemar OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from affiliates	(35)	1,642
Ashford Inc. | OpenKey
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Ashford Inc. common stock consideration for purchase of OpenKey shares	$ 0	$ 838

Organization and Description of

Organization and Description of Business	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company”) is a Maryland corporation that provides asset management services, advisory services and other products and services primarily to clients in the hospitality industry. We became a public company in November 2014, when Ashford Hospitality Trust, Inc. (“Ashford Trust”) completed the spin-off of Ashford Inc. through the distribution of approximately 70% of our outstanding common stock to Ashford Trust stockholders and unitholders in Ashford Trust's operating partnership, collectively. Our common stock is listed on the NYSE American LLC (“NYSE American”). As of March 31, 2019 , Ashford Trust held approximately 598,000 shares of our common stock, which represented an approximate 24.2% ownership interest in Ashford Inc., and Braemar Hotels & Resorts Inc. (“Braemar”) held approximately 195,000 shares, which represented an approximate 7.9% ownership interest in the Company. We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar, in each case subject to the supervision and oversight of the respective board of directors of Ashford Trust and Braemar. Ashford Trust commenced operating in August 2003 and is focused on investing in full service hotels in the upscale and upper-upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Braemar became a publicly traded company in November 2013 upon the completion of its spin-off from Ashford Trust. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code, and the common stock of each of Ashford Trust and Braemar is traded on the NYSE. We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. We may also perform similar functions for new or additional platforms. We are not responsible for managing the day-to-day operations of the individual hotel properties owned by either Ashford Trust or Braemar, which duties are, and will continue to be, the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. We conduct our advisory business primarily through an operating entity, Ashford Hospitality Advisors LLC (“Ashford LLC”), our hospitality products and services business primarily through an operating entity, Ashford Hospitality Services LLC (“Ashford Services”), and our project management business through an operating entity, Premier Project Management LLC (“Premier”). We own substantially all of our assets and conduct substantially all of our business through Ashford LLC, Ashford Services and Premier. On January 16, 2018, the Company closed on the acquisition of a passenger vessel and other assets related to RED Hospitality & Leisure LLC (“RED”), a provider of watersports activities and other travel and transportation services. The Company paid $970,000 in cash, comprised of a $750,000 deposit paid on December 11, 2017, which was reflected on our condensed consolidated balance sheet as “other assets” as of December 31, 2017, and an additional $220,000 paid on January 16, 2018. This transaction was accounted for as an asset acquisition recorded at cost, and did not result in the recognition of goodwill. During 2018, our RED operating subsidiary acquired additional passenger vessels for $2.4 million , a ferry for $2.5 million , and paid a $400,000 deposit for a new passenger vessel. The Company owns an 80.0% interest in RED. See notes 2 , 11 and 15 . On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million (the “ERFP Commitment”) to Ashford Trust in connection with the Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the ERFP Commitment to up to $100 million upon mutual agreement by the parties. Under the Ashford Trust ERFP Agreement, the Company’s ERFP Commitment will be fulfilled as the Company pays Ashford Trust 10% of each acquired hotel’s purchase price in exchange for furniture fixtures and equipment (“FF&E”), which is subsequently leased to Ashford Trust rent-free. Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 , 10 and 15 . On August 8, 2018, we completed the acquisition of Premier, the project management business formerly conducted by certain affiliates of Remington, for a total transaction value of $203 million . As a result, the project management services that were previously provided by Remington Lodging & Hospitality, LLC (“Remington Lodging”) are now provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. The purchase price was paid by issuing 8,120,000 shares of the Series B Convertible Preferred Stock to the sellers of Premier (the “Remington Sellers”), primarily MJB Investments, LP (which is wholly-owned by Monty J. Bennett, our Chief Executive Officer and Chairman of our board of directors), and his father Archie Bennett, Jr., the Chairman Emeritus of Ashford Trust (together, the “Bennetts”). The Series B Convertible Preferred Stock has a conversion price of $140 per share and would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the Remington Sellers and their transferees are subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of the Company’s outstanding capital stock. The holders of the Series B Convertible Preferred Stock have certain conversion rights upon certain events constituting a change of control of the Company. See notes 4 and 12 . In connection with the acquisition of Premier, we effected a holding company reorganization. The change in holding company organizational structure was effected by a merger, pursuant to which each issued and outstanding share of common stock, par value $0.01 per share, of our predecessor publicly-traded parent Ashford OAINC Inc. (formerly named Ashford Inc.) (“Old Ashford”) was converted into one share of common stock, par value $0.01 per share, of the Company having the same rights, powers and preferences and the same qualifications, limitations and restrictions as a share of common stock of Old Ashford. As a result of the foregoing, we became the successor issuer of Old Ashford under Rule 12g-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Our common stock continues to be listed on the NYSE American under the symbol “AINC.” On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the Braemar ERFP Agreement, the Company agreed to provide $50 million (the “ERFP Commitment”) to Braemar in connection with Braemar’s acquisition of hotels recommended by us, with the option to increase the ERFP Commitment to up to $100 million upon mutual agreement by the parties. Under the Braemar ERFP Agreement, the Company’s ERFP Commitment will be fulfilled as the Company pays Braemar 10% of each acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Braemar rent-free. Braemar must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Braemar ERFP Agreement. The Braemar ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Braemar acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Braemar’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 , 10 and 15 . On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”) for approximately $10.0 million . BAV is an audio visual rental, staging, and production company focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of: (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing term loan; (ii) $4.0 million in the form of Ashford Inc. common stock consisting of (a) 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day volume weighted average price per share of $57.01 and had an estimated fair value of $3.8 million as of the acquisition date and (b) $500,000 of stock to be issued 18 months after the acquisition date, subject to certain conditions; and (iii) contingent consideration with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. See note 4 . The accompanying condensed consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, and entities that we consolidate. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its condensed consolidated financial statements.	Organization and Description of Business Ashford Inc. (the “Company”) is a Maryland corporation formed on April 2, 2014, that provides asset management services, advisory services and other products and services primarily to clients in the hospitality industry. We became a public company in November 2014, when Ashford Hospitality Trust, Inc. (“Ashford Trust”) completed the spin-off of Ashford Inc. through the distribution of approximately 70% of our outstanding common stock to Ashford Trust stockholders and unitholders in Ashford Trust's operating partnership, collectively. Our common stock is listed on the NYSE American LLC (“NYSE American”). As of December 31, 2018 , Ashford Trust held approximately 598,000 shares of our common stock, which represented an approximate 25.0% ownership interest in Ashford Inc., and Braemar Hotels & Resorts Inc. (“Braemar”) held approximately 195,000 shares, which represented an approximate 8.1% ownership interest in Ashford Inc. Ashford Inc. was formed through a spin-off of Ashford Trust’s asset management business in November 2014. The spin-off was completed by means of a distribution of common stock of Ashford Inc. and common units of Ashford Hospitality Advisors LLC (“Ashford LLC”), a Delaware limited liability company formed on April 5, 2013. Ashford LLC had no operations until November 19, 2013, the date of the Braemar spin-off. As part of the Ashford Inc. spin-off from Ashford Trust, Ashford LLC became a subsidiary of Ashford Inc. on November 12, 2014. We conduct our advisory business primarily through an operating entity, Ashford LLC, our hospitality products and services business primarily through an operating entity, Ashford Hospitality Services LLC ("Ashford Services"), and our project management business through an operating entity, Premier Project Management LLC (“Premier”). We own substantially all of our assets and conduct substantially all of our business through Ashford LLC, Ashford Services and Premier. We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar, in each case subject to the supervision and oversight of the respective board of directors of Ashford Trust and Braemar. Ashford Trust commenced operating in August 2003 and is focused on investing in full service hotels in the upscale and upper-upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Braemar became a publicly traded company in November 2013 upon the completion of its spin-off from Ashford Trust. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code, and the common stock of each of Ashford Trust and Braemar is traded on the NYSE. On April 6, 2017, Ashford Inc. entered into the Amended and Restated Limited Liability Company Agreement (the “Amended and Restated LLC Agreement”) of Ashford Hospitality Holdings LLC, a Delaware limited liability company and a subsidiary of the Company (“Ashford Holdings”), in connection with the merger (the “Merger”) of Ashford Merger Sub LLC, a Delaware limited liability company, with and into Ashford LLC, with Ashford LLC surviving the Merger as a wholly-owned subsidiary of Ashford Holdings. Ashford Holdings is owned 99.8% by Ashford Inc. and 0.2% by redeemable noncontrolling interest holders. The terms of the Amended and Restated LLC Agreement are consistent with the terms of the Amended and Restated Limited Liability Company Agreement of Ashford LLC. The Merger was effectuated in order to facilitate our investments in businesses that provide products and services to the hospitality industry. Ashford Investment Management, LLC (“AIM”) is an indirect subsidiary of the Company, established to serve as an investment advisor to us, third parties, and any private securities funds sponsored by us or our affiliates (the “Funds”) and is a registered investment advisor with the Securities and Exchange Commission (the “SEC”). AIM Management Holdco, LLC (“Management Holdco”) owns 100% of AIM. We, through Ashford LLC, own 100% of Management Holdco. AIM and Management Holdco are consolidated by Ashford Inc. as it has control. AIM manages a portion of Ashford Trust’s excess cash under an investment management agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. On April 6, 2017, we acquired a 70% interest in Pure Wellness. Pure Wellness’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. To consummate the acquisition, Ashford Services entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) with PRE Opco, LLC (“Pure Wellness”), pursuant to which Ashford Services became the sole owner of the common equity, or Series A Units. In conjunction with the LLC Agreement, Ashford Services contributed $97,000 cash to Pure Wellness as required by the LLC Agreement. Pursuant to the Asset and Liability Contribution Agreement (the “Contribution Agreement”), by and among Pure Wellness (as contributee) and PAFR, LLC, the members of PAFR, LLC and Brault Enterprises, LLC (collectively, the “Sellers”), the Sellers contributed liabilities, net of assets, of the predecessor operating company, Pure Wellness NA, LLC, with a fair value of $532,000 in exchange for certain equity interests in Pure Wellness, including 30% of the Series A Units, 100% of the Series B-1 Units, and 50% of the Series B-2 Units. The fair value of the remaining equity consideration included $42,000 of Series A Units, $181,000 of Series B-1 Units, and $202,000 of Series B-2 Units, totaling $425,000 . As a result of the Contribution Agreement, our equity interest in Pure Wellness was 70% . See notes 2 , 5 , 13 and 17 to our consolidated financial statements. On November 1, 2017, we acquired an 85% controlling interest in J&S Audio Visual Communications, Inc., J&S Audiovisual Mexico, S. de R.L. de C.V. and J&S Audio Visual Dominican Republic, L.P. (collectively referred to as “J&S”) for approximately $25.5 million . J&S provides an integrated suite of audio visual services including show and event services, hospitality services, creative services, and design and integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. See notes 2 , 5 , 14 and 17 to our consolidated financial statements. On January 2, 2018, the Company issued 8,962 shares of common stock to the OpenKey redeemable noncontrolling interest holder in connection with the purchase of 519,647 shares of the outstanding Class B common stock in OpenKey, Inc. The common stock was issued pursuant to the exemption from the registration requirements under the Securities Act provided under Section 4(a)(2) thereunder. On January 16, 2018, the Company closed on the acquisition of a passenger vessel and other assets related to RED Hospitality & Leisure LLC ("RED"), a provider of watersports activities and other travel and transportation services. The Company paid $970,000 cash, comprised of a $750,000 deposit paid on December 11, 2017, which was reflected on our consolidated balance sheet as “other assets” as of December 31, 2017, and an additional $220,000 paid on January 16, 2018. This transaction was accounted for as an asset acquisition recorded at cost, and did not result in the recognition of goodwill. During 2018, our RED operating subsidiary acquired additional passenger vessels for $2.4 million a ferry for $2.5 million and paid a $400,000 deposit for a new passenger vessel. The Company owns an 80% interest in RED. See notes 2 , 13 and 17 to our consolidated financial statements. On April 6, 2018, Ashford Inc. signed a definitive agreement to acquire the project management business of Remington Holdings, L.P. (“Remington”). On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million to Ashford Trust in connection with Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the funding commitment to up to $100 million upon mutual agreement by the parties. The Company is obligated to provide Ashford Trust 10% of the acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Ashford Trust rent-free. The Company records ERFP obligations in our consolidated balance sheet as “other assets” and “other liabilities.” Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 11 and 17 . On June 29, 2018, Ashford Trust acquired the Hilton Old Town Alexandria in Alexandria, Virginia, for a purchase price of $111.0 million. In connection with Ashford Trust's acquisition of the hotel, the Company was obligated to provide Ashford Trust with approximately $11.1 million in exchange for FF&E for use at Ashford Trust properties, in each case subject to the terms of the Ashford Trust ERFP Agreement. As of December 31, 2018, the Company had paid Ashford Trust $11.1 million of cash in exchange for FF&E that was subsequently leased back to Ashford Trust rent-free under the Ashford Trust ERFP Agreement. See notes 11 and 17 . On August 7, 2018, at a Special Meeting of Stockholders, Ashford Inc. shareholders voted to approve certain matters related to Ashford Inc.’s acquisition of the project management business of Remington, including the issuance of 8,120,000 shares of Series B Cumulative Convertible Preferred Stock (the “Series B Convertible Preferred Stock”). On August 8, 2018, we completed the acquisition of Premier, the project management business formerly conducted by certain affiliates of Remington, for a total transaction value of $203 million . As a result, the project management services that were previously provided by Remington Lodging & Hospitality, LLC, (“Remington Lodging”) are now provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. The purchase price was paid by issuing 8,120,000 shares of the Series B Convertible Preferred Stock to the sellers of Premier (the “Remington Sellers”), primarily MJB Investments, LP (which is wholly-owned by Monty J. Bennett, our Chief Executive Officer and Chairman of our board of directors), and his father Archie Bennett, Jr., the Chairman Emeritus of Ashford Trust (together, the “Bennetts”). The Series B Convertible Preferred Stock has a conversion price of $140 per share and would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the Remington Sellers and their transferees are subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of the Company’s outstanding capital stock. The holders of the Series B Convertible Preferred Stock have certain conversion rights upon certain events constituting a change of control of the Company. In connection with the acquisition of Premier, we effected a holding company reorganization. The change in holding company organizational structure was effected by a merger, pursuant to which each issued and outstanding share of common stock, par value $0.01 per share, of our predecessor publicly-traded parent Ashford OAINC Inc. (formerly named Ashford Inc.) (“Old Ashford”) was converted into one share of common stock, par value $0.01 per share, of the Company having the same rights, powers and preferences and the same qualifications, limitations and restrictions as a share of common stock of Old Ashford. As a result of the foregoing, we became the successor issuer of Old Ashford under Rule 12g-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Our common stock continues to be listed on the NYSE American under the symbol “AINC.” On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million for which the creditor has recourse to Ashford Inc. The term loan bears interest at the Prime Rate plus 2.00% and matures on February 1, 2029 . On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . On October 31, 2018, Ashford Trust acquired the La Posada de Santa Fe (“La Posada”) in Santa Fe, New Mexico, for a purchase price of $50 million. In connection with Ashford Trust's acquisition of the hotel, the Company was obligated to provide Ashford Trust with approximately $5.0 million in exchange for FF&E for use at Ashford Trust properties, in each case subject to the terms of the Ashford Trust ERFP Agreement. As of December 31, 2018, the Company had paid Ashford Trust $5.0 million of cash in exchange for FF&E that was subsequently leased back to Ashford Trust rent-free under the Ashford Trust ERFP Agreement. See notes 11 and 17 . The accompanying consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, investment management business and entities that we consolidate. Our advisory and asset management business and investment management business provides asset and investment management, accounting and legal services to Ashford Trust and Braemar. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 . A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 11 and 12 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc. Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated entities.” No such impairment was recorded during the three months ended March 31, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at both March 31, 2019 and 2018 . We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three months ended March 31, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2019 Carrying value of the investment in REA Holdings $ 2,900 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (275 ) 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 the condensed 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 condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Furniture, Fixtures and Equipment, net —We record FF&E at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. As of March 31, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $20.5 million and $16.1 million , audio visual equipment at our J&S subsidiary of $16.7 million and $13.4 million and marine vessels at our RED subsidiary of $5.7 million and $5.7 million , respectively. Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.9 million for the three months ended March 31, 2019 and 2018 , respectively. The impairment in 2018 was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our annual impairment assessments through March 31, 2019 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of March 31, 2019 . Other Liabilities —As of March 31, 2019 and December 31, 2018 , other current liabilities included reserves in the amount of $12.4 million and $7.8 million , respectively, related to Ashford Trust and Braemar properties’ casualty insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. Other non-current liabilities were $1.9 million and $0 as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 , other non-current liabilities included our remaining consideration of $500,000 and the fair value of contingent consideration of $1.4 million due to the sellers of BAV resulting from J&S’s acquisition of BAV in March of 2019. Revenue Recognition —See note 3 . Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 14 . Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over a useful life of 20 years . While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above. Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss) and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S 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 the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, FF&E reimbursements and contingent consideration associated with the acquisition of J&S which was settled in 2018. Due to affiliates is generally settled within a period not exceeding one year. Leases —We determine if an arrangement is a lease at the inception of the contract. Operating lease ROU assets and operating 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 is recognized on a straight-line basis over the lease term. Short -term leases are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. See note 7 . Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities. Recently Adopted Accounting Standards —In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease and lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Effective January 1, 2019, we have adopted the new standard using the modified retrospective approach and implemented internal controls to enable the preparation of financial information upon adoption. We elected to adopt both the transition relief provided in ASU 2018-11 and the package of practical expedients which allowed us, among other things, to retain historical lease classifications and accounting for any leases that existed prior to adoption of the standard. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $26.2 million as of January 1, 2019, which primarily relates to certain office space, warehouse facilities, vehicles and equipment. The standard did not materially impact our condensed consolidated statements of operations or cash flows. Adopting the new standard did not have a material impact on the accounting for leases under which we are the lessor, except as it pertains to our rent-free leases of FF&E with Ashford Trust and Braemar. The new standard requires leases with related parties entered into on or after January 1, 2019, to be accounted for in accordance with the legally enforceable terms and conditions of the lease (i.e. zero rent payments). Therefore, we will no longer allocate a portion of base advisory fee revenue to lease revenue in an amount equal to the estimated fair value of the lease payments that would have been made because ERFP leases are rent-free. For historical leases related to our key money and ERFP programs that were in place upon adoption of the new standard on January 1, 2019, we will continue allocating a portion of base advisory fee revenue to lease revenue consistent with our historical accounting for the remainder of the applicable lease terms. See note 7 . Recently Issued Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our condensed consolidated financial statements.	Significant Accounting 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. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2018 and 2017 (in thousands): December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities (8) n/a 21,821 889 1,652 — Notes payable (8) n/a 9,917 — 220 — Revolving credit facility (8) n/a 814 — 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 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 13 and 14 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 13 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 13 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc. Unconsolidated VIEs —Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. We review the investments in unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings/loss in unconsolidated entities. We held an investment in an unconsolidated entity with a carrying value of $500,000 at both December 31, 2018 and 2017 . No impairment of the investment was recorded during the year ended December 31, 2018 or 2017 . 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 the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill. Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash represents reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The offset to restricted cash amounts is included in other liabilities. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. Inventories —Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or market value using the first-in, first-out ("FIFO") valuation method. Furniture, Fixtures and Equipment, net —We record furniture, fixtures and equipment at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded an impairment charge of $1.9 million for the year ended December 31, 2018 . The impairment was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. An impairment charge of $1.1 million was recorded for the year ended December 31, 2017 , partially offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. See note 17 . 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 J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our impairment assessments through December 31, 2018 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of December 31, 2018 . Other Liabilities —Other liabilities primarily included a $7.8 million and $9.1 million reserve related to Ashford Trust and Braemar properties’ casualty insurance claims and related fees as of December 31, 2018 and 2017 , respectively. The estimated liability is established based upon an analysis of historical data and actuarial estimates. Revenue Recognition —See “Recently Adopted Accounting Standards” below and note 3 . Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 16 . General and Administrative —General and administrative costs are expensed as incurred, and include advertising costs of $905,000 , $126,000 and $0 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over 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, equity-based awards and other share awards, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss) and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S 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 the consolidated balance sheets as of December 31, 2018 and 2017 . There were no sources of other comprehensive income (loss) for the year ended December 31, 2016 . Due to Affiliates —Due to affiliates represents current payables resulting from general and administrative expense, FF&E reimbursements, and contingent consideration associated with the acquisition of J&S. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust OP —Due from Ashford Trust OP represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust OP is generally settled within a period not exceeding one year. Due from Braemar OP —Due from Braemar OP represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Braemar OP is generally settled within a period not exceeding one year. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. See note 18 . 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. 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. See note 16 . 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 and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. During the third quarter of 2018, we determined that it was more likely than not that we would realize a significant portion of our deferred tax assets because we recorded a $43.7 million deferred tax liability in the third quarter of 2018, and the future reversal of deferred tax liabilities is a source of future taxable income that allows us to utilize our deferred tax assets. Accordingly, in the third quarter of 2018, we reversed the valuation allowance on our deferred tax assets by recording a $15.1 million deferred income tax benefit in the consolidated statement of operations. The deferred tax liability related to our Premier acquisition, and it is the result of recording our book basis in Premier's acquired intangible assets at fair value while the tax basis of these assets was recorded using the seller's carryover basis, which is lower than fair value. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2013 through 2017 remain subject to potential examination by certain federal and state taxing authorities. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, we recorded a one-time income tax expense of approximately $303,000 due to a revaluation of our net deferred tax assets resulting from the decrease in the corporate federal income tax rate from 35% to 21% and elimination of the ability to carryback net operating losses generated after December 31, 2017. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. As of December 31, 2018, we have finalized our accounting for the impacts of the TCJA. There were no changes to the provision amounts previously recorded. Recently Adopted Accounting Standards — In May 2014, the FASB issued ASU 2014-09, also referred to as “ASC 606” Revenue from Contracts with Customers . The core principle of the guidance is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may 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. ASC 606 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. In addition, the new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Effective January 1, 2018, we adopted the new standard using the modified retrospective approach. Based on our assessment, adoption of the new guidance did not require a cumulative-effect adjustment to the opening retained earnings on January 1, 2018. We expect the new standard’s impact on net income will be immaterial on an ongoing annual basis; however, the Company does anticipate that the new standard will have an impact on its revenues in interim periods due to timing. The primary impact of adopting the new standard relates to the timing of recognition of incentive advisory fees, which 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 no longer records incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The Company expects that this could impact its revenues in future interim periods, but we are unable to estimate the impact because future incentive advisory fees are calculated based on future changes in total stockholder return of our REIT clients compared to the total stockholder return of their respective peer group. There are no material changes in revenue recognition for audio visual, investment management reimbursements, debt placement fees, claims management services revenue, lease revenue or other services revenue. See note 3 for additional information regarding our adoption of ASC 606. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. In February 2018, the FASB issued ASU 2018-03, as technical corrections and improvements to amend and clarify certain aspects of the guidance issued in ASU 2016-01. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. See “Unconsolidated VIEs” above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include debt payments or de

Revenues

Revenues	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, prior to June 26, 2018, the base fee was paid quarterly and ranged from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Key Money Asset Management Fee, as defined in the amended and restated advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement on June 29, 2018, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. For Braemar, the base fee was paid monthly and was fixed at 0.70% of Braemar’s total market capitalization plus, prior to January 15, 2019, the Key Money Asset Management Fee, as defined in the advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement on January 15, 2019, the base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus, the Net Asset Fee Adjustment, as defined in the advisory agreement, as amended, subject to certain minimums. Reimbursements for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are recognized when services have been rendered. We record advisory revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”) , as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Incentive advisory fees are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first year installment of incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter as such amounts are not subject to significant reversal. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our J&S segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue, or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Project Management Revenue Project management revenue primarily consists of revenue generated within our Premier segment by providing development and construction, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services, freight management, and construction management services at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Project management revenue also includes revenue from reimbursable costs for accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. Other Revenue Other revenue includes revenues provided by certain of our hospitality products and service businesses, including RED. RED’s revenue is primarily generated through provision of ferry services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. These fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan has closed. In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Revenue and Contract Balances Deferred revenue primarily consists of customer billings in advance of revenues being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred revenue that could result in a cash payment within the next twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The increase in the deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period. The following tables summarize our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2019 $ 13,544 Increases to deferred revenue 2,072 Recognition of revenue (1) (2,445 ) Balance as of March 31, 2019 $ 13,171 ________ (1) Includes (a) $770,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.0 million of audio visual revenue and (c) $636,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 2,032 Recognition of revenue (1) (2,737 ) Balance as of March 31, 2018 $ 13,194 ________ (1) Includes (a) $346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.9 million of audio visual revenue and (c) $510,000 of “other services” revenue earned by our hospitality products and services companies. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, and (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at March 31, 2019 . The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $12.5 million and $4.9 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $4.4 million and $5.3 million in “due from Ashford Trust OP”, and $2.0 million and $2.0 million included in “due from Braemar OP” related to REIT advisory services at March 31, 2019 and 2018 , respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2019 . Disaggregated Revenue Our revenues were comprised of the following for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Advisory services revenue: Base advisory fee $ 10,622 $ 10,711 Incentive advisory fee 170 452 Reimbursable expenses 2,509 1,949 Equity-based compensation 5,758 9,292 Other advisory revenue 128 128 Total advisory services revenue (2) 19,187 22,532 Audio visual revenue 30,975 23,310 Project management revenue 7,790 — Other revenue: Investment management reimbursements (2) 358 182 Debt placement fees (3) 1,354 632 Claims management services (2) 41 55 Lease revenue (2) 1,030 252 Other services (3) 2,585 1,205 Total other revenue 5,368 2,326 Total revenue $ 63,320 $ 48,168 REVENUE BY SEGMENT (1) REIT advisory $ 20,616 $ 23,021 Premier 7,790 — J&S 30,975 23,310 OpenKey 257 319 Corporate and other 3,682 1,518 Total revenue $ 63,320 $ 48,168 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel services provided by our consolidated subsidiaries, OpenKey, RED, Pure Wellness and Lismore, to Ashford Trust, Braemar and third parties. Geographic Information Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended March 31, 2019 2018 United States $ 23,142 $ 15,952 Mexico 5,728 5,460 Dominican Republic 2,105 1,898 $ 30,975 $ 23,310	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 The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, the base fee was paid quarterly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus, prior to June 26, 2018, the Key Money Asset Management Fee, as defined in the amended and restated advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement on June 29, 2018, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. The Braemar base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee, as defined in the advisory agreement, subject to certain minimums. Reimbursements for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are recognized when services have been rendered. We record advisory revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well an offsetting expense in an equal amount included in “salaries and benefits.” Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”) , as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Historically, during the incentive advisory fee measurement period (i.e. the first year of each three year period), incentive advisory fees have been accrued (or reversed) quarterly based on the amount that would be due pursuant to the applicable advisory agreements as of the interim balance sheet date. The second and third year installments of incentive advisory fees have been recognized as revenue on a pro-rata basis each quarter for the amounts determined in the first year measurement period, subject to the December 31 FCCR Condition each year. Effective with our January 1, 2018 adoption of ASC 606, we no longer record the first year's installment of incentive advisory fee revenue in interim periods prior to the fourth quarter. Prior to measurement in the fourth quarter of each year, our first year installment of incentive advisory fees are subject to significant fluctuation (i.e. based on annual total stockholder returns) and are contingent on a future event during the measurement period (e.g. meeting the FCCR Condition). Accordingly, incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter as such amounts are not subject to significant reversal. In the fourth quarter of 2018 , we recognized $678,000 of incentive advisory fees related to the first year installment of the Braemar 2018 incentive advisory fee. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2018 measurement period. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our J&S segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue, or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Project Management Revenue Project management revenue primarily consists of revenue generated within our Premier segment by providing development and construction, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, freight management, and construction management services at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Project management revenue also includes revenue from reimbursable costs for accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. Other Revenue Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. These fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan has closed. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Revenue and Contract Balances Deferred revenue primarily consists of customer billings in advance of revenues being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred revenue that could result in a cash payment within the next twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The increase in the deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period. The following table summarizes our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 7,781 Recognition of revenue (1) (8,136 ) Balance as of December 31, 2018 $ 13,544 ________ (1) Includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.8 million of audio visual revenue, and (c) $2.2 million of “other services” revenue earned by our hospitality products and services companies. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, and (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at December 31, 2018 . 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 revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $4.9 million and $5.1 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $45,000 and $0 in “due from affiliates,” $5.3 million and $13.3 million in “due from Ashford Trust OP,” and $2.0 million and $1.7 million included in “due from Braemar OP” related to REIT advisory services at December 31, 2018 and December 31, 2017 , respectively. We had no significant impairments related to these receivables during the year ended December 31, 2018 . Disaggregated Revenue Our revenues were comprised of the following for the three year period ending December 31, 2018 (in thousands): Year Ended December 31, 2018 2017 2016 Advisory services revenue: Base advisory fee $ 44,905 $ 43,523 $ 43,043 Incentive advisory fee 2,487 3,083 3,083 Reimbursable expenses 9,837 9,705 8,859 Equity-based compensation 31,726 9,394 12,243 Other advisory revenue 521 277 — Total advisory services revenue (2) 89,476 65,982 67,228 Audio visual revenue 81,186 9,186 — Project management revenue 10,634 — — Other revenue: Investment management reimbursements (2) 1,156 1,976 — Debt placement fees (2) 6,093 1,137 — Claims management services (2) 213 — — Lease revenue (2) 1,005 893 335 Other services (3) 5,757 2,399 44 Total other revenue 14,224 6,405 379 Total revenue $ 195,520 $ 81,573 $ 67,607 REVENUE BY SEGMENT (1) REIT advisory $ 97,943 $ 69,988 $ 67,563 Premier 10,634 — — J&S 81,186 9,186 — OpenKey 999 327 44 Corporate and other 4,758 2,072 — Total revenue $ 195,520 $ 81,573 $ 67,607 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of Pure Wellness and RED into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel products and services provided by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, to Ashford Trust, Braemar and third parties. Geographic Information Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the years ended December 31, 2018 and December 31, 2017 , respectively (in thousands): Year Ended December 31, 2018 2017 (1) United States $ 60,241 $ 6,033 Mexico 15,429 2,760 Dominican Republic 5,516 393 $ 81,186 $ 9,186 ________ (1) Prior period amounts were not adjusted for the adoption of the new revenue recognition guidance under ASC 606.

Acquisitions

Acquisitions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions BAV On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”). BAV is an audio visual rental, staging, and production company focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing J&S term loan; (ii) $4.0 million in the form of Ashford Inc. common stock consisting of (a) 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day volume weighted average price per share of $57.01 and had an estimated fair value of approximately $3.8 million as of the acquisition date and (b) $500,000 of stock to be issued 18 months after the acquisition date, subject to certain conditions; and (iii) contingent consideration with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. The acquisition of BAV was recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of BAV and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to working capital balances, furniture, fixtures and equipment, and intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Term loan $ 5,000 Less working capital adjustments (668 ) Fair value of Ashford Inc. common stock issued 3,755 Stock consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,971 Fair Value Estimated Useful Life Current assets $ 754 Furniture, fixtures and equipment 2,055 5 years Goodwill 5,429 Trademarks 350 Customer relationships 2,200 Total assets acquired 10,788 Current liabilities 567 Noncurrent liabilities 250 Total assumed liabilities 817 Net assets acquired $ 9,971 We expect approximately $5.4 million of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding BAV’s operations through our relationship with J&S. Results of BAV The results of operations of BAV have been included in our results of operations since the acquisition date. Our condensed consolidated statements of operations for the three months ended March 31, 2019 , include total revenues of $1.7 million . In addition, our condensed consolidated statements of operations for the three months ended March 31, 2019 , include net income from BAV of $253,000 . The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2018, are included below under “Pro Forma Financial Results.” Premier On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203.0 million . Premier provides construction management, interior design, architectural oversight, and the purchasing, expediting, warehousing coordination, freight management, and supervision of installation of FF&E, and related services. The purchase price was paid by issuing 8,120,000 shares of the newly created Series B Convertible Preferred Stock to the sellers. See note 12 for further discussion of the Series B Convertible Preferred Stock. The results of operations of Premier are included in our condensed consolidated financial statements from the date of acquisition. The acquisition of Premier has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations. The holding company reorganization that we effected in connection with the Premier acquisition was accounted for as a common control transaction. The purchase price allocation for the acquisition of Premier is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. We have completed our preliminary valuation to determine the fair value of the identifiable assets acquired and liabilities assumed. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Premier and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Premier The results of operations of Premier have been included in our results of operations since the acquisition date. Our condensed consolidated statement of operations for the three months ended March 31, 2019 , include total revenue of $7.8 million . In addition, our condensed consolidated statements of operations for the three months ended March 31, 2019 , include net income of $576,000 from Premier. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2018, are included below under “Pro Forma Financial Results.” Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the Premier and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $400,000 and $900,000 of transaction costs directly attributable to the acquisitions for three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Total revenue $ 65,239 $ 59,269 Net income (loss) 931 (3,267 ) Net income (loss) attributable to the Company 1,016 (3,272 ) The acquisition of certain assets related to RED on January 16, 2018, was treated as an acquisition of property and equipment so the pro forma results of operations of RED are not included above.	Acquisitions Premier On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . Premier provides construction management, interior design, architectural oversight, and the purchasing, expediting, warehousing coordination, freight management, and supervision of installation of FF&E, and related services. The purchase price was paid by issuing 8,120,000 shares of the newly created Series B Convertible Preferred Stock to the sellers. See note 14 for further discussion of the Series B Convertible Preferred Stock. The results of operations of Premier are included in our consolidated financial statements from the date of acquisition. The acquisition of Premier has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations. The holding company reorganization that we effected in connection with the Premier acquisition was accounted for as a common control transaction. The purchase price allocation for the acquisition of Premier is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. We have completed our preliminary valuation to determine the fair value of the identifiable assets acquired and liabilities assumed. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Premier and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. During the fourth quarter of 2018, we recorded a $600,000 adjustment to increase the deferred tax liability and a corresponding increase to goodwill on the consolidated balance sheet. We are in the process of evaluating the values assigned to working capital balances and intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Premier The results of operations of Premier have been included in our results of operations since the acquisition date. Our consolidated statement of operations for the year ended December 31, 2018 include total revenue of $10.6 million and net income of $777,000 from Premier. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” J&S On November 1, 2017, we completed the acquisition of an 85% controlling interest in J&S. J&S provides an integrated suite of audio visual services including show and event services, hospitality services, creative services and design & integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. The purchase price of approximately $25.5 million consisted of (i) $19.2 million in cash of which $10.0 million was funded with a term loan; (ii) 70,318 shares of Ashford Inc. common stock, which was determined based on an agreed upon value of approximately $4.3 million using a thirty -day volume weighted average price per share of $60.44 and had an estimated fair value of approximately $5.1 million as of the acquisition date; and (iii) contingent consideration with an estimated fair value of approximately $1.2 million . The results of operations of J&S were included in our consolidated financial statements from the date of acquisition. The acquisition of J&S was recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of J&S and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. As of December 31, 2018 , we have finalized the valuation of the acquired assets and liabilities associated with the acquisition. The final fair value analysis resulted in a $6.6 million adjustment to increase the value of the acquired FF&E to their estimated fair value and a corresponding decrease to goodwill on the consolidated balance sheet. We also recorded approximately $1.0 million of incremental depreciation expense, which was primarily included in “cost of revenues for audio visual” in our consolidated statements of operations, during the third quarter of 2018. Additionally, the J&S operating subsidiary acquired an affiliate that it controls for a nominal amount. We recorded a $327,000 adjustment to reverse the fair value allocated to the noncontrolling interest and a corresponding decrease to goodwill on the consolidated balance sheet. We do not expect any further adjustments to the purchase price allocation. The fair value of the purchase price and final allocation of the purchase price is as follows (in thousands): Cash $ 9,176 Term loan 10,000 Fair value of Ashford Inc. common stock 5,063 Fair value of contingent consideration 1,196 Purchase price consideration 25,435 Fair value of redeemable noncontrolling interest 2,724 Total fair value of purchase price $ 28,159 Fair Value Estimated Useful Life Current assets including cash $ 6,564 Furniture, fixtures and equipment 15,633 5 years Goodwill 5,384 Trademarks 3,201 Customer relationships 6,519 7 years Other assets 129 Total assets acquired 37,430 Current liabilities 7,080 Notes payable, current 445 Deferred income 1,213 Note payable, non-current 533 Total assumed liabilities 9,271 Net assets acquired $ 28,159 We expect approximately $9.9 million of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding J&S’ operations through our relationships with Ashford Trust and Braemar. Results of J&S The results of operations of J&S have been included in our results of operations since the acquisition date. Our consolidated statements of operations for the year s ended December 31, 2018 and 2017 include total revenues of $81.2 million and $9.2 million , respectively. In addition, our consolidated statements of operations for the year s ended December 31, 2018 and 2017 include net losses from J&S of $1.8 million and $657,000 , respectively. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” Pure Wellness On April 6, 2017, we acquired a 70% interest in Pure Wellness. Pure Wellness’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. To consummate the acquisition, Ashford Services entered into the LLC Agreement with Pure Wellness, pursuant to which Ashford Services became the sole owner of the common equity, or Series A Units. In conjunction with the LLC Agreement, Ashford Services contributed $97,000 cash to Pure Wellness as required by the LLC Agreement. Pursuant to the Contribution Agreement, by and among Pure Wellness (as contributee) and the Sellers, the Sellers contributed liabilities, net of assets, of the predecessor operating company, Pure Wellness NA, LLC, with a fair value of $532,000 in exchange for certain equity interests in Pure Wellness, including 30% of the Series A Units, 100% of the Series B-1 Units, and 50% of the Series B-2 Units. The fair value of the remaining equity consideration included $42,000 of Series A Units, $181,000 of Series B-1 Units, and $202,000 of Series B-2 Units, totaling $425,000 . As a result of the Contribution Agreement, our equity interest in Pure Wellness was 70% . Per the LLC Agreement, the Series A Units are voting units and have the voting rights set forth in the Contribution Agreement but do not have management participation rights. The Series B-1 Units and Series B-2 Units are non-voting units and do not have voting or management participation rights. The distribution waterfall provides seniority as follows: Series B-1, Series B-2, then Series A. There is no coupon or other preference associated with the Series B-1 and B-2 unit classes. During the year ended December 31, 2017 , the Series B-1 unit holders redeemed their Series B-1 units for $200,000 . The acquisition of Pure Wellness has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. During the fourth quarter of 2017, we finalized the valuation of the acquired assets and liabilities associated with the Pure Wellness acquisition. The final fair value analysis did not result in a material change on the consolidated balance sheet, and we do not expect any further adjustments to the purchase price allocation. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Pure Wellness 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. The fair value of the equity consideration of $425,000 is allocated as follows (in thousands): Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Customer relationships 175 5 years Goodwill 782 Total assets acquired 1,256 Line of credit 100 Note payable 375 Other assumed liabilities, net 356 Total assumed liabilities 831 Net assets acquired $ 425 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Pure Wellness The results of operations of Pure Wellness have been included in our results of operations since the acquisition date. Our consolidated statements of operations for the year s ended December 31, 2018 and 2017 included total revenue of $3.4 million and $2.1 million , respectively. In addition, our consolidated statements of operations for the year s ended December 31, 2018 and 2017 include net income from Pure Wellness of $65,000 and a net loss of $78,000 , respectively. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the Premier, J&S and Pure Wellness acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2017, and the removal of $10.3 million and $1.0 million of transaction costs directly attributable to the acquisitions for the year s ended December 31, 2018 and 2017, respectively (in thousands): Year Ended December 31, 2018 2017 Total revenue $ 213,741 $ 161,516 Net income (loss) 14,726 (16,382 ) Net income (loss) attributable to common stockholders 17,088 (14,590 )

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The changes in the carrying amount of goodwill for the three months ended March 31, 2019 , are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 5,429 — 5,429 Adjustments — — — — Balance at March 31, 2019 $ 53,517 $ 10,813 $ 782 $ 65,112 ________ (1) The addition of approximately $5.4 million relates to the preliminary valuation of assets and liabilities related to J&S’ acquisition of BAV. Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201 Amortization expense for definite-lived intangible assets was $3.0 million and $241,000 for the three months ended March 31, 2019 and 2018 , respectively. Customer relationships and management contracts for Pure Wellness and Premier were assigned a useful life of 5 years and 30 years , respectively. Customer relationships for J&S were assigned a useful life of 7 years . We are in the process of evaluating the useful life of BAV customer relationships.	Goodwill and Intangible Assets, net The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017, are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at January 1, 2017 Changes in goodwill: Additions (1) $ — $ 12,165 $ 782 $ 12,947 Adjustments — — — — Balance at December 31, 2017 $ — $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions 53,517 — — 53,517 Adjustments (2) — (6,781 ) — (6,781 ) Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 (1) Corporate and Other additions reflect the goodwill acquired as a result of the acquisition of Pure Wellness. (2) The adjustment of approximately $6.8 million relates primarily to the preliminary valuation of assets and liabilities related to the J&S acquisition. Intangible assets, net as of December 31, 2018 and 2017, are as follows (in thousands): December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (61 ) $ 114 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (1,087 ) 5,432 6,519 (156 ) 6,363 Premier management contracts 188,800 (4,353 ) 184,447 — — — $ 195,494 $ (5,501 ) $ 189,993 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201 Amortization expense for definite-lived intangible assets was $5.3 million and $182,000 for the years ended December 31, 2018 and 2017 , respectively. Customer relationships and management contracts for Pure Wellness, J&S and Premier were assigned a useful life of 5 years , 7 years and 30 years , respectively.

Notes Payable, net

Notes Payable, net	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 March 31, 2019 December 31, 2018 Senior revolving credit facility (7) Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan (5) (8) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 13,667 8,917 Revolving credit facility (5) (8) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,638 1,733 Capital lease obligations (5) J&S Various Various - fixed 630 661 Equipment note (5) (9) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 3,054 2,087 Draw term loan (5) (9) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,900 1,950 Revolving credit facility (5) (10) OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Revolving credit facility (5) (11) Pure Wellness On demand Prime Rate (4) + 1.00% — 60 Term loan (6) (12) RED April 5, 2025 Prime Rate (4) + 1.75% 673 695 Revolving credit facility (6) (13) RED February 5, 2020 Prime Rate (4) + 1.75% — 118 Draw term loan (6) (14) RED December 5, 2026 Prime Rate (4) + 1.75% 533 — Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,770 1,785 Notes payable 24,865 18,006 Less deferred loan costs, net (260 ) (234 ) Notes payable less net deferred loan costs 24,605 17,772 Less current portion (2,933 ) (2,595 ) Notes payable, net - non-current 21,672 15,177 __________________ (1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.50% and 5.50% at March 31, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 1, 2018 , the Company entered into a $35.0 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40.0 million to an aggregate amount of $75.0 million , subject to certain conditions. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), , Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. (8) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . Net deferred loan costs associated with this financing of $198,000 and $183,000 , respectively, are included as a reduction to “notes payable, net” on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , $1.4 million and $1.0 million , respectively, of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at March 31, 2019 and December 31, 2018 , was not material. As of March 31, 2019 , $862,000 of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million , respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. (10) On November 8, 2018, OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets. In connection with the 2018 renewal, OpenKey granted the creditors a 10-year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the remaining term of the line of credit and included in “amortization of loan costs” in our condensed consolidated statement of operations. As of March 31, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. In February 2019, we paid off the remaining $60,000 balance on the line of credit. (12) On March 23, 2018, our RED operating subsidiary entered into a term loan of $750,000 . (13) On February 28, 2019, our RED operating subsidiary renewed its $250,000 revolving credit facility. The revolving credit facility provides RED with available borrowings up to a total of $250,000 . As of March 31, 2019, $250,000 was available under the revolving credit facility. (14) On February 27, 2019, our RED operating subsidiary entered into a draw term loan in the amount of $1.4 million . As of March 31, 2019, $867,000 was available under the draw term loan. (15) On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million .	Notes Payable, net Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2018 December 31, 2017 Senior revolving credit facility Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 8,917 9,917 Revolving credit facility J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,733 814 Capital lease obligations J&S Various Various - fixed 661 896 Equipment note J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,087 — Draw term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,950 — Revolving credit facility OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Term loan Pure Wellness October 1, 2018 5.00% — 220 Revolving credit facility Pure Wellness On demand Prime Rate (4) + 1.00% 60 100 Term loan RED April 5, 2025 Prime Rate (4) + 1.75% 695 — Revolving credit facility RED March 5, 2019 Prime Rate (4) + 1.75% 118 — Term loan RED February 1, 2029 Prime Rate (4) + 2.00% 1,785 — Notes payable 18,006 11,947 Less deferred loan costs, net (234 ) (240 ) Notes payable less net deferred loan costs 17,772 11,707 Less current portion (2,595 ) (1,751 ) Notes payable, net - non-current $ 15,177 $ 9,956 __________________ (1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.50% and 1.56% at December 31, 2018 and 2017, respectively. (4) Prime Rate was 5.50% and 4.50% at December 31, 2018 and 2017, respectively. On November 8, 2018 , OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets and matures on April 30, 2020 , with an interest rate of Prime Rate plus 2.75% . Creditors do not have recourse to Ashford Inc. At December 31, 2018 and 2017, there were no borrowings outstanding under the revolving credit facility. In connection with the 2018 renewal, OpenKey granted the creditors a 10 -year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the term of the line of credit. On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million for which the creditor has recourse to Ashford Inc. The term loan bears interest at the Prime Rate plus 2.00% and matures on February 1, 2029 . On March 23, 2018 , our RED operating subsidiary entered into a term loan of $750,000 and a revolving credit facility of $250,000 for which the creditor has recourse to Ashford Inc. Approximately $225,000 of the proceeds from the term loan is held in an escrow account, which is included in our consolidated balance sheet within “other assets” as of December 31, 2018 . During the year ended December 31, 2018 , $118,000 was drawn on the revolving credit facility. As of December 31, 2018 , $132,000 was available under the revolving credit facility. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), with Ashford Hospitality Holdings LLC, a subsidiary of Ashford Inc., Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. On March 1, 2018 , the Company and its subsidiary Ashford Hospitality Holdings LLC entered into a $35 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit and bears interest at the Base Rate plus 2.00% to 2.50% or LIBOR plus 3.00% to 3.50% , depending on the leverage level of the Company. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40 million to an aggregate amount of $75 million , subject to certain conditions. At December 31, 2018 , there were no outstanding borrowings under the facility. On November 1, 2017 , our J&S operating subsidiary entered into a series of financing transactions for which the creditors do not have recourse to Ashford Inc., including a $10.0 million term loan to finance the acquisition of J&S . The term loan bears interest at LIBOR plus 3.25% and matures on November 1, 2022 . Net deferred loan costs associated with this financing of $183,000 and $226,000 , respectively, are included as a reduction to “notes payable, net” on the consolidated balance sheets as of December 31, 2018 and 2017. As of December 31, 2018 and 2017, $1.0 million of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at December 31, 2018 and 2017 was not material. The subsidiary also entered into a $3.0 million revolving credit facility which bears interest at LIBOR plus 3.25% and matures on November 1, 2022 . During the year ended December 31, 2018 , $21.8 million was drawn and approximately $20.8 million of payments were made on the revolving credit facility. As of December 31, 2018 , approximately $1.3 million of credit was available under the revolving credit facility. These debt agreements contain various financial covenants that, among other things, require the maintenance of certain fixed charge coverage ratios. As of December 31, 2018 , our J&S operating subsidiary was in compliance with all financial covenants. Also on November 1, 2017 , in connection with the acquisition of J&S , our J&S operating subsidiary entered into a $3.0 million equipment note and a $2.0 million draw term loan agreement. These loans each bear interest at LIBOR plus 3.25% and mature on November 1, 2022 . During the year ended December 31, 2018 , $2.3 million was drawn and approximately $196,000 of payments were made on the equipment note. As of December 31, 2018 , $2.0 million was outstanding on the draw term loan. All the loans in connection with the acquisition of J&S are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. On April 6, 2017 , Pure Wellness entered into a term loan of $375,000 and a line of credit of $100,000 for which the creditor does not have recourse to Ashford Inc. The term loan has a fixed interest rate of 5.00% per annum. On October 1, 2018, we paid off the remaining balance on the term loan. The line of credit has a variable interest rate of Prime Rate plus 1.00% . There is no stated maturity date related to the line of credit as it is payable on demand; accordingly, the balance has been classified as a current liability on our consolidated balance sheets. Excluding capital lease obligations (see note 8 ) and interest, maturities of our long-term debt for each of the next five years and thereafter are as follows (in thousands): 2019 $ 2,074 2020 1,933 2021 1,939 2022 10,006 2023 297 Thereafter 1,096 Total $ 17,345

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years. The exercise of lease renewal options is at our sole discretion. Operating lease obligations expire at various dates with the latest maturity in 2028. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three months ended March 31, 2018 , we recorded rental expense of $342,000 . We lease certain equipment under finance leases. The net book value of these assets was approximately $996,000 and $807,000 as of March 31, 2019 and December 31, 2018 , respectively. The net book value of these assets is included in “furniture, fixtures and equipment, net” in our condensed consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our condensed consolidated statement of operations. As of March 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification March 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 26,151 Finance lease assets Furniture, fixtures and equipment, net 996 Total leased assets $ 27,147 Liabilities Current Operating Operating lease liabilities $ 2,396 Finance Notes payable, net 445 Noncurrent Operating Operating lease liabilities 23,767 Finance Notes payable, net 185 Total leased liabilities $ 26,793 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended March 31, 2019 Operating lease cost (1) General and administrative $ 777 Finance lease cost Amortization of leased assets Depreciation and amortization 68 Interest on lease liabilities Interest expense 7 Total lease cost $ 852 __________________ (1) Includes short-term and variable lease expense which were immaterial for the three months ended March 31, 2019 . For the three months ended March 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 777 Financing cash flows from finance leases 168 As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630 As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: March 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.2 Finance leases 1.6 Weighted-average discount rate (2) Operating leases 5.6 % Finance leases 6.5 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our J&S headquarters in Irving, Texas, as failure to renew the lease would result in J&S incurring significant relocation costs. (2) Calculated using the interest rate for each lease.
Leases	Leases We lease certain office space, warehouse facilities, vehicles and equipment. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years. The exercise of lease renewal options is at our sole discretion. Operating lease obligations expire at various dates with the latest maturity in 2028. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three months ended March 31, 2018 , we recorded rental expense of $342,000 . We lease certain equipment under finance leases. The net book value of these assets was approximately $996,000 and $807,000 as of March 31, 2019 and December 31, 2018 , respectively. The net book value of these assets is included in “furniture, fixtures and equipment, net” in our condensed consolidated balance sheets. Amortization of assets under finance leases is included in “depreciation and amortization” expense in our condensed consolidated statement of operations. As of March 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification March 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 26,151 Finance lease assets Furniture, fixtures and equipment, net 996 Total leased assets $ 27,147 Liabilities Current Operating Operating lease liabilities $ 2,396 Finance Notes payable, net 445 Noncurrent Operating Operating lease liabilities 23,767 Finance Notes payable, net 185 Total leased liabilities $ 26,793 We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended March 31, 2019 Operating lease cost (1) General and administrative $ 777 Finance lease cost Amortization of leased assets Depreciation and amortization 68 Interest on lease liabilities Interest expense 7 Total lease cost $ 852 __________________ (1) Includes short-term and variable lease expense which were immaterial for the three months ended March 31, 2019 . For the three months ended March 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 777 Financing cash flows from finance leases 168 As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630 As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: March 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.2 Finance leases 1.6 Weighted-average discount rate (2) Operating leases 5.6 % Finance leases 6.5 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our J&S headquarters in Irving, Texas, as failure to renew the lease would result in J&S incurring significant relocation costs. (2) Calculated using the interest rate for each lease.

Fair Value Measurements

Fair Value Measurements	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2019 Liabilities Contingent consideration $ — $ — $ (1,402 ) $ (1,402 ) (1) Deferred compensation plan $ (11,268 ) $ — $ — $ (11,268 ) Total $ (11,268 ) $ — $ (1,402 ) $ (12,670 ) __________________ (1) Reported as other noncurrent liabilities in the condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan (10,574 ) — — (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) The following tables presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2018 $ — Acquisitions (1,384 ) Gains (losses) included in earnings (2) (18 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2019 $ (1,402 ) __________________ (1) Includes J&S’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in the condensed consolidated balance sheets within “other liabilities, noncurrent.” The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant inputs in the Level 3 measurement of the contingent consideration include the timing and amount of the ultimate payout based on our estimate of BAV operating performance during the earn-out period, calculated in accordance with the applicable agreement, and the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the condensed consolidated statements of operations. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Liabilities Contingent consideration (18 ) (1) (213 ) (2 ) Deferred compensation plan (3) (740 ) (561 ) Total $ (758 ) $ (774 ) __________________ (1) Represents the accretion of contingent consideration associated with the acquisition of BAV in March of 2019. Reported as a component of “other operating expense” in the condensed consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition J&S in November of 2017, which was settled in the third quarter of 2018. Reported as “other operating expense” in the condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the condensed consolidated statements of operations.	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan $ (10,574 ) $ — $ — $ (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2017 Liabilities Contingent consideration $ — $ — $ (2,262 ) $ (2,262 ) (1) Deferred compensation plan (19,259 ) — — (19,259 ) Total $ (19,259 ) $ — $ (2,262 ) $ (21,521 ) __________________ (1) Reported as “due to affiliates” in the consolidated balance sheets. The following table presents our rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2016 $ — Acquisitions (1,196 ) Gains (losses) included in earnings (2) (1,066 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at December 31, 2017 $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (338 ) Dispositions and settlements 2,600 Transfers into/out of Level 3 — Balance at December 31, 2018 $ — __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of J&S, which is carried at fair value in the consolidated balance sheet as of December 31, 2017 within “due to affiliates.” The liability was settled in the third quarter of 2018. The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant input in the Level 3 measurement of the contingent consideration is the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the consolidated statements of operations. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2018 2017 2016 Assets Derivative assets: Equity put options $ — $ — $ (2,829 ) Equity call options — — 1,961 Options on futures contracts — (91 ) (228 ) Non-derivative assets: Equity securities — — (7,213 ) U.S. treasury securities — — 479 Total — (91 ) (7,830 ) Liabilities Derivative liabilities: Short equity put options — — 2,147 Short equity call options — — (1,944 ) Non-derivative liabilities: Equity securities — — (160 ) Contingent consideration (338 ) (1,066 ) — Deferred compensation plan 8,444 (10,410 ) 2,127 Total 8,106 (11,476 ) 2,170 Net $ 8,106 $ (11,567 ) $ (5,660 ) Total combined Unrealized gain (loss) on investments (1) $ — $ 203 $ 2,326 Realized gain (loss) on investments — (294 ) (10,113 ) Contingent consideration (2) (338 ) (1,066 ) — Deferred compensation plan (3) 8,444 (10,410 ) 2,127 Net $ 8,106 $ (11,567 ) $ (5,660 ) ________ (1) Includes unrealized gain (loss) associated with investments in unconsolidated entities and reported as “unrealized gain (loss) on investments” in the consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition of J&S settled in the third quarter of 2018. Reported as a component of “other operating expense” in the consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the consolidated statements of operations.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 11,268 $ 11,268 $ 10,574 $ 10,574 Contingent consideration 1,402 1,402 — — Financial assets not measured at fair value: Cash and cash equivalents $ 39,953 $ 39,953 $ 51,529 $ 51,529 Restricted cash 12,604 12,604 7,914 7,914 Accounts receivable, net 12,504 12,504 4,928 4,928 Due from affiliates 75 75 45 45 Due from Ashford Trust OP 4,416 4,416 5,293 5,293 Due from Braemar OP 2,031 2,031 1,996 1,996 Investments in unconsolidated entities 3,400 3,400 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 21,696 $ 21,696 $ 24,880 $ 24,880 Due to affiliates 1,176 1,176 2,032 2,032 Other liabilities 14,478 14,478 8,418 8,418 Notes payable 24,865 23,362 to 25,821 18,006 16,681 to 18,437 Deferred compensation plan. The liability resulting from the deferred compensation plan is carried at fair value based on the closing prices of the underlying investments. This is considered a Level 1 valuation technique. Contingent consideration. The liability associated with J&S’ acquisition of BAV is carried at fair value based on the terms of the acquisition agreement and any changes to fair value are recorded in “other” operating expenses in the condensed consolidated statements of operations. Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due from Ashford Trust OP, due from Braemar OP, accounts payable and accrued expenses, due to affiliates and other liabilities . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Investments in unconsolidated entities. The carrying value of the asset resulting from investment in unconsolidated entities approximates fair value based on recent observable transactions. This is considered a level 2 valuation technique. Notes payable. The fair value of notes payable is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique.	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, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 10,574 $ 10,574 $ 19,259 $ 19,259 Contingent consideration — — 2,262 2,262 Financial assets not measured at fair value: Cash and cash equivalents $ 51,529 $ 51,529 $ 36,480 $ 36,480 Restricted cash 7,914 7,914 9,076 9,076 Accounts receivable, net 4,928 4,928 5,127 5,127 Due from affiliates 45 45 — — Due from Ashford Trust OP 5,293 5,293 13,346 13,346 Due from Braemar OP 1,996 1,996 1,738 1,738 Investments in unconsolidated entities 500 500 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 24,880 $ 24,880 $ 20,529 $ 20,529 Due to affiliates 2,032 2,032 4,272 4,272 Other liabilities 8,418 8,418 9,076 9,076 Notes payable 18,006 16,681 to 18,437 11,947 12,040 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 acquisition of J&S is carried at fair value based on the terms of the acquisition agreement and any changes to fair value are recorded in “other” operating expenses in the consolidated statements of operations. Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due from Ashford Trust OP, due from Braemar OP, accounts payable and accrued expenses, due to affiliates and other liabilities . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Investments in unconsolidated entities. The carrying value of the asset resulting from investment in unconsolidated entities approximates fair value based on recent observable transactions. This is considered a level 2 valuation technique. Notes payable. The fair value of notes payable is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of March 31, 2019 , we had approximately $28.9 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement and $50.0 million of remaining purchase commitments related to our Braemar ERFP Agreement which are contingent upon Ashford Trust and Braemar acquiring additional hotels and identifying the FF&E for us to acquire, in accordance with the agreements. See note 15 . Litigation — The Company is engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the financial position or results of operations of the Company. However, the adjudication of legal proceedings is difficult to predict, and if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s financial position or results of operations could be materially adversely affected in future periods.	Commitments and Contingencies Purchase Commitment — As of December 31, 2018 , we had approximately $33.9 million of purchase commitments related to the Ashford Trust ERFP agreement which are contingent upon Ashford Trust acquiring additional hotels. See note 17 . Litigation — The Company is engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the financial position or results of operations of the Company. However, the adjudication of legal proceedings is difficult to predict, and if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s financial position or results of operations could be materially adversely affected in future periods.

Equity

Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2019 2018 (Income) loss allocated to noncontrolling interests: J&S $ — $ (11 ) OpenKey 177 156 RED (34 ) (7 ) Pure Wellness 20 35 Total net (income) loss allocated to noncontrolling interests $ 163 $ 173	Equity Equity Offering — For the year ended December 31, 2018, net proceeds from the public offering of our common stock after underwriting discount and offering expenses were approximately $18.9 million . On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . Capital Stock —In accordance with Ashford Inc.’s charter, we are authorized to issue 200 million shares of capital stock, consisting of 100 million shares common stock, par value $0.01 per share, 50 million shares blank check common stock, par value $0.01 per share, and 50 million shares preferred stock, par value $0.01 per share. Our Board of Directors has designated 2 million shares of our preferred stock as Series A Preferred Stock. The holders of Series A cumulative preferred stock are entitled to receive dividends in preference to holders of shares of any class or series of stock ranking junior to it, equal to 1,000 multiplied by the aggregate per share amount of all dividends of common stock. Each share of Series A cumulative preferred stock shall entitle the holder to 1,000 votes on all matters submitted to a vote of the stockholders of Ashford Inc. No shares of Series A cumulative preferred stock are currently outstanding. Shareholder Rights Plan —On August 18, 2018, our board of directors adopted a shareholder rights plan (the “2018 Rights Plan”). The 2018 Rights Plan is intended to improve the bargaining position of our board of directors in the event of an unsolicited offer to acquire our outstanding shares of common stock. Pursuant to the 2018 Rights Plan, our board of directors declared a dividend of one preferred share purchase right (a “Right”) payable on August 20, 2018, for each outstanding share of common stock, par value $0.01 per share (the “Common Shares”), outstanding on August 20, 2018 (the “Record Date”) to the stockholders of record on that date. Each Right initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Preferred Stock, par value $0.01 per share (the “Preferred Shares”), of the Company, at a price of $275 per one one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment. The Rights become exercisable upon certain conditions, as defined in the rights agreement. At any time prior to the time any person or group becomes an Acquiring Person, as defined in the rights agreement, the board of directors of the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. The value of the rights is de minimis . At our annual shareholder’s meeting in 2018, our shareholders voted to extend the shareholder rights plan until February 25, 2021. The terms of the shareholder rights plan are consistent with the terms of an earlier shareholder rights plan adopted on November 16, 2014. Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2018 2017 2016 (Income) loss allocated to noncontrolling interests: J&S $ 58 $ (49 ) $ — OpenKey (1) 826 515 849 Pure Wellness (28 ) 38 — RED 68 — — Other (2) — (146 ) 8,011 Total net (income) loss allocated to noncontrolling interests $ 924 $ 358 $ 8,860 ________ (1) The 2016 loss allocated to the noncontrolling interest in OpenKey represents the period from the March 8, 2016 conversion of our notes receivable through December 31, 2016. (2) Represents noncontrolling interests primarily in the AQUA Fund, which was fully dissolved as of December 31, 2017.

Mezzanine Equity

Mezzanine Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — Redeemable noncontrolling interests are included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 4 $ 12 J&S (227 ) (355 ) OpenKey 202 282 Total net (income) loss allocated to redeemable noncontrolling interests $ (21 ) $ (61 ) Preferred Stock —On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . The purchase price was paid by issuing 8,120,000 shares of Series B Convertible Preferred Stock to the Remington Sellers. The Series B Convertible Preferred Stock has a conversion price of $140 per share and, if converted, would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. Under the applicable authoritative accounting guidance, this increasing dividend rate feature results in a discount that must be reflected in the fair value of the preferred stock, which is reflected in “Series B cumulative convertible preferred stock, net of discount” on our condensed consolidated balance sheets. For the three months ended March 31, 2019 , we recorded $491,000 of amortization related to the preferred stock discount. The Series B Convertible Preferred Stock is included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable outside of the Company’s control. The Series B Convertible Preferred Stock is redeemable at the option of the holder for cash in the event of a change of control. Each share of our Series B Convertible Preferred Stock is convertible at any time, at the option of the holder, into a number of whole or partial shares of common stock, pursuant to the agreements. The Series B Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the selling stockholders and their transferees will generally be subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of our outstanding capital stock. After the seventh anniversary of the closing of the acquisition of Premier, we have the option to redeem all or any portion of the Series B Convertible Preferred Stock in $25.0 million increments on a pro rata basis among all covered investors unless, no less than 15 days before the closing of the purchase transaction, the participating covered investors specify an alternative allocation of the Series B Convertible Preferred Stock subject to the redemption (the “Call Option”), at a price per share equal to the sum of (i) $25.125 (as adjusted for any applicable stock splits or similar transactions) plus (ii) all accrued but unpaid dividends. The purchase price is payable only in cash. The notice of exercise of the Call Option does not limit or restrict any covered investor’s right to convert the Series B Convertible Preferred Stock into shares of our common stock prior to the closing of the Call Option. The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 for the three months ended March 31, 2019 . The Company declared and paid dividends as presented below: Three Months Ended March 31, 2019 2018 Preferred dividends $ 2,791 $ —	Mezzanine Equity Redeemable Noncontrolling Interests —Redeemable noncontrolling interests are included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. Redeemable noncontrolling interests in Ashford Holdings represents certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford Holdings, which is an allocation of net income/loss attributable to the members based on the weighted average ownership percentage of these members’ interest. Beginning one year after issuance, each common unit of membership interest may be redeemed by the holder, for cash or registered shares in certain cases outside the Company’s control. Prior to April 6, 2017, the noncontrolling interests represented certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford LLC. See note 1 . In connection with our spin-off, Ashford Trust OP unit holders received one common unit in Ashford LLC for every 55 common units held in Ashford Trust OP. Each holder of common units of Ashford LLC could then exchange up to 99% of the Ashford LLC common units for shares of Ashford Inc. common stock. During the year ended December 31, 2014, approximately 356,000 common units were exchanged for shares of Ashford Inc. common stock at the rate of one share of Ashford Inc. common stock for every 55 Ashford LLC common units. Following the completion of the exchange offer, Ashford LLC effected a reverse stock split of its common units such that each common unit was automatically converted into 1/55 of a common unit. A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2018 2017 2016 Units outstanding at beginning of year 4 4 5 Units redeemed for cash (1) — — (1 ) Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4 __________________ (1) During the years ended December 31, 2018 , 2017 , and 2016 , membership interest units with aggregate fair values at redemption of $0 , $0 and $18,000 , respectively, were redeemed by the holder and, at our election, we paid cash to satisfy the redemption price. Redeemable noncontrolling interest in other subsidiary common stock represented redeemable ownership interests in our consolidated subsidiaries, J&S and OpenKey, for the years ended December 31, 2018 and 2017 . Redeemable noncontrolling interests in other subsidiary common stock originated as a result of the following transactions: On March 8, 2016, a 100% noncontrolling interest in OpenKey was initially reduced to a 49.28% redeemable noncontrolling interest, which resulted in the conversion of our note receivable into our initial 38.49% ownership interest. See also notes 1 , 2 , 13 and 17 to our consolidated financial statements. On November 1, 2017, we acquired an 85% controlling interest in J&S with 15% ownership held by the company’s founders as a redeemable noncontrolling interest in the J&S subsidiary common stock. See note 5 for details of the acquisition. See also notes 1 , 2 , 13 and 17 to our consolidated financial statements. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands). Year Ended December 31, 2018 2017 2016 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ (9 ) $ 19 $ 4 J&S 361 136 — OpenKey 1,086 1,329 1,143 Total net (income) loss allocated to redeemable noncontrolling interests $ 1,438 $ 1,484 $ 1,147 ________ (1) Represents the 0.2% interest in Ashford LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Holdings thereafter. Preferred Stock —The Series B Convertible Preferred Stock is included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable outside of the Company’s control. The Series B Convertible Preferred Stock is redeemable at the option of the holder for cash in the event of a change of control. Each share of our Series B Convertible Preferred Stock is convertible at any time, at the option of the holder, into a number of whole or partial shares of common stock. Conversions are calculated by multiplying the number of shares to be converted by "Liquidation Value" and dividing the product by the "Preferred Conversion Price" in effect immediately prior to the conversion. The "Liquidation Value" is calculated by taking the base conversion price of $25 and adjusting it for any stock splits, stock dividends, recapitalization, or similar transaction that effected the Series B Convertible Preferred Stock and adding all accrued, unpaid dividends on each share (whether declared or not). The "Preferred Conversion Price" is defined as the sum of $140 and the effect of adjustments related to any changes in the quantity and/or value of common shares. On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . The purchase price was paid by issuing 8,120,000 shares of Series B Convertible Preferred Stock to the Remington Sellers. The Series B Convertible Preferred Stock has a conversion price of $140 per share and, if converted, would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. Under the applicable authoritative accounting guidance, this increasing dividend rate feature results in a discount that must be reflected in the fair value of the preferred stock, which is reflected in “Series B cumulative convertible preferred stock, net of discount” on our consolidated balance sheets. For the year ended December 31, 2018 , we recorded $730,000 of amortization related to the preferred stock discount. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the selling stockholders and their transferees will generally be subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of our outstanding capital stock. The Series B Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. After the seventh anniversary of the closing of the acquisition of Premier, we have the option to redeem all or any portion of the Series B Convertible Preferred Stock in $25.0 million increments on a pro rata basis among all covered investors unless, no less than 15 days before the closing of the purchase transaction, the participating covered investors specify an alternative allocation of the Series B Convertible Preferred Stock subject to the redemption (the “Call Option”), at a price per share equal to the sum of (i) $25.125 (as adjusted for any applicable stock splits or similar transactions) plus (ii) all accrued but unpaid dividends. The purchase price is payable only in cash. The notice of exercise of the Call Option does not limit or restrict any covered investor’s right to convert the Series B Convertible Preferred Stock into shares of our common stock prior to the closing of the Call Option. The Series B Convertible Preferred Stock is included in the mezzanine section of our consolidated balance sheets as the preferred shares are redeemable for shares of our common stock outside of the Company’s control. The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 per share for the three months ended December 31, 2018 . The Company declared and paid dividends as presented below: Year Ended December 31, 2018 2017 2016 Preferred dividends $ 4,466 $ — $ —

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” in our condensed consolidated statements of operations and comprehensive income (loss). The components of equity-based compensation expense for the three months ended March 31, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended March 31, 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,151 $ 3,757 Director and other non-employee equity grants expense 7 40 Total equity-based compensation $ 2,158 $ 3,797 Other equity-based compensation REIT equity-based compensation (2) $ 5,868 $ 9,292 $ 8,026 $ 13,089 ________ (1) As of March 31, 2019 , the Company had approximately $16.8 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 2.0 years . During the three months ended March 31, 2018, we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (2) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. and Premier. During the three months ended March 31, 2019 , $30,000 and $79,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and “cost of revenues for project management”, respectively, on our condensed consolidated statements of operations. During the three months ended March 31, 2018, REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. See notes 2 and 15 .	Equity-Based Compensation Under our 2014 Incentive Plan, we are authorized to grant 1,833,504 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, 2018 , 222,122 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 575,333 shares of our common stock, or securities convertible into 575,333 shares of our common stock, available for issuance under our 2014 Incentive Plan, as of January 1, 2019 . Equity-based compensation expense is primarily recorded in “salaries and benefits” expense in our consolidated statements of operations. The components of equity-based compensation expense for the years ended December 31, 2018 , 2017 and 2016 are presented below by award type (in thousands): Year Ended December 31, 2018 2017 2016 Equity-based compensation Stock option amortization (1) $ 9,580 $ 7,535 $ 5,884 Director and other non-employee equity grants expense (2) 439 250 250 Pre-spin equity grants expense (3) — 684 5,439 Total equity-based compensation $ 10,019 $ 8,469 $ 11,573 Other equity-based compensation REIT equity-based compensation (4) $ 31,899 $ 9,394 12,243 $ 41,918 $ 17,863 $ 23,816 ________ (1) See Stock Options discussion below. As of December 31, 2018 , the Company had approximately $11.1 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the year ended December 31, 2018 , we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. During the years ended December 31, 2018 , 2017 and 2016 , stock option amortization included $10,000 , $39,000 and $61,000 of amortization related to OpenKey stock options issued under OpenKey’s stock plan. (2) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in general and administrative expense as the grants of stock are fully vested on the date of grant. See Restricted Stock discussion below. (3) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017 , these equity grants were fully vested. See Restricted Stock discussion below. (4) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the year ended December 31, 2018 , $47,000 and $126,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and "cost of revenues for project management", respectively, on our consolidated statements of operations. During the year ended December 31, 2018 , REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 17 . As of December 31, 2018 , we had outstanding stock option awards and restricted stock awards, as follows: Stock Options —During the years ended December 31, 2018 , 2017 and 2016 , we granted 267,000 , 334,000 and 340,000 stock options to employees with grant date fair values of $10.4 million , $8.5 million and $7.8 million , respectively. The grant price of the options was the market value of our stock on the date of grant. The options vest three years from the grant date with a maximum option term of ten years . The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. Due to our lack of history, we do not have adequate historical exercise/cancellation behavior on which to base the expected life assumption. We were not able to use the “simplified” method as described in SAB 107 and 110 because the options remain exercisable for the full contractual term upon termination. Therefore, we used an adjusted simplified method, where any options expected to be forfeited over the term of the option were assumed to be exercised at full term and all other options were assumed to be exercised at the midpoint of the average time-to-vest and the full contractual term. We will continue to evaluate the expected life as we accumulate more data. Additionally, we do not have adequate historical stock price information on which to base the expected volatility assumption. In order to estimate volatility, we utilized the weighted average of our own stock price volatility based on daily data points over our full trading history and the average of the most recent historical volatilities of our peer group commensurate with the option’s expected life (or full history if the peer had insufficient trading history). The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 38.93 $ 25.29 $ 22.91 Weighted average assumptions used: Expected volatility 35.8 % 34.9 % 50.0 % Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 2.7 % 2.0 % 1.5 % Expected dividend yield — % — % — % A summary of stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the Money Options (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2016 300 $ 85.97 6.95 $ — Granted 340 45.59 10.00 — Exercised — — — — Forfeited, canceled or expired (1 ) 45.59 9.38 — Outstanding, December 31, 2016 639 $ 64.53 7.70 $ — Granted 334 57.61 10.00 11,837 Exercised — — — — Forfeited, canceled or expired (1 ) 50.15 9.22 80 Outstanding, December 31, 2017 972 $ 62.17 7.67 $ 29,974 Granted 267 94.96 10.00 — Exercised — 45.59 7.53 3 Forfeited, canceled or expired (3 ) 62.28 8.82 7 Outstanding, December 31, 2018 1,236 $ 69.26 7.21 $ 2,126 Options exercisable at December 31, 2018 411 $ 79.91 5.11 $ 255,359 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, 2018 , the Company had approximately $11.1 million of total unrecognized compensation expense, related to stock options that will be recognized over the weighted average period of 1.3 years . Restricted Stock —A summary of our restricted stock activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2018 2017 2016 Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Outstanding at beginning of year — $ — 1 $ 56.20 3 $ 56.20 Restricted shares granted (1) 6 73.02 5 52.89 5 45.09 Restricted shares vested (6 ) 73.02 (6 ) 53.64 (7 ) 47.48 Restricted shares forfeited — — — — — — Outstanding at end of year — $ — — $ — 1 $ 56.20 ________ (1) Equity-based compensation expense of $405,000 , $250,000 and $250,000 was recognized in connection with stock grants of 6,000 , 5,000 and 5,000 immediately vested restricted shares to our independent directors for the years ended December 31, 2018 , 2017 and 2016 , respectively. The restricted stock/units that vested during 2018 had a fair value of $405,000 at the date of vesting. As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017 , these equity grants were fully vested.

Deferred Compensation Plan

Deferred Compensation Plan	3 Months Ended
	Mar. 31, 2019
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation Plan We administer a non-qualified deferred compensation plan (“DCP”) for certain executive officers. The plan allowed participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. For the periods the DCP was administered by Ashford Trust, the participants elected Ashford Trust common stock as their investment option. In accordance with the applicable authoritative accounting guidance, the deferred amounts and any dividends earned received equity treatment and were included in additional paid-in capital. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our condensed consolidated statements of operations and comprehensive income (loss). The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2019 2018 Change in fair value Unrealized gain (loss) $ (740 ) $ (561 ) Distributions Fair value (1) $ 46 $ 80 Shares (1) 1 — ________ (1) Distributions made to one participant. As of March 31, 2019 and December 31, 2018 the carrying value of the DCP liability was $11.3 million and $10.6 million , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. We are a party to an amended and restated advisory agreement, as amended, with Ashford Trust and Ashford Trust OP. Prior to June 26, 2018, the base fee was paid quarterly based on a declining sliding scale percentage of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee (defined as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of its consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.50% and 0.70% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . Upon effectiveness of the Ashford Trust ERFP Agreement on June 29, 2018, the base fee is paid monthly as a percentage of Ashford Trust’s total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. At March 31, 2019 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Trust’s peer group, subject to the FCCR Condition, as defined in our advisory agreement. In addition to our advisory agreement with Ashford Trust and Ashford Trust OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,045 $ 8,604 Reimbursable expenses (1) 2,040 1,529 Equity-based compensation (2) 4,289 6,745 Incentive advisory fee (3) — 452 Total advisory services revenue 14,374 17,330 Audio visual revenue (4) — — Project management revenue (5) 4,939 — Other revenue Investment management reimbursements (6) 358 182 Debt placement fees (7) 1,079 632 Claim management services (8) 11 18 Lease revenue (9) 946 168 Other services (10) 467 300 Total other revenue 2,861 1,300 Total revenue $ 22,174 $ 18,630 REVENUE BY SEGMENT (11) REIT advisory $ 15,689 $ 17,698 Premier 4,939 — J&S — — OpenKey 28 24 Corporate and other 1,518 908 Total revenue $ 22,174 $ 18,630 COST OF REVENUES Cost of audio visual revenues (4) $ 1,684 $ 354 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $597,000 and $202,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2018 , includes the pro-rata portion of the third year installment of the 2016 incentive advisory fee, which was paid in January 2019. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Ashford Trust advisory agreement. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2018 and 2017 measurement periods. See note 3 . (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 1,119 $ 2,337 AIM 139 99 Premier 1,559 1,611 J&S 1,123 826 Pure Wellness 469 418 OpenKey 7 2 RED — — Due from Ashford Trust OP $ 4,416 $ 5,293 We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. Prior to January 15, 2019, the base fee was paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee (defined in the advisory agreement as the aggregate gross asset value of all key money assets multiplied by 1/12th of 0.70% ), subject to a minimum monthly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of Braemar’s consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). Upon effectiveness of the Braemar ERFP agreement on January 15, 2019, the base fee is paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Braemar based on a pro rata allocation as determined by the ratio of Braemar’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Braemar’s annual total stockholder return exceeds the average annual total stockholder return for Braemar’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. In addition to our advisory agreement with Braemar and Braemar OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Braemar OP and Braemar TRS to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,577 $ 2,107 Reimbursable expenses (1) 469 420 Equity-based compensation (2) 1,469 2,547 Incentive advisory fee (3) 170 — Other advisory revenue (4) 128 128 Total advisory services revenue 4,813 5,202 Audio visual revenue (5) — — Project management revenue (6) 2,747 — Other revenue Debt placement fees (7) 275 — Claims management services (8) 30 37 Lease revenue (9) 84 84 Other services (10) 269 211 Total other revenue 658 332 Total revenue $ 8,218 $ 5,534 REVENUE BY SEGMENT (11) REIT advisory $ 4,927 $ 5,323 Premier 2,747 — J&S (11) — — OpenKey 20 5 Corporate and other 524 206 Total revenue $ 8,218 $ 5,534 COST OF REVENUES Cost of audio visual revenues (5) $ 86 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $44,000 and $15,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. For the three months ended March 31, 2018 , no incentive advisory fee was recognized as Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. See note 3 . (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 573 $ 941 Premier 1,265 949 J&S 71 4 Pure Wellness 18 30 OpenKey 15 12 RED 89 60 Due from Braemar OP $ 2,031 $ 1,996 ERFP Commitments — On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement” and collectively with the Ashford Trust ERFP Agreement, the “ERFP Agreements”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the ERFP Agreements, the Company agreed to provide $50 million (each, an “ERFP Commitment” and collectively, the “ERFP Commitments”) to each of Ashford Trust and Braemar (collectively, the “REITs”), respectively, in connection with each such REITs’ acquisition of hotels recommended by us, with the option to increase each ERFP Commitment to up to $100 million upon mutual agreement by the parties to the respective ERFP Agreement. Under each of the ERFP Agreements, the Company’s ERFP Commitment to such REIT will be fulfilled as the Company pays each such REIT 10% of each acquired hotel’s purchase price in exchange for FF&E at a property owned by such REIT, which will be subsequently leased by us to such REIT rent-free. Each of the REITs must provide reasonable advance notice to the Company to request ERFP funds in accordance with the respective ERFP Agreement. The ERFP Agreements require that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of the REITs acquisition of the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at the respective REITs’ hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 and 10 . The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through March 31, 2019 , as well as the unfunded ERFP Commitments as of March 31, 2019, for hotels acquired by the REITs are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — Initial ERFP Commitment 50,000 — 50,000 ERFP payment — Hilton Alexandria Old Town (11,100 ) — (11,100 ) ERFP payment — La Posada de Santa Fe $ (5,000 ) $ — $ (5,000 ) ERFP Commitments remaining at December 31, 2018 $ 33,900 $ — $ 33,900 Initial ERFP Commitment — 50,000 50,000 ERFP payment — Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP Commitments remaining at March 31, 2019 (1) $ 28,900 $ 50,000 $ 78,900 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Midtown Manhattan $ 19,500 $ — $ 19,500 Ritz-Carlton, Lake Tahoe — 10,300 10,300 Unfunded ERFP Commitments at March 31, 2019 $ 19,500 $ 10,300 $ 29,800 ________ (1) See note 10 . Other Related Party Transactions — Ashford Trust and Braemar have management agreements with Remington and its subsidiaries, which are beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus. Transactions related to these agreements are included in the accompanying condensed consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and Braemar, including rent, payroll, office supplies, travel and accounting. These charges are allocated based on various methodologies, including headcount and actual amounts incurred, which are then rebilled to Ashford Trust and Braemar. These reimbursements are included in “general and administrative” expenses on the condensed consolidated statements of operations. The charges totaled $1.8 million and $1.2 million , for the three months ended March 31, 2019 and 2018 , respectively. The amounts due under these arrangements as of March 31, 2019 and December 31, 2018 , are included in “due to affiliates” on our condensed consolidated balance sheets. Pursuant to our advisory agreements with each of Ashford Trust and Braemar, we secure certain casualty insurance policies to cover Ashford Trust, Braemar and their respective property managers, as needed. Ashford Trust and Braemar bear the economic burden for the casualty insurance coverage. Our risk management department manages the shared casualty insurance program. At the beginning of each year, funds are collected from Ashford Trust and Braemar, as needed, on an allocated basis based on their risk exposures. These funds are deposited into restricted cash and used to pay casualty claims and other insurance costs throughout the year as incurred. We record the funds received from Ashford Trust and Braemar and the related liability in our condensed consolidated balance sheets in “restricted cash” and “other liabilities,” respectively. Ashford Trust held a 16.64% and 16.30% noncontrolling interest in OpenKey, and Braemar held an 8.40% and 8.21% noncontrolling interest in OpenKey as of March 31, 2019 and December 31, 2018 , respectively. During the three months ended March 31, 2019 and 2018 , Ashford Trust invested $299,000 and $667,000 , respectively, and Braemar invested $156,000 and $2.0 million , respectively in OpenKey. See also notes 1 , 2 , 11 , and 12 . An officer of J&S owns the J&S headquarters property including the adjoining warehouse space. J&S leases this property for approximately $307,000 per year, with escalating lease payments based on the Consumer Price Index. Rental expense for the three months ended March 31, 2019 and 2018 , was $84,000 , and $84,000 , respectively.	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. See note 20 for details regarding concentration of risk and percentage of our consolidated subsidiaries’ total revenues earned from Ashford Trust and Braemar. We are a party to an amended and restated advisory agreement, as amended, with Ashford Trust and Ashford Trust OP. Prior to June 26, 2018, the base fee was paid quarterly based on a declining sliding scale percentage of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee (defined as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of its consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.50% and 0.70% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . Upon effectiveness of the Ashford Trust ERFP agreement on June 29, 2018, the base fee is paid monthly as a percentage of Ashford Trust’s total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. At December 31, 2018 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Trust’s peer group, subject to the FCCR Condition, as defined in our advisory agreement. In addition to our advisory agreement with Ashford Trust and Ashford Trust OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS to provide comprehensive and cost-effective design, development, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 35,482 $ 34,724 $ 34,700 Reimbursable expenses (1) 7,905 7,600 6,054 Equity-based compensation (2) 25,245 11,077 8,429 Incentive advisory fee (3) 1,809 1,809 1,809 Total advisory services revenue 70,441 55,210 50,992 Audio visual revenue (4) 88 — — Project management revenue (5) 7,096 — — Other revenue Investment management reimbursements (6) 1,156 1,976 — Debt placement fees (7) 5,094 913 — Claim management services (8) 76 — — Lease revenue (9) 670 558 — Other services (10) 1,968 997 4 Total other revenue 8,964 4,444 4 Total revenue $ 86,589 $ 59,654 $ 50,996 REVENUE BY SEGMENT (11) REIT advisory $ 77,437 $ 58,657 $ 50,992 Premier 7,096 — — J&S 88 — — OpenKey 97 77 4 Corporate and other 1,871 920 — Total revenue $ 86,589 $ 59,654 $ 50,996 COST OF REVENUES Cost of audio visual revenues (4) $ 3,444 $ 90 $ — ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $2.2 million , $1.7 million , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as discussed in note 2 , in the amount of $1.1 million for the year ended December 31, 2017. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the third, second and first year installments of the 2016 incentive advisory fee in the amount of $1.8 million for each of the years ended December 31, 2018 , 2017 and 2016 , respectively, for which the payment was due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Ashford Trust. No incentive fee was earned for the 2018, 2017 and 2015 measurement periods. (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreement and legacy key money transaction with Ashford Trust, we lease FF&E to Ashford Trust rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is 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, respectively. (11) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 2,337 $ 12,610 AIM 99 347 Premier 1,611 — J&S 826 62 Pure Wellness 418 302 OpenKey 2 25 Due from Ashford Trust OP $ 5,293 $ 13,346 On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million to Ashford Trust in connection with Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the funding commitment to up to $100 million upon mutual agreement by the parties. The Company is obligated to provide Ashford Trust 10% of the acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Ashford Trust rent-free. The Company records ERFP obligations in our consolidated balance sheet as “other assets” and “other liabilities.” Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. In connection with Ashford Trust’s acquisition of the Hilton Old Town Alexandria and La Posada de Santa Fe in 2018, and subject to the terms of the Ashford Trust ERFP Agreement, the Company was obligated to provide Ashford Trust with approximately $16.1 million of FF&E at Ashford Trust properties. The $16.1 million of FF&E was purchased and leased to Ashford Trust with an effective date of December 31, 2018. As of December 31, 2018, the Company had no remaining balance in our ERFP obligation to Ashford Trust in respect of hotels already acquired by Ashford Trust. See note 11 . We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. As of December 31, 2018, Braemar is required to pay a monthly base fee that is 1/12th of 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee (defined in the advisory agreement as the aggregate gross asset value of all key money assets multiplied by 1/12th of 0.70% ), subject to a minimum monthly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of Braemar’s consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). Reimbursement for overhead, internal audit, risk management advisory and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Braemar based on a pro rata allocation as determined by the ratio of Braemar’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Braemar’s annual total stockholder return exceeds the average annual total stockholder return for Braemar’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. In addition to our advisory agreement with Braemar and Braemar OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Braemar OP and Braemar TRS to provide comprehensive and cost-effective design, development, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. The following table summarizes the revenues related to Braemar OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 9,423 $ 8,799 $ 8,343 Reimbursable expenses (1) 1,932 2,105 2,805 Equity-based compensation (2) 6,481 (1,683 ) 3,814 Incentive advisory fee (3) 678 1,274 1,274 Other advisory revenue (4) 521 277 — Total advisory services revenue 19,035 10,772 16,236 Project management revenue (5) 3,493 — — Other revenue Debt placement fees (6) 999 224 — Claims management services (7) 137 — — Lease revenue (8) 335 335 335 Other services (9) 857 41 — Total other revenue 2,328 600 335 Total revenue $ 24,856 $ 11,372 $ 16,571 REVENUE BY SEGMENT (10) REIT advisory $ 20,506 $ 11,331 $ 16,571 Premier 3,493 — — J&S (11) — — — OpenKey 29 16 — Corporate and other 828 25 — Total revenue $ 24,856 $ 11,372 $ 16,571 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $162,000 , $126,000 , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software in the amount of $1.1 million for the year ended December 31, 2017. See note 2 . (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the first year installment of the 2018 incentive advisory fee in the amount of $678,000 for the year ended December 31, 2018 , as Braemar's annual total stockholder return met the relevant incentive fee thresholds during the 2018 measurement period. Incentive advisory fee includes the third and second year installments of the 2015 incentive advisory fee in the amount of $1.3 million for each of the years ended December 31, 2017 and 2016 , respectively. Incentive advisory fee payments are due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Braemar. (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (7) Claims management services include revenues earned from providing insurance claim assessment and administration services. (8) In connection with our legacy key money transaction with Braemar, we lease FF&E to Braemar rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (9) Other services revenue is associated with other hotel products and services, such as mobile key applications, hypoallergenic premium rooms and watersports activities & travel/transportation services, provided to Braemar by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, respectively. (10) See note 19 for discussion of segment reporting. (11) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. For the year ended December 31, 2018 , J&S cost of revenues for audio visual associated with Braemar was insignificant. For the years ended December 31, 2017 and 2016 , J&S had no cost of revenues for audio visual associated with Braemar. The following table summarizes amounts due (to) from Braemar OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 941 $ 1,682 Premier 949 — J&S 4 — Pure Wellness 30 50 OpenKey 12 6 RED 60 — Due from Braemar OP $ 1,996 $ 1,738 Ashford Trust and Braemar have management agreements with Remington and its subsidiaries, which are beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus. Transactions related to these agreements are included in the accompanying consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and Braemar, including rent, payroll, office supplies, travel and accounting. These charges are allocated based on various methodologies, including headcount and actual amounts incurred, which are then rebilled to Ashford Trust and Braemar. These reimbursements are included in “general and administrative” expenses on the consolidated statements of operations. For the years ended December 31, 2018 , 2017 and 2016 these reimbursements totaled $4.4 million , $4.9 million and $5.7 million , respectively. The amounts due under these arrangements as of December 31, 2018 and 2017 , are included in “due to affiliates” on our balance sheets. Pursuant to our advisory agreements with each Ashford Trust and Braemar, we secure certain casualty insurance policies to cover Ashford Trust, Braemar and their respective property managers, as needed. Ashford Trust and Braemar bear the economic burden for the casualty insurance coverage. Our risk management department manages the shared casualty insurance program. At the beginning of each year, funds are collected from Ashford Trust and Braemar, as needed, on an allocated basis based on their risk exposures. These funds are deposited into restricted cash and used to pay casualty claims and other insurance costs throughout the year as incurred. We record the funds received from Ashford Trust and Braemar and the related liability in our consolidated balance sheets in “restricted cash” and “other liabilities,” respectively. See note 2 . In June 2015, we announced our plan to provide a total of $6.0 million in key money consideration to our managed REITs for two acquisitions: $4.0 million for Ashford Trust’s $62.5 million acquisition of the Le Pavillon Hotel in New Orleans, Louisiana, which closed in June 2015, and $2.0 million for Braemar’s $85.0 million acquisition of the Bardessono Hotel and Spa in Yountville, California, which closed in July 2015. The key money consideration was provided in the form of FF&E that was purchased by Ashford Inc. and subsequently leased back to each respective REIT rent-free for five years. A portion of the base advisory fee revenue is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. Advisory revenue of $1.0 million , $893,000 and $335,000 was allocated to lease revenue for the years ended December 31, 2018, 2017 and 2016, respectively. Lease revenue is included in other revenue in the consolidated statements of operations. Ashford Trust held a 16.30% and 16.23% noncontrolling interest in OpenKey, and Braemar held an 8.21% and 0% noncontrolling interest in OpenKey as of December 31, 2018 and 2017 , respectively. Ashford Trust invested $667,000 , $983,000 and $2.3 million in OpenKey during the years ended December 31, 2018 , 2017 and 2016 , respectively. Braemar invested $2.0 million , $0 and $0 in OpenKey during the years ended December 31, 2018 , 2017 and 2016 , respectively. See also notes 1 , 2 , 13 , and 14 . An officer of J&S owns the J&S headquarters property including the adjoining warehouse space. J&S leases this property for $300,000 per year, with escalating lease payments based on increases in the Consumer Price Index. Rental expense for the years ended December 31, 2018 and 2017 , was $335,000 and $50,000 , respectively. We did not incur rental expense related to this lease for the year ended December 31, 2016.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 710 $ (5,723 ) Less: Dividends on preferred stock and amortization (3,282 ) — Undistributed net income (loss) allocated to common stockholders (2,572 ) (5,723 ) Distributed and undistributed net income (loss) - basic $ (2,572 ) $ (5,723 ) Effect of incremental subsidiary shares (202 ) (282 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings — (12 ) Distributed and undistributed net income (loss) - diluted $ (2,774 ) $ (6,017 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,419 2,094 Effect of incremental subsidiary shares 30 17 Effect of assumed conversion of operating partnership units — 4 Weighted average common shares outstanding – diluted 2,449 2,115 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (1.06 ) $ (2.73 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.13 ) $ (2.84 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2019 2018 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (4 ) — Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock 227 355 Dividends on preferred stock and amortization 3,282 — Total $ 3,505 $ 355 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 9 Effect of assumed exercise of stock options 65 234 Effect of assumed conversion of Ashford Holdings units 4 — Effect of incremental subsidiary shares 46 27 Effect of assumed conversion of preferred stock 1,450 — Total 1,574 270	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, 2018 2017 2016 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 10,182 $ (18,352 ) $ (2,396 ) Less: Dividends on preferred stock and amortization (5,196 ) — — Less: Net income (loss) allocated to unvested shares (21 ) — — Undistributed net income (loss) allocated to common stockholders 4,965 (18,352 ) (2,396 ) Distributed and undistributed net income (loss) - basic $ 4,965 $ (18,352 ) $ (2,396 ) Effect of deferred compensation plan (8,444 ) — (2,127 ) Effect of contingently issuable shares (1,447 ) (1,465 ) (1,143 ) Distributed and undistributed net income (loss) - diluted $ (4,926 ) $ (19,817 ) $ (5,666 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,170 2,031 2,012 Effect of deferred compensation plan shares 103 — 158 Effect of contingently issuable shares 59 36 39 Weighted average common shares outstanding – diluted 2,332 2,067 2,209 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ 2.29 $ (9.04 ) $ (1.19 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.11 ) $ (9.59 ) $ (2.56 ) 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, 2018 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ 21 $ — $ — Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings 9 (19 ) (4 ) Dividends on preferred stock and amortization 5,196 — — Total $ 5,226 $ (19 ) $ (4 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 — 1 Effect of assumed exercise of stock options 163 34 — Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of assumed conversion of preferred stock 575 — — Total 751 38 5

Segment Reporting

Segment Reporting	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two business segments: (i) REIT Advisory, which provides asset management and advisory services to other entities, and (ii) Hospitality Products and Services (“HPS”), which provides products and services to clients primarily in the hospitality industry. HPS includes (a) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services, (b) J&S, which provides event technology and creative communications solutions services, (c) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (d) RED, a provider of watersports activities and other travel and transportation services, (e) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, and (f) Lismore, a provider of debt placement services. For 2019, OpenKey, RED, Pure Wellness and Lismore operating segments do not meet aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose OpenKey as a reportable segment. Accordingly, we have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. As of March 31, 2019 and 2018 , there were no material intercompany revenues or expenses between our operating segments. Our chief operating decision maker (“CODM”) uses multiple measures of segment profitability for assessing performance of our business. Our reported measure of segment profitability is net income, although the CODM also focuses on adjusted EBITDA and adjusted net income, which exclude certain gains, losses and charges, to assess performance and allocate resources. Our CODM currently reviews assets at the corporate (consolidated) level and does not currently review segment assets to make key decisions on resource allocations. Certain information concerning our segments for the three months ended March 31, 2019 and 2018 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,187 $ — $ — $ — $ — $ 19,187 $ 22,532 $ — $ — $ — $ — $ 22,532 Audio visual — — 30,975 — — 30,975 — — 23,310 — — 23,310 Project Management — 7,790 — — — 7,790 — — — — — — Other 1,429 — — 257 3,682 5,368 489 — — 319 1,518 2,326 Total revenue 20,616 7,790 30,975 257 3,682 63,320 23,021 — 23,310 319 1,518 48,168 EXPENSES Depreciation and amortization 1,183 2,738 455 7 144 4,527 390 — 454 6 190 1,040 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 8,267 4,050 28,008 950 14,976 56,251 11,241 — 19,803 1,171 18,030 50,245 Total expenses 9,450 6,788 28,463 957 15,120 60,778 13,494 — 20,257 1,177 18,276 53,204 OPERATING INCOME (LOSS) 11,166 1,002 2,512 (700 ) (11,438 ) 2,542 9,527 — 3,053 (858 ) (16,758 ) (5,036 ) Equity in earnings (loss) of unconsolidated entities — — — — (275 ) (275 ) — — — — — — Interest expense — — (214 ) — (83 ) (297 ) — — (139 ) — (4 ) (143 ) Amortization of loan costs — — (12 ) (7 ) (50 ) (69 ) — — (12 ) (6 ) (5 ) (23 ) Interest income — — — — 20 20 — — — — 112 112 Other income (expense) — — (107 ) 6 48 (53 ) 19 — (58 ) (1 ) 1 (39 ) INCOME (LOSS) BEFORE INCOME TAXES 11,166 1,002 2,179 (701 ) (11,778 ) 1,868 9,546 — 2,844 (865 ) (16,654 ) (5,129 ) Income tax (expense) benefit (2,489 ) (426 ) (887 ) — 2,502 (1,300 ) (2,116 ) — (746 ) — 2,156 (706 ) NET INCOME (LOSS) $ 8,677 $ 576 $ 1,292 $ (701 ) $ (9,276 ) $ 568 $ 7,430 $ — $ 2,098 $ (865 ) $ (14,498 ) $ (5,835 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.	Segment Reporting We have two business segments: (i) REIT Advisory, which provides asset management and advisory services to other entities, and (ii) Hospitality Products and Services (“HPS”), which provides products and services to clients primarily in the hospitality industry. HPS includes (a) Premier, which provides comprehensive and cost-effective design, development, and project management services, (b) J&S, which provides event technology and creative communications solutions services, (c) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (d) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, and (e) RED, a provider of watersports activities and other travel and transportation services. For 2018, Premier, OpenKey, Pure Wellness and RED operating segments do not meet aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose Premier and OpenKey as reportable segments. Accordingly, we have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of Pure Wellness and RED into an “all other” category, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. As of December 31, 2018 , there were no material intercompany revenues or expenses between our operating segments. Our chief operating decision maker (“CODM”) uses multiple measures of segment profitability for assessing performance of our business. Our reported measure of segment profitability is net income, although the CODM also focuses on adjusted EBITDA and adjusted net income, which exclude certain gains, losses and charges, to assess performance and allocate resources. Our CODM currently reviews assets at the corporate (consolidated) level and does not currently review segment assets to make key decisions on resource allocations. Certain information concerning our segments for the years ended December 31, 2018, 2017 and 2016 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, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 89,476 $ — $ — $ — $ — $ 89,476 Audio visual — — 81,186 — — 81,186 Project management — 10,634 — — — 10,634 Other 8,467 — — 999 4,758 14,224 Total revenue 97,943 10,634 81,186 999 4,758 195,520 EXPENSES Depreciation and amortization 2,129 4,358 2,221 27 607 9,342 Impairment 1,863 — — — 56 1,919 Other operating expenses (1) 41,563 5,260 79,193 4,510 54,572 185,098 Total operating expenses 45,555 9,618 81,414 4,537 55,235 196,359 OPERATING INCOME (LOSS) 52,388 1,016 (228 ) (3,538 ) (50,477 ) (839 ) Interest expense — — (745 ) — (214 ) (959 ) Amortization of loan costs — — (47 ) (25 ) (169 ) (241 ) Interest income — — — — 329 329 Other income (expense) — — (883 ) 2 47 (834 ) INCOME (LOSS) BEFORE INCOME TAXES 52,388 1,016 (1,903 ) (3,561 ) (50,484 ) (2,544 ) Income tax (expense) benefit (12,566 ) (239 ) 76 — 23,093 10,364 NET INCOME (LOSS) $ 39,822 $ 777 $ (1,827 ) $ (3,561 ) $ (27,391 ) $ 7,820 ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year Ended December 31, 2017 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 65,982 $ — $ — $ — $ — $ 65,982 Audio visual — — 9,186 — — 9,186 Project management — — — — — — Other 4,006 — — 327 2,072 6,405 Total revenue 69,988 — 9,186 327 2,072 81,573 EXPENSES Depreciation and amortization 1,373 — 319 25 810 2,527 Impairment 1,041 — — — 31 1,072 Other operating expenses (1) 19,099 — 9,655 3,478 56,264 88,496 Total operating expenses 21,513 — 9,974 3,503 57,105 92,095 OPERATING INCOME (LOSS) 48,475 — (788 ) (3,176 ) (55,033 ) (10,522 ) Interest expense — — (68 ) — (15 ) (83 ) Amortization of loan costs — — (6 ) (19 ) (14 ) (39 ) Interest income — — — — 244 244 Other income (expense) — — (47 ) (12 ) (12 ) (71 ) INCOME (LOSS) BEFORE INCOME TAXES 48,475 — (909 ) (3,207 ) (54,830 ) (10,471 ) Income tax (expense) benefit (18,324 ) — 252 — 8,349 (9,723 ) NET INCOME (LOSS) $ 30,151 $ — $ (657 ) $ (3,207 ) $ (46,481 ) $ (20,194 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year ended December 31, 2016 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 67,228 $ — $ — $ — $ — $ 67,228 Audio visual — — — — — — Project management — — — — — — Other 335 — — 44 — 379 Total revenue 67,563 — — 44 — 67,607 EXPENSES Depreciation and amortization 298 — — 24 852 1,174 Impairment — — — — — — Other operating expenses (1) 21,102 — — 2,904 44,884 68,890 Total operating expenses 21,400 — — 2,928 45,736 70,064 OPERATING INCOME (LOSS) 46,163 — — (2,884 ) (45,736 ) (2,457 ) Interest expense — — — — — — Amortization of loan costs — — — — — — Interest income — — — — 73 73 Other income (expense) (2) — — — (30 ) (9,209 ) (9,239 ) INCOME (LOSS) BEFORE INCOME TAXES 46,163 — — (2,914 ) (54,872 ) (11,623 ) Income tax (expense) benefit (16,684 ) — — — 15,904 (780 ) NET INCOME (LOSS) $ 29,479 $ — $ — $ (2,914 ) $ (38,968 ) $ (12,403 ) ________ (1) Other operating expenses includes salaries and benefits, in addition to general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (2) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments. Geographic Information For revenues by geographical locations, see note 3 . The following table presents furniture, fixtures and equipment, net by geographic area as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 United States $ 42,503 $ 18,087 Mexico 4,996 2,960 All other countries 448 107 $ 47,947 $ 21,154

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation, and Noncontrolling Interests	Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 . A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 11 and 12 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.	Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements, include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical consolidated financial statements. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated entities.” No such impairment was recorded during the three months ended March 31, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at both March 31, 2019 and 2018 . We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three months ended March 31, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity.
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 the condensed 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.	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 the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill.
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Furniture, Fixtures and Equipment, net	Furniture, Fixtures and Equipment, net —We record FF&E at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. As of March 31, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $20.5 million and $16.1 million , audio visual equipment at our J&S subsidiary of $16.7 million and $13.4 million and marine vessels at our RED subsidiary of $5.7 million and $5.7 million , respectively.	Furniture, Fixtures and Equipment, net —We record furniture, fixtures and equipment at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets.
Impairment of Furniture, Fixtures and Equipment	Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.9 million for the three months ended March 31, 2019 and 2018 , respectively. The impairment in 2018 was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service.	Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded an impairment charge of $1.9 million for the year ended December 31, 2018 . The impairment was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. An impairment charge of $1.1 million was recorded for the year ended December 31, 2017 , partially offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. See note 17 .
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 J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our annual impairment assessments through March 31, 2019 .	Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our impairment assessments through December 31, 2018 .
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of March 31, 2019 .	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of December 31, 2018 .
Salaries and Benefits	Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 14	Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 16 .
Depreciation and Amortization	Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over a useful life of 20 years . While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above.	Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over 20 years. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above.
Equity-Based Compensation	Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period.	Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, equity-based awards and other share awards, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss) and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S 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 the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 .	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 J&S 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 the consolidated balance sheets as of December 31, 2018 and 2017 . There were no sources of other comprehensive income (loss) for the year ended December 31, 2016 .
Due to Affiliates	Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, FF&E reimbursements and contingent consideration associated with the acquisition of J&S which was settled in 2018. Due to affiliates is generally settled within a period not exceeding one year.
Leases	Leases —We determine if an arrangement is a lease at the inception of the contract. Operating lease ROU assets and operating 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 is recognized on a straight-line basis over the lease term. Short -term leases are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. See note 7 .
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities.	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 and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. During the third quarter of 2018, we determined that it was more likely than not that we would realize a significant portion of our deferred tax assets because we recorded a $43.7 million deferred tax liability in the third quarter of 2018, and the future reversal of deferred tax liabilities is a source of future taxable income that allows us to utilize our deferred tax assets. Accordingly, in the third quarter of 2018, we reversed the valuation allowance on our deferred tax assets by recording a $15.1 million deferred income tax benefit in the consolidated statement of operations. The deferred tax liability related to our Premier acquisition, and it is the result of recording our book basis in Premier's acquired intangible assets at fair value while the tax basis of these assets was recorded using the seller's carryover basis, which is lower than fair value. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2013 through 2017 remain subject to potential examination by certain federal and state taxing authorities. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, we recorded a one-time income tax expense of approximately $303,000 due to a revaluation of our net deferred tax assets resulting from the decrease in the corporate federal income tax rate from 35% to 21% and elimination of the ability to carryback net operating losses generated after December 31, 2017. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. As of December 31, 2018, we have finalized our accounting for the impacts of the TCJA. There were no changes to the provision amounts previously recorded.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease and lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Effective January 1, 2019, we have adopted the new standard using the modified retrospective approach and implemented internal controls to enable the preparation of financial information upon adoption. We elected to adopt both the transition relief provided in ASU 2018-11 and the package of practical expedients which allowed us, among other things, to retain historical lease classifications and accounting for any leases that existed prior to adoption of the standard. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $26.2 million as of January 1, 2019, which primarily relates to certain office space, warehouse facilities, vehicles and equipment. The standard did not materially impact our condensed consolidated statements of operations or cash flows. Adopting the new standard did not have a material impact on the accounting for leases under which we are the lessor, except as it pertains to our rent-free leases of FF&E with Ashford Trust and Braemar. The new standard requires leases with related parties entered into on or after January 1, 2019, to be accounted for in accordance with the legally enforceable terms and conditions of the lease (i.e. zero rent payments). Therefore, we will no longer allocate a portion of base advisory fee revenue to lease revenue in an amount equal to the estimated fair value of the lease payments that would have been made because ERFP leases are rent-free. For historical leases related to our key money and ERFP programs that were in place upon adoption of the new standard on January 1, 2019, we will continue allocating a portion of base advisory fee revenue to lease revenue consistent with our historical accounting for the remainder of the applicable lease terms. See note 7 . Recently Issued Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our condensed consolidated financial statements.	Recently Adopted Accounting Standards — In May 2014, the FASB issued ASU 2014-09, also referred to as “ASC 606” Revenue from Contracts with Customers . The core principle of the guidance is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may 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. ASC 606 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. In addition, the new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Effective January 1, 2018, we adopted the new standard using the modified retrospective approach. Based on our assessment, adoption of the new guidance did not require a cumulative-effect adjustment to the opening retained earnings on January 1, 2018. We expect the new standard’s impact on net income will be immaterial on an ongoing annual basis; however, the Company does anticipate that the new standard will have an impact on its revenues in interim periods due to timing. The primary impact of adopting the new standard relates to the timing of recognition of incentive advisory fees, which 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 no longer records incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The Company expects that this could impact its revenues in future interim periods, but we are unable to estimate the impact because future incentive advisory fees are calculated based on future changes in total stockholder return of our REIT clients compared to the total stockholder return of their respective peer group. There are no material changes in revenue recognition for audio visual, investment management reimbursements, debt placement fees, claims management services revenue, lease revenue or other services revenue. See note 3 for additional information regarding our adoption of ASC 606. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. In February 2018, the FASB issued ASU 2018-03, as technical corrections and improvements to amend and clarify certain aspects of the guidance issued in ASU 2016-01. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. See “Unconsolidated VIEs” above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. We adopted this standard retrospectively effective January 1, 2018, and the adoption of this standard did not have a material impact on our consolidated statements of cash flows and related disclosures for the year ended December 31, 2017 and December 31, 2016 . For the year ended December 31, 2018 , the adoption of ASU 2016-15 resulted in the bifurcation of the $2.6 million contingent consideration payment associated with the acquisition of J&S between financing and operating cash flows (included in payments “due to affiliates”) in the amounts of $1.2 million and $1.4 million , respectively, within our consolidated statements of cash flows. See notes 5 and 9 . In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. We have adopted this standard effective January 1, 2018. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and aligns the guidance for share-based payments to non-employees with the requirements for share-based payments granted to employees. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We elected to early adopt the standard effective July 1, 2018, and the adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Standards —In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU 2018-20”). The amendments create a lessor practical expedient applicable to sales and other similar taxes incurred in connection with a lease, and simplify lessor accounting for lessor costs paid by the lessee. ASU 2016-02 is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 on a modified retrospective basis with an option to use the transition relief provided in ASU 2018-11. The accounting for leases under which we are the lessor remains largely unchanged. While we continue evaluating our lease portfolio to assess the impact that ASU 2016-02 will have on our consolidated financial statements, we expect the primary impact to our consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under noncancellable leases on our consolidated balance sheet resulting in the recording of ROU assets and lease obligations estimated to be between $23.6 million and $28.8 million . Upon adoption, we will not recognize lease revenue for our rent-free leases of FF&E commencing on or after the adoption date under our ERFP agreements with our related parties Ashford Trust and Braemar. We expect to elect the package of practical expedients in transition that permits entities not to reassess whether any expired or existing contracts are or contain leases, to retain the lease classification and to continue to capitalize initial direct costs for any leases that exist prior to adoption of the standard. We expect to use the transition method in ASU 2018-11 that allows us to adopt the new lease standard effective January 1, 2019, and not reevaluate or recast prior periods. However, we are still evaluating the available transition methods. We are implementing repeatable processes to manage ongoing lease data collection and analysis, and evaluating accounting policies and internal controls that will be impacted by the new standards. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . ASU 2016-13 introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. ASU 2018-19 is the final version of Proposed Accounting Standards Update 2018-270, which has been deleted. Additionally, the amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . We are currently evaluating the impact that ASU 2016-13 will have on the consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software as well as hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 11 and 12 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.	The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2018 and 2017 (in thousands): December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities (8) n/a 21,821 889 1,652 — Notes payable (8) n/a 9,917 — 220 — Revolving credit facility (8) n/a 814 — 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 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 13 and 14 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 13 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 13 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2019 Carrying value of the investment in REA Holdings $ 2,900 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (275 )

Revenues (Tables)

Revenues (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following tables summarize our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2019 $ 13,544 Increases to deferred revenue 2,072 Recognition of revenue (1) (2,445 ) Balance as of March 31, 2019 $ 13,171 ________ (1) Includes (a) $770,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.0 million of audio visual revenue and (c) $636,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 2,032 Recognition of revenue (1) (2,737 ) Balance as of March 31, 2018 $ 13,194 ________ (1) Includes (a) $346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.9 million of audio visual revenue and (c) $510,000 of “other services” revenue earned by our hospitality products and services companies.	The following table summarizes our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 7,781 Recognition of revenue (1) (8,136 ) Balance as of December 31, 2018 $ 13,544 ________ (1) Includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.8 million of audio visual revenue, and (c) $2.2 million of “other services” revenue earned by our hospitality products and services companies.
Disaggregation of Revenue	Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended March 31, 2019 2018 United States $ 23,142 $ 15,952 Mexico 5,728 5,460 Dominican Republic 2,105 1,898 $ 30,975 $ 23,310 Our revenues were comprised of the following for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Advisory services revenue: Base advisory fee $ 10,622 $ 10,711 Incentive advisory fee 170 452 Reimbursable expenses 2,509 1,949 Equity-based compensation 5,758 9,292 Other advisory revenue 128 128 Total advisory services revenue (2) 19,187 22,532 Audio visual revenue 30,975 23,310 Project management revenue 7,790 — Other revenue: Investment management reimbursements (2) 358 182 Debt placement fees (3) 1,354 632 Claims management services (2) 41 55 Lease revenue (2) 1,030 252 Other services (3) 2,585 1,205 Total other revenue 5,368 2,326 Total revenue $ 63,320 $ 48,168 REVENUE BY SEGMENT (1) REIT advisory $ 20,616 $ 23,021 Premier 7,790 — J&S 30,975 23,310 OpenKey 257 319 Corporate and other 3,682 1,518 Total revenue $ 63,320 $ 48,168 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel services provided by our consolidated subsidiaries, OpenKey, RED, Pure Wellness and Lismore, to Ashford Trust, Braemar and third parties.	The following table presents revenue from our J&S reporting segment geographically for the years ended December 31, 2018 and December 31, 2017 , respectively (in thousands): Year Ended December 31, 2018 2017 (1) United States $ 60,241 $ 6,033 Mexico 15,429 2,760 Dominican Republic 5,516 393 $ 81,186 $ 9,186 ________ (1) Prior period amounts were not adjusted for the adoption of the new revenue recognition guidance under ASC 606. Our revenues were comprised of the following for the three year period ending December 31, 2018 (in thousands): Year Ended December 31, 2018 2017 2016 Advisory services revenue: Base advisory fee $ 44,905 $ 43,523 $ 43,043 Incentive advisory fee 2,487 3,083 3,083 Reimbursable expenses 9,837 9,705 8,859 Equity-based compensation 31,726 9,394 12,243 Other advisory revenue 521 277 — Total advisory services revenue (2) 89,476 65,982 67,228 Audio visual revenue 81,186 9,186 — Project management revenue 10,634 — — Other revenue: Investment management reimbursements (2) 1,156 1,976 — Debt placement fees (2) 6,093 1,137 — Claims management services (2) 213 — — Lease revenue (2) 1,005 893 335 Other services (3) 5,757 2,399 44 Total other revenue 14,224 6,405 379 Total revenue $ 195,520 $ 81,573 $ 67,607 REVENUE BY SEGMENT (1) REIT advisory $ 97,943 $ 69,988 $ 67,563 Premier 10,634 — — J&S 81,186 9,186 — OpenKey 999 327 44 Corporate and other 4,758 2,072 — Total revenue $ 195,520 $ 81,573 $ 67,607 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of Pure Wellness and RED into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel products and services provided by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, to Ashford Trust, Braemar and third parties.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Term loan $ 5,000 Less working capital adjustments (668 ) Fair value of Ashford Inc. common stock issued 3,755 Stock consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,971	The fair value of the purchase price and final allocation of the purchase price is as follows (in thousands): Cash $ 9,176 Term loan 10,000 Fair value of Ashford Inc. common stock 5,063 Fair value of contingent consideration 1,196 Purchase price consideration 25,435 Fair value of redeemable noncontrolling interest 2,724 Total fair value of purchase price $ 28,159 The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair Value Estimated Useful Life Current assets $ 754 Furniture, fixtures and equipment 2,055 5 years Goodwill 5,429 Trademarks 350 Customer relationships 2,200 Total assets acquired 10,788 Current liabilities 567 Noncurrent liabilities 250 Total assumed liabilities 817 Net assets acquired $ 9,971 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117	The fair value of the equity consideration of $425,000 is allocated as follows (in thousands): Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Customer relationships 175 5 years Goodwill 782 Total assets acquired 1,256 Line of credit 100 Note payable 375 Other assumed liabilities, net 356 Total assumed liabilities 831 Net assets acquired $ 425 Fair Value Estimated Useful Life Current assets including cash $ 6,564 Furniture, fixtures and equipment 15,633 5 years Goodwill 5,384 Trademarks 3,201 Customer relationships 6,519 7 years Other assets 129 Total assets acquired 37,430 Current liabilities 7,080 Notes payable, current 445 Deferred income 1,213 Note payable, non-current 533 Total assumed liabilities 9,271 Net assets acquired $ 28,159 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117
Pro Forma Information	The following table reflects the unaudited pro forma results of operations as if the Premier and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $400,000 and $900,000 of transaction costs directly attributable to the acquisitions for three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Total revenue $ 65,239 $ 59,269 Net income (loss) 931 (3,267 ) Net income (loss) attributable to the Company 1,016 (3,272 )	The following table reflects the unaudited pro forma results of operations as if the Premier, J&S and Pure Wellness acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2017, and the removal of $10.3 million and $1.0 million of transaction costs directly attributable to the acquisitions for the year s ended December 31, 2018 and 2017, respectively (in thousands): Year Ended December 31, 2018 2017 Total revenue $ 213,741 $ 161,516 Net income (loss) 14,726 (16,382 ) Net income (loss) attributable to common stockholders 17,088 (14,590 )

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2019 , are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 5,429 — 5,429 Adjustments — — — — Balance at March 31, 2019 $ 53,517 $ 10,813 $ 782 $ 65,112 ________ (1) The addition of approximately $5.4 million relates to the preliminary valuation of assets and liabilities related to J&S’ acquisition of BAV.	The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017, are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at January 1, 2017 Changes in goodwill: Additions (1) $ — $ 12,165 $ 782 $ 12,947 Adjustments — — — — Balance at December 31, 2017 $ — $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions 53,517 — — 53,517 Adjustments (2) — (6,781 ) — (6,781 ) Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 (1) Corporate and Other additions reflect the goodwill acquired as a result of the acquisition of Pure Wellness. (2) The adjustment of approximately $6.8 million relates primarily to the preliminary valuation of assets and liabilities related to the J&S acquisition.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201	Intangible assets, net as of December 31, 2018 and 2017, are as follows (in thousands): December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (61 ) $ 114 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (1,087 ) 5,432 6,519 (156 ) 6,363 Premier management contracts 188,800 (4,353 ) 184,447 — — — $ 195,494 $ (5,501 ) $ 189,993 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201	Intangible assets, net as of December 31, 2018 and 2017, are as follows (in thousands): December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (61 ) $ 114 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (1,087 ) 5,432 6,519 (156 ) 6,363 Premier management contracts 188,800 (4,353 ) 184,447 — — — $ 195,494 $ (5,501 ) $ 189,993 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201

Notes Payable, net (Tables)

Notes Payable, net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	(1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.50% and 5.50% at March 31, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 1, 2018 , the Company entered into a $35.0 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40.0 million to an aggregate amount of $75.0 million , subject to certain conditions. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), , Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. (8) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . Net deferred loan costs associated with this financing of $198,000 and $183,000 , respectively, are included as a reduction to “notes payable, net” on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , $1.4 million and $1.0 million , respectively, of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at March 31, 2019 and December 31, 2018 , was not material. As of March 31, 2019 , $862,000 of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million , respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. (10) On November 8, 2018, OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets. In connection with the 2018 renewal, OpenKey granted the creditors a 10-year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the remaining term of the line of credit and included in “amortization of loan costs” in our condensed consolidated statement of operations. As of March 31, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. In February 2019, we paid off the remaining $60,000 balance on the line of credit. (12) On March 23, 2018, our RED operating subsidiary entered into a term loan of $750,000 . (13) On February 28, 2019, our RED operating subsidiary renewed its $250,000 revolving credit facility. The revolving credit facility provides RED with available borrowings up to a total of $250,000 . As of March 31, 2019, $250,000 was available under the revolving credit facility. (14) On February 27, 2019, our RED operating subsidiary entered into a draw term loan in the amount of $1.4 million . As of March 31, 2019, $867,000 was available under the draw term loan. (15) On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million .	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2018 December 31, 2017 Senior revolving credit facility Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 8,917 9,917 Revolving credit facility J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,733 814 Capital lease obligations J&S Various Various - fixed 661 896 Equipment note J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,087 — Draw term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,950 — Revolving credit facility OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Term loan Pure Wellness October 1, 2018 5.00% — 220 Revolving credit facility Pure Wellness On demand Prime Rate (4) + 1.00% 60 100 Term loan RED April 5, 2025 Prime Rate (4) + 1.75% 695 — Revolving credit facility RED March 5, 2019 Prime Rate (4) + 1.75% 118 — Term loan RED February 1, 2029 Prime Rate (4) + 2.00% 1,785 — Notes payable 18,006 11,947 Less deferred loan costs, net (234 ) (240 ) Notes payable less net deferred loan costs 17,772 11,707 Less current portion (2,595 ) (1,751 ) Notes payable, net - non-current $ 15,177 $ 9,956 __________________ (1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.50% and 1.56% at December 31, 2018 and 2017, respectively. (4) Prime Rate was 5.50% and 4.50% at December 31, 2018 and 2017, respectively.

Leases (Tables)

Leases (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Lease Balances	As of March 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): Leases Classification March 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 26,151 Finance lease assets Furniture, fixtures and equipment, net 996 Total leased assets $ 27,147 Liabilities Current Operating Operating lease liabilities $ 2,396 Finance Notes payable, net 445 Noncurrent Operating Operating lease liabilities 23,767 Finance Notes payable, net 185 Total leased liabilities $ 26,793 Our weighted-average remaining lease terms (in years) and discount rates consisted of the following: March 31, 2019 Lease term and discount rate Weighted-average remaining lease term Operating leases (1) 12.2 Finance leases 1.6 Weighted-average discount rate (2) Operating leases 5.6 % Finance leases 6.5 % __________________ (1) The weighted-average remaining lease term for our operating leases includes two optional 10 year extension periods for our J&S headquarters in Irving, Texas, as failure to renew the lease would result in J&S incurring significant relocation costs. (2) Calculated using the interest rate for each lease.
Lease Expense and Cash Outflows from Operating and Finance Leases	We incurred the following lease costs related to our operating and finance leases (in thousands): Lease Cost Classification Three Months Ended March 31, 2019 Operating lease cost (1) General and administrative $ 777 Finance lease cost Amortization of leased assets Depreciation and amortization 68 Interest on lease liabilities Interest expense 7 Total lease cost $ 852 __________________ (1) Includes short-term and variable lease expense which were immaterial for the three months ended March 31, 2019 . For the three months ended March 31, 2019 , cash paid amounts included in the measurement of lease liabilities included (in thousands): Lease Payments Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 777 Financing cash flows from finance leases 168
Maturities of Operating Lease Liabilities	As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630
Maturities of Financing Lease Liabilities	As of March 31, 2019 , future minimum lease payments on operating and financing leases were as follows (in thousands): Operating Leases Financing Leases 2019 $ 2,846 $ 410 2020 3,685 132 2021 3,504 60 2022 3,287 42 2023 3,115 10 Thereafter 20,160 — Total minimum lease payments $ 36,597 $ 654 Imputed interest (10,434 ) (24 ) Present value of minimum lease payments $ 26,163 $ 630
Schedule of Future Minimum Lease Payments for Capital Leases	As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661	As of December 31, 2018 , future minimum lease payments on capital and operating leases were as follows (in thousands): Capital Leases Operating Leases 2019 $ 541 $ 3,529 2020 105 3,532 2021 33 3,329 2022 7 3,172 2023 — 3,059 Thereafter — 13,999 Total minimum lease payments 686 30,620 Imputed interest (25 ) — Present value of minimum lease payments $ 661 $ 30,620
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661	As of December 31, 2018 , future minimum lease payments on capital and operating leases were as follows (in thousands): Capital Leases Operating Leases 2019 $ 541 $ 3,529 2020 105 3,532 2021 33 3,329 2022 7 3,172 2023 — 3,059 Thereafter — 13,999 Total minimum lease payments 686 30,620 Imputed interest (25 ) — Present value of minimum lease payments $ 661 $ 30,620

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2019 Liabilities Contingent consideration $ — $ — $ (1,402 ) $ (1,402 ) (1) Deferred compensation plan $ (11,268 ) $ — $ — $ (11,268 ) Total $ (11,268 ) $ — $ (1,402 ) $ (12,670 ) __________________ (1) Reported as other noncurrent liabilities in the condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan (10,574 ) — — (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 )	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan $ (10,574 ) $ — $ — $ (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2017 Liabilities Contingent consideration $ — $ — $ (2,262 ) $ (2,262 ) (1) Deferred compensation plan (19,259 ) — — (19,259 ) Total $ (19,259 ) $ — $ (2,262 ) $ (21,521 ) __________________ (1) Reported as “due to affiliates” in the consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2018 $ — Acquisitions (1,384 ) Gains (losses) included in earnings (2) (18 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2019 $ (1,402 ) __________________ (1) Includes J&S’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in the condensed consolidated balance sheets within “other liabilities, noncurrent.” The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant inputs in the Level 3 measurement of the contingent consideration include the timing and amount of the ultimate payout based on our estimate of BAV operating performance during the earn-out period, calculated in accordance with the applicable agreement, and the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the condensed consolidated statements of operations.	The following table presents our rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2016 $ — Acquisitions (1,196 ) Gains (losses) included in earnings (2) (1,066 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at December 31, 2017 $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (338 ) Dispositions and settlements 2,600 Transfers into/out of Level 3 — Balance at December 31, 2018 $ — __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of J&S, which is carried at fair value in the consolidated balance sheet as of December 31, 2017 within “due to affiliates.” The liability was settled in the third quarter of 2018. The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant input in the Level 3 measurement of the contingent consideration is the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the consolidated statements of operations.
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 the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Liabilities Contingent consideration (18 ) (1) (213 ) (2 ) Deferred compensation plan (3) (740 ) (561 ) Total $ (758 ) $ (774 ) __________________ (1) Represents the accretion of contingent consideration associated with the acquisition of BAV in March of 2019. Reported as a component of “other operating expense” in the condensed consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition J&S in November of 2017, which was settled in the third quarter of 2018. Reported as “other operating expense” in the condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the condensed consolidated statements of operations.	The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2018 2017 2016 Assets Derivative assets: Equity put options $ — $ — $ (2,829 ) Equity call options — — 1,961 Options on futures contracts — (91 ) (228 ) Non-derivative assets: Equity securities — — (7,213 ) U.S. treasury securities — — 479 Total — (91 ) (7,830 ) Liabilities Derivative liabilities: Short equity put options — — 2,147 Short equity call options — — (1,944 ) Non-derivative liabilities: Equity securities — — (160 ) Contingent consideration (338 ) (1,066 ) — Deferred compensation plan 8,444 (10,410 ) 2,127 Total 8,106 (11,476 ) 2,170 Net $ 8,106 $ (11,567 ) $ (5,660 ) Total combined Unrealized gain (loss) on investments (1) $ — $ 203 $ 2,326 Realized gain (loss) on investments — (294 ) (10,113 ) Contingent consideration (2) (338 ) (1,066 ) — Deferred compensation plan (3) 8,444 (10,410 ) 2,127 Net $ 8,106 $ (11,567 ) $ (5,660 ) ________ (1) Includes unrealized gain (loss) associated with investments in unconsolidated entities and reported as “unrealized gain (loss) on investments” in the consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition of J&S settled in the third quarter of 2018. Reported as a component of “other operating expense” in the consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the consolidated statements of operations.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 11,268 $ 11,268 $ 10,574 $ 10,574 Contingent consideration 1,402 1,402 — — Financial assets not measured at fair value: Cash and cash equivalents $ 39,953 $ 39,953 $ 51,529 $ 51,529 Restricted cash 12,604 12,604 7,914 7,914 Accounts receivable, net 12,504 12,504 4,928 4,928 Due from affiliates 75 75 45 45 Due from Ashford Trust OP 4,416 4,416 5,293 5,293 Due from Braemar OP 2,031 2,031 1,996 1,996 Investments in unconsolidated entities 3,400 3,400 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 21,696 $ 21,696 $ 24,880 $ 24,880 Due to affiliates 1,176 1,176 2,032 2,032 Other liabilities 14,478 14,478 8,418 8,418 Notes payable 24,865 23,362 to 25,821 18,006 16,681 to 18,437	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, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 10,574 $ 10,574 $ 19,259 $ 19,259 Contingent consideration — — 2,262 2,262 Financial assets not measured at fair value: Cash and cash equivalents $ 51,529 $ 51,529 $ 36,480 $ 36,480 Restricted cash 7,914 7,914 9,076 9,076 Accounts receivable, net 4,928 4,928 5,127 5,127 Due from affiliates 45 45 — — Due from Ashford Trust OP 5,293 5,293 13,346 13,346 Due from Braemar OP 1,996 1,996 1,738 1,738 Investments in unconsolidated entities 500 500 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 24,880 $ 24,880 $ 20,529 $ 20,529 Due to affiliates 2,032 2,032 4,272 4,272 Other liabilities 8,418 8,418 9,076 9,076 Notes payable 18,006 16,681 to 18,437 11,947 12,040

Equity (Tables)

Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Schedule of (income) loss allocated to noncontrolling interests for each of our consolidated entities	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2019 2018 (Income) loss allocated to noncontrolling interests: J&S $ — $ (11 ) OpenKey 177 156 RED (34 ) (7 ) Pure Wellness 20 35 Total net (income) loss allocated to noncontrolling interests $ 163 $ 173	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2018 2017 2016 (Income) loss allocated to noncontrolling interests: J&S $ 58 $ (49 ) $ — OpenKey (1) 826 515 849 Pure Wellness (28 ) 38 — RED 68 — — Other (2) — (146 ) 8,011 Total net (income) loss allocated to noncontrolling interests $ 924 $ 358 $ 8,860 ________ (1) The 2016 loss allocated to the noncontrolling interest in OpenKey represents the period from the March 8, 2016 conversion of our notes receivable through December 31, 2016. (2) Represents noncontrolling interests primarily in the AQUA Fund, which was fully dissolved as of December 31, 2017.

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 4 $ 12 J&S (227 ) (355 ) OpenKey 202 282 Total net (income) loss allocated to redeemable noncontrolling interests $ (21 ) $ (61 )	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands). Year Ended December 31, 2018 2017 2016 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ (9 ) $ 19 $ 4 J&S 361 136 — OpenKey 1,086 1,329 1,143 Total net (income) loss allocated to redeemable noncontrolling interests $ 1,438 $ 1,484 $ 1,147 ________ (1) Represents the 0.2% interest in Ashford LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Holdings thereafter.
Dividends Declared	The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 for the three months ended March 31, 2019 . The Company declared and paid dividends as presented below: Three Months Ended March 31, 2019 2018 Preferred dividends $ 2,791 $ —	The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 per share for the three months ended December 31, 2018 . The Company declared and paid dividends as presented below: Year Ended December 31, 2018 2017 2016 Preferred dividends $ 4,466 $ — $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost	Equity-based compensation expense is primarily recorded in “salaries and benefits expense” in our condensed consolidated statements of operations and comprehensive income (loss). The components of equity-based compensation expense for the three months ended March 31, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended March 31, 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,151 $ 3,757 Director and other non-employee equity grants expense 7 40 Total equity-based compensation $ 2,158 $ 3,797 Other equity-based compensation REIT equity-based compensation (2) $ 5,868 $ 9,292 $ 8,026 $ 13,089 ________ (1) As of March 31, 2019 , the Company had approximately $16.8 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 2.0 years . During the three months ended March 31, 2018, we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (2) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. and Premier. During the three months ended March 31, 2019 , $30,000 and $79,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and “cost of revenues for project management”, respectively, on our condensed consolidated statements of operations. During the three months ended March 31, 2018, REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. See notes 2 and 15 .	The components of equity-based compensation expense for the years ended December 31, 2018 , 2017 and 2016 are presented below by award type (in thousands): Year Ended December 31, 2018 2017 2016 Equity-based compensation Stock option amortization (1) $ 9,580 $ 7,535 $ 5,884 Director and other non-employee equity grants expense (2) 439 250 250 Pre-spin equity grants expense (3) — 684 5,439 Total equity-based compensation $ 10,019 $ 8,469 $ 11,573 Other equity-based compensation REIT equity-based compensation (4) $ 31,899 $ 9,394 12,243 $ 41,918 $ 17,863 $ 23,816 ________ (1) See Stock Options discussion below. As of December 31, 2018 , the Company had approximately $11.1 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the year ended December 31, 2018 , we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. During the years ended December 31, 2018 , 2017 and 2016 , stock option amortization included $10,000 , $39,000 and $61,000 of amortization related to OpenKey stock options issued under OpenKey’s stock plan. (2) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in general and administrative expense as the grants of stock are fully vested on the date of grant. See Restricted Stock discussion below. (3) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017 , these equity grants were fully vested. See Restricted Stock discussion below. (4) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the year ended December 31, 2018 , $47,000 and $126,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and "cost of revenues for project management", respectively, on our consolidated statements of operations. During the year ended December 31, 2018 , REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 17 .

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2019 2018 Change in fair value Unrealized gain (loss) $ (740 ) $ (561 ) Distributions Fair value (1) $ 46 $ 80 Shares (1) 1 — ________ (1) Distributions made to one participant.	The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2018 2017 2016 Change in fair value Unrealized gain (loss) $ 8,444 $ (10,410 ) $ 2,127 Distributions Fair value (1) $ 241 $ 229 $ — Shares (1) 3 3 — ________ (1) Distributions made to one participant.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,045 $ 8,604 Reimbursable expenses (1) 2,040 1,529 Equity-based compensation (2) 4,289 6,745 Incentive advisory fee (3) — 452 Total advisory services revenue 14,374 17,330 Audio visual revenue (4) — — Project management revenue (5) 4,939 — Other revenue Investment management reimbursements (6) 358 182 Debt placement fees (7) 1,079 632 Claim management services (8) 11 18 Lease revenue (9) 946 168 Other services (10) 467 300 Total other revenue 2,861 1,300 Total revenue $ 22,174 $ 18,630 REVENUE BY SEGMENT (11) REIT advisory $ 15,689 $ 17,698 Premier 4,939 — J&S — — OpenKey 28 24 Corporate and other 1,518 908 Total revenue $ 22,174 $ 18,630 COST OF REVENUES Cost of audio visual revenues (4) $ 1,684 $ 354 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $597,000 and $202,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2018 , includes the pro-rata portion of the third year installment of the 2016 incentive advisory fee, which was paid in January 2019. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Ashford Trust advisory agreement. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2018 and 2017 measurement periods. See note 3 . (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 1,119 $ 2,337 AIM 139 99 Premier 1,559 1,611 J&S 1,123 826 Pure Wellness 469 418 OpenKey 7 2 RED — — Due from Ashford Trust OP $ 4,416 $ 5,293 The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through March 31, 2019 , as well as the unfunded ERFP Commitments as of March 31, 2019, for hotels acquired by the REITs are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — Initial ERFP Commitment 50,000 — 50,000 ERFP payment — Hilton Alexandria Old Town (11,100 ) — (11,100 ) ERFP payment — La Posada de Santa Fe $ (5,000 ) $ — $ (5,000 ) ERFP Commitments remaining at December 31, 2018 $ 33,900 $ — $ 33,900 Initial ERFP Commitment — 50,000 50,000 ERFP payment — Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP Commitments remaining at March 31, 2019 (1) $ 28,900 $ 50,000 $ 78,900 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Midtown Manhattan $ 19,500 $ — $ 19,500 Ritz-Carlton, Lake Tahoe — 10,300 10,300 Unfunded ERFP Commitments at March 31, 2019 $ 19,500 $ 10,300 $ 29,800 ________ (1) See note 10 . The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,577 $ 2,107 Reimbursable expenses (1) 469 420 Equity-based compensation (2) 1,469 2,547 Incentive advisory fee (3) 170 — Other advisory revenue (4) 128 128 Total advisory services revenue 4,813 5,202 Audio visual revenue (5) — — Project management revenue (6) 2,747 — Other revenue Debt placement fees (7) 275 — Claims management services (8) 30 37 Lease revenue (9) 84 84 Other services (10) 269 211 Total other revenue 658 332 Total revenue $ 8,218 $ 5,534 REVENUE BY SEGMENT (11) REIT advisory $ 4,927 $ 5,323 Premier 2,747 — J&S (11) — — OpenKey 20 5 Corporate and other 524 206 Total revenue $ 8,218 $ 5,534 COST OF REVENUES Cost of audio visual revenues (5) $ 86 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $44,000 and $15,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. For the three months ended March 31, 2018 , no incentive advisory fee was recognized as Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. See note 3 . (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 573 $ 941 Premier 1,265 949 J&S 71 4 Pure Wellness 18 30 OpenKey 15 12 RED 89 60 Due from Braemar OP $ 2,031 $ 1,996	The following table summarizes amounts due (to) from Ashford Trust OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 2,337 $ 12,610 AIM 99 347 Premier 1,611 — J&S 826 62 Pure Wellness 418 302 OpenKey 2 25 Due from Ashford Trust OP $ 5,293 $ 13,346 The following table summarizes amounts due (to) from Braemar OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 941 $ 1,682 Premier 949 — J&S 4 — Pure Wellness 30 50 OpenKey 12 6 RED 60 — Due from Braemar OP $ 1,996 $ 1,738 The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 35,482 $ 34,724 $ 34,700 Reimbursable expenses (1) 7,905 7,600 6,054 Equity-based compensation (2) 25,245 11,077 8,429 Incentive advisory fee (3) 1,809 1,809 1,809 Total advisory services revenue 70,441 55,210 50,992 Audio visual revenue (4) 88 — — Project management revenue (5) 7,096 — — Other revenue Investment management reimbursements (6) 1,156 1,976 — Debt placement fees (7) 5,094 913 — Claim management services (8) 76 — — Lease revenue (9) 670 558 — Other services (10) 1,968 997 4 Total other revenue 8,964 4,444 4 Total revenue $ 86,589 $ 59,654 $ 50,996 REVENUE BY SEGMENT (11) REIT advisory $ 77,437 $ 58,657 $ 50,992 Premier 7,096 — — J&S 88 — — OpenKey 97 77 4 Corporate and other 1,871 920 — Total revenue $ 86,589 $ 59,654 $ 50,996 COST OF REVENUES Cost of audio visual revenues (4) $ 3,444 $ 90 $ — ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $2.2 million , $1.7 million , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as discussed in note 2 , in the amount of $1.1 million for the year ended December 31, 2017. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the third, second and first year installments of the 2016 incentive advisory fee in the amount of $1.8 million for each of the years ended December 31, 2018 , 2017 and 2016 , respectively, for which the payment was due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Ashford Trust. No incentive fee was earned for the 2018, 2017 and 2015 measurement periods. (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreement and legacy key money transaction with Ashford Trust, we lease FF&E to Ashford Trust rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is 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, respectively. (11) See note 19 for discussion of segment reporting. The following table summarizes the revenues related to Braemar OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 9,423 $ 8,799 $ 8,343 Reimbursable expenses (1) 1,932 2,105 2,805 Equity-based compensation (2) 6,481 (1,683 ) 3,814 Incentive advisory fee (3) 678 1,274 1,274 Other advisory revenue (4) 521 277 — Total advisory services revenue 19,035 10,772 16,236 Project management revenue (5) 3,493 — — Other revenue Debt placement fees (6) 999 224 — Claims management services (7) 137 — — Lease revenue (8) 335 335 335 Other services (9) 857 41 — Total other revenue 2,328 600 335 Total revenue $ 24,856 $ 11,372 $ 16,571 REVENUE BY SEGMENT (10) REIT advisory $ 20,506 $ 11,331 $ 16,571 Premier 3,493 — — J&S (11) — — — OpenKey 29 16 — Corporate and other 828 25 — Total revenue $ 24,856 $ 11,372 $ 16,571 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $162,000 , $126,000 , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software in the amount of $1.1 million for the year ended December 31, 2017. See note 2 . (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the first year installment of the 2018 incentive advisory fee in the amount of $678,000 for the year ended December 31, 2018 , as Braemar's annual total stockholder return met the relevant incentive fee thresholds during the 2018 measurement period. Incentive advisory fee includes the third and second year installments of the 2015 incentive advisory fee in the amount of $1.3 million for each of the years ended December 31, 2017 and 2016 , respectively. Incentive advisory fee payments are due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Braemar. (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (7) Claims management services include revenues earned from providing insurance claim assessment and administration services. (8) In connection with our legacy key money transaction with Braemar, we lease FF&E to Braemar rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (9) Other services revenue is associated with other hotel products and services, such as mobile key applications, hypoallergenic premium rooms and watersports activities & travel/transportation services, provided to Braemar by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, respectively. (10) See note 19 for discussion of segment reporting. (11) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. For the year ended December 31, 2018 , J&S cost of revenues for audio visual associated with Braemar was insignificant.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 710 $ (5,723 ) Less: Dividends on preferred stock and amortization (3,282 ) — Undistributed net income (loss) allocated to common stockholders (2,572 ) (5,723 ) Distributed and undistributed net income (loss) - basic $ (2,572 ) $ (5,723 ) Effect of incremental subsidiary shares (202 ) (282 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings — (12 ) Distributed and undistributed net income (loss) - diluted $ (2,774 ) $ (6,017 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,419 2,094 Effect of incremental subsidiary shares 30 17 Effect of assumed conversion of operating partnership units — 4 Weighted average common shares outstanding – diluted 2,449 2,115 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (1.06 ) $ (2.73 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.13 ) $ (2.84 )	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, 2018 2017 2016 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 10,182 $ (18,352 ) $ (2,396 ) Less: Dividends on preferred stock and amortization (5,196 ) — — Less: Net income (loss) allocated to unvested shares (21 ) — — Undistributed net income (loss) allocated to common stockholders 4,965 (18,352 ) (2,396 ) Distributed and undistributed net income (loss) - basic $ 4,965 $ (18,352 ) $ (2,396 ) Effect of deferred compensation plan (8,444 ) — (2,127 ) Effect of contingently issuable shares (1,447 ) (1,465 ) (1,143 ) Distributed and undistributed net income (loss) - diluted $ (4,926 ) $ (19,817 ) $ (5,666 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,170 2,031 2,012 Effect of deferred compensation plan shares 103 — 158 Effect of contingently issuable shares 59 36 39 Weighted average common shares outstanding – diluted 2,332 2,067 2,209 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ 2.29 $ (9.04 ) $ (1.19 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.11 ) $ (9.59 ) $ (2.56 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2019 2018 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (4 ) — Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock 227 355 Dividends on preferred stock and amortization 3,282 — Total $ 3,505 $ 355 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 9 Effect of assumed exercise of stock options 65 234 Effect of assumed conversion of Ashford Holdings units 4 — Effect of incremental subsidiary shares 46 27 Effect of assumed conversion of preferred stock 1,450 — Total 1,574 270	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, 2018 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ 21 $ — $ — Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings 9 (19 ) (4 ) Dividends on preferred stock and amortization 5,196 — — Total $ 5,226 $ (19 ) $ (4 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 — 1 Effect of assumed exercise of stock options 163 34 — Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of assumed conversion of preferred stock 575 — — Total 751 38 5

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three months ended March 31, 2019 and 2018 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,187 $ — $ — $ — $ — $ 19,187 $ 22,532 $ — $ — $ — $ — $ 22,532 Audio visual — — 30,975 — — 30,975 — — 23,310 — — 23,310 Project Management — 7,790 — — — 7,790 — — — — — — Other 1,429 — — 257 3,682 5,368 489 — — 319 1,518 2,326 Total revenue 20,616 7,790 30,975 257 3,682 63,320 23,021 — 23,310 319 1,518 48,168 EXPENSES Depreciation and amortization 1,183 2,738 455 7 144 4,527 390 — 454 6 190 1,040 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 8,267 4,050 28,008 950 14,976 56,251 11,241 — 19,803 1,171 18,030 50,245 Total expenses 9,450 6,788 28,463 957 15,120 60,778 13,494 — 20,257 1,177 18,276 53,204 OPERATING INCOME (LOSS) 11,166 1,002 2,512 (700 ) (11,438 ) 2,542 9,527 — 3,053 (858 ) (16,758 ) (5,036 ) Equity in earnings (loss) of unconsolidated entities — — — — (275 ) (275 ) — — — — — — Interest expense — — (214 ) — (83 ) (297 ) — — (139 ) — (4 ) (143 ) Amortization of loan costs — — (12 ) (7 ) (50 ) (69 ) — — (12 ) (6 ) (5 ) (23 ) Interest income — — — — 20 20 — — — — 112 112 Other income (expense) — — (107 ) 6 48 (53 ) 19 — (58 ) (1 ) 1 (39 ) INCOME (LOSS) BEFORE INCOME TAXES 11,166 1,002 2,179 (701 ) (11,778 ) 1,868 9,546 — 2,844 (865 ) (16,654 ) (5,129 ) Income tax (expense) benefit (2,489 ) (426 ) (887 ) — 2,502 (1,300 ) (2,116 ) — (746 ) — 2,156 (706 ) NET INCOME (LOSS) $ 8,677 $ 576 $ 1,292 $ (701 ) $ (9,276 ) $ 568 $ 7,430 $ — $ 2,098 $ (865 ) $ (14,498 ) $ (5,835 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.	Certain information concerning our segments for the years ended December 31, 2018, 2017 and 2016 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, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 89,476 $ — $ — $ — $ — $ 89,476 Audio visual — — 81,186 — — 81,186 Project management — 10,634 — — — 10,634 Other 8,467 — — 999 4,758 14,224 Total revenue 97,943 10,634 81,186 999 4,758 195,520 EXPENSES Depreciation and amortization 2,129 4,358 2,221 27 607 9,342 Impairment 1,863 — — — 56 1,919 Other operating expenses (1) 41,563 5,260 79,193 4,510 54,572 185,098 Total operating expenses 45,555 9,618 81,414 4,537 55,235 196,359 OPERATING INCOME (LOSS) 52,388 1,016 (228 ) (3,538 ) (50,477 ) (839 ) Interest expense — — (745 ) — (214 ) (959 ) Amortization of loan costs — — (47 ) (25 ) (169 ) (241 ) Interest income — — — — 329 329 Other income (expense) — — (883 ) 2 47 (834 ) INCOME (LOSS) BEFORE INCOME TAXES 52,388 1,016 (1,903 ) (3,561 ) (50,484 ) (2,544 ) Income tax (expense) benefit (12,566 ) (239 ) 76 — 23,093 10,364 NET INCOME (LOSS) $ 39,822 $ 777 $ (1,827 ) $ (3,561 ) $ (27,391 ) $ 7,820 ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year Ended December 31, 2017 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 65,982 $ — $ — $ — $ — $ 65,982 Audio visual — — 9,186 — — 9,186 Project management — — — — — — Other 4,006 — — 327 2,072 6,405 Total revenue 69,988 — 9,186 327 2,072 81,573 EXPENSES Depreciation and amortization 1,373 — 319 25 810 2,527 Impairment 1,041 — — — 31 1,072 Other operating expenses (1) 19,099 — 9,655 3,478 56,264 88,496 Total operating expenses 21,513 — 9,974 3,503 57,105 92,095 OPERATING INCOME (LOSS) 48,475 — (788 ) (3,176 ) (55,033 ) (10,522 ) Interest expense — — (68 ) — (15 ) (83 ) Amortization of loan costs — — (6 ) (19 ) (14 ) (39 ) Interest income — — — — 244 244 Other income (expense) — — (47 ) (12 ) (12 ) (71 ) INCOME (LOSS) BEFORE INCOME TAXES 48,475 — (909 ) (3,207 ) (54,830 ) (10,471 ) Income tax (expense) benefit (18,324 ) — 252 — 8,349 (9,723 ) NET INCOME (LOSS) $ 30,151 $ — $ (657 ) $ (3,207 ) $ (46,481 ) $ (20,194 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year ended December 31, 2016 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 67,228 $ — $ — $ — $ — $ 67,228 Audio visual — — — — — — Project management — — — — — — Other 335 — — 44 — 379 Total revenue 67,563 — — 44 — 67,607 EXPENSES Depreciation and amortization 298 — — 24 852 1,174 Impairment — — — — — — Other operating expenses (1) 21,102 — — 2,904 44,884 68,890 Total operating expenses 21,400 — — 2,928 45,736 70,064 OPERATING INCOME (LOSS) 46,163 — — (2,884 ) (45,736 ) (2,457 ) Interest expense — — — — — — Amortization of loan costs — — — — — — Interest income — — — — 73 73 Other income (expense) (2) — — — (30 ) (9,209 ) (9,239 ) INCOME (LOSS) BEFORE INCOME TAXES 46,163 — — (2,914 ) (54,872 ) (11,623 ) Income tax (expense) benefit (16,684 ) — — — 15,904 (780 ) NET INCOME (LOSS) $ 29,479 $ — $ — $ (2,914 ) $ (38,968 ) $ (12,403 ) ________ (1) Other operating expenses includes salaries and benefits, in addition to general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (2) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments.

Organization and Description _2

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

Mar. 01, 2019

Jan. 01, 2019

Oct. 10, 2018

Sep. 28, 2018

Aug. 08, 2018

Jan. 16, 2018

Dec. 11, 2017

Nov. 01, 2017

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Jun. 26, 2018

Nov. 12, 2014

Noncontrolling Interest [Line Items]

Cash consideration

$ 4,332

$ 0

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

Net proceeds from issuance of common stock

$ 18,930

$ 0

$ 0

Public Offering

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

270,000

Share price (in dollars per share)

$ 74.50

Gross proceeds from issuance of common stock

$ 20,100

Net proceeds from issuance of common stock

$ 18,200

Over-Allotment Option

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

10,000

Net proceeds from issuance of common stock

$ 700

Affiliated Entity

Noncontrolling Interest [Line Items]

Program commitment amount

$ 50,000

Premier

Noncontrolling Interest [Line Items]

Purchase price

$ 200,117

Fair value of Ashford Inc. common stock issued

203,000

Equity interest issued, value assigned

$ 203,000

Voting Restrictions Term

5 years

Voting rights limit

25.00%

Common stock, par value (in dollars per share)

$ 0.01

J&S

Noncontrolling Interest [Line Items]

Voting interests acquired

88.00%

85.00%

Purchase price

$ 25,435

Cash consideration

9,176

Equity interest issued, value assigned

$ 4,300

Share price (in dollars per share)

$ 60.44

Equity interest issued (in shares)

70,318

RED

Noncontrolling Interest [Line Items]

Voting interests acquired

80.00%

Cash consideration

$ 220

$ 970

Escrow Deposit

$ 750

REA Holdings

Noncontrolling Interest [Line Items]

Voting interests acquired

30.00%

30.00%

Purchase price

$ 3,000

Fair value of Ashford Inc. common stock issued

890

Cash consideration

$ 2,100

Equity interest issued (in shares)

16,529

Option to purchase equity

50.00%

Option to purchase consideration

$ 12,500

BAV

Noncontrolling Interest [Line Items]

Purchase price

$ 9,971

RED

Noncontrolling Interest [Line Items]

Ownership by parent

80.00%

80.00%

0.00%

J&S | BAV

Noncontrolling Interest [Line Items]

Purchase price

10,000

Fair value of Ashford Inc. common stock issued

4,000

Cash consideration

5,000

Equity interest issued, value assigned

$ 3,500

Share price (in dollars per share)

$ 57.01

Equity interest issued (in shares)

61,387

Estimated fair value

$ 3,800

Interest issued and issuable, 18 months

500

Contingent consideration possible

$ 1,400

Ashford Trust, Inc.

Noncontrolling Interest [Line Items]

Ownership (in shares)

598,000

598,000

Ownership percentage

24.20%

25.00%

Braemar

Noncontrolling Interest [Line Items]

Ownership (in shares)

195,000

195,000

Ownership percentage

7.90%

8.10%

RED

Noncontrolling Interest [Line Items]

Payments to acquire ferry

$ 400

Ashford Trust

Noncontrolling Interest [Line Items]

Percent of common stock distribution with spin-off

70.00%

Ashford Trust | Affiliated Entity

Noncontrolling Interest [Line Items]

Program commitment amount

$ 50,000

Program potential commitment amount

$ 100,000

$ 100,000

Program percent of commitment for each hotel

10.00%

10.00%

Passenger Vessels | RED

Noncontrolling Interest [Line Items]

Payments to acquire ferry

2,400

Ferry | RED

Noncontrolling Interest [Line Items]

Payments to acquire ferry

$ 2,500

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Mar. 01, 2019	Jan. 01, 2019	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 08, 2016
Noncontrolling Interest [Line Items]
Equity in earnings (loss) of unconsolidated entities				$ (275,000)	$ 0
Cash consideration				4,332,000	0
Carrying value of redeemable noncontrolling interests				3,810,000		$ 3,531,000	$ 5,111,000
Redemption value adjustment, year-to-date				111,000	838,000	168,000	(1,270,000)	$ (936,000)
Impairment				0	0	0	0
Income loss from equity method due to change in fair value				0	0
Carrying value of noncontrolling interests				627,000		458,000	772,000
Long-term debt, gross				24,865,000		18,006,000	11,947,000
Investments in unconsolidated entities				3,400,000		500,000	500,000
ERFP assets				20,500,000		16,100,000
Impairment				0	1,919,000	1,919,000	1,072,000	$ 0
Other current liabilities				12,400,000		7,800,000	9,100,000
Other liabilities				1,902,000		0
Contingent consideration				1,402,000		$ 0	$ 2,262,000
Operating lease right-of-use assets				26,151,000
Present value of minimum lease payments				$ 26,163,000
ASU 2016-02
Noncontrolling Interest [Line Items]
Operating lease right-of-use assets		$ 26,200,000
Present value of minimum lease payments		$ 26,200,000
Furniture and Fixtures | Minimum
Noncontrolling Interest [Line Items]
Estimated Useful Life				3 years		3 years
Furniture and Fixtures | Maximum
Noncontrolling Interest [Line Items]
Estimated Useful Life				7 years 6 months		7 years 6 months
Software and Software Development Costs | Minimum
Noncontrolling Interest [Line Items]
Estimated Useful Life				3 years		3 years
Software and Software Development Costs | Maximum
Noncontrolling Interest [Line Items]
Estimated Useful Life				5 years		5 years
RED vessels
Noncontrolling Interest [Line Items]
Estimated Useful Life				20 years		20 years
REA Holdings
Noncontrolling Interest [Line Items]
Voting interests acquired		30.00%		30.00%
Purchase price		$ 3,000,000
Cash consideration		$ 2,100,000
Equity interest issued (in shares)		16,529
Fair value of Ashford Inc. common stock issued		$ 890,000
Option to purchase equity		50.00%
Investments in unconsolidated entities				$ 2,900,000
Option to purchase consideration		$ 12,500,000
Premier
Noncontrolling Interest [Line Items]
Purchase price			$ 200,117,000
Fair value of Ashford Inc. common stock issued			$ 203,000,000
Premier | Management Contracts
Noncontrolling Interest [Line Items]
Useful life				30 years		30 years
BAV
Noncontrolling Interest [Line Items]
Purchase price	$ 9,971,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments in unconsolidated entities				$ 500,000
Ashford LLC
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				99.83%		99.83%	99.80%
Redeemable noncontrolling interests				0.17%		0.17%	0.20%
Noncontrolling interests in consolidated entities				0.00%		0.00%	0.00%
Noncontrolling ownership				100.00%		100.00%	100.00%
Carrying value of redeemable noncontrolling interests				$ 230,000		$ 215,000	$ 385,000
Redemption value adjustment, year-to-date				20,000	(180,000)	(180,000)	224,000
Redemption value adjustment, cumulative				198,000	178,000	178,000	358,000
Carrying value of noncontrolling interests				$ 0		$ 0	$ 0
J&S
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				88.20%		85.00%	85.00%
Redeemable noncontrolling interests				11.80%		15.00%	15.00%
Noncontrolling interests in consolidated entities				0.00%		0.00%	0.00%
Noncontrolling ownership				100.00%		100.00%	100.00%
Carrying value of redeemable noncontrolling interests				$ 2,100,000		$ 1,858,000	$ 2,522,000
Redemption value adjustment, year-to-date				0	0	0	0
Redemption value adjustment, cumulative				0	0	0	0
Carrying value of noncontrolling interests				0		0	439,000
Assets, available only to settle subsidiary's obligations				62,112,000		37,141,000	36,951,000
Liabilities, no recourse to Ashford Inc				44,320,000		24,836,000	$ 21,821,000
ERFP assets				16,700,000		13,400,000
J&S | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross						13,614,000
J&S | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross				2,638,000		1,733,000
J&S | Medium-term Notes
Noncontrolling Interest [Line Items]
Long-term debt, gross				$ 19,250,000		$ 13,614,000
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				46.59%		45.61%	43.90%
Redeemable noncontrolling interests				28.15%		29.65%	39.59%
Noncontrolling interests in consolidated entities				25.26%		24.74%	16.51%		100.00%
Noncontrolling ownership				100.00%		100.00%	100.00%
Carrying value of redeemable noncontrolling interests				$ 1,480,000		$ 1,458,000	$ 2,204,000
Redemption value adjustment, year-to-date				(131,000)	12,000	12,000	1,046,000
Redemption value adjustment, cumulative				1,902,000	$ 2,033,000	2,033,000	2,021,000
Carrying value of noncontrolling interests				466,000		308,000	128,000
Assets, available only to settle subsidiary's obligations				2,142,000		1,410,000	1,403,000
Liabilities, no recourse to Ashford Inc				552,000		421,000	889,000
OpenKey | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross						0
OpenKey | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						0
OpenKey | Medium-term Notes
Noncontrolling Interest [Line Items]
Long-term debt, gross				$ 0		$ 0	$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				70.00%		70.00%	70.00%
Redeemable noncontrolling interests				0.00%		0.00%	0.00%
Noncontrolling interests in consolidated entities				30.00%		30.00%	30.00%
Noncontrolling ownership				100.00%		100.00%	100.00%
Carrying value of noncontrolling interests				$ 195,000		$ 218,000	$ 205,000
Assets, available only to settle subsidiary's obligations				2,283,000		2,267,000	1,865,000
Liabilities, no recourse to Ashford Inc				2,139,000		1,977,000	$ 1,652,000
Pure Wellness | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross				$ 0		0
Pure Wellness | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 60,000
RED
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest				80.00%		80.00%	0.00%
Redeemable noncontrolling interests				0.00%		0.00%	0.00%
Noncontrolling interests in consolidated entities				20.00%		20.00%	0.00%
Noncontrolling ownership				100.00%		100.00%	0.00%
Carrying value of noncontrolling interests				$ (34,000)		$ (68,000)	$ 0
Assets, available only to settle subsidiary's obligations				8,158,000		6,807,000	0
Liabilities, no recourse to Ashford Inc				3,793,000		2,839,000	0
Long-term debt, gross							0
ERFP assets				5,700,000		5,700,000
RED | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Long-term debt, gross				2,977,000		2,480,000
RED | Revolving Credit Facility
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 118,000	$ 0
J&S | BAV
Noncontrolling Interest [Line Items]
Purchase price	10,000,000
Cash consideration	$ 5,000,000
Equity interest issued (in shares)	61,387
Fair value of Ashford Inc. common stock issued	$ 4,000,000
Interest issued and issuable, 18 months	$ 500,000
Contingent consideration				$ 1,400,000

Revenues (Details)

Revenues (Details) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168	$ 195,520	$ 81,573	$ 67,607
Accounts receivable, net	12,504	4,928				4,928	5,127
Deferred Revenue and Contract Balances
Balance	13,544			$ 13,194	13,899	13,899
Increase to deferred revenue	2,072				2,032	7,781
Recognition of revenue	(2,445)				(2,737)	(8,100)
Balance	$ 13,171	$ 13,544			13,194	$ 13,544	13,899
Number of reportable segments | segment	4					4
J&S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 30,975				23,310	$ 81,186	9,186
J&S | United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	23,142				15,952	60,241	6,033
J&S | Mexico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	5,728				5,460	15,429	2,760
J&S | Dominican Republic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,105				1,898	5,516	393
REIT Advisory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	20,616				23,021	97,943	69,988	67,563
OpenKey
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	257				319	999	327	44
Corporate and Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	3,682				1,518	4,758	2,072	0
Base advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	10,622				10,711	44,905	43,523	43,043
Incentive advisory fee
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	170				452	2,487	3,083	3,083
Reimbursable expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,509				1,949	9,837	9,705	8,859
Equity-based compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	5,758				9,292	31,726	9,394	12,243
Other advisory revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	128				128	521	277	0
Total advisory services revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	19,187				22,532	89,476	65,982	67,228
Deferred Revenue and Contract Balances
Recognition of revenue	(770)				(346)	(2,100)
Audio visual
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	30,975				23,310	81,186	9,186	0
Deferred Revenue and Contract Balances
Recognition of revenue	(1,000)				(1,900)	(3,800)
Audio visual | J&S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	30,975				23,310	81,186	9,186	0
Project management
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,790				0	10,634	0	0
Project management | Premier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	7,790				0	10,634	0	0
Other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	5,368				2,326	14,224	6,405	379
Deferred Revenue and Contract Balances
Recognition of revenue	(636)				(510)	(2,200)
Investment management reimbursements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	358				182	1,156	1,976	0
Debt placement fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	1,354				632	6,093	1,137	0
Claim management services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	41				55	213	0	0
Lease revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	1,030				252	1,005	893	335
Other services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	2,585				1,205	5,757	2,399	44
Total other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 5,368				2,326	$ 14,224	6,405	$ 379
Braemar
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%	0.70%				0.70%
Proceeds from affiliates					$ 5,000		5,000
Ashford Trust OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%	0.70%				0.70%
Due from related parties	$ 4,416	$ 5,293				$ 5,293	13,346
Braemar OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Due from related parties	$ 2,031	$ 1,996				$ 1,996	$ 1,738
Maximum | Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%	0.70%				0.70%
Total market capitalization threshold for calculating base advisory fee	$ 10,000,000	$ 10,000,000				$ 10,000,000
Minimum | Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.50%	0.50%				0.50%
Total market capitalization threshold for calculating base advisory fee	$ 6,000,000	$ 6,000,000				$ 6,000,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2019	Aug. 08, 2018	Nov. 01, 2017	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 07, 2018
Business Acquisition [Line Items]
Total revenue				$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168					$ 195,520	$ 81,573	$ 67,607
Non-recurring transaction costs				400				900					10,300	1,000
Payments to Acquire Businesses, Gross				4,332				0
NET INCOME (LOSS)				568	$ 2,717	$ 2,006	$ 8,932	$ (5,835)	$ (7,982)	$ (2,258)	$ (7,231)	$ (2,723)	$ 7,820	$ (20,194)	(12,403)
Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares issued (in shares)		8,120,000			8,120,000			8,120,000	0				8,120,000	0		8,120,000
Premier
Business Acquisition [Line Items]
Equity interest issued, value assigned		$ 203,000
Purchase price		200,117
Fair value of Ashford Inc. common stock issued		$ 203,000
Premier | Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Equity interest issued (in shares)		1,450,000
Share price (in dollars per share)		$ 140
J&S
Business Acquisition [Line Items]
Equity interest issued, value assigned			$ 4,300
Voting interests acquired	88.00%		85.00%
Term loan			$ 10,000
Equity interest issued (in shares)			70,318
Share price (in dollars per share)			$ 60.44
Fair value of contingent consideration			$ 1,196
Goodwill expected tax deductible			9,900
Purchase price			25,435
Payments to Acquire Businesses, Gross			$ 9,176
BAV
Business Acquisition [Line Items]
Term loan	$ 5,000
Fair value of contingent consideration	1,384
Purchase price	9,971
J&S | BAV
Business Acquisition [Line Items]
Total revenue				1,700
Equity interest issued, value assigned	$ 3,500
Equity interest issued (in shares)	61,387
Share price (in dollars per share)	$ 57.01
Goodwill expected tax deductible	$ 5,400
Purchase price	10,000
Payments to Acquire Businesses, Gross	5,000
Fair value of Ashford Inc. common stock issued	4,000
Estimated fair value	3,800
Interest issued and issuable, 18 months	500
Contingent consideration possible	$ 1,400
NET INCOME (LOSS)				253
Project management
Business Acquisition [Line Items]
Total revenue				7,790				$ 0					$ 10,634	$ 0	0
Premier | Project management
Business Acquisition [Line Items]
Total revenue				7,790				0					10,634	0	0
Operating Segments | Premier
Business Acquisition [Line Items]
Total revenue								0					10,634	0	0
NET INCOME (LOSS)				576				0					777	0	0
Operating Segments | Premier | Project management
Business Acquisition [Line Items]
Total revenue				$ 7,790				$ 0					$ 10,634	$ 0	$ 0

Acquisitions - Schedules (Detai

Acquisitions - Schedules (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill			$ 65,112		$ 59,683	$ 12,947
Pro Forma Financial Results
Total revenue			65,239	$ 59,269
Net income (loss)			931	(3,267)
Net income (loss) attributable to the Company			$ 1,016	(3,272)
Premier
Business Acquisition [Line Items]
Less working capital adjustments		$ (2,883)
Fair value of Ashford Inc. common stock issued		203,000
Purchase price consideration		200,117
Current assets		3,878
Furniture, fixtures and equipment		$ 47
Estimated Useful Life		30 years
Goodwill		$ 53,517
Customer relationships		188,800
Total assets acquired		246,242
Current liabilities		2,378
Noncurrent liabilities		43,747
Total assumed liabilities		46,125
Net assets acquired		$ 200,117
BAV
Business Acquisition [Line Items]
Term loan	$ 5,000
Less working capital adjustments	(668)
Stock Issued	3,755			$ 0
Stock consideration payable	500
Fair value of contingent consideration	1,384
Purchase price consideration	9,971
J&S | BAV
Business Acquisition [Line Items]
Fair value of Ashford Inc. common stock issued	4,000
Purchase price consideration	10,000
Current assets	754
Furniture, fixtures and equipment	$ 2,055
Estimated Useful Life	5 years
Goodwill	$ 5,429
Trademarks	350
Customer relationships	2,200
Total assets acquired	10,788
Current liabilities	567
Noncurrent liabilities	250
Total assumed liabilities	817
Net assets acquired	$ 9,971

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Balance at December 31, 2018	$ 59,683	$ 12,947
Changes in goodwill:
Additions	5,429	53,517	$ 12,947
Adjustments	0	(6,781)	0
Balance at March 31, 2019	65,112	59,683	12,947
Operating Segments | Premier
Goodwill [Roll Forward]
Balance at December 31, 2018	53,517	0
Changes in goodwill:
Additions	0	53,517	0
Adjustments	0	0	0
Balance at March 31, 2019	53,517	53,517	0
Operating Segments | J&S
Goodwill [Roll Forward]
Balance at December 31, 2018	5,384	12,165
Changes in goodwill:
Additions	5,429	0	12,165
Adjustments	0	(6,781)	0
Balance at March 31, 2019	10,813	5,384	12,165
Corporate and Other
Goodwill [Roll Forward]
Balance at December 31, 2018	782	782
Changes in goodwill:
Additions	0	0	782
Adjustments	0	0	0
Balance at March 31, 2019	$ 782	$ 782	$ 782

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 3,551	$ 3,201	$ 3,201
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	197,694	195,494	6,694
Accumulated Amortization	(8,490)	(5,501)	(182)
Net Carrying Amount	189,204	189,993	6,512
Trademarks | J&S
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,551	3,201	3,201
Customer Relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175	175
Accumulated Amortization	(70)	(61)	(26)
Net Carrying Amount	105	114	149
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,719	6,519	6,519
Accumulated Amortization	(1,332)	(1,087)	(156)
Net Carrying Amount	7,387	5,432	6,363
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	188,800	188,800	0
Accumulated Amortization	(7,088)	(4,353)	0
Net Carrying Amount	$ 181,712	$ 184,447	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 3,000	$ 241	$ 5,300	$ 182
Customer Relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years		5 years
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years		7 years
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Useful life	30 years		30 years

Notes Payable, net (Details)

Notes Payable, net (Details) - USD ($) $ / shares in Units, shares in Thousands	Feb. 28, 2019	Mar. 01, 2018	Nov. 01, 2017	Apr. 13, 2017	Apr. 06, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 01, 2019	Nov. 08, 2018	Aug. 31, 2018	Mar. 23, 2018
Debt Instrument [Line Items]
Long-term debt, gross						$ 24,865,000		$ 18,006,000	$ 11,947,000
Capital lease obligations								661,000
Less deferred loan costs, net						(260,000)		(234,000)	(240,000)
Notes payable less net deferred loan costs						24,605,000		17,772,000	11,707,000
Less current portion						(2,933,000)		(2,595,000)	(1,751,000)
Notes payable, net - non-current						$ 21,672,000		15,177,000	9,956,000
Covenant net worth percentage						75.00%
Payments on revolving credit facilities						$ 6,890,000	$ 4,815,000	$ 20,881,000	$ 924,000	$ 0
LIBOR
Debt Instrument [Line Items]
Reference rate						2.49%		2.50%	1.56%
Prime Rate
Debt Instrument [Line Items]
Reference rate						5.50%		5.50%	4.50%
J&S
Debt Instrument [Line Items]
Capital lease obligations						$ 630,000		$ 661,000	$ 896,000
RED
Debt Instrument [Line Items]
Long-term debt, gross									0
Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross						1,400,000		1,000,000
Revolving Credit Facility | J&S
Debt Instrument [Line Items]
Long-term debt, gross						2,638,000		1,733,000
Revolving Credit Facility | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross								0
Revolving Credit Facility | Pure Wellness
Debt Instrument [Line Items]
Long-term debt, gross								60,000
Revolving Credit Facility | RED
Debt Instrument [Line Items]
Long-term debt, gross								118,000	0
Revolving Credit Facility | Senior revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross						0		0	0
Maximum borrowing capacity		$ 35,000,000
Debt term		3 years
Term of extension option		1 year
Additional borrowing capacity						40,000,000		40,000,000
Revolving Credit Facility | Senior revolving credit facility | Minimum
Debt Instrument [Line Items]
Additional borrowing capacity						$ 75,000,000		$ 75,000,000
Revolving Credit Facility | Senior revolving credit facility | Federal Funds Rate
Debt Instrument [Line Items]
Reference rate						0.50%		0.50%
Revolving Credit Facility | Senior revolving credit facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%				2.00%		2.00%
Revolving Credit Facility | Senior revolving credit facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%				2.50%		2.50%
Revolving Credit Facility | Senior revolving credit facility | LIBOR
Debt Instrument [Line Items]
Reference rate						1.00%		1.00%
Revolving Credit Facility | Senior revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%				3.00%		3.00%
Revolving Credit Facility | Senior revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%				3.50%		3.50%
Revolving Credit Facility | Facility Due 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross						$ 2,638,000		$ 1,733,000	814,000
Revolving Credit Facility | Facility Due 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						3.25%		3.25%
Revolving Credit Facility | Facility Due April 2020 | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross						$ 0		$ 0
Revolving Credit Facility | Facility Due April 2020 | OpenKey | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						2.75%
Revolving Credit Facility | Facility due On Demand
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100,000
Payments on revolving credit facilities	$ 60,000
Revolving Credit Facility | Facility due On Demand | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Revolving Credit Facility | Facility due On Demand | Pure Wellness
Debt Instrument [Line Items]
Long-term debt, gross						$ 0		$ 60,000	100,000
Revolving Credit Facility | Facility due On Demand | Pure Wellness | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%		1.00%
Revolving Credit Facility | Facility Due March 2019 [Member] | RED
Debt Instrument [Line Items]
Long-term debt, gross								$ 118,000	0
Face amount of debt	$ 250,000					$ 250,000								$ 250,000
Remaining borrowing capacity								$ 132,000
Revolving Credit Facility | Facility Due March 2019 [Member] | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate								1.75%
Revolving Credit Facility | Facility Due 2020 | RED
Debt Instrument [Line Items]
Long-term debt, gross						$ 0		$ 118,000
Revolving Credit Facility | Facility Due 2020 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.75%
Revolving Credit Facility | J&S Facility due 2022
Debt Instrument [Line Items]
Long-term debt, gross								21,800,000
Face amount of debt											$ 5,000,000
Remaining borrowing capacity						$ 862,000		1,300,000
Maximum borrowing capacity			$ 3,000,000					3,000,000			3,500,000
Payments on revolving credit facilities			20,800,000
Notes Payable to Banks | J&S
Debt Instrument [Line Items]
Long-term debt, gross								13,614,000
Notes Payable to Banks | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross								0
Notes Payable to Banks | Pure Wellness
Debt Instrument [Line Items]
Long-term debt, gross						0		0
Notes Payable to Banks | RED
Debt Instrument [Line Items]
Long-term debt, gross						2,977,000		2,480,000
Notes Payable to Banks | Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross						$ 13,667,000		$ 8,917,000	9,917,000
Notes Payable to Banks | Term Loan Due November 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						3.25%		3.25%
Notes Payable to Banks | Equipment Note Due 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross						$ 3,054,000		$ 2,087,000	0
Face amount of debt			3,000,000					2,300,000			8,000,000
Payments on revolving credit facilities								$ 196,000
Notes Payable to Banks | Equipment Note Due 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						3.25%		3.25%
Notes Payable to Banks | Term Loan Due November 2022 | J&S
Debt Instrument [Line Items]
Long-term debt, gross						$ 1,900,000		$ 1,950,000	0
Face amount of debt			$ 2,000,000					$ 2,000,000			$ 2,400,000
Notes Payable to Banks | Term Loan Due November 2022 | J&S | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						3.25%		3.25%
Notes Payable to Banks | Term Loan Due April 2025 | RED
Debt Instrument [Line Items]
Long-term debt, gross						$ 673,000		$ 695,000	0
Face amount of debt														$ 750,000
Notes Payable to Banks | Term Loan Due April 2025 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.75%		1.75%
Notes Payable to Banks | Term Loan Due December 2026 | RED
Debt Instrument [Line Items]
Long-term debt, gross						$ 533,000		$ 0
Face amount of debt						1,400,000
Remaining borrowing capacity						$ 867,000
Notes Payable to Banks | Term Loan Due December 2026 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.75%
Notes Payable to Banks | Term Loan Due February 2029 | RED
Debt Instrument [Line Items]
Long-term debt, gross						$ 1,770,000		$ 1,785,000	0
Face amount of debt													$ 1,800,000
Notes Payable to Banks | Term Loan Due February 2029 | RED | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate						2.00%		2.00%
Medium-term Notes | J&S
Debt Instrument [Line Items]
Long-term debt, gross						$ 19,250,000		$ 13,614,000
Medium-term Notes | OpenKey
Debt Instrument [Line Items]
Long-term debt, gross						0		0	0
Medium-term Notes | J&S Facility due 2022 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Medium-term Notes | J&S Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,000,000
Face amount of debt			$ 10,000,000
Net deferred loan costs						(198,000)		(183,000)	$ (226,000)
Medium-term Notes | J&S Term Loan [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Interest Rate Cap
Debt Instrument [Line Items]
Derivative, notional amount						$ 5,000,000		$ 5,000,000
Derivative interest rate						4.00%		4.00%
OpenKey | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 1,500,000
OpenKey | Line of Credit | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
Convertible Preferred Stock | OpenKey
Debt Instrument [Line Items]
Number of warrants (in shares)				23								23
Exercise price (in dollars per share)				$ 1.61								$ 1.61
Fair value of warrants				$ 26,000								$ 26,000

Leases - Lease Balances and Oth

Leases - Lease Balances and Other Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)extension_period	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options | extension_period	2
Renewal term	10 years
Rental expense		$ 342	$ 2,100	$ 307
Operating lease right-of-use assets	$ 26,151
Finance lease assets	996		$ 807
Total leased assets	27,147
Operating lease liabilities	2,396
Notes payable, net	445
Operating lease liabilities	23,767
Notes payable, net	185
Total leased liabilities	$ 26,793
Weighted average remaining lease term for operating leases	12 years 2 months 16 days
Weighted average remaining lease term for finance leases	1 year 7 months 6 days
Weighted average discount rate for operating leases	5.60%
Weighted average discount rate for finance leases	6.50%
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

Leases - Lease Expense and Cash

Leases - Lease Expense and Cash Outflows from Operating and Finance Leases (Details) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease expense	$ 777
Finance lease cost
Depreciation and amortization	68
Interest expense	7
Total lease expense	852
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	777
Financing cash outflows from finance leases	$ 168

Leases - Maturities of Operatin

Leases - Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating leases
2019	$ 2,846
2020	3,685
2021	3,504
2022	3,287
2023	3,115
Thereafter	20,160
Total minimum lease payments	36,597
Imputed interest	(10,434)
Present value of minimum lease payments	26,163
Finance leases
2019	410
2020	132
2021	60
2022	42
2023	10
Thereafter	0
Total minimum lease payments	654
Imputed interest	(24)
Present value of minimum lease payments	$ 630

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	$ (758)	$ (774)	$ 8,106	$ (11,476)	$ 2,170
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Balance at December 31, 2018	0	(2,262)	(2,262)	0
Acquisitions	(1,384)		0	(1,196)
Gains (losses) included in earnings	(18)		(338)	(1,066)
Dispositions and settlements	0		2,600	0
Transfers into/out of Level 3	0		0	0
Balance at March 31, 2019	(1,402)		0	(2,262)	0
Unrealized gain (loss)	(18)	(213)	(338)	(1,066)	0
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Unrealized gain (loss)	(740)	$ (561)	8,444	(10,410)	$ 2,127
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(1,402)			(2,262)
Deferred compensation plan	(11,268)		(10,574)	(19,259)
Total	(12,670)		(10,574)	(21,521)
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0			0
Deferred compensation plan	(11,268)		(10,574)	(19,259)
Total	(11,268)		(10,574)	(19,259)
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0			0
Deferred compensation plan	0		0	0
Total	0		0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(1,402)			(2,262)
Deferred compensation plan	0		0	0
Total	$ (1,402)		$ 0	$ (2,262)

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	$ 11,268	$ 10,574		$ 19,259
Deferred compensation plan, Fair value	11,268	10,574		19,259
Contingent consideration	1,402	0		2,262
Contingent consideration, Fair value	1,402	0		2,262
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	39,953	51,529	$ 34,910	36,480	$ 84,091	$ 50,272
Cash and cash equivalents, Fair value	39,953	51,529		36,480
Restricted cash, Carrying value	12,604	7,914	$ 15,045	9,076	$ 9,752	$ 5,684
Restricted cash, Fair value	12,604	7,914		9,076
Accounts receivable, net, Carrying value	12,504	4,928		5,127
Accounts receivable, net, Fair value	12,504	4,928		5,127
Due from affiliates, Carrying value	75	45		0
Due from affiliates, Fair value	75	45
Investments in unconsolidated entities, Carrying value	3,400	500		500
Investments in unconsolidated entities, Fair value	3,400	500		500
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	21,696	24,880		20,529
Accounts payable and accrued expenses, Fair value	21,696	24,880		20,529
Due to affiliates, Carrying value	1,176	2,032		4,272
Due to affiliates, Fair value	1,176	2,032		4,272
Other liabilities, Carrying value	14,478	8,418
Other liabilities, Fair value	14,478	8,418		9,076
Notes payable, Carrying value	24,865	18,006		11,947
Notes payable, Fair value				12,040
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	23,362	16,681
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 25,821	$ 18,437
Maximum maturity period of financial assets	90 days	90 days
Ashford Trust OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	$ 4,416	$ 5,293		13,346
Due from related parties, Fair value	4,416	5,293		13,346
Braemar OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	2,031	1,996		1,738
Due from related parties, Fair value	$ 2,031	$ 1,996		$ 1,738

Leases - Lease Commitments (Det

Leases - Lease Commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Capital Leases
2019	$ 541
2020	105
2021	33
2022	7
2023	0
Thereafter	0
Total minimum lease payments	686
Imputed interest	(25)
Present value of minimum lease payments	661
Operating Leases
2019	3,529
2020	3,532
2021	3,329
2022	3,172
2023	3,059
Thereafter	13,999
Imputed interest	0
Total minimum lease payments	$ 30,620

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long-term Purchase Commitment [Line Items]
ERFP Commitments	$ 78,900	$ 33,900	$ 0
Ashford Trust
Long-term Purchase Commitment [Line Items]
ERFP Commitments	28,900	33,900	0
Braemar
Long-term Purchase Commitment [Line Items]
ERFP Commitments	$ 50,000	$ 0	$ 0

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 163	$ 173	$ 924	$ 358	$ 8,860
J&S
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	0	(11)	58	(49)	0
OpenKey
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	177	156	826	515	849
RED
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	(34)	(7)	68	0	0
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss allocated to noncontrolling interests	$ 20	$ 35	$ (28)	$ 38	$ 0

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 08, 2018	Mar. 31, 2019	Mar. 31, 2018	Aug. 08, 2021	Aug. 08, 2020	Aug. 08, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 07, 2018
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ (21)	$ (61)				$ 1,438	$ 1,484	$ 1,147
Amortization of preferred stock discount		$ (491)	0				$ (730)	0	0
Redemption price (in dollars per share)							$ 0.001
Preferred dividends (in dollars per share)		$ 0.3438					$ 0.3438
Preferred dividends		$ 2,791	$ 0				$ 4,466	$ 0	0
Series B Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, shares issued (in shares)	8,120,000		8,120,000				8,120,000	0		8,120,000
Premier
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued, value assigned	$ 203,000
Voting rights limit term	5 years
Voting rights limit	25.00%
Premier | Series B Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Share price (in dollars per share)	$ 140
Equity interest issued (in shares)	1,450,000
Redemption increments amount	$ 25,000
Redemption term minimum before closing	15 days
Redemption price (in dollars per share)	$ 25.125
Premier | Series B Convertible Preferred Stock | Scenario, Forecast
Redeemable Noncontrolling Interest [Line Items]
Dividend rate				6.50%	6.00%	5.50%
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 4	$ 12				$ (9)	$ 19	4
Redeemable noncontrolling interests		0.20%
J&S
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ (227)	(355)				$ 361	$ 136	0
Redeemable noncontrolling interests		11.80%					15.00%	15.00%
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests		$ 202	$ 282				$ 1,086	$ 1,329	$ (1,143)
Redeemable noncontrolling interests		28.15%					29.65%	39.59%
Ashford LLC
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests		0.17%					0.17%	0.20%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 16,800		$ 11,100
Allocated stock-based compensation expense	$ 8,026	$ 13,089	$ 41,918	$ 17,863	$ 23,816
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	1 year 11 months 20 days		1 year 3 months 1 day
Allocated stock-based compensation expense	$ 2,151	3,757	$ 9,580	7,535	5,884
Employee Stock Option | Ashford Trust and Braemar | Salaries and Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	30		47
Employee Stock Option | Ashford Trust and Braemar | Cost of Revenues for Project Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	79		100
Employee Stock Option | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	2,500		2,500
Employee Stock Option | Executive | Ashford Trust and Braemar
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	6,700		6,700
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	2,158	3,797	10,019	8,469	11,573
Stock Compensation Plan | Director and other non-employee equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	7	40	439	250	250
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 5,868	$ 9,292	$ 31,899	$ 9,394	$ 12,243

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Revenue Arrangement [Line Items]
Deferral of compensation percentage maximum	100.00%		100.00%
Unrealized gain (loss)	$ (758)	$ (774)	$ 8,106	$ (11,476)	$ 2,170
Distribution from deferred compensation plan	46	$ 80	241	229	$ 0
Deferred compensation plan liability	$ 11,268		$ 10,574	$ 19,259
Common Stock
Deferred Revenue Arrangement [Line Items]
Deferred compensation plan distribution (in shares)	1	0	3	3	0
Deferred compensation plan
Deferred Revenue Arrangement [Line Items]
Unrealized gain (loss)	$ (740)	$ (561)	$ 8,444	$ (10,410)	$ 2,127

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jan. 24, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 26, 2018	Jun. 21, 2017	Mar. 08, 2016
Related Party Transaction [Line Items]
Deferred revenue recognized		$ 2,445,000	$ 2,737,000	$ 8,100,000
Advisory agreement, amount due upon approval								$ 5,000,000
Advisory agreement, initial term	10 years
ERFP Commitments:
ERFP Commitments		33,900,000	0	0
Initial ERFP Commitment		50,000,000		50,000,000
ERFP Commitments		78,900,000		33,900,000	$ 0
Unfunded ERFP Commitments		29,800,000
Amount invested		2,176,000	0
Rental expense			342,000	2,100,000	307,000
Officer of J&S
ERFP Commitments:
Operating lease amount per year		307,000		300,000
Rental expense		$ 84,000	84,000	$ 335,000	$ 50,000
Pure Wellness
ERFP Commitments:
Noncontrolling interests in consolidated entities		30.00%		30.00%	30.00%
Ashford LLC
ERFP Commitments:
Noncontrolling interests in consolidated entities		0.00%		0.00%	0.00%
J&S
ERFP Commitments:
Noncontrolling interests in consolidated entities		0.00%		0.00%	0.00%
OpenKey
ERFP Commitments:
Noncontrolling interests in consolidated entities		25.26%		24.74%	16.51%				100.00%
OpenKey | Ashford Trust
ERFP Commitments:
Noncontrolling interests in consolidated entities		16.64%		16.30%	16.23%
Amount invested		$ 299,000	667,000	$ 667,000	$ 983,000	$ 2,300,000
OpenKey | Braemar
ERFP Commitments:
Noncontrolling interests in consolidated entities		8.40%		8.21%	0.00%
Amount invested		$ 156,000	2,000,000	$ 2,000,000	$ 0	0
RED
ERFP Commitments:
Noncontrolling interests in consolidated entities		20.00%		20.00%	0.00%
Ashford Trust OP
Related Party Transaction [Line Items]
Gross asset value multiplier		0.70%		0.70%
Advisory services, quarterly base fee		0.70%		0.70%
Revenue		$ 22,174,000	18,630,000	$ 86,589,000	$ 59,654,000	50,996,000
Cost of revenues for audio visual		1,684,000	354,000	3,444,000	90,000	0
Due from related parties		4,416,000		5,293,000	13,346,000
Ashford Trust OP | Corporate and Other
Related Party Transaction [Line Items]
Revenue		1,518,000	908,000	1,871,000	920,000	0
Ashford Trust OP | REIT Advisory
Related Party Transaction [Line Items]
Revenue		15,689,000	17,698,000	77,437,000	58,657,000	50,992,000
Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Revenue		$ 28,000	24,000	$ 97,000	77,000	4,000
Braemar
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%		0.70%
ERFP Commitments:
ERFP Commitments		$ 0	0	$ 0
Initial ERFP Commitment		50,000,000		0
ERFP Commitments		50,000,000		0	0
Ashford Trust
ERFP Commitments:
ERFP Commitments		33,900,000	0	0
Initial ERFP Commitment		0		50,000,000
ERFP Commitments		28,900,000		$ 33,900,000	0
Unfunded ERFP Commitments		19,500,000
Braemar OP
Related Party Transaction [Line Items]
Gross asset value multiplier				0.70%
Revenue		8,218,000	5,534,000	$ 24,856,000	11,372,000	16,571,000
Cost of revenues for audio visual		86,000	0
Due from related parties		2,031,000		1,996,000	1,738,000
ERFP Commitments:
Unfunded ERFP Commitments		10,300,000
Braemar OP | Corporate and Other
Related Party Transaction [Line Items]
Revenue		524,000	206,000	828,000	25,000	0
Braemar OP | REIT Advisory
Related Party Transaction [Line Items]
Revenue		4,927,000	5,323,000	20,506,000	11,331,000	16,571,000
Braemar OP | J&S
Related Party Transaction [Line Items]
Revenue		0	0	0	0	0
Cost of revenues for audio visual		0	0
Braemar OP | OpenKey
Related Party Transaction [Line Items]
Revenue		20,000	5,000	29,000	16,000	0
Remington
ERFP Commitments:
Reimbursements		$ 1,800,000	1,200,000	$ 4,400,000	4,900,000
Minimum | Ashford Trust
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee		$ 6,000,000,000		$ 6,000,000,000
Maximum | Ashford Trust
Related Party Transaction [Line Items]
Advisory services, quarterly base fee		0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee		$ 10,000,000,000		$ 10,000,000,000
Hilton Old Town Alexandria
ERFP Commitments:
ERFP payments				(11,100,000)
Hilton Old Town Alexandria | Braemar
ERFP Commitments:
ERFP payments				0
Hilton Old Town Alexandria | Ashford Trust
ERFP Commitments:
ERFP payments				(11,100,000)
Embassy Suits New York Midtown Manhattan
ERFP Commitments:
Unfunded ERFP Commitments		19,500,000
Embassy Suits New York Midtown Manhattan | Ashford Trust
ERFP Commitments:
Unfunded ERFP Commitments		19,500,000
Embassy Suits New York Midtown Manhattan | Braemar OP
ERFP Commitments:
Unfunded ERFP Commitments		0
Ritz-Carlton Lake Tahoe
ERFP Commitments:
Unfunded ERFP Commitments		10,300,000
Ritz-Carlton Lake Tahoe | Ashford Trust
ERFP Commitments:
Unfunded ERFP Commitments		0
Ritz-Carlton Lake Tahoe | Braemar OP
ERFP Commitments:
Unfunded ERFP Commitments		10,300,000
La Posada
ERFP Commitments:
ERFP payments				(5,000,000)
La Posada | Braemar
ERFP Commitments:
ERFP payments				0
La Posada | Ashford Trust
ERFP Commitments:
ERFP payments				(5,000,000)
Hilton Santa Cruz/Scotts Valley
ERFP Commitments:
ERFP payments		(5,000,000)
Hilton Santa Cruz/Scotts Valley | Braemar
ERFP Commitments:
ERFP payments		0
Hilton Santa Cruz/Scotts Valley | Ashford Trust
ERFP Commitments:
ERFP payments		(5,000,000)
Base Fee | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		8,045,000	8,604,000	35,482,000	34,724,000	34,700,000
Reimbursable expenses | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		2,040,000	1,529,000	7,905,000	7,600,000	6,054,000
Deferred revenue recognized		597,000	202,000	2,200,000	1,700,000	0
Reimbursable expenses | Braemar OP
Related Party Transaction [Line Items]
Deferred revenue recognized		44,000	15,000	162,000	126,000	0
Equity-based compensation | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		4,289,000	6,745,000	25,245,000	11,077,000	8,429,000
Incentive advisory fee | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		0	452,000	1,809,000	1,809,000	1,809,000
Incentive advisory fee | Braemar OP
Related Party Transaction [Line Items]
Revenue				1,300,000
Total advisory services revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		14,374,000	17,330,000	70,441,000	55,210,000	50,992,000
Investment management reimbursements | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		358,000	182,000	1,156,000	1,976,000	0
Debt placement fees | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		1,079,000	632,000	5,094,000	913,000	0
Claim management services | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		11,000	18,000	76,000	0	0
Lease revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		946,000	168,000	670,000	558,000	0
Other services | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		467,000	300,000	1,968,000	997,000
Total other revenue | Ashford Trust OP
Related Party Transaction [Line Items]
Revenue		2,861,000	1,300,000	8,964,000	4,444,000	4,000
Audio visual
Related Party Transaction [Line Items]
Cost of revenues for audio visual		21,439,000	16,587,000	64,555,000	7,757,000	0
Deferred revenue recognized		1,000,000	1,900,000	3,800,000
Audio visual | Ashford Trust OP | J&S
Related Party Transaction [Line Items]
Revenue		0	0	88,000	0	0
Advisory services revenue | Base Fee | Braemar OP
Related Party Transaction [Line Items]
Revenue		2,577,000	2,107,000	9,423,000	8,799,000	8,343,000
Advisory services revenue | Reimbursable expenses | Braemar OP
Related Party Transaction [Line Items]
Revenue		469,000	420,000	1,932,000	2,105,000	2,805,000
Advisory services revenue | Equity-based compensation | Ashford Trust OP | Executive
Related Party Transaction [Line Items]
Revenue		4,500,000		4,500,000
Advisory services revenue | Equity-based compensation | Braemar OP
Related Party Transaction [Line Items]
Revenue		1,469,000	2,547,000	6,481,000	1,683,000	3,814,000
Advisory services revenue | Equity-based compensation | Braemar OP | Executive
Related Party Transaction [Line Items]
Revenue		2,200,000		2,200,000
Advisory services revenue | Incentive advisory fee | Braemar OP
Related Party Transaction [Line Items]
Revenue		170,000	0	678,000	1,274,000	1,274,000
Advisory services revenue | Other advisory revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		128,000	128,000	521,000	277,000	0
Advisory services revenue | Total advisory services revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		4,813,000	5,202,000	19,035,000	10,772,000	16,236,000
Project management
Related Party Transaction [Line Items]
Cost of revenues for audio visual		2,791,000	0	3,292,000	0	0
Project management | Ashford Trust OP | Premier
Related Party Transaction [Line Items]
Revenue		4,939,000	0	7,096,000	0	0
Project management | Braemar OP | Premier
Related Party Transaction [Line Items]
Revenue		2,747,000	0	3,493,000	0	0
Other revenue
Related Party Transaction [Line Items]
Deferred revenue recognized		636,000	510,000	2,200,000
Other revenue | Debt placement fees | Braemar OP
Related Party Transaction [Line Items]
Revenue		275,000	0	999,000	224,000	0
Other revenue | Claim management services | Braemar OP
Related Party Transaction [Line Items]
Revenue		30,000	37,000	137,000	0	0
Other revenue | Lease revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		84,000	84,000	335,000	335,000	335,000
Other revenue | Other services | Braemar OP
Related Party Transaction [Line Items]
Revenue		269,000	211,000	857,000	41,000	0
Other revenue | Total other revenue | Braemar OP
Related Party Transaction [Line Items]
Revenue		658,000	$ 332,000	2,328,000	600,000	$ 335,000
Affiliated Entity
Related Party Transaction [Line Items]
Program commitment amount		50,000,000
Affiliated Entity | Ashford Trust OP | Pure Wellness
Related Party Transaction [Line Items]
Due from (to) related party		469,000		418,000	302,000
Affiliated Entity | Ashford Trust OP | Ashford LLC
Related Party Transaction [Line Items]
Due from (to) related party		1,119,000		2,337,000	12,610,000
Affiliated Entity | Ashford Trust OP | AIM
Related Party Transaction [Line Items]
Due from (to) related party		139,000		99,000	347,000
Affiliated Entity | Ashford Trust OP | Premier
Related Party Transaction [Line Items]
Due from (to) related party		1,559,000		1,611,000	0
Affiliated Entity | Ashford Trust OP | J&S
Related Party Transaction [Line Items]
Due from (to) related party		1,123,000		826,000	62,000
Affiliated Entity | Ashford Trust OP | OpenKey
Related Party Transaction [Line Items]
Due from (to) related party		7,000		2,000	25,000
Affiliated Entity | Ashford Trust OP | RED
Related Party Transaction [Line Items]
Due from (to) related party		0		0
Affiliated Entity | Ashford Trust
Related Party Transaction [Line Items]
Program commitment amount							$ 50,000,000
Program potential commitment amount		$ 100,000,000					$ 100,000,000
Program percent of commitment for each hotel		10.00%					10.00%
Affiliated Entity | Braemar OP | Pure Wellness
Related Party Transaction [Line Items]
Due from related parties		$ 18,000		30,000	50,000
Affiliated Entity | Braemar OP | Ashford LLC
Related Party Transaction [Line Items]
Due from related parties		573,000		941,000	1,682,000
Affiliated Entity | Braemar OP | Premier
Related Party Transaction [Line Items]
Due from related parties		1,265,000		949,000	0
Affiliated Entity | Braemar OP | J&S
Related Party Transaction [Line Items]
Due from related parties		71,000		4,000	0
Affiliated Entity | Braemar OP | OpenKey
Related Party Transaction [Line Items]
Due from related parties		15,000		12,000	6,000
Affiliated Entity | Braemar OP | RED
Related Party Transaction [Line Items]
Due from related parties		$ 89,000		$ 60,000	$ 0

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ 710	$ 3,558	$ 3,387	$ 8,960	$ (5,723)	$ (7,402)	$ (1,856)	$ (6,709)	$ (2,385)	$ 10,182	$ (18,352)	$ (2,396)
Less: Dividends on preferred stock and amortization	(3,282)				0					(5,196)	0	0
Undistributed net income (loss) allocated to common stockholders	(2,572)				(5,723)					4,965	(18,352)	(2,396)
Distributed and undistributed net income (loss) - basic	(2,572)				(5,723)					4,965	(18,352)	(2,396)
Effect of incremental subsidiary shares	(202)				(282)					(1,447)	(1,465)	(1,143)
Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings	0				(12)
Distributed and undistributed net income (loss) - diluted	$ (2,774)				$ (6,017)					$ (4,926)	$ (19,817)	$ (5,666)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	2,419	2,381	2,109	2,095	2,094	2,069	2,022	2,019	2,015	2,170	2,031	2,012
Effect of contingently issuable shares (in shares)	30				17					59	36	39
Effect of assumed conversion of operating partnership units (in shares)	0				4
Weighted average common shares outstanding – diluted (in shares)	2,449	2,652	2,337	2,487	2,115	2,118	2,054	2,265	2,046	2,332	2,067	2,209
Income (loss) per share – basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.06)	$ 0.14	$ 0.67	$ 4.26	$ (2.73)	$ (3.58)	$ (0.92)	$ (3.32)	$ (1.18)	$ 2.29	$ (9.04)	$ (1.19)
Income (loss) per share – diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (1.96)	$ 0.18	$ 0.93	$ (2.84)	$ (3.72)	$ (1.05)	$ (3.85)	$ (1.34)	$ (2.11)	$ (9.59)	$ (2.56)
Net income (loss) allocated to common stockholders	$ 3,505				$ 355					$ 5,226	$ (19)	$ (4)
Dividends on preferred stock and amortization	$ 3,282				$ 0					$ 5,196	$ 0	$ 0
Weighted average diluted shares (in shares)	1,574				270					751	38	5
Effect of unvested restricted shares
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders										$ 21	$ 0	$ 0
Weighted average diluted shares (in shares)	9				9					9	0	1
Effect of assumed exercise of stock options
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	65				234					163	34	0
Effect of assumed conversion of Ashford Holdings units
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ (4)				$ 0					$ 9	$ (19)	$ (4)
Weighted average diluted shares (in shares)	4				0					4	4	4
Effect of incremental subsidiary shares
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders	$ 227				$ 355
Weighted average diluted shares (in shares)	46				27
Effect of assumed conversion of preferred stock
Income (loss) per share – diluted:
Weighted average diluted shares (in shares)	1,450				0					575	0	0

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment	2									2
REVENUE
Total revenue	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168					$ 195,520	$ 81,573	$ 67,607
EXPENSES
Depreciation and amortization	4,527				1,040					9,342	2,527	1,174
Impairment	0				1,919					1,919	1,072	0
Other operating expenses	56,251				50,245					185,098	88,496	68,890
Total expenses	60,778	46,145	53,069	43,941	53,204	$ 37,130	$ 21,595	$ 18,221	$ 15,149	196,359	92,095	70,064
OPERATING INCOME (LOSS)	2,542	4,831	(11,504)	10,870	(5,036)	(7,464)	(2,340)	1,418	(2,136)	(839)	(10,522)	(2,457)
Equity in earnings (loss) of unconsolidated entities	(275)				0
Interest expense	(297)				(143)					(959)	(83)	0
Amortization of loan costs	(69)				(23)					(241)	(39)	0
Interest income	20				112					329	244	73
Other income (expense)	(53)				(39)					(834)	(71)	(9,239)
INCOME (LOSS) BEFORE INCOME TAXES	1,868				(5,129)					(2,544)	(10,471)	(11,623)
Income tax (expense) benefit	(1,300)				(706)					10,364	(9,723)	(780)
NET INCOME (LOSS)	568	$ 2,717	$ 2,006	$ 8,932	(5,835)	$ (7,982)	$ (2,258)	$ (7,231)	$ (2,723)	7,820	(20,194)	(12,403)
REIT Advisory
REVENUE
Total revenue	20,616				23,021					97,943	69,988	67,563
J&S
REVENUE
Total revenue	30,975				23,310					81,186	9,186
OpenKey
REVENUE
Total revenue	257				319					999	327	44
Operating Segments | REIT Advisory
REVENUE
Total revenue	20,616				23,021					97,943	69,988	67,563
EXPENSES
Depreciation and amortization	1,183				390					2,129	1,373	298
Impairment	0				1,863					1,863	1,041	0
Other operating expenses	8,267				11,241					41,563	19,099	21,102
Total expenses	9,450				13,494					45,555	21,513	21,400
OPERATING INCOME (LOSS)	11,166				9,527					52,388	48,475	46,163
Equity in earnings (loss) of unconsolidated entities	0				0
Interest expense	0				0					0	0	0
Amortization of loan costs	0				0					0	0	0
Interest income	0				0					0	0	0
Other income (expense)	0				19					0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	11,166				9,546					52,388	48,475	46,163
Income tax (expense) benefit	(2,489)				(2,116)					(12,566)	(18,324)	(16,684)
NET INCOME (LOSS)	8,677				7,430					39,822	30,151	29,479
Operating Segments | Premier
REVENUE
Total revenue					0					10,634	0	0
EXPENSES
Depreciation and amortization	2,738				0					4,358	0	0
Impairment	0				0					0	0	0
Other operating expenses	4,050				0					5,260	0	0
Total expenses	6,788				0					9,618	0	0
OPERATING INCOME (LOSS)	1,002				0					1,016	0	0
Equity in earnings (loss) of unconsolidated entities	0				0
Interest expense	0				0					0	0	0
Amortization of loan costs	0				0					0	0	0
Interest income	0				0					0	0	0
Other income (expense)	0				0					0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	1,002				0					1,016	0	0
Income tax (expense) benefit	(426)				0					(239)	0	0
NET INCOME (LOSS)	576				0					777	0	0
Operating Segments | J&S
REVENUE
Total revenue					23,310					81,186	9,186	0
EXPENSES
Depreciation and amortization	455				454					2,221	319	0
Impairment	0				0					0	0	0
Other operating expenses	28,008				19,803					79,193	9,655	0
Total expenses	28,463				20,257					81,414	9,974	0
OPERATING INCOME (LOSS)	2,512				3,053					(228)	(788)	0
Equity in earnings (loss) of unconsolidated entities	0				0
Interest expense	(214)				(139)					(745)	(68)	0
Amortization of loan costs	(12)				(12)					(47)	(6)	0
Interest income	0				0					0	0	0
Other income (expense)	(107)				(58)					(883)	(47)	0
INCOME (LOSS) BEFORE INCOME TAXES	2,179				2,844					(1,903)	(909)	0
Income tax (expense) benefit	(887)				(746)					76	252	0
NET INCOME (LOSS)	1,292				2,098					(1,827)	(657)	0
Operating Segments | OpenKey
REVENUE
Total revenue					319					999	327	44
EXPENSES
Depreciation and amortization	7				6					27	25	24
Impairment	0				0					0	0	0
Other operating expenses	950				1,171					4,510	3,478	2,904
Total expenses	957				1,177					4,537	3,503	2,928
OPERATING INCOME (LOSS)	(700)				(858)					(3,538)	(3,176)	(2,884)
Equity in earnings (loss) of unconsolidated entities	0				0
Interest expense	0				0					0	0	0
Amortization of loan costs	(7)				(6)					(25)	(19)	0
Interest income	0				0					0	0	0
Other income (expense)	6				(1)					2	(12)	(30)
INCOME (LOSS) BEFORE INCOME TAXES	(701)				(865)					(3,561)	(3,207)	(2,914)
Income tax (expense) benefit	0				0					0	0	0
NET INCOME (LOSS)	(701)				(865)					(3,561)	(3,207)	(2,914)
Corporate and Other
REVENUE
Total revenue					1,518					4,758	2,072	0
EXPENSES
Depreciation and amortization	144				190					607	810	852
Impairment	0				56					56	31	0
Other operating expenses	14,976				18,030					54,572	56,264	44,884
Total expenses	15,120				18,276					55,235	57,105	45,736
OPERATING INCOME (LOSS)	(11,438)				(16,758)					(50,477)	(55,033)	(45,736)
Equity in earnings (loss) of unconsolidated entities	(275)				0
Interest expense	(83)				(4)					(214)	(15)	0
Amortization of loan costs	(50)				(5)					(169)	(14)	0
Interest income	20				112					329	244	73
Other income (expense)	48				1					47	(12)	(9,209)
INCOME (LOSS) BEFORE INCOME TAXES	(11,778)				(16,654)					(50,484)	(54,830)	(54,872)
Income tax (expense) benefit	2,502				2,156					23,093	8,349	15,904
NET INCOME (LOSS)	(9,276)				(14,498)					(27,391)	(46,481)	(38,968)
Total advisory services revenue
REVENUE
Total revenue	19,187				22,532					89,476	65,982	67,228
Total advisory services revenue | Operating Segments | REIT Advisory
REVENUE
Total revenue	19,187				22,532					89,476	65,982	67,228
Total advisory services revenue | Operating Segments | Premier
REVENUE
Total revenue	0				0					0	0	0
Total advisory services revenue | Operating Segments | J&S
REVENUE
Total revenue	0				0					0	0	0
Total advisory services revenue | Operating Segments | OpenKey
REVENUE
Total revenue	0				0					0	0	0
Total advisory services revenue | Corporate and Other
REVENUE
Total revenue	0				0					0	0	0
Audio visual
REVENUE
Total revenue	30,975				23,310					81,186	9,186	0
Audio visual | J&S
REVENUE
Total revenue	30,975				23,310					81,186	9,186	0
Audio visual | Operating Segments | REIT Advisory
REVENUE
Total revenue	0				0					0	0	0
Audio visual | Operating Segments | Premier
REVENUE
Total revenue	0				0					0	0	0
Audio visual | Operating Segments | J&S
REVENUE
Total revenue	30,975				23,310					81,186	9,186	0
Audio visual | Operating Segments | OpenKey
REVENUE
Total revenue	0				0					0	0	0
Audio visual | Corporate and Other
REVENUE
Total revenue	0				0					0	0	0
Project management
REVENUE
Total revenue	7,790				0					10,634	0	0
Project management | Premier
REVENUE
Total revenue	7,790				0					10,634	0	0
Project management | Operating Segments | REIT Advisory
REVENUE
Total revenue	0				0					0	0	0
Project management | Operating Segments | Premier
REVENUE
Total revenue	7,790				0					10,634	0	0
Project management | Operating Segments | J&S
REVENUE
Total revenue	0				0					0	0	0
Project management | Operating Segments | OpenKey
REVENUE
Total revenue	0				0					0	0	0
Project management | Corporate and Other
REVENUE
Total revenue	0				0					0	0	0
Other
REVENUE
Total revenue	5,368				2,326					14,224	6,405	379
Other | Operating Segments | REIT Advisory
REVENUE
Total revenue	1,429				489					8,467	4,006	335
Other | Operating Segments | Premier
REVENUE
Total revenue	0				0					0	0	0
Other | Operating Segments | J&S
REVENUE
Total revenue	0				0					0	0	0
Other | Operating Segments | OpenKey
REVENUE
Total revenue	257				319					999	327	44
Other | Corporate and Other
REVENUE
Total revenue	$ 3,682				$ 1,518					$ 4,758	$ 2,072	$ 0

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 51,529	$ 36,480
Restricted cash	7,914	9,076
Accounts receivable, net	4,928	5,127
Due from affiliates	45	0
Inventories	1,202	1,066
Prepaid expenses and other	3,902	2,913
Total current assets	76,809	69,746
Investments in unconsolidated entities	500	500
Furniture, fixtures and equipment, net	47,947	21,154
Goodwill	59,683	12,947
Intangible assets, net	193,194	9,713
Other assets	872	750
Total assets	379,005	114,810
Current liabilities:
Accounts payable and accrued expenses	24,880	20,451
Due to affiliates	2,032	4,272
Deferred income	148	459
Deferred compensation plan	173	311
Notes payable, net	2,595	1,751
Other liabilities	8,418	9,076
Total current liabilities	38,246	36,320
Accrued expenses	0	78
Deferred income	13,396	13,440
Deferred tax liability, net	31,506	0
Deferred compensation plan	10,401	18,948
Notes payable, net	15,177	9,956
Total liabilities	108,726	78,742
Commitments and contingencies (note 11)
MEZZANINE EQUITY
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at December 31, 2018	200,847	0
Carrying value of redeemable noncontrolling interests	3,531	5,111
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A cumulative preferred stock, no shares issued and outstanding at December 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,391,541 and 2,093,556 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	24	21
Additional paid-in capital	280,159	249,695
Accumulated deficit	(214,242)	(219,396)
Accumulated other comprehensive income (loss)	(498)	(135)
Total stockholders’ equity of the Company	65,443	30,185
Carrying value of noncontrolling interests	458	772
Total equity	65,901	30,957
Total liabilities and equity	379,005	114,810
Ashford Trust OP
Current assets:
Due from related parties	5,293	13,346
Braemar OP
Current assets:
Due from related parties	$ 1,996	$ 1,738

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018	Aug. 08, 2018	Aug. 07, 2018	Mar. 31, 2018	Dec. 31, 2017
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01				$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000				50,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01				$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000				100,000,000
Common stock, shares issued (in shares)	2,470,293	2,391,541				2,093,556
Common shares, shares outstanding (in shares)	2,470,293	2,391,541				2,093,556
Series A Preferred Stock [Member]
Preferred stock, shares authorized (in shares)		2,000,000
Preferred stock, shares issued (in shares)	0	0				0
Preferred stock, shares outstanding (in shares)	0	0				0
Series B Preferred Stock [Member]
Preferred Stock, par value (in dollars per share)	$ 25	$ 0				$ 0
Preferred stock, shares issued (in shares)		8,120,000	8,120,000	8,120,000	8,120,000	0
Preferred stock, shares outstanding (in shares)	8,120,000	8,120,000				0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Total revenue	$ 195,520	$ 81,573	$ 67,607
EXPENSES
Salaries and benefits	79,205	61,223	52,436
Depreciation and amortization	9,342	2,527	1,174
General and administrative	34,796	17,363	16,454
Impairment	1,919	1,072	0
Other	3,250	2,153	0
Total expenses	196,359	92,095	70,064
OPERATING INCOME (LOSS)	(839)	(10,522)	(2,457)
Realized gain (loss) on investment in unconsolidated entity	0	0	(3,601)
Unrealized gain (loss) on investment in unconsolidated entity	0	0	2,141
Interest expense	(959)	(83)	0
Amortization of loan costs	(241)	(39)	0
Interest income	329	244	73
Dividend income	0	93	170
Unrealized gain (loss) on investments	0	203	2,326
Realized gain (loss) on investments	0	(294)	(10,113)
Other income (expense)	(834)	(73)	(162)
INCOME (LOSS) BEFORE INCOME TAXES	(2,544)	(10,471)	(11,623)
Income tax (expense) benefit	10,364	(9,723)	(780)
NET INCOME (LOSS)	7,820	(20,194)	(12,403)
(Income) loss from consolidated entities attributable to noncontrolling interests	(924)	(358)	(8,860)
Net (income) loss attributable to redeemable noncontrolling interests	1,438	1,484	1,147
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	10,182	(18,352)	(2,396)
Preferred dividends	(4,466)	0	0
Amortization of preferred stock discount	(730)	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 4,986	$ (18,352)	$ (2,396)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 2.29	$ (9.04)	$ (1.19)
Weighted average common shares outstanding – basic (in shares)	2,170	2,031	2,012
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (2.11)	$ (9.59)	$ (2.56)
Weighted average common shares outstanding – diluted (in shares)	2,332	2,067	2,209
Advisory services
REVENUE
Total revenue	$ 89,476	$ 65,982	$ 67,228
Audio visual
REVENUE
Total revenue	81,186	9,186	0
EXPENSES
Cost of revenues for audio visual	64,555	7,757	0
Project management
REVENUE
Total revenue	10,634	0	0
EXPENSES
Cost of revenues for audio visual	3,292	0	0
Other revenue
REVENUE
Total revenue	$ 14,224	$ 6,405	$ 379

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 568	$ 2,717	$ 2,006	$ 8,932	$ (5,835)	$ (7,982)	$ (2,258)	$ (7,231)	$ (2,723)	$ 7,820	$ (20,194)	$ (12,403)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment										(420)	(135)	0
COMPREHENSIVE INCOME (LOSS)	598				(5,949)					7,400	(20,329)	(12,403)
Comprehensive (income) loss attributable to noncontrolling interests	163				190					924	358	8,860
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(34)				(61)					1,495	1,484	1,147
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	727				(5,820)					9,819	(18,487)	(2,396)
(Income) loss from consolidated entities attributable to noncontrolling interests	$ (163)				$ (173)					$ (924)	$ (358)	$ (8,860)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Consolidated Entity	Offshore Fund [Member]	AQUA U.S. Fund [Member]	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests in Consolidated EntitiesConsolidated Entity	Noncontrolling Interests in Consolidated EntitiesOffshore Fund [Member]	Noncontrolling Interests in Consolidated EntitiesAQUA U.S. Fund [Member]	Convertible Preferred Stock	Redeemable Noncontrolling Interests	Redeemable Noncontrolling InterestsConsolidated Entity
Beginning balance (in shares) at Dec. 31, 2015					2,011				0					0
Beginning balance at Dec. 31, 2015	$ 136,636				$ 20	$ 234,716	$ (202,546)	$ 0	$ (25)	$ 104,471				$ 0	$ 240
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of treasury stock (in shares)									(1)
Purchase of treasury stock	(20)								$ (20)
Retirement of treasury stock (in shares)									1
Retirement of treasury stock	0					(45)			$ 45
Equity-based compensation (in shares)					5
Equity-based compensation	11,573					6,073	5,439			61
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Excess tax benefit (deficiency) on equity-based compensation	(284)					(284)
Deferred compensation plan distribution (in shares)					0
Deferred compensation plan distribution	0
Employee advances	(41)					(41)
Contributions from noncontrolling interests	2,373									2,373
Reallocation of carrying value	(1,469)					(2,623)				1,154					1,469
Redemption of noncontrolling interest			$ (179)	$ (46,248)								$ (179)	$ (46,248)		(18)
Redemption value adjustment, year-to-date	(936)						(936)								936
Foreign currency translation adjustment	0
Net income (loss)	(11,256)									(8,860)					(1,147)
Net income (loss)	(2,396)
Ending balance (in shares) at Dec. 31, 2016					2,016				0					0
Ending balance at Dec. 31, 2016	90,149				$ 20	237,796	(200,439)	0	$ 0	52,772				$ 0	1,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(24)
Equity-based compensation (in shares)					4
Equity-based compensation	8,469					7,746	684			39
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Deferred compensation plan distribution (in shares)					3
Deferred compensation plan distribution	229					229
Employee advances	(433)					(433)
Contributions from noncontrolling interests	983									983
Reallocation of carrying value	(1,187)					(681)				(506)					1,187
Acquisitions	425									425
Redemption of noncontrolling interest				$ (52,782)									(52,782)
OpenKey warrant issuance	28									28
Redemption value adjustment, year-to-date	(1,270)						(1,270)								1,270
Distributions to consolidated noncontrolling interests	(239)						(19)			(220)
Acquisitions (in shares)					71
Acquisitions	5,454				$ 1	5,062				391					2,658
Foreign currency translation adjustment	(135)							(135)
Net income (loss)	(18,710)									(358)					(1,484)
Net income (loss)	(18,352)						(18,352)
Ending balance (in shares) at Dec. 31, 2017					2,094				0					0
Ending balance at Dec. 31, 2017	30,957				$ 21	249,695	(219,396)	(135)	$ 0	772				$ 0	5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	3,797					3,789				8
Amortization of preferred stock discount	0
Dividends declared - preferred stock	0
Deferred compensation plan distribution (in shares)					0
Deferred compensation plan distribution	80					80
Employee advances	105					105
Contributions from noncontrolling interests	2,666									2,666
Reallocation of carrying value	(1,166)					530				(1,696)					1,166
Redemption of noncontrolling interest	838					838									(838)
Redemption value adjustment, year-to-date	838						838								(838)
Foreign currency translation adjustment	(114)							(97)		(17)
Net income (loss)	(5,896)									(173)					61
Net income (loss)	(5,723)						(5,723)
Ending balance (in shares) at Mar. 31, 2018					2,103									0
Ending balance at Mar. 31, 2018	32,105				$ 21	255,037	(224,281)	(232)		1,560				$ 0	4,662
Beginning balance (in shares) at Dec. 31, 2017					2,094				0					0
Beginning balance at Dec. 31, 2017	30,957				$ 21	249,695	(219,396)	(135)	$ 0	772				$ 0	5,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)					6
Equity-based compensation	10,019					10,009				10
Issuance of common stock (in shares)					280
Issuance of common stock	18,931				$ 3	18,928
Discount on preferred shares	0													(2,883)
Amortization of preferred stock discount	(730)						(730)							$ 730
Dividends declared - preferred stock	(4,466)						(4,466)
Deferred compensation plan distribution (in shares)					3
Deferred compensation plan distribution	241
Employee advances	(82)					(82)
Contributions from noncontrolling interests	2,666									2,666
Reallocation of carrying value	(1,166)					530				(1,696)					1,166
Redemption of noncontrolling interest	0	$ (382)									$ (382)					$ 55
OpenKey warrant issuance													$ 26
Redemption value adjustment, year-to-date	168						168								(168)
Distributions to consolidated noncontrolling interests	(14)									(14)					(300)
Foreign currency translation adjustment	(363)							(363)							(57)
Acquisitions (in shares)					9									8,120
Acquisitions	838					838								$ 203,000	(838)
Foreign currency translation adjustment	(420)
Net income (loss)	9,258									(924)					(1,438)
Net income (loss)	10,182
Ending balance (in shares) at Dec. 31, 2018					2,392				0					8,120
Ending balance at Dec. 31, 2018	65,901				$ 24	280,159	(214,242)	(498)	$ 0	458				$ 200,847	3,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	2,158					2,155				3
Amortization of preferred stock discount	(491)						(491)							$ 491
Dividends declared - preferred stock	(2,791)						(2,791)
Deferred compensation plan distribution (in shares)					1
Deferred compensation plan distribution	46					46
Employee advances	249					249
Contributions from noncontrolling interests	455									455
Reallocation of carrying value	(356)					(234)				(122)					356
Redemption value adjustment, year-to-date	111						111								(111)
Distributions to consolidated noncontrolling interests	(4)									(4)
Foreign currency translation adjustment	15							15							13
Acquisitions (in shares)					60
Acquisitions	3,755				$ 1	3,754
Net income (loss)	547									(163)					21
Net income (loss)	710						710
Ending balance (in shares) at Mar. 31, 2019					2,470									8,120
Ending balance at Mar. 31, 2019	$ 70,595				$ 25	$ 287,129	$ (216,703)	$ (483)		$ 627				$ 201,338	$ 3,810

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amortization of Preferred Stock Discount	$ 491	$ 0	$ 730	$ 0	$ 0
Cash Flows from Operating Activities
Net income (loss)	568	(5,835)	7,820	(20,194)	(12,403)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	5,563	1,671	13,308	2,938	1,174
Change in fair value of deferred compensation plan	740	561	(8,444)	10,410	(2,127)
Realized and unrealized (gain) loss on investment in unconsolidated entity, net			0	0	1,460
Equity-based compensation	2,158	3,797	10,019	8,469	11,573
Excess tax (benefit) deficiency on equity-based compensation			0	0	284
Deferred tax expense (benefit)	300	0	(12,240)	6,002	(2,075)
Change in fair value of contingent consideration	18	213	338	1,066	0
Impairment	0	1,919	1,919	1,072	0
(Gain) loss on sale of furniture, fixtures and equipment			220	279	0
Amortization of loan costs	69	23	241	39	0
Realized and unrealized (gain) loss on investments, net			0	91	7,787
Purchases of investments in securities			0	0	(153,259)
Sales of investments in securities			0	0	225,470
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Prepaid expenses and other	338	45	(907)	(128)	604
Accounts receivable	(6,851)	(1,908)	225	(725)	234
Due from affiliates	(30)	0	(45)	0	0
Inventories	(335)	(54)	(132)	(205)	0
Other assets	0	(587)	(84)	190	0
Accounts payable and accrued expenses	(4,448)	(2,752)	2,145	1,575	4,791
Due to affiliates	(734)	(420)	(954)	689	(290)
Other liabilities	4,512	4,903	(658)	(676)	4,068
Deferred income	(373)	(759)	(373)	7,746	3,886
Net cash provided by (used in) operating activities	2,269	4,429	21,519	19,415	84,858
Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement	(5,000)	0	(16,100)	0	0
Additions to furniture, fixtures and equipment	(1,736)	(2,663)	(8,942)	(3,580)	(6,240)
Proceeds from disposal of furniture, fixtures and equipment, net			140	15	0
Acquisition of J&S, net of cash acquired			0	(18,972)	0
Acquisition of assets related to RED Hospitality and Leisure LLC	(499)	(1,220)	(5,474)	(750)	0
Redemption of investment in unconsolidated entity			0	0	1,375
Net cash provided by (used in) investing activities	(13,743)	(3,883)	(28,099)	(23,158)	(4,865)
Cash Flows from Financing Activities
Proceeds from issuance of common stock			18,930	0	0
Payments for dividends on preferred stock	(2,791)	0	(4,466)	0	0
Payments on revolving credit facilities	(6,890)	(4,815)	(20,881)	(924)	0
Borrowings on revolving credit facilities	7,617	5,259	21,878	1,507	0
Proceeds from note payable	6,577	1,350	6,593	10,000	0
Payments on notes payable and capital leases	(581)	(494)	(1,976)	(305)	0
Payments of loan costs	(41)	(15)	(638)	(28)	0
Excess tax benefit (deficiency) on equity-based compensation			0	0	(284)
Purchases of common stock			0	(24)	(20)
Employee advances			(82)	(433)	(41)
Redemption of units			0	0	(18)
Payment of contingent consideration			(1,196)	0	0
Contributions from noncontrolling interest	455	2,666	2,666	983	2,373
Distributions to noncontrolling interests in consolidated entities	(4)	0	(314)	(55,310)	(44,116)
Net cash provided by (used in) financing activities	4,591	4,056	20,514	(44,534)	(42,106)
Effect of foreign exchange rate changes on cash and cash equivalents	(3)	(203)	(47)	(10)	0
Net change in cash, cash equivalents and restricted cash	(6,886)	4,399	13,887	(48,287)	37,887
Cash, cash equivalents and restricted cash at beginning of period	59,443	45,556	45,556	93,843	55,956
Cash, cash equivalents and restricted cash at end of period	52,557	49,955	59,443	45,556	93,843
Supplemental Cash Flow Information
Interest paid	211	113	870	53	134
Income taxes paid	91	143	1,358	4,948	2,333
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Premier through issuance of convertible preferred stock, less cash acquired			200,723	0	0
Distribution from deferred compensation plan	46	80	241	229	0
Capital expenditures accrued but not paid	852	1,953	618	1,397	620
Accrued but unpaid redemption of AQUA U.S. Fund			0	0	2,311
Issuance of OpenKey warrant			26	28	0
Capital lease additions	137	0	220	0	0
J&S loan costs paid from revolving credit facility			0	231	0
Acquisition of noncontrolling interest in consolidated entities			327	1,196	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	51,529	36,480	36,480	84,091	50,272
Restricted cash at beginning of period	7,914	9,076	9,076	9,752	5,684
Cash, cash equivalents and restricted cash at beginning of period	59,443	45,556	45,556	93,843	55,956
Cash and cash equivalents at end of period	39,953	34,910	51,529	36,480	84,091
Restricted cash at end of period	12,604	15,045	7,914	9,076	9,752
Cash, cash equivalents and restricted cash	59,443	45,556	59,443	45,556	93,843
Premier
Cash Flows from Investing Activities
Cash acquired in acquisition of Pure Wellness			2,277	0	0
Pure Wellness
Cash Flows from Investing Activities
Cash acquired in acquisition of Pure Wellness			0	129	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Subsidiary equity consideration for acquisitions			0	425	0
Assumption of debt associated with acquisitions			0	475	0
J&S
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Assumption of debt associated with acquisitions			0	978	0
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	522	1,970	8,916	(1,302)	(6,323)
Braemar OP
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	(35)	1,642	205	2,079	4
Ashford Inc. [Member]
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Subsidiary equity consideration for acquisitions					$ 0
Ashford Inc. [Member] | OpenKey
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Subsidiary equity consideration for acquisitions	$ 0	$ 838	$ 838	$ 5,063

Organization and Description _3

Organization and Description of Business	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company”) is a Maryland corporation that provides asset management services, advisory services and other products and services primarily to clients in the hospitality industry. We became a public company in November 2014, when Ashford Hospitality Trust, Inc. (“Ashford Trust”) completed the spin-off of Ashford Inc. through the distribution of approximately 70% of our outstanding common stock to Ashford Trust stockholders and unitholders in Ashford Trust's operating partnership, collectively. Our common stock is listed on the NYSE American LLC (“NYSE American”). As of March 31, 2019 , Ashford Trust held approximately 598,000 shares of our common stock, which represented an approximate 24.2% ownership interest in Ashford Inc., and Braemar Hotels & Resorts Inc. (“Braemar”) held approximately 195,000 shares, which represented an approximate 7.9% ownership interest in the Company. We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar, in each case subject to the supervision and oversight of the respective board of directors of Ashford Trust and Braemar. Ashford Trust commenced operating in August 2003 and is focused on investing in full service hotels in the upscale and upper-upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Braemar became a publicly traded company in November 2013 upon the completion of its spin-off from Ashford Trust. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code, and the common stock of each of Ashford Trust and Braemar is traded on the NYSE. We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. We may also perform similar functions for new or additional platforms. We are not responsible for managing the day-to-day operations of the individual hotel properties owned by either Ashford Trust or Braemar, which duties are, and will continue to be, the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. We conduct our advisory business primarily through an operating entity, Ashford Hospitality Advisors LLC (“Ashford LLC”), our hospitality products and services business primarily through an operating entity, Ashford Hospitality Services LLC (“Ashford Services”), and our project management business through an operating entity, Premier Project Management LLC (“Premier”). We own substantially all of our assets and conduct substantially all of our business through Ashford LLC, Ashford Services and Premier. On January 16, 2018, the Company closed on the acquisition of a passenger vessel and other assets related to RED Hospitality & Leisure LLC (“RED”), a provider of watersports activities and other travel and transportation services. The Company paid $970,000 in cash, comprised of a $750,000 deposit paid on December 11, 2017, which was reflected on our condensed consolidated balance sheet as “other assets” as of December 31, 2017, and an additional $220,000 paid on January 16, 2018. This transaction was accounted for as an asset acquisition recorded at cost, and did not result in the recognition of goodwill. During 2018, our RED operating subsidiary acquired additional passenger vessels for $2.4 million , a ferry for $2.5 million , and paid a $400,000 deposit for a new passenger vessel. The Company owns an 80.0% interest in RED. See notes 2 , 11 and 15 . On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million (the “ERFP Commitment”) to Ashford Trust in connection with the Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the ERFP Commitment to up to $100 million upon mutual agreement by the parties. Under the Ashford Trust ERFP Agreement, the Company’s ERFP Commitment will be fulfilled as the Company pays Ashford Trust 10% of each acquired hotel’s purchase price in exchange for furniture fixtures and equipment (“FF&E”), which is subsequently leased to Ashford Trust rent-free. Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 , 10 and 15 . On August 8, 2018, we completed the acquisition of Premier, the project management business formerly conducted by certain affiliates of Remington, for a total transaction value of $203 million . As a result, the project management services that were previously provided by Remington Lodging & Hospitality, LLC (“Remington Lodging”) are now provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. The purchase price was paid by issuing 8,120,000 shares of the Series B Convertible Preferred Stock to the sellers of Premier (the “Remington Sellers”), primarily MJB Investments, LP (which is wholly-owned by Monty J. Bennett, our Chief Executive Officer and Chairman of our board of directors), and his father Archie Bennett, Jr., the Chairman Emeritus of Ashford Trust (together, the “Bennetts”). The Series B Convertible Preferred Stock has a conversion price of $140 per share and would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the Remington Sellers and their transferees are subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of the Company’s outstanding capital stock. The holders of the Series B Convertible Preferred Stock have certain conversion rights upon certain events constituting a change of control of the Company. See notes 4 and 12 . In connection with the acquisition of Premier, we effected a holding company reorganization. The change in holding company organizational structure was effected by a merger, pursuant to which each issued and outstanding share of common stock, par value $0.01 per share, of our predecessor publicly-traded parent Ashford OAINC Inc. (formerly named Ashford Inc.) (“Old Ashford”) was converted into one share of common stock, par value $0.01 per share, of the Company having the same rights, powers and preferences and the same qualifications, limitations and restrictions as a share of common stock of Old Ashford. As a result of the foregoing, we became the successor issuer of Old Ashford under Rule 12g-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Our common stock continues to be listed on the NYSE American under the symbol “AINC.” On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the Braemar ERFP Agreement, the Company agreed to provide $50 million (the “ERFP Commitment”) to Braemar in connection with Braemar’s acquisition of hotels recommended by us, with the option to increase the ERFP Commitment to up to $100 million upon mutual agreement by the parties. Under the Braemar ERFP Agreement, the Company’s ERFP Commitment will be fulfilled as the Company pays Braemar 10% of each acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Braemar rent-free. Braemar must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Braemar ERFP Agreement. The Braemar ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Braemar acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Braemar’s hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 , 10 and 15 . On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”) for approximately $10.0 million . BAV is an audio visual rental, staging, and production company focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of: (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing term loan; (ii) $4.0 million in the form of Ashford Inc. common stock consisting of (a) 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day volume weighted average price per share of $57.01 and had an estimated fair value of $3.8 million as of the acquisition date and (b) $500,000 of stock to be issued 18 months after the acquisition date, subject to certain conditions; and (iii) contingent consideration with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. See note 4 . The accompanying condensed consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, and entities that we consolidate. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its condensed consolidated financial statements.	Organization and Description of Business Ashford Inc. (the “Company”) is a Maryland corporation formed on April 2, 2014, that provides asset management services, advisory services and other products and services primarily to clients in the hospitality industry. We became a public company in November 2014, when Ashford Hospitality Trust, Inc. (“Ashford Trust”) completed the spin-off of Ashford Inc. through the distribution of approximately 70% of our outstanding common stock to Ashford Trust stockholders and unitholders in Ashford Trust's operating partnership, collectively. Our common stock is listed on the NYSE American LLC (“NYSE American”). As of December 31, 2018 , Ashford Trust held approximately 598,000 shares of our common stock, which represented an approximate 25.0% ownership interest in Ashford Inc., and Braemar Hotels & Resorts Inc. (“Braemar”) held approximately 195,000 shares, which represented an approximate 8.1% ownership interest in Ashford Inc. Ashford Inc. was formed through a spin-off of Ashford Trust’s asset management business in November 2014. The spin-off was completed by means of a distribution of common stock of Ashford Inc. and common units of Ashford Hospitality Advisors LLC (“Ashford LLC”), a Delaware limited liability company formed on April 5, 2013. Ashford LLC had no operations until November 19, 2013, the date of the Braemar spin-off. As part of the Ashford Inc. spin-off from Ashford Trust, Ashford LLC became a subsidiary of Ashford Inc. on November 12, 2014. We conduct our advisory business primarily through an operating entity, Ashford LLC, our hospitality products and services business primarily through an operating entity, Ashford Hospitality Services LLC ("Ashford Services"), and our project management business through an operating entity, Premier Project Management LLC (“Premier”). We own substantially all of our assets and conduct substantially all of our business through Ashford LLC, Ashford Services and Premier. We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar, in each case subject to the supervision and oversight of the respective board of directors of Ashford Trust and Braemar. Ashford Trust commenced operating in August 2003 and is focused on investing in full service hotels in the upscale and upper-upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Braemar became a publicly traded company in November 2013 upon the completion of its spin-off from Ashford Trust. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code, and the common stock of each of Ashford Trust and Braemar is traded on the NYSE. On April 6, 2017, Ashford Inc. entered into the Amended and Restated Limited Liability Company Agreement (the “Amended and Restated LLC Agreement”) of Ashford Hospitality Holdings LLC, a Delaware limited liability company and a subsidiary of the Company (“Ashford Holdings”), in connection with the merger (the “Merger”) of Ashford Merger Sub LLC, a Delaware limited liability company, with and into Ashford LLC, with Ashford LLC surviving the Merger as a wholly-owned subsidiary of Ashford Holdings. Ashford Holdings is owned 99.8% by Ashford Inc. and 0.2% by redeemable noncontrolling interest holders. The terms of the Amended and Restated LLC Agreement are consistent with the terms of the Amended and Restated Limited Liability Company Agreement of Ashford LLC. The Merger was effectuated in order to facilitate our investments in businesses that provide products and services to the hospitality industry. Ashford Investment Management, LLC (“AIM”) is an indirect subsidiary of the Company, established to serve as an investment advisor to us, third parties, and any private securities funds sponsored by us or our affiliates (the “Funds”) and is a registered investment advisor with the Securities and Exchange Commission (the “SEC”). AIM Management Holdco, LLC (“Management Holdco”) owns 100% of AIM. We, through Ashford LLC, own 100% of Management Holdco. AIM and Management Holdco are consolidated by Ashford Inc. as it has control. AIM manages a portion of Ashford Trust’s excess cash under an investment management agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. On April 6, 2017, we acquired a 70% interest in Pure Wellness. Pure Wellness’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. To consummate the acquisition, Ashford Services entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) with PRE Opco, LLC (“Pure Wellness”), pursuant to which Ashford Services became the sole owner of the common equity, or Series A Units. In conjunction with the LLC Agreement, Ashford Services contributed $97,000 cash to Pure Wellness as required by the LLC Agreement. Pursuant to the Asset and Liability Contribution Agreement (the “Contribution Agreement”), by and among Pure Wellness (as contributee) and PAFR, LLC, the members of PAFR, LLC and Brault Enterprises, LLC (collectively, the “Sellers”), the Sellers contributed liabilities, net of assets, of the predecessor operating company, Pure Wellness NA, LLC, with a fair value of $532,000 in exchange for certain equity interests in Pure Wellness, including 30% of the Series A Units, 100% of the Series B-1 Units, and 50% of the Series B-2 Units. The fair value of the remaining equity consideration included $42,000 of Series A Units, $181,000 of Series B-1 Units, and $202,000 of Series B-2 Units, totaling $425,000 . As a result of the Contribution Agreement, our equity interest in Pure Wellness was 70% . See notes 2 , 5 , 13 and 17 to our consolidated financial statements. On November 1, 2017, we acquired an 85% controlling interest in J&S Audio Visual Communications, Inc., J&S Audiovisual Mexico, S. de R.L. de C.V. and J&S Audio Visual Dominican Republic, L.P. (collectively referred to as “J&S”) for approximately $25.5 million . J&S provides an integrated suite of audio visual services including show and event services, hospitality services, creative services, and design and integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. See notes 2 , 5 , 14 and 17 to our consolidated financial statements. On January 2, 2018, the Company issued 8,962 shares of common stock to the OpenKey redeemable noncontrolling interest holder in connection with the purchase of 519,647 shares of the outstanding Class B common stock in OpenKey, Inc. The common stock was issued pursuant to the exemption from the registration requirements under the Securities Act provided under Section 4(a)(2) thereunder. On January 16, 2018, the Company closed on the acquisition of a passenger vessel and other assets related to RED Hospitality & Leisure LLC ("RED"), a provider of watersports activities and other travel and transportation services. The Company paid $970,000 cash, comprised of a $750,000 deposit paid on December 11, 2017, which was reflected on our consolidated balance sheet as “other assets” as of December 31, 2017, and an additional $220,000 paid on January 16, 2018. This transaction was accounted for as an asset acquisition recorded at cost, and did not result in the recognition of goodwill. During 2018, our RED operating subsidiary acquired additional passenger vessels for $2.4 million a ferry for $2.5 million and paid a $400,000 deposit for a new passenger vessel. The Company owns an 80% interest in RED. See notes 2 , 13 and 17 to our consolidated financial statements. On April 6, 2018, Ashford Inc. signed a definitive agreement to acquire the project management business of Remington Holdings, L.P. (“Remington”). On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million to Ashford Trust in connection with Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the funding commitment to up to $100 million upon mutual agreement by the parties. The Company is obligated to provide Ashford Trust 10% of the acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Ashford Trust rent-free. The Company records ERFP obligations in our consolidated balance sheet as “other assets” and “other liabilities.” Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 11 and 17 . On June 29, 2018, Ashford Trust acquired the Hilton Old Town Alexandria in Alexandria, Virginia, for a purchase price of $111.0 million. In connection with Ashford Trust's acquisition of the hotel, the Company was obligated to provide Ashford Trust with approximately $11.1 million in exchange for FF&E for use at Ashford Trust properties, in each case subject to the terms of the Ashford Trust ERFP Agreement. As of December 31, 2018, the Company had paid Ashford Trust $11.1 million of cash in exchange for FF&E that was subsequently leased back to Ashford Trust rent-free under the Ashford Trust ERFP Agreement. See notes 11 and 17 . On August 7, 2018, at a Special Meeting of Stockholders, Ashford Inc. shareholders voted to approve certain matters related to Ashford Inc.’s acquisition of the project management business of Remington, including the issuance of 8,120,000 shares of Series B Cumulative Convertible Preferred Stock (the “Series B Convertible Preferred Stock”). On August 8, 2018, we completed the acquisition of Premier, the project management business formerly conducted by certain affiliates of Remington, for a total transaction value of $203 million . As a result, the project management services that were previously provided by Remington Lodging & Hospitality, LLC, (“Remington Lodging”) are now provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. The purchase price was paid by issuing 8,120,000 shares of the Series B Convertible Preferred Stock to the sellers of Premier (the “Remington Sellers”), primarily MJB Investments, LP (which is wholly-owned by Monty J. Bennett, our Chief Executive Officer and Chairman of our board of directors), and his father Archie Bennett, Jr., the Chairman Emeritus of Ashford Trust (together, the “Bennetts”). The Series B Convertible Preferred Stock has a conversion price of $140 per share and would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the Remington Sellers and their transferees are subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of the Company’s outstanding capital stock. The holders of the Series B Convertible Preferred Stock have certain conversion rights upon certain events constituting a change of control of the Company. In connection with the acquisition of Premier, we effected a holding company reorganization. The change in holding company organizational structure was effected by a merger, pursuant to which each issued and outstanding share of common stock, par value $0.01 per share, of our predecessor publicly-traded parent Ashford OAINC Inc. (formerly named Ashford Inc.) (“Old Ashford”) was converted into one share of common stock, par value $0.01 per share, of the Company having the same rights, powers and preferences and the same qualifications, limitations and restrictions as a share of common stock of Old Ashford. As a result of the foregoing, we became the successor issuer of Old Ashford under Rule 12g-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Our common stock continues to be listed on the NYSE American under the symbol “AINC.” On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million for which the creditor has recourse to Ashford Inc. The term loan bears interest at the Prime Rate plus 2.00% and matures on February 1, 2029 . On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . On October 31, 2018, Ashford Trust acquired the La Posada de Santa Fe (“La Posada”) in Santa Fe, New Mexico, for a purchase price of $50 million. In connection with Ashford Trust's acquisition of the hotel, the Company was obligated to provide Ashford Trust with approximately $5.0 million in exchange for FF&E for use at Ashford Trust properties, in each case subject to the terms of the Ashford Trust ERFP Agreement. As of December 31, 2018, the Company had paid Ashford Trust $5.0 million of cash in exchange for FF&E that was subsequently leased back to Ashford Trust rent-free under the Ashford Trust ERFP Agreement. See notes 11 and 17 . The accompanying consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, investment management business and entities that we consolidate. Our advisory and asset management business and investment management business provides asset and investment management, accounting and legal services to Ashford Trust and Braemar. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its consolidated financial statements.

Significant Accounting Polici_5

Significant Accounting Policies	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 . A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 11 and 12 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc. Investments in Unconsolidated Entities —We hold “investments in unconsolidated entities” in our condensed consolidated balance sheets, which are considered to be variable interests and voting interests in the underlying entities. Certain of our investments in variable interests are not consolidated because we have determined that we are not the primary beneficiary. Certain other investments are not consolidated as the underlying entity does not meet the definition of a VIE and we do not control more than 50% of the voting interests. We review our “investments in unconsolidated entities” for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated entities.” No such impairment was recorded during the three months ended March 31, 2019 and 2018 . We held an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at both March 31, 2019 and 2018 . We account for the investment at estimated fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three months ended March 31, 2019 and 2018 . Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC (“REA Holdings”), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): March 31, 2019 Carrying value of the investment in REA Holdings $ 2,900 Ownership interest in REA Holdings 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended March 31, 2019 Equity in earnings (loss) in unconsolidated entities $ (275 ) 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 the condensed 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 condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Furniture, Fixtures and Equipment, net —We record FF&E at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. As of March 31, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $20.5 million and $16.1 million , audio visual equipment at our J&S subsidiary of $16.7 million and $13.4 million and marine vessels at our RED subsidiary of $5.7 million and $5.7 million , respectively. Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.9 million for the three months ended March 31, 2019 and 2018 , respectively. The impairment in 2018 was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our annual impairment assessments through March 31, 2019 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of March 31, 2019 . Other Liabilities —As of March 31, 2019 and December 31, 2018 , other current liabilities included reserves in the amount of $12.4 million and $7.8 million , respectively, related to Ashford Trust and Braemar properties’ casualty insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. Other non-current liabilities were $1.9 million and $0 as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 , other non-current liabilities included our remaining consideration of $500,000 and the fair value of contingent consideration of $1.4 million due to the sellers of BAV resulting from J&S’s acquisition of BAV in March of 2019. Revenue Recognition —See note 3 . Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 14 . Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over a useful life of 20 years . While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above. Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss) and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S 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 the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . Due to Affiliates —Due to affiliates represents current payables resulting primarily from general and administrative expense, FF&E reimbursements and contingent consideration associated with the acquisition of J&S which was settled in 2018. Due to affiliates is generally settled within a period not exceeding one year. Leases —We determine if an arrangement is a lease at the inception of the contract. Operating lease ROU assets and operating 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 is recognized on a straight-line basis over the lease term. Short -term leases are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. See note 7 . Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities. Recently Adopted Accounting Standards —In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease and lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Effective January 1, 2019, we have adopted the new standard using the modified retrospective approach and implemented internal controls to enable the preparation of financial information upon adoption. We elected to adopt both the transition relief provided in ASU 2018-11 and the package of practical expedients which allowed us, among other things, to retain historical lease classifications and accounting for any leases that existed prior to adoption of the standard. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $26.2 million as of January 1, 2019, which primarily relates to certain office space, warehouse facilities, vehicles and equipment. The standard did not materially impact our condensed consolidated statements of operations or cash flows. Adopting the new standard did not have a material impact on the accounting for leases under which we are the lessor, except as it pertains to our rent-free leases of FF&E with Ashford Trust and Braemar. The new standard requires leases with related parties entered into on or after January 1, 2019, to be accounted for in accordance with the legally enforceable terms and conditions of the lease (i.e. zero rent payments). Therefore, we will no longer allocate a portion of base advisory fee revenue to lease revenue in an amount equal to the estimated fair value of the lease payments that would have been made because ERFP leases are rent-free. For historical leases related to our key money and ERFP programs that were in place upon adoption of the new standard on January 1, 2019, we will continue allocating a portion of base advisory fee revenue to lease revenue consistent with our historical accounting for the remainder of the applicable lease terms. See note 7 . Recently Issued Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our condensed consolidated financial statements.	Significant Accounting 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. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2018 and 2017 (in thousands): December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities (8) n/a 21,821 889 1,652 — Notes payable (8) n/a 9,917 — 220 — Revolving credit facility (8) n/a 814 — 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 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 13 and 14 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 13 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 13 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc. Unconsolidated VIEs —Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. We review the investments in unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings/loss in unconsolidated entities. We held an investment in an unconsolidated entity with a carrying value of $500,000 at both December 31, 2018 and 2017 . No impairment of the investment was recorded during the year ended December 31, 2018 or 2017 . 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 the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill. Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash represents reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The offset to restricted cash amounts is included in other liabilities. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. Inventories —Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or market value using the first-in, first-out ("FIFO") valuation method. Furniture, Fixtures and Equipment, net —We record furniture, fixtures and equipment at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded an impairment charge of $1.9 million for the year ended December 31, 2018 . The impairment was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. An impairment charge of $1.1 million was recorded for the year ended December 31, 2017 , partially offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. See note 17 . 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 J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our impairment assessments through December 31, 2018 . Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of December 31, 2018 . Other Liabilities —Other liabilities primarily included a $7.8 million and $9.1 million reserve related to Ashford Trust and Braemar properties’ casualty insurance claims and related fees as of December 31, 2018 and 2017 , respectively. The estimated liability is established based upon an analysis of historical data and actuarial estimates. Revenue Recognition —See “Recently Adopted Accounting Standards” below and note 3 . Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 16 . General and Administrative —General and administrative costs are expensed as incurred, and include advertising costs of $905,000 , $126,000 and $0 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over 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, equity-based awards and other share awards, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss) and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S 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 the consolidated balance sheets as of December 31, 2018 and 2017 . There were no sources of other comprehensive income (loss) for the year ended December 31, 2016 . Due to Affiliates —Due to affiliates represents current payables resulting from general and administrative expense, FF&E reimbursements, and contingent consideration associated with the acquisition of J&S. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust OP —Due from Ashford Trust OP represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust OP is generally settled within a period not exceeding one year. Due from Braemar OP —Due from Braemar OP represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Braemar OP is generally settled within a period not exceeding one year. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. See note 18 . 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. 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. See note 16 . 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 and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. During the third quarter of 2018, we determined that it was more likely than not that we would realize a significant portion of our deferred tax assets because we recorded a $43.7 million deferred tax liability in the third quarter of 2018, and the future reversal of deferred tax liabilities is a source of future taxable income that allows us to utilize our deferred tax assets. Accordingly, in the third quarter of 2018, we reversed the valuation allowance on our deferred tax assets by recording a $15.1 million deferred income tax benefit in the consolidated statement of operations. The deferred tax liability related to our Premier acquisition, and it is the result of recording our book basis in Premier's acquired intangible assets at fair value while the tax basis of these assets was recorded using the seller's carryover basis, which is lower than fair value. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2013 through 2017 remain subject to potential examination by certain federal and state taxing authorities. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, we recorded a one-time income tax expense of approximately $303,000 due to a revaluation of our net deferred tax assets resulting from the decrease in the corporate federal income tax rate from 35% to 21% and elimination of the ability to carryback net operating losses generated after December 31, 2017. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. As of December 31, 2018, we have finalized our accounting for the impacts of the TCJA. There were no changes to the provision amounts previously recorded. Recently Adopted Accounting Standards — In May 2014, the FASB issued ASU 2014-09, also referred to as “ASC 606” Revenue from Contracts with Customers . The core principle of the guidance is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may 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. ASC 606 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. In addition, the new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Effective January 1, 2018, we adopted the new standard using the modified retrospective approach. Based on our assessment, adoption of the new guidance did not require a cumulative-effect adjustment to the opening retained earnings on January 1, 2018. We expect the new standard’s impact on net income will be immaterial on an ongoing annual basis; however, the Company does anticipate that the new standard will have an impact on its revenues in interim periods due to timing. The primary impact of adopting the new standard relates to the timing of recognition of incentive advisory fees, which 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 no longer records incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The Company expects that this could impact its revenues in future interim periods, but we are unable to estimate the impact because future incentive advisory fees are calculated based on future changes in total stockholder return of our REIT clients compared to the total stockholder return of their respective peer group. There are no material changes in revenue recognition for audio visual, investment management reimbursements, debt placement fees, claims management services revenue, lease revenue or other services revenue. See note 3 for additional information regarding our adoption of ASC 606. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. In February 2018, the FASB issued ASU 2018-03, as technical corrections and improvements to amend and clarify certain aspects of the guidance issued in ASU 2016-01. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. See “Unconsolidated VIEs” above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include debt payments or de

Revenues_2

Revenues	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, prior to June 26, 2018, the base fee was paid quarterly and ranged from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Key Money Asset Management Fee, as defined in the amended and restated advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement on June 29, 2018, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. For Braemar, the base fee was paid monthly and was fixed at 0.70% of Braemar’s total market capitalization plus, prior to January 15, 2019, the Key Money Asset Management Fee, as defined in the advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement on January 15, 2019, the base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus, the Net Asset Fee Adjustment, as defined in the advisory agreement, as amended, subject to certain minimums. Reimbursements for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are recognized when services have been rendered. We record advisory revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”) , as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Incentive advisory fees are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first year installment of incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter as such amounts are not subject to significant reversal. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our J&S segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue, or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Project Management Revenue Project management revenue primarily consists of revenue generated within our Premier segment by providing development and construction, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services, freight management, and construction management services at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Project management revenue also includes revenue from reimbursable costs for accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. Other Revenue Other revenue includes revenues provided by certain of our hospitality products and service businesses, including RED. RED’s revenue is primarily generated through provision of ferry services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. These fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan has closed. In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Revenue and Contract Balances Deferred revenue primarily consists of customer billings in advance of revenues being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred revenue that could result in a cash payment within the next twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The increase in the deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period. The following tables summarize our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2019 $ 13,544 Increases to deferred revenue 2,072 Recognition of revenue (1) (2,445 ) Balance as of March 31, 2019 $ 13,171 ________ (1) Includes (a) $770,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.0 million of audio visual revenue and (c) $636,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 2,032 Recognition of revenue (1) (2,737 ) Balance as of March 31, 2018 $ 13,194 ________ (1) Includes (a) $346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.9 million of audio visual revenue and (c) $510,000 of “other services” revenue earned by our hospitality products and services companies. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, and (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at March 31, 2019 . The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $12.5 million and $4.9 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $4.4 million and $5.3 million in “due from Ashford Trust OP”, and $2.0 million and $2.0 million included in “due from Braemar OP” related to REIT advisory services at March 31, 2019 and 2018 , respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2019 . Disaggregated Revenue Our revenues were comprised of the following for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Advisory services revenue: Base advisory fee $ 10,622 $ 10,711 Incentive advisory fee 170 452 Reimbursable expenses 2,509 1,949 Equity-based compensation 5,758 9,292 Other advisory revenue 128 128 Total advisory services revenue (2) 19,187 22,532 Audio visual revenue 30,975 23,310 Project management revenue 7,790 — Other revenue: Investment management reimbursements (2) 358 182 Debt placement fees (3) 1,354 632 Claims management services (2) 41 55 Lease revenue (2) 1,030 252 Other services (3) 2,585 1,205 Total other revenue 5,368 2,326 Total revenue $ 63,320 $ 48,168 REVENUE BY SEGMENT (1) REIT advisory $ 20,616 $ 23,021 Premier 7,790 — J&S 30,975 23,310 OpenKey 257 319 Corporate and other 3,682 1,518 Total revenue $ 63,320 $ 48,168 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel services provided by our consolidated subsidiaries, OpenKey, RED, Pure Wellness and Lismore, to Ashford Trust, Braemar and third parties. Geographic Information Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended March 31, 2019 2018 United States $ 23,142 $ 15,952 Mexico 5,728 5,460 Dominican Republic 2,105 1,898 $ 30,975 $ 23,310	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 The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Revenue Advisory services revenue is reported within our REIT Advisory segment and primarily consists of advisory fees and expense reimbursements that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, the base fee was paid quarterly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus, prior to June 26, 2018, the Key Money Asset Management Fee, as defined in the amended and restated advisory agreement, subject to certain minimums. Upon effectiveness of the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement on June 29, 2018, the base fee is paid monthly and ranges from 0.50% to 0.70% per annum of the total market capitalization ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, as amended, subject to certain minimums. The Braemar base fee is paid monthly and is fixed at 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee, as defined in the advisory agreement, subject to certain minimums. Reimbursements for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are recognized when services have been rendered. We record advisory revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well an offsetting expense in an equal amount included in “salaries and benefits.” Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”) , as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Historically, during the incentive advisory fee measurement period (i.e. the first year of each three year period), incentive advisory fees have been accrued (or reversed) quarterly based on the amount that would be due pursuant to the applicable advisory agreements as of the interim balance sheet date. The second and third year installments of incentive advisory fees have been recognized as revenue on a pro-rata basis each quarter for the amounts determined in the first year measurement period, subject to the December 31 FCCR Condition each year. Effective with our January 1, 2018 adoption of ASC 606, we no longer record the first year's installment of incentive advisory fee revenue in interim periods prior to the fourth quarter. Prior to measurement in the fourth quarter of each year, our first year installment of incentive advisory fees are subject to significant fluctuation (i.e. based on annual total stockholder returns) and are contingent on a future event during the measurement period (e.g. meeting the FCCR Condition). Accordingly, incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three year period. The second and third year installments of incentive advisory fees are recognized as revenue on a pro-rata basis each quarter as such amounts are not subject to significant reversal. In the fourth quarter of 2018 , we recognized $678,000 of incentive advisory fees related to the first year installment of the Braemar 2018 incentive advisory fee. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2018 measurement period. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our J&S segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue, or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Project Management Revenue Project management revenue primarily consists of revenue generated within our Premier segment by providing development and construction, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, freight management, and construction management services at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Project management revenue also includes revenue from reimbursable costs for accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. Other Revenue Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. These fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan has closed. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Deferred Revenue and Contract Balances Deferred revenue primarily consists of customer billings in advance of revenues being recognized from our advisory agreements and other hospitality products and services contracts. Generally, deferred revenue that could result in a cash payment within the next twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The increase in the deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period. The following table summarizes our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 7,781 Recognition of revenue (1) (8,136 ) Balance as of December 31, 2018 $ 13,544 ________ (1) Includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.8 million of audio visual revenue, and (c) $2.2 million of “other services” revenue earned by our hospitality products and services companies. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, and (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Braemar Advisory Agreement, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services. Incentive advisory fees that are contingent upon future market performance are excluded as the fees are considered variable and not included in the transaction price at December 31, 2018 . 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 revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $4.9 million and $5.1 million included in “accounts receivable, net” primarily related to our hospitality products and services segment, $45,000 and $0 in “due from affiliates,” $5.3 million and $13.3 million in “due from Ashford Trust OP,” and $2.0 million and $1.7 million included in “due from Braemar OP” related to REIT advisory services at December 31, 2018 and December 31, 2017 , respectively. We had no significant impairments related to these receivables during the year ended December 31, 2018 . Disaggregated Revenue Our revenues were comprised of the following for the three year period ending December 31, 2018 (in thousands): Year Ended December 31, 2018 2017 2016 Advisory services revenue: Base advisory fee $ 44,905 $ 43,523 $ 43,043 Incentive advisory fee 2,487 3,083 3,083 Reimbursable expenses 9,837 9,705 8,859 Equity-based compensation 31,726 9,394 12,243 Other advisory revenue 521 277 — Total advisory services revenue (2) 89,476 65,982 67,228 Audio visual revenue 81,186 9,186 — Project management revenue 10,634 — — Other revenue: Investment management reimbursements (2) 1,156 1,976 — Debt placement fees (2) 6,093 1,137 — Claims management services (2) 213 — — Lease revenue (2) 1,005 893 335 Other services (3) 5,757 2,399 44 Total other revenue 14,224 6,405 379 Total revenue $ 195,520 $ 81,573 $ 67,607 REVENUE BY SEGMENT (1) REIT advisory $ 97,943 $ 69,988 $ 67,563 Premier 10,634 — — J&S 81,186 9,186 — OpenKey 999 327 44 Corporate and other 4,758 2,072 — Total revenue $ 195,520 $ 81,573 $ 67,607 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of Pure Wellness and RED into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel products and services provided by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, to Ashford Trust, Braemar and third parties. Geographic Information Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the years ended December 31, 2018 and December 31, 2017 , respectively (in thousands): Year Ended December 31, 2018 2017 (1) United States $ 60,241 $ 6,033 Mexico 15,429 2,760 Dominican Republic 5,516 393 $ 81,186 $ 9,186 ________ (1) Prior period amounts were not adjusted for the adoption of the new revenue recognition guidance under ASC 606.

Furniture, Fixtures and Equipme

Furniture, Fixtures and Equipment, net	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Furniture, Fixtures and Equipment, net	Furniture, Fixtures and Equipment, net Furniture, fixtures and equipment, net, consisted of the following (in thousands): December 31, 2018 2017 Rental pool equipment $ 16,386 $ 7,711 FF&E under the Ashford Trust ERFP Agreement 16,100 — FF&E 9,342 7,862 Marine vessels 5,854 — Leasehold improvements 1,022 804 Computer software 7,132 8,626 Total cost 55,836 25,003 Accumulated depreciation (7,889 ) (3,849 ) Furniture, fixtures and equipment, net $ 47,947 $ 21,154 For the years ended December 31, 2018 , 2017 and 2016 , depreciation expense was $4.0 million , $2.3 million and $1.2 million , respectively. As of December 31, 2018 and 2017 , computer software of $0 and $4.7 million , respectively, has not been placed into service and no amortization was recorded related to those assets. Depreciation and amortization expense for the years ended December 31, 2018 and 2017, excludes depreciation expense related to audio visual rental pool equipment of $3.8 million and $411,000 , respectively, which is included in cost of revenues for audio visual, and also excludes depreciation expense related to marine vessels of $172,000 for the year ended December 31, 2018, which is included in “other” operating expense.

Acquisitions_2

Acquisitions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions BAV On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”). BAV is an audio visual rental, staging, and production company focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of (i) $5.0 million in cash (excluding working capital adjustments) funded by an existing J&S term loan; (ii) $4.0 million in the form of Ashford Inc. common stock consisting of (a) 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day volume weighted average price per share of $57.01 and had an estimated fair value of approximately $3.8 million as of the acquisition date and (b) $500,000 of stock to be issued 18 months after the acquisition date, subject to certain conditions; and (iii) contingent consideration with an estimated fair value of approximately $1.4 million , payable, if earned, 12 to 18 months after the acquisition date. The acquisition of BAV was recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of BAV and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to working capital balances, furniture, fixtures and equipment, and intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Term loan $ 5,000 Less working capital adjustments (668 ) Fair value of Ashford Inc. common stock issued 3,755 Stock consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,971 Fair Value Estimated Useful Life Current assets $ 754 Furniture, fixtures and equipment 2,055 5 years Goodwill 5,429 Trademarks 350 Customer relationships 2,200 Total assets acquired 10,788 Current liabilities 567 Noncurrent liabilities 250 Total assumed liabilities 817 Net assets acquired $ 9,971 We expect approximately $5.4 million of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding BAV’s operations through our relationship with J&S. Results of BAV The results of operations of BAV have been included in our results of operations since the acquisition date. Our condensed consolidated statements of operations for the three months ended March 31, 2019 , include total revenues of $1.7 million . In addition, our condensed consolidated statements of operations for the three months ended March 31, 2019 , include net income from BAV of $253,000 . The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2018, are included below under “Pro Forma Financial Results.” Premier On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203.0 million . Premier provides construction management, interior design, architectural oversight, and the purchasing, expediting, warehousing coordination, freight management, and supervision of installation of FF&E, and related services. The purchase price was paid by issuing 8,120,000 shares of the newly created Series B Convertible Preferred Stock to the sellers. See note 12 for further discussion of the Series B Convertible Preferred Stock. The results of operations of Premier are included in our condensed consolidated financial statements from the date of acquisition. The acquisition of Premier has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations. The holding company reorganization that we effected in connection with the Premier acquisition was accounted for as a common control transaction. The purchase price allocation for the acquisition of Premier is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. We have completed our preliminary valuation to determine the fair value of the identifiable assets acquired and liabilities assumed. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Premier and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Premier The results of operations of Premier have been included in our results of operations since the acquisition date. Our condensed consolidated statement of operations for the three months ended March 31, 2019 , include total revenue of $7.8 million . In addition, our condensed consolidated statements of operations for the three months ended March 31, 2019 , include net income of $576,000 from Premier. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2018, are included below under “Pro Forma Financial Results.” Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the Premier and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $400,000 and $900,000 of transaction costs directly attributable to the acquisitions for three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Total revenue $ 65,239 $ 59,269 Net income (loss) 931 (3,267 ) Net income (loss) attributable to the Company 1,016 (3,272 ) The acquisition of certain assets related to RED on January 16, 2018, was treated as an acquisition of property and equipment so the pro forma results of operations of RED are not included above.	Acquisitions Premier On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . Premier provides construction management, interior design, architectural oversight, and the purchasing, expediting, warehousing coordination, freight management, and supervision of installation of FF&E, and related services. The purchase price was paid by issuing 8,120,000 shares of the newly created Series B Convertible Preferred Stock to the sellers. See note 14 for further discussion of the Series B Convertible Preferred Stock. The results of operations of Premier are included in our consolidated financial statements from the date of acquisition. The acquisition of Premier has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations. The holding company reorganization that we effected in connection with the Premier acquisition was accounted for as a common control transaction. The purchase price allocation for the acquisition of Premier is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. We have completed our preliminary valuation to determine the fair value of the identifiable assets acquired and liabilities assumed. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Premier and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. During the fourth quarter of 2018, we recorded a $600,000 adjustment to increase the deferred tax liability and a corresponding increase to goodwill on the consolidated balance sheet. We are in the process of evaluating the values assigned to working capital balances and intangible assets. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Premier The results of operations of Premier have been included in our results of operations since the acquisition date. Our consolidated statement of operations for the year ended December 31, 2018 include total revenue of $10.6 million and net income of $777,000 from Premier. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” J&S On November 1, 2017, we completed the acquisition of an 85% controlling interest in J&S. J&S provides an integrated suite of audio visual services including show and event services, hospitality services, creative services and design & integration services to its customers in various venues including hotels and convention centers in the United States, Mexico and the Dominican Republic. The purchase price of approximately $25.5 million consisted of (i) $19.2 million in cash of which $10.0 million was funded with a term loan; (ii) 70,318 shares of Ashford Inc. common stock, which was determined based on an agreed upon value of approximately $4.3 million using a thirty -day volume weighted average price per share of $60.44 and had an estimated fair value of approximately $5.1 million as of the acquisition date; and (iii) contingent consideration with an estimated fair value of approximately $1.2 million . The results of operations of J&S were included in our consolidated financial statements from the date of acquisition. The acquisition of J&S was recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of J&S and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. As of December 31, 2018 , we have finalized the valuation of the acquired assets and liabilities associated with the acquisition. The final fair value analysis resulted in a $6.6 million adjustment to increase the value of the acquired FF&E to their estimated fair value and a corresponding decrease to goodwill on the consolidated balance sheet. We also recorded approximately $1.0 million of incremental depreciation expense, which was primarily included in “cost of revenues for audio visual” in our consolidated statements of operations, during the third quarter of 2018. Additionally, the J&S operating subsidiary acquired an affiliate that it controls for a nominal amount. We recorded a $327,000 adjustment to reverse the fair value allocated to the noncontrolling interest and a corresponding decrease to goodwill on the consolidated balance sheet. We do not expect any further adjustments to the purchase price allocation. The fair value of the purchase price and final allocation of the purchase price is as follows (in thousands): Cash $ 9,176 Term loan 10,000 Fair value of Ashford Inc. common stock 5,063 Fair value of contingent consideration 1,196 Purchase price consideration 25,435 Fair value of redeemable noncontrolling interest 2,724 Total fair value of purchase price $ 28,159 Fair Value Estimated Useful Life Current assets including cash $ 6,564 Furniture, fixtures and equipment 15,633 5 years Goodwill 5,384 Trademarks 3,201 Customer relationships 6,519 7 years Other assets 129 Total assets acquired 37,430 Current liabilities 7,080 Notes payable, current 445 Deferred income 1,213 Note payable, non-current 533 Total assumed liabilities 9,271 Net assets acquired $ 28,159 We expect approximately $9.9 million of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill include value associated with an assembled workforce and value attributable to expanding J&S’ operations through our relationships with Ashford Trust and Braemar. Results of J&S The results of operations of J&S have been included in our results of operations since the acquisition date. Our consolidated statements of operations for the year s ended December 31, 2018 and 2017 include total revenues of $81.2 million and $9.2 million , respectively. In addition, our consolidated statements of operations for the year s ended December 31, 2018 and 2017 include net losses from J&S of $1.8 million and $657,000 , respectively. The unaudited pro forma results of operations, as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” Pure Wellness On April 6, 2017, we acquired a 70% interest in Pure Wellness. Pure Wellness’ patented 7-step purification process treats a room’s surfaces, including the air, and removes up to 99% of pollutants. To consummate the acquisition, Ashford Services entered into the LLC Agreement with Pure Wellness, pursuant to which Ashford Services became the sole owner of the common equity, or Series A Units. In conjunction with the LLC Agreement, Ashford Services contributed $97,000 cash to Pure Wellness as required by the LLC Agreement. Pursuant to the Contribution Agreement, by and among Pure Wellness (as contributee) and the Sellers, the Sellers contributed liabilities, net of assets, of the predecessor operating company, Pure Wellness NA, LLC, with a fair value of $532,000 in exchange for certain equity interests in Pure Wellness, including 30% of the Series A Units, 100% of the Series B-1 Units, and 50% of the Series B-2 Units. The fair value of the remaining equity consideration included $42,000 of Series A Units, $181,000 of Series B-1 Units, and $202,000 of Series B-2 Units, totaling $425,000 . As a result of the Contribution Agreement, our equity interest in Pure Wellness was 70% . Per the LLC Agreement, the Series A Units are voting units and have the voting rights set forth in the Contribution Agreement but do not have management participation rights. The Series B-1 Units and Series B-2 Units are non-voting units and do not have voting or management participation rights. The distribution waterfall provides seniority as follows: Series B-1, Series B-2, then Series A. There is no coupon or other preference associated with the Series B-1 and B-2 unit classes. During the year ended December 31, 2017 , the Series B-1 unit holders redeemed their Series B-1 units for $200,000 . The acquisition of Pure Wellness has been recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation is based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. During the fourth quarter of 2017, we finalized the valuation of the acquired assets and liabilities associated with the Pure Wellness acquisition. The final fair value analysis did not result in a material change on the consolidated balance sheet, and we do not expect any further adjustments to the purchase price allocation. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections of Pure Wellness 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. The fair value of the equity consideration of $425,000 is allocated as follows (in thousands): Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Customer relationships 175 5 years Goodwill 782 Total assets acquired 1,256 Line of credit 100 Note payable 375 Other assumed liabilities, net 356 Total assumed liabilities 831 Net assets acquired $ 425 We do not expect any of the goodwill balance to be deductible for tax purposes. Results of Pure Wellness The results of operations of Pure Wellness have been included in our results of operations since the acquisition date. Our consolidated statements of operations for the year s ended December 31, 2018 and 2017 included total revenue of $3.4 million and $2.1 million , respectively. In addition, our consolidated statements of operations for the year s ended December 31, 2018 and 2017 include net income from Pure Wellness of $65,000 and a net loss of $78,000 , respectively. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2017, are included below under “Pro Forma Financial Results.” Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the Premier, J&S and Pure Wellness acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2017, and the removal of $10.3 million and $1.0 million of transaction costs directly attributable to the acquisitions for the year s ended December 31, 2018 and 2017, respectively (in thousands): Year Ended December 31, 2018 2017 Total revenue $ 213,741 $ 161,516 Net income (loss) 14,726 (16,382 ) Net income (loss) attributable to common stockholders 17,088 (14,590 )

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, net	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net The changes in the carrying amount of goodwill for the three months ended March 31, 2019 , are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 5,429 — 5,429 Adjustments — — — — Balance at March 31, 2019 $ 53,517 $ 10,813 $ 782 $ 65,112 ________ (1) The addition of approximately $5.4 million relates to the preliminary valuation of assets and liabilities related to J&S’ acquisition of BAV. Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201 Amortization expense for definite-lived intangible assets was $3.0 million and $241,000 for the three months ended March 31, 2019 and 2018 , respectively. Customer relationships and management contracts for Pure Wellness and Premier were assigned a useful life of 5 years and 30 years , respectively. Customer relationships for J&S were assigned a useful life of 7 years . We are in the process of evaluating the useful life of BAV customer relationships.	Goodwill and Intangible Assets, net The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017, are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at January 1, 2017 Changes in goodwill: Additions (1) $ — $ 12,165 $ 782 $ 12,947 Adjustments — — — — Balance at December 31, 2017 $ — $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions 53,517 — — 53,517 Adjustments (2) — (6,781 ) — (6,781 ) Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 (1) Corporate and Other additions reflect the goodwill acquired as a result of the acquisition of Pure Wellness. (2) The adjustment of approximately $6.8 million relates primarily to the preliminary valuation of assets and liabilities related to the J&S acquisition. Intangible assets, net as of December 31, 2018 and 2017, are as follows (in thousands): December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (61 ) $ 114 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (1,087 ) 5,432 6,519 (156 ) 6,363 Premier management contracts 188,800 (4,353 ) 184,447 — — — $ 195,494 $ (5,501 ) $ 189,993 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201 Amortization expense for definite-lived intangible assets was $5.3 million and $182,000 for the years ended December 31, 2018 and 2017 , respectively. Customer relationships and management contracts for Pure Wellness, J&S and Premier were assigned a useful life of 5 years , 7 years and 30 years , respectively.

Notes Payable, net_2

Notes Payable, net	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 March 31, 2019 December 31, 2018 Senior revolving credit facility (7) Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan (5) (8) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 13,667 8,917 Revolving credit facility (5) (8) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,638 1,733 Capital lease obligations (5) J&S Various Various - fixed 630 661 Equipment note (5) (9) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 3,054 2,087 Draw term loan (5) (9) J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,900 1,950 Revolving credit facility (5) (10) OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Revolving credit facility (5) (11) Pure Wellness On demand Prime Rate (4) + 1.00% — 60 Term loan (6) (12) RED April 5, 2025 Prime Rate (4) + 1.75% 673 695 Revolving credit facility (6) (13) RED February 5, 2020 Prime Rate (4) + 1.75% — 118 Draw term loan (6) (14) RED December 5, 2026 Prime Rate (4) + 1.75% 533 — Term loan (6) (15) RED February 1, 2029 Prime Rate (4) + 2.00% 1,770 1,785 Notes payable 24,865 18,006 Less deferred loan costs, net (260 ) (234 ) Notes payable less net deferred loan costs 24,605 17,772 Less current portion (2,933 ) (2,595 ) Notes payable, net - non-current 21,672 15,177 __________________ (1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.50% and 5.50% at March 31, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 1, 2018 , the Company entered into a $35.0 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40.0 million to an aggregate amount of $75.0 million , subject to certain conditions. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), , Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. (8) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . Net deferred loan costs associated with this financing of $198,000 and $183,000 , respectively, are included as a reduction to “notes payable, net” on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , $1.4 million and $1.0 million , respectively, of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at March 31, 2019 and December 31, 2018 , was not material. As of March 31, 2019 , $862,000 of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million , respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. (10) On November 8, 2018, OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets. In connection with the 2018 renewal, OpenKey granted the creditors a 10-year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the remaining term of the line of credit and included in “amortization of loan costs” in our condensed consolidated statement of operations. As of March 31, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. In February 2019, we paid off the remaining $60,000 balance on the line of credit. (12) On March 23, 2018, our RED operating subsidiary entered into a term loan of $750,000 . (13) On February 28, 2019, our RED operating subsidiary renewed its $250,000 revolving credit facility. The revolving credit facility provides RED with available borrowings up to a total of $250,000 . As of March 31, 2019, $250,000 was available under the revolving credit facility. (14) On February 27, 2019, our RED operating subsidiary entered into a draw term loan in the amount of $1.4 million . As of March 31, 2019, $867,000 was available under the draw term loan. (15) On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million .	Notes Payable, net Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2018 December 31, 2017 Senior revolving credit facility Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 8,917 9,917 Revolving credit facility J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,733 814 Capital lease obligations J&S Various Various - fixed 661 896 Equipment note J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,087 — Draw term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,950 — Revolving credit facility OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Term loan Pure Wellness October 1, 2018 5.00% — 220 Revolving credit facility Pure Wellness On demand Prime Rate (4) + 1.00% 60 100 Term loan RED April 5, 2025 Prime Rate (4) + 1.75% 695 — Revolving credit facility RED March 5, 2019 Prime Rate (4) + 1.75% 118 — Term loan RED February 1, 2029 Prime Rate (4) + 2.00% 1,785 — Notes payable 18,006 11,947 Less deferred loan costs, net (234 ) (240 ) Notes payable less net deferred loan costs 17,772 11,707 Less current portion (2,595 ) (1,751 ) Notes payable, net - non-current $ 15,177 $ 9,956 __________________ (1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.50% and 1.56% at December 31, 2018 and 2017, respectively. (4) Prime Rate was 5.50% and 4.50% at December 31, 2018 and 2017, respectively. On November 8, 2018 , OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets and matures on April 30, 2020 , with an interest rate of Prime Rate plus 2.75% . Creditors do not have recourse to Ashford Inc. At December 31, 2018 and 2017, there were no borrowings outstanding under the revolving credit facility. In connection with the 2018 renewal, OpenKey granted the creditors a 10 -year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the term of the line of credit. On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million for which the creditor has recourse to Ashford Inc. The term loan bears interest at the Prime Rate plus 2.00% and matures on February 1, 2029 . On March 23, 2018 , our RED operating subsidiary entered into a term loan of $750,000 and a revolving credit facility of $250,000 for which the creditor has recourse to Ashford Inc. Approximately $225,000 of the proceeds from the term loan is held in an escrow account, which is included in our consolidated balance sheet within “other assets” as of December 31, 2018 . During the year ended December 31, 2018 , $118,000 was drawn on the revolving credit facility. As of December 31, 2018 , $132,000 was available under the revolving credit facility. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), with Ashford Hospitality Holdings LLC, a subsidiary of Ashford Inc., Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. On March 1, 2018 , the Company and its subsidiary Ashford Hospitality Holdings LLC entered into a $35 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit and bears interest at the Base Rate plus 2.00% to 2.50% or LIBOR plus 3.00% to 3.50% , depending on the leverage level of the Company. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40 million to an aggregate amount of $75 million , subject to certain conditions. At December 31, 2018 , there were no outstanding borrowings under the facility. On November 1, 2017 , our J&S operating subsidiary entered into a series of financing transactions for which the creditors do not have recourse to Ashford Inc., including a $10.0 million term loan to finance the acquisition of J&S . The term loan bears interest at LIBOR plus 3.25% and matures on November 1, 2022 . Net deferred loan costs associated with this financing of $183,000 and $226,000 , respectively, are included as a reduction to “notes payable, net” on the consolidated balance sheets as of December 31, 2018 and 2017. As of December 31, 2018 and 2017, $1.0 million of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at December 31, 2018 and 2017 was not material. The subsidiary also entered into a $3.0 million revolving credit facility which bears interest at LIBOR plus 3.25% and matures on November 1, 2022 . During the year ended December 31, 2018 , $21.8 million was drawn and approximately $20.8 million of payments were made on the revolving credit facility. As of December 31, 2018 , approximately $1.3 million of credit was available under the revolving credit facility. These debt agreements contain various financial covenants that, among other things, require the maintenance of certain fixed charge coverage ratios. As of December 31, 2018 , our J&S operating subsidiary was in compliance with all financial covenants. Also on November 1, 2017 , in connection with the acquisition of J&S , our J&S operating subsidiary entered into a $3.0 million equipment note and a $2.0 million draw term loan agreement. These loans each bear interest at LIBOR plus 3.25% and mature on November 1, 2022 . During the year ended December 31, 2018 , $2.3 million was drawn and approximately $196,000 of payments were made on the equipment note. As of December 31, 2018 , $2.0 million was outstanding on the draw term loan. All the loans in connection with the acquisition of J&S are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. On April 6, 2017 , Pure Wellness entered into a term loan of $375,000 and a line of credit of $100,000 for which the creditor does not have recourse to Ashford Inc. The term loan has a fixed interest rate of 5.00% per annum. On October 1, 2018, we paid off the remaining balance on the term loan. The line of credit has a variable interest rate of Prime Rate plus 1.00% . There is no stated maturity date related to the line of credit as it is payable on demand; accordingly, the balance has been classified as a current liability on our consolidated balance sheets. Excluding capital lease obligations (see note 8 ) and interest, maturities of our long-term debt for each of the next five years and thereafter are as follows (in thousands): 2019 $ 2,074 2020 1,933 2021 1,939 2022 10,006 2023 297 Thereafter 1,096 Total $ 17,345

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Lease Commitments	Lease Commitments Capital Leases We lease certain equipment under capital leases. The net book value of these assets was approximately $807,000 and $835,000 as of December 31, 2018 and 2017, respectively. The net book value of these assets is included in “furniture, fixtures and equipment, net” in our consolidated balance sheets. Amortization of assets under capital leases is included in “depreciation and amortization” expense in our consolidated statement of operations. Operating Leases We have contractual obligations in the form of operating leases for office space and equipment. Operating lease obligations expire at various dates with the latest maturity in 2028. For the years ended December 31, 2018 and 2017 , we recorded rental expense of $2.1 million and $307,000 , respectively. We did not incur rental expense for the year ended December 31, 2016 . As of December 31, 2018 , future minimum lease payments on capital and operating leases were as follows (in thousands): Capital Leases Operating Leases 2019 $ 541 $ 3,529 2020 105 3,532 2021 33 3,329 2022 7 3,172 2023 — 3,059 Thereafter — 13,999 Total minimum lease payments 686 30,620 Imputed interest (25 ) — Present value of minimum lease payments $ 661 $ 30,620

Fair Value Measurements_2

Fair Value Measurements	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2019 Liabilities Contingent consideration $ — $ — $ (1,402 ) $ (1,402 ) (1) Deferred compensation plan $ (11,268 ) $ — $ — $ (11,268 ) Total $ (11,268 ) $ — $ (1,402 ) $ (12,670 ) __________________ (1) Reported as other noncurrent liabilities in the condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan (10,574 ) — — (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) The following tables presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2018 $ — Acquisitions (1,384 ) Gains (losses) included in earnings (2) (18 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2019 $ (1,402 ) __________________ (1) Includes J&S’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in the condensed consolidated balance sheets within “other liabilities, noncurrent.” The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant inputs in the Level 3 measurement of the contingent consideration include the timing and amount of the ultimate payout based on our estimate of BAV operating performance during the earn-out period, calculated in accordance with the applicable agreement, and the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the condensed consolidated statements of operations. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Liabilities Contingent consideration (18 ) (1) (213 ) (2 ) Deferred compensation plan (3) (740 ) (561 ) Total $ (758 ) $ (774 ) __________________ (1) Represents the accretion of contingent consideration associated with the acquisition of BAV in March of 2019. Reported as a component of “other operating expense” in the condensed consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition J&S in November of 2017, which was settled in the third quarter of 2018. Reported as “other operating expense” in the condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the condensed consolidated statements of operations.	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan $ (10,574 ) $ — $ — $ (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2017 Liabilities Contingent consideration $ — $ — $ (2,262 ) $ (2,262 ) (1) Deferred compensation plan (19,259 ) — — (19,259 ) Total $ (19,259 ) $ — $ (2,262 ) $ (21,521 ) __________________ (1) Reported as “due to affiliates” in the consolidated balance sheets. The following table presents our rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2016 $ — Acquisitions (1,196 ) Gains (losses) included in earnings (2) (1,066 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at December 31, 2017 $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (338 ) Dispositions and settlements 2,600 Transfers into/out of Level 3 — Balance at December 31, 2018 $ — __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of J&S, which is carried at fair value in the consolidated balance sheet as of December 31, 2017 within “due to affiliates.” The liability was settled in the third quarter of 2018. The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant input in the Level 3 measurement of the contingent consideration is the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the consolidated statements of operations. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2018 2017 2016 Assets Derivative assets: Equity put options $ — $ — $ (2,829 ) Equity call options — — 1,961 Options on futures contracts — (91 ) (228 ) Non-derivative assets: Equity securities — — (7,213 ) U.S. treasury securities — — 479 Total — (91 ) (7,830 ) Liabilities Derivative liabilities: Short equity put options — — 2,147 Short equity call options — — (1,944 ) Non-derivative liabilities: Equity securities — — (160 ) Contingent consideration (338 ) (1,066 ) — Deferred compensation plan 8,444 (10,410 ) 2,127 Total 8,106 (11,476 ) 2,170 Net $ 8,106 $ (11,567 ) $ (5,660 ) Total combined Unrealized gain (loss) on investments (1) $ — $ 203 $ 2,326 Realized gain (loss) on investments — (294 ) (10,113 ) Contingent consideration (2) (338 ) (1,066 ) — Deferred compensation plan (3) 8,444 (10,410 ) 2,127 Net $ 8,106 $ (11,567 ) $ (5,660 ) ________ (1) Includes unrealized gain (loss) associated with investments in unconsolidated entities and reported as “unrealized gain (loss) on investments” in the consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition of J&S settled in the third quarter of 2018. Reported as a component of “other operating expense” in the consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the consolidated statements of operations.

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 11,268 $ 11,268 $ 10,574 $ 10,574 Contingent consideration 1,402 1,402 — — Financial assets not measured at fair value: Cash and cash equivalents $ 39,953 $ 39,953 $ 51,529 $ 51,529 Restricted cash 12,604 12,604 7,914 7,914 Accounts receivable, net 12,504 12,504 4,928 4,928 Due from affiliates 75 75 45 45 Due from Ashford Trust OP 4,416 4,416 5,293 5,293 Due from Braemar OP 2,031 2,031 1,996 1,996 Investments in unconsolidated entities 3,400 3,400 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 21,696 $ 21,696 $ 24,880 $ 24,880 Due to affiliates 1,176 1,176 2,032 2,032 Other liabilities 14,478 14,478 8,418 8,418 Notes payable 24,865 23,362 to 25,821 18,006 16,681 to 18,437 Deferred compensation plan. The liability resulting from the deferred compensation plan is carried at fair value based on the closing prices of the underlying investments. This is considered a Level 1 valuation technique. Contingent consideration. The liability associated with J&S’ acquisition of BAV is carried at fair value based on the terms of the acquisition agreement and any changes to fair value are recorded in “other” operating expenses in the condensed consolidated statements of operations. Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due from Ashford Trust OP, due from Braemar OP, accounts payable and accrued expenses, due to affiliates and other liabilities . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Investments in unconsolidated entities. The carrying value of the asset resulting from investment in unconsolidated entities approximates fair value based on recent observable transactions. This is considered a level 2 valuation technique. Notes payable. The fair value of notes payable is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique.	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, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 10,574 $ 10,574 $ 19,259 $ 19,259 Contingent consideration — — 2,262 2,262 Financial assets not measured at fair value: Cash and cash equivalents $ 51,529 $ 51,529 $ 36,480 $ 36,480 Restricted cash 7,914 7,914 9,076 9,076 Accounts receivable, net 4,928 4,928 5,127 5,127 Due from affiliates 45 45 — — Due from Ashford Trust OP 5,293 5,293 13,346 13,346 Due from Braemar OP 1,996 1,996 1,738 1,738 Investments in unconsolidated entities 500 500 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 24,880 $ 24,880 $ 20,529 $ 20,529 Due to affiliates 2,032 2,032 4,272 4,272 Other liabilities 8,418 8,418 9,076 9,076 Notes payable 18,006 16,681 to 18,437 11,947 12,040 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 acquisition of J&S is carried at fair value based on the terms of the acquisition agreement and any changes to fair value are recorded in “other” operating expenses in the consolidated statements of operations. Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due from Ashford Trust OP, due from Braemar OP, accounts payable and accrued expenses, due to affiliates and other liabilities . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Investments in unconsolidated entities. The carrying value of the asset resulting from investment in unconsolidated entities approximates fair value based on recent observable transactions. This is considered a level 2 valuation technique. Notes payable. The fair value of notes payable is based on credit spreads on observable transactions of a similar nature and is considered a Level 2 valuation technique.

Commitments and Contingencies_2

Commitments and Contingencies	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitment — As of March 31, 2019 , we had approximately $28.9 million of remaining purchase commitments related to our Ashford Trust ERFP Agreement and $50.0 million of remaining purchase commitments related to our Braemar ERFP Agreement which are contingent upon Ashford Trust and Braemar acquiring additional hotels and identifying the FF&E for us to acquire, in accordance with the agreements. See note 15 . Litigation — The Company is engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the financial position or results of operations of the Company. However, the adjudication of legal proceedings is difficult to predict, and if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s financial position or results of operations could be materially adversely affected in future periods.	Commitments and Contingencies Purchase Commitment — As of December 31, 2018 , we had approximately $33.9 million of purchase commitments related to the Ashford Trust ERFP agreement which are contingent upon Ashford Trust acquiring additional hotels. See note 17 . Litigation — The Company is engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the financial position or results of operations of the Company. However, the adjudication of legal proceedings is difficult to predict, and if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s financial position or results of operations could be materially adversely affected in future periods.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table reconciles the income tax benefit at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2018 2017 2016 Income tax benefit at federal statutory income tax rate $ 534 $ 3,665 $ 4,068 State income tax expense, net of federal income tax benefit 804 (388 ) (180 ) Income passed through to common unit holders and noncontrolling interests (36 ) (2 ) (2,985 ) Permanent differences (66 ) (201 ) (1,410 ) Valuation allowance 8,887 (12,725 ) (407 ) Effect of the Tax Cuts and Jobs Act — (303 ) — Other 241 231 134 Total income tax (expense) benefit $ 10,364 $ (9,723 ) $ (780 ) The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ (439 ) $ (3,305 ) $ (2,578 ) Foreign (437 ) (47 ) — State (1,000 ) (369 ) (277 ) Total current (1,876 ) (3,721 ) (2,855 ) Deferred: Federal 10,646 (5,854 ) 2,023 Foreign — — — State 1,594 (148 ) 52 Total deferred 12,240 (6,002 ) 2,075 Total income tax (expense) benefit $ 10,364 $ (9,723 ) $ (780 ) Interest and penalties of $6,000 , $1,000 and $2,000 were paid or were due to taxing authorities for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 and 2017 , our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2018 2017 Prepaid expenses $ (274 ) $ (218 ) Investments in unconsolidated entities and joint ventures (488 ) 12,529 Capitalized acquisition costs 4,030 1,652 Deferred compensation 2,462 4,285 Accrued expenses 757 851 Equity-based compensation 6,282 3,877 Furniture fixtures and equipment (3,418 ) (643 ) Intangibles (41,931 ) 860 Deferred revenue 2,189 629 Net operating loss 2,835 1,265 Deferred tax asset (27,556 ) 25,087 Valuation allowance (3,950 ) (25,087 ) Net deferred tax asset (liability) $ (31,506 ) $ — As of December 31, 2018 , the Company has net operating loss carryforwards of approximately $13.2 million for tax purposes, which will be available to offset future taxable income. If not used, these carryforwards will expire between 2036 and 2037. We evaluate the recoverability of our deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. We assess whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. The analysis utilized in determining the valuation allowance involves considerable judgment and assumptions. At December 31, 2017, we recorded a valuation allowance of $25.1 million for our deferred tax assets as we concluded that we did not meet the more likely than not standard that we will utilize our deferred tax assets because in the second quarter of 2017 we completed a legal restructuring of our organizational structure to facilitate our investment in businesses that provide products and services to the hospitality industry. The restructuring limited our ability to carryback losses, and as a result, we recorded a tax expense to reduce our net deferred tax asset to zero. During the third quarter of 2018, we determined that it was more likely than not that we would realize a significant portion of our deferred tax assets because we recorded a $43.7 million deferred tax liability in the third quarter of 2018, and the future reversal of deferred tax liabilities is a source of future taxable income that allows us to utilize our deferred tax assets. Accordingly, in the third quarter of 2018, we reversed the valuation allowance on our deferred tax assets by recording a $15.1 million deferred income tax benefit in the consolidated statement of operations. The deferred tax liability related to our Premier acquisition, and it is the result of recording our book basis in Premier's acquired intangible assets at fair value while the tax basis of these assets was recorded using the seller's carryover basis, which is lower than fair value. At December 31, 2018, we recorded a $4.0 million valuation allowance related primarily to Mexico and OpenKey deferred tax assets, which did not meet the more likely than not standard for recognition. We are able to recognize our remaining deferred tax assets based on future taxable income from reversing taxable temporary differences associated with the deferred tax liability recognized as a result of the Premier acquisition in the third quarter of 2018. On December 22, 2017, President Trump signed the TCJA into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, we recorded a one-time income tax expense of approximately $303,000 due to a revaluation of our net deferred tax assets resulting from the decrease in the corporate federal income tax rate from 35% to 21% and elimination of the ability to carryback net operating losses generated after December 31, 2017. Additionally on December 22, 2017, the SEC staff issued SAB 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. As of December 31, 2018, we have finalized our accounting for the impacts of the TCJA. There were no changes to the provision amounts previously recorded.

Equity_2

Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2019 2018 (Income) loss allocated to noncontrolling interests: J&S $ — $ (11 ) OpenKey 177 156 RED (34 ) (7 ) Pure Wellness 20 35 Total net (income) loss allocated to noncontrolling interests $ 163 $ 173	Equity Equity Offering — For the year ended December 31, 2018, net proceeds from the public offering of our common stock after underwriting discount and offering expenses were approximately $18.9 million . On September 28, 2018, we completed a public offering of 270,000 shares of common stock at a price to the public of $74.50 per share, resulting in gross proceeds of $20.1 million . The net proceeds from the sale of the shares after discounts and commissions to the underwriters and offering expenses were approximately $18.2 million . We also sold an additional 10,000 shares of common stock to the underwriters on October 10, 2018, in connection with the underwriters’ partial exercise of their over-allotment option that had been granted to them in connection with the transaction. The net proceeds from the sale of the over-allotment shares after discounts and commissions to the underwriters were approximately $700,000 . Capital Stock —In accordance with Ashford Inc.’s charter, we are authorized to issue 200 million shares of capital stock, consisting of 100 million shares common stock, par value $0.01 per share, 50 million shares blank check common stock, par value $0.01 per share, and 50 million shares preferred stock, par value $0.01 per share. Our Board of Directors has designated 2 million shares of our preferred stock as Series A Preferred Stock. The holders of Series A cumulative preferred stock are entitled to receive dividends in preference to holders of shares of any class or series of stock ranking junior to it, equal to 1,000 multiplied by the aggregate per share amount of all dividends of common stock. Each share of Series A cumulative preferred stock shall entitle the holder to 1,000 votes on all matters submitted to a vote of the stockholders of Ashford Inc. No shares of Series A cumulative preferred stock are currently outstanding. Shareholder Rights Plan —On August 18, 2018, our board of directors adopted a shareholder rights plan (the “2018 Rights Plan”). The 2018 Rights Plan is intended to improve the bargaining position of our board of directors in the event of an unsolicited offer to acquire our outstanding shares of common stock. Pursuant to the 2018 Rights Plan, our board of directors declared a dividend of one preferred share purchase right (a “Right”) payable on August 20, 2018, for each outstanding share of common stock, par value $0.01 per share (the “Common Shares”), outstanding on August 20, 2018 (the “Record Date”) to the stockholders of record on that date. Each Right initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Preferred Stock, par value $0.01 per share (the “Preferred Shares”), of the Company, at a price of $275 per one one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment. The Rights become exercisable upon certain conditions, as defined in the rights agreement. At any time prior to the time any person or group becomes an Acquiring Person, as defined in the rights agreement, the board of directors of the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. The value of the rights is de minimis . At our annual shareholder’s meeting in 2018, our shareholders voted to extend the shareholder rights plan until February 25, 2021. The terms of the shareholder rights plan are consistent with the terms of an earlier shareholder rights plan adopted on November 16, 2014. Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2018 2017 2016 (Income) loss allocated to noncontrolling interests: J&S $ 58 $ (49 ) $ — OpenKey (1) 826 515 849 Pure Wellness (28 ) 38 — RED 68 — — Other (2) — (146 ) 8,011 Total net (income) loss allocated to noncontrolling interests $ 924 $ 358 $ 8,860 ________ (1) The 2016 loss allocated to the noncontrolling interest in OpenKey represents the period from the March 8, 2016 conversion of our notes receivable through December 31, 2016. (2) Represents noncontrolling interests primarily in the AQUA Fund, which was fully dissolved as of December 31, 2017.

Mezzanine Equity_2

Mezzanine Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — Redeemable noncontrolling interests are included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 4 $ 12 J&S (227 ) (355 ) OpenKey 202 282 Total net (income) loss allocated to redeemable noncontrolling interests $ (21 ) $ (61 ) Preferred Stock —On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . The purchase price was paid by issuing 8,120,000 shares of Series B Convertible Preferred Stock to the Remington Sellers. The Series B Convertible Preferred Stock has a conversion price of $140 per share and, if converted, would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. Under the applicable authoritative accounting guidance, this increasing dividend rate feature results in a discount that must be reflected in the fair value of the preferred stock, which is reflected in “Series B cumulative convertible preferred stock, net of discount” on our condensed consolidated balance sheets. For the three months ended March 31, 2019 , we recorded $491,000 of amortization related to the preferred stock discount. The Series B Convertible Preferred Stock is included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable outside of the Company’s control. The Series B Convertible Preferred Stock is redeemable at the option of the holder for cash in the event of a change of control. Each share of our Series B Convertible Preferred Stock is convertible at any time, at the option of the holder, into a number of whole or partial shares of common stock, pursuant to the agreements. The Series B Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the selling stockholders and their transferees will generally be subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of our outstanding capital stock. After the seventh anniversary of the closing of the acquisition of Premier, we have the option to redeem all or any portion of the Series B Convertible Preferred Stock in $25.0 million increments on a pro rata basis among all covered investors unless, no less than 15 days before the closing of the purchase transaction, the participating covered investors specify an alternative allocation of the Series B Convertible Preferred Stock subject to the redemption (the “Call Option”), at a price per share equal to the sum of (i) $25.125 (as adjusted for any applicable stock splits or similar transactions) plus (ii) all accrued but unpaid dividends. The purchase price is payable only in cash. The notice of exercise of the Call Option does not limit or restrict any covered investor’s right to convert the Series B Convertible Preferred Stock into shares of our common stock prior to the closing of the Call Option. The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 for the three months ended March 31, 2019 . The Company declared and paid dividends as presented below: Three Months Ended March 31, 2019 2018 Preferred dividends $ 2,791 $ —	Mezzanine Equity Redeemable Noncontrolling Interests —Redeemable noncontrolling interests are included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. See note 2 for tables summarizing the redeemable noncontrolling ownership interests and carrying values. Redeemable noncontrolling interests in Ashford Holdings represents certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford Holdings, which is an allocation of net income/loss attributable to the members based on the weighted average ownership percentage of these members’ interest. Beginning one year after issuance, each common unit of membership interest may be redeemed by the holder, for cash or registered shares in certain cases outside the Company’s control. Prior to April 6, 2017, the noncontrolling interests represented certain members’ proportionate share of equity and their allocable share of equity in earnings/loss of Ashford LLC. See note 1 . In connection with our spin-off, Ashford Trust OP unit holders received one common unit in Ashford LLC for every 55 common units held in Ashford Trust OP. Each holder of common units of Ashford LLC could then exchange up to 99% of the Ashford LLC common units for shares of Ashford Inc. common stock. During the year ended December 31, 2014, approximately 356,000 common units were exchanged for shares of Ashford Inc. common stock at the rate of one share of Ashford Inc. common stock for every 55 Ashford LLC common units. Following the completion of the exchange offer, Ashford LLC effected a reverse stock split of its common units such that each common unit was automatically converted into 1/55 of a common unit. A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2018 2017 2016 Units outstanding at beginning of year 4 4 5 Units redeemed for cash (1) — — (1 ) Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4 __________________ (1) During the years ended December 31, 2018 , 2017 , and 2016 , membership interest units with aggregate fair values at redemption of $0 , $0 and $18,000 , respectively, were redeemed by the holder and, at our election, we paid cash to satisfy the redemption price. Redeemable noncontrolling interest in other subsidiary common stock represented redeemable ownership interests in our consolidated subsidiaries, J&S and OpenKey, for the years ended December 31, 2018 and 2017 . Redeemable noncontrolling interests in other subsidiary common stock originated as a result of the following transactions: On March 8, 2016, a 100% noncontrolling interest in OpenKey was initially reduced to a 49.28% redeemable noncontrolling interest, which resulted in the conversion of our note receivable into our initial 38.49% ownership interest. See also notes 1 , 2 , 13 and 17 to our consolidated financial statements. On November 1, 2017, we acquired an 85% controlling interest in J&S with 15% ownership held by the company’s founders as a redeemable noncontrolling interest in the J&S subsidiary common stock. See note 5 for details of the acquisition. See also notes 1 , 2 , 13 and 17 to our consolidated financial statements. The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands). Year Ended December 31, 2018 2017 2016 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ (9 ) $ 19 $ 4 J&S 361 136 — OpenKey 1,086 1,329 1,143 Total net (income) loss allocated to redeemable noncontrolling interests $ 1,438 $ 1,484 $ 1,147 ________ (1) Represents the 0.2% interest in Ashford LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Holdings thereafter. Preferred Stock —The Series B Convertible Preferred Stock is included in the mezzanine section of our consolidated balance sheets as the ownership interests are redeemable outside of the Company’s control. The Series B Convertible Preferred Stock is redeemable at the option of the holder for cash in the event of a change of control. Each share of our Series B Convertible Preferred Stock is convertible at any time, at the option of the holder, into a number of whole or partial shares of common stock. Conversions are calculated by multiplying the number of shares to be converted by "Liquidation Value" and dividing the product by the "Preferred Conversion Price" in effect immediately prior to the conversion. The "Liquidation Value" is calculated by taking the base conversion price of $25 and adjusting it for any stock splits, stock dividends, recapitalization, or similar transaction that effected the Series B Convertible Preferred Stock and adding all accrued, unpaid dividends on each share (whether declared or not). The "Preferred Conversion Price" is defined as the sum of $140 and the effect of adjustments related to any changes in the quantity and/or value of common shares. On August 8, 2018, we completed the acquisition of Premier for a total transaction value of $203 million . The purchase price was paid by issuing 8,120,000 shares of Series B Convertible Preferred Stock to the Remington Sellers. The Series B Convertible Preferred Stock has a conversion price of $140 per share and, if converted, would convert into 1,450,000 shares of our common stock. Dividends on the Series B Convertible Preferred Stock are payable at an annual rate of 5.5% in the first year, 6.0% in the second year, and 6.5% in the third year and each year thereafter. Under the applicable authoritative accounting guidance, this increasing dividend rate feature results in a discount that must be reflected in the fair value of the preferred stock, which is reflected in “Series B cumulative convertible preferred stock, net of discount” on our consolidated balance sheets. For the year ended December 31, 2018 , we recorded $730,000 of amortization related to the preferred stock discount. In addition to certain separate class voting rights, the holders of the Series B Convertible Preferred Stock vote on an as-converted basis with the holders of the common stock on all matters submitted for approval by the holders of our capital stock possessing general voting rights. However, for five years following the closing of the acquisition of Premier, the selling stockholders and their transferees will generally be subject to certain voting restrictions with respect to shares in excess of 25% of the combined voting power of our outstanding capital stock. The Series B Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. After the seventh anniversary of the closing of the acquisition of Premier, we have the option to redeem all or any portion of the Series B Convertible Preferred Stock in $25.0 million increments on a pro rata basis among all covered investors unless, no less than 15 days before the closing of the purchase transaction, the participating covered investors specify an alternative allocation of the Series B Convertible Preferred Stock subject to the redemption (the “Call Option”), at a price per share equal to the sum of (i) $25.125 (as adjusted for any applicable stock splits or similar transactions) plus (ii) all accrued but unpaid dividends. The purchase price is payable only in cash. The notice of exercise of the Call Option does not limit or restrict any covered investor’s right to convert the Series B Convertible Preferred Stock into shares of our common stock prior to the closing of the Call Option. The Series B Convertible Preferred Stock is included in the mezzanine section of our consolidated balance sheets as the preferred shares are redeemable for shares of our common stock outside of the Company’s control. The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 per share for the three months ended December 31, 2018 . The Company declared and paid dividends as presented below: Year Ended December 31, 2018 2017 2016 Preferred dividends $ 4,466 $ — $ —

Equity-Based Compensation_2

Equity-Based Compensation	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” in our condensed consolidated statements of operations and comprehensive income (loss). The components of equity-based compensation expense for the three months ended March 31, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended March 31, 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,151 $ 3,757 Director and other non-employee equity grants expense 7 40 Total equity-based compensation $ 2,158 $ 3,797 Other equity-based compensation REIT equity-based compensation (2) $ 5,868 $ 9,292 $ 8,026 $ 13,089 ________ (1) As of March 31, 2019 , the Company had approximately $16.8 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 2.0 years . During the three months ended March 31, 2018, we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (2) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. and Premier. During the three months ended March 31, 2019 , $30,000 and $79,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and “cost of revenues for project management”, respectively, on our condensed consolidated statements of operations. During the three months ended March 31, 2018, REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. See notes 2 and 15 .	Equity-Based Compensation Under our 2014 Incentive Plan, we are authorized to grant 1,833,504 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, 2018 , 222,122 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 575,333 shares of our common stock, or securities convertible into 575,333 shares of our common stock, available for issuance under our 2014 Incentive Plan, as of January 1, 2019 . Equity-based compensation expense is primarily recorded in “salaries and benefits” expense in our consolidated statements of operations. The components of equity-based compensation expense for the years ended December 31, 2018 , 2017 and 2016 are presented below by award type (in thousands): Year Ended December 31, 2018 2017 2016 Equity-based compensation Stock option amortization (1) $ 9,580 $ 7,535 $ 5,884 Director and other non-employee equity grants expense (2) 439 250 250 Pre-spin equity grants expense (3) — 684 5,439 Total equity-based compensation $ 10,019 $ 8,469 $ 11,573 Other equity-based compensation REIT equity-based compensation (4) $ 31,899 $ 9,394 12,243 $ 41,918 $ 17,863 $ 23,816 ________ (1) See Stock Options discussion below. As of December 31, 2018 , the Company had approximately $11.1 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the year ended December 31, 2018 , we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. During the years ended December 31, 2018 , 2017 and 2016 , stock option amortization included $10,000 , $39,000 and $61,000 of amortization related to OpenKey stock options issued under OpenKey’s stock plan. (2) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in general and administrative expense as the grants of stock are fully vested on the date of grant. See Restricted Stock discussion below. (3) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017 , these equity grants were fully vested. See Restricted Stock discussion below. (4) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the year ended December 31, 2018 , $47,000 and $126,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and "cost of revenues for project management", respectively, on our consolidated statements of operations. During the year ended December 31, 2018 , REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 17 . As of December 31, 2018 , we had outstanding stock option awards and restricted stock awards, as follows: Stock Options —During the years ended December 31, 2018 , 2017 and 2016 , we granted 267,000 , 334,000 and 340,000 stock options to employees with grant date fair values of $10.4 million , $8.5 million and $7.8 million , respectively. The grant price of the options was the market value of our stock on the date of grant. The options vest three years from the grant date with a maximum option term of ten years . The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. Due to our lack of history, we do not have adequate historical exercise/cancellation behavior on which to base the expected life assumption. We were not able to use the “simplified” method as described in SAB 107 and 110 because the options remain exercisable for the full contractual term upon termination. Therefore, we used an adjusted simplified method, where any options expected to be forfeited over the term of the option were assumed to be exercised at full term and all other options were assumed to be exercised at the midpoint of the average time-to-vest and the full contractual term. We will continue to evaluate the expected life as we accumulate more data. Additionally, we do not have adequate historical stock price information on which to base the expected volatility assumption. In order to estimate volatility, we utilized the weighted average of our own stock price volatility based on daily data points over our full trading history and the average of the most recent historical volatilities of our peer group commensurate with the option’s expected life (or full history if the peer had insufficient trading history). The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 38.93 $ 25.29 $ 22.91 Weighted average assumptions used: Expected volatility 35.8 % 34.9 % 50.0 % Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 2.7 % 2.0 % 1.5 % Expected dividend yield — % — % — % A summary of stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the Money Options (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2016 300 $ 85.97 6.95 $ — Granted 340 45.59 10.00 — Exercised — — — — Forfeited, canceled or expired (1 ) 45.59 9.38 — Outstanding, December 31, 2016 639 $ 64.53 7.70 $ — Granted 334 57.61 10.00 11,837 Exercised — — — — Forfeited, canceled or expired (1 ) 50.15 9.22 80 Outstanding, December 31, 2017 972 $ 62.17 7.67 $ 29,974 Granted 267 94.96 10.00 — Exercised — 45.59 7.53 3 Forfeited, canceled or expired (3 ) 62.28 8.82 7 Outstanding, December 31, 2018 1,236 $ 69.26 7.21 $ 2,126 Options exercisable at December 31, 2018 411 $ 79.91 5.11 $ 255,359 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, 2018 , the Company had approximately $11.1 million of total unrecognized compensation expense, related to stock options that will be recognized over the weighted average period of 1.3 years . Restricted Stock —A summary of our restricted stock activity, as it relates to equity-based compensation, is as follows (shares in thousands): Year Ended December 31, 2018 2017 2016 Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Outstanding at beginning of year — $ — 1 $ 56.20 3 $ 56.20 Restricted shares granted (1) 6 73.02 5 52.89 5 45.09 Restricted shares vested (6 ) 73.02 (6 ) 53.64 (7 ) 47.48 Restricted shares forfeited — — — — — — Outstanding at end of year — $ — — $ — 1 $ 56.20 ________ (1) Equity-based compensation expense of $405,000 , $250,000 and $250,000 was recognized in connection with stock grants of 6,000 , 5,000 and 5,000 immediately vested restricted shares to our independent directors for the years ended December 31, 2018 , 2017 and 2016 , respectively. The restricted stock/units that vested during 2018 had a fair value of $405,000 at the date of vesting. As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017 , these equity grants were fully vested.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Deferred Compensation Plan —We administer a non-qualified DCP for certain executive officers. The plan allows participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. For the periods the DCP was administered by Ashford Trust, the participants elected Ashford Trust common stock as their investment option. In accordance with the applicable authoritative accounting guidance, the deferred amounts and any dividends earned received equity treatment and were included in additional paid-in capital. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our consolidated statements of operations. The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2018 2017 2016 Change in fair value Unrealized gain (loss) $ 8,444 $ (10,410 ) $ 2,127 Distributions Fair value (1) $ 241 $ 229 $ — Shares (1) 3 3 — ________ (1) Distributions made to one participant. As of December 31, 2018 and 2017 the carrying value of the DCP liability was $10.6 million and $19.3 million , respectively. AIM Incentive Awards —Effective January 15, 2015, Ashford Inc. established an incentive awards program (“AIM Incentive Awards”) for certain employees involved in the success of AIM. The awards are intended to be a cash bonus program. The awards are deemed to be invested as of the investment date for the applicable annual award period and adjusted for deemed returns on the applicable fund (“Deemed Return”), based on a return multiplier between 100% and 300% (“Return Multiplier”), as elected quarterly by the recipient. The awards are subject to vesting and may be forfeited upon termination of employment prior to the record date for the award period. Award amounts will be measured as of the month end prior to payment and paid out within 45 days of the applicable award vesting date. The AIM Incentive Awards obligation is carried in “accrued expenses” at the amortized fair value as of the end of the period with the related expense reflected as “salaries and benefits” in our consolidated statements of operations. As of December 31, 2018 and 2017 , the carrying value of the AIM Incentive Awards liability was $121,000 and $487,000 , respectively. For the years ended December 31, 2018 , 2017 and 2016 , we recorded salaries and benefits expense of $77,000 , $200,000 , and $(25,000) respectively, related to the AIM Incentive Awards. During the years ended December 31, 2018 , 2017 and 2016 participants were paid distributions of $443,000 , $0 and $73,000 , respectively. Effective as of January 1, 2017, the value of AIM Incentive Awards are no longer adjusted based on the Deemed Return and are no longer based on a variable Return Multiplier. Instead, the value of the AIM Incentive Awards is fixed for each participant at the value of such participant's award as of the close of business on December 31, 2016. 401(k) Plan —Ashford LLC sponsors a 401(k) Plan. It is a qualified defined contribution retirement plan that covers employees 21 years of age or older who have completed one year of service and work a minimum of 1,000 hours annually. The 401(k) Plan allows eligible employees to contribute, subject to Internal Revenue Service imposed limitations, to various investment funds. The Company makes matching cash contributions equal to 50% of up to the first 6% of an employee’s eligible compensation contributed to the 401(k) Plan. Participant contributions vest immediately , whereas company matches vest 25% annually. Our consolidated subsidiaries also sponsor qualified defined contribution s. These 401(k) Plans cover employees 18 to 21 years of age or older with 0 to 1 year of service and offer company matches in discretionary amounts varying from 0% up to 100% of the first 3% of an employee’s eligible compensation and 50% of the next 2% of an employee’s eligible compensation contributed to the 401(k) Plan, with vesting periods varying from 0 to 6 years . Participant contributions vest immediately. For the years ended December 31, 2018 , 2017 and 2016 , “salaries and benefits” expense on our consolidated statements of operations included matching expense of $446,000 , $304,000 , and $341,000 , respectively.

Related Party Transactions_2

Related Party Transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. We are a party to an amended and restated advisory agreement, as amended, with Ashford Trust and Ashford Trust OP. Prior to June 26, 2018, the base fee was paid quarterly based on a declining sliding scale percentage of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee (defined as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of its consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.50% and 0.70% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . Upon effectiveness of the Ashford Trust ERFP Agreement on June 29, 2018, the base fee is paid monthly as a percentage of Ashford Trust’s total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. At March 31, 2019 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Trust’s peer group, subject to the FCCR Condition, as defined in our advisory agreement. In addition to our advisory agreement with Ashford Trust and Ashford Trust OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,045 $ 8,604 Reimbursable expenses (1) 2,040 1,529 Equity-based compensation (2) 4,289 6,745 Incentive advisory fee (3) — 452 Total advisory services revenue 14,374 17,330 Audio visual revenue (4) — — Project management revenue (5) 4,939 — Other revenue Investment management reimbursements (6) 358 182 Debt placement fees (7) 1,079 632 Claim management services (8) 11 18 Lease revenue (9) 946 168 Other services (10) 467 300 Total other revenue 2,861 1,300 Total revenue $ 22,174 $ 18,630 REVENUE BY SEGMENT (11) REIT advisory $ 15,689 $ 17,698 Premier 4,939 — J&S — — OpenKey 28 24 Corporate and other 1,518 908 Total revenue $ 22,174 $ 18,630 COST OF REVENUES Cost of audio visual revenues (4) $ 1,684 $ 354 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $597,000 and $202,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2018 , includes the pro-rata portion of the third year installment of the 2016 incentive advisory fee, which was paid in January 2019. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Ashford Trust advisory agreement. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2018 and 2017 measurement periods. See note 3 . (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 1,119 $ 2,337 AIM 139 99 Premier 1,559 1,611 J&S 1,123 826 Pure Wellness 469 418 OpenKey 7 2 RED — — Due from Ashford Trust OP $ 4,416 $ 5,293 We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. Prior to January 15, 2019, the base fee was paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee (defined in the advisory agreement as the aggregate gross asset value of all key money assets multiplied by 1/12th of 0.70% ), subject to a minimum monthly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of Braemar’s consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). Upon effectiveness of the Braemar ERFP agreement on January 15, 2019, the base fee is paid monthly calculated as 1/12th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Braemar based on a pro rata allocation as determined by the ratio of Braemar’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Braemar’s annual total stockholder return exceeds the average annual total stockholder return for Braemar’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. In addition to our advisory agreement with Braemar and Braemar OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Braemar OP and Braemar TRS to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,577 $ 2,107 Reimbursable expenses (1) 469 420 Equity-based compensation (2) 1,469 2,547 Incentive advisory fee (3) 170 — Other advisory revenue (4) 128 128 Total advisory services revenue 4,813 5,202 Audio visual revenue (5) — — Project management revenue (6) 2,747 — Other revenue Debt placement fees (7) 275 — Claims management services (8) 30 37 Lease revenue (9) 84 84 Other services (10) 269 211 Total other revenue 658 332 Total revenue $ 8,218 $ 5,534 REVENUE BY SEGMENT (11) REIT advisory $ 4,927 $ 5,323 Premier 2,747 — J&S (11) — — OpenKey 20 5 Corporate and other 524 206 Total revenue $ 8,218 $ 5,534 COST OF REVENUES Cost of audio visual revenues (5) $ 86 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $44,000 and $15,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. For the three months ended March 31, 2018 , no incentive advisory fee was recognized as Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. See note 3 . (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 573 $ 941 Premier 1,265 949 J&S 71 4 Pure Wellness 18 30 OpenKey 15 12 RED 89 60 Due from Braemar OP $ 2,031 $ 1,996 ERFP Commitments — On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement” and collectively with the Ashford Trust ERFP Agreement, the “ERFP Agreements”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the ERFP Agreements, the Company agreed to provide $50 million (each, an “ERFP Commitment” and collectively, the “ERFP Commitments”) to each of Ashford Trust and Braemar (collectively, the “REITs”), respectively, in connection with each such REITs’ acquisition of hotels recommended by us, with the option to increase each ERFP Commitment to up to $100 million upon mutual agreement by the parties to the respective ERFP Agreement. Under each of the ERFP Agreements, the Company’s ERFP Commitment to such REIT will be fulfilled as the Company pays each such REIT 10% of each acquired hotel’s purchase price in exchange for FF&E at a property owned by such REIT, which will be subsequently leased by us to such REIT rent-free. Each of the REITs must provide reasonable advance notice to the Company to request ERFP funds in accordance with the respective ERFP Agreement. The ERFP Agreements require that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of the REITs acquisition of the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at the respective REITs’ hotel properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. See notes 2 and 10 . The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through March 31, 2019 , as well as the unfunded ERFP Commitments as of March 31, 2019, for hotels acquired by the REITs are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — Initial ERFP Commitment 50,000 — 50,000 ERFP payment — Hilton Alexandria Old Town (11,100 ) — (11,100 ) ERFP payment — La Posada de Santa Fe $ (5,000 ) $ — $ (5,000 ) ERFP Commitments remaining at December 31, 2018 $ 33,900 $ — $ 33,900 Initial ERFP Commitment — 50,000 50,000 ERFP payment — Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP Commitments remaining at March 31, 2019 (1) $ 28,900 $ 50,000 $ 78,900 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Midtown Manhattan $ 19,500 $ — $ 19,500 Ritz-Carlton, Lake Tahoe — 10,300 10,300 Unfunded ERFP Commitments at March 31, 2019 $ 19,500 $ 10,300 $ 29,800 ________ (1) See note 10 . Other Related Party Transactions — Ashford Trust and Braemar have management agreements with Remington and its subsidiaries, which are beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus. Transactions related to these agreements are included in the accompanying condensed consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and Braemar, including rent, payroll, office supplies, travel and accounting. These charges are allocated based on various methodologies, including headcount and actual amounts incurred, which are then rebilled to Ashford Trust and Braemar. These reimbursements are included in “general and administrative” expenses on the condensed consolidated statements of operations. The charges totaled $1.8 million and $1.2 million , for the three months ended March 31, 2019 and 2018 , respectively. The amounts due under these arrangements as of March 31, 2019 and December 31, 2018 , are included in “due to affiliates” on our condensed consolidated balance sheets. Pursuant to our advisory agreements with each of Ashford Trust and Braemar, we secure certain casualty insurance policies to cover Ashford Trust, Braemar and their respective property managers, as needed. Ashford Trust and Braemar bear the economic burden for the casualty insurance coverage. Our risk management department manages the shared casualty insurance program. At the beginning of each year, funds are collected from Ashford Trust and Braemar, as needed, on an allocated basis based on their risk exposures. These funds are deposited into restricted cash and used to pay casualty claims and other insurance costs throughout the year as incurred. We record the funds received from Ashford Trust and Braemar and the related liability in our condensed consolidated balance sheets in “restricted cash” and “other liabilities,” respectively. Ashford Trust held a 16.64% and 16.30% noncontrolling interest in OpenKey, and Braemar held an 8.40% and 8.21% noncontrolling interest in OpenKey as of March 31, 2019 and December 31, 2018 , respectively. During the three months ended March 31, 2019 and 2018 , Ashford Trust invested $299,000 and $667,000 , respectively, and Braemar invested $156,000 and $2.0 million , respectively in OpenKey. See also notes 1 , 2 , 11 , and 12 . An officer of J&S owns the J&S headquarters property including the adjoining warehouse space. J&S leases this property for approximately $307,000 per year, with escalating lease payments based on the Consumer Price Index. Rental expense for the three months ended March 31, 2019 and 2018 , was $84,000 , and $84,000 , respectively.	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. See note 20 for details regarding concentration of risk and percentage of our consolidated subsidiaries’ total revenues earned from Ashford Trust and Braemar. We are a party to an amended and restated advisory agreement, as amended, with Ashford Trust and Ashford Trust OP. Prior to June 26, 2018, the base fee was paid quarterly based on a declining sliding scale percentage of Ashford Trust’s total market capitalization plus the Key Money Asset Management Fee (defined as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of its consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.50% and 0.70% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . Upon effectiveness of the Ashford Trust ERFP agreement on June 29, 2018, the base fee is paid monthly as a percentage of Ashford Trust’s total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in our advisory agreement, subject to a minimum monthly base fee. At December 31, 2018 , the quarterly base fee was 0.70% per annum. Reimbursement for overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Ashford Trust based on a pro rata allocation as determined by the ratio of Ashford Trust’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Ashford Trust common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Ashford Trust’s annual total stockholder return exceeds the average annual total stockholder return for Ashford Trust’s peer group, subject to the FCCR Condition, as defined in our advisory agreement. In addition to our advisory agreement with Ashford Trust and Ashford Trust OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS to provide comprehensive and cost-effective design, development, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 35,482 $ 34,724 $ 34,700 Reimbursable expenses (1) 7,905 7,600 6,054 Equity-based compensation (2) 25,245 11,077 8,429 Incentive advisory fee (3) 1,809 1,809 1,809 Total advisory services revenue 70,441 55,210 50,992 Audio visual revenue (4) 88 — — Project management revenue (5) 7,096 — — Other revenue Investment management reimbursements (6) 1,156 1,976 — Debt placement fees (7) 5,094 913 — Claim management services (8) 76 — — Lease revenue (9) 670 558 — Other services (10) 1,968 997 4 Total other revenue 8,964 4,444 4 Total revenue $ 86,589 $ 59,654 $ 50,996 REVENUE BY SEGMENT (11) REIT advisory $ 77,437 $ 58,657 $ 50,992 Premier 7,096 — — J&S 88 — — OpenKey 97 77 4 Corporate and other 1,871 920 — Total revenue $ 86,589 $ 59,654 $ 50,996 COST OF REVENUES Cost of audio visual revenues (4) $ 3,444 $ 90 $ — ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $2.2 million , $1.7 million , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as discussed in note 2 , in the amount of $1.1 million for the year ended December 31, 2017. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the third, second and first year installments of the 2016 incentive advisory fee in the amount of $1.8 million for each of the years ended December 31, 2018 , 2017 and 2016 , respectively, for which the payment was due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Ashford Trust. No incentive fee was earned for the 2018, 2017 and 2015 measurement periods. (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreement and legacy key money transaction with Ashford Trust, we lease FF&E to Ashford Trust rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is 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, respectively. (11) See note 19 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 2,337 $ 12,610 AIM 99 347 Premier 1,611 — J&S 826 62 Pure Wellness 418 302 OpenKey 2 25 Due from Ashford Trust OP $ 5,293 $ 13,346 On June 26, 2018, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “Ashford Trust ERFP Agreement”) with Ashford Trust. The independent members of the board of directors of each of the Company and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the Ashford Trust ERFP Agreement on behalf of the Company and Ashford Trust, respectively. Under the Ashford Trust ERFP Agreement, the Company agreed to provide $50 million to Ashford Trust in connection with Ashford Trust’s acquisition of hotels recommended by us, with the option to increase the funding commitment to up to $100 million upon mutual agreement by the parties. The Company is obligated to provide Ashford Trust 10% of the acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased to Ashford Trust rent-free. The Company records ERFP obligations in our consolidated balance sheet as “other assets” and “other liabilities.” Ashford Trust must provide reasonable advance notice to the Company to request ERFP funds in accordance with the Ashford Trust ERFP Agreement. The Ashford Trust ERFP Agreement requires that the Company acquire the related FF&E either at the time of the property acquisition or at any time generally within two years of Ashford Trust acquiring the hotel property. The Company recognizes the related depreciation tax deduction at the time such FF&E is purchased by the Company and placed into service at Ashford Trust properties. However, the timing of the FF&E being purchased and placed into service is subject to uncertainties outside of the Company’s control that could delay the realization of any tax benefit associated with the purchase of FF&E. In connection with Ashford Trust’s acquisition of the Hilton Old Town Alexandria and La Posada de Santa Fe in 2018, and subject to the terms of the Ashford Trust ERFP Agreement, the Company was obligated to provide Ashford Trust with approximately $16.1 million of FF&E at Ashford Trust properties. The $16.1 million of FF&E was purchased and leased to Ashford Trust with an effective date of December 31, 2018. As of December 31, 2018, the Company had no remaining balance in our ERFP obligation to Ashford Trust in respect of hotels already acquired by Ashford Trust. See note 11 . We are also a party to an amended and restated advisory agreement with Braemar and Braemar OP. As of December 31, 2018, Braemar is required to pay a monthly base fee that is 1/12th of 0.70% of Braemar’s total market capitalization plus the Key Money Asset Management Fee (defined in the advisory agreement as the aggregate gross asset value of all key money assets multiplied by 1/12th of 0.70% ), subject to a minimum monthly base fee, as payment for managing its day-to-day operations in accordance with its investment guidelines. Total market capitalization includes the aggregate principal amount of Braemar’s consolidated indebtedness (including its proportionate share of debt of any entity that is not consolidated but excluding its joint venture partners’ proportionate share of consolidated debt). Reimbursement for overhead, internal audit, risk management advisory and asset management services, including compensation, benefits and travel expense reimbursements, are billed monthly to Braemar based on a pro rata allocation as determined by the ratio of Braemar’s net investment in hotel properties in relation to the total net investment in hotel properties for both Ashford Trust and Braemar. We also record advisory revenue for equity grants of Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “salaries and benefits.” We are also entitled to an incentive advisory fee that is measured annually in each year that Braemar’s annual total stockholder return exceeds the average annual total stockholder return for Braemar’s peer group, subject to the FCCR Condition, as defined in the advisory agreement. In addition to our advisory agreement with Braemar and Braemar OP, Premier, our consolidated subsidiary, is party to a master project management agreement with Braemar OP and Braemar TRS to provide comprehensive and cost-effective design, development, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. The following table summarizes the revenues related to Braemar OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 9,423 $ 8,799 $ 8,343 Reimbursable expenses (1) 1,932 2,105 2,805 Equity-based compensation (2) 6,481 (1,683 ) 3,814 Incentive advisory fee (3) 678 1,274 1,274 Other advisory revenue (4) 521 277 — Total advisory services revenue 19,035 10,772 16,236 Project management revenue (5) 3,493 — — Other revenue Debt placement fees (6) 999 224 — Claims management services (7) 137 — — Lease revenue (8) 335 335 335 Other services (9) 857 41 — Total other revenue 2,328 600 335 Total revenue $ 24,856 $ 11,372 $ 16,571 REVENUE BY SEGMENT (10) REIT advisory $ 20,506 $ 11,331 $ 16,571 Premier 3,493 — — J&S (11) — — — OpenKey 29 16 — Corporate and other 828 25 — Total revenue $ 24,856 $ 11,372 $ 16,571 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $162,000 , $126,000 , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software in the amount of $1.1 million for the year ended December 31, 2017. See note 2 . (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the first year installment of the 2018 incentive advisory fee in the amount of $678,000 for the year ended December 31, 2018 , as Braemar's annual total stockholder return met the relevant incentive fee thresholds during the 2018 measurement period. Incentive advisory fee includes the third and second year installments of the 2015 incentive advisory fee in the amount of $1.3 million for each of the years ended December 31, 2017 and 2016 , respectively. Incentive advisory fee payments are due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Braemar. (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (7) Claims management services include revenues earned from providing insurance claim assessment and administration services. (8) In connection with our legacy key money transaction with Braemar, we lease FF&E to Braemar rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (9) Other services revenue is associated with other hotel products and services, such as mobile key applications, hypoallergenic premium rooms and watersports activities & travel/transportation services, provided to Braemar by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, respectively. (10) See note 19 for discussion of segment reporting. (11) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. For the year ended December 31, 2018 , J&S cost of revenues for audio visual associated with Braemar was insignificant. For the years ended December 31, 2017 and 2016 , J&S had no cost of revenues for audio visual associated with Braemar. The following table summarizes amounts due (to) from Braemar OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 941 $ 1,682 Premier 949 — J&S 4 — Pure Wellness 30 50 OpenKey 12 6 RED 60 — Due from Braemar OP $ 1,996 $ 1,738 Ashford Trust and Braemar have management agreements with Remington and its subsidiaries, which are beneficially owned by our Chairman and Chief Executive Officer and Ashford Trust’s Chairman Emeritus. Transactions related to these agreements are included in the accompanying consolidated financial statements. Under the agreements, we pay Remington Lodging general and administrative expense reimbursements, approved by the independent directors of Ashford Trust and Braemar, including rent, payroll, office supplies, travel and accounting. These charges are allocated based on various methodologies, including headcount and actual amounts incurred, which are then rebilled to Ashford Trust and Braemar. These reimbursements are included in “general and administrative” expenses on the consolidated statements of operations. For the years ended December 31, 2018 , 2017 and 2016 these reimbursements totaled $4.4 million , $4.9 million and $5.7 million , respectively. The amounts due under these arrangements as of December 31, 2018 and 2017 , are included in “due to affiliates” on our balance sheets. Pursuant to our advisory agreements with each Ashford Trust and Braemar, we secure certain casualty insurance policies to cover Ashford Trust, Braemar and their respective property managers, as needed. Ashford Trust and Braemar bear the economic burden for the casualty insurance coverage. Our risk management department manages the shared casualty insurance program. At the beginning of each year, funds are collected from Ashford Trust and Braemar, as needed, on an allocated basis based on their risk exposures. These funds are deposited into restricted cash and used to pay casualty claims and other insurance costs throughout the year as incurred. We record the funds received from Ashford Trust and Braemar and the related liability in our consolidated balance sheets in “restricted cash” and “other liabilities,” respectively. See note 2 . In June 2015, we announced our plan to provide a total of $6.0 million in key money consideration to our managed REITs for two acquisitions: $4.0 million for Ashford Trust’s $62.5 million acquisition of the Le Pavillon Hotel in New Orleans, Louisiana, which closed in June 2015, and $2.0 million for Braemar’s $85.0 million acquisition of the Bardessono Hotel and Spa in Yountville, California, which closed in July 2015. The key money consideration was provided in the form of FF&E that was purchased by Ashford Inc. and subsequently leased back to each respective REIT rent-free for five years. A portion of the base advisory fee revenue is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. Advisory revenue of $1.0 million , $893,000 and $335,000 was allocated to lease revenue for the years ended December 31, 2018, 2017 and 2016, respectively. Lease revenue is included in other revenue in the consolidated statements of operations. Ashford Trust held a 16.30% and 16.23% noncontrolling interest in OpenKey, and Braemar held an 8.21% and 0% noncontrolling interest in OpenKey as of December 31, 2018 and 2017 , respectively. Ashford Trust invested $667,000 , $983,000 and $2.3 million in OpenKey during the years ended December 31, 2018 , 2017 and 2016 , respectively. Braemar invested $2.0 million , $0 and $0 in OpenKey during the years ended December 31, 2018 , 2017 and 2016 , respectively. See also notes 1 , 2 , 13 , and 14 . An officer of J&S owns the J&S headquarters property including the adjoining warehouse space. J&S leases this property for $300,000 per year, with escalating lease payments based on increases in the Consumer Price Index. Rental expense for the years ended December 31, 2018 and 2017 , was $335,000 and $50,000 , respectively. We did not incur rental expense related to this lease for the year ended December 31, 2016.

Income (Loss) Per Share_2

Income (Loss) Per Share	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 710 $ (5,723 ) Less: Dividends on preferred stock and amortization (3,282 ) — Undistributed net income (loss) allocated to common stockholders (2,572 ) (5,723 ) Distributed and undistributed net income (loss) - basic $ (2,572 ) $ (5,723 ) Effect of incremental subsidiary shares (202 ) (282 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings — (12 ) Distributed and undistributed net income (loss) - diluted $ (2,774 ) $ (6,017 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,419 2,094 Effect of incremental subsidiary shares 30 17 Effect of assumed conversion of operating partnership units — 4 Weighted average common shares outstanding – diluted 2,449 2,115 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (1.06 ) $ (2.73 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.13 ) $ (2.84 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2019 2018 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (4 ) — Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock 227 355 Dividends on preferred stock and amortization 3,282 — Total $ 3,505 $ 355 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 9 Effect of assumed exercise of stock options 65 234 Effect of assumed conversion of Ashford Holdings units 4 — Effect of incremental subsidiary shares 46 27 Effect of assumed conversion of preferred stock 1,450 — Total 1,574 270	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, 2018 2017 2016 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 10,182 $ (18,352 ) $ (2,396 ) Less: Dividends on preferred stock and amortization (5,196 ) — — Less: Net income (loss) allocated to unvested shares (21 ) — — Undistributed net income (loss) allocated to common stockholders 4,965 (18,352 ) (2,396 ) Distributed and undistributed net income (loss) - basic $ 4,965 $ (18,352 ) $ (2,396 ) Effect of deferred compensation plan (8,444 ) — (2,127 ) Effect of contingently issuable shares (1,447 ) (1,465 ) (1,143 ) Distributed and undistributed net income (loss) - diluted $ (4,926 ) $ (19,817 ) $ (5,666 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,170 2,031 2,012 Effect of deferred compensation plan shares 103 — 158 Effect of contingently issuable shares 59 36 39 Weighted average common shares outstanding – diluted 2,332 2,067 2,209 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ 2.29 $ (9.04 ) $ (1.19 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.11 ) $ (9.59 ) $ (2.56 ) 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, 2018 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ 21 $ — $ — Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings 9 (19 ) (4 ) Dividends on preferred stock and amortization 5,196 — — Total $ 5,226 $ (19 ) $ (4 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 — 1 Effect of assumed exercise of stock options 163 34 — Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of assumed conversion of preferred stock 575 — — Total 751 38 5

Segment Reporting_2

Segment Reporting	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two business segments: (i) REIT Advisory, which provides asset management and advisory services to other entities, and (ii) Hospitality Products and Services (“HPS”), which provides products and services to clients primarily in the hospitality industry. HPS includes (a) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services, (b) J&S, which provides event technology and creative communications solutions services, (c) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (d) RED, a provider of watersports activities and other travel and transportation services, (e) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, and (f) Lismore, a provider of debt placement services. For 2019, OpenKey, RED, Pure Wellness and Lismore operating segments do not meet aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose OpenKey as a reportable segment. Accordingly, we have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. As of March 31, 2019 and 2018 , there were no material intercompany revenues or expenses between our operating segments. Our chief operating decision maker (“CODM”) uses multiple measures of segment profitability for assessing performance of our business. Our reported measure of segment profitability is net income, although the CODM also focuses on adjusted EBITDA and adjusted net income, which exclude certain gains, losses and charges, to assess performance and allocate resources. Our CODM currently reviews assets at the corporate (consolidated) level and does not currently review segment assets to make key decisions on resource allocations. Certain information concerning our segments for the three months ended March 31, 2019 and 2018 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,187 $ — $ — $ — $ — $ 19,187 $ 22,532 $ — $ — $ — $ — $ 22,532 Audio visual — — 30,975 — — 30,975 — — 23,310 — — 23,310 Project Management — 7,790 — — — 7,790 — — — — — — Other 1,429 — — 257 3,682 5,368 489 — — 319 1,518 2,326 Total revenue 20,616 7,790 30,975 257 3,682 63,320 23,021 — 23,310 319 1,518 48,168 EXPENSES Depreciation and amortization 1,183 2,738 455 7 144 4,527 390 — 454 6 190 1,040 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 8,267 4,050 28,008 950 14,976 56,251 11,241 — 19,803 1,171 18,030 50,245 Total expenses 9,450 6,788 28,463 957 15,120 60,778 13,494 — 20,257 1,177 18,276 53,204 OPERATING INCOME (LOSS) 11,166 1,002 2,512 (700 ) (11,438 ) 2,542 9,527 — 3,053 (858 ) (16,758 ) (5,036 ) Equity in earnings (loss) of unconsolidated entities — — — — (275 ) (275 ) — — — — — — Interest expense — — (214 ) — (83 ) (297 ) — — (139 ) — (4 ) (143 ) Amortization of loan costs — — (12 ) (7 ) (50 ) (69 ) — — (12 ) (6 ) (5 ) (23 ) Interest income — — — — 20 20 — — — — 112 112 Other income (expense) — — (107 ) 6 48 (53 ) 19 — (58 ) (1 ) 1 (39 ) INCOME (LOSS) BEFORE INCOME TAXES 11,166 1,002 2,179 (701 ) (11,778 ) 1,868 9,546 — 2,844 (865 ) (16,654 ) (5,129 ) Income tax (expense) benefit (2,489 ) (426 ) (887 ) — 2,502 (1,300 ) (2,116 ) — (746 ) — 2,156 (706 ) NET INCOME (LOSS) $ 8,677 $ 576 $ 1,292 $ (701 ) $ (9,276 ) $ 568 $ 7,430 $ — $ 2,098 $ (865 ) $ (14,498 ) $ (5,835 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.	Segment Reporting We have two business segments: (i) REIT Advisory, which provides asset management and advisory services to other entities, and (ii) Hospitality Products and Services (“HPS”), which provides products and services to clients primarily in the hospitality industry. HPS includes (a) Premier, which provides comprehensive and cost-effective design, development, and project management services, (b) J&S, which provides event technology and creative communications solutions services, (c) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms, (d) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality industry, and (e) RED, a provider of watersports activities and other travel and transportation services. For 2018, Premier, OpenKey, Pure Wellness and RED operating segments do not meet aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose Premier and OpenKey as reportable segments. Accordingly, we have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of Pure Wellness and RED into an “all other” category, which we refer to as “Corporate and Other.” See footnote 3 for details of our segments’ material revenue generating activities. As of December 31, 2018 , there were no material intercompany revenues or expenses between our operating segments. Our chief operating decision maker (“CODM”) uses multiple measures of segment profitability for assessing performance of our business. Our reported measure of segment profitability is net income, although the CODM also focuses on adjusted EBITDA and adjusted net income, which exclude certain gains, losses and charges, to assess performance and allocate resources. Our CODM currently reviews assets at the corporate (consolidated) level and does not currently review segment assets to make key decisions on resource allocations. Certain information concerning our segments for the years ended December 31, 2018, 2017 and 2016 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, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 89,476 $ — $ — $ — $ — $ 89,476 Audio visual — — 81,186 — — 81,186 Project management — 10,634 — — — 10,634 Other 8,467 — — 999 4,758 14,224 Total revenue 97,943 10,634 81,186 999 4,758 195,520 EXPENSES Depreciation and amortization 2,129 4,358 2,221 27 607 9,342 Impairment 1,863 — — — 56 1,919 Other operating expenses (1) 41,563 5,260 79,193 4,510 54,572 185,098 Total operating expenses 45,555 9,618 81,414 4,537 55,235 196,359 OPERATING INCOME (LOSS) 52,388 1,016 (228 ) (3,538 ) (50,477 ) (839 ) Interest expense — — (745 ) — (214 ) (959 ) Amortization of loan costs — — (47 ) (25 ) (169 ) (241 ) Interest income — — — — 329 329 Other income (expense) — — (883 ) 2 47 (834 ) INCOME (LOSS) BEFORE INCOME TAXES 52,388 1,016 (1,903 ) (3,561 ) (50,484 ) (2,544 ) Income tax (expense) benefit (12,566 ) (239 ) 76 — 23,093 10,364 NET INCOME (LOSS) $ 39,822 $ 777 $ (1,827 ) $ (3,561 ) $ (27,391 ) $ 7,820 ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year Ended December 31, 2017 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 65,982 $ — $ — $ — $ — $ 65,982 Audio visual — — 9,186 — — 9,186 Project management — — — — — — Other 4,006 — — 327 2,072 6,405 Total revenue 69,988 — 9,186 327 2,072 81,573 EXPENSES Depreciation and amortization 1,373 — 319 25 810 2,527 Impairment 1,041 — — — 31 1,072 Other operating expenses (1) 19,099 — 9,655 3,478 56,264 88,496 Total operating expenses 21,513 — 9,974 3,503 57,105 92,095 OPERATING INCOME (LOSS) 48,475 — (788 ) (3,176 ) (55,033 ) (10,522 ) Interest expense — — (68 ) — (15 ) (83 ) Amortization of loan costs — — (6 ) (19 ) (14 ) (39 ) Interest income — — — — 244 244 Other income (expense) — — (47 ) (12 ) (12 ) (71 ) INCOME (LOSS) BEFORE INCOME TAXES 48,475 — (909 ) (3,207 ) (54,830 ) (10,471 ) Income tax (expense) benefit (18,324 ) — 252 — 8,349 (9,723 ) NET INCOME (LOSS) $ 30,151 $ — $ (657 ) $ (3,207 ) $ (46,481 ) $ (20,194 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year ended December 31, 2016 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 67,228 $ — $ — $ — $ — $ 67,228 Audio visual — — — — — — Project management — — — — — — Other 335 — — 44 — 379 Total revenue 67,563 — — 44 — 67,607 EXPENSES Depreciation and amortization 298 — — 24 852 1,174 Impairment — — — — — — Other operating expenses (1) 21,102 — — 2,904 44,884 68,890 Total operating expenses 21,400 — — 2,928 45,736 70,064 OPERATING INCOME (LOSS) 46,163 — — (2,884 ) (45,736 ) (2,457 ) Interest expense — — — — — — Amortization of loan costs — — — — — — Interest income — — — — 73 73 Other income (expense) (2) — — — (30 ) (9,209 ) (9,239 ) INCOME (LOSS) BEFORE INCOME TAXES 46,163 — — (2,914 ) (54,872 ) (11,623 ) Income tax (expense) benefit (16,684 ) — — — 15,904 (780 ) NET INCOME (LOSS) $ 29,479 $ — $ — $ (2,914 ) $ (38,968 ) $ (12,403 ) ________ (1) Other operating expenses includes salaries and benefits, in addition to general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (2) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments. Geographic Information For revenues by geographical locations, see note 3 . The following table presents furniture, fixtures and equipment, net by geographic area as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 United States $ 42,503 $ 18,087 Mexico 4,996 2,960 All other countries 448 107 $ 47,947 $ 21,154

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk During the years ended December 31, 2018 , 2017 and 2016 , our advisory revenue was primarily derived from our advisory agreements with Ashford Trust and Braemar. Further, Premier, OpenKey, Pure Wellness and RED generated revenue through contracts with Ashford Trust OP and Braemar OP, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues: Year Ended December 31, 2018 2017 2016 Percentage of total revenues from Ashford Trust OP and Braemar OP (1) Premier 99.6 % — % — % J&S (2) 9.8 % 2.2 % — % Pure Wellness 58.8 % 45.6 % — % OpenKey 12.6 % 28.4 % 9.1 % RED 51.7 % — % — % ________ (1) See note 17 for details regarding our related party transactions. (2) Represents percentage of revenues earned by J&S from customers at Ashford Trust and Braemar hotels. See note 2 for the discussion of audio visual revenue recognition policy. As of December 31, 2018 , our operations include consolidated J&S net assets of $1.9 million and $267,000 located in Mexico and Dominican Republic, respectively. As of December 31, 2017 , our operations include consolidated J&S net assets of $2.3 million and $399,000 located in Mexico and Dominican Republic, respectively. For discussion of revenues by geographic location see note 3 . Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents and accounts receivable. We are exposed to credit risk with respect to cash held at financial institutions and U.S. government treasury bond holdings. Our counterparties are investment grade financial institutions.

Selected Financial Quarterly Da

Selected Financial Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Financial Quarterly Data (Unaudited)	Selected Financial Quarterly Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2018 Total revenue $ 48,168 $ 54,811 $ 41,565 $ 50,976 $ 195,520 Total operating expenses 53,204 43,941 53,069 46,145 196,359 Operating income (loss) $ (5,036 ) $ 10,870 $ (11,504 ) $ 4,831 $ (839 ) Net income (loss) $ (5,835 ) $ 8,932 $ 2,006 $ 2,717 $ 7,820 Net income (loss) attributable to the Company $ (5,723 ) $ 8,960 $ 3,387 $ 3,558 $ 10,182 Net income (loss) attributable to common stockholders $ (5,723 ) $ 8,960 $ 1,409 $ 340 $ 4,986 Basic: Net income (loss) attributable to common stockholders per share (1) $ (2.73 ) $ 4.26 $ 0.67 $ 0.14 $ 2.29 Weighted average common shares outstanding - basic 2,094 2,095 2,109 2,381 2,170 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (2.84 ) $ 0.93 $ 0.18 $ (1.96 ) $ (2.11 ) Weighted average common shares outstanding - diluted 2,115 2,487 2,337 2,652 2,332 First Second Third Fourth Full 2017 Total revenue $ 13,013 $ 19,639 $ 19,255 $ 29,666 $ 81,573 Total operating expenses 15,149 18,221 21,595 37,130 92,095 Operating income (loss) $ (2,136 ) $ 1,418 $ (2,340 ) $ (7,464 ) $ (10,522 ) Net income (loss) $ (2,723 ) $ (7,231 ) $ (2,258 ) $ (7,982 ) $ (20,194 ) Net income (loss) attributable to the Company $ (2,385 ) $ (6,709 ) $ (1,856 ) $ (7,402 ) $ (18,352 ) Net income (loss) attributable to common stockholders $ (2,385 ) $ (6,709 ) $ (1,856 ) $ (7,402 ) $ (18,352 ) Basic: Net income (loss) attributable to common stockholders per share (1) $ (1.18 ) $ (3.32 ) $ (0.92 ) $ (3.58 ) $ (9.04 ) Weighted average common shares outstanding - basic 2,015 2,019 2,022 2,069 2,031 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (1.34 ) $ (3.85 ) $ (1.05 ) $ (3.72 ) $ (9.59 ) Weighted average common shares outstanding - diluted 2,046 2,265 2,054 2,118 2,067 _________________ (1) The sum of the basic and diluted income (loss) attributable to common stockholders per share for the four quarters in 2018 and 2017 may differ from the full year basic and diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 15, 2019, the Company entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement (the “Braemar ERFP Agreement”) with Braemar. The independent members of the board of directors of each of the Company and Braemar, with the assistance of separate and independent legal counsel, engaged to negotiate the Braemar ERFP Agreement on behalf of the Company and Braemar, respectively. Under the Braemar ERFP Agreement, the Company agreed to provide $50 million to Braemar in connection with Braemar’s acquisition of hotels recommended by us, with the option to increase the funding commitment to up to $100 million upon mutual agreement by the parties. Under the Braemar ERFP Agreement, the Company is obligated to provide Braemar 10% of the acquired hotel’s purchase price in exchange for FF&E, which is subsequently leased by the Company to Braemar rent-free. In connection with Braemar’s acquisition of The Ritz-Carlton Lake Tahoe on January 15, 2019, the Company is obligated to provide Braemar with approximately $10.3 million in exchange for FF&E at Braemar properties, subject to the terms of the Braemar ERFP Agreement. On January 22, 2019, Ashford Trust acquired The Embassy Suites New York Midtown Manhattan for a purchase price of $195.0 million . In connection with Ashford Trust’s acquisition of the hotel, the Company is obligated to provide Ashford Trust with approximately $19.5 million in exchange for FF&E at Ashford Trust’s hotel properties that will subsequently be leased back to Ashford Trust rent-free under the Ashford Trust ERFP Agreement. Effective January 1, 2019, we acquired a 30% noncontrolling ownership interest in Real Estate Advisory Holdings LLC ("REA Holdings"), a real estate advisory firm that provides financing, advisory and property sales services primarily to clients in the hospitality and leisure industry, for a purchase price of approximately $3.0 million which was paid in the form of $2.1 million cash and the issuance of 16,529 shares of our common stock (approximately $890,000 ) to the seller pursuant to the exemption from the registration requirements under the Securities Act, provided under Section 4(a)(2) thereunder. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022. Our investment in REA Holdings is accounted for under the equity method as we have significant influence over the voting interest entity. Effective February 1, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. See note 7 . On February 6, 2019, Ashford Inc. invested an additional $845,000 in OpenKey resulting in ownership of 46.59% after the investment. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See notes 1 , 2 , 13 , 14 and 17 . On February 26, 2019, Ashford Trust acquired the Hilton Santa Cruz/Scotts Valley, in Santa Cruz, California, for a purchase price of $50.0 million . In connection with Ashford Trust’s acquisition of the hotel, the Company is obligated to provide Ashford Trust with approximately $5.0 million in exchange for FF&E at Ashford Trust’s hotel properties that will subsequently be leased back to Ashford Trust rent-free under the Ashford Trust ERFP Agreement. On February 28, 2019, our RED operating subsidiary renewed its revolving credit facility for which the creditor has recourse to Ashford Inc. The revolving credit facility provides RED with available borrowings up to a total of $250,000 , bears interest at the Prime Rate plus 1.75% and matures on February 5, 2020. See note 7 . On March 1, 2019, J&S, our consolidated subsidiary, acquired a privately-held company that conducts the business of BAV Services in the United States (“BAV”) for approximately $9.0 million . BAV is an audio visual rental, staging, and production company, focused on meeting and special event services. As a result of the acquisition, our ownership interest in J&S, which we consolidate under the voting interest model, increased from 85% to approximately 88% . The purchase price consisted of (i) $5.0 million in cash, funded by an existing term loan; (ii) $4.0 million in the form of Ashford Inc. common stock, consisting of 61,387 shares issued on March 1, 2019, which was determined based on an agreed upon value of $3.5 million using a thirty-day weighted average price per share of $57.01 and had an estimated fair value of $3.9 million on the acquisition date, and additional shares with an estimated fair value of $500,000 to be issued 18 months from the acquisition date, subject to certain conditions; and (iii) contingent consideration up to $3.0 million , payable, if earned, 12 to 18 months from the acquisition date. The results of operations of BAV will be included in our consolidated financial statements from the date of acquisition beginning in the first quarter of 2019. We are in the process of evaluating the fair value of the net assets acquired through internal studies and third-party valuations and expect to complete a preliminary purchase price allocation in the first quarter of 2019.

Significant Accounting Polici_6

Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 . A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 11 and 12 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.	Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements, include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical consolidated financial statements. A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Unconsolidated VIEs		Unconsolidated VIEs —Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. We review the investments in unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings/loss in unconsolidated entities. We held an investment in an unconsolidated entity with a carrying value of $500,000 at both December 31, 2018 and 2017 . No impairment of the investment was recorded during the year ended December 31, 2018 or 2017 .
Noncontrolling Interests		Noncontrolling Interests —The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2018 and 2017 (in thousands): December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities (8) n/a 21,821 889 1,652 — Notes payable (8) n/a 9,917 — 220 — Revolving credit facility (8) n/a 814 — 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 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 13 and 14 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 13 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 13 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.
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 the condensed 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.	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 the consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill.
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents		Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash		Restricted Cash —Restricted cash represents reserves for casualty insurance claims and the associated ancillary costs. At the beginning of each year, Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies of an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The offset to restricted cash amounts is included in other liabilities.
Accounts Receivable		Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is recorded based on management’s judgment regarding our ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible.
Inventories		Inventories —Inventories consist primarily of audio visual equipment and related accessories and are carried at the lower of cost or market value using the first-in, first-out ("FIFO") valuation method.
Furniture, Fixtures, and Equipment, net	Furniture, Fixtures and Equipment, net —We record FF&E at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets. As of March 31, 2019 and December 31, 2018 , FF&E, net of accumulated depreciation, included ERFP assets of $20.5 million and $16.1 million , audio visual equipment at our J&S subsidiary of $16.7 million and $13.4 million and marine vessels at our RED subsidiary of $5.7 million and $5.7 million , respectively.	Furniture, Fixtures and Equipment, net —We record furniture, fixtures and equipment at cost. We also capitalize certain costs incurred related to the development of internal use software. We capitalize costs incurred during the application development stage related to the development of internal use software. We expense costs incurred related to the planning and post-implementation phases of development as incurred. Assets are depreciated using the straight-line method over the estimated useful lives of the assets.
Impairment of Furniture, Fixtures, and Equipment	Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded impairment charges of $0 and $1.9 million for the three months ended March 31, 2019 and 2018 , respectively. The impairment in 2018 was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service.	Impairment of Furniture, Fixtures and Equipment —FF&E are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the asset is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the asset net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of assets, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Assets not yet placed into service are also reviewed for impairment whenever events or changes in circumstances indicate that all or a portion of the assets will not be placed into service. We recorded an impairment charge of $1.9 million for the year ended December 31, 2018 . The impairment was recognized upon determination that a portion of capitalized software that was not eligible for reimbursement would not be placed into service. An impairment charge of $1.1 million was recorded for the year ended December 31, 2017 , partially offset by recognition of deferred income from reimbursable expenses related to capitalized software implementation costs. The impairment was recognized upon determination that a portion of the software will not be placed into service. See note 17 .
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 J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our annual impairment assessments through March 31, 2019 .	Goodwill and Indefinite-Lived Intangible Assets —Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Indefinite-lived intangible assets primarily include trademark rights resulting from our acquisition of J&S. We assess goodwill and indefinite-lived intangible assets, neither of which is amortized, for impairment annually as of October 1, or more frequently, if events and circumstances indicate impairment may have occurred. In the evaluation of goodwill for impairment, we typically perform a qualitative assessment to determine whether the fair value of the goodwill is more likely than not impaired. In considering the qualitative approach, we evaluated factors including, but not limited to, the operational stability and the overall financial performance of the reporting units. We may choose to bypass the qualitative assessment and perform a quantitative assessment and compare the fair value of the reporting unit to the carrying value and, if applicable, record an impairment charge based on the excess of the reporting unit's carrying amount over its fair value. We determine the fair value of a reporting unit based on either a market valuation approach or an analysis of discounted projected future operating cash flows using a discount rate that is commensurate with the risk inherent in our current business model. We base our measurement of fair value of trademarks using the relief-from-royalty method. This method assumes that the trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Based on the results of our annual impairment assessments, no impairment of goodwill or trademark rights was indicated. No indicators of impairment were identified from the date of our impairment assessments through December 31, 2018 .
Definite-Lived Intangible Assets	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of March 31, 2019 .	Definite-Lived Intangible Assets —Definite-lived intangible assets primarily include customer relationships and management contracts resulting from our acquisitions of Premier, J&S and Pure Wellness. The Premier assets 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 30 years . The J&S and Pure Wellness assets are amortized using the straight-line method over the estimated useful lives of the assets. We review the carrying amount of the assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount is not recoverable, we record an impairment charge for the excess of the carrying amount over the fair value. No indicators of impairment were identified as of December 31, 2018 .
Other liabilities		Other Liabilities —Other liabilities primarily included a $7.8 million and $9.1 million reserve related to Ashford Trust and Braemar properties’ casualty insurance claims and related fees as of December 31, 2018 and 2017 , respectively. The estimated liability is established based upon an analysis of historical data and actuarial estimates.
Revenue Recognition		Revenue Recognition —See “Recently Adopted Accounting Standards” below and note 3 .
Salaries and Benefits	Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 14	Salaries and Benefits —Salaries and benefits are expensed as incurred. Salaries and benefits includes expense for equity grants of Ashford Trust and Braemar common stock and performance-based Long-Term Incentive Plan (“LTIP”) units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. There is an offsetting amount, included in “advisory services” revenue. Salaries and benefits also includes changes in fair value in the deferred compensation plan liability. See note 16 .
General and Administrative Expense		General and Administrative —General and administrative costs are expensed as incurred, and include advertising costs of $905,000 , $126,000 and $0 for the years ended December 31, 2018 , 2017 and 2016 , respectively.
Depreciation and Amortization	Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over a useful life of 20 years . While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above.	Depreciation and Amortization —Our FF&E is depreciated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the related assets. Furniture and equipment, excluding our RED vessels, are depreciated using the straight-line method over lives ranging from 3 to 7.5 years and computer software placed into service is amortized on a straight-line basis over estimated useful lives ranging from 3 to 5 years. Our RED vessels are depreciated using the straight-line method over 20 years. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income/loss as well as resulting gains or losses on potential sales. See also the “Definite-Lived Intangible Assets” above.
Equity-Based Compensation	Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period.	Equity-Based Compensation —Our equity incentive plan provides for the grant of restricted or unrestricted shares of our common stock, equity-based awards and other share awards, share appreciation rights, performance shares, performance units and other equity-based awards or any combination of the foregoing. Equity-based compensation included in “salaries and benefits” is accounted for at fair value based on the market price of the shares/options on the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/options. Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in “general and administrative” expense as the grants of stock are fully vested on the date of grant. Our officers and employees can be granted common stock and LTIP units from Ashford Trust and Braemar in connection with providing advisory services that result in expense, included in “salaries and benefits,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period, as well as offsetting revenue in an equal amount included in “advisory services” revenue. Prior to the adoption of ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, equity-based awards granted to non-employees were accounted for at fair value based on the market price of the awards at period end, which resulted in recording expense equal to the fair value of the award in proportion to the requisite service period satisfied during the period. After the adoption of ASU 2018-07 in the third quarter of 2018, equity-based awards granted to non-employees are measured at the grant date and expensed ratably over the vesting period based on the original measurement date as the grant date. This results in the recording of expense equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) —Comprehensive income consists of net income (loss) and foreign currency translation adjustments. The foreign currency translation adjustment represents the unrealized impact of translating the financial statements of the J&S 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 the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 .	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 J&S 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 the consolidated balance sheets as of December 31, 2018 and 2017 . There were no sources of other comprehensive income (loss) for the year ended December 31, 2016 .
Due to / from Affiliates		Due to Affiliates —Due to affiliates represents current payables resulting from general and administrative expense, FF&E reimbursements, and contingent consideration associated with the acquisition of J&S. Due to affiliates is generally settled within a period not exceeding one year. Due from Ashford Trust OP —Due from Ashford Trust OP represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Ashford Trust OP is generally settled within a period not exceeding one year. Due from Braemar OP —Due from Braemar OP represents current receivables related to advisory services fees, incentive fees, reimbursable expenses and service business expenses. Due from Braemar OP is generally settled within a period not exceeding one year.
Income (Loss) Per Share		Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. See note 18 .
Deferred Compensation Plan		Deferred Compensation Plan —Effective January 1, 2008, Ashford Trust established a nonqualified deferred compensation plan (“DCP”) for certain executive officers, which was assumed by the Company in connection with the separation from Ashford Trust. The plan allowed participants to defer up to 100% of their base salary and bonus and select an investment fund for measurement of the deferred compensation obligation. In connection with our spin-off and the assumption of the DCP obligation by the Company, the DCP was modified to give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. 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. See note 16 .
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities.	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 and, beginning November 1, 2017, Mexico and Dominican Republic income taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. During the third quarter of 2018, we determined that it was more likely than not that we would realize a significant portion of our deferred tax assets because we recorded a $43.7 million deferred tax liability in the third quarter of 2018, and the future reversal of deferred tax liabilities is a source of future taxable income that allows us to utilize our deferred tax assets. Accordingly, in the third quarter of 2018, we reversed the valuation allowance on our deferred tax assets by recording a $15.1 million deferred income tax benefit in the consolidated statement of operations. The deferred tax liability related to our Premier acquisition, and it is the result of recording our book basis in Premier's acquired intangible assets at fair value while the tax basis of these assets was recorded using the seller's carryover basis, which is lower than fair value. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities, and, beginning November 1, 2017, in Mexico and the Dominican Republic. Tax years 2013 through 2017 remain subject to potential examination by certain federal and state taxing authorities. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, we recorded a one-time income tax expense of approximately $303,000 due to a revaluation of our net deferred tax assets resulting from the decrease in the corporate federal income tax rate from 35% to 21% and elimination of the ability to carryback net operating losses generated after December 31, 2017. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. As of December 31, 2018, we have finalized our accounting for the impacts of the TCJA. There were no changes to the provision amounts previously recorded.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease and lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Effective January 1, 2019, we have adopted the new standard using the modified retrospective approach and implemented internal controls to enable the preparation of financial information upon adoption. We elected to adopt both the transition relief provided in ASU 2018-11 and the package of practical expedients which allowed us, among other things, to retain historical lease classifications and accounting for any leases that existed prior to adoption of the standard. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. Adoption of the new standard resulted in the recording of operating lease assets and operating lease liabilities of $26.2 million as of January 1, 2019, which primarily relates to certain office space, warehouse facilities, vehicles and equipment. The standard did not materially impact our condensed consolidated statements of operations or cash flows. Adopting the new standard did not have a material impact on the accounting for leases under which we are the lessor, except as it pertains to our rent-free leases of FF&E with Ashford Trust and Braemar. The new standard requires leases with related parties entered into on or after January 1, 2019, to be accounted for in accordance with the legally enforceable terms and conditions of the lease (i.e. zero rent payments). Therefore, we will no longer allocate a portion of base advisory fee revenue to lease revenue in an amount equal to the estimated fair value of the lease payments that would have been made because ERFP leases are rent-free. For historical leases related to our key money and ERFP programs that were in place upon adoption of the new standard on January 1, 2019, we will continue allocating a portion of base advisory fee revenue to lease revenue consistent with our historical accounting for the remainder of the applicable lease terms. See note 7 . Recently Issued Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our condensed consolidated financial statements.	Recently Adopted Accounting Standards — In May 2014, the FASB issued ASU 2014-09, also referred to as “ASC 606” Revenue from Contracts with Customers . The core principle of the guidance is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may 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. ASC 606 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. In addition, the new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Effective January 1, 2018, we adopted the new standard using the modified retrospective approach. Based on our assessment, adoption of the new guidance did not require a cumulative-effect adjustment to the opening retained earnings on January 1, 2018. We expect the new standard’s impact on net income will be immaterial on an ongoing annual basis; however, the Company does anticipate that the new standard will have an impact on its revenues in interim periods due to timing. The primary impact of adopting the new standard relates to the timing of recognition of incentive advisory fees, which 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 no longer records incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The Company expects that this could impact its revenues in future interim periods, but we are unable to estimate the impact because future incentive advisory fees are calculated based on future changes in total stockholder return of our REIT clients compared to the total stockholder return of their respective peer group. There are no material changes in revenue recognition for audio visual, investment management reimbursements, debt placement fees, claims management services revenue, lease revenue or other services revenue. See note 3 for additional information regarding our adoption of ASC 606. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. In February 2018, the FASB issued ASU 2018-03, as technical corrections and improvements to amend and clarify certain aspects of the guidance issued in ASU 2016-01. We have adopted this standard effective January 1, 2018, and the adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. See “Unconsolidated VIEs” above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. We adopted this standard retrospectively effective January 1, 2018, and the adoption of this standard did not have a material impact on our consolidated statements of cash flows and related disclosures for the year ended December 31, 2017 and December 31, 2016 . For the year ended December 31, 2018 , the adoption of ASU 2016-15 resulted in the bifurcation of the $2.6 million contingent consideration payment associated with the acquisition of J&S between financing and operating cash flows (included in payments “due to affiliates”) in the amounts of $1.2 million and $1.4 million , respectively, within our consolidated statements of cash flows. See notes 5 and 9 . In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. We have adopted this standard effective January 1, 2018. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and aligns the guidance for share-based payments to non-employees with the requirements for share-based payments granted to employees. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We elected to early adopt the standard effective July 1, 2018, and the adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Standards —In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU 2018-20”). The amendments create a lessor practical expedient applicable to sales and other similar taxes incurred in connection with a lease, and simplify lessor accounting for lessor costs paid by the lessee. ASU 2016-02 is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 on a modified retrospective basis with an option to use the transition relief provided in ASU 2018-11. The accounting for leases under which we are the lessor remains largely unchanged. While we continue evaluating our lease portfolio to assess the impact that ASU 2016-02 will have on our consolidated financial statements, we expect the primary impact to our consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under noncancellable leases on our consolidated balance sheet resulting in the recording of ROU assets and lease obligations estimated to be between $23.6 million and $28.8 million . Upon adoption, we will not recognize lease revenue for our rent-free leases of FF&E commencing on or after the adoption date under our ERFP agreements with our related parties Ashford Trust and Braemar. We expect to elect the package of practical expedients in transition that permits entities not to reassess whether any expired or existing contracts are or contain leases, to retain the lease classification and to continue to capitalize initial direct costs for any leases that exist prior to adoption of the standard. We expect to use the transition method in ASU 2018-11 that allows us to adopt the new lease standard effective January 1, 2019, and not reevaluate or recast prior periods. However, we are still evaluating the available transition methods. We are implementing repeatable processes to manage ongoing lease data collection and analysis, and evaluating accounting policies and internal controls that will be impacted by the new standards. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses . ASU 2016-13 introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. ASU 2018-19 is the final version of Proposed Accounting Standards Update 2018-270, which has been deleted. Additionally, the amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . We are currently evaluating the impact that ASU 2016-13 will have on the consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, ASU 2017-04 clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are evaluating the impact that ASU 2017-04 will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software as well as hosting arrangements that include an internal-use software license. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-15 will have on our consolidated financial statements.

Significant Accounting Polici_7

Significant Accounting Policies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Noncontrolling Interests	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 88.20 % 46.59 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 11.80 % 28.15 % — % — % Noncontrolling interests in consolidated entities — % — % 25.26 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 230 $ 2,100 $ 1,480 n/a n/a Redemption value adjustment, year-to-date 20 — (131 ) n/a n/a Redemption value adjustment, cumulative 198 — 1,902 n/a n/a Carrying value of noncontrolling interests — — 466 195 (34 ) Assets, available only to settle subsidiary's obligations (7) n/a 62,112 2,142 2,283 8,158 Liabilities (8) n/a 44,320 552 2,139 3,793 Notes payable (8) n/a 19,250 — — 2,977 Revolving credit facility (8) n/a 2,638 — — — December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 11 and 12 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 11 and 12 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 11 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidated it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 11 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.	The following tables present information about our noncontrolling interests, including those related to consolidated VIEs, as of December 31, 2018 and 2017 (in thousands): December 31, 2018 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.83 % 85.00 % 45.61 % 70.00 % 80.00 % Redeemable noncontrolling interests (1) (2) 0.17 % 15.00 % 29.65 % — % — % Noncontrolling interests in consolidated entities — % — % 24.74 % 30.00 % 20.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 215 $ 1,858 $ 1,458 n/a n/a Redemption value adjustment, year-to-date (180 ) — 12 n/a n/a Redemption value adjustment, cumulative 178 — 2,033 n/a n/a Carrying value of noncontrolling interests — — 308 218 (68 ) Assets, available only to settle subsidiary's obligations (7) n/a 37,141 1,410 2,267 6,807 Liabilities (8) n/a 24,836 421 1,977 2,839 Notes payable (8) n/a 13,614 — — 2,480 Revolving credit facility (8) n/a 1,733 — 60 118 December 31, 2017 Ashford J&S (3) OpenKey (4) Pure (5) RED (6) Ashford Inc. ownership interest 99.80 % 85.00 % 43.90 % 70.00 % — % Redeemable noncontrolling interests (1) (2) 0.20 % 15.00 % 39.59 % — % — % Noncontrolling interests in consolidated entities — % — % 16.51 % 30.00 % — % 100.00 % 100.00 % 100.00 % 100.00 % — % Carrying value of redeemable noncontrolling interests $ 385 $ 2,522 $ 2,204 n/a n/a Redemption value adjustment, year-to-date 224 — 1,046 n/a n/a Redemption value adjustment, cumulative 358 — 2,021 n/a n/a Carrying value of noncontrolling interests — 439 128 205 — Assets, available only to settle subsidiary's obligations (7) n/a 36,951 1,403 1,865 — Liabilities (8) n/a 21,821 889 1,652 — Notes payable (8) n/a 9,917 — 220 — Revolving credit facility (8) n/a 814 — 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 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 J&S, which we consolidate under the voting interest model. J&S provides audio visual products and services in the hospitality industry. See also notes 1 , 13 and 14 . (4) Represents ownership interests in OpenKey, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. See also notes 1 , 13 and 14 . (5) Represents ownership interests in Pure Wellness, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality industry. See also notes 1 and 13 . (6) Represents ownership interests in RED, a VIE for which we are considered the primary beneficiary and therefore we consolidate it. We are provided a preferred return on our investment in RED which is accounted for in our income allocation based on the applicable partnership agreement. RED is a provider of watersports activities and other travel and transportation services. See also notes 1 and 13 . (7) Total assets primarily consist of cash and cash equivalents and other assets that can only be used to settle the subsidiaries’ obligations. (8) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. except in the case of the term loans and line of credit held by RED, for which the creditor has recourse to Ashford Inc.

Revenues (Tables)_2

Revenues (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following tables summarize our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2019 $ 13,544 Increases to deferred revenue 2,072 Recognition of revenue (1) (2,445 ) Balance as of March 31, 2019 $ 13,171 ________ (1) Includes (a) $770,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.0 million of audio visual revenue and (c) $636,000 of “other services” revenue earned by our hospitality products and services companies. Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 2,032 Recognition of revenue (1) (2,737 ) Balance as of March 31, 2018 $ 13,194 ________ (1) Includes (a) $346,000 of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $1.9 million of audio visual revenue and (c) $510,000 of “other services” revenue earned by our hospitality products and services companies.	The following table summarizes our consolidated deferred revenue activity (in thousands): Deferred Revenue Balance as of January 1, 2018 $ 13,899 Increases to deferred revenue 7,781 Recognition of revenue (1) (8,136 ) Balance as of December 31, 2018 $ 13,544 ________ (1) Includes (a) $2.1 million of advisory revenue primarily related to our advisory agreements with Ashford Trust and Braemar, (b) $3.8 million of audio visual revenue, and (c) $2.2 million of “other services” revenue earned by our hospitality products and services companies.
Disaggregation of Revenue	Our REIT Advisory, Premier, OpenKey, and Corporate and Other reporting segments conduct their business within the United States. Our J&S reporting segment conducts business in the United States, Mexico, and the Dominican Republic. The following table presents revenue from our J&S reporting segment geographically for the three months ended March 31, 2019 and 2018 , respectively (in thousands): Three Months Ended March 31, 2019 2018 United States $ 23,142 $ 15,952 Mexico 5,728 5,460 Dominican Republic 2,105 1,898 $ 30,975 $ 23,310 Our revenues were comprised of the following for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Advisory services revenue: Base advisory fee $ 10,622 $ 10,711 Incentive advisory fee 170 452 Reimbursable expenses 2,509 1,949 Equity-based compensation 5,758 9,292 Other advisory revenue 128 128 Total advisory services revenue (2) 19,187 22,532 Audio visual revenue 30,975 23,310 Project management revenue 7,790 — Other revenue: Investment management reimbursements (2) 358 182 Debt placement fees (3) 1,354 632 Claims management services (2) 41 55 Lease revenue (2) 1,030 252 Other services (3) 2,585 1,205 Total other revenue 5,368 2,326 Total revenue $ 63,320 $ 48,168 REVENUE BY SEGMENT (1) REIT advisory $ 20,616 $ 23,021 Premier 7,790 — J&S 30,975 23,310 OpenKey 257 319 Corporate and other 3,682 1,518 Total revenue $ 63,320 $ 48,168 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of RED, Pure Wellness and Lismore into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel services provided by our consolidated subsidiaries, OpenKey, RED, Pure Wellness and Lismore, to Ashford Trust, Braemar and third parties.	The following table presents revenue from our J&S reporting segment geographically for the years ended December 31, 2018 and December 31, 2017 , respectively (in thousands): Year Ended December 31, 2018 2017 (1) United States $ 60,241 $ 6,033 Mexico 15,429 2,760 Dominican Republic 5,516 393 $ 81,186 $ 9,186 ________ (1) Prior period amounts were not adjusted for the adoption of the new revenue recognition guidance under ASC 606. Our revenues were comprised of the following for the three year period ending December 31, 2018 (in thousands): Year Ended December 31, 2018 2017 2016 Advisory services revenue: Base advisory fee $ 44,905 $ 43,523 $ 43,043 Incentive advisory fee 2,487 3,083 3,083 Reimbursable expenses 9,837 9,705 8,859 Equity-based compensation 31,726 9,394 12,243 Other advisory revenue 521 277 — Total advisory services revenue (2) 89,476 65,982 67,228 Audio visual revenue 81,186 9,186 — Project management revenue 10,634 — — Other revenue: Investment management reimbursements (2) 1,156 1,976 — Debt placement fees (2) 6,093 1,137 — Claims management services (2) 213 — — Lease revenue (2) 1,005 893 335 Other services (3) 5,757 2,399 44 Total other revenue 14,224 6,405 379 Total revenue $ 195,520 $ 81,573 $ 67,607 REVENUE BY SEGMENT (1) REIT advisory $ 97,943 $ 69,988 $ 67,563 Premier 10,634 — — J&S 81,186 9,186 — OpenKey 999 327 44 Corporate and other 4,758 2,072 — Total revenue $ 195,520 $ 81,573 $ 67,607 ________ (1) We have four reportable segments: REIT Advisory, Premier, J&S and OpenKey. We combine the operating results of Pure Wellness and RED into an “all other” category, which we refer to as “Corporate and Other.” See note 19 for discussion of segment reporting. (2) Indicates REIT advisory revenue. (3) Other services revenue relates to other hotel products and services provided by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, to Ashford Trust, Braemar and third parties.

Furniture, Fixtures and Equip_2

Furniture, Fixtures and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of furniture, fixtures, and equipment, net	Furniture, fixtures and equipment, net, consisted of the following (in thousands): December 31, 2018 2017 Rental pool equipment $ 16,386 $ 7,711 FF&E under the Ashford Trust ERFP Agreement 16,100 — FF&E 9,342 7,862 Marine vessels 5,854 — Leasehold improvements 1,022 804 Computer software 7,132 8,626 Total cost 55,836 25,003 Accumulated depreciation (7,889 ) (3,849 ) Furniture, fixtures and equipment, net $ 47,947 $ 21,154

Acquisitions (Tables)_2

Acquisitions (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 The fair value of the purchase price and preliminary allocation of the purchase price is as follows (in thousands): Term loan $ 5,000 Less working capital adjustments (668 ) Fair value of Ashford Inc. common stock issued 3,755 Stock consideration payable 500 Fair value of contingent consideration 1,384 Purchase price consideration $ 9,971	The fair value of the purchase price and final allocation of the purchase price is as follows (in thousands): Cash $ 9,176 Term loan 10,000 Fair value of Ashford Inc. common stock 5,063 Fair value of contingent consideration 1,196 Purchase price consideration 25,435 Fair value of redeemable noncontrolling interest 2,724 Total fair value of purchase price $ 28,159 The fair value of the purchase price and the preliminary allocation of the purchase price is as follows (in thousands): Series B cumulative convertible preferred stock $ 203,000 Preferred stock discount (2,883 ) Total fair value of purchase price $ 200,117 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair Value Estimated Useful Life Current assets $ 754 Furniture, fixtures and equipment 2,055 5 years Goodwill 5,429 Trademarks 350 Customer relationships 2,200 Total assets acquired 10,788 Current liabilities 567 Noncurrent liabilities 250 Total assumed liabilities 817 Net assets acquired $ 9,971 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117	The fair value of the equity consideration of $425,000 is allocated as follows (in thousands): Fair Value Estimated Useful Life Cash $ 129 Furniture, fixtures and equipment 170 3 years Customer relationships 175 5 years Goodwill 782 Total assets acquired 1,256 Line of credit 100 Note payable 375 Other assumed liabilities, net 356 Total assumed liabilities 831 Net assets acquired $ 425 Fair Value Estimated Useful Life Current assets including cash $ 6,564 Furniture, fixtures and equipment 15,633 5 years Goodwill 5,384 Trademarks 3,201 Customer relationships 6,519 7 years Other assets 129 Total assets acquired 37,430 Current liabilities 7,080 Notes payable, current 445 Deferred income 1,213 Note payable, non-current 533 Total assumed liabilities 9,271 Net assets acquired $ 28,159 Fair Value Estimated Useful Life Current assets including cash $ 3,878 Furniture, fixtures and equipment 47 Goodwill 53,517 Management contracts 188,800 30 years Total assets acquired 246,242 Current liabilities 2,378 Deferred tax liability 43,747 Total assumed liabilities 46,125 Net assets acquired $ 200,117
Pro Forma Information	The following table reflects the unaudited pro forma results of operations as if the Premier and BAV acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2018, and the removal of $400,000 and $900,000 of transaction costs directly attributable to the acquisitions for three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Total revenue $ 65,239 $ 59,269 Net income (loss) 931 (3,267 ) Net income (loss) attributable to the Company 1,016 (3,272 )	The following table reflects the unaudited pro forma results of operations as if the Premier, J&S and Pure Wellness acquisitions had occurred and the indebtedness associated with those acquisitions was incurred on January 1, 2017, and the removal of $10.3 million and $1.0 million of transaction costs directly attributable to the acquisitions for the year s ended December 31, 2018 and 2017, respectively (in thousands): Year Ended December 31, 2018 2017 Total revenue $ 213,741 $ 161,516 Net income (loss) 14,726 (16,382 ) Net income (loss) attributable to common stockholders 17,088 (14,590 )

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets, net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2019 , are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 Changes in goodwill: Additions (1) — 5,429 — 5,429 Adjustments — — — — Balance at March 31, 2019 $ 53,517 $ 10,813 $ 782 $ 65,112 ________ (1) The addition of approximately $5.4 million relates to the preliminary valuation of assets and liabilities related to J&S’ acquisition of BAV.	The changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017, are as follows (in thousands): Premier J&S Corporate and Other Consolidated Balance at January 1, 2017 Changes in goodwill: Additions (1) $ — $ 12,165 $ 782 $ 12,947 Adjustments — — — — Balance at December 31, 2017 $ — $ 12,165 $ 782 $ 12,947 Changes in goodwill: Additions 53,517 — — 53,517 Adjustments (2) — (6,781 ) — (6,781 ) Balance at December 31, 2018 $ 53,517 $ 5,384 $ 782 $ 59,683 (1) Corporate and Other additions reflect the goodwill acquired as a result of the acquisition of Pure Wellness. (2) The adjustment of approximately $6.8 million relates primarily to the preliminary valuation of assets and liabilities related to the J&S acquisition.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201	Intangible assets, net as of December 31, 2018 and 2017, are as follows (in thousands): December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (61 ) $ 114 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (1,087 ) 5,432 6,519 (156 ) 6,363 Premier management contracts 188,800 (4,353 ) 184,447 — — — $ 195,494 $ (5,501 ) $ 189,993 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of March 31, 2019 and December 31, 2018 , are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (70 ) $ 105 $ 175 $ (61 ) $ 114 J&S customer relationships 8,719 (1,332 ) 7,387 6,519 (1,087 ) 5,432 Premier management contracts 188,800 (7,088 ) 181,712 188,800 (4,353 ) 184,447 $ 197,694 $ (8,490 ) $ 189,204 $ 195,494 $ (5,501 ) $ 189,993 Indefinite-lived intangible assets: J&S trademarks $ 3,551 $ 3,201 $ 3,551 $ 3,201	Intangible assets, net as of December 31, 2018 and 2017, are as follows (in thousands): December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Pure Wellness customer relationships $ 175 $ (61 ) $ 114 $ 175 $ (26 ) $ 149 J&S customer relationships 6,519 (1,087 ) 5,432 6,519 (156 ) 6,363 Premier management contracts 188,800 (4,353 ) 184,447 — — — $ 195,494 $ (5,501 ) $ 189,993 $ 6,694 $ (182 ) $ 6,512 Indefinite-lived intangible assets: J&S trademarks $ 3,201 $ 3,201 $ 3,201 $ 3,201

Notes Payable, net (Tables)_2

Notes Payable, net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	(1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.49% and 2.50% at March 31, 2019 and December 31, 2018 , respectively. (4) Prime Rate was 5.50% and 5.50% at March 31, 2019 and December 31, 2018 , respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) On March 1, 2018 , the Company entered into a $35.0 million senior revolving credit facility with Bank of America, N.A. The credit facility provides for a three-year revolving line of credit. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $40.0 million to an aggregate amount of $75.0 million , subject to certain conditions. On March 21, 2018, Ashford Inc. entered into the First Amendment (the “Amendment”) to the Credit Agreement dated March 1, 2018 (the “Credit Facility”), , Bank of America, N.A., as administrative agent and letters of credit issuer, and the lenders from time to time party thereto. The Amendment is effective as of March 1, 2018, which is the date the Credit Facility became effective. Pursuant to the Amendment, the financial covenant of consolidated tangible net worth was replaced with the consolidated net worth, and Ashford Inc. is required to maintain consolidated net worth not less than 75% of the consolidated net worth as of December 31, 2017, plus 75% of the net equity proceeds of any future equity issuances by Ashford Inc. (8) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing term loan and borrowed an additional $5.0 million . The revolving credit facility was also amended to increase the borrowing capacity from $3.0 million to $3.5 million . Net deferred loan costs associated with this financing of $198,000 and $183,000 , respectively, are included as a reduction to “notes payable, net” on the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , $1.4 million and $1.0 million , respectively, of the term loan was recorded in current portion of notes payable, net. In connection with the term loan, the subsidiary entered into an interest rate cap with an initial notional amount totaling $5.0 million and a strike rate of 4.0% . The fair value of the interest rate cap at March 31, 2019 and December 31, 2018 , was not material. As of March 31, 2019 , $862,000 of credit was available under the revolving credit facility. (9) On March 1, 2019, in connection with the acquisition of BAV, our J&S operating subsidiary amended the existing equipment note and draw term note to increase the borrowing capacity to $8.0 million and $2.4 million , respectively. All the loans are partially secured by a security interest on all of the assets and equity interests of our J&S operating subsidiary. (10) On November 8, 2018, OpenKey renewed the Loan and Security Agreement that expired in October 2018 for a revolving credit facility in the amount of $1.5 million . The credit facility is secured by all of OpenKey's assets. In connection with the 2018 renewal, OpenKey granted the creditors a 10-year warrant to purchase approximately 23,000 shares of OpenKey's preferred stock at $1.61 per share with an estimated fair value of $26,000 . The fair value of the warrants was recorded in noncontrolling interests in consolidated entities and debt issuance costs, which is amortized over the remaining term of the line of credit and included in “amortization of loan costs” in our condensed consolidated statement of operations. As of March 31, 2019, OpenKey had no borrowings outstanding and the $1.5 million revolving credit facility funds were no longer available. (11) On April 6, 2017 , Pure Wellness entered into a $100,000 line of credit. In February 2019, we paid off the remaining $60,000 balance on the line of credit. (12) On March 23, 2018, our RED operating subsidiary entered into a term loan of $750,000 . (13) On February 28, 2019, our RED operating subsidiary renewed its $250,000 revolving credit facility. The revolving credit facility provides RED with available borrowings up to a total of $250,000 . As of March 31, 2019, $250,000 was available under the revolving credit facility. (14) On February 27, 2019, our RED operating subsidiary entered into a draw term loan in the amount of $1.4 million . As of March 31, 2019, $867,000 was available under the draw term loan. (15) On August 31, 2018, our RED operating subsidiary entered into a term loan of $1.8 million .	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate December 31, 2018 December 31, 2017 Senior revolving credit facility Ashford Inc. March 1, 2021 Base Rate (1) + 2.00% to 2.50% or LIBOR (2) + 3.00% to 3.50% $ — $ — Term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 8,917 9,917 Revolving credit facility J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,733 814 Capital lease obligations J&S Various Various - fixed 661 896 Equipment note J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 2,087 — Draw term loan J&S November 1, 2022 One-Month LIBOR (3) + 3.25% 1,950 — Revolving credit facility OpenKey April 30, 2020 Prime Rate (4) + 2.75% — — Term loan Pure Wellness October 1, 2018 5.00% — 220 Revolving credit facility Pure Wellness On demand Prime Rate (4) + 1.00% 60 100 Term loan RED April 5, 2025 Prime Rate (4) + 1.75% 695 — Revolving credit facility RED March 5, 2019 Prime Rate (4) + 1.75% 118 — Term loan RED February 1, 2029 Prime Rate (4) + 2.00% 1,785 — Notes payable 18,006 11,947 Less deferred loan costs, net (234 ) (240 ) Notes payable less net deferred loan costs 17,772 11,707 Less current portion (2,595 ) (1,751 ) Notes payable, net - non-current $ 15,177 $ 9,956 __________________ (1) Base Rate, as defined in the senior revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate plus 0.50% , or (iii) LIBOR plus 1.00% . (2) Ashford Inc. may elect a 1, 2, 3 or 6 month LIBOR period for each borrowing. (3) The one-month LIBOR rate was 2.50% and 1.56% at December 31, 2018 and 2017, respectively. (4) Prime Rate was 5.50% and 4.50% at December 31, 2018 and 2017, respectively.
Schedule of Maturities of Long-term Debt		Excluding capital lease obligations (see note 8 ) and interest, maturities of our long-term debt for each of the next five years and thereafter are as follows (in thousands): 2019 $ 2,074 2020 1,933 2021 1,939 2022 10,006 2023 297 Thereafter 1,096 Total $ 17,345

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments for Capital Leases	As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661	As of December 31, 2018 , future minimum lease payments on capital and operating leases were as follows (in thousands): Capital Leases Operating Leases 2019 $ 541 $ 3,529 2020 105 3,532 2021 33 3,329 2022 7 3,172 2023 — 3,059 Thereafter — 13,999 Total minimum lease payments 686 30,620 Imputed interest (25 ) — Present value of minimum lease payments $ 661 $ 30,620
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2018, future minimum lease payments on operating and capital leases under ASC 840 were as follows (in thousands): Operating Leases Capital Leases 2019 $ 3,529 $ 541 2020 3,532 105 2021 3,329 33 2022 3,172 7 2023 3,059 — Thereafter 13,999 — Total minimum lease payments $ 30,620 $ 686 Imputed interest — (25 ) Present value of minimum lease payments $ 30,620 $ 661	As of December 31, 2018 , future minimum lease payments on capital and operating leases were as follows (in thousands): Capital Leases Operating Leases 2019 $ 541 $ 3,529 2020 105 3,532 2021 33 3,329 2022 7 3,172 2023 — 3,059 Thereafter — 13,999 Total minimum lease payments 686 30,620 Imputed interest (25 ) — Present value of minimum lease payments $ 661 $ 30,620

Fair Value Measurements (Tabl_2

Fair Value Measurements (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2019 Liabilities Contingent consideration $ — $ — $ (1,402 ) $ (1,402 ) (1) Deferred compensation plan $ (11,268 ) $ — $ — $ (11,268 ) Total $ (11,268 ) $ — $ (1,402 ) $ (12,670 ) __________________ (1) Reported as other noncurrent liabilities in the condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan (10,574 ) — — (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 )	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2018 Liabilities Deferred compensation plan $ (10,574 ) $ — $ — $ (10,574 ) Total $ (10,574 ) $ — $ — $ (10,574 ) Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2017 Liabilities Contingent consideration $ — $ — $ (2,262 ) $ (2,262 ) (1) Deferred compensation plan (19,259 ) — — (19,259 ) Total $ (19,259 ) $ — $ (2,262 ) $ (21,521 ) __________________ (1) Reported as “due to affiliates” in the consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables presents the rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2018 $ — Acquisitions (1,384 ) Gains (losses) included in earnings (2) (18 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at March 31, 2019 $ (1,402 ) __________________ (1) Includes J&S’s contingent consideration associated with the acquisition of BAV in March of 2019, which is carried at fair value in the condensed consolidated balance sheets within “other liabilities, noncurrent.” The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant inputs in the Level 3 measurement of the contingent consideration include the timing and amount of the ultimate payout based on our estimate of BAV operating performance during the earn-out period, calculated in accordance with the applicable agreement, and the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the condensed consolidated statements of operations.	The following table presents our rollforward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2016 $ — Acquisitions (1,196 ) Gains (losses) included in earnings (2) (1,066 ) Dispositions and settlements — Transfers into/out of Level 3 — Balance at December 31, 2017 $ (2,262 ) Acquisitions — Gains (losses) included in earnings (2) (338 ) Dispositions and settlements 2,600 Transfers into/out of Level 3 — Balance at December 31, 2018 $ — __________________ (1) Includes Ashford Inc.’s contingent consideration associated with the acquisition of J&S, which is carried at fair value in the consolidated balance sheet as of December 31, 2017 within “due to affiliates.” The liability was settled in the third quarter of 2018. The fair value was estimated using significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. The significant input in the Level 3 measurement of the contingent consideration is the risk adjusted discount rate used to discount the future payment. (2) Reported as “other” operating expense in the consolidated statements of operations.
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Loss	The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2019 2018 Liabilities Contingent consideration (18 ) (1) (213 ) (2 ) Deferred compensation plan (3) (740 ) (561 ) Total $ (758 ) $ (774 ) __________________ (1) Represents the accretion of contingent consideration associated with the acquisition of BAV in March of 2019. Reported as a component of “other operating expense” in the condensed consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition J&S in November of 2017, which was settled in the third quarter of 2018. Reported as “other operating expense” in the condensed consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the condensed consolidated statements of operations.	The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized Year Ended December 31, 2018 2017 2016 Assets Derivative assets: Equity put options $ — $ — $ (2,829 ) Equity call options — — 1,961 Options on futures contracts — (91 ) (228 ) Non-derivative assets: Equity securities — — (7,213 ) U.S. treasury securities — — 479 Total — (91 ) (7,830 ) Liabilities Derivative liabilities: Short equity put options — — 2,147 Short equity call options — — (1,944 ) Non-derivative liabilities: Equity securities — — (160 ) Contingent consideration (338 ) (1,066 ) — Deferred compensation plan 8,444 (10,410 ) 2,127 Total 8,106 (11,476 ) 2,170 Net $ 8,106 $ (11,567 ) $ (5,660 ) Total combined Unrealized gain (loss) on investments (1) $ — $ 203 $ 2,326 Realized gain (loss) on investments — (294 ) (10,113 ) Contingent consideration (2) (338 ) (1,066 ) — Deferred compensation plan (3) 8,444 (10,410 ) 2,127 Net $ 8,106 $ (11,567 ) $ (5,660 ) ________ (1) Includes unrealized gain (loss) associated with investments in unconsolidated entities and reported as “unrealized gain (loss) on investments” in the consolidated statements of operations. (2) Represents the accretion of contingent consideration associated with the acquisition of J&S settled in the third quarter of 2018. Reported as a component of “other operating expense” in the consolidated statements of operations. (3) Reported as a component of “salaries and benefits” in the consolidated statements of operations.

Summary of Fair Value of Fina_5

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 11,268 $ 11,268 $ 10,574 $ 10,574 Contingent consideration 1,402 1,402 — — Financial assets not measured at fair value: Cash and cash equivalents $ 39,953 $ 39,953 $ 51,529 $ 51,529 Restricted cash 12,604 12,604 7,914 7,914 Accounts receivable, net 12,504 12,504 4,928 4,928 Due from affiliates 75 75 45 45 Due from Ashford Trust OP 4,416 4,416 5,293 5,293 Due from Braemar OP 2,031 2,031 1,996 1,996 Investments in unconsolidated entities 3,400 3,400 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 21,696 $ 21,696 $ 24,880 $ 24,880 Due to affiliates 1,176 1,176 2,032 2,032 Other liabilities 14,478 14,478 8,418 8,418 Notes payable 24,865 23,362 to 25,821 18,006 16,681 to 18,437	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, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial liabilities measured at fair value: Deferred compensation plan $ 10,574 $ 10,574 $ 19,259 $ 19,259 Contingent consideration — — 2,262 2,262 Financial assets not measured at fair value: Cash and cash equivalents $ 51,529 $ 51,529 $ 36,480 $ 36,480 Restricted cash 7,914 7,914 9,076 9,076 Accounts receivable, net 4,928 4,928 5,127 5,127 Due from affiliates 45 45 — — Due from Ashford Trust OP 5,293 5,293 13,346 13,346 Due from Braemar OP 1,996 1,996 1,738 1,738 Investments in unconsolidated entities 500 500 500 500 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 24,880 $ 24,880 $ 20,529 $ 20,529 Due to affiliates 2,032 2,032 4,272 4,272 Other liabilities 8,418 8,418 9,076 9,076 Notes payable 18,006 16,681 to 18,437 11,947 12,040

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the income tax benefit at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2018 2017 2016 Income tax benefit at federal statutory income tax rate $ 534 $ 3,665 $ 4,068 State income tax expense, net of federal income tax benefit 804 (388 ) (180 ) Income passed through to common unit holders and noncontrolling interests (36 ) (2 ) (2,985 ) Permanent differences (66 ) (201 ) (1,410 ) Valuation allowance 8,887 (12,725 ) (407 ) Effect of the Tax Cuts and Jobs Act — (303 ) — Other 241 231 134 Total income tax (expense) benefit $ 10,364 $ (9,723 ) $ (780 )
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ (439 ) $ (3,305 ) $ (2,578 ) Foreign (437 ) (47 ) — State (1,000 ) (369 ) (277 ) Total current (1,876 ) (3,721 ) (2,855 ) Deferred: Federal 10,646 (5,854 ) 2,023 Foreign — — — State 1,594 (148 ) 52 Total deferred 12,240 (6,002 ) 2,075 Total income tax (expense) benefit $ 10,364 $ (9,723 ) $ (780 )
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2018 and 2017 , our net deferred tax asset (liability) and related valuation allowance on the consolidated balance sheets, consisted of the following (in thousands): December 31, 2018 2017 Prepaid expenses $ (274 ) $ (218 ) Investments in unconsolidated entities and joint ventures (488 ) 12,529 Capitalized acquisition costs 4,030 1,652 Deferred compensation 2,462 4,285 Accrued expenses 757 851 Equity-based compensation 6,282 3,877 Furniture fixtures and equipment (3,418 ) (643 ) Intangibles (41,931 ) 860 Deferred revenue 2,189 629 Net operating loss 2,835 1,265 Deferred tax asset (27,556 ) 25,087 Valuation allowance (3,950 ) (25,087 ) Net deferred tax asset (liability) $ (31,506 ) $ —

Equity (Tables)_2

Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Schedule of Income (Loss) Allocated to Noncontrolling Interest from Consolidated Entities	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended March 31, 2019 2018 (Income) loss allocated to noncontrolling interests: J&S $ — $ (11 ) OpenKey 177 156 RED (34 ) (7 ) Pure Wellness 20 35 Total net (income) loss allocated to noncontrolling interests $ 163 $ 173	The following table summarizes the (income) loss allocated to noncontrolling interests for each of our consolidated entities (in thousands): Year Ended December 31, 2018 2017 2016 (Income) loss allocated to noncontrolling interests: J&S $ 58 $ (49 ) $ — OpenKey (1) 826 515 849 Pure Wellness (28 ) 38 — RED 68 — — Other (2) — (146 ) 8,011 Total net (income) loss allocated to noncontrolling interests $ 924 $ 358 $ 8,860 ________ (1) The 2016 loss allocated to the noncontrolling interest in OpenKey represents the period from the March 8, 2016 conversion of our notes receivable through December 31, 2016. (2) Represents noncontrolling interests primarily in the AQUA Fund, which was fully dissolved as of December 31, 2017.

Mezzanine Equity (Tables)_2

Mezzanine Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Activity of Member Interest		A summary of the activity of the member interest units is as follow (in thousands): Year Ended December 31, 2018 2017 2016 Units outstanding at beginning of year 4 4 5 Units redeemed for cash (1) — — (1 ) Units outstanding at end of year 4 4 4 Units convertible/redeemable at end of year 4 4 4 __________________ (1) During the years ended December 31, 2018 , 2017 , and 2016 , membership interest units with aggregate fair values at redemption of $0 , $0 and $18,000 , respectively, were redeemed by the holder and, at our election, we paid cash to satisfy the redemption price.
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands): Three Months Ended March 31, 2019 2018 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings $ 4 $ 12 J&S (227 ) (355 ) OpenKey 202 282 Total net (income) loss allocated to redeemable noncontrolling interests $ (21 ) $ (61 )	The following table summarizes the net (income) loss allocated to our redeemable noncontrolling interests (in thousands). Year Ended December 31, 2018 2017 2016 Net (income) loss allocated to redeemable noncontrolling interests: Ashford Holdings (1) $ (9 ) $ 19 $ 4 J&S 361 136 — OpenKey 1,086 1,329 1,143 Total net (income) loss allocated to redeemable noncontrolling interests $ 1,438 $ 1,484 $ 1,147 ________ (1) Represents the 0.2% interest in Ashford LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Holdings thereafter.
Preferred dividends	The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 for the three months ended March 31, 2019 . The Company declared and paid dividends as presented below: Three Months Ended March 31, 2019 2018 Preferred dividends $ 2,791 $ —	The Series B Convertible Preferred Stock quarterly dividend for all issued and outstanding shares was $0.3438 per share for the three months ended December 31, 2018 . The Company declared and paid dividends as presented below: Year Ended December 31, 2018 2017 2016 Preferred dividends $ 4,466 $ — $ —

Equity-Based Compensation (Ta_2

Equity-Based Compensation (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost	Equity-based compensation expense is primarily recorded in “salaries and benefits expense” in our condensed consolidated statements of operations and comprehensive income (loss). The components of equity-based compensation expense for the three months ended March 31, 2019 and 2018 are presented below by award type (in thousands): Three Months Ended March 31, 2019 2018 Equity-based compensation Stock option amortization (1) $ 2,151 $ 3,757 Director and other non-employee equity grants expense 7 40 Total equity-based compensation $ 2,158 $ 3,797 Other equity-based compensation REIT equity-based compensation (2) $ 5,868 $ 9,292 $ 8,026 $ 13,089 ________ (1) As of March 31, 2019 , the Company had approximately $16.8 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 2.0 years . During the three months ended March 31, 2018, we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (2) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. and Premier. During the three months ended March 31, 2019 , $30,000 and $79,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and “cost of revenues for project management”, respectively, on our condensed consolidated statements of operations. During the three months ended March 31, 2018, REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. See notes 2 and 15 .	The components of equity-based compensation expense for the years ended December 31, 2018 , 2017 and 2016 are presented below by award type (in thousands): Year Ended December 31, 2018 2017 2016 Equity-based compensation Stock option amortization (1) $ 9,580 $ 7,535 $ 5,884 Director and other non-employee equity grants expense (2) 439 250 250 Pre-spin equity grants expense (3) — 684 5,439 Total equity-based compensation $ 10,019 $ 8,469 $ 11,573 Other equity-based compensation REIT equity-based compensation (4) $ 31,899 $ 9,394 12,243 $ 41,918 $ 17,863 $ 23,816 ________ (1) See Stock Options discussion below. As of December 31, 2018 , the Company had approximately $11.1 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years . During the year ended December 31, 2018 , we recorded approximately $2.5 million of equity-based compensation expense related to accelerated vesting of stock options, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. During the years ended December 31, 2018 , 2017 and 2016 , stock option amortization included $10,000 , $39,000 and $61,000 of amortization related to OpenKey stock options issued under OpenKey’s stock plan. (2) Grants of restricted stock to independent directors are recorded at fair value based on the market price of our shares at grant date, and this amount is fully expensed in general and administrative expense as the grants of stock are fully vested on the date of grant. See Restricted Stock discussion below. (3) As a result of the spin-off, we assumed all of the unrecognized equity-based compensation associated with prior Ashford Trust equity grants of common stock and LTIP units. We recognized the equity-based compensation expense related to these assumed Ashford Trust equity grants through the April 2017 final vesting date. As of December 31, 2017 , these equity grants were fully vested. See Restricted Stock discussion below. (4) REIT equity-based compensation expense is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. During the year ended December 31, 2018 , $47,000 and $126,000 of equity based compensation expense related to REIT awards to the employees of Premier was included in “salaries and benefits” and "cost of revenues for project management", respectively, on our consolidated statements of operations. During the year ended December 31, 2018 , REIT equity-based compensation included $6.7 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the passing of an executive in March 2018. See notes 2 and 17 .
Schedule of Stock Options, Valuation Assumptions		The weighted average assumptions used to value grant options are detailed below: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 38.93 $ 25.29 $ 22.91 Weighted average assumptions used: Expected volatility 35.8 % 34.9 % 50.0 % Expected term (in years) 6.5 6.5 6.5 Risk-free interest rate 2.7 % 2.0 % 1.5 % Expected dividend yield — % — % — %
Schedule of Stock Option Activity		A summary of stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value of In-the Money Options (In thousands) (per share) (In years) (In thousands) Outstanding, January 1, 2016 300 $ 85.97 6.95 $ — Granted 340 45.59 10.00 — Exercised — — — — Forfeited, canceled or expired (1 ) 45.59 9.38 — Outstanding, December 31, 2016 639 $ 64.53 7.70 $ — Granted 334 57.61 10.00 11,837 Exercised — — — — Forfeited, canceled or expired (1 ) 50.15 9.22 80 Outstanding, December 31, 2017 972 $ 62.17 7.67 $ 29,974 Granted 267 94.96 10.00 — Exercised — 45.59 7.53 3 Forfeited, canceled or expired (3 ) 62.28 8.82 7 Outstanding, December 31, 2018 1,236 $ 69.26 7.21 $ 2,126 Options exercisable at December 31, 2018 411 $ 79.91 5.11 $ 255,359
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, 2018 2017 2016 Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Price Per Share at Grant Restricted Shares Weighted Average Outstanding at beginning of year — $ — 1 $ 56.20 3 $ 56.20 Restricted shares granted (1) 6 73.02 5 52.89 5 45.09 Restricted shares vested (6 ) 73.02 (6 ) 53.64 (7 ) 47.48 Restricted shares forfeited — — — — — — Outstanding at end of year — $ — — $ — 1 $ 56.20 ________ (1) Equity-based compensation expense of $405,000 , $250,000 and $250,000 was recognized in connection with stock grants of 6,000 , 5,000 and 5,000 immediately vested restricted shares to our independent directors for the years ended December 31, 2018 , 2017 and 2016 , respectively. The restricted stock/units that vested during 2018 had a fair value of $405,000 at the date of vesting.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended March 31, 2019 2018 Change in fair value Unrealized gain (loss) $ (740 ) $ (561 ) Distributions Fair value (1) $ 46 $ 80 Shares (1) 1 — ________ (1) Distributions made to one participant.	The following table summarizes the DCP activity (in thousands): Year Ended December 31, 2018 2017 2016 Change in fair value Unrealized gain (loss) $ 8,444 $ (10,410 ) $ 2,127 Distributions Fair value (1) $ 241 $ 229 $ — Shares (1) 3 3 — ________ (1) Distributions made to one participant.

Related Party Transactions (T_2

Related Party Transactions (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 8,045 $ 8,604 Reimbursable expenses (1) 2,040 1,529 Equity-based compensation (2) 4,289 6,745 Incentive advisory fee (3) — 452 Total advisory services revenue 14,374 17,330 Audio visual revenue (4) — — Project management revenue (5) 4,939 — Other revenue Investment management reimbursements (6) 358 182 Debt placement fees (7) 1,079 632 Claim management services (8) 11 18 Lease revenue (9) 946 168 Other services (10) 467 300 Total other revenue 2,861 1,300 Total revenue $ 22,174 $ 18,630 REVENUE BY SEGMENT (11) REIT advisory $ 15,689 $ 17,698 Premier 4,939 — J&S — — OpenKey 28 24 Corporate and other 1,518 908 Total revenue $ 22,174 $ 18,630 COST OF REVENUES Cost of audio visual revenues (4) $ 1,684 $ 354 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $597,000 and $202,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2018 , includes the pro-rata portion of the third year installment of the 2016 incentive advisory fee, which was paid in January 2019. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Ashford Trust advisory agreement. Ashford Trust's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2018 and 2017 measurement periods. See note 3 . (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Ashford Trust OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 1,119 $ 2,337 AIM 139 99 Premier 1,559 1,611 J&S 1,123 826 Pure Wellness 469 418 OpenKey 7 2 RED — — Due from Ashford Trust OP $ 4,416 $ 5,293 The changes in our ERFP commitments to Ashford Trust and Braemar from inception of the programs in 2018 and 2019, respectively, through March 31, 2019 , as well as the unfunded ERFP Commitments as of March 31, 2019, for hotels acquired by the REITs are as follows (in thousands): Ashford Trust Braemar Total ERFP Commitments: ERFP Commitments at January 1, 2018 $ — $ — $ — Initial ERFP Commitment 50,000 — 50,000 ERFP payment — Hilton Alexandria Old Town (11,100 ) — (11,100 ) ERFP payment — La Posada de Santa Fe $ (5,000 ) $ — $ (5,000 ) ERFP Commitments remaining at December 31, 2018 $ 33,900 $ — $ 33,900 Initial ERFP Commitment — 50,000 50,000 ERFP payment — Hilton Santa Cruz/Scotts Valley (5,000 ) — (5,000 ) ERFP Commitments remaining at March 31, 2019 (1) $ 28,900 $ 50,000 $ 78,900 Ashford Trust Braemar Total Unfunded ERFP Commitments for hotels acquired by REITs: Embassy Suites New York Midtown Manhattan $ 19,500 $ — $ 19,500 Ritz-Carlton, Lake Tahoe — 10,300 10,300 Unfunded ERFP Commitments at March 31, 2019 $ 19,500 $ 10,300 $ 29,800 ________ (1) See note 10 . The following table summarizes the revenues related to Braemar OP (in thousands): Three Months Ended March 31, 2019 2018 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 2,577 $ 2,107 Reimbursable expenses (1) 469 420 Equity-based compensation (2) 1,469 2,547 Incentive advisory fee (3) 170 — Other advisory revenue (4) 128 128 Total advisory services revenue 4,813 5,202 Audio visual revenue (5) — — Project management revenue (6) 2,747 — Other revenue Debt placement fees (7) 275 — Claims management services (8) 30 37 Lease revenue (9) 84 84 Other services (10) 269 211 Total other revenue 658 332 Total revenue $ 8,218 $ 5,534 REVENUE BY SEGMENT (11) REIT advisory $ 4,927 $ 5,323 Premier 2,747 — J&S (11) — — OpenKey 20 5 Corporate and other 524 206 Total revenue $ 8,218 $ 5,534 COST OF REVENUES Cost of audio visual revenues (5) $ 86 $ — ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. During the three months ended March 31, 2019 and 2018 , we recognized $44,000 and $15,000 , respectively, of deferred income from reimbursable expenses related to software implementation costs. (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the three months ended March 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee for the three months ended March 31, 2019 , includes the pro-rata portion of the second year installment of the 2018 incentive advisory fee, which will be paid in January 2020. Incentive fee payments are subject to meeting the December 31 FCCR Condition each year, as defined in the Braemar advisory agreement. For the three months ended March 31, 2018 , no incentive advisory fee was recognized as Braemar's annual total stockholder return did not meet the relevant incentive fee thresholds during the 2017 and 2016 measurement periods. See note 3 . (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (6) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreements and legacy key money transaction with Ashford Trust and Braemar, we lease FF&E to Ashford Trust and Braemar rent-free. For leases which commenced prior to our adoption of ASC 842, a portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is associated with other hotel products and services, such as mobile key applications, marine vessel transportation and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey, RED and Pure Wellness. (11) See note 17 for discussion of segment reporting. The following table summarizes amounts due (to) from Braemar OP, net at March 31, 2019 and December 31, 2018 associated primarily with the advisory services fee and other fees discussed above, as it relates to each of our consolidated entities (in thousands): March 31, 2019 December 31, 2018 Ashford LLC $ 573 $ 941 Premier 1,265 949 J&S 71 4 Pure Wellness 18 30 OpenKey 15 12 RED 89 60 Due from Braemar OP $ 2,031 $ 1,996	The following table summarizes amounts due (to) from Ashford Trust OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 2,337 $ 12,610 AIM 99 347 Premier 1,611 — J&S 826 62 Pure Wellness 418 302 OpenKey 2 25 Due from Ashford Trust OP $ 5,293 $ 13,346 The following table summarizes amounts due (to) from Braemar OP, net at December 31, 2018 and 2017 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, 2018 December 31, 2017 Ashford LLC $ 941 $ 1,682 Premier 949 — J&S 4 — Pure Wellness 30 50 OpenKey 12 6 RED 60 — Due from Braemar OP $ 1,996 $ 1,738 The following table summarizes the revenues and expenses related to Ashford Trust OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 35,482 $ 34,724 $ 34,700 Reimbursable expenses (1) 7,905 7,600 6,054 Equity-based compensation (2) 25,245 11,077 8,429 Incentive advisory fee (3) 1,809 1,809 1,809 Total advisory services revenue 70,441 55,210 50,992 Audio visual revenue (4) 88 — — Project management revenue (5) 7,096 — — Other revenue Investment management reimbursements (6) 1,156 1,976 — Debt placement fees (7) 5,094 913 — Claim management services (8) 76 — — Lease revenue (9) 670 558 — Other services (10) 1,968 997 4 Total other revenue 8,964 4,444 4 Total revenue $ 86,589 $ 59,654 $ 50,996 REVENUE BY SEGMENT (11) REIT advisory $ 77,437 $ 58,657 $ 50,992 Premier 7,096 — — J&S 88 — — OpenKey 97 77 4 Corporate and other 1,871 920 — Total revenue $ 86,589 $ 59,654 $ 50,996 COST OF REVENUES Cost of audio visual revenues (4) $ 3,444 $ 90 $ — ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $2.2 million , $1.7 million , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software, as discussed in note 2 , in the amount of $1.1 million for the year ended December 31, 2017. (2) Equity-based compensation revenue is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Ashford Trust included $4.5 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the third, second and first year installments of the 2016 incentive advisory fee in the amount of $1.8 million for each of the years ended December 31, 2018 , 2017 and 2016 , respectively, for which the payment was due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Ashford Trust. No incentive fee was earned for the 2018, 2017 and 2015 measurement periods. (4) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. See note 3 for discussion of the audio visual revenue recognition policy. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Investment management reimbursements include AIM’s management of Ashford Trust’s excess cash under the Investment Management Agreement. AIM is not compensated for its services but is reimbursed for all costs and expenses. (7) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (8) Claims management services include revenues earned from providing insurance claim assessment and administration services. (9) In connection with our ERFP Agreement and legacy key money transaction with Ashford Trust, we lease FF&E to Ashford Trust rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (10) Other services revenue is 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, respectively. (11) See note 19 for discussion of segment reporting. The following table summarizes the revenues related to Braemar OP (in thousands): Year Ended December 31, 2018 2017 2016 REVENUE BY TYPE Advisory services revenue Base advisory fee $ 9,423 $ 8,799 $ 8,343 Reimbursable expenses (1) 1,932 2,105 2,805 Equity-based compensation (2) 6,481 (1,683 ) 3,814 Incentive advisory fee (3) 678 1,274 1,274 Other advisory revenue (4) 521 277 — Total advisory services revenue 19,035 10,772 16,236 Project management revenue (5) 3,493 — — Other revenue Debt placement fees (6) 999 224 — Claims management services (7) 137 — — Lease revenue (8) 335 335 335 Other services (9) 857 41 — Total other revenue 2,328 600 335 Total revenue $ 24,856 $ 11,372 $ 16,571 REVENUE BY SEGMENT (10) REIT advisory $ 20,506 $ 11,331 $ 16,571 Premier 3,493 — — J&S (11) — — — OpenKey 29 16 — Corporate and other 828 25 — Total revenue $ 24,856 $ 11,372 $ 16,571 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. During the years ended December 31, 2018 , 2017 , and 2016 , we recognized $162,000 , $126,000 , and $0 , respectively, of deferred income from reimbursable expenses related to software implementation costs, which was partially offset by the impairment of the related capitalized software in the amount of $1.1 million for the year ended December 31, 2017. See note 2 . (2) Equity-based compensation revenue is associated with equity grants of Braemar’s common stock and LTIP units awarded to officers and employees of Ashford Inc. For the year ended December 31, 2018 , equity-based compensation revenue from Braemar included $2.2 million of expense related to accelerated vesting, in accordance with the terms of the awards, as a result of the death of an executive in March 2018. (3) Incentive advisory fee includes the first year installment of the 2018 incentive advisory fee in the amount of $678,000 for the year ended December 31, 2018 , as Braemar's annual total stockholder return met the relevant incentive fee thresholds during the 2018 measurement period. Incentive advisory fee includes the third and second year installments of the 2015 incentive advisory fee in the amount of $1.3 million for each of the years ended December 31, 2017 and 2016 , respectively. Incentive advisory fee payments are due January of the subsequent year subject to meeting the FCCR Condition at December 31 of each year, as defined in our advisory agreement with Braemar. (4) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10 -year initial term. (5) Project management revenue primarily consists of revenue generated within our Premier segment by providing design, development, and project management services for which Premier receives fees. Project management revenue also includes revenue from reimbursable costs related to accounting, overhead and project manager services provided to projects owned by affiliates of Ashford Trust, Braemar and other owners. See note 3 for discussion of the project management revenue recognition policy. (6) Debt placement fees include revenues earned from providing debt placement services by Lismore Capital, our wholly-owned subsidiary. (7) Claims management services include revenues earned from providing insurance claim assessment and administration services. (8) In connection with our legacy key money transaction with Braemar, we lease FF&E to Braemar rent-free. A portion of the base advisory fee is allocated to lease revenue each period equal to the estimated fair value of the lease payments that would have been made. (9) Other services revenue is associated with other hotel products and services, such as mobile key applications, hypoallergenic premium rooms and watersports activities & travel/transportation services, provided to Braemar by our consolidated subsidiaries, OpenKey, Pure Wellness and RED, respectively. (10) See note 19 for discussion of segment reporting. (11) J&S primarily contracts directly with customers to whom it provides audio visual services. J&S recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue are recognized in “cost of revenues for audio visual” in our consolidated statements of operations. For the year ended December 31, 2018 , J&S cost of revenues for audio visual associated with Braemar was insignificant.

Income (Loss) Per Share (Tabl_2

Income (Loss) Per Share (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 710 $ (5,723 ) Less: Dividends on preferred stock and amortization (3,282 ) — Undistributed net income (loss) allocated to common stockholders (2,572 ) (5,723 ) Distributed and undistributed net income (loss) - basic $ (2,572 ) $ (5,723 ) Effect of incremental subsidiary shares (202 ) (282 ) Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings — (12 ) Distributed and undistributed net income (loss) - diluted $ (2,774 ) $ (6,017 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,419 2,094 Effect of incremental subsidiary shares 30 17 Effect of assumed conversion of operating partnership units — 4 Weighted average common shares outstanding – diluted 2,449 2,115 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (1.06 ) $ (2.73 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (1.13 ) $ (2.84 )	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, 2018 2017 2016 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ 10,182 $ (18,352 ) $ (2,396 ) Less: Dividends on preferred stock and amortization (5,196 ) — — Less: Net income (loss) allocated to unvested shares (21 ) — — Undistributed net income (loss) allocated to common stockholders 4,965 (18,352 ) (2,396 ) Distributed and undistributed net income (loss) - basic $ 4,965 $ (18,352 ) $ (2,396 ) Effect of deferred compensation plan (8,444 ) — (2,127 ) Effect of contingently issuable shares (1,447 ) (1,465 ) (1,143 ) Distributed and undistributed net income (loss) - diluted $ (4,926 ) $ (19,817 ) $ (5,666 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 2,170 2,031 2,012 Effect of deferred compensation plan shares 103 — 158 Effect of contingently issuable shares 59 36 39 Weighted average common shares outstanding – diluted 2,332 2,067 2,209 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ 2.29 $ (9.04 ) $ (1.19 ) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (2.11 ) $ (9.59 ) $ (2.56 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2019 2018 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings (4 ) — Net income (loss) attributable to redeemable noncontrolling interests in subsidiary common stock 227 355 Dividends on preferred stock and amortization 3,282 — Total $ 3,505 $ 355 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 9 Effect of assumed exercise of stock options 65 234 Effect of assumed conversion of Ashford Holdings units 4 — Effect of incremental subsidiary shares 46 27 Effect of assumed conversion of preferred stock 1,450 — Total 1,574 270	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, 2018 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to unvested restricted shares $ 21 $ — $ — Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings 9 (19 ) (4 ) Dividends on preferred stock and amortization 5,196 — — Total $ 5,226 $ (19 ) $ (4 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 9 — 1 Effect of assumed exercise of stock options 163 34 — Effect of assumed conversion of Ashford Holdings units 4 4 4 Effect of assumed conversion of preferred stock 575 — — Total 751 38 5

Segment Reporting (Tables)_2

Segment Reporting (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information concerning our segments for the three months ended March 31, 2019 and 2018 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 19,187 $ — $ — $ — $ — $ 19,187 $ 22,532 $ — $ — $ — $ — $ 22,532 Audio visual — — 30,975 — — 30,975 — — 23,310 — — 23,310 Project Management — 7,790 — — — 7,790 — — — — — — Other 1,429 — — 257 3,682 5,368 489 — — 319 1,518 2,326 Total revenue 20,616 7,790 30,975 257 3,682 63,320 23,021 — 23,310 319 1,518 48,168 EXPENSES Depreciation and amortization 1,183 2,738 455 7 144 4,527 390 — 454 6 190 1,040 Impairment — — — — — — 1,863 — — — 56 1,919 Other operating expenses (1) 8,267 4,050 28,008 950 14,976 56,251 11,241 — 19,803 1,171 18,030 50,245 Total expenses 9,450 6,788 28,463 957 15,120 60,778 13,494 — 20,257 1,177 18,276 53,204 OPERATING INCOME (LOSS) 11,166 1,002 2,512 (700 ) (11,438 ) 2,542 9,527 — 3,053 (858 ) (16,758 ) (5,036 ) Equity in earnings (loss) of unconsolidated entities — — — — (275 ) (275 ) — — — — — — Interest expense — — (214 ) — (83 ) (297 ) — — (139 ) — (4 ) (143 ) Amortization of loan costs — — (12 ) (7 ) (50 ) (69 ) — — (12 ) (6 ) (5 ) (23 ) Interest income — — — — 20 20 — — — — 112 112 Other income (expense) — — (107 ) 6 48 (53 ) 19 — (58 ) (1 ) 1 (39 ) INCOME (LOSS) BEFORE INCOME TAXES 11,166 1,002 2,179 (701 ) (11,778 ) 1,868 9,546 — 2,844 (865 ) (16,654 ) (5,129 ) Income tax (expense) benefit (2,489 ) (426 ) (887 ) — 2,502 (1,300 ) (2,116 ) — (746 ) — 2,156 (706 ) NET INCOME (LOSS) $ 8,677 $ 576 $ 1,292 $ (701 ) $ (9,276 ) $ 568 $ 7,430 $ — $ 2,098 $ (865 ) $ (14,498 ) $ (5,835 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses.	Certain information concerning our segments for the years ended December 31, 2018, 2017 and 2016 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, 2018 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 89,476 $ — $ — $ — $ — $ 89,476 Audio visual — — 81,186 — — 81,186 Project management — 10,634 — — — 10,634 Other 8,467 — — 999 4,758 14,224 Total revenue 97,943 10,634 81,186 999 4,758 195,520 EXPENSES Depreciation and amortization 2,129 4,358 2,221 27 607 9,342 Impairment 1,863 — — — 56 1,919 Other operating expenses (1) 41,563 5,260 79,193 4,510 54,572 185,098 Total operating expenses 45,555 9,618 81,414 4,537 55,235 196,359 OPERATING INCOME (LOSS) 52,388 1,016 (228 ) (3,538 ) (50,477 ) (839 ) Interest expense — — (745 ) — (214 ) (959 ) Amortization of loan costs — — (47 ) (25 ) (169 ) (241 ) Interest income — — — — 329 329 Other income (expense) — — (883 ) 2 47 (834 ) INCOME (LOSS) BEFORE INCOME TAXES 52,388 1,016 (1,903 ) (3,561 ) (50,484 ) (2,544 ) Income tax (expense) benefit (12,566 ) (239 ) 76 — 23,093 10,364 NET INCOME (LOSS) $ 39,822 $ 777 $ (1,827 ) $ (3,561 ) $ (27,391 ) $ 7,820 ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual, costs of revenues for project management and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year Ended December 31, 2017 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 65,982 $ — $ — $ — $ — $ 65,982 Audio visual — — 9,186 — — 9,186 Project management — — — — — — Other 4,006 — — 327 2,072 6,405 Total revenue 69,988 — 9,186 327 2,072 81,573 EXPENSES Depreciation and amortization 1,373 — 319 25 810 2,527 Impairment 1,041 — — — 31 1,072 Other operating expenses (1) 19,099 — 9,655 3,478 56,264 88,496 Total operating expenses 21,513 — 9,974 3,503 57,105 92,095 OPERATING INCOME (LOSS) 48,475 — (788 ) (3,176 ) (55,033 ) (10,522 ) Interest expense — — (68 ) — (15 ) (83 ) Amortization of loan costs — — (6 ) (19 ) (14 ) (39 ) Interest income — — — — 244 244 Other income (expense) — — (47 ) (12 ) (12 ) (71 ) INCOME (LOSS) BEFORE INCOME TAXES 48,475 — (909 ) (3,207 ) (54,830 ) (10,471 ) Income tax (expense) benefit (18,324 ) — 252 — 8,349 (9,723 ) NET INCOME (LOSS) $ 30,151 $ — $ (657 ) $ (3,207 ) $ (46,481 ) $ (20,194 ) ________ (1) Other operating expenses includes salaries and benefits, cost of revenues for audio visual and general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. Year ended December 31, 2016 REIT Advisory Premier J&S OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 67,228 $ — $ — $ — $ — $ 67,228 Audio visual — — — — — — Project management — — — — — — Other 335 — — 44 — 379 Total revenue 67,563 — — 44 — 67,607 EXPENSES Depreciation and amortization 298 — — 24 852 1,174 Impairment — — — — — — Other operating expenses (1) 21,102 — — 2,904 44,884 68,890 Total operating expenses 21,400 — — 2,928 45,736 70,064 OPERATING INCOME (LOSS) 46,163 — — (2,884 ) (45,736 ) (2,457 ) Interest expense — — — — — — Amortization of loan costs — — — — — — Interest income — — — — 73 73 Other income (expense) (2) — — — (30 ) (9,209 ) (9,239 ) INCOME (LOSS) BEFORE INCOME TAXES 46,163 — — (2,914 ) (54,872 ) (11,623 ) Income tax (expense) benefit (16,684 ) — — — 15,904 (780 ) NET INCOME (LOSS) $ 29,479 $ — $ — $ (2,914 ) $ (38,968 ) $ (12,403 ) ________ (1) Other operating expenses includes salaries and benefits, in addition to general and administrative expenses. Other operating expenses of REIT Advisory represent expenses for which there is generally a direct offsetting amount included in revenues, including REIT equity-based compensation expense and reimbursable expenses. (2) Other income (expense) primarily includes the realized gain (loss) on investment in unconsolidated entity, the unrealized gain (loss) on investment in unconsolidated entity, dividend income, the realized gain (loss) on investments and the unrealized gain (loss) on investments.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas		The following table presents furniture, fixtures and equipment, net by geographic area as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 United States $ 42,503 $ 18,087 Mexico 4,996 2,960 All other countries 448 107 $ 47,947 $ 21,154

Concentration of Risk (Tables)

Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk	Further, Premier, OpenKey, Pure Wellness and RED generated revenue through contracts with Ashford Trust OP and Braemar OP, as summarized in the table below, stated as a percentage of the consolidated subsidiaries’ total revenues: Year Ended December 31, 2018 2017 2016 Percentage of total revenues from Ashford Trust OP and Braemar OP (1) Premier 99.6 % — % — % J&S (2) 9.8 % 2.2 % — % Pure Wellness 58.8 % 45.6 % — % OpenKey 12.6 % 28.4 % 9.1 % RED 51.7 % — % — % ________ (1) See note 17 for details regarding our related party transactions. (2) Represents percentage of revenues earned by J&S from customers at Ashford Trust and Braemar hotels. See note 2 for the discussion of audio visual revenue recognition policy.

Selected Financial Quarterly _2

Selected Financial Quarterly Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of the quarterly results of operations	The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2018 Total revenue $ 48,168 $ 54,811 $ 41,565 $ 50,976 $ 195,520 Total operating expenses 53,204 43,941 53,069 46,145 196,359 Operating income (loss) $ (5,036 ) $ 10,870 $ (11,504 ) $ 4,831 $ (839 ) Net income (loss) $ (5,835 ) $ 8,932 $ 2,006 $ 2,717 $ 7,820 Net income (loss) attributable to the Company $ (5,723 ) $ 8,960 $ 3,387 $ 3,558 $ 10,182 Net income (loss) attributable to common stockholders $ (5,723 ) $ 8,960 $ 1,409 $ 340 $ 4,986 Basic: Net income (loss) attributable to common stockholders per share (1) $ (2.73 ) $ 4.26 $ 0.67 $ 0.14 $ 2.29 Weighted average common shares outstanding - basic 2,094 2,095 2,109 2,381 2,170 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (2.84 ) $ 0.93 $ 0.18 $ (1.96 ) $ (2.11 ) Weighted average common shares outstanding - diluted 2,115 2,487 2,337 2,652 2,332 First Second Third Fourth Full 2017 Total revenue $ 13,013 $ 19,639 $ 19,255 $ 29,666 $ 81,573 Total operating expenses 15,149 18,221 21,595 37,130 92,095 Operating income (loss) $ (2,136 ) $ 1,418 $ (2,340 ) $ (7,464 ) $ (10,522 ) Net income (loss) $ (2,723 ) $ (7,231 ) $ (2,258 ) $ (7,982 ) $ (20,194 ) Net income (loss) attributable to the Company $ (2,385 ) $ (6,709 ) $ (1,856 ) $ (7,402 ) $ (18,352 ) Net income (loss) attributable to common stockholders $ (2,385 ) $ (6,709 ) $ (1,856 ) $ (7,402 ) $ (18,352 ) Basic: Net income (loss) attributable to common stockholders per share (1) $ (1.18 ) $ (3.32 ) $ (0.92 ) $ (3.58 ) $ (9.04 ) Weighted average common shares outstanding - basic 2,015 2,019 2,022 2,069 2,031 Diluted: Net income (loss) attributable to common stockholders per share (1) $ (1.34 ) $ (3.85 ) $ (1.05 ) $ (3.72 ) $ (9.59 ) Weighted average common shares outstanding - diluted 2,046 2,265 2,054 2,118 2,067 _________________ (1) The sum of the basic and diluted income (loss) attributable to common stockholders per share for the four quarters in 2018 and 2017 may differ from the full year basic and diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Organization and Description _4

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

Oct. 31, 2018

Oct. 10, 2018

Sep. 28, 2018

Aug. 08, 2018

Jun. 29, 2018

Jan. 16, 2018

Jan. 02, 2018

Dec. 11, 2017

Nov. 01, 2017

Apr. 06, 2017

Mar. 31, 2019

Mar. 31, 2018

Aug. 08, 2021

Aug. 08, 2020

Aug. 08, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Mar. 01, 2019

Aug. 07, 2018

Jun. 26, 2018

Nov. 12, 2014

Noncontrolling Interest [Line Items]

Payments to Acquire Businesses, Gross

$ 4,332

$ 0

Long-term debt, gross

$ 24,865

$ 18,006

$ 11,947

Proceeds from issuance of common stock

$ 18,930

$ 0

$ 0

Series B Preferred Stock [Member]

Noncontrolling Interest [Line Items]

Preferred stock, shares issued (in shares)

8,120,000

8,120,000

8,120,000

0

8,120,000

Pure Wellness

Noncontrolling Interest [Line Items]

Voting interests acquired

70.00%

Payments to Acquire Businesses, Gross

$ 97

Fair value of net assets and liabilities

532

Equity consideration

425

Pure Wellness | Series A Units [Member]

Noncontrolling Interest [Line Items]

Equity consideration

42

Pure Wellness | Series B-1 Units [Member]

Noncontrolling Interest [Line Items]

Equity consideration

181

Pure Wellness | Series B-2 Units [Member]

Noncontrolling Interest [Line Items]

Equity consideration

$ 202

J&S

Noncontrolling Interest [Line Items]

Voting interests acquired

85.00%

88.00%

Consideration transfered

$ 25,500

Payments to Acquire Businesses, Gross

9,176

Consideration transferred

25,435

Equity interest issued, value assigned

$ 4,300

Share price (in dollars per share)

$ 60.44

Equity interest issued (in shares)

70,318

RED

Noncontrolling Interest [Line Items]

Voting interests acquired

80.00%

Payments to Acquire Businesses, Gross

$ 220

$ 970

Asset purchase deposit

$ 750

Premier

Noncontrolling Interest [Line Items]

Consideration transferred

$ 200,117

Equity consideration

203,000

Equity interest issued, value assigned

$ 203,000

Voting Restrictions Term

5 years

Voting rights limit

25.00%

Premier | Series B Preferred Stock [Member]

Noncontrolling Interest [Line Items]

Share price (in dollars per share)

$ 140

Equity interest issued (in shares)

1,450,000

Ashford Trust, Inc [Member]

Noncontrolling Interest [Line Items]

Investment (in shares)

598,000

598,000

Ownership percentage

24.20%

25.00%

Ashford Trust, Inc [Member] | Hilton Old Town Alexandria [Member]

Noncontrolling Interest [Line Items]

Consideration transferred

$ 50,000

$ 111,000

Ashford LLC [Member] | Management Holdco [Member]

Noncontrolling Interest [Line Items]

Ownership percentage

100.00%

RED

Noncontrolling Interest [Line Items]

Payments to acquire property

$ 400

Management Holdco [Member] | AIM [Member]

Noncontrolling Interest [Line Items]

Ownership percentage

100.00%

Braemar

Noncontrolling Interest [Line Items]

Investment (in shares)

195,000

195,000

Ownership percentage

7.90%

8.10%

Scenario, Forecast [Member] | Premier | Series B Preferred Stock [Member]

Noncontrolling Interest [Line Items]

Preferred stock dividend

6.50%

6.00%

5.50%

Ashford LLC [Member]

Noncontrolling Interest [Line Items]

Ownership by parent

99.83%

99.83%

99.80%

Redeemable noncontrolling interests

0.17%

0.17%

0.20%

RED

Noncontrolling Interest [Line Items]

Ownership by parent

80.00%

80.00%

0.00%

Redeemable noncontrolling interests

0.00%

0.00%

0.00%

Long-term debt, gross

$ 0

OpenKey

Noncontrolling Interest [Line Items]

Ownership by parent

46.59%

45.61%

43.90%

Redeemable noncontrolling interests

28.15%

29.65%

39.59%

Notes Payable to Banks [Member] | RED

Noncontrolling Interest [Line Items]

Long-term debt, gross

$ 2,977

$ 2,480

Notes Payable to Banks [Member] | RED | Term Loan Due February 2029 [Member]

Noncontrolling Interest [Line Items]

Long-term debt, gross

$ 1,770

1,785

$ 0

Notes Payable to Banks [Member] | OpenKey

Noncontrolling Interest [Line Items]

Long-term debt, gross

$ 0

Prime Rate [Member] | Notes Payable to Banks [Member] | RED | Term Loan Due February 2029 [Member]

Noncontrolling Interest [Line Items]

Basis spread on variable rate

2.00%

2.00%

Public Offering [Member]

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

270,000

Share price (in dollars per share)

$ 74.50

Proceeds from issuance of common stock

$ 20,100

Proceeds from issuance of common stock

$ 18,200

Over-Allotment Option [Member]

Noncontrolling Interest [Line Items]

Issuance of common stock (in shares)

10,000

Proceeds from issuance of common stock

$ 700

Ashford Trust

Noncontrolling Interest [Line Items]

Stock distribution

70.00%

Passenger Vessels [Member] | RED

Noncontrolling Interest [Line Items]

Payments to acquire property

$ 2,400

Ferry [Member] | RED

Noncontrolling Interest [Line Items]

Payments to acquire property

$ 2,500

Affiliated Entity

Noncontrolling Interest [Line Items]

Commitment amount

$ 50,000

Affiliated Entity | Ashford Trust

Noncontrolling Interest [Line Items]

Program obligation accrued

$ 5,000

$ 11,100

Commitment amount

$ 50,000

Potential commitment amount

$ 100,000

$ 100,000

Percent of commitment for each hotel

10.00%

10.00%

Variable Interest Entity, Primary Beneficiary [Member] | OpenKey

Noncontrolling Interest [Line Items]

Shares issued for purchase of assets (in shares)

8,962

Shares issued for membership interest (in shares)

519,647

Significant Accounting Polici_8

Significant Accounting Policies (Details) - USD ($)	Aug. 08, 2018	Apr. 06, 2017	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Mar. 08, 2016
Noncontrolling Interest [Line Items]
Deferred tax liability recorded				$ 43,700,000
Deferred tax expense (benefit)			$ 300,000	$ (15,100,000)	$ 0	$ (12,240,000)	$ 6,002,000	$ (2,075,000)
Due to affiliates			(734,000)		(420,000)	(954,000)	689,000	(290,000)
Payment of contingent consideration						(1,196,000)	0	0
Redeemable noncontrolling interests			3,810,000			3,531,000	5,111,000
Redemption value adjustment, year-to-date			111,000		838,000	168,000	(1,270,000)	(936,000)
Noncontrolling interests in consolidated entities			627,000			458,000	772,000
Long-term debt, gross			24,865,000			18,006,000	11,947,000
Investments in unconsolidated entities			3,400,000			500,000	500,000
Impairment of cost method investments			0		0	0	0
Other liabilities			12,400,000			7,800,000	9,100,000
Impairment			$ 0		1,919,000	1,919,000	1,072,000	0
Advertising costs						$ 905,000	126,000	$ 0
Deferral of compensation percentage maximum			100.00%			100.00%
Tax act, expense recorded							$ 303,000
Payments to Acquire Businesses, Gross			$ 4,332,000		0
Accounting Standards Update 2016-15 [Member]
Noncontrolling Interest [Line Items]
Due to affiliates						$ (2,600,000)
Payment of contingent consideration						(1,200,000)
Payment of contingent consideration						$ 1,400,000
Machinery and Equipment [Member]
Noncontrolling Interest [Line Items]
Property, plant and equipment, useful life			20 years			20 years
Minimum | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member]
Noncontrolling Interest [Line Items]
ROU assets and liabilities									$ 23,600,000
Minimum | FF&E
Noncontrolling Interest [Line Items]
Property, plant and equipment, useful life			3 years			3 years
Minimum | Software [Member]
Noncontrolling Interest [Line Items]
Property, plant and equipment, useful life			3 years			3 years
Maximum | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member]
Noncontrolling Interest [Line Items]
ROU assets and liabilities									$ 28,800,000
Maximum | FF&E
Noncontrolling Interest [Line Items]
Property, plant and equipment, useful life			7 years 6 months			7 years 6 months
Maximum | Software [Member]
Noncontrolling Interest [Line Items]
Property, plant and equipment, useful life			5 years			5 years
Ashford LLC [Member]
Noncontrolling Interest [Line Items]
Ownership by parent			99.83%			99.83%	99.80%
Redeemable noncontrolling interests			0.17%			0.17%	0.20%
Noncontrolling ownership interest			0.00%			0.00%	0.00%
Noncontrolling ownership			100.00%			100.00%	100.00%
Redeemable noncontrolling interests			$ 230,000			$ 215,000	$ 385,000
Redemption value adjustment, year-to-date			20,000		(180,000)	(180,000)	224,000
Redemption value adjustment, cumulative			198,000		178,000	178,000	358,000
Noncontrolling interests in consolidated entities			$ 0			$ 0	$ 0
J&S
Noncontrolling Interest [Line Items]
Ownership by parent			88.20%			85.00%	85.00%
Redeemable noncontrolling interests			11.80%			15.00%	15.00%
Noncontrolling ownership interest			0.00%			0.00%	0.00%
Noncontrolling ownership			100.00%			100.00%	100.00%
Redeemable noncontrolling interests			$ 2,100,000			$ 1,858,000	$ 2,522,000
Redemption value adjustment, year-to-date			0		0	0	0
Redemption value adjustment, cumulative			0		0	0	0
Noncontrolling interests in consolidated entities			0			0	439,000
Assets, available only to settle subsidiary's obligations			62,112,000			37,141,000	36,951,000
Liabilities, no recourse to Ashford Inc.			44,320,000			24,836,000	21,821,000
J&S | Term Loan Due November 2022 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			1,400,000			1,000,000
J&S | Medium-term Notes [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			19,250,000			13,614,000
J&S | Notes Payable to Banks [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						13,614,000
J&S | Notes Payable to Banks [Member] | Term Loan Due November 2022 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			13,667,000			8,917,000	9,917,000
J&S | Revolving Credit Facility [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			2,638,000			1,733,000
J&S | Revolving Credit Facility [Member] | Facility due 2022 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			$ 2,638,000			$ 1,733,000	$ 814,000
Pure Wellness
Noncontrolling Interest [Line Items]
Ownership by parent			70.00%			70.00%	70.00%
Redeemable noncontrolling interests			0.00%			0.00%	0.00%
Noncontrolling ownership interest			30.00%			30.00%	30.00%
Noncontrolling ownership			100.00%			100.00%	100.00%
Noncontrolling interests in consolidated entities			$ 195,000			$ 218,000	$ 205,000
Assets, available only to settle subsidiary's obligations			2,283,000			2,267,000	1,865,000
Liabilities, no recourse to Ashford Inc.			2,139,000			1,977,000	1,652,000
Pure Wellness | Notes Payable to Banks [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			0			0
Pure Wellness | Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						0	220,000
Pure Wellness | Revolving Credit Facility [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						60,000
Pure Wellness | Revolving Credit Facility [Member] | Facility due On Demand [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			$ 0			$ 60,000	$ 100,000
RED
Noncontrolling Interest [Line Items]
Ownership by parent			80.00%			80.00%	0.00%
Redeemable noncontrolling interests			0.00%			0.00%	0.00%
Noncontrolling ownership interest			20.00%			20.00%	0.00%
Noncontrolling ownership			100.00%			100.00%	0.00%
Noncontrolling interests in consolidated entities			$ (34,000)			$ (68,000)	$ 0
Assets, available only to settle subsidiary's obligations			8,158,000			6,807,000	0
Liabilities, no recourse to Ashford Inc.			3,793,000			2,839,000	0
Long-term debt, gross							0
RED | Notes Payable to Banks [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			$ 2,977,000			2,480,000
RED | Revolving Credit Facility [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						118,000	0
RED | Revolving Credit Facility [Member] | Facility Due March 2019 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 118,000	$ 0
OpenKey
Noncontrolling Interest [Line Items]
Ownership by parent			46.59%			45.61%	43.90%
Redeemable noncontrolling interests			28.15%			29.65%	39.59%
Noncontrolling ownership interest			25.26%			24.74%	16.51%			100.00%
Noncontrolling ownership			100.00%			100.00%	100.00%
Redeemable noncontrolling interests			$ 1,480,000			$ 1,458,000	$ 2,204,000
Redemption value adjustment, year-to-date			(131,000)		12,000	12,000	1,046,000
Redemption value adjustment, cumulative			1,902,000		$ 2,033,000	2,033,000	2,021,000
Noncontrolling interests in consolidated entities			466,000			308,000	128,000
Assets, available only to settle subsidiary's obligations			2,142,000			1,410,000	1,403,000
Liabilities, no recourse to Ashford Inc.			552,000			421,000	889,000
OpenKey | Medium-term Notes [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross			$ 0			0	0
OpenKey | Notes Payable to Banks [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						0
OpenKey | Revolving Credit Facility [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						0
OpenKey | Revolving Credit Facility [Member] | Facility due October 2018 [Member]
Noncontrolling Interest [Line Items]
Long-term debt, gross						$ 0	$ 0
Ashford Holdings [Member]
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests			0.20%
Noncontrolling ownership interest						0.20%
Pure Wellness
Noncontrolling Interest [Line Items]
Voting interests acquired		70.00%
Property, plant and equipment, useful life		3 years
Payments to Acquire Businesses, Gross		$ 97,000
Fair value of net assets and liabilities		532,000
Equity consideration		$ 425,000
Premier
Noncontrolling Interest [Line Items]
Equity consideration	$ 203,000,000
Premier | Management Contracts
Noncontrolling Interest [Line Items]
Useful life			30 years			30 years
Series A Units [Member] | Pure Wellness
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		30.00%
Equity consideration		$ 42,000
Series B-1 Units [Member] | Pure Wellness
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		100.00%
Equity consideration		$ 181,000
Series B-2 Units [Member] | Pure Wellness
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage		50.00%
Equity consideration		$ 202,000

Revenues (Details)_2

Revenues (Details) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Incentive advisory fees recognized		$ 678
Change in Contract with Customer, Liability [Abstract]
Balance	$ 13,544			$ 13,194	$ 13,899	$ 13,899
Increases to deferred revenue	2,072				2,032	7,781
Recognition of revenue	(2,445)				(2,737)	(8,100)
Balance	13,171	13,544			13,194	13,544	$ 13,899
Total revenue	$ 63,320	50,976	$ 41,565	$ 54,811	48,168	$ 195,520	81,573	$ 67,607
Number of reportable segments | segment	4					4
Accounts receivable, net	$ 12,504	4,928				$ 4,928	5,127
Due from affiliates	75	$ 45				45	0
REIT Advisory
Change in Contract with Customer, Liability [Abstract]
Total revenue	20,616				23,021	97,943	69,988	67,563
J&S
Change in Contract with Customer, Liability [Abstract]
Total revenue	30,975				23,310	81,186	9,186
J&S | United States
Change in Contract with Customer, Liability [Abstract]
Total revenue	23,142				15,952	60,241	6,033
J&S | Mexico
Change in Contract with Customer, Liability [Abstract]
Total revenue	5,728				5,460	15,429	2,760
J&S | Dominican Republic
Change in Contract with Customer, Liability [Abstract]
Total revenue	2,105				1,898	5,516	393
OpenKey
Change in Contract with Customer, Liability [Abstract]
Total revenue	257				319	999	327	44
Base advisory fee
Change in Contract with Customer, Liability [Abstract]
Total revenue	10,622				10,711	44,905	43,523	43,043
Incentive advisory fee
Change in Contract with Customer, Liability [Abstract]
Total revenue	170				452	2,487	3,083	3,083
Reimbursable expenses
Change in Contract with Customer, Liability [Abstract]
Total revenue	2,509				1,949	9,837	9,705	8,859
Equity-based compensation
Change in Contract with Customer, Liability [Abstract]
Total revenue	5,758				9,292	31,726	9,394	12,243
Other advisory revenue
Change in Contract with Customer, Liability [Abstract]
Total revenue	128				128	521	277	0
Advisory services
Change in Contract with Customer, Liability [Abstract]
Recognition of revenue	(770)				(346)	(2,100)
Total revenue	19,187				22,532	89,476	65,982	67,228
Audio visual
Change in Contract with Customer, Liability [Abstract]
Recognition of revenue	(1,000)				(1,900)	(3,800)
Total revenue	30,975				23,310	81,186	9,186	0
Audio visual | J&S
Change in Contract with Customer, Liability [Abstract]
Total revenue	30,975				23,310	81,186	9,186	0
Project management
Change in Contract with Customer, Liability [Abstract]
Total revenue	7,790				0	10,634	0	0
Project management | Premier
Change in Contract with Customer, Liability [Abstract]
Total revenue	7,790				0	10,634	0	0
Other revenue
Change in Contract with Customer, Liability [Abstract]
Recognition of revenue	(636)				(510)	(2,200)
Total revenue	5,368				2,326	14,224	6,405	379
Investment management reimbursements
Change in Contract with Customer, Liability [Abstract]
Total revenue	358				182	1,156	1,976	0
Debt placement fees
Change in Contract with Customer, Liability [Abstract]
Total revenue	1,354				632	6,093	1,137	0
Claims management services
Change in Contract with Customer, Liability [Abstract]
Total revenue	41				55	213	0	0
Lease revenue
Change in Contract with Customer, Liability [Abstract]
Total revenue	1,030				252	1,005	893	335
Other services
Change in Contract with Customer, Liability [Abstract]
Total revenue	2,585				1,205	5,757	2,399	44
Total other revenue
Change in Contract with Customer, Liability [Abstract]
Total revenue	$ 5,368				2,326	$ 14,224	6,405	379
Braemar
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%	0.70%				0.70%
Change in Contract with Customer, Liability [Abstract]
Proceeds from affiliates					5,000		5,000
Ashford Trust OP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%	0.70%				0.70%
Change in Contract with Customer, Liability [Abstract]
Due from related parties	$ 4,416	$ 5,293				$ 5,293	13,346
Braemar OP
Change in Contract with Customer, Liability [Abstract]
Due from related parties	$ 2,031	$ 1,996				$ 1,996	1,738
Maximum | Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.70%	0.70%				0.70%
Total market capitalization threshold for calculating base advisory fee	$ 10,000,000	$ 10,000,000				$ 10,000,000
Minimum | Ashford Trust
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advisory services, quarterly base fee	0.50%	0.50%				0.50%
Total market capitalization threshold for calculating base advisory fee	$ 6,000,000	$ 6,000,000				$ 6,000,000
Corporate and Other
Change in Contract with Customer, Liability [Abstract]
Total revenue					1,518	4,758	2,072	0
Corporate and Other | Advisory services
Change in Contract with Customer, Liability [Abstract]
Total revenue	0				0	0	0	0
Corporate and Other | Audio visual
Change in Contract with Customer, Liability [Abstract]
Total revenue	0				0	0	0	0
Corporate and Other | Project management
Change in Contract with Customer, Liability [Abstract]
Total revenue	0				0	0	0	0
Corporate and Other
Change in Contract with Customer, Liability [Abstract]
Total revenue	$ 3,682				$ 1,518	$ 4,758	$ 2,072	$ 0

Furniture, Fixtures and Equip_3

Furniture, Fixtures and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total cost			$ 55,836	$ 25,003
Accumulated depreciation			(7,889)	(3,849)
Furniture, fixtures and equipment, net	$ 54,647		47,947	21,154
Depreciation expense			4,000	2,300
Depreciation and amortization	$ 4,527	$ 1,040	9,342	2,527	$ 1,174
Computer software with not yet amortized			0	4,700
Rental pool equipment
Property, Plant and Equipment [Line Items]
Total cost			16,386	7,711
Depreciation expense			3,800	411
FF&E under the Ashford Trust ERFP Agreement
Property, Plant and Equipment [Line Items]
Total cost			16,100	0
FF&E
Property, Plant and Equipment [Line Items]
Total cost			9,342	7,862
Marine vessels
Property, Plant and Equipment [Line Items]
Total cost			5,854	0
Depreciation expense			172
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost			1,022	804
Computer software
Property, Plant and Equipment [Line Items]
Total cost			$ 7,132	$ 8,626

Acquisitions - Narrative (Det_2

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 08, 2018	Nov. 01, 2017	Apr. 06, 2017	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 01, 2019	Aug. 07, 2018
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				$ 4,332				$ 0
Non-recurring transaction costs				400				900					$ 10,300	$ 1,000
Total revenue				63,320	$ 50,976	$ 41,565	$ 54,811	48,168					195,520	81,573	$ 67,607
Net income (loss)				568	$ 2,717	$ 2,006	$ 8,932	$ (5,835)	$ (7,982)	$ (2,258)	$ (7,231)	$ (2,723)	7,820	(20,194)	(12,403)
Depreciation expense													$ 4,000	$ 2,300
Series B Preferred Stock [Member]
Business Acquisition [Line Items]
Preferred stock, shares issued (in shares)	8,120,000				8,120,000			8,120,000	0				8,120,000	0			8,120,000
Premier
Business Acquisition [Line Items]
Consideration transferred	$ 200,117
Equity interest issued, value assigned	203,000
Equity consideration	203,000
Increase to deferred tax liability	$ 600
Premier | Series B Preferred Stock [Member]
Business Acquisition [Line Items]
Equity interest issued (in shares)	1,450,000
Share price (in dollars per share)	$ 140
J&S
Business Acquisition [Line Items]
Voting interests acquired		85.00%														88.00%
Consideration transfered		$ 25,500
Consideration transferred		25,435
Cash and cash on hand from loan		19,200
Payments to Acquire Businesses, Gross		9,176
Term loan		$ 10,000
Equity interest issued (in shares)		70,318
Equity interest issued, value assigned		$ 4,300
Term to determine share price		30 days
Share price (in dollars per share)		$ 60.44
Contingent consideration		$ 1,196
Fair value of Ashford Inc. common stock		5,063
Goodwill expected tax deductible		$ 9,900
Adjustment to property plant and equipment					$ 6,600
Depreciation expense					$ 1,000
Adjustment to equity interests													$ 327
Pure Wellness
Business Acquisition [Line Items]
Voting interests acquired			70.00%
Payments to Acquire Businesses, Gross			$ 97
Fair value of net assets and liabilities			532
Equity consideration			425
Revenue included in results since acquisition date													3,400	$ 2,100
Net loss included in results since acquisition date													(65)	(78)
Pure Wellness | Series A Units [Member]
Business Acquisition [Line Items]
Equity consideration			$ 42
Noncontrolling interest percentage			30.00%
Pure Wellness | Series B-1 Units [Member]
Business Acquisition [Line Items]
Equity consideration			$ 181
Noncontrolling interest percentage			100.00%
Pure Wellness | Series B-2 Units [Member]
Business Acquisition [Line Items]
Equity consideration			$ 202
Equity interests redeemed														200
Noncontrolling interest percentage			50.00%
Premier | Operating Segments
Business Acquisition [Line Items]
Total revenue								$ 0					10,634	0	0
Net income (loss)				576				0					777	0	0
J&S
Business Acquisition [Line Items]
Total revenue				30,975				23,310					81,186	9,186
J&S | Operating Segments
Business Acquisition [Line Items]
Total revenue								23,310					81,186	9,186	0
Net income (loss)				1,292				2,098					(1,827)	(657)	0
Audio visual
Business Acquisition [Line Items]
Total revenue				30,975				23,310					81,186	9,186	0
Audio visual | Premier | Operating Segments
Business Acquisition [Line Items]
Total revenue				0				0					0	0	0
Audio visual | J&S
Business Acquisition [Line Items]
Total revenue				30,975				23,310					81,186	9,186	0
Audio visual | J&S | Operating Segments
Business Acquisition [Line Items]
Total revenue				$ 30,975				$ 23,310					$ 81,186	$ 9,186	$ 0

Acquisitions - Schedules (Det_2

Acquisitions - Schedules (Details) - USD ($) $ in Thousands	Aug. 08, 2018	Nov. 01, 2017	Apr. 06, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				$ 4,332	$ 0
Goodwill				65,112		$ 59,683	$ 12,947
Pro Forma Financial Results
Total revenue				65,239	59,269
Net income (loss)				931	(3,267)
Net income (loss) attributable to common stockholders				$ 1,016	$ (3,272)
Premier, J&S and Pure Wellness [Member]
Pro Forma Financial Results
Total revenue						213,741	161,516
Net income (loss)						14,726	(16,382)
Net income (loss) attributable to common stockholders						$ 17,088	$ (14,590)
Premier
Business Acquisition [Line Items]
Equity consideration	$ 203,000
Preferred stock discount	2,883
Purchase price consideration	200,117
Current assets including cash	3,878
Furniture, fixtures and equipment	47
Goodwill	53,517
Customer relationships	188,800
Total assets acquired	246,242
Current liabilities	2,378
Deferred tax liability	43,747
Total assumed liabilities	46,125
Net assets acquired	$ 200,117
Estimated Useful Life	30 years
J&S
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 9,176
Term loan		10,000
Consideration transfered		25,500
Fair value of Ashford Inc. common stock		5,063
Contingent consideration		1,196
Purchase price consideration		25,435
Fair value of redeemable noncontrolling interest		2,724
Interest in acquiree		28,159
Current assets including cash		6,564
Furniture, fixtures and equipment		15,633
Goodwill		5,384
Trademarks		3,201
Customer relationships		$ 6,519
Property, plant and equipment, useful life		5 years
Other assets		$ 129
Total assets acquired		37,430
Current liabilities		7,080
Notes payable, current		445
Deferred income		1,213
Note payable, non-current		533
Total assumed liabilities		9,271
Net assets acquired		$ 28,159
J&S | Customer Relationships
Business Acquisition [Line Items]
Estimated Useful Life		7 years
Pure Wellness
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross			$ 97
Equity consideration			425
Cash			129
Furniture, fixtures and equipment			170
Goodwill			782
Customer relationships			$ 175
Property, plant and equipment, useful life			3 years
Total assets acquired			$ 1,256
Notes payable, current			100
Note payable, non-current			375
Other assumed liabilities, net			356
Total assumed liabilities			831
Net assets acquired			$ 425
Pure Wellness | Customer Relationships
Business Acquisition [Line Items]
Estimated Useful Life			5 years

Goodwill and Intangible Asset_8

Goodwill and Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Balance at December 31, 2018	$ 59,683	$ 12,947
Additions	5,429	53,517	$ 12,947
Adjustments	0	(6,781)	0
Balance at March 31, 2019	65,112	59,683	12,947
Operating Segments | J&S
Goodwill [Roll Forward]
Balance at December 31, 2018	5,384	12,165
Additions	5,429	0	12,165
Adjustments	0	(6,781)	0
Balance at March 31, 2019	10,813	5,384	12,165
Operating Segments | Premier
Goodwill [Roll Forward]
Balance at December 31, 2018	53,517	0
Additions	0	53,517	0
Adjustments	0	0	0
Balance at March 31, 2019	53,517	53,517	0
Corporate and Other
Goodwill [Roll Forward]
Balance at December 31, 2018	782	782
Additions	0	0	782
Adjustments	0	0	0
Balance at March 31, 2019	$ 782	$ 782	$ 782

Goodwill and Intangible Asset_9

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	$ 3,551	$ 3,201	$ 3,201
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	197,694	195,494	6,694
Accumulated Amortization	(8,490)	(5,501)	(182)
Net Carrying Amount	189,204	189,993	6,512
Trademarks | J&S
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	3,551	3,201	3,201
Customer Relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	175	175	175
Accumulated Amortization	(70)	(61)	(26)
Net Carrying Amount	105	114	149
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,719	6,519	6,519
Accumulated Amortization	(1,332)	(1,087)	(156)
Net Carrying Amount	7,387	5,432	6,363
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	188,800	188,800	0
Accumulated Amortization	(7,088)	(4,353)	0
Net Carrying Amount	$ 181,712	$ 184,447	$ 0

Goodwill and Intangible Asse_10

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 3,000	$ 241	$ 5,300	$ 182
Customer Relationships | Pure Wellness
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years		5 years
Customer Relationships | J&S
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years		7 years
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Useful life	30 years		30 years

Notes Payable, net - Debt Sched

Notes Payable, net - Debt Schedule (Details) - USD ($)	Mar. 01, 2018	Apr. 06, 2017	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, gross			$ 24,865,000	$ 18,006,000	$ 11,947,000
Capital lease obligations				661,000
Less deferred loan costs, net			(260,000)	(234,000)	(240,000)
Notes payable less net deferred loan costs			24,605,000	17,772,000	11,707,000
Less current portion			(2,933,000)	(2,595,000)	(1,751,000)
Notes payable, net - non-current			21,672,000	15,177,000	9,956,000
Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross			0	$ 0	0
Debt term	3 years
Debt term of extension option	1 year
Revolving Credit Facility [Member] | Facility due On Demand [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Debt Instrument [Line Items]
Interest rate				5.00%
J&S
Debt Instrument [Line Items]
Capital lease obligations			630,000	$ 661,000	896,000
J&S | Term Loan Due November 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			1,400,000	1,000,000
J&S | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross			2,638,000	1,733,000
J&S | Revolving Credit Facility [Member] | Facility due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,638,000	$ 1,733,000	814,000
J&S | Revolving Credit Facility [Member] | Facility due 2022 [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%	3.25%
J&S | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross				$ 13,614,000
J&S | Notes Payable to Banks [Member] | Term Loan Due November 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 13,667,000	$ 8,917,000	9,917,000
J&S | Notes Payable to Banks [Member] | Term Loan Due November 2022 [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%	3.25%
J&S | Notes Payable to Banks [Member] | Equipment Note due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 3,054,000	$ 2,087,000	0
J&S | Notes Payable to Banks [Member] | Equipment Note due 2022 [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%	3.25%
J&S | Notes Payable to Banks [Member] | Term Loan Due November 1, 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,900,000	$ 1,950,000	0
J&S | Notes Payable to Banks [Member] | Term Loan Due November 1, 2022 [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%	3.25%
OpenKey | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross				$ 0
OpenKey | Revolving Credit Facility [Member] | Facility due October 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, gross				$ 0	0
OpenKey | Revolving Credit Facility [Member] | Facility due October 2018 [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
OpenKey | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross				$ 0
Pure Wellness | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross				60,000
Pure Wellness | Revolving Credit Facility [Member] | Facility due On Demand [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 0	$ 60,000	100,000
Pure Wellness | Revolving Credit Facility [Member] | Facility due On Demand [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%	1.00%
Pure Wellness | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 0	$ 0
Pure Wellness | Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, gross				0	220,000
RED
Debt Instrument [Line Items]
Long-term debt, gross					0
RED | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross				118,000	0
RED | Revolving Credit Facility [Member] | Facility Due March 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, gross				$ 118,000	0
RED | Revolving Credit Facility [Member] | Facility Due March 2019 [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
RED | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross			2,977,000	$ 2,480,000
RED | Notes Payable to Banks [Member] | Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 673,000	$ 695,000	0
RED | Notes Payable to Banks [Member] | Term Loan Due April 2025 [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%	1.75%
RED | Notes Payable to Banks [Member] | Term Loan Due February 2029 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,770,000	$ 1,785,000	$ 0
RED | Notes Payable to Banks [Member] | Term Loan Due February 2029 [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%	2.00%
Minimum | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%		2.00%	2.00%
Minimum | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%		3.00%	3.00%
Maximum | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%		2.50%	2.50%
Maximum | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%		3.50%	3.50%

Notes Payable, net - Narrative

Notes Payable, net - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	Feb. 28, 2019	Mar. 01, 2018	Nov. 01, 2017	Apr. 13, 2017	Apr. 06, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 01, 2019	Nov. 08, 2018	Aug. 31, 2018	Mar. 23, 2018
Debt Instrument [Line Items]
Long-term debt, gross						$ 24,865,000		$ 18,006,000	$ 11,947,000
Payments on revolving credit facilities						6,890,000	$ 4,815,000	20,881,000	924,000	$ 0
OpenKey | Convertible Preferred Stock
Debt Instrument [Line Items]
Term of warrant				10 years
Number of warrants (in shares)				23								23
Exercise price (in dollars per share)				$ 1.61								$ 1.61
Fair value of warrants				$ 26,000								$ 26,000
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Derivative, notional amount						$ 5,000,000		$ 5,000,000
Strike rate						4.00%		4.00%
Medium-term Notes [Member] | J&S Term Loan [Member]
Debt Instrument [Line Items]
Face amount of debt			$ 10,000,000
Debt issuance costs						$ (198,000)		$ (183,000)	(226,000)
Long-term debt, gross			1,000,000
Notes Payable to Banks [Member] | Term Loan Due October 2018 [Member]
Debt Instrument [Line Items]
Face amount of debt					$ 375,000
Interest rate								5.00%
Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term		3 years
Line of Credit Facility, Additional Borrowing Capacity						40,000,000		$ 40,000,000
Maximum borrowing capacity		$ 35,000,000
Long-term debt, gross						0		0	$ 0
Debt term of extension option		1 year
Revolving Credit Facility [Member] | J&S Facility due 2022 [Member]
Debt Instrument [Line Items]
Face amount of debt											$ 5,000,000
Maximum borrowing capacity			3,000,000					3,000,000			3,500,000
Long-term debt, gross								21,800,000
Payments on revolving credit facilities			$ 20,800,000
Remaining borrowing capacity						$ 862,000		$ 1,300,000
Revolving Credit Facility [Member] | Facility due On Demand [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100,000
Payments on revolving credit facilities	$ 60,000
Line of Credit [Member] | OpenKey
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 1,500,000
Federal Funds Rate [Member] | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Reference rate						0.50%		0.50%
Prime Rate [Member]
Debt Instrument [Line Items]
Reference rate						5.50%		5.50%	4.50%
Prime Rate [Member] | Revolving Credit Facility [Member] | Facility due On Demand [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Prime Rate [Member] | Line of Credit [Member] | OpenKey
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
One-Month LIBOR [Member]
Debt Instrument [Line Items]
Reference rate						2.49%		2.50%	1.56%
One-Month LIBOR [Member] | Medium-term Notes [Member] | J&S Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
One-Month LIBOR [Member] | Medium-term Notes [Member] | J&S Facility due 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
One-Month LIBOR [Member] | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Reference rate						1.00%		1.00%
RED
Debt Instrument [Line Items]
Long-term debt, gross									$ 0
RED | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross						$ 2,977,000		$ 2,480,000
RED | Notes Payable to Banks [Member] | Term Loan Due February 2029 [Member]
Debt Instrument [Line Items]
Face amount of debt													$ 1,800,000
Long-term debt, gross						1,770,000		1,785,000	0
RED | Notes Payable to Banks [Member] | Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Face amount of debt														$ 750,000
Debt Instrument, Amount Held in Escrow														225,000
Long-term debt, gross						673,000		695,000	0
RED | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross								118,000	0
RED | Revolving Credit Facility [Member] | Facility Due March 2019 [Member]
Debt Instrument [Line Items]
Face amount of debt	$ 250,000					$ 250,000								$ 250,000
Long-term debt, gross								118,000	0
Remaining borrowing capacity								$ 132,000
RED | Prime Rate [Member] | Notes Payable to Banks [Member] | Term Loan Due February 2029 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate						2.00%		2.00%
RED | Prime Rate [Member] | Notes Payable to Banks [Member] | Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate						1.75%		1.75%
RED | Prime Rate [Member] | Revolving Credit Facility [Member] | Facility Due March 2019 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate								1.75%
OpenKey | Medium-term Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross						$ 0		$ 0	0
OpenKey | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross								0
OpenKey | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross								0
OpenKey | Revolving Credit Facility [Member] | Facility due October 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, gross								$ 0	0
OpenKey | Prime Rate [Member] | Revolving Credit Facility [Member] | Facility due October 2018 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate								2.75%
J&S | Medium-term Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross						19,250,000		$ 13,614,000
J&S | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt, gross								13,614,000
J&S | Notes Payable to Banks [Member] | Equipment Note due 2022 [Member]
Debt Instrument [Line Items]
Face amount of debt			$ 3,000,000					2,300,000			8,000,000
Long-term debt, gross						3,054,000		2,087,000	0
Payments on revolving credit facilities								196,000
J&S | Notes Payable to Banks [Member] | Term Loan Due November 1, 2022 [Member]
Debt Instrument [Line Items]
Face amount of debt			$ 2,000,000					2,000,000			$ 2,400,000
Long-term debt, gross						1,900,000		1,950,000	$ 0
J&S | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross						$ 2,638,000		$ 1,733,000
J&S | One-Month LIBOR [Member] | Notes Payable to Banks [Member] | Equipment Note due 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate						3.25%		3.25%
J&S | One-Month LIBOR [Member] | Notes Payable to Banks [Member] | Term Loan Due November 1, 2022 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate						3.25%		3.25%
Minimum | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Additional Borrowing Capacity						$ 75,000,000		$ 75,000,000
Minimum | Base Rate [Member] | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%				2.00%		2.00%
Minimum | One-Month LIBOR [Member] | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%				3.00%		3.00%
Maximum | Base Rate [Member] | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%				2.50%		2.50%
Maximum | One-Month LIBOR [Member] | Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%				3.50%		3.50%
Revolving Credit Facility [Member] | Bank of America, N.A. [Member]
Debt Instrument [Line Items]
Debt term		3 years
Debt term of extension option		1 year

Notes Payable, net - Maturities

Notes Payable, net - Maturities of Debt (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
2019	$ 2,074
2020	1,933
2021	1,939
2022	10,006
2023	297
Thereafter	1,096
Total	$ 17,345

Lease Commitments (Details)

Lease Commitments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Capital Leases		$ 807	$ 835
Rental expense	$ 342	2,100	$ 307
Capital Leases
2019		541
2020		105
2021		33
2022		7
2023		0
Thereafter		0
Total minimum lease payments		686
Imputed interest		(25)
Present value of minimum lease payments		661
Operating Leases
2019		3,529
2020		3,532
2021		3,329
2022		3,172
2023		3,059
Thereafter		13,999
Imputed interest		0
Total minimum lease payments		$ 30,620

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 33.9

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income			$ 0	$ (91)	$ (7,830)
Liabilities, gain (loss) recognized in income	$ (758)	$ (774)	8,106	(11,476)	2,170
Unrealized gain (loss) on investments			0	203	2,326
Realized gain (loss) on investments			0	(294)	(10,113)
Gain (loss) included in income			8,106	(11,567)	(5,660)
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income			0	0	(160)
Contingent Consideration Liability
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income	(18)	(213)	(338)	(1,066)	0
Deferred Compensation Plan [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income	(740)	$ (561)	8,444	(10,410)	2,127
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income			0	0	(7,213)
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income			0	0	479
Put Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income			0	0	(2,829)
Put Option [Member] | Short [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income			0	0	2,147
Call Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income			0	0	1,961
Call Option [Member] | Short [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Liabilities, gain (loss) recognized in income			0	0	(1,944)
Future [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
Assets, gain (loss) recognized in income			0	(91)	$ (228)
Fair Value, Measurements, Recurring [Member]
Non-derivative liabilities:
Contingent consideration	(1,402)			(2,262)
Deferred compensation plan	(11,268)		(10,574)	(19,259)
Total	(12,670)		(10,574)	(21,521)
Fair Value, Measurements, Recurring [Member] | Quoted Market Prices (Level 1)
Non-derivative liabilities:
Contingent consideration	0			0
Deferred compensation plan	(11,268)		(10,574)	(19,259)
Total	(11,268)		(10,574)	(19,259)
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Non-derivative liabilities:
Contingent consideration	0			0
Deferred compensation plan	0		0	0
Total	0		0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Non-derivative liabilities:
Contingent consideration	(1,402)			(2,262)
Deferred compensation plan	0		0	0
Total	$ (1,402)		$ 0	$ (2,262)

Fair Value Measurements - Level

Fair Value Measurements - Level 3 (Details) - Contingent Consideration Liability - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contingent Consideration Liability
Balance at December 31, 2018	$ 0	$ (2,262)	$ 0
Acquisition	(1,384)	0	(1,196)
Gains (losses) included in earnings	(18)	(338)	(1,066)
Dispositions and settlements	0	2,600	0
Transfers into/out of Level 3	0	0	0
Balance at March 31, 2019	$ (1,402)	$ 0	$ (2,262)

Summary of Fair Value of Fina_6

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial liabilities measured at fair value:
Contingent consideration, Carrying value	$ 1,402	$ 0		$ 2,262
Contingent consideration, Fair Value	1,402	0		2,262
Deferred compensation plan liability	11,268	10,574		19,259
Deferred compensation plan, Fair value	11,268	10,574		19,259
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	39,953	51,529	$ 34,910	36,480	$ 84,091	$ 50,272
Cash and cash equivalents, Fair value	39,953	51,529		36,480
Restricted cash, Carrying value	12,604	7,914	$ 15,045	9,076	$ 9,752	$ 5,684
Restricted cash, Fair value	12,604	7,914		9,076
Accounts receivable, net, Carrying value	12,504	4,928		5,127
Due from affiliates, Carrying value	75	45		0
Due from affiliates, estimated fair value		45		0
Receivables, Fair value	12,504	4,928		5,127
Investments in unconsolidated entities, Carrying value	3,400	500		500
Investments in unconsolidated entities, Estimated fair value	3,400	500		500
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	21,696	24,880		20,529
Accounts payable and accrued expenses, Fair value	21,696	24,880		20,529
Due to affiliates, Carrying value	1,176	2,032		4,272
Due to affiliates, Fair value	1,176	2,032		4,272
Other liabilities, Carrying value	12,576	8,418		9,076
Other liabilities, Fair value	14,478	8,418		9,076
Notes payable, Carrying value	24,865	18,006		11,947
Notes payable, Fair value				12,040
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	23,362	16,681
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 25,821	$ 18,437
Maximum maturity period of financial assets	90 days	90 days
Ashford Trust OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	$ 4,416	$ 5,293		13,346
Due from related parties, Fair Value	4,416	5,293		13,346
Braemar OP
Financial assets not measured at fair value:
Due from related parties, Carrying value	2,031	1,996		1,738
Due from related parties, Fair Value	$ 2,031	$ 1,996		$ 1,738

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory income tax rate			$ 534	$ 3,665	$ 4,068
State income tax expense, net of federal income tax benefit			804	(388)	(180)
Income passed through to common unit holders and noncontrolling interests			(36)	(2)	(2,985)
Permanent differences			(66)	(201)	(1,410)
Valuation allowance			8,887	(12,725)	(407)
Effect of the Tax Cuts and Jobs Act			0	(303)	0
Other			241	231	134
Total income tax (expense) benefit	$ (1,300)	$ (706)	$ 10,364	$ (9,723)	$ (780)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal				$ (439)	$ (3,305)	$ (2,578)
Foreign				(437)	(47)	0
State				(1,000)	(369)	(277)
Total current				(1,876)	(3,721)	(2,855)
Deferred:
Federal				10,646	(5,854)	2,023
Foreign				0	0	0
State				1,594	(148)	52
Total deferred	$ (300)	$ 15,100	$ 0	12,240	(6,002)	2,075
Total income tax (expense) benefit	$ (1,300)		$ (706)	$ 10,364	$ (9,723)	$ (780)

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Prepaid expenses	$ (274)	$ (218)
Investments in unconsolidated entities and joint ventures	(488)	12,529
Capitalized acquisition costs	4,030	1,652
Deferred compensation	2,462	4,285
Accrued expenses	757	851
Equity-based compensation	6,282	3,877
Furniture fixtures and equipment	(3,418)	(643)
Deferred tax asset	(41,931)	860
Deferred revenue	2,189	629
Net operating loss	2,835	1,265
Deferred tax asset	27,556
Deferred tax asset		25,087
Valuation allowance	(3,950)	(25,087)
Net deferred tax asset (liability)	$ 31,506
Net deferred tax asset (liability)		$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax interest and penalties expense				$ 6	$ 1	$ 2
Operating loss carryforwards				13,200
Valuation allowance				3,950	25,087
Deferred tax liability recorded		$ 43,700
Deferred income tax benefit	$ (300)	$ 15,100	$ 0	$ 12,240	(6,002)	$ 2,075
Tax act, expense recorded					$ 303

Equity (Details)_2

Equity (Details) $ / shares in Units, $ in Thousands	Oct. 10, 2018USD ($)shares	Sep. 28, 2018USD ($)$ / sharesshares	Nov. 27, 2014shares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)vote$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Class of Stock [Line Items]
Proceeds from issuance of common stock | $						$ 18,930	$ 0	$ 0
Capital stock authorized (in shares) | shares						200,000,000
Common stock, shares authorized (in shares) | shares				100,000,000		100,000,000	100,000,000
Common Stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares) | shares				50,000,000		50,000,000	50,000,000
Preferred Stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01	$ 0.01
Fraction of preferred share (in shares) | shares						0.001
Price per fraction of preferred share (in dollars per share) | $ / shares						$ 275
Preferred stock right, redemption price per right (in dollars per share) | $ / shares						$ 0.001
(Income) loss allocated to noncontrolling interests: | $				$ 163	$ 173	$ 924	$ 358	8,860
J&S
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests: | $				0	(11)	58	(49)	0
OpenKey
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests: | $				177	156	826	515	849
Pure Wellness
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests: | $				20	35	(28)	38	0
RED
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests: | $				$ (34)	$ (7)	68	0	0
Other
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests: | $						$ 0	$ (146)	$ 8,011
Rights [Member]
Class of Stock [Line Items]
Preferred share dividend (in shares) | shares			1
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares						2,000,000
Dividend multiplier						1,000
Number of votes | vote						1,000
Preferred stock, shares outstanding (in shares) | shares				0		0	0
Blank Check Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares						50,000,000
Common Stock, par value (in dollars per share) | $ / shares						$ 0.01
Public Offering [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock | $		$ 18,200
Issuance of common stock (in shares) | shares		270,000
Share price (in dollars per share) | $ / shares		$ 74.50
Proceeds from issuance of common stock | $		$ 20,100
Over-Allotment Option [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock | $	$ 700
Issuance of common stock (in shares) | shares	10,000

Mezzanine Equity (Details)_2

Mezzanine Equity (Details) $ / shares in Units, $ in Thousands	Aug. 08, 2018USD ($)$ / sharesshares	Nov. 01, 2017USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)shares	Aug. 08, 2021	Aug. 08, 2020	Aug. 08, 2019	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2014shares	Mar. 01, 2019	Aug. 07, 2018shares	Mar. 09, 2016	Mar. 08, 2016	Nov. 12, 2014
Redeemable Noncontrolling Interest [Line Items]
Dividends, Preferred Stock			$ 2,791	$ 0				$ 4,466	$ 0	$ 0
Term of redemption								1 year
Special distribution, maximum percentage of shares available for conversion for unitholders																99.00%
Units exchanged (in shares) | shares											356,000
Redemption of noncontrolling interest				(838)				$ 0
Net (income) loss attributable to redeemable noncontrolling interests			$ (21)	$ (61)				$ 1,438	$ 1,484	$ 1,147
Activity of Member Interest
Units outstanding at beginning of year (in shares) | shares			4,000	4,000				4,000	4,000	5,000
Units redeemed for cash (in shares) | shares								0	0	(1,000)
Units outstanding at end of year (in shares) | shares								4,000	4,000	4,000
Units convertible/redeemable at end of year (in shares) | shares								4,000	4,000	4,000
Conversion price (in dollars per share) | $ / shares								$ 25
Amortization of Preferred Stock Discount			$ 491	$ 0				$ 730	$ 0	$ 0
Preferred stock right, redemption price per right (in dollars per share) | $ / shares								$ 0.001
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares			$ 0.3438					$ 0.3438
Ashford Trust, Inc [Member]
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares of Trust common units converted to one share of Inc. common stock																55
Ashford LLC [Member]
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares of Trust common units converted to one share of Inc. common stock																55
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interest [Line Items]
Redemption of noncontrolling interest				838						18
Premier
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued, value assigned	$ 203,000
Activity of Member Interest
Business Combination, Voting Rights Limit Term	5 years
Voting rights limit	25.00%
J&S
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued, value assigned		$ 4,300
Voting interests acquired		85.00%										88.00%
Activity of Member Interest
Share price (in dollars per share) | $ / shares		$ 60.44
Equity interest issued (in shares) | shares		70,318
Ashford Holdings [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest								0.20%
Net (income) loss attributable to redeemable noncontrolling interests			$ 4	12				$ (9)	$ 19	4
Activity of Member Interest
Redeemable noncontrolling interests			0.20%
J&S
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest			0.00%					0.00%	0.00%
Ownership by parent			88.20%					85.00%	85.00%
Net (income) loss attributable to redeemable noncontrolling interests			$ (227)	(355)				$ 361	$ 136	0
Activity of Member Interest
Redeemable noncontrolling interests			11.80%					15.00%	15.00%
OpenKey
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest			25.26%					24.74%	16.51%						100.00%
Ownership by parent			46.59%					45.61%	43.90%
Net (income) loss attributable to redeemable noncontrolling interests			$ 202	$ 282				$ 1,086	$ 1,329	$ (1,143)
Activity of Member Interest
Redeemable noncontrolling interests			28.15%					29.65%	39.59%
OpenKey | Variable Interest Entity, Primary Beneficiary [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest														38.49%	49.28%
Ashford LLC [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling ownership interest			0.00%					0.00%	0.00%
Ownership by parent			99.83%					99.83%	99.80%
Activity of Member Interest
Redeemable noncontrolling interests			0.17%					0.17%	0.20%
Series B Preferred Stock [Member]
Activity of Member Interest
Preferred stock, shares issued (in shares) | shares	8,120,000			8,120,000				8,120,000	0				8,120,000
Series B Preferred Stock [Member] | Premier
Activity of Member Interest
Share price (in dollars per share) | $ / shares	$ 140
Equity interest issued (in shares) | shares	1,450,000
Preferred Stock, Redemption Amount, Increments	$ 25,000
Preferred Stock, Redemption Term Minimum before Closing	15 days
Preferred stock right, redemption price per right (in dollars per share) | $ / shares	$ 25.125
Scenario, Forecast [Member] | Series B Preferred Stock [Member] | Premier
Activity of Member Interest
Preferred stock dividend					6.50%	6.00%	5.50%

Equity-Based Compensation (De_2

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 8,026	$ 13,089	$ 41,918	$ 17,863	$ 23,816
Restricted Stock, Weighted Average Price Per Share at Grant
Unrecognized compensation expense, stock options	16,800		11,100
Equity-based compensation	2,158	3,797	10,019	8,469	11,573
Noncontrolling Interests in Consolidated Entities
Restricted Stock, Weighted Average Price Per Share at Grant
Equity-based compensation	3	8	10	39	61
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 2,151	$ 3,757	9,580	7,535	5,884
Options granted fair value			$ 10,400	$ 8,500	$ 7,800
Vesting period			3 years
Expiration period			10 years
Weighted average assumptions used:
Weighted-average grant date fair value (in dollars per share)			$ 38.93	$ 25.29	$ 22.91
Expected volatility			35.80%	34.90%	50.00%
Expected term			6 years 6 months	6 years 6 months	6 years 6 months
Risk-free interest rate			2.70%	2.00%	1.50%
Expected dividend yield			0.00%	0.00%	0.00%
Options
Outstanding, beginning balance (in shares)	1,236,000	972,000	972,000	639,000	300,000
Granted (in shares)			267,000	334,000	340,000
Exercised (in shares)			0	0	0
Forfeited, canceled or expired (in shares)			(3,000)	(1,000)	(1,000)
Outstanding, ending balance (in shares)			1,236,000	972,000	639,000	300,000
Options, Weighted Average Exercise Price
Outstanding, beginning balance (in shares)	$ 69.26	$ 62.17	$ 62.17	$ 64.53	$ 85.97
Granted (in dollars per share)			94.96	57.61	45.59
Exercised (in dollars per share)			45.59	0	0
Forfeited, canceled or expired (in dollars per share)			62.28	50.15	45.59
Outstanding, ending balance (in shares)			$ 69.26	$ 62.17	$ 64.53	$ 85.97
Options, Additional Disclosures
Exercisable at end of period (in shares)			411,000
Exercisable at end of period (in dollars per share)			$ 79.91
Outstanding, Weighted Average Contractual Term			7 years 2 months 16 days	7 years 8 months 1 day	7 years 256 days	6 years 11 months 12 days
Granted, Weighted Average Remaining Contractual Term			10 years	10 years	10 years
Exercised, Weighted Average Remaining Contractual Term			7 years 6 months 11 days	0 years	0 years
Forfeited, canceled, or expired, Weighted Average Remaining Contractual Term			8 years 9 months 26 days	9 years 2 months 19 days	9 years 4 months 17 days
Exercisable, Weighted Average Contractual Term			5 years 1 month 10 days
Outstanding, begging balance, Aggregate Intrinsic Value of In-the Money Options	$ 2,126	$ 29,974	$ 29,974	$ 0	$ 0
Granted, Aggregate Intrinsic Value of In-the Money Options			0	11,837	0
Exercised, Aggregate Intrinsic Value of In-the Money Options			3	0	0
Forfeited, canceled, or expired, Aggregate Intrinsic Value of In-the Money Options			7	80	0
Outstanding, ending balance, Aggregate Intrinsic Value of In-the Money Options			2,126	29,974	0	$ 0
Exercisable at end of period, Aggregate Intrinsic Value of In-the Money Options			$ 255,359
Restricted Stock, Weighted Average Price Per Share at Grant
Period for recognition	1 year 11 months 20 days		1 year 3 months 1 day
Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 2,158	$ 3,797	$ 10,019	$ 8,469	$ 11,573
Restricted Stock [Member]
Restricted Shares
Outstanding at beginning of year (in shares)	0	0	0	1,000	3,000
Restricted shares granted (in shares)			6,000	5,000	5,000
Restricted shares vested (in shares)			(6,000)	(6,000)	(7,000)
Restricted shares forfeited (in shares)			0	0	0
Outstanding at end of year (in shares)			0	0	1,000	3,000
Restricted Stock, Weighted Average Price Per Share at Grant
Outstanding at beginning of year (in dollars per share)	$ 0	$ 0	$ 0	$ 56.20	$ 56.20
Restricted shares granted (in dollars per share)			73.02	52.89	45.09
Restricted shares vested (in dollars per share)			73.02	53.64	47.48
Restricted shares forfeited (in dollars per share)			0	0	0
Outstanding at end of year (in dollars per share)			$ 0	$ 0	$ 56.20	$ 56.20
Restricted stock fair value			$ 400
2014 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)			1,833,504
Shares available for future issuance (in shares)			222,122
Automatic yearly increase of authorized shares			15.00%
2014 Incentive Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)							575,333
Pre-Spin Equity Grants [Member] | Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense			$ 0	$ 684	$ 5,439
REIT Equity Based Compensation [Member] | Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 5,868	$ 9,292	31,899	9,394	12,243
Director Equity Grants [Member] | Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	7	$ 40	439	$ 250	$ 250
Executive Officer [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	2,500		2,500
Ashford Trust and Braemar [Member] | Employee Stock Option [Member] | Salaries and Benefits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	30		47
Ashford Trust and Braemar [Member] | Employee Stock Option [Member] | Cost of Revenues for Project Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	79		100
Ashford Trust and Braemar [Member] | Executive Officer [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 6,700		$ 6,700

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) shares in Thousands, $ in Thousands	Jan. 15, 2015	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferral of compensation percentage maximum		100.00%		100.00%
Liabilities, gain (loss) recognized in income		$ (758)	$ (774)	$ 8,106	$ (11,476)	$ 2,170
Distribution from deferred compensation plan		46	80	241	229	0
Deferred compensation plan liability		11,268		10,574	19,259
Incentive awards program, payment period after measurement	45 days
Incentive liabilities				121	487
Salaries and benefits expense (income)				77	200	(25)
Incentive distribution				443	0	73
Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Liabilities, gain (loss) recognized in income		$ (740)	$ (561)	$ 8,444	(10,410)	2,127
Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Incentive awards program, return multiplier	100.00%
Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Incentive awards program, return multiplier	300.00%
401(k) Plan [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age				21 years
Employee period of service				1 year
Minimum hours worked to participate in plan				1000 hours
Percentage of Company contributions				50.00%
Percentage of Employee's contributions				6.00%
Company contribution vesting percentage per year				25.00%
Matching expenses incurred				$ 446	$ 304	$ 341
Subsidiary
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Employee's contributions				3.00%
Subsidiary | Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age				18 years
Employee period of service				0 years
Percentage of Company contributions				0.00%
Maximum vesting term				0 years
Subsidiary | Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age				21 years
Employee period of service				1 year
Percentage of Company contributions				100.00%
Maximum vesting term				6 years
Subsidiary | 401(k) Plan [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percentage of Company contributions				50.00%
Percentage of Employee's contributions				2.00%
Common Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation plan distribution (in shares)		1	0	3	3	0

Related Party Transactions (D_2

Related Party Transactions (Details)	Jan. 24, 2017	Jun. 30, 2015USD ($)acquisition	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 31, 2018USD ($)	Jun. 29, 2018USD ($)	Jun. 26, 2018USD ($)	Jun. 21, 2017USD ($)	Mar. 08, 2016
Related Party Transaction [Line Items]
Deferred revenue recognized			$ 2,445,000		$ 2,737,000	$ 8,100,000
Impairment			0		1,919,000	1,919,000	$ 1,072,000	$ 0
Incentive advisory fees recognized				$ 678,000
Key money		$ 6,000,000
Number of businesses acquired | acquisition		2
Payments to acquire investments			2,176,000		0
Advisory agreement, amount due upon approval												$ 5,000,000
Advisory agreement, renewal term	10 years
Rental expense					342,000	$ 2,100,000	307,000
Remington [Member]
Related Party Transaction [Line Items]
Reimbursements								5,700,000
Affiliated Entity
Related Party Transaction [Line Items]
Commitment amount			50,000,000
Le Pavillon Hotel [Member]
Related Party Transaction [Line Items]
Key money		$ 4,000,000
Acquisition of hotel property		62,500,000
Bardessono Hotel and Spa [Member]
Related Party Transaction [Line Items]
Key money		2,000,000
Acquisition of hotel property		$ 85,000,000
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Commitment amount											$ 50,000,000
Potential commitment amount			$ 100,000,000								$ 100,000,000
Percent of commitment for each hotel			10.00%								10.00%
Program obligation accrued									$ 5,000,000	$ 11,100,000
Ashford Trust | Minimum
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.50%	0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee			$ 6,000,000,000	$ 6,000,000,000		$ 6,000,000,000
Ashford Trust | Maximum
Related Party Transaction [Line Items]
Advisory services, quarterly base fee			0.70%	0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee			$ 10,000,000,000	$ 10,000,000,000		$ 10,000,000,000
Ashford Trust | La Posada [Member] | Affiliated Entity
Related Party Transaction [Line Items]
Program obligation accrued				$ 16,100,000		$ 16,100,000
Braemar OP
Related Party Transaction [Line Items]
Gross asset value multiplier				0.70%		0.70%
Revenues			8,218,000		5,534,000	$ 24,856,000	11,372,000	16,571,000
Due from related parties			2,031,000	$ 1,996,000		1,996,000	1,738,000
Cost of revenues for audio visual			86,000		0
Braemar OP | Reimbursable expenses
Related Party Transaction [Line Items]
Deferred revenue recognized			44,000		15,000	162,000	126,000	0
Braemar OP | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Revenues						1,300,000
Remington [Member]
Related Party Transaction [Line Items]
Reimbursements			$ 1,800,000		1,200,000	$ 4,400,000	4,900,000
Ashford Trust OP
Related Party Transaction [Line Items]
Gross asset value multiplier			0.70%	0.70%		0.70%
Advisory services, quarterly base fee			0.70%	0.70%		0.70%
Revenues			$ 22,174,000		18,630,000	$ 86,589,000	59,654,000	50,996,000
Due from related parties			4,416,000	$ 5,293,000		5,293,000	13,346,000
Cost of revenues for audio visual			1,684,000		354,000	3,444,000	90,000	0
Ashford Trust OP | Base Fee [Member]
Related Party Transaction [Line Items]
Revenues			8,045,000		8,604,000	35,482,000	34,724,000	34,700,000
Ashford Trust OP | Reimbursable expenses
Related Party Transaction [Line Items]
Deferred revenue recognized			597,000		202,000	2,200,000	1,700,000	0
Revenues			2,040,000		1,529,000	7,905,000	7,600,000	6,054,000
Ashford Trust OP | Equity-based compensation
Related Party Transaction [Line Items]
Revenues			4,289,000		6,745,000	25,245,000	11,077,000	8,429,000
Ashford Trust OP | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Revenues			0		452,000	1,809,000	1,809,000	1,809,000
Ashford Trust OP | Advisory services
Related Party Transaction [Line Items]
Revenues			14,374,000		17,330,000	70,441,000	55,210,000	50,992,000
Ashford Trust OP | Investment management reimbursements
Related Party Transaction [Line Items]
Revenues			358,000		182,000	1,156,000	1,976,000	0
Ashford Trust OP | Debt placement fees
Related Party Transaction [Line Items]
Revenues			1,079,000		632,000	5,094,000	913,000	0
Ashford Trust OP | Claims management services
Related Party Transaction [Line Items]
Revenues			11,000		18,000	76,000	0	0
Ashford Trust OP | Lease revenue
Related Party Transaction [Line Items]
Revenues			946,000		168,000	670,000	558,000	0
Ashford Trust OP | Other services
Related Party Transaction [Line Items]
Revenues			467,000		300,000	1,968,000	997,000
Ashford Trust OP | Total other revenue
Related Party Transaction [Line Items]
Revenues			2,861,000		1,300,000	8,964,000	4,444,000	4,000
Corporate and Other | Braemar OP
Related Party Transaction [Line Items]
Revenues			524,000		206,000	828,000	25,000	0
Corporate and Other | Ashford Trust OP
Related Party Transaction [Line Items]
Revenues			$ 1,518,000		908,000	$ 1,871,000	$ 920,000	0
RED
Related Party Transaction [Line Items]
Noncontrolling ownership interest			20.00%	20.00%		20.00%	0.00%
RED | Braemar OP | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			$ 89,000	$ 60,000		$ 60,000	$ 0
RED | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			$ 0	$ 0		$ 0
Ashford LLC [Member]
Related Party Transaction [Line Items]
Noncontrolling ownership interest			0.00%	0.00%		0.00%	0.00%
Ashford LLC [Member] | Braemar OP | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			$ 573,000	$ 941,000		$ 941,000	$ 1,682,000
Ashford LLC [Member] | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			1,119,000	2,337,000		2,337,000	12,610,000
AIM [Member] | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			$ 139,000	$ 99,000		$ 99,000	$ 347,000
J&S
Related Party Transaction [Line Items]
Noncontrolling ownership interest			0.00%	0.00%		0.00%	0.00%
J&S | Braemar OP | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			$ 71,000	$ 4,000		$ 4,000	$ 0
J&S | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			$ 1,123,000	$ 826,000		$ 826,000	$ 62,000
Pure Wellness
Related Party Transaction [Line Items]
Noncontrolling ownership interest			30.00%	30.00%		30.00%	30.00%
Pure Wellness | Braemar OP | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			$ 18,000	$ 30,000		$ 30,000	$ 50,000
Pure Wellness | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			$ 469,000	$ 418,000		$ 418,000	$ 302,000
OpenKey
Related Party Transaction [Line Items]
Noncontrolling ownership interest			25.26%	24.74%		24.74%	16.51%						100.00%
OpenKey | Braemar OP | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			$ 15,000	$ 12,000		$ 12,000	$ 6,000
OpenKey | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			7,000	2,000		2,000	25,000
Premier | Braemar OP | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties			1,265,000	949,000		949,000	0
Premier | Ashford Trust OP | Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party, Current			1,559,000	$ 1,611,000		1,611,000	0
OpenKey | Braemar OP
Related Party Transaction [Line Items]
Revenues			20,000		5,000	29,000	16,000	0
OpenKey | Ashford Trust OP
Related Party Transaction [Line Items]
Revenues			28,000		24,000	97,000	77,000	4,000
REIT Advisory | Braemar OP
Related Party Transaction [Line Items]
Revenues			4,927,000		5,323,000	20,506,000	11,331,000	16,571,000
REIT Advisory | Ashford Trust OP
Related Party Transaction [Line Items]
Revenues			15,689,000		17,698,000	77,437,000	58,657,000	50,992,000
J&S | Braemar OP
Related Party Transaction [Line Items]
Revenues			0		0	$ 0	$ 0	0
Cost of revenues for audio visual			$ 0		0
Braemar | OpenKey
Related Party Transaction [Line Items]
Noncontrolling ownership interest			8.40%	8.21%		8.21%	0.00%
Payments to acquire investments			$ 156,000		2,000,000	$ 2,000,000	$ 0	0
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Noncontrolling ownership interest			16.64%	16.30%		16.30%	16.23%
Payments to acquire investments			$ 299,000		667,000	$ 667,000	$ 983,000	2,300,000
Officer of J&S [Member]
Related Party Transaction [Line Items]
Rental expense			84,000		84,000	335,000	50,000
Per year expense			307,000			300,000
Audio visual
Related Party Transaction [Line Items]
Deferred revenue recognized			1,000,000		1,900,000	3,800,000
Cost of revenues for audio visual			21,439,000		16,587,000	64,555,000	7,757,000	0
Audio visual | J&S | Ashford Trust OP
Related Party Transaction [Line Items]
Revenues			0		0	88,000	0	0
Project management
Related Party Transaction [Line Items]
Cost of revenues for audio visual			2,791,000		0	3,292,000	0	0
Project management | Premier | Braemar OP
Related Party Transaction [Line Items]
Revenues			2,747,000		0	3,493,000	0	0
Project management | Premier | Ashford Trust OP
Related Party Transaction [Line Items]
Revenues			4,939,000		0	7,096,000	0	0
Other revenue
Related Party Transaction [Line Items]
Deferred revenue recognized			636,000		510,000	2,200,000
Other revenue | Braemar OP | Debt placement fees
Related Party Transaction [Line Items]
Revenues			275,000		0	999,000	224,000	0
Other revenue | Braemar OP | Claims management services
Related Party Transaction [Line Items]
Revenues			30,000		37,000	137,000	0	0
Other revenue | Braemar OP | Lease revenue
Related Party Transaction [Line Items]
Revenues			84,000		84,000	335,000	335,000	335,000
Other revenue | Braemar OP | Other services
Related Party Transaction [Line Items]
Revenues			269,000		211,000	857,000	41,000	0
Other revenue | Braemar OP | Total other revenue
Related Party Transaction [Line Items]
Revenues			658,000		332,000	2,328,000	600,000	335,000
Investment Advisory, Management and Administrative Service [Member] | Braemar OP | Base Fee [Member]
Related Party Transaction [Line Items]
Revenues			2,577,000		2,107,000	9,423,000	8,799,000	8,343,000
Investment Advisory, Management and Administrative Service [Member] | Braemar OP | Reimbursable expenses
Related Party Transaction [Line Items]
Revenues			469,000		420,000	1,932,000	2,105,000	2,805,000
Investment Advisory, Management and Administrative Service [Member] | Braemar OP | Equity-based compensation
Related Party Transaction [Line Items]
Revenues			1,469,000		2,547,000	6,481,000	1,683,000	3,814,000
Investment Advisory, Management and Administrative Service [Member] | Braemar OP | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Revenues			170,000		0	678,000	1,274,000	1,274,000
Investment Advisory, Management and Administrative Service [Member] | Braemar OP | Other advisory revenue
Related Party Transaction [Line Items]
Revenues			128,000		128,000	521,000	277,000	0
Investment Advisory, Management and Administrative Service [Member] | Braemar OP | Advisory services
Related Party Transaction [Line Items]
Revenues			4,813,000		$ 5,202,000	19,035,000	10,772,000	16,236,000
Investment Advisory, Management and Administrative Service [Member] | Executive Officer [Member] | Braemar OP | Equity-based compensation
Related Party Transaction [Line Items]
Revenues			2,200,000			2,200,000
Investment Advisory, Management and Administrative Service [Member] | Executive Officer [Member] | Ashford Trust OP | Equity-based compensation
Related Party Transaction [Line Items]
Revenues			$ 4,500,000			4,500,000
Lease revenue
Related Party Transaction [Line Items]
Revenues						$ 1,000,000	$ 893,000	$ 335,000

Income (Loss) Per Share (Deta_2

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to the Company	$ 710	$ 3,558	$ 3,387	$ 8,960	$ (5,723)	$ (7,402)	$ (1,856)	$ (6,709)	$ (2,385)	$ 10,182	$ (18,352)	$ (2,396)
Less: Dividends on preferred stock and amortization	(3,282)				0					(5,196)	0	0
Less: Net income (loss) allocated to unvested shares										(21)	0	0
Undistributed net income (loss) allocated to common stockholders	(2,572)				(5,723)					4,965	(18,352)	(2,396)
Distributed and undistributed net income (loss) - basic	(2,572)				(5,723)					4,965	(18,352)	(2,396)
Effect of deferred compensation plan										8,444	0	2,127
Effect of contingently issuable shares	202				282					1,447	1,465	1,143
Distributed and undistributed net income (loss) - diluted	$ (2,774)				$ (6,017)					$ (4,926)	$ (19,817)	$ (5,666)
Weighted average common shares outstanding – basic (in shares)	2,419	2,381	2,109	2,095	2,094	2,069	2,022	2,019	2,015	2,170	2,031	2,012
Effect of deferred compensation plan shares (in shares)										103	0	158
Effect of contingently issuable shares (in shares)	30				17					59	36	39
Weighted average common shares outstanding – diluted (in shares)	2,449	2,652	2,337	2,487	2,115	2,118	2,054	2,265	2,046	2,332	2,067	2,209
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.06)	$ 0.14	$ 0.67	$ 4.26	$ (2.73)	$ (3.58)	$ (0.92)	$ (3.32)	$ (1.18)	$ 2.29	$ (9.04)	$ (1.19)
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (1.96)	$ 0.18	$ 0.93	$ (2.84)	$ (3.72)	$ (1.05)	$ (3.85)	$ (1.34)	$ (2.11)	$ (9.59)	$ (2.56)
Net income (loss) allocated to common stockholders is not adjusted for:	$ 3,505				$ 355					$ 5,226	$ (19)	$ (4)
Weighted average diluted shares are not adjusted for:	1,574				270					751	38	5
Effect of unvested restricted shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) allocated to common stockholders is not adjusted for:										$ 21	$ 0	$ 0
Weighted average diluted shares are not adjusted for:	9				9					9	0	1
Effect of assumed exercise of stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average diluted shares are not adjusted for:	65				234					163	34	0
Effect of assumed conversion of Ashford Holdings units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) allocated to common stockholders is not adjusted for:	$ (4)				$ 0					$ 9	$ (19)	$ (4)
Weighted average diluted shares are not adjusted for:	4				0					4	4	4
Convertible Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average diluted shares are not adjusted for:	1,450				0					575	0	0
Accumulated Deficit
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to the Company	$ 710				$ (5,723)						$ (18,352)

Segment Reporting (Details)_2

Segment Reporting (Details) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	2									2
Total revenue	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168					$ 195,520	$ 81,573	$ 67,607
Depreciation and amortization	4,527				1,040					9,342	2,527	1,174
Impairment	0				1,919					1,919	1,072	0
Other operating expenses	56,251				50,245					185,098	88,496	68,890
Total expenses	60,778	46,145	53,069	43,941	53,204	$ 37,130	$ 21,595	$ 18,221	$ 15,149	196,359	92,095	70,064
OPERATING INCOME (LOSS)	2,542	4,831	(11,504)	10,870	(5,036)	(7,464)	(2,340)	1,418	(2,136)	(839)	(10,522)	(2,457)
Interest expense	(297)				(143)					(959)	(83)	0
Amortization of loan costs	(69)				(23)					(241)	(39)	0
Interest income	20				112					329	244	73
Other income (expense)	(53)				(39)					(834)	(71)	(9,239)
INCOME (LOSS) BEFORE INCOME TAXES	1,868				(5,129)					(2,544)	(10,471)	(11,623)
Income tax (expense) benefit	(1,300)				(706)					10,364	(9,723)	(780)
NET INCOME (LOSS)	568	$ 2,717	$ 2,006	$ 8,932	(5,835)	$ (7,982)	$ (2,258)	$ (7,231)	$ (2,723)	7,820	(20,194)	(12,403)
REIT Advisory
Segment Reporting Information [Line Items]
Total revenue	20,616				23,021					97,943	69,988	67,563
J&S
Segment Reporting Information [Line Items]
Total revenue	30,975				23,310					81,186	9,186
OpenKey
Segment Reporting Information [Line Items]
Total revenue	257				319					999	327	44
Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenue	20,616				23,021					97,943	69,988	67,563
Depreciation and amortization	1,183				390					2,129	1,373	298
Impairment	0				1,863					1,863	1,041	0
Other operating expenses	8,267				11,241					41,563	19,099	21,102
Total expenses	9,450				13,494					45,555	21,513	21,400
OPERATING INCOME (LOSS)	11,166				9,527					52,388	48,475	46,163
Interest expense	0				0					0	0	0
Amortization of loan costs	0				0					0	0	0
Interest income	0				0					0	0	0
Other income (expense)	0				19					0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	11,166				9,546					52,388	48,475	46,163
Income tax (expense) benefit	(2,489)				(2,116)					(12,566)	(18,324)	(16,684)
NET INCOME (LOSS)	8,677				7,430					39,822	30,151	29,479
Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenue					0					10,634	0	0
Depreciation and amortization	2,738				0					4,358	0	0
Impairment	0				0					0	0	0
Other operating expenses	4,050				0					5,260	0	0
Total expenses	6,788				0					9,618	0	0
OPERATING INCOME (LOSS)	1,002				0					1,016	0	0
Interest expense	0				0					0	0	0
Amortization of loan costs	0				0					0	0	0
Interest income	0				0					0	0	0
Other income (expense)	0				0					0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	1,002				0					1,016	0	0
Income tax (expense) benefit	(426)				0					(239)	0	0
NET INCOME (LOSS)	576				0					777	0	0
Operating Segments | J&S
Segment Reporting Information [Line Items]
Total revenue					23,310					81,186	9,186	0
Depreciation and amortization	455				454					2,221	319	0
Impairment	0				0					0	0	0
Other operating expenses	28,008				19,803					79,193	9,655	0
Total expenses	28,463				20,257					81,414	9,974	0
OPERATING INCOME (LOSS)	2,512				3,053					(228)	(788)	0
Interest expense	(214)				(139)					(745)	(68)	0
Amortization of loan costs	(12)				(12)					(47)	(6)	0
Interest income	0				0					0	0	0
Other income (expense)	(107)				(58)					(883)	(47)	0
INCOME (LOSS) BEFORE INCOME TAXES	2,179				2,844					(1,903)	(909)	0
Income tax (expense) benefit	(887)				(746)					76	252	0
NET INCOME (LOSS)	1,292				2,098					(1,827)	(657)	0
Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenue					319					999	327	44
Depreciation and amortization	7				6					27	25	24
Impairment	0				0					0	0	0
Other operating expenses	950				1,171					4,510	3,478	2,904
Total expenses	957				1,177					4,537	3,503	2,928
OPERATING INCOME (LOSS)	(700)				(858)					(3,538)	(3,176)	(2,884)
Interest expense	0				0					0	0	0
Amortization of loan costs	(7)				(6)					(25)	(19)	0
Interest income	0				0					0	0	0
Other income (expense)	6				(1)					2	(12)	(30)
INCOME (LOSS) BEFORE INCOME TAXES	(701)				(865)					(3,561)	(3,207)	(2,914)
Income tax (expense) benefit	0				0					0	0	0
NET INCOME (LOSS)	(701)				(865)					(3,561)	(3,207)	(2,914)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue					1,518					4,758	2,072	0
Depreciation and amortization	144				190					607	810	852
Impairment	0				56					56	31	0
Other operating expenses	14,976				18,030					54,572	56,264	44,884
Total expenses	15,120				18,276					55,235	57,105	45,736
OPERATING INCOME (LOSS)	(11,438)				(16,758)					(50,477)	(55,033)	(45,736)
Interest expense	(83)				(4)					(214)	(15)	0
Amortization of loan costs	(50)				(5)					(169)	(14)	0
Interest income	20				112					329	244	73
Other income (expense)	48				1					47	(12)	(9,209)
INCOME (LOSS) BEFORE INCOME TAXES	(11,778)				(16,654)					(50,484)	(54,830)	(54,872)
Income tax (expense) benefit	2,502				2,156					23,093	8,349	15,904
NET INCOME (LOSS)	(9,276)				(14,498)					(27,391)	(46,481)	(38,968)
Advisory services
Segment Reporting Information [Line Items]
Total revenue	19,187				22,532					89,476	65,982	67,228
Advisory services | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenue	19,187				22,532					89,476	65,982	67,228
Advisory services | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Advisory services | Operating Segments | J&S
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Advisory services | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Advisory services | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Audio visual
Segment Reporting Information [Line Items]
Total revenue	30,975				23,310					81,186	9,186	0
Audio visual | J&S
Segment Reporting Information [Line Items]
Total revenue	30,975				23,310					81,186	9,186	0
Audio visual | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Audio visual | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Audio visual | Operating Segments | J&S
Segment Reporting Information [Line Items]
Total revenue	30,975				23,310					81,186	9,186	0
Audio visual | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Audio visual | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Project management
Segment Reporting Information [Line Items]
Total revenue	7,790				0					10,634	0	0
Project management | Premier
Segment Reporting Information [Line Items]
Total revenue	7,790				0					10,634	0	0
Project management | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Project management | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenue	7,790				0					10,634	0	0
Project management | Operating Segments | J&S
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Project management | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Project management | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Other Product or Service [Member]
Segment Reporting Information [Line Items]
Total revenue	5,368				2,326					14,224	6,405	379
Other Product or Service [Member] | Operating Segments | REIT Advisory
Segment Reporting Information [Line Items]
Total revenue	1,429				489					8,467	4,006	335
Other Product or Service [Member] | Operating Segments | Premier
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Other Product or Service [Member] | Operating Segments | J&S
Segment Reporting Information [Line Items]
Total revenue	0				0					0	0	0
Other Product or Service [Member] | Operating Segments | OpenKey
Segment Reporting Information [Line Items]
Total revenue	257				319					999	327	44
Other Product or Service [Member] | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	$ 3,682				$ 1,518					$ 4,758	$ 2,072	$ 0

Segment Reporting - Geographic

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 29,666	$ 19,255	$ 19,639	$ 13,013	$ 81,573
Furniture, fixtures and equipment, net	21,154				21,154	$ 54,647	$ 47,947
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Furniture, fixtures and equipment, net	18,087				18,087		42,503
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Furniture, fixtures and equipment, net	2,960				2,960		4,996
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Furniture, fixtures and equipment, net	$ 107				$ 107		$ 448

Concentration of Risk (Details)

Concentration of Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2019
Concentration Risk [Line Items]
Assets	$ 379,005	$ 114,810		$ 420,106
Assets, Total [Member] | Geographic Concentration Risk [Member] | Mexico
Concentration Risk [Line Items]
Assets	1,900	2,300
Assets, Total [Member] | Geographic Concentration Risk [Member] | Dominican Republic
Concentration Risk [Line Items]
Assets	$ 267	$ 399
Sales Revenue, Net [Member] | Premier
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust OP and Ashford Prime OP	99.60%	0.00%	0.00%
Sales Revenue, Net [Member] | J&S
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust OP and Ashford Prime OP	9.80%	2.20%	0.00%
Sales Revenue, Net [Member] | Pure Wellness
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust OP and Ashford Prime OP	58.80%	45.60%	0.00%
Sales Revenue, Net [Member] | OpenKey
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust OP and Ashford Prime OP	12.60%	28.40%	9.10%
Sales Revenue, Net [Member] | RED
Concentration Risk [Line Items]
Percentage of total revenues from Ashford Trust OP and Ashford Prime OP	51.70%	0.00%	0.00%

Selected Financial Quarterly _3

Selected Financial Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 63,320	$ 50,976	$ 41,565	$ 54,811	$ 48,168					$ 195,520	$ 81,573	$ 67,607
Total operating expenses	60,778	46,145	53,069	43,941	53,204	$ 37,130	$ 21,595	$ 18,221	$ 15,149	196,359	92,095	70,064
OPERATING INCOME (LOSS)	2,542	4,831	(11,504)	10,870	(5,036)	(7,464)	(2,340)	1,418	(2,136)	(839)	(10,522)	(2,457)
NET INCOME (LOSS)	568	2,717	2,006	8,932	(5,835)	(7,982)	(2,258)	(7,231)	(2,723)	7,820	(20,194)	(12,403)
Net income (loss) attributable to the Company	710	3,558	3,387	8,960	(5,723)	(7,402)	(1,856)	(6,709)	(2,385)	10,182	(18,352)	(2,396)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,572)	$ 340	$ 1,409	$ 8,960	$ (5,723)	$ (7,402)	$ (1,856)	$ (6,709)	$ (2,385)	$ 4,986	$ (18,352)	$ (2,396)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.06)	$ 0.14	$ 0.67	$ 4.26	$ (2.73)	$ (3.58)	$ (0.92)	$ (3.32)	$ (1.18)	$ 2.29	$ (9.04)	$ (1.19)
Weighted average common shares outstanding – basic (in shares)	2,419	2,381	2,109	2,095	2,094	2,069	2,022	2,019	2,015	2,170	2,031	2,012
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (1.96)	$ 0.18	$ 0.93	$ (2.84)	$ (3.72)	$ (1.05)	$ (3.85)	$ (1.34)	$ (2.11)	$ (9.59)	$ (2.56)
Weighted average common shares outstanding – diluted (in shares)	2,449	2,652	2,337	2,487	2,115	2,118	2,054	2,265	2,046	2,332	2,067	2,209

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

Mar. 01, 2019

Feb. 28, 2019

Feb. 26, 2019

Feb. 06, 2019

Jan. 22, 2019

Jan. 01, 2019

Nov. 01, 2017

Apr. 13, 2017

Mar. 31, 2019

Mar. 31, 2018

Feb. 01, 2019

Jan. 15, 2019

Dec. 31, 2018

Nov. 08, 2018

Oct. 31, 2018

Jun. 29, 2018

Jun. 26, 2018

Dec. 31, 2017

Subsequent Event [Line Items]

Long-term debt, gross

$ 24,865,000

$ 18,006,000

$ 11,947,000

Payments to Acquire Businesses, Gross

4,332,000

$ 0

Payments to acquire investments

2,176,000

$ 0

Affiliated Entity

Subsequent Event [Line Items]

Commitment amount

50,000,000

Affiliated Entity | Braemar | Subsequent Event [Member]

Subsequent Event [Line Items]

Commitment amount

$ 50,000,000

Potential commitment amount

$ 100,000,000

Percent of commitment for each hotel

10.00%

Affiliated Entity | Ashford Trust

Subsequent Event [Line Items]

Commitment amount

$ 50,000,000

Potential commitment amount

$ 100,000,000

$ 100,000,000

Percent of commitment for each hotel

10.00%

10.00%

Program obligation accrued

$ 5,000,000

$ 11,100,000

Ritz-Carlton Lake Tahoe [Member] | Affiliated Entity | Braemar | Subsequent Event [Member]

Subsequent Event [Line Items]

Program obligation accrued

$ 10,300,000

Embassy Suits New York Midtown Manhattan [Member] | Affiliated Entity | Ashford Trust | Subsequent Event [Member]

Subsequent Event [Line Items]

Program obligation accrued

$ 19,500,000

Consideration transferred

$ 195,000,000

REA Holdings [Member]

Subsequent Event [Line Items]

Voting interests acquired

30.00%

30.00%

Consideration transferred

$ 3,000,000

Payments to Acquire Businesses, Gross

$ 2,100,000

Equity interest issued (in shares)

16,529

Equity consideration

$ 890,000

Option to purchase percentage

50.00%

Option to purchase consideration

$ 12,500,000

REA Holdings [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Voting interests acquired

30.00%

Consideration transferred

$ 3,000,000

Payments to Acquire Businesses, Gross

$ 2,100,000

Equity interest issued (in shares)

16,529

Equity consideration

$ 890,000

Option to purchase percentage

50.00%

Option to purchase consideration

$ 12,500,000

Hilton Santa Cruz/Scotts Valley [Member] | Affiliated Entity | Ashford Trust | Subsequent Event [Member]

Subsequent Event [Line Items]

Program obligation accrued

$ 5,000,000

Consideration transferred

$ 50,000,000

BAV [Member]

Subsequent Event [Line Items]

Consideration transferred

$ 9,971,000

J&S

Subsequent Event [Line Items]

Voting interests acquired

88.00%

85.00%

Consideration transferred

$ 25,435,000

Payments to Acquire Businesses, Gross

$ 9,176,000

Equity interest issued (in shares)

70,318

Equity interest issued, value assigned

$ 4,300,000

Share price (in dollars per share)

$ 60.44

J&S | Subsequent Event [Member]

Subsequent Event [Line Items]

Voting interests acquired

88.00%

OpenKey | Subsequent Event [Member]

Subsequent Event [Line Items]

Payments to acquire investments

$ 845,000

Ownership percentage

46.59%

RED

Subsequent Event [Line Items]

Long-term debt, gross

0

RED | Revolving Credit Facility [Member]

Subsequent Event [Line Items]

Long-term debt, gross

118,000

$ 0

RED | Revolving Credit Facility [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Face amount of debt

$ 250,000

OpenKey | Subsequent Event [Member]

Subsequent Event [Line Items]

Long-term debt, gross

$ 0

OpenKey | Revolving Credit Facility [Member]

Subsequent Event [Line Items]

Long-term debt, gross

$ 0

J&S | BAV [Member]

Subsequent Event [Line Items]

Consideration transferred

$ 10,000,000

Payments to Acquire Businesses, Gross

$ 5,000,000

Equity interest issued (in shares)

61,387

Equity consideration

$ 4,000,000

Equity interest issued, value assigned

3,500,000

Fair value of Ashford Inc. common stock

3,800,000

Fair value additional shares, 18 months from acquisition

$ 500,000

Share price (in dollars per share)

$ 57.01

Contingent consideration

$ 1,400,000

J&S | BAV [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Consideration transferred

9,000,000

Payments to Acquire Businesses, Gross

$ 5,000,000

Equity interest issued (in shares)

61,387

Equity consideration

$ 4,000,000

Equity interest issued, value assigned

3,500,000

Fair value of Ashford Inc. common stock

3,900,000

Fair value additional shares, 18 months from acquisition

$ 500,000

Share price (in dollars per share)

$ 57.01

Contingent consideration

$ 3,000,000

OpenKey | Line of Credit [Member]

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 1,500,000

Prime Rate [Member] | RED | Revolving Credit Facility [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Basis spread on variable rate

1.75%

Prime Rate [Member] | OpenKey | Line of Credit [Member]

Subsequent Event [Line Items]

Basis spread on variable rate

2.75%

Minimum | J&S | BAV [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Payable term

12 months

Maximum | J&S | BAV [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Payable term

18 months