Ashford Hospitality Trust (AHT) 10-K14 Mar 242023 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-31775
Entity Registrant Name	ASHFORD HOSPITALITY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-1062192
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 127,771,000
Entity Common Stock, Shares Outstanding		39,625,211
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2024 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Preferred Stock, Series F
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Preferred Stock, Series G
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Preferred Stock, Series H
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Preferred Stock, Series I
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series I
Trading Symbol	AHT-PI
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Dallas, Texas
Auditor Firm ID	243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investments in hotel properties, net ($122,938 and $0 attributable to VIEs).	$ 2,951,932	$ 3,118,331
Cash and cash equivalents ($2,363 and $0 attributable to VIEs)	165,231	417,064
Restricted cash ($17,346 and $0 attributable to VIEs)	146,079	141,962
Accounts receivable ($271 and $0 attributable to VIEs), net of allowance of $1,214 and $501, respectively	45,521	49,809
Inventories ($5 and $0 attributable to VIEs)	3,679	3,856
Notes receivable, net	7,369	5,062
Investments in unconsolidated entities	9,960	19,576
Deferred costs, net ($218 and $0 attributable to VIEs)	1,808	2,665
Prepaid expenses ($651 and $0 attributable to VIEs)	12,806	15,981
Derivative assets	13,696	47,182
Operating lease right-of-use assets	44,047	43,921
Other assets ($1,433 and $0 attributable to VIEs)	25,309	21,653
Intangible assets	797	797
Assets held for sale	12,383	0
Total assets	3,462,281	3,917,377
Liabilities:
Indebtedness, net ($70,073 and $0 attributable to VIEs)	3,396,071	3,838,543
Finance lease liabilities	18,469	18,847
Other finance liability ($26,858 and $0 attributable to VIEs)	26,858	0
Accounts payable and accrued expenses ($14,405 and $0 attributable to VIEs)	129,323	115,970
Accrued interest payable ($241 and $0 attributable to VIEs)	27,009	15,287
Dividends and distributions payable ($147 and $0 attributable to VIEs)	3,566	3,118
Intangible liabilities, net	2,017	2,097
Operating lease liabilities	44,765	44,661
Other liabilities	3,499	4,326
Liabilities related to assets held for sale	14,653	0
Total liabilities	3,686,558	4,044,168
Commitments and contingencies (note 18)
Redeemable noncontrolling interests in operating partnership	22,007	21,550
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 37,422,056 and 34,495,185 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	374	345
Additional paid-in capital	2,382,975	2,383,244
Accumulated deficit	(2,729,312)	(2,534,043)
Total stockholders’ equity (deficit) of the Company	(345,901)	(150,389)
Noncontrolling interest in consolidated entities	14,859	0
Total equity (deficit)	(331,042)	(150,389)
Total liabilities and equity/deficit	3,462,281	3,917,377
Ashford, Inc.
ASSETS
Other receivables	0	486
Liabilities:
Other accounts payable	13,261	0
Related Party
ASSETS
Other receivables	0	6,570
Liabilities:
Other accounts payable	5,874	0
Nonrelated Party
ASSETS
Other receivables	21,664	22,462
Liabilities:
Other accounts payable	1,193	1,319
Preferred Stock, Series J
Liabilities:
Redeemable preferred stock	79,975	2,004
Preferred Stock, Series K
Liabilities:
Redeemable preferred stock	4,783	44
Preferred Stock, Series D
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	12	12
Preferred Stock, Series F
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	11	12
Preferred Stock, Series G
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	15	15
Preferred Stock, Series H
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	12	13
Preferred Stock, Series I
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 12	$ 13

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment in hotel properties, net	$ 2,951,932	$ 3,118,331
Cash and cash equivalents	165,231	417,064
Restricted cash	146,079	141,962
Allowance for doubtful accounts receivable	1,214	501
Accounts receivable, Carrying value	45,521	49,809
Inventories	3,679	3,856
Deferred costs	1,808	2,665
Prepaid expenses	12,806	15,981
Other assets	25,309	21,653
Indebtedness, net	3,396,071	3,838,543
Other finance liability	26,858	0
Accounts payable and accrued expenses	129,323	115,970
Accrued interest payable	27,009	15,287
Dividends and distributions declared but not paid	$ 3,566	$ 3,118
Preferred stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	37,422,056	34,495,185
Common stock, shares outstanding (in shares)	37,422,056	34,495,185
Ashford, Inc.
Other accounts payable	$ 13,261	$ 0
Related Party
Other accounts payable	5,874	0
Nonrelated Party
Other accounts payable	$ 1,193	$ 1,319
Preferred Stock, Series J
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Preferred Stock, shares issued (in shares)	3,475,318	87,115
Redeemable Preferred Stock, shares outstanding (in shares)	3,475,318	87,115
Series K Preferred Stock
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Preferred Stock, shares issued (in shares)	194,193	1,800
Redeemable Preferred Stock, shares outstanding (in shares)	194,193	1,800
Preferred Stock, Series D
Preferred stock, shares issued (in shares)	1,159,927	1,174,427
Preferred stock, shares outstanding (in shares)	1,159,927	1,174,427
Preferred Stock, Series F
Preferred stock, shares issued (in shares)	1,175,344	1,251,044
Preferred stock, shares outstanding (in shares)	1,175,344	1,251,044
Preferred Stock, Series G
Preferred stock, shares issued (in shares)	1,531,996	1,531,996
Preferred stock, shares outstanding (in shares)	1,531,996	1,531,996
Preferred Stock, Series H
Preferred stock, shares issued (in shares)	1,170,325	1,308,415
Preferred stock, shares outstanding (in shares)	1,170,325	1,308,415
Preferred Stock, Series I
Preferred stock, shares issued (in shares)	1,160,923	1,252,923
Preferred stock, shares outstanding (in shares)	1,160,923	1,252,923
Variable Interest Entity, Primary Beneficiary
Investment in hotel properties, net	$ 122,938	$ 0
Cash and cash equivalents	2,363	0
Restricted cash	17,346	0
Accounts receivable, Carrying value	271	0
Inventories	5	0
Deferred costs	218	0
Prepaid expenses	651	0
Other assets	1,433	0
Indebtedness, net	70,073	0
Other finance liability	26,858	0
Accounts payable and accrued expenses	14,405	0
Accrued interest payable	241	0
Dividends and distributions declared but not paid	147	0
Variable Interest Entity, Primary Beneficiary \| Ashford, Inc.
Other accounts payable	1,396	0
Variable Interest Entity, Primary Beneficiary \| Related Party
Other accounts payable	123	0
Variable Interest Entity, Primary Beneficiary \| Nonrelated Party
Other accounts payable	$ 110	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Total revenue	$ 1,367,533	$ 1,240,859	$ 805,411
Hotel operating expenses:
Total hotel expenses	925,437	835,993	576,806
Property taxes, insurance and other	70,226	67,338	67,904
Depreciation and amortization	187,807	201,797	218,851
Advisory services fee	48,927	49,897	52,313
Corporate, general and administrative	16,181	9,879	16,153
Total operating expenses	1,248,578	1,164,904	932,027
Gain (loss) on consolidation of VIE and disposition of assets	11,488	300	1,449
OPERATING INCOME (LOSS)	130,443	76,255	(125,167)
Equity in earnings (loss) of unconsolidated entities	(1,134)	(804)	(558)
Interest income	8,978	4,777	207
Other income (expense)	310	415	760
Interest expense and amortization of discounts and loan costs	(366,148)	(226,995)	(156,119)
Write-off of premiums, loan costs and exit fees	(3,469)	(3,536)	(10,612)
Gain (loss) on extinguishment of debt	53,386	0	11,896
Realized and unrealized gain (loss) on derivatives	(2,200)	15,166	14,493
INCOME (LOSS) BEFORE INCOME TAXES	(179,834)	(134,722)	(265,100)
Income tax (expense) benefit	(900)	(6,336)	(5,948)
NET INCOME (LOSS)	(180,734)	(141,058)	(271,048)
(Income) loss attributable to noncontrolling interest in consolidated entities	6	0	73
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,239	1,233	3,970
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(178,489)	(139,825)	(267,005)
Preferred dividends	(15,921)	(12,433)	(252)
Deemed dividends on redeemable preferred stock	(2,673)	(946)	0
Add: Gain (loss) on extinguishment of preferred stock	3,390	0	(607)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (193,693)	$ (153,204)	$ (267,864)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (5.61)	$ (4.46)	$ (12.37)
Weighted average common shares outstanding (in shares)	34,523	34,339	21,625
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (5.61)	$ (4.46)	$ (12.43)
Weighted average common shares outstanding (in shares)	34,523	34,339	21,844
Total hotel revenue
REVENUE
Total revenue	$ 1,364,732	$ 1,237,975	$ 803,144
Rooms
REVENUE
Total revenue	1,059,155	974,002	655,121
Hotel operating expenses:
Total hotel expenses	249,434	229,115	157,982
Food and beverage
REVENUE
Total revenue	232,829	196,663	94,911
Hotel operating expenses:
Total hotel expenses	161,300	140,775	71,172
Other hotel revenue
REVENUE
Total revenue	72,748	67,310	53,112
Hotel operating expenses:
Total hotel expenses	464,058	421,056	316,638
Management Fees
Hotel operating expenses:
Total hotel expenses	50,645	45,047	31,014
Other
REVENUE
Total revenue	$ 2,801	$ 2,884	$ 2,267

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (180,734)	$ (141,058)	$ (271,048)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0
Comprehensive income (loss)	(180,734)	(141,058)	(271,048)
(Income) loss attributable to noncontrolling interest in consolidated entities	6	0	73
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,239	1,233	3,970
Comprehensive income (loss) attributable to the Company	$ (178,489)	$ (139,825)	$ (267,005)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock, Series D	Preferred Stock, Series F	Preferred Stock, Series G	Preferred Stock, Series H	Preferred Stock, Series I	Preferred Stock, Series J	Preferred Stock, Series K	Preferred Stock Preferred Stock, Series D	Preferred Stock Preferred Stock, Series F	Preferred Stock Preferred Stock, Series G	Preferred Stock Preferred Stock, Series H	Preferred Stock Preferred Stock, Series I	Preferred Stock Preferred Stock, Series J	Preferred Stock Preferred Stock, Series K	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Preferred Stock, Series D	Accumulated Deficit Preferred Stock, Series F	Accumulated Deficit Preferred Stock, Series G	Accumulated Deficit Preferred Stock, Series H	Accumulated Deficit Preferred Stock, Series I	Accumulated Deficit Preferred Stock, Series J	Accumulated Deficit Preferred Stock, Series K	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interest in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2020									1,791	2,891	4,423	2,669	3,391	0	0	6,436
Beginning balance, value at Dec. 31, 2020	$ (283,455)								$ 18	$ 29	$ 44	$ 27	$ 34	$ 0	$ 0	$ 64	$ 1,809,455	$ (2,093,292)								$ 166	$ 22,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																(1)
Purchases of common stock	(46)																(46)
Equity-based compensation	7,429																7,429										2,596
Forfeitures of restricted stock (in shares)																(4)
Issuance of restricted shares/units	0															$ 3	(3)
Issuance of restricted shares/units (in shares)																251
Issuance of common stock, net (in shares)																20,031
Issuance of common stock, net	562,719															$ 200	562,519
PSU dividend claw back upon cancellation	349																	349
Dividends declared - preferred shares		$ (4,342)	$ (4,036)	$ (4,943)	$ (4,293)	$ (4,111)													$ (4,342)	$ (4,036)	$ (4,943)	$ (4,293)	$ (4,111)
Redemption value adjustment	(690)																	(690)									690
Extinguishment of preferred stock (in shares)									(617)	(1,640)	(2,891)	(1,361)	(2,138)			(7,776)
Extinguishment of preferred stock	0								$ (6)	$ (17)	$ (29)	$ (14)	$ (21)			$ 78	616	(607)
Conversion of operating partnership units (in shares)																1
Conversion of operating partnership units	43																43										518
Acquisition of noncontrolling interest in consolidating entity	(200)																(107)									(93)
Net income (loss)	(267,078)																	(267,005)								(73)	(3,970)
Redemption/conversion of operating partnership units																											(43)
Ending balance, shares (in shares) at Dec. 31, 2021									1,174	1,251	1,532	1,308	1,253	0	0	34,490
Ending balance, value at Dec. 31, 2021	(2,654)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 0	$ 0	$ 345	2,379,906	(2,382,970)								0	22,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																(43)
Purchases of common stock	(323)																(323)
Equity-based compensation	3,826																3,826										2,172
Forfeitures of restricted stock (in shares)																(4)
Issuance of restricted shares/units	0
Issuance of restricted shares/units (in shares)																52
Common stock offering costs	(165)																(165)
Dividends declared - preferred shares		(2,481)	(2,307)	(2,824)	(2,453)	(2,349)	$ (18)	$ (1)											(2,481)	(2,307)	(2,824)	(2,453)	(2,349)	$ (18)	$ (1)
Redemption value adjustment	2,131																	2,131									(2,131)
Redemption value adjustment – preferred stock														926	20
Redemption value adjustment – preferred stock	(946)																	(946)
Issuances of preferred shares														$ 1,078	$ 24
Issuance of preferred stock (in shares)							87	2						87	2
Net income (loss)	(139,825)																	(139,825)									(1,233)
Ending balance, shares (in shares) at Dec. 31, 2022									1,174	1,251	1,532	1,308	1,253	87	2	34,495
Ending balance, value at Dec. 31, 2022	(150,389)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 2,004	$ 44	$ 345	2,383,244	(2,534,043)								0	21,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)	21,550
Purchases of common stock (in shares)																(24)
Purchases of common stock	(83)																(83)
Equity-based compensation	2,319																2,319										1,708
Issuance of restricted shares/units	0															$ 1	(1)
Issuance of restricted shares/units (in shares)																118
Issuance of common stock, net (in shares)																723
Issuance of common stock, net	911															$ 7	904
Dividends declared - preferred shares		$ (2,472)	$ (2,272)	$ (2,824)	$ (2,389)	$ (2,306)	$ (3,467)	$ (191)											$ (2,472)	$ (2,272)	$ (2,824)	$ (2,389)	$ (2,306)	$ (3,467)	$ (191)
Redemption value adjustment	(1,576)																	(1,576)									1,576
Redemption value adjustment – preferred stock														$ 2,547	126
Redemption value adjustment – preferred stock	(2,673)																	(2,673)
Contributions from noncontrolling interests in consolidated entities	6,905																									6,905
Noncontrolling interest in consolidated entities recognized upon consolidation of VIE	7,961																									7,961
Extinguishment of preferred stock (in shares)									(14)	(76)		(138)	(92)			(2,110)
Extinguishment of preferred stock										$ (1)		$ (1)	$ (1)			$ 21	(3,408)	3,390
Redemption of preferred shares (in shares)							(3)							(3)
Redemption of preferred shares							$ (78)							$ (78)
Distributions to noncontrolling interests	(1)																									(1)	(588)
Issuances of preferred shares														$ 75,502	$ 4,613
Issuance of preferred stock (in shares)							3,371	192						3,391	192
Net income (loss)	(178,495)																	(178,489)								(6)	(2,239)
Ending balance, shares (in shares) at Dec. 31, 2023									1,160	1,175	1,532	1,170	1,161	3,475	194	37,422
Ending balance, value at Dec. 31, 2023	(331,042)								$ 12	$ 11	$ 15	$ 12	$ 12	$ 79,975	$ 4,783	$ 374	$ 2,382,975	$ (2,729,312)								$ 14,859	$ 22,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)	$ 22,007

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - Preferred Stock - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock, Series D
Dividends declared - preferred stock (in dollars per share)		$ 2.11	$ 2.11	$ 3.70
Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)		1.84	1.84	3.23
Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)		1.84	1.84	3.23
Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)		1.88	1.88	3.28
Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)		1.88	$ 1.88	$ 3.28
Preferred Stock, Series J
Dividends declared - preferred stock (in dollars per share)	$ 0.17	2
Series K Preferred Stock
Dividends declared - preferred stock (in dollars per share)	$ 0.17	$ 2.05

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net income (loss)	$ (180,734)	$ (141,058)	$ (271,048)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	187,807	201,797	218,851
Amortization of intangibles	(95)	101	131
Recognition of deferred income	(820)	(499)	(498)
Bad debt expense	3,602	3,338	2,110
Deferred income tax expense (benefit)	(28)	(53)	113
Equity in (earnings) loss of unconsolidated entities	1,134	804	558
(Gain) loss on consolidation of VIE and disposition of assets	(11,488)	(300)	(1,449)
(Gain) loss on extinguishment of debt	(53,386)	0	(11,896)
Realized and unrealized (gain) loss on derivatives	2,200	(15,166)	(14,474)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees	28,203	10,075	(1,336)
Amortization of deferred franchise fees	34	0	0
Write-off of deferred franchise fees	20	0	0
Equity-based compensation	4,027	5,998	10,025
Non-cash interest income	(821)	(380)	(672)
Changes in operating assets and liabilities, exclusive of the effect of the acquisition and disposition of hotel properties and the impact of consolidation of VIEs:
Accounts receivable and inventories	(7,330)	(16,207)	(21,366)
Prepaid expenses and other assets	(1,648)	(7,501)	4,203
Accounts payable and accrued expenses and accrued interest payable	18,379	(4,656)	(28,927)
Due to/from related parties	11,241	165	(944)
Due to/from third-party hotel managers	(789)	4,549	(16,743)
Due to/from Ashford Inc., net	14,896	(1,804)	(10,818)
Operating lease liabilities	104	(445)	(203)
Operating lease right-of-use assets	(111)	473	201
Other liabilities	(7)	(7)	(6)
Net cash provided by (used in) operating activities	14,390	39,224	(144,188)
Cash Flows from Investing Activities
Improvements and additions to hotel properties	(137,428)	(103,751)	(36,742)
Net proceeds from disposition of assets and hotel properties	29,214	34,988	9,013
Payments for initial franchise fees	(599)	0	(90)
Proceeds from notes receivable	5,250	4,000	0
Issuance of note receivable	(6,868)	0	0
Proceeds from property insurance	2,478	1,625	2,779
Investment in unconsolidated entities	0	(9,127)	(9,000)
Net cash acquired in acquisition of leasehold interest	0	1,931	0
Restricted cash received from initial consolidation of VIE	18,201	0	0
Net cash provided by (used in) investing activities	(89,752)	(70,334)	(34,040)
Cash Flows from Financing Activities
Borrowings on indebtedness	134,802	1,551	377,500
Repayments of indebtedness	(396,947)	(50,902)	(189,594)
Payments for loan costs and exit fees	(13,220)	(3,064)	(27,768)
Payments for dividends and distributions	(14,943)	(12,418)	(18,622)
Purchases of common stock	(90)	(316)	(46)
Redemption of preferred stock	(78)	0	0
Payments for derivatives	(28,256)	(40,119)	(1,538)
Proceeds from derivatives	59,351	2,911	0
Proceeds from common stock offerings	1,031	0	562,827
Proceeds from preferred stock offerings	79,564	1,122	0
Common stock offering costs	0	(273)	0
Acquisition of noncontrolling interest in consolidated entities	0	0	(200)
Payments on finance lease liabilities	(249)	0	0
Contributions from noncontrolling interest in consolidated entities	6,905	0	0
Net cash provided by (used in) financing activities	(172,130)	(101,508)	702,559
Net increase (decrease) in cash, cash equivalents and restricted cash	(247,492)	(132,618)	524,331
Cash, cash equivalents and restricted cash at beginning of period	559,026	691,644	167,313
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	311,534	559,026	691,644
Supplemental Cash Flow Information
Interest paid	325,420	218,019	219,624
Income taxes paid (refunded)	(2,644)	11,697	3,525
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures	22,460	13,341	11,396
Non-cash consideration from sale of hotel property	0	1,219	0
Accrued common stock offering costs	120	0	108
Accrued preferred stock offering costs	0	21	0
Acquisition of finance lease asset and liability	0	18,847	0
Non-cash extinguishment of debt	154,192	0	9,604
Non-cash loan principal associated with default interest and late charges	0	0	33,245
Non-cash extinguishment of preferred stock	7,724	0	208,606
Issuance of common stock from preferred stock exchanges	4,334	0	209,213
Debt discount associated with embedded debt derivative	0	0	43,680
Credit facility commitment fee	0	0	4,500
Non-cash preferred stock dividends	387	1	0
Unsettled proceeds from derivatives	1,674	1,474	0
Dividends and distributions declared but not paid	3,566	3,118	3,104
Assumption of debt from consolidation of VIE	35,052	0	0
Assumption of other finance liability from consolidation of VIE	26,729	0	0
Acquisition of hotel property from consolidation of VIE	61,100	0	0
Non-cash distributions to non-controlling interest	588	0	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	165,231	417,064	592,110
Restricted cash	146,079	141,962	99,534
Cash, cash equivalents and restricted cash	311,310	559,026	691,644
Cash and cash equivalents at end of period included in assets held for sale	1	0	0
Restricted cash at end of period included in assets held for sale	223	0	0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	$ 311,534	$ 559,026	$ 691,644

Organization and Description of

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. Terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and, as the context may require, all entities included in its consolidated financial statements. Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of December 31, 2023, we held interests in the following assets: • 90 consolidated operating hotel properties, which represent 20,549 total rooms; • Four consolidated operating hotel properties, which represent 405 total rooms owned through a 99.4% ownership interest in Stirling REIT OP, LP (“Stirling OP”), which was formed by Stirling Hotels & Resorts, Inc. (“Stirling Inc.”) to acquire and own a diverse portfolio of stabilized income-producing hotels and resorts. See note 4; • one consolidated hotel property under development through a 32.5% owned investment in a consolidated entity; • 15.1% ownership in OpenKey, Inc. (“OpenKey”) with a carrying value of approximately $1.6 million; and • an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (the “Meritage Investment”) in Napa, California, with a carrying value of approximately $8.4 million. For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2023, our 90 operating hotel properties and four Stirling OP hotel properties were leased or owned by our wholly owned or majority owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. Our 90 operating hotel properties and four Stirling OP hotel properties in our consolidated portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead we contractually engage hotel management companies to operate them for us under management contracts. Remington Lodging & Hospitality, LLC (“Remington Hospitality”), a subsidiary of Ashford Inc., manages 61 of our 90 operating hotel properties and three of the four Stirling OP hotel properties. Third-party management companies manage the remaining hotel properties. Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audio visual services, real estate advisory and brokerage services, insurance policies covering general liability, workers' compensation and business automobile claims, insurance claims services, hypoallergenic premium rooms, broker-dealer and distribution services, mobile key technology and cash management services.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, its majority-owned joint ventures in which it has a controlling interest and entities in which the Company is the primary beneficiary. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A 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. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. As Ashford Trust OP is substantially the same as Ashford Hospitality Trust, Inc., our REIT, the separate VIE accounts for this VIE are not reflected separately on the balance sheet. See note 4 for discussion of other consolidated VIE’s. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Le Meridien Minneapolis Minneapolis, MN Disposition January 20, 2021 SpringHill Suites Durham Durham, NC Disposition April 29, 2021 SpringHill Suites Charlotte Charlotte, NC Disposition April 29, 2021 Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022 WorldQuest Resort Orlando, FL Disposition August 1, 2023 Sheraton Bucks County Langhorne, PA Disposition November 9, 2023 Embassy Suites Flagstaff Flagstaff, AZ Disposition November 29, 2023 Embassy Suites Walnut Creek Walnut Creek, CA Disposition November 29, 2023 Marriott Bridgewater Bridgewater, NJ Disposition November 29, 2023 Marriott Research Triangle Park Durham, NC Disposition November 29, 2023 W Atlanta Atlanta, GA Disposition November 29, 2023 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 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 includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approxim ately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. All improvements and additions that extend the useful life of the hotel properties are capitalized. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost in an asset acquisition is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel 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 hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful lives. 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. No such impairment was recorded for the years ended December 31, 2023, 2022 and 2021, respectively. See note 5. Assets Held for Sale, Discontinued Operations and Hotel Dispositions —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale and the hotel property is measured at the lower of its carrying value or fair value less costs to sell. See note 5. D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 . Investments in Unconsolidated Entities —As of December 31, 2023, we held a 15.1% ownership interest in OpenKey and an investment in an entity that owns two resorts in Napa, CA, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments for impairment 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 other-than-temporary impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2023, 2022 and 2021. Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, 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. 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 are not consolidated. Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method. Impairment of Notes Receivable —We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. The Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the years ended December 31, 2023, 2022 and 2021. Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. Finance leases, as lessee, are recorded based on the underlying nature of the leased asset and finance lease liabilities. Operating lease ROU assets and finance lease assets and operating and finance 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 commencement date in determining the present value of future payments. The operating lease ROU asset and finance lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset and the investments in hotel properties 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. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. Intangible Assets and Liabilities —Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 22. Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. We also have debt issuance costs related to delayed draw term loans in the Credit Agreement with Oaktree that meet the definition of an asset and are amortized on a straight-line basis over the contractual term of the arrangement. If the Company, makes any draws the recorded asset will be derecognized and reclassified as a direct reduction of the related debt and amortized using the effective interest method over the remaining initial term. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 21. Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in SOFR (Secured Overnight Financing Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors, and flooridors. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives are reported as “derivative assets” in the consolidated balance sheets. For interest rate derivatives and credit default swaps, changes in fair value and realized gains and losses are recognized in earnings as “realized and unrealized gain (loss) on derivatives” in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year. Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year. Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year. Noncontrolling Interests —The redeemable noncontrolling interests in Ashford Trust OP represent the limited partners’ proportionate share of equity in earnings/losses of Ashford Trust OP, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in Ashford Trust OP is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in Ashford Trust OP is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represented an ownership interest of 15% in two hotel properties held by one joint venture until December 31, 2021, and was reported in equity in the consolidated balance sheet. On December 31, 2021, the Company purchased the remaining ownership interest and held a 100% ownership interest in the two hotel properties. Additionally noncontrolling interests in consolidated entities represented an ownership interest of 67.5% of 815 Commerce MM and 0.6% of Stirling OP as of December 31, 2023. Net income/loss attributable to redeemable noncontrolling interests in Ashford Trust OP and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Revenue Recognition —Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2023 and 2022 was $19.0 million and $18.3 million, respectively, and are generally recognized as revenue within a one-year period. These are included in “accounts payable and accrued expenses” on the consolidated balance sheets. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2023, 2022 and 2021, we incurred advertising costs of $11.1 million, $10.1 million and $6.8 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations. Equity-Based Compensation —Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. The Company recognizes forfeitures as they occur. With respect to the 2021, 2022 and 2023 award agreements, the criteria for the PSU and Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the grant date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSU and Performance LTIP Units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the PSU and Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E and 32 years for our Marietta finance lease. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 20 . The “Income Taxes” topic of the ASC issued by the Financial Accounting Standards Board (“FASB”) which 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. Tax years 2019 through 2023 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders 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. Recently Adopted Accounting Standards —In March 2020, the FASB issued ASU 2020-04, which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption. Recently Issued Accounting Standard s —In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Revenue

Revenue	12 Months Ended
Revenue	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 65,852 $ 16,412 $ 3,741 $ — $ 86,005 Boston, MA Area 2 61,766 6,011 6,030 — 73,807 Dallas / Ft. Worth Area 7 59,997 16,400 3,942 — 80,339 Houston, TX Area 3 27,082 10,406 855 — 38,343 Los Angeles, CA Metro Area 6 83,517 17,879 5,035 — 106,431 Miami, FL Metro Area 2 24,919 8,802 1,141 — 34,862 Minneapolis - St. Paul, MN - WI Area 2 14,024 4,997 718 — 19,739 Nashville, TN Area 1 56,640 28,506 3,678 — 88,824 New York / New Jersey Metro Area 5 47,901 16,019 2,393 — 66,313 Orlando, FL Area 2 23,168 1,621 2,023 — 26,812 Philadelphia, PA Area 2 15,592 1,123 995 — 17,710 San Diego, CA Area 2 21,510 1,325 1,402 — 24,237 San Francisco - Oakland, CA Metro Area 6 54,364 5,751 1,913 — 62,028 Tampa, FL Area 2 29,571 7,371 1,938 — 38,880 Washington D.C. - MD - VA Area 9 128,047 26,112 8,655 — 162,814 Other Areas 34 283,929 50,697 22,944 — 357,570 Disposed properties (1) 6 61,276 13,397 5,345 — 80,018 Corporate — — — — 2,801 2,801 Total 100 $ 1,059,155 $ 232,829 $ 72,748 $ 2,801 $ 1,367,533 Year Ended December 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 51,992 $ 12,848 $ 2,632 $ — $ 67,472 Boston, MA Area 2 49,772 5,533 5,263 — 60,568 Dallas / Ft. Worth Area 7 53,831 12,881 3,559 — 70,271 Houston, TX Area 3 23,864 7,576 828 — 32,268 Los Angeles, CA Metro Area 6 76,603 13,630 4,785 — 95,018 Miami, FL Metro Area 2 25,387 8,225 862 — 34,474 Minneapolis - St. Paul, MN - WI Area 2 12,140 3,806 445 — 16,391 Nashville, TN Area 1 52,786 24,163 4,445 — 81,394 New York / New Jersey Metro Area 5 40,747 12,918 2,061 — 55,726 Orlando, FL Area 2 22,811 1,512 1,801 — 26,124 Philadelphia, PA Area 2 15,785 981 701 — 17,467 San Diego, CA Area 2 19,667 934 1,276 — 21,877 San Francisco - Oakland, CA Metro Area 6 50,270 4,559 2,091 — 56,920 Tampa, FL Area 2 26,182 6,528 1,299 — 34,009 Washington D.C. - MD - VA Area 9 108,119 20,786 8,049 — 136,954 Other Areas 34 275,136 46,139 20,784 — 342,059 Disposed properties (1) 7 68,910 13,644 6,429 — 88,983 Corporate — — — — 2,884 2,884 Total 101 $ 974,002 $ 196,663 $ 67,310 $ 2,884 $ 1,240,859 Year Ended December 31, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 8 $ 37,955 $ 7,369 $ 2,058 $ — $ 47,382 Boston, MA Area 2 25,426 2,153 3,576 — 31,155 Dallas / Ft. Worth Area 7 36,169 5,646 2,668 — 44,483 Houston, TX Area 3 19,169 3,380 470 — 23,019 Los Angeles, CA Metro Area 6 54,564 7,553 4,803 — 66,920 Miami, FL Metro Area 2 18,559 3,846 723 — 23,128 Minneapolis - St. Paul, MN - WI Area 2 7,188 1,826 855 — 9,869 Nashville, TN Area 1 32,774 11,928 3,714 — 48,416 New York / New Jersey Metro Area 5 25,685 6,138 1,589 — 33,412 Orlando, FL Area 2 15,843 679 1,517 — 18,039 Philadelphia, PA Area 2 12,029 390 634 — 13,053 San Diego, CA Area 2 12,392 458 1,258 — 14,108 San Francisco - Oakland, CA Metro Area 6 32,129 2,203 1,924 — 36,256 Tampa, FL Area 2 19,774 2,355 877 — 23,006 Washington D.C. - MD - VA Area 9 51,615 6,330 4,642 — 62,587 Other Areas 34 206,789 25,766 16,889 — 249,444 Disposed properties (1) 10 47,061 6,891 4,915 — 58,867 Corporate — — — — 2,267 2,267 Total 103 $ 655,121 $ 94,911 $ 53,112 $ 2,267 $ 805,411 _____________________________ (1) Includes WorldQuest Resort that was sold on August 1, 2023. See note 5.

Investments in Hotel Properties

Investments in Hotel Properties, net	12 Months Ended
Investments in Hotel Properties, net	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land $ 605,509 $ 622,759 Buildings and improvements 3,331,645 3,650,464 Furniture, fixtures and equipment 175,991 222,665 Construction in progress 114,850 21,609 Condominium properties — 9,889 Hilton Marietta finance lease 17,269 18,998 Total cost 4,245,264 4,546,384 Accumulated depreciation (1,293,332) (1,428,053) Investments in hotel properties, net $ 2,951,932 $ 3,118,331 For the years ended December 31, 2023, 2022 and 2021, we recognized depreciation expense of $187.4 million, $201.4 million and $218.5 million, respectively. Consolidation of VIE - 815 Commerce MM On May 31, 2023, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce Managing Member LLC (“815 Commerce MM”), which is developing the Le Meridien hotel in Fort Worth, Texas. As a result, Ashford Trust became the primary beneficiary and began consolidating 815 Commerce MM. The hotel property under development is subject to a 99-year lease of the land and building that has been accounted for as a failed sale and leaseback as described below. The Company determined that 815 Commerce MM is a VIE that is not a business. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of 815 Commerce MM, at fair value. The Company recognized a gain of $1.1 million that represented the difference between the fair value of the assets and liabilities recognized, the fair value of the non-controlling interest and the previous carrying value of the Company’s investment in 815 Commerce MM. The gain is included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations. The following table summarizes the assets and liabilities of 815 Commerce MM that were initially consolidated on May 31, 2023, upon Ashford Trust becoming the primary beneficiary (in thousands): Land $ 4,609 Construction in progress 56,591 Restricted cash 18,201 Deferred costs 92 Indebtedness (35,052) Other finance liability (26,729) Accounts payable and accrued expenses (88) Accrued interest payable (104) Noncontrolling interest in consolidated entities (7,961) Investment in 815 Commerce MM $ 9,559 Other Finance Liability On November 10, 2021, 815 Commerce LLC, a subsidiary of 815 Commerce MM, entered into a purchase and sale agreement. Pursuant to the purchase and sale agreement, 815 Commerce LLC sold its land and building in Fort Worth, Texas (the “Property”) for $30.4 million. Concurrent with the sale of the Property, 815 Commerce LLC entered into a 99-year lease agreement (the “Lease Agreement”), whereby 815 Commerce LLC will lease back the Property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the Lease Agreement, 815 Commerce LLC has a purchase option between 90-180 days prior to the commencement of the 36 th lease year. In accordance with ASC 842, Leases , this transaction was recorded as a failed sale and leaseback as there are not alternative assets, substantially the same as the transferred asset, readily available in the marketplace for the repurchase option to qualify as a sale leaseback. Upon consolidation of 815 Commerce LLC in May 2023, the Company utilized a discount rate of 8.2% to determine the fair value of the finance liability. As of December 31, 2023, no depreciation has been recorded as the building is under development. The finance liability is recognized in “other finance liability” on the Company's consolidated balance sheet as of December 31, 2023. Consolidation of VIE - Stirling OP On December 6, 2023, the Company entered into a Contribution Agreement with Stirling OP, a subsidiary of Stirling Inc. Pursuant to the terms of the Contribution Agreement, the Company contributed its equity interests, and the associated debt and other obligations, in Residence Inn Manchester, Hampton Inn Buford, SpringHill Suites Buford and Residence Inn Jacksonville to Stirling OP in exchange for 1.4 million Class I units of Stirling OP. The Company determined the transaction resulted in Ashford Trust becoming the primary beneficiary of Stirling OP in contemplation of: 1) the related party group comprised of (i) Ashford Trust and (ii) the initial stockholder who has control over election or removal of the board of directors of Stirling Inc. that have power to direct the most significant activities of Stirling OP; and 2) the consideration that substantially all the economics are held by the Company through its equity interest, and substantially all of the activities are performed on the Company’s behalf. As a result, Ashford Trust began consolidating Stirling OP as of December 6, 2023 and as such, the properties and debt continue to be reflected on the Company's balance sheet at their historical carrying values.

Dispositions, Impairment Charge

Dispositions, Impairment Charges and Assets Held For Sale	12 Months Ended
Dispositions, Impairment Charges and Assets Held For Sale	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions, Impairment Charges and Assets Held For Sale	Dispositions, Impairment Charges and Assets Held For Sale Dispositions On August 1, 2023, the Company sold the WorldQuest Resort in Orlando, Florida (“WorldQuest”) for $14.8 million in cash. The sale resulted in a gain of approximately $6.4 million for the year ended December 31, 2023, which was included in “ gain (loss) on consolidation of VIE and disposition of assets On November 9, 2023, the Company sold the Sheraton Bucks County in Langhorne, Pennsylvania for $13.8 million in cash. The sale resulted in a gain of approximately $3.9 million for the year ended December 31, 2023, which was included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations. On June 9, 2023 the Company received a 30-day extension to satisfy the extension conditions in order to negotiate modifications to the KEYS pool F extension test. On July 7, 2023, the Company elected not to make the required paydown to extend its KEYS pool F loan thereby defaulting on such loan. The KEYS pool F loan had a $215.1 million debt balance and was secured by Embassy Suites Flagstaff, Embassy Suites Walnut Creek, Marriott Bridgewater, Marriott Research Triangle, and the W Atlanta Downtown. On November 29, 2023, the Company completed the deed in lieu of foreclosure transaction for the transfer of ownership of the KEYS F loan to the mortgage lender, which resulted in a gain on extinguishment of debt of approximately $53.4 million for the year ended December 31, 2023, which is included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. See note 7 . On September 1, 2022, the Company sold the Sheraton in Ann Arbor, MI (“Sheraton Ann Arbor”) for total consideration of approximately $35.7 million, which included cash of $34.5 million and an interest-free receivable with an estimated fair value of $1.2 million and a face value of $1.5 million. The payment of the $1.5 million is deferred until the last day of the twenty-four 7 . On January 20, 2021, the Company sold the Le Meridien in Minneapolis, Minnesota, for approximately $7.9 million in cash. The sale resulted in a loss of approximately $90,000 for the year ended December 31, 2021, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statement of operations. In February 2021, the Company was informed by its lender that it had initiated foreclosure proceedings for the foreclosure of the SpringHill Suites Durham and SpringHill Suites Charlotte, which secured the Company’s $19.4 million mortgage loan. The foreclosure proceedings were completed on April 29, 2021 and resulted in a gain on extinguishment of debt of approximately $10.6 million for the year ended December 31, 2021, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. The results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for the fiscal year 2021, 2022 and 2023 dispositions. The following table includes condensed financial information for the years ended December 31, 2023, 2022 and 2021 f rom the Company’s dispositions (in thousands): Year Ended December 31, 2023 2022 2021 Total hotel revenue $ 80,018 $ 88,983 $ 58,867 Total hotel operating expenses (60,698) (65,053) (47,817) Property taxes, insurance and other (3,906) (4,402) (4,560) Depreciation and amortization (12,782) (17,322) (20,867) Total operating expenses (77,386) (86,777) (73,244) Gain (loss) on disposition of assets and hotel properties 10,279 (1) 237 Operating income (loss) 12,911 2,205 (14,140) Interest income 40 5 — Interest expense and amortization of discounts and loan costs (20,994) (13,805) (8,796) Write-off of premiums, loan costs and exit fees (110) — — Gain (loss) on extinguishment of debt 53,386 — 10,566 Income (loss) before income taxes 45,233 (11,595) (12,370) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (521) 90 103 Net income (loss) attributable to the Company $ 44,712 $ (11,505) $ (12,267) Impairment Charges During the years ended December 31, 2023, 2022 and 2021, no impairment charges were recorded. Assets Held For Sale On December 14, 2023, the Company entered into a purchase and sale agreement for the Residence Inn Salt Lake City hotel in Salt Lake City, Utah. As of December 31, 2023, the Residence Inn Salt Lake City was classified as held for sale. Depreciation and amortization ceased as of the date the assets were deemed held for sale. Since the sale of the Residence Inn Salt Lake City does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the consolidated financial statements. See note 25. The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet at December 31, 2023 were as follows: December 31, 2023 Assets Investments in hotel properties, net $ 11,949 Cash and cash equivalents 1 Restricted cash 223 Accounts receivable, net 171 Prepaid expenses 22 Due from third-party hotel managers 17 Assets held for sale $ 12,383 Liabilities Indebtedness, net $ 14,366 Accounts payable and accrued expenses 231 Accrued interest 55 Due from Ashford Inc. 1 Liabilities related to assets held for sale $ 14,653

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
Investment in Unconsolidated Entities	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investments in Unconsolidated Entities OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of December 31, 2023, the Company has made investments in OpenKey totaling approximately $5.5 million. At December 31, 2022, the Company held an investment in 815 Commerce MM of approximately $8.5 million, which is developing the Le Meridien Fort Worth. Our investment was recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet and was accounted for under the equity method of accounting as we were deemed to have significant influence over the entity under the applicable accounting guidance. During the second quarter of 2023, Ashford Trust obtained the ability to exercise their kick-out rights of the manager of 815 Commerce MM. As a result, Ashford Trust became the primary beneficiary and consolidated 815 Commerce MM. See notes 2 and 4. As a result of consolidating 815 Commerce MM, the Company’s investment is no longer reflected in “investments in unconsolidated entities” on the consolidated balance sheet. In November 2022, the Company made an initial investment of $9.1 million in an entity that holds the Meritage Investment in Napa, California. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. The following table summarizes our carrying value and ownership interest in unconsolidated entities: December 31, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,575 $ 2,103 Ownership interest in OpenKey 15.1 % 15.1 % Carrying value of the investment in 815 Commerce MM (in thousands) $ 8,482 Ownership interest in 815 Commerce MM 32.5 % Carrying value of the Meritage Investment (in thousands) $ 8,385 $ 8,991 The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Year Ended December 31, 2023 2022 2021 OpenKey $ (528) $ (668) $ (540) 815 Commerce MM — — (18) Meritage Investment (606) (136) — $ (1,134) $ (804) $ (558)

Indebtedness, net

Indebtedness, net	12 Months Ended
Indebtedness, net	Dec. 31, 2023
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): December 31, 2023 December 31, 2022 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (5) 1 hotel June 2023 LIBOR (3) + 2.45 % n/a $ — $ — $ 73,450 $ 100,142 Mortgage loan (6) 7 hotels June 2023 SOFR (4) + 3.70 % 4.00% 180,720 121,119 180,720 124,761 Mortgage loan (7) 7 hotels June 2023 SOFR (4) + 3.44 % 4.00% 174,400 113,110 174,400 118,783 Mortgage loan (8) 5 hotels June 2023 SOFR (4) + 3.73 % n/a — — 215,120 164,792 Mortgage loan (5) 1 hotel November 2023 SOFR (4) + 2.80 % n/a — — 25,000 46,659 Mortgage loan (9) 1 hotel January 2024 5.49 % n/a — — 6,345 6,556 Mortgage loan (9) 1 hotel January 2024 5.49 % n/a — — 9,261 13,638 Term loan (10) Equity January 2024 14.00 % n/a 183,082 — 195,959 — Mortgage loan (11) 8 hotels February 2024 SOFR (4) + 3.28 % n/a 345,000 298,826 395,000 288,740 Mortgage loan (12) 2 hotels March 2024 SOFR (4) + 2.80 % n/a 240,000 201,279 240,000 207,265 Mortgage loan (13) 19 hotels April 2024 SOFR (4) + 3.51 % n/a 862,027 907,476 907,030 932,715 Mortgage loan 1 hotel May 2024 4.99 % n/a 5,613 5,813 5,819 5,983 Mortgage loan (14) 1 hotel June 2024 SOFR (4) + 2.00 % n/a 8,881 6,334 8,881 6,651 Mortgage loan (15) 4 hotels June 2024 SOFR (4) + 3.90 % n/a 143,877 127,829 221,040 145,085 Mortgage loan (16) 5 hotels June 2024 SOFR (4) + 4.17 % n/a 237,061 77,978 262,640 80,554 Mortgage loan (17) 5 hotels June 2024 SOFR (4) + 2.90 % n/a 119,003 158,702 160,000 168,223 Mortgage loan 2 hotels August 2024 4.85 % n/a 10,945 7,831 11,172 8,404 Mortgage loan (9) 3 hotels August 2024 4.90 % n/a — — 22,349 17,041 Mortgage loan (18) 1 hotel November 2024 SOFR (4) + 4.76 % n/a 86,000 81,104 85,552 87,139 Mortgage loan (19) 17 hotels November 2024 SOFR (4) + 3.39 % n/a 409,750 225,466 415,000 220,462 Mortgage loan (20) 1 hotel December 2024 SOFR (4) + 4.00 % n/a 37,000 59,352 37,000 53,525 Mortgage loan (21) 1 hotel December 2024 SOFR (4) + 2.85 % n/a 13,759 22,473 15,290 23,440 Mortgage loan (22) 3 hotels February 2025 4.45 % n/a 45,792 53,207 46,918 56,536 Mortgage loan 1 hotel March 2025 4.66 % n/a 22,742 42,292 23,326 43,879 Mortgage loan (23) 1 hotel August 2025 SOFR (4) + 3.91 % n/a 98,000 167,176 98,000 170,329 Mortgage loan (5) 2 hotels May 2026 SOFR (4) + 4.00 % n/a 98,450 143,710 — — Mortgage loan (9) (24) 4 hotels December 2028 8.51 % n/a 30,200 35,580 — — Environmental loan (28) 1 hotel April 2024 10.00% n/a 571 — — — Bridge loan (25) (28) 1 hotel May 2024 7.25% n/a 19,889 — — — TIF loan (26) (28) 1 hotel August 2025 8.25% n/a 5,609 — — — Construction loan (27) (28) 1 hotel May 2033 SOFR (4) + 8.50% n/a 15,494 87,358 — — Total indebtedness $ 3,393,865 $ 2,944,015 $ 3,835,272 $ 3,091,302 Premiums (discounts), net (606) (20,249) Capitalized default interest and late charges 396 8,363 Deferred loan costs, net (6,914) (8,530) Embedded debt derivative 23,696 23,687 Indebtedness, net $ 3,410,437 $ 3,838,543 Indebtedness related to assets held for sale, net (22) 1 hotel February 2025 4.45 % n/a 14,366 — $ 3,396,071 $ 3,838,543 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of December 31, 2023. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rate was 4.39% at December 31, 2022. (4) SOFR rates were 5.35% and 4.36% at December 31, 2023 and December 31, 2022, respectively. (5) On May 19, 2023, we refinanced this mortgage loan with a new $98.5 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.00% and has a SOFR floor of 0.50%. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period ended in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.65% to SOFR + 3.70%. (7) This loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.39% to SOFR + 3.44%. (8) On November 30, 2023, the assets of this loan pool were transferred to the current holder of the mortgage loan through a deed in lieu of foreclosure transaction. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5. (9) On November 16, 2023, we refinanced this mortgage loan with a new $30.2 million mortgage loan with a five-year initial term. The new mortgage loan is interest only and bears interest at a fixed rate of 8.51%. (10) This term loan has two one (11) On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal paydown of $50.0 million, and the variable interest rate changed from LIBOR + 3.07% to LIBOR + 3.17%. This mortgage loan has five one one (12) This mortgage loan has five one one (13) This mortgage loan has five one one one (14) This mortgage loan has a SOFR floor of 2.00%. (15) This mortgage loan has five one one (16) This mortgage loan has five one one (17) This mortgage loan has five one one (18) On January 27, 2023, we drew the remaining $449,000 of the $2.0 million additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. Effective June 30, 2023, we replaced the variable interest rate of LIBOR + 4.65% with SOFR + 4.76% in accordance with the terms and conditions of the loan agreement. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (19) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in November 2023. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.13% to SOFR + 3.26%. On July 14, 2023, we repaid $5.3 million of principal on this mortgage loan. In conjunction with the fifth extension, the variable interest rate increased from SOFR + 3.26% to SOFR + 3.39%. (20) This mortgage loan has three one (21) This loan has two one one (22) A portion of this mortgage loan at December 31, 2023 relates to Residence Inn Salt Lake City. See note 5. (23) This mortgage loan has one one (24) This loan is associated with Stirling Hotels & Resorts Inc. See discussion in notes 1 and 4. (25) On December 22, 2023, we amended this loan. Terms of the amendment included extending the maturity date six months to May 2024, and increasing the fixed interest rate from 5.00% to 7.25%. This loan is collateralized by historical tax credits, certain capital distribution, and the deed of trust for the hotel project. (26) On July 26, 2023, we amended this loan. Terms of the amendment included increasing the fixed rate of 4.75% to a fixed rate of 8.25%, and extending the maturity date from July 2024 to August 2025. This loan is collateralized by historical tax credits. (27) Effective August 1, 2023, we amended this construction loan. Terms of the amendment included replacing the variable interest rate of LIBOR + 8.39% with SOFR + 8.50% and extending the term loan effective date from August 2023 to January 2024. Additionally, the term loan rate of a fixed rate of 6.81% plus the higher of the a) five-year swap rate and b) 0.94% was replaced with a fixed rate of 7.75% plus SOFR, less 1.85%. The final maturity date is May 2033. (28) This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2, 4 and 8. We recognized net premium (discount) amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Interest expense and amortization of discounts and loan costs $ (18,684) $ (12,015) $ (7,142) The amortization of the net premium (discount) is computed using a method that approximates the effective interest method. During the years ended December 31, 2021 and 2020 the Company entered into forbearance and other agreements which were evaluated to be considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. As a result of the troubled debt restructurings all accrued default interest and late charges were capitalized into the applicable loan balances and are being amortized over the remaining term of the loan using the effective interest method. The amount of default interest and late charges capitalized into the loan balance was $33.2 million during the year ended December 31, 2021. The amount of the capitalized principal that was amortized during the years ended December 31, 2023, 2022 and 2021 was $7.8 million, $15.1 million and $35.7 million, respectively. The amount of the capitalized principal that was written off during the years ended December 31, 2023, 2022 and 2021, was $151,000, $0 and $0, respectively. These amounts are included as a reduction to “interest expense and amortization of discounts and loan costs” in the consolidated statements of operations. On June 21, 2023, the Company and Ashford Trust OP (the “Borrower”), an indirect subsidiary of the Company, entered into Amendment No. 2 to the Credit Agreement (“Amendment No. 2”) with certain funds and accounts managed by Oaktree Capital Management, L.P. (the “Lenders”) and Oaktree Fund Administration, LLC. Amendment No. 2, subject to the conditions set forth therein, provides that, among other things: (i) the Delayed Draw Term Loan (“DDTL”) commitment expiration date will be July 7, 2023, or such earlier date that the Borrower makes an Initial DDTL draw to be used by the Borrower to prepay certain mortgage indebtedness; (ii) notwithstanding the occurrence of the DDTL commitment expiration date, up to $100,000,000 of Initial DDTLs will be made available by the Lenders for a period of twelve (12) months ending July 7, 2024 (none of which was used as of December 31, 2023), subject to the Borrower paying an unused fee of 9% per annum on the undrawn amount; (iii) Ashford Trust and the Borrower will be permitted to make certain restricted payments, including without limitation dividends on Ashford Trust’s preferred stock, without having to maintain unrestricted cash in an amount not less than the sum of (x) $100,000,000 plus (y) the aggregate principal amount of DDTLs advanced prior to the date thereof or contemporaneously therewith; (iv) a default on certain pool mortgage loans will not be counted against the $400,000,000 mortgage debt threshold amount; (v) for purposes of the mortgage debt threshold amount, a certain mortgage loan, with a current aggregate principal amount of $415,000,000, will be deemed to have a principal amount of $400,000,000; and (vi) when payable by the Borrower under the Credit Agreement, at least 50% of the exit fee shall be paid as a cash exit fee. The KEYS mortgage loans were entered into on June 13, 2018, each of which had a two-year initial term and five one-year extension options. In order to qualify for a one-year extension in June of 2023, each KEYS loan pool was required to achieve a certain debt yield test. The Company extended its KEYS Pool C loan with a paydown of approximately $62.4 million, its KEYS Pool D loan with a paydown of approximately $25.6 million, and its KEYS Pool E loan with a paydown of approximately $41.0 million. On June 9, 2023 the Company received a 30-day extension to satisfy the extension conditions in order to negotiate modifications to the respective extension tests. On July 7, 2023, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, KEYS Pool B loan and KEYS pool F loan thereby defaulting on such loans. On November 29, 2023, the Company completed the deed in lieu of foreclosure transaction for the transfer of ownership of the KEYS F $215.1 million mortgage to the mortgage lender. The foreclosure resulted in a gain on extinguishment of debt of approximately $53.4 million for the year ended December 31, 2023, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. The Company’s KEYS Pool A loan has a $180.7 million debt balance with a book value of collateral of $121.1 million and its KEYS Pool B loan has a $174.4 million debt balance with a book value of collateral of $113.1 million as of December 31, 2023. Below is a summary of the hotel properties securing the KEYS Pool A loan, KEYS Pool B loan, KEYS Pool C loan, KEYS Pool D loan, KEYS Pool E loan and the hotel properties that secured the KEYS Pool F loan prior to transfer of ownership to the mortgage lender: KEYS A Loan Pool Courtyard Columbus Tipton Lakes – Columbus, IN Courtyard Old Town – Scottsdale, AZ Residence Inn Hughes Center – Las Vegas, NV Residence Inn Phoenix Airport – Phoenix, AZ Residence Inn San Jose Newark – Newark, CA SpringHill Suites Manhattan Beach – Hawthorne, CA SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA KEYS B Loan Pool Courtyard Basking Ridge – Basking Ridge, NJ Courtyard Newark Silicon Valley – Newark, CA Courtyard Oakland Airport – Oakland, CA Courtyard Plano Legacy Park – Plano, TX Residence Inn Plano – Plano, TX SpringHill Suites BWI Airport – Baltimore, MD TownePlace Suites Manhattan Beach – Hawthorne, CA KEYS C Loan Pool Hyatt Coral Gables – Coral Gables, FL Hilton Ft. Worth – Fort Worth, TX Hilton Minneapolis Airport – Bloomington, MN Sheraton San Diego – San Diego, CA Sheraton Bucks County, PA – Langhorne, PA KEYS D Loan Pool Marriott Beverly Hills – Los Angeles, CA One Ocean Resort – Atlantic Beach, FL Marriott Suites Dallas – Dallas, TX Hilton Santa Fe – Santa Fe, NM Embassy Suites Dulles – Herndon, VA KEYS E Loan Pool Marriott Fremont – Fremont, CA Embassy Suites Philadelphia – Philadelphia, PA Marriott Memphis – Memphis, TN Sheraton Anchorage – Anchorage, AK Lakeway Resort Austin – Lakeway, TX KEYS F Loan Pool Embassy Suites Flagstaff – Flagstaff, AZ Embassy Suites Walnut Creek – Walnut Creek, CA Marriott Bridgewater – Bridgewater, NJ Marriott Research Triangle Park – Durham, NC W Atlanta Downtown – Atlanta, GA We have extension options relating to certain property-level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield targets. Effective June 30, 2023, LIBOR is no longer published. Accordingly all variable interest rate mortgage loans held by the Company that used the LIBOR index transitioned to SOFR beginning on July 1, 2023. Not all lenders executed loan amendment documents and instead will defer to original loan documents that dictate changes in index rates. If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of December 31, 2023, we were in compliance with all covenants related to mortgage loans, with the exception of the KEYS Pools A and KEYS Pool B mortgage loans discussed above. We were also in compliance with all covenants under the senior secured term loan facility with Oaktree Capital Management L.P. (“Oaktree”). The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. In conjunction with the development of the Le Meridien in Fort Worth, Texas, which was consolidated as of May 31, 2023, the Company recorded $3.0 million of capitalized interest during the year ended December 31, 2023, which is included in “investment in hotel properties, net” in our consolidated balance sheet. See note 4. Maturities and scheduled amortizations of indebtedness as of December 31, 2023 for each of the five following years and thereafter are as follows (in thousands), excluding extension options: 2024 $ 3,077,578 2025 172,142 2026 98,450 2027 — 2028 30,200 Thereafter 15,495 Total $ 3,393,865

Notes Receivable, Net and Other

Notes Receivable, Net and Other	12 Months Ended
Notes Receivable, Net and Other	Dec. 31, 2023
Receivables [Abstract]
Notes Receivable, Net and Other	Notes Receivable, Net and Other Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2023 December 31, 2022 Certificate of Occupancy Note (1) (3) Face amount 7.0 % $ — $ 5,250 Discount (2) — (188) Notes receivable, net $ — $ 5,062 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was due and payable on or before July 9, 2025. The note was paid in full on July 14, 2023. (2) The discount represented the imputed interest during the interest-free period. (3) The note receivable was secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. No cash interest income was recorded for the years ended December 31, 2023, 2022 and 2021. We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other income (expense) $ 188 $ 339 $ 460 Part of the consideration received in the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront was a parking parcel, which and we obtained access to utilize on August 31, 2021. For the year ended December 31, 2021 we received reimbursement of $320,000, for parking fees and recognized income of $89,000, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel was in development. We recognized imputed interest income as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other income (expense) $ — $ — $ 211 As of December 31, 2023, the Company has a note receivable of $7.4 million with the manager of 815 Commerce MM, who also holds a non-controlling interest in 815 Commerce MM. See discussion in notes 2 and 4. The Company has a maximum note commitment of up to $9.5 million, which is the total of balancing deposits required by the property construction lender. The note bears interest at 18.0% per annum. The note receivable is payable within 30 days after demand. If the manager fails upon demand to repay the note receivable with interest, the Company will have the right to convert the unpaid principal plus all accrued interest thereon to an additional capital contribution in which case the deemed additional capital contributions by the manager will be deemed to have not occurred and the percentage interests and the residual sharing percentages of the members shall be adjusted. The note receivable may be prepaid in whole or in part. The following table summarizes the note receivable (dollars in thousands): Interest Rate December 31, 2023 December 31, 2022 Note receivable 18.0 % $ 7,369 $ — The following table summarizes the interest income associated with the note receivable (in thousands): Year Ended December 31, Line Item 2023 Other income (expense) $ 501 On September 1, 2022, the Company sold the Sheraton Ann Arbor. See note 5. Under the purchase and sale agreement, $1.5 million of the sales price is deferred, interest free, until the last day of the 24 th month following the closing date (September 30, 2024). The components of the receivable, which is included in “other assets” in the consolidated balance sheet, are summarized below (dollars in thousands): Imputed Interest Rate December 31, 2023 December 31, 2022 Deferred Consideration Face amount 10.0 % $ 1,500 $ 1,500 Discount (1) (108) (240) $ 1,392 $ 1,260 _______________ (1) The discount represents the imputed interest during the interest-free period. We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 Other income (expense) $ 132 $ 41

Derivative Instruments and Hedg

Derivative Instruments and Hedging	12 Months Ended
Derivative Instruments and Hedging	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging	Derivative Instruments and Hedging Interest Rate Derivatives —We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows, which include interest rate caps. To mitigate nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. Payments from counterparties on in-the-money interest rate caps are recognized as realized gains on our consolidated statements of operations. The following table presents a summary of our interest rate derivatives entered into over each applicable period: Year Ended December 31, 2023 2022 2021 Interest rate caps: Notional amount (in thousands) $ 2,583,271 (1) $ 3,365,941 (1) $ 3,415,301 (1) Strike rate low end of range 2.50 % 2.90 % 2.00 % Strike rate high end of range 6.90 % 5.50 % 4.00 % Effective date range March 2023 - December 2023 January 2022 - December 2022 January 2021 - October 2021 Termination date range February 2024 - June 2025 January 2023 - January 2025 February 2022 - November 2024 Total cost (in thousands) $ 28,256 $ 40,119 $ 1,158 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: December 31, 2023 December 31, 2022 Interest rate caps: Notional amount (in thousands) $ 3,351,271 (1) $ 3,549,941 (1) Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 6.90 % 5.50 % Termination date range February 2024 - June 2025 January 2023 - January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 2,689,927 $ 3,505,242 _______________ (1) These instruments were not designated as cash flow hedges. Compound Embedded Debt Derivative —Based on certain provisions in the Oaktree Credit Agreement, the Company is required to pay an exit fee. Under the applicable accounting guidance, the exit fee is considered an embedded derivative liability that meets the criteria for bifurcation from the debt host. There were other features that were bifurcated, but did not have a material value. The compound embedded debt derivative, consisting of the exit fee and other features which were bifurcated, was initially measured at fair value and the fair value of the embedded debt derivative is estimated at each reporting period. See note 10.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the marketplace 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 are 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. The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rose above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the caps are based on an expectation of future interest rates derived from observable market interest rate curves (SOFR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at December 31, 2023, the SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 5.348% to 3.403% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. The Company initially recorded an embedded debt derivative of $43.7 million, which was attributed to the compound embedded derivative liability associated with the Oaktree term loan. The compound embedded derivative liability is considered a Level 3 measurement due to the utilization of significant unobservable inputs in the valuation, which were based on ‘with and without’ valuation models. Based on the terms and provisions of the Oaktree Credit Agreement, with the assistance of a valuation specialist, the Company utilized a risk neutral model to estimate the fair value of the embedded derivative features requiring bifurcation as of the respective issuance dates and as of the December 31, 2023 reporting date. The risk neutral model is designed to utilize market data and the Company’s best estimate of the timing and likelihood of the settlement events that are related to the embedded derivative features in order to estimate the fair value of the respective notes with these embedded derivative features. The fair value of the notes with the derivative features is compared to the fair value of a plain vanilla note (excluding the derivative features), which is calculated based on the present value of the future default adjusted expected cash flows. The difference between the two values represents the fair value of the bifurcated derivative features as of each respective valuation date. The key inputs to the valuation models that were utilized to estimate the fair value of the embedded debt derivative are described as follows: • the default probability-weighted exit fee and prepayment cash flows are based on the contractual terms of the Oaktree Credit Agreement and the expectation of an acceleration event, including default, of the Company; • the remaining term of 1.04 years was determined based on the expected remaining term of the related note with embedded features subject to valuation (as of the respective valuation date); • the Company’s equity volatility estimate of 75.4% was based on the historical equity volatility of the Company, based on the remaining expected term of the respective loans; • the risk-free rate of 4.79% was the discount rate utilized in the valuation and was determined based on reference to market yields for U.S. treasury debt instruments with similar terms; • the recovery rate of 61.2% assumed upon occurrence of a default event was estimated based upon recovery rate data published by credit rating agencies specific to the seniority of the notes; and • the probabilities and timing of a default-related acceleration event of 55.5% were estimated using an annualized probability of default which was implied from the debt issuance proceeds as of the issuance date, and updated utilizing relevant market data including market observed option-adjusted spreads as of December 31, 2023. The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands): Fair Value Balance at January 1, 2021 $ — Additions 43,680 Re-measurement of fair value (15,774) Balance at December 31, 2021 $ 27,906 Re-measurement of fair value (4,219) Balance at December 31, 2022 23,687 Re-measurement of fair value 9 Balance at December 31, 2023 $ 23,696 Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents 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, 2023: Assets Derivative assets: Interest rate derivatives - caps $ — $ 13,696 $ — $ 13,696 (1) Total $ — $ 13,696 $ — $ 13,696 Liabilities Embedded debt derivative $ — $ — $ (23,696) $ (23,696) (2) Net $ — $ 13,696 $ (23,696) $ (10,000) December 31, 2022: Assets Derivative assets: Interest rate derivatives - caps $ — $ 47,182 $ — $ 47,182 (1) Total $ — $ 47,182 $ — $ 47,182 Liabilities Embedded debt derivative $ — $ — $ (23,687) $ (23,687) (2) Net $ — $ 47,182 $ (23,687) $ 23,495 ____________________________________ (1) Reported net as “derivative assets” in our consolidated balance sheets. (2) Reported in “indebtedness, net” in our consolidated balance sheets. 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 our consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Year Ended December 31, 2023 2022 2021 Assets Derivative assets: Interest rate derivatives - floors $ — $ — $ (643) Interest rate derivatives - caps (2,191) 10,947 (657) (2,191) 10,947 (1,300) Liabilities Derivative liabilities: Embedded debt derivative (9) 4,219 15,774 Net $ (2,200) $ 15,166 $ 14,474 Total combined Interest rate derivatives - floors $ — $ — $ (624) Interest rate derivatives - caps (44,032) 6,562 (657) Embedded debt derivative (9) 4,219 15,774 Unrealized gain (loss) on derivatives (44,041) (1) 10,781 (1) 14,493 (1) Realized gain (loss) on interest rate caps 41,841 (1) (3) 4,385 (1) (3) — Realized gain (loss) on interest rate floors — — (19) (2) Net $ (2,200) $ 15,166 $ 14,474 ____________________________________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
Summary of Fair Value of Financial Instruments	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 13,696 $ 13,696 $ 47,182 $ 47,182 Financial liabilities measured at fair value: Embedded debt derivative $ 23,696 $ 23,696 $ 23,687 $ 23,687 Financial assets not measured at fair value: Cash and cash equivalents (1) $ 165,232 $ 165,232 $ 417,064 $ 417,064 Restricted cash (1) 146,302 146,302 141,962 141,962 Accounts receivable, net (1) 45,692 45,692 49,809 49,809 Notes receivable, net 7,369 7,369 5,062 5,062 Due from Ashford Inc., net — — 486 486 Due from related parties, net — — 6,570 6,570 Due from third-party hotel managers (1) 21,681 21,681 22,462 22,462 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,393,259 $3,249,657 $ 3,815,023 $3,684,879 Accounts payable and accrued expenses (1) 129,554 129,554 115,970 115,970 Accrued interest payable (1) 27,064 27,064 15,287 15,287 Dividends and distributions payable 3,566 3,566 3,118 3,118 Due to Ashford Inc., net (1) 13,262 13,262 — — Due to related parties, net 5,874 5,874 — — Due to third-party hotel managers 1,193 1,193 1,319 1,319 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2023. Cash, cash equivalents and restricted cash . These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, accounts payable and accrued expenses, accrued interest payable, dividends and distributions payable, due to/from related parties, net, due to/from Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique. Notes receivable, net. The carrying amount of notes receivable, net approximates its fair value. We estimate the fair value of the notes receivable, net to be approximately 100.0% of the carrying value of $7.4 million at December 31, 2023 and approximately 100.0% of the carrying value of $5.1 million at December 31, 2022. This is considered a Level 2 valuation technique. Derivative assets and embedded debt derivative. See notes 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 95.8% of the carrying value of $3.4 billion at December 31, 2023 and approximately 96.6% of the carrying value of $3.8 billion at December 31, 2022. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
Income (Loss) Per Share	Dec. 31, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and 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. 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, 2023 2022 2021 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (178,489) $ (139,825) $ (267,005) Less: dividends on preferred stock (15,921) (12,433) (252) Less: deemed dividends on redeemable preferred stock (2,673) (946) — Add: Gain (loss) on extinguishment of preferred stock 3,390 — (607) Add: Claw back of dividends on cancelled performance stock units — — 349 Distributed and undistributed income (loss) allocated to common stockholders - basic $ (193,693) $ (153,204) $ (267,515) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership — — (3,970) Distributed and undistributed income (loss) allocated to common stockholders - diluted $ (193,693) $ (153,204) $ (271,485) Weighted average common shares outstanding: Weighted average common shares outstanding - basic 34,523 34,339 21,625 Effect of assumed conversion of operating partnership units — — 219 Weighted average shares outstanding - basic and diluted 34,523 34,339 21,844 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (5.61) $ (4.46) $ (12.37) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (5.61) $ (4.46) $ (12.43) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2023 2022 2021 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (2,239) $ (1,233) $ — Dividends on preferred stock - Series J (inclusive of deemed dividends) 6,014 944 — Dividends on preferred stock - Series K (inclusive of deemed dividends) 317 21 — Total $ 4,092 $ (268) $ — Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock — — 20 Effect of unvested performance stock units — — 9 Effect of assumed conversion of operating partnership units 416 288 — Effect of assumed issuance of shares for term loan exit fee 1,745 1,745 1,672 Effect of assumed conversion of preferred stock - Series J 16,933 33 — Effect of assumed conversion of preferred stock - Series K 934 1 — Total 20,028 2,067 1,701

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (the “common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, generally have vesting periods of three years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership. The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. With respect to the 2021, 2022 and 2023 award agreements, the criteria for the Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the applicable measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of Performance LTIP Units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. During the year ended December 31, 2023, approximately 86,000 performance-based LTIP units were forfeited due to the performance conditions not being met and adjustments from the market condition. As of December 31, 2023, there were approximately 1.5 million Performance LTIP units outstanding, representing 250% of the target number granted for the 2022 and 2023 grants. As of December 31, 2023, we have issued a total of approximately 2.0 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 1.5 million Performance LTIP units and 124,000 LTIP units have reached full economic parity with, and are convertible into, common units upon vesting. We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2023 2022 2021 Performance LTIP units Advisory services fee $ 783 $ 1,158 $ 1,128 LTIP units Advisory services fee 435 569 1,119 LTIP units Corporate, general and administrative 15 32 22 LTIP units - independent directors Corporate, general and administrative 475 413 397 $ 1,708 $ 2,172 $ 2,666 The unamortized cost of the unvested Performance LTIP units, which was $992,000 at December 31, 2023, will be expensed over a peri od of 2.0 years with a weighted average peri od of 1.3 years. The unamortized cost of the unvested LTIP units, which was $89,000 at December 31, 2023, will be ex pensed over a period of 0.2 y ears with a weighted average period o f 0.2 years. The following table presents the common units redeemed and the fair value upon redemption (in thousands): Year Ended December 31, 2023 2022 2021 Common units converted to stock — — 1 Fair value of common units converted $ — $ — $ 43 The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage: December 31, 2023 December 31, 2022 Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 22,007 $ 21,550 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) $ 186,201 $ 184,625 Ownership percentage of operating partnership 1.27 % 0.91 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands): Year Ended December 31, 2023 2022 2021 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 2,239 $ 1,233 $ 3,970 Performance LTIP dividend claw back upon cancellation — — (518) A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2023 2022 2021 Outstanding at beginning of year 1,669 400 217 LTIP units issued 112 79 70 Performance LTIP units issued 282 1,194 122 Performance LTIP units canceled (86) (4) (8) Common units converted to common stock — — (1) Outstanding at end of year 1,977 1,669 400 Common units convertible/redeemable at end of year 359 309 207

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Common Stock and Preferred Stock Repurchases —On April 6, 2022, the board of directors reapproved a stock repurchase program (the “2022 Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations. For the years ended December 31, 2023, 2022 and 2021, no shares of our common stock or preferred stock have been repurchased under the Repurchase Program. In addition, we acquired 24,007, 43,007 and 1,420 shares of our common stock in 2023, 2022 and 2021, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. At-the-Market-Equity Distribution Agreement — On April 11, 2022, the Company entered into an equity distribution agreement (the “Virtu Equity Distribution Agreement”) with Virtu Americas LLC (“Virtu”), to sell from time to time shares of the Company’s common stock having an aggregate offering price of up to $100 million. We will pay Virtu a commission of approximately 1% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. The table below summarizes the activity (in thousands): Year Ended December 31, 2023 Common stock issued 723 Gross proceeds $ 1,477 Commissions and other expenses 15 Net proceeds $ 1,462 Common Stock Resale Agreement — On September 9, 2021, the Company and M3A LP (“M3A”) entered into a purchase agreement (the “M3A Purchase Agreement”) pursuant to which the Company may issue or sell to M3A up to 6.0 million shares of the Company’s common stock from time to time during the term of the M3A Purchase Agreement. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to M3A 900 Gross proceeds received $ 12,941 Preferred Stock —In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock and Series I Cumulative Preferred Stock. Ashford Trust entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, 7.375% Series F Cumulative Preferred Stock, 7.375% Series G Cumulative Preferred Stock, 7.50% Series H Cumulative Preferred Stock and 7.50% Series I Cumulative Preferred Stock in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). The table below summarizes the activity (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2021 Preferred Shares Tendered Common Shares Issued Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) 8.45% Series D Cumulative Preferred Stock 14 89 617 4,174 653 7.375% Series F Cumulative Preferred Stock 76 527 1,640 11,185 1,482 7.375% Series G Cumulative Preferred Stock — — 2,891 21,371 2,764 7.50% Series H Cumulative Preferred Stock 138 882 1,361 10,033 1,217 7.50% Series I Cumulative Preferred Stock 92 612 2,138 14,735 1,660 320 2,110 8,647 61,498 7,776 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split. 8.45% Series D Cumulative Preferred Stock. At December 31, 2023 and 2022, there were 1.2 million and 1.2 million shares of Series D Cumulative Preferred Stock outstanding, respectively. The Series D Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series F Cumulative Preferred Stock (noted below), Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock (see note 16) and Series K Preferred Stock (see note 16) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series D Cumulative Preferred Stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D Cumulative Preferred Stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1124 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D Cumulative Preferred Stockholders have no voting rights. 7.375% Series F Cumulative Preferred Stock. At December 31, 2023 and 2022, there were 1.2 million and 1.3 million shares of 7.375% Series F Cumulative Preferred Stock outstanding, respectively. The Series F Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock and Series K Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series F Cumulative Preferred Stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F Cumulative Preferred Stock is convertible into a maximum 0.09690 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series F Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series F Cumulative Preferred Stock will not impact our earnings per share calculations. Series F Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series F Cumulative Preferred Stockholders have no voting rights. 7.375% Series G Cumulative Preferred Stock. At December 31, 2023 and 2022, there were 1.5 million and 1.5 million shares of 7.375% Series G Cumulative Preferred Stock outstanding, respectively. The Series G Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock and Series K Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series G Cumulative Preferred Stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G Cumulative Preferred Stock is convertible into a maximum 0.08333 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series G Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series G Cumulative Preferred Stock will not impact our earnings per share calculations. Series G Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series G Cumulative Preferred Stockholders have no voting rights. 7.50% Series H Cumulative Preferred Stock. At December 31, 2023 and 2022, there were 1.2 million and 1.3 million shares of 7.50% Series H Cumulative Preferred Stock outstanding, respectively. The Series H Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock and Series K Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series H Cumulative Preferred Stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H Cumulative Preferred Stock is convertible into a maximum 0.08251 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series H Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series H Cumulative Preferred Stock will not impact our earnings per share. Series H Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H Cumulative Preferred Stockholders have no voting rights. 7.50% Series I Cumulative Preferred Stock. At December 31, 2023 and 2022, there were 1.2 million and 1.3 million shares of 7.50% Series I Cumulative Preferred Stock outstanding, respectively. The Series I Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock, Series J Preferred Stock and Series K Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series I Cumulative Preferred Stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I Cumulative Preferred Stock is convertible into a maximum 0.08065 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series I Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series I Cumulative Preferred Stock will not impact our earnings per share. Series I Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series I Cumulative Preferred Stockholders have no voting rights. Dividends —A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Common stock $ — $ — $ — Preferred stock: Series D Cumulative Preferred Stock 2,472 2,481 4,342 (2) Series F Cumulative Preferred Stock 2,272 2,307 4,036 (2) Series G Cumulative Preferred Stock 2,824 2,824 4,943 (2) Series H Cumulative Preferred Stock 2,389 2,453 4,293 (2) Series I Cumulative Preferred Stock 2,306 2,349 4,111 (2) Total dividends declared (1) $ 12,263 $ 12,414 $ 21,725 ____________________________________ (1) In the year ended December 31, 2021, we recorded $252,000 of preferred dividend expense after the impact of preferred stock exchanges. All unpaid dividends in arrears as of December 31, 2020 of $21.5 million were declared and paid in 2021. (2) In the year ended December 31, 2021, the Company declared and paid dividends for each series of preferred stock for unpaid dividends from the second quarter 2020 through the third quarter of 2021. Additionally. the Company declared dividends for the fourth quarter of 2021 that were paid in January 2022. Noncontrolling Interest in Consolidated Entities —Our noncontrolling entity partner held an ownership interest of 15% in two hotel properties until December 21, 2021, when the Company purchased the remaining ownership interest in the two hotel properties. On December 7, 2023, Stirling OP issued 8,000 Class E units at a price of $25.00 per unit to Stirling REIT Advisors LLC, in exchange for a cash contribution of $200,000. Stirling REIT Advisors LLC holds an ownership interest of 0.57% in Stirling OP, this ownership interest is included in “noncontrolling interests in consolidated entities” on the consolidated balance sheet. The carrying value of the investment at December 31, 2023 was $193,000. As of December 31, 2023, our noncontrolling interest partner held a $14.7 million interest in 815 Commerce MM. See note 4. The table below summarizes (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2023 2022 2021 (Income) loss allocated to noncontrolling interests in consolidated entities. $ 6 $ — $ 73

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the 2021 Stock Incentive Plan approved by stockholders, we are au thorized to grant approximately 2.1 million shares of restricted stock and performance stock units as incentive stock awards. At December 31, 2023 , approximately 649,000 shares were available for future issuance under the 2021 Stock Incentive Plan. Restricted Stock —We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuanc e. At December 31, 2023, the unamortized cost of the unvested restricted stock was $260,000 which will be amortized over a period of 0.2 years with a weighted average period of 0.2 years. The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 1,446 $ 2,509 $ 3,716 Management fees 10 56 199 Corporate, general and administrative 89 163 151 Corporate, general and administrative - independent directors 170 90 186 $ 1,715 $ 2,818 $ 4,252 A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 121 $ 20.63 231 $ 30.76 17 $ 306.10 Restricted stock granted 42 4.01 19 5.59 251 25.38 Restricted stock vested (114) 23.06 (125) 36.70 (33) 126.09 Restricted stock forfeited — — (4) 31.88 (4) 76.73 Outstanding at end of year 49 $ 26.17 121 $ 20.63 231 $ 30.76 The fair value of restricted stock vested during the years ended December 31, 2023, 2022 and 2021 was $417,000, $1.2 million and $926,000, respectively. Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units (“PSUs”), which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. With respect to the 2021, 2022 and 2023 award agreements, the criteria for the PSUs are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the corresponding measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of PSUs earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSUs to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of PSUs earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation for the number of PSUs earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. During the year ended December 31, 2021, approximately 8,000 PSUs granted in 2018 and 2019 were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $349,000. The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 604 $ 1,008 $ 3,177 The unamortized cost of PSUs, which was $485,000 at December 31, 2023, will be expensed over a period of approximately 2.0 years with a weighted average period of 1.9 years. A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 136 $ 29.04 139 $ 34.81 13 $ 377.90 PSUs granted 164 4.93 34 12.09 134 29.70 PSUs vested (76) 29.70 (33) 29.70 — — PSUs canceled (25) 29.70 (4) 80.00 (8) 627.36 Outstanding at end of year 199 $ 7.81 136 $ 29.04 139 $ 34.81

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
Redeemable Preferred Stock	Dec. 31, 2023
Temporary Equity [Abstract]
Redeemable Preferred Stock	Redeemable Preferred Stock Series J Redeemable Preferred Stock The Company enters into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series J Redeemable Preferred Stock (the “Series J Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock in a primary offering at a price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan (the “DRIP”) at $25.00 per share (the “Stated Value”). The Series J Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (Series D Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock and Series K Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Holders of the Series J Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series J Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series J Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series J Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms. Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series J Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control. The redemption fee shall be an amount equal to: • 8.0% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series J Preferred Stock to be redeemed; • 5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed; and • 0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed. The Series J Preferred Stock provides for cash dividends at an annual rate equal to 8.0% per annum of the Stated Value beginning on the date of the first settlement of the Series J Preferred Stock. Dividends are payable on a monthly basis and payable in arrears on the 15th of each month (or, if such payment date is not a business day, the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year. The Company has a DRIP that allows participating holders to have their Series J Preferred Stock dividend distributions automatically reinvested in additional shares of the Series J Preferred Stock at a price of $25.00 per share. The issuance activity of the Series J Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 Series J Preferred Stock shares issued (1) 3,371 87 Net proceeds $ 75,837 $ 1,959 ________ (1) Exclusive of shares issued under the DRIP. The Series J Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series J Preferred Stock is classified outside of permanent equity. At the date of issuance, the carrying amount of the Series J Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period. The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series J Preferred Stock $ 79,975 $ 2,004 Cumulative adjustments to Series J Preferred Stock (1) 3,473 926 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 Series J Preferred Stock $ 3,467 $ 18 The redemption activities of Series J Preferred stock is summarized below (in thousands): Year Ended December 31, 2023 Series J Preferred Stock shares redeemed 3 Redemption amount, net of redemption fees $ 78 Series K Redeemable Preferred Stock The Company enters into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series K Redeemable Preferred Stock (the “Series K Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 20.0 million shares of Series K Preferred Stock or Series J Preferred Stock in a primary offering at a price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series K Preferred Stock or Series J Preferred Stock pursuant to the DRIP at the Stated Value. The Series K Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (Series D Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock and Series J Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Holders of the Series K Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series K Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive, and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series K Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series K Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms. Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series K Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control. The redemption fee shall be an amount equal to: • 1.5% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series K Preferred Stock to be redeemed; and • 0% of the Stated Value beginning on the first anniversary from the Original Issue Date of the shares of the Series K Preferred Stock to be redeemed. Holders of Series K Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 8.2% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $2.05 per share). Beginning one year from the date of original issuance of each share of Series K Preferred Stock and on each one-year anniversary thereafter for such share of Series K Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series K Preferred Stock shall not exceed 8.7% per annum of the Stated Value. Dividends are payable on a monthly basis in arrears on the 15th of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year. The Company has a DRIP that allows participating holders to have their Series K Preferred Stock dividend distributions automatically reinvested in additional shares of the Series K Preferred Stock at a price of $25.00 per share. The issuance activity of the Series K Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 Series K Preferred Stock shares issued (1) 192 2 Net proceeds $ 4,664 $ 44 ________ (1) Exclusive of shares issued under the DRIP. The Series K Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series K Preferred Stock is classified outside of permanent equity. At the date of issuance, the carrying amount of the Series K Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period. The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series K Preferred Stock $ 4,783 $ 44 Cumulative adjustments to Series K Preferred Stock (1) 146 20 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 Series K Preferred Stock $ 191 $ 1

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ashford Inc. Advisory Agreement with Ashford Trust OP Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty J. Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc. Under our advisory agreement, we pay advisory fees to Ashford LLC. Advisory fees consist of base fees and incentive fees. We pay a monthly base fee in an amount equal to 1/12 of (i) 0.70% of the Total Market Capitalization (as defined in our advisory agreement) of the Company for the prior month, plus (ii) the Net Asset Fee Adjustment (as defined in our advisory agreement), if any, on the last day of the prior month during which the advisory agreement was in effect; provided, however, that in no event shall the Base Fee (as defined in our advisory agreement) for any month be less than the Minimum Base Fee as provided by the advisory agreement. The Company shall pay the Base Fee or the Minimum Base Fee (as defined in our advisory agreement) on the fifth business day of each month. The Minimum Base Fee for Ashford Trust for each quarter beginning January 1, 2021 is equal to the greater of: (i) ninety percent (90%) of the base fee paid for the same month in the prior fiscal year and (ii) 1/12th of the G&A Ratio (as defined in the advisory agreement) for the most recently completed fiscal quarter multiplied by the Company’s Total Market Capitalization. We are also required to pay Ashford LLC an incentive fee that is measured annually (or for a stub period if the advisory agreement is terminated at other than year-end). In each year that the Company’s total shareholder return exceeds the average total shareholder return for the peer group, the Company shall pay to Ashford LLC an incentive fee. The incentive fee, if any, subject to the Fixed Coverage Charge Ratio Condition (as defined in the advisory agreement), shall be payable in arrears in three equal annual installments. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to officers and employees of Ashford LLC in connection with providing advisory services. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2023 2022 2021 Advisory services fee Base advisory fee $ 33,109 $ 34,802 $ 36,239 Reimbursable expenses (1) 12,473 9,851 6,934 Equity-based compensation (2) 3,268 5,244 9,140 Total advisory services fee $ 48,850 $ 49,897 $ 52,313 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. On September 27, 2022, an agreement was entered into by Ashford Inc., Ashford Trust and Braemar Hotels & Resorts Inc. (“Braemar”) pursuant to which the Advisor is to implement the REITs cash management strategies. This will include actively managing the REITs excess cash by primarily investing in short-term U.S. Treasury securities. The annual fee is 20 basis points (“bps”) of the average daily balance of the funds managed by the advisor and is payable monthly in arrears. On January 14, 2021, we entered into the Second Amended and Restated Advisory Agreement with Ashford LLC (the “Second Amended and Restated Advisory Agreement”). The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other items: (i) revise the term and termination rights; (ii) fix the percentage used to calculate the base fee thereunder at 0.70% per annum; (iii) update the list of peer group members; (iv) suspend the requirement that we maintain a minimum Consolidated Tangible Net Worth (as defined in the Second Amended and Restated Advisory Agreement) until the first fiscal quarter beginning after June 30, 2023; and (v) revise the criteria that would constitute a Company Change of Control (as defined in the Second Amended and Restated Advisory Agreement) in order to provide us additional flexibility to dispose of underperforming assets. In connection with the transactions contemplated by the Oaktree Credit Agreement on January 15, 2021, we entered into a Subordination and Non-Disturbance Agreement with Ashford Inc. and Oaktree pursuant to which we agreed to subordinate to the prior repayment in full of all obligations under the Oaktree Credit Agreement: (1) prior to the later of: (i) the second anniversary of the Oaktree Credit Agreement; and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of 80% of such fees paid during the fiscal year ended December 31, 2019; (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under the enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder; and (3) any payments to Lismore in connection with the transactions contemplated by the Oaktree Credit Agreement. On March 15, 2022, we entered into a Limited Waiver Under Advisory Agreement (the “2022 Limited Waiver”) with Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC. The Company, Ashford Trust OP, Ashford TRS and the Advisor are parties to the Second Amended and Restated Advisory Agreement, which (i) allocates responsibility for certain employee costs between us and our advisor and (ii) permits our board of directors to issue annual equity awards in the Company or Ashford Trust OP to employees and other representatives of our advisor based on achievement by the Company of certain financial or other objectives or otherwise as our board of directors sees fit. Pursuant to the 2022 Limited Waiver, the Company, Ashford Trust OP, Ashford TRS and the Advisor waived the operation of any provision in the advisory agreement that would otherwise have limited our ability, in our discretion and at our cost and expense, to award during the first and second fiscal quarters of calendar year 2022 cash incentive compensation to employees and other representatives of our advisor; provided that such awarded cash incentive compensation does not exceed $8.5 million, in the aggregate, during the waiver period. On March 2, 2023, we entered into a second Limited Waiver Under Advisory Agreement (the “2023 Limited Waiver”) with Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC. Pursuant to the 2023 Limited Waiver, the Company, Ashford Trust OP, Ashford TRS and the Advisor waived the operation of any provision in the advisory agreement that would otherwise limit our ability, in our discretion and at our cost and expense, to award during the first and second fiscal quarters of calendar year 2023 cash incentive compensation to employees and other representatives of our advisor; provided that such awarded cash incentive compensation does not exceed $13.1 million, in the aggregate, during the waiver period. On March 11, 2024, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the “Advisory Agreement Limited Waiver”). Pursuant to the Advisory Agreement Limited Waiver, the Company, the Operating Partnership, TRS and the Advisor waive the operation of any provision in our advisory agreement that would otherwise limit the ability of the Company in its discretion, at the Company’s cost and expense, to award during calendar year 2024, cash incentive compensation to employees and other representatives of the Advisor. On March 12, 2024, we entered into the Third Amended and Restated Advisory Agreement with Ashford LLC (the “Third Amended and Restated Advisory Agreement”). The Third Amended and Restated Advisory Agreement amends and restates the terms of the Second Amended and Restated Advisory Agreement, dated January 14, 2021, to, among other items: (i) require the Company pay the advisor the Portfolio Company Fee (as defined in the Third Amended and Restated Advisory Agreement) upon certain specified defaults under the Company’s loan agreements resulting in the foreclosure of the Company’s hotel properties, (ii) provide that there shall be no additional payments to the advisor from the amendments to the master hotel management agreement with Remington Hospitality and the master project management agreement with Premier until the Oaktree Credit Agreement is paid in full, and limits, for a period of two years thereafter, the incremental financial impact to no more than $2 million per year in additional payments to the advisor from such amendments, (iii) reduces the Consolidated Tangible Net Worth covenant (as defined in the Third Amended and Restated Advisory Agreement) to $750 million (plus 75% of net equity proceeds received) from $1 billion (plus 75% of net equity proceeds received), (iv) revise the criteria that would constitute a Company Change of Control, (v) revise the definition of termination fee to provide for a minimum amount of such termination fee and (vi) revise the criteria that would constitute a voting control event. Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar, Stirling OP, their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc. has managed the casualty insurance program and beginning in December 2023, Warwick Insurance Company (“Warwick”), a subsidiary of Ashford Inc., provides and manages the general liability, workers’ compensation and business automobile insurance policies within the casualty insurance program. Each year Ashford Inc. collects funds from Ashford Trust, Braemar, Stirling OP and their respective hotel management companies, to fund the casualty insurance program as needed, on an allocated basis. Advisory Agreement with Stirling OP Stirling REIT Advisors, LLC (“Stirling Advisor”), a subsidiary of Ashford Inc., acts as Stirling OP’s advisor. The Advisory Agreement was effective December 6, 2023. Stirling Advisor is paid an annual management fee (payable monthly in arrears) of 1.25% of aggregate NAV represented by the Class T, Class S, Class D and Class I shares of Stirling Inc. Additionally, to the extent Stirling OP issues Class T, Class S, Class D or Class I operating partnership units to parties other than Stirling Inc., Stirling OP will pay Stirling Advisor a management fee equal to 1.25% of the aggregate NAV of Stirling OP attributable to such Class T, Class S, Class D and Class I operating partnership units not held by Stirling Inc. per annum payable monthly in arrears. No management fee will be paid with respect to Class E shares of Stirling Inc. or Class E units of Stirling OP. The management fee is allocated on a class-specific basis and borne by all holders of the applicable class. The management fee will be paid, at Stirling Advisor’s election, in cash, Class E shares of Stirling Inc. or Class E units of Stirling OP. If Stirling Advisor elects to receive any portion of its management fee in Class E shares or Class E units of Stirling OP, Stirling Inc. may be obligated to repurchase such Class E shares of Stirling Inc. or Class E units of Stirling OP from Stirling Advisor at a later date. Such repurchases will be outside Stirling Inc.’s share repurchase plan and thus will not be subject to the repurchase limits of the share repurchase plan or any early repurchase deduction. Stirling OP does not intend to pay Stirling Advisor any acquisition or other similar fees in connection with making investments. Stirling OP will, however, reimburse Stirling Advisor for out-of-pocket expenses in connection with the selection and acquisition of properties and real estate related debt, whether or not such investments are acquired, and make payments to third parties in connection with making investments. In addition to organization and offering expense and acquisition expense reimbursements, Stirling OP will reimburse Stirling Advisor for out-of-pocket costs and expenses it incurs in connection with the services it provides to Stirling Inc., including, but not limited to, (i) the actual cost of goods and services used by Stirling OP and obtained from third parties, including fees paid to administrators, consultants, attorneys, technology providers and other service providers, and brokerage fees paid in connection with the purchase and sale of investments, (ii) expenses of managing and operating Stirling OP’s properties, whether payable to an affiliate or a non-affiliated person, and (iii) expenses related to personnel of Stirling Advisor performing services for Stirling OP other than those who provide investment advisory services or serve as executive officers of Stirling Inc. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2023 Advisory services fee Base advisory fee $ 67 Reimbursable expenses (1) 10 Total advisory services fee $ 77 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. Lismore We engage Lismore or its subsidiaries to provide debt placement services and assist with loan modifications on our behalf. During June 2023, we entered into various 12-month agreements with Lismore to seek modifications or refinancings of certain mortgage loans of the Company. For the year ended December 31, 2023, we incurred fees of approximately $525,000 to Lismore in nonrefundable work fees and $406,000 of success fees. The unamortized nonrefundable work fees are included in “other assets” on the consolidated balance sheet, and are amortized on a straight line basis over the term of the agreements. In addition to the above agreements, we engage Lismore or its subsidiaries to provide debt placement services and assist with loan modifications on our behalf. During the years ended December 31, 2023, 2022 and 2021, we made payments of $1.5 million, $863,000 and $784,000, respectively to Lismore. Ashford Securities On December 31, 2020, an Amended and Restated Contribution Agreement (the “Amended and Restated Contribution Agreement”) was entered into by Ashford Inc., Ashford Trust and Braemar (collectively, the “Parties” and each individually a “Party”) with respect to funding certain expenses of Ashford Securities LLC, a subsidiary of Ashford Inc. (“Ashford Securities”). Beginning on the effective date of the Amended and Restated Contribution Agreement, costs were allocated 50% to Ashford Inc., 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate preferred equity offerings raised, or June 10, 2023, there was to be a true up (the “Amended and Restated True-up Date”) among Ashford Inc., Ashford Trust and Braemar whereby the actual amount contributed by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively, through Ashford Securities (the resulting ratio of contributions among the Parties, the “Initial True-up Ratio”). On January 27, 2022, Ashford Trust, Braemar and Ashford Inc. entered into a Second Amended and Restated Contribution Agreement which provided for an additional $18 million in expenses to be reimbursed with all expenses allocated 45% to Ashford Trust, 45% to Braemar and 10% to Ashford Inc. On February 1, 2023, Ashford Trust entered into a Third Amended and Restated Contribution Agreement, which provided that after the Amended and Restated True-Up Date, capital contributions for the remainder of fiscal year 2023 would be divided between each Party based on the Initial True-Up Ratio, there would be a true up reflecting amounts raised by Ashford Securities since June 10, 2019, and thereafter, the capital contributions would be divided among each Party in accordance the cumulative ratio of capital raised by the Parties. However, effective January 1, 2024, Ashford Trust entered into a Fourth Amended and Restated Contribution Agreement with Ashford Inc. and Braemar which states that, notwithstanding anything in the prior contribution agreements: (1) the Parties equally split responsibility for all aggregate contributions made by them to Ashford Securities through September 30, 2021 and (2) thereafter, their contributions for each quarter will be based on the ratio of the amounts raised by each Party through Ashford Securities the prior quarter compared to the total aggregate amount raised by the Parties through Ashford Securities the prior quarter. To the extent contributions made by any of the Parties through December 31, 2023 differed from the amounts owed pursuant to the foregoing, the Parties shall make true up payments to each other to settle the difference. During the year ended December 31, 2022, the funding estimate was revised based on the latest capital raise estimates of the aggregate capital raised through Ashford Securities. As of December 31, 2022, Ashford Trust had funded approximately $6.2 million of which $126,000 of the pre-funded amount was included in “other assets” and $5.9 million was included in “due from Ashford Inc., net” on our consolidated balance sheet. In March 2023, Ashford Inc. paid $6.1 million to Ashford Trust as a result of the contribution true-up between the entities described above. As of December 31, 2023, Ashford Trust has funded approximately $180,000 and has a $3.1 million payable that is included in “due to Ashford Inc., net” on our consolidated balance sheet. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Corporate, general and administrative $ 3,030 $ (2,617) $ 19 Design and Construction Services - Ashford Trust Premier Project Management LLC (“Premier”), as a subsidiary of Ashford Inc., provides design and construction services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the design and construction services agreement, we pay Premier: (a) design and construction fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, architecture, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision. On March 12, 2024, Ashford Hospitality Limited Partnership entered into an Amended and Restated Master Project Management Agreement with Premier (the “A&R PMA”). The provisions of the A&R PMA are substantially the same as the Master Project Management Agreement, dated as of August 8, 2018. The A&R PMA provides for an initial term of ten years as to each hotel governed by the A&R PMA. The term may be renewed by Premier, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years, provided that at the time the option to renew is exercised, Premier is not then in default under the A&R PMA. The A&R PMA also (i) provides that fees will be payable monthly as the service is delivered based on percentage completion; (ii) allows a project management fee to be paid on a development, together with (and not in lieu of) the development fee; and (iii) fixes the fees for FF&E purchasing, expediting, freight management and warehousing at 8%. Design and Construction Services - Stirling OP The Master Project Management Agreement provides that Premier shall be paid a project management fee equal to 4% of the total project costs associated with the implementation of the capital improvement budget (both hard and soft) until such time that the capital improvement budget and/or renovation project involves the expenditure of an amount in excess of 5% of the gross revenues of the applicable hotel, whereupon the design project management fee shall be reduced to 3% of the total project costs in excess of the 5% of gross revenue threshold. The Master Project Management Agreement provides that, Premier shall provide the following services, and shall be paid the following fees: (i) architecture (6.5% of total construction costs, plus reimbursement for all third-party, out-of-pocket costs and expenses of mechanical, electrical and structural engineering services utilized in providing architectural services for project management work); (ii) construction management for projects without a general contractor (10% of total construction costs); (iii) interior design (6% of the purchase price of FFE designed or selected by Premier); (iv) FFE purchasing (8% of the purchase price of the FFE purchased by Premier; provided that if the purchase price exceeds $2.0 million for a single hotel in a calendar year, then the procurement fee is reduced to 6% of the FFE purchase price in excess of $2.0 million for such hotel in such calendar year); (v) freight expediting (8% of the cost of expediting FFE); (vi) warehousing (8% of the cost of warehousing goods delivered to the job site); and (vi) development (4% of total project costs). Hotel Management Services At December 31, 2023, Remington Hospitality managed 61 of our 90 hotel properties and three of the four Stirling OP hotel properties. We pay monthly hotel management fees equal to the greater of approximately $17,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met, and other general and administrative expense reimbursements primarily related to accounting services. Enhanced Return Funding Program The Enhanced Return Funding Program Agreement (the “ERFP Agreement”) generally provides that Ashford LLC will make investments to facilitate the acquisition of properties by Ashford Trust OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). The investments will equal 10% of the property acquisition price and will be made, either at the time of the property acquisition or at any time generally in the following three years, in exchange for hotel FF&E for use at the acquired property or any other property owned by Ashford Trust OP. The initial term of the ERFP Agreement was two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one-year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Ashford Trust provides written notice to the other at least 60 days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement. On April 20, 2021, the Company delivered written notice to Ashford LLC of its intention not to renew the ERFP Agreement. As a result, the ERFP Agreement terminated in accordance with its terms at the end of the current term on June 26, 2021. Summary of Transactions In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotels, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Year Ended December 31, 2023 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets (4) Other Hotel Revenue Management Fees Ashford LLC Insurance claims services $ 9 $ — $ — $ — $ — $ — Ashford Securities Capital raise services/Broker dealer expense 5,120 — — — — — INSPIRE Audio visual commissions 9,955 — — — 10,064 — Lismore Capital Debt placement and related services 2,444 — 767 525 — — OpenKey Mobile key app 122 — — — — — Premier Design and construction services 22,961 21,106 — — — — Pure Wellness Hypoallergenic premium rooms 1,393 — — — — — Remington Hospitality Hotel management services (3) 57,587 — — — — 30,787 Year Ended December 31, 2023 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of premiums, loan costs and exit fees Preferred Stock Ashford LLC Insurance claims services $ 9 $ — $ 9 $ — $ — $ — $ — Ashford Securities Capital raise services/Broker dealer expense 5,120 — — — 3,030 — 2,090 INSPIRE Audio visual commissions 9,955 — — — 109 — — Lismore Capital Debt placement and related services 2,444 — — — — 1,152 — OpenKey Mobile key app 122 122 — — — — — Premier Design and construction services 22,961 — — 1,855 — — — Pure Wellness Hypoallergenic premium rooms 1,393 1,393 — — — — — Remington Hospitality Hotel management services (3) 57,587 26,800 — — — — — Year Ended December 31, 2022 Company Product or Service Total Investments in Hotel Properties, net (1) Other Hotel Revenue Management Fees Other Hotel Expenses Ashford LLC Insurance claims services $ 17 $ — $ — $ — $ — Ashford Securities Capital raise services (2,566) — — — — Ashford Securities Dealer manager fees 44 — — — — INSPIRE Audio visual commissions 7,973 — 7,973 — — Lismore Capital Debt placement and related services 1,631 — — — — OpenKey Mobile key app 121 — — — 121 Premier Design and construction services 18,776 17,482 — — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — 1,294 Remington Hospitality Hotel management services (3) 49,762 — — 23,856 25,906 Year Ended December 31, 2022 Company Product or Service Total Preferred Stock Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 17 $ — $ 17 $ — $ — $ — Ashford Securities Capital raise services (2,566) 51 — — (2,617) — Ashford Securities Dealer manager fees 44 44 — — — — INSPIRE Audio visual commissions 7,973 — — — — — Lismore Capital Debt placement and related services 1,631 — — — — 1,631 OpenKey Mobile key app 121 — — — — — Premier Design and construction services 18,776 — — 1,294 — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — — — Remington Hospitality Hotel management services (3) 49,762 — — — — — Year Ended December 31, 2021 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fees Ashford LLC Insurance claims services $ 74 $ — $ — $ — $ — $ — Ashford Securities Capital raise services 19 — — — — — INSPIRE Audio visual commissions 2,993 — — — 2,993 — Lismore Capital Debt placement and related services 7,220 — 784 792 — — Lismore Capital Broker services 955 — 955 — — — OpenKey Mobile key app 121 — — — — — Premier Design and construction services 5,940 5,192 — — — — Pure Wellness Hypoallergenic premium rooms 1,366 — — — — — Remington Hospitality Hotel management services (3) 35,526 — — — — 17,754 Year Ended December 31, 2021 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 74 $ — $ 74 $ — $ — $ — Ashford Securities Capital raise services 19 — — — 19 — INSPIRE Audio visual commissions 2,993 — — — — — Lismore Capital Debt placement and related services 7,220 — — — — 5,644 Lismore Capital Broker services 955 — — — — — OpenKey Mobile key app 121 121 — — — — Premier Design and construction services 5,940 — — 748 — — Pure Wellness Hypoallergenic premium rooms 1,366 1,366 — — — — Remington Hospitality Hotel management services (3) 35,526 17,772 — — — — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs. (4) The Lismore fees in “other assets” on our consolidated balance sheets are amortized to “write-off of premiums, loan costs and exit fees.” The following table summarizes amounts due (to) from Ashford Inc. (in thousands): Due (to) from Ashford Inc. Company Product or Service December 31, 2023 December 31, 2022 Ashford LLC Advisory services (1) $ (2,289) $ (1,831) Ashford LLC Insurance claims services (5) (3) Ashford LLC Casualty insurance (4,057) — Ashford Securities Capital raise services/Broker dealer expense (3,140) 5,951 INSPIRE Audio visual (1,238) (1,650) OpenKey Mobile key app (9) (12) Premier Design and construction services (2,507) (1,966) Pure Wellness Hypoallergenic premium rooms (17) (3) $ (13,262) $ 486 (1) Includes liabilities associated with assets held for sale as of December 31, 2023. As of December 31, 2023, due to related parties, net included a net payable to Remington Hospitality in the amount of $5.9 million primarily related to accrued base and incentive management fees and casualty insurance premiums. As of December 31, 2022, due from related parties, net included a net receivable from Remington Hospitality in the amount of $5.4 million, primarily related to advances made by Ashford Trust and accrued base and incentive management fees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at December 31, 2023, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow generally 4% to 6% of gross revenues for capital improvements. From time to time, the Company may work with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. Franchise Fees —Under franchise agreements for our hotel properties existing at December 31, 2023, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% to 3% of food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2024 and 2047. When a franchise term expires, the franchisor has no obligation to renew the franchise. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property. The table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other hotel expenses $ 64,437 $ 59,195 $ 39,633 Management Fees —Under hotel management agreements for our hotel properties existing at December 31, 2023, we pay monthly hotel management fees equal to the greater of approximately $17,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These hotel management agreements expire from 2025 through 2038, with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Leases —We lease land and facilities under non-cancelable operating and finance leases, which expire between 2054 and 2084, including two ground leases related to two hotels and one lease that encompasses the Hilton Marietta. These leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. See note 19. See discussion of the 815 Commerce MM failed sale and leaseback in note 4. Capital Commitments —At December 31, 2023, we had capital commitments of $59.7 million, including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months. Potential Pension Liabilities —Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Hospitality, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Hospitality withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board filed a complaint against Remington Hospitality seeking, among other things, a ruling that Remington Hospitality’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Hospitality on November 1, 2011, providing that Remington Hospitality will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of December 31, 2023, Remington Hospitality continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Hospitality does not comply with the settlement agreement, we have agreed to indemnify Remington Hospitality for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement equal to $1.7 million minus the monthly pension payments made by Remington Hospitality since the settlement agreement. To illustrate, if Remington Hospitality - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Hospitality’s remaining withdrawal liability would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability would be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Hospitality’s election), which shall continue for the remainder of 20 years, which is capped, unless Remington Hospitality elects to pay the unfunded pension liability amount earlier. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2019 through 2023 remain subject to potential examination by certain federal and state taxing authorities. Litigation —On December 20, 2016, a class action lawsuit was filed against one of the Company’s hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous written policy requiring its employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class; however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt out period has been extended until such time that discovery has concluded. In May 2023 the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed, or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because there remains uncertainty under California law with respect to a significant legal issue, discovery relating to class members continues, and the trial judge retains discretion to award lower penalties than set forth in the applicable California employment laws, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of December 31, 2023, no amounts have been accrued. We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters and matters relating to compliance with applicable law (for example, the Americans with Disability Act and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations, or cash flow. During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain employee personal information. We have completed an investigation and have identified certain employee information that may have been exposed, but we have not identified that any customer information was exposed. All systems have been restored. We believe that we maintain a sufficient level of insurance coverage related to such events, and the related incremental costs incurred to date are immaterial. In February of 2024, two class action lawsuits were filed related to the cyber incident. The suits are currently pending in the U.S. District Court for the Northern District of Texas. We intend to vigorously defend these matters and do not believe that any potential loss is reasonably estimable at this time. It is reasonably possible that the Company may incur additional costs related to the matter, but we are unable to predict with certainty the ultimate amount or range of potential loss. Our assessment may change depending upon the development of any current or future legal proceedings, and the final results of such legal proceedings cannot be predicted with certainty. If we ultimately do not prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position, results of operations, or cash flows could be materially adversely affected in future periods.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one In December 2022, the Company acquired the lease of a single hotel property in Marietta, Georgia. The lease is considered a finance lease and resulted in an increase to “investments in hotel properties, net” and “finance lease liabilities” of approximately $19.0 million, inclusive of transaction costs, and $18.8 million, respectively. The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment. As of December 31, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands): Lease Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 44,047 $ 43,921 Finance lease assets Investments in hotel properties, net 17,269 18,972 Total leased assets $ 61,316 $ 62,893 Liabilities Operating lease liabilities Operating lease liabilities $ 44,765 $ 44,661 Finance lease liabilities Finance lease liabilities 18,469 18,847 Total leased liabilities $ 63,234 $ 63,508 We incurred the following lease costs related to our leases (in thousands): Year Ended December 31, Lease cost Classification 2023 2022 2021 Operating lease cost Rent expense Hotel operating expenses - other (1) $ 4,351 $ 4,714 $ 4,665 Finance lease cost Amortization of lease assets Depreciation and amortization $ 537 $ 26 $ — _______________________________________ (1) For the years ended December 31, 2023, 2022, and 2021, operating lease cost includes approximately $1.1 million, $1.2 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(15,000), $181,000 and $211,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. The change in net intangible amortization costs from 2022 to 2023 was primarily due to certain leases with intangible balances reaching maturity in 2023. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, Supplemental Cash Flows Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 2,647 $ 2,713 $ 2,824 Weighted Average Remaining Lease Term Operating leases (1) 67 years 67 years 68 years Finance lease (2) 31 years 32 years — Weighted Average Discount Rate Operating leases (1) 5.26 % 5.14 % 5.14 % Finance lease 10.68 % 10.68 % — % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054. Future minimum lease payments due under non-cancellable leases as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Lease 2024 $ 3,102 $ 2,411 2025 3,085 2,411 2026 3,057 2,284 2027 3,017 1,904 2028 3,017 1,904 Thereafter 180,660 51,917 Total future minimum lease payments (1) 195,938 62,831 Less: interest 151,173 44,362 Present value of lease liabilities $ 44,765 $ 18,469 ________ (1) Based on payment amounts as of December 31, 2023.
Leases	Leases The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one In December 2022, the Company acquired the lease of a single hotel property in Marietta, Georgia. The lease is considered a finance lease and resulted in an increase to “investments in hotel properties, net” and “finance lease liabilities” of approximately $19.0 million, inclusive of transaction costs, and $18.8 million, respectively. The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment. As of December 31, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands): Lease Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 44,047 $ 43,921 Finance lease assets Investments in hotel properties, net 17,269 18,972 Total leased assets $ 61,316 $ 62,893 Liabilities Operating lease liabilities Operating lease liabilities $ 44,765 $ 44,661 Finance lease liabilities Finance lease liabilities 18,469 18,847 Total leased liabilities $ 63,234 $ 63,508 We incurred the following lease costs related to our leases (in thousands): Year Ended December 31, Lease cost Classification 2023 2022 2021 Operating lease cost Rent expense Hotel operating expenses - other (1) $ 4,351 $ 4,714 $ 4,665 Finance lease cost Amortization of lease assets Depreciation and amortization $ 537 $ 26 $ — _______________________________________ (1) For the years ended December 31, 2023, 2022, and 2021, operating lease cost includes approximately $1.1 million, $1.2 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(15,000), $181,000 and $211,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. The change in net intangible amortization costs from 2022 to 2023 was primarily due to certain leases with intangible balances reaching maturity in 2023. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, Supplemental Cash Flows Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 2,647 $ 2,713 $ 2,824 Weighted Average Remaining Lease Term Operating leases (1) 67 years 67 years 68 years Finance lease (2) 31 years 32 years — Weighted Average Discount Rate Operating leases (1) 5.26 % 5.14 % 5.14 % Finance lease 10.68 % 10.68 % — % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054. Future minimum lease payments due under non-cancellable leases as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Lease 2024 $ 3,102 $ 2,411 2025 3,085 2,411 2026 3,057 2,284 2027 3,017 1,904 2028 3,017 1,904 Thereafter 180,660 51,917 Total future minimum lease payments (1) 195,938 62,831 Less: interest 151,173 44,362 Present value of lease liabilities $ 44,765 $ 18,469 ________ (1) Based on payment amounts as of December 31, 2023.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For U.S. federal income tax purposes, we elected to be treated as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not qualify as a REIT for four years that are subsequently taxable. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2023, our 90 hotel properties and four Stirling OP hotel properties were leased or owned by our wholly owned or majority owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes. Ashford TRS recognized net book income (loss) of $3.7 million, $44.2 million and $31.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2023 2022 2021 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (761) $ (9,291) $ (6,513) State income tax (expense) benefit, net of U.S. federal income tax benefit (311) (1,219) (413) Permanent differences (168) (2,342) (238) Provision to return adjustment 15 1,971 60 Gross receipts and margin taxes (958) (506) (199) Interest and penalties 184 (199) (18) Valuation allowance 1,099 5,250 1,373 Total income tax (expense) benefit $ (900) $ (6,336) $ (5,948) The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ (195) $ (4,616) $ (4,950) State (733) (1,773) (885) Total current income tax (expense) benefit (928) (6,389) (5,835) Deferred: Federal 28 53 (113) State — — — Total deferred income tax (expense) benefit 28 53 (113) Total income tax (expense) benefit $ (900) $ (6,336) $ (5,948) For the years ended December 31, 2023, 2022 and 2021 income tax expense includes interest and penalties paid to/(received from) taxing authorities of $(184,000), $199,000 and $18,000, respectively. At December 31, 2023 and 2022, we determined that there were no material amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2023 and 2022, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Allowance for doubtful accounts $ 274 $ 104 Unearned income 812 950 Federal and state net operating losses 23,071 22,367 Capital loss carryforward 5,659 7,440 Accrued expenses 1,598 1,781 Tax derivatives basis greater than book basis 307 315 Operating lease liability 2,295 2,368 Other 271 321 Deferred tax assets 34,287 35,646 Valuation allowance (29,302) (31,205) Net deferred tax asset 4,985 4,441 Deferred tax liabilities: Prepaid expenses (31) (22) Investment in partnership (487) — Operating lease right-of-use assets (2,295) (2,368) Tax property basis less than book basis (2,576) (2,483) Deferred tax liabilities (5,389) (4,873) Net deferred tax asset (liability) $ (404) $ (432) At December 31, 2023, we had TRS NOLs for U.S. federal income tax purposes of $94.2 million, however $90.2 million of our NOLs are subject to limitation in the amount of approximately $7.3 million per year through 2025, and $1.2 million per year thereafter under Section 382 of the Internal Revenue Code. NOLs become subject to an annual limitation in the event of certain cumulative changes in the ownership of significant shareholders over a three-year period in excess of 50%, as defined under Section 382 of the Internal Revenue Code. The remaining $4.0 million of our TRS NOLs are not subject to the limitations of Section 382. In total $9.6 million of our TRS NOLs are subject to expiration and will begin to expire in 2024. The remainder was generated after December 31, 2017 and are not subject to expiration under the Tax Cuts and Jobs Act. At December 31, 2023, we had NOLs for U.S. federal income tax purposes of $1.2 billion based on the latest filed tax returns. Utilization of the REIT NOLs subject to Section 382 are limited to approximately $37.2 million per year through 2025, and $9.4 million per year thereafter. $425.2 million of our net operating loss carryforwards will begin to expire in 2024 and are available to offset future taxable income, if any, through 2036. The remainder were generated after December 31, 2017 and are not subject to expiration under the Tax Cuts and Jobs Act. At December 31, 2023 and 2022, we maintained a valuation allowance of $29.3 million and $31.2 million, respectively. At December 31, 2023 and 2022, we have reserved certain deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable to our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. All existing leases were extended and terms amended in 2020 to reflect the economic impact of COVID-19. Outside consultants prepared the transfer pricing studies supporting the rents from the leases. Outside consultants will continue to provide transfer pricing studies on any newly acquired properties. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 31,205 $ 38,810 $ 40,029 Additions — — — Deductions (1,903) (7,605) (1,219) Balance at end of year $ 29,302 $ 31,205 $ 38,810

Deferred Costs, net

Deferred Costs, net	12 Months Ended
Deferred Costs, net	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, net	Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2023 2022 Deferred franchise fees $ 3,171 $ 3,171 Deferred loan costs — 5,479 Total costs 3,171 8,650 Accumulated amortization (1,363) (5,985) Deferred costs, net $ 1,808 $ 2,665

Intangible Assets, net and Inta

Intangible Assets, net and Intangible Liabilities, net	12 Months Ended
Intangible Assets, net and Intangible Liabilities, net	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Intangible Liabilities, net	Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2023 2022 2023 2022 Cost $ 797 $ 797 $ 2,723 $ 2,723 Accumulated amortization — — (706) (626) $ 797 $ 797 $ 2,017 $ 2,097 The intangible assets represent the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia. This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, intangible liabilities, net represents below market rate leases where the Company is the lessor. For the years ended December 31, 2023, 2022 and 2021 we recorded $80,000, $80,000, and $80,000, respectively, of other revenue related to leases where we are the lessor. Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2024 $ 36 2025 32 2026 32 2027 32 2028 32 Thereafter 1,853 Total $ 2,017

Concentration of Risk

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have RevPAR generally less than twice the national average. During 2023, approximately 12% of our total hotel revenue was generated from nine hotel properties located in the Washington D.C. area. All hotel properties securing our mortgage loans are located domestically at December 31, 2023. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000 and amounts due or payable under our derivative contracts. At December 31, 2023, we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.

Segment Reporting

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics. As of December 31, 2023 and December 31, 2022, all of our hotel properties were domestically located.

Subsequent Event

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On March 1, 2024, the Company received notice that the hotel properties securing the KEYS A and KEYS B loan pools have been transferred to a court-appointed receiver. On March 6, 2024, the Company completed the sale of the Residence Inn in Salt Lake City, Utah for approximately $19.2 million. As of December 31, 2023, the carrying value of the building and FF&E was approximately $11.9 million at December 31, 2023. The Company also repaid approximately $19 million of principal on its mortgage loan partially secured by the hotel property. On March 11, 2024, we entered into Amendment No. 3 to the Oaktree Credit Agreement which, among other items, (i) extends the Credit Agreement to January 15, 2026, (ii) removes the $50 million minimum cash requirement, (iii) removes the 3% increase in the interest rate if cash is below $100 million, (iv) removes the provision in which a default under mortgage indebtedness is a default under the Credit Agreement, (v) increases the interest rate by 3.5% if the principal balance is not less than $100 million as of September 30, 2024 or not fully repaid by March 31, 2025, (vi) terminates all “delayed draw” term loan commitments and the unused fees thereon, (vii) provides for a mandatory prepayment of the Credit Agreement at the end of each calendar quarter in the amount by which unrestricted cash exceeds $75 million for the first three quarters of 2024, $50 million for the fourth quarter of 2024, and $25 million for each quarter thereafter, (viii) provides for a mandatory prepayment of the Credit Agreement in an amount equal to 50% of all net proceeds raised from the issuance of equity, including non-traded preferred stock (increased to 100% of such net proceeds if the principal balance is not less than $100 million as of September 30, 2024 or not fully repaid by March 31, 2025), (ix) removes the option to pay the exit fee in the form of common stock warrants, (x) requires the exit fee to be paid in the form of a 15% cash exit fee (payable entirely in cash), which exit fee shall be reduced to 12.5% if the Oaktree Credit Agreement is repaid on or before September 30, 2024, (xi) requires the Company to use commercially reasonable efforts to sell fifteen specified hotels, (xii) if the principal balance is not less than $100 million as of September 30, 2024 or not fully repaid by March 31, 2025, requires the Company to sell eight specified hotels at a minimum sales price within six months, with the net sales proceeds to be applied as a prepayment of the Credit Agreement, (xiii) requires the Company to use commercially reasonable efforts to refinance the Renaissance Nashville hotel property, and (xiv) limits the Company’s ability to perform discretionary capital expenditures. On March 11, 2024, the Company and Ashford Trust OP, as borrower (the “Borrower”) entered into that certain Limited Waiver to Credit Agreement (the “Limited Waiver to Credit Agreement”) with the guarantors party thereto, the lenders party thereto (the "Lenders") and Oaktree Fund Administration, LLC, as administrative agent. Pursuant to the Limited Waiver to Credit Agreement, the Borrower, the other Loan Parties (as defined in the Oaktree Credit Agreement), the Lenders and the Administrative Agent acknowledged and agreed that: (a) certain deferred cash grants were or are being awarded to employees and/or officers of the Advisor and/or their affiliates pursuant to equity compensation plans during 2022, 2023 and 2024, in aggregate amounts of $7,950,817 in 2022, $13,063,844 in 2023 and $14,880,846 in 2024 (i.e., $35,895,507 in the aggregate) (the “Specified Deferred Cash Grants”), which the parties agreed may be made (and were or are being made) in lieu of deferred stock grants that would otherwise be permitted and made under the terms of the Advisory Agreement; (b) accordingly, (i) the departure from the terms of the Advisory Agreement in making the Specified Deferred Cash Grants as described in the foregoing clause (a) shall be deemed to be permitted under Section 7.13(b) of the Credit Agreement; provided, however, the Borrower and the other Loan Parties agree that actual cash payments made under the Specified Deferred Cash Grants, together with any other Restricted Payments (as defined in the Oaktree Credit Agreement) made pursuant to Section 7.06(f) of the Oaktree Credit Agreement, shall not exceed $30,000,000 in the aggregate unless and until the Borrower has repaid in full the principal amount of the Loans, including any Cash Exit Fee Loans (as such terms are defined in the Oaktree Credit Agreement); (ii) the Lenders and the Administrative Agent waive non-compliance with Section 7.13(b), if any, prior to March 11, 2024, which resulted or would result (absent the waiver) from the making of the Specified Deferred Cash Grants in accordance with the foregoing provisions of Section 2 of the Limited Waiver to Credit Agreement, and (iii) effective from March 11, 2024 Section 7.13(b) shall be deemed to be amended to permit the Specified Deferred Cash Grants in accordance with the foregoing provisions of Section 2 of the Limited Waiver to Credit Agreement; and

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period (6) Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Embassy Suites Austin, TX $ 22,848 $ 1,204 $ 9,388 $ 193 $ 8,954 $ 1,397 $ 18,342 $ 19,739 $ 8,614 08/1998 (1), (2), (3) Embassy Suites Dallas, TX 15,123 1,878 8,907 238 10,324 2,116 19,231 21,347 8,777 12/1998 (1), (2), (3) Embassy Suites Herndon, VA 22,674 1,303 9,836 277 5,138 1,580 14,974 16,554 9,670 12/1998 (1), (2), (3) Embassy Suites Las Vegas, NV 29,613 3,307 16,952 397 4,992 3,704 21,944 25,648 14,141 05/1999 (1), (2), (3) Embassy Suites Houston, TX 17,417 1,799 10,404 — 3,920 1,799 14,324 16,123 7,231 03/2005 (1), (2), (3) Embassy Suites West Palm Beach, FL 19,365 3,277 13,949 — 5,008 3,277 18,957 22,234 8,618 03/2005 (1), (2), (3) Embassy Suites Philadelphia, PA 21,345 5,791 34,819 — 4,087 5,791 38,906 44,697 17,809 12/2006 (1), (2), (3) Embassy Suites Arlington, VA 40,487 36,065 41,588 — 9,638 36,065 51,226 87,291 23,831 04/2007 (1), (2), (3) Embassy Suites Portland, OR 77,241 11,110 60,048 — 7,927 11,110 67,975 79,085 28,855 04/2007 (1), (2), (3) Embassy Suites Santa Clara, CA 58,903 8,948 46,239 — 7,927 8,948 54,166 63,114 24,345 04/2007 (1), (2), (3) Embassy Suites Orlando, FL 19,675 5,674 21,593 — 6,339 5,674 27,932 33,606 12,926 04/2007 (1), (2), (3) Hilton Garden Inn Jacksonville, FL 11,496 1,751 9,164 — 2,131 1,751 11,295 13,046 6,120 11/2003 (1), (2), (3) Hilton Garden Inn Austin, TX 62,970 7,605 48,725 — 510 7,605 49,235 56,840 12,368 03/2015 (1), (2), (3) Hilton Garden Inn Baltimore, MD 15,413 4,027 20,199 — 3,361 4,027 23,560 27,587 7,715 03/2015 (1), (2), (3) Hilton Garden Inn Virginia Beach, VA 30,545 4,101 26,329 — 471 4,101 26,800 30,901 6,370 03/2015 (1), (2), (3) Hilton Ft. Worth, TX 42,854 4,538 13,922 — 16,226 4,539 30,148 34,687 16,785 03/2005 (1), (2), (3) Hilton Houston, TX 19,509 2,200 13,247 — 5,703 2,200 18,949 21,150 9,916 03/2005 (1), (2), (3) Hilton St. Petersburg, FL 47,654 2,991 13,907 (1,130) 12,795 1,861 26,702 28,563 12,137 03/2005 (1), (2), (3) Hilton Santa Fe, NM 23,829 7,004 10,689 — 2,838 7,004 13,527 20,531 6,734 12/2006 (1), (2), (3) Hilton Bloomington, MN 32,348 5,685 59,139 — 5,613 5,685 64,752 70,437 28,720 04/2007 (1), (2), (3) Hilton Costa Mesa, CA 57,358 12,917 91,791 — 7,978 12,917 99,769 112,686 44,077 04/2007 (1), (2), (3) Hilton Boston, MA 98,000 62,555 134,407 — 4,872 62,556 139,279 201,834 34,658 03/2015 (1), (2), (3) Hilton Parsippany, NJ 36,184 7,293 58,098 — (147) 7,293 57,951 65,244 14,521 03/2015 (1), (2), (3) Hilton Tampa, FL 26,081 5,206 21,186 — 5,298 5,206 26,484 31,690 10,940 03/2015 (1), (2), (3) Hilton Alexandria, VA 62,753 14,459 96,602 — 1,338 14,459 97,940 112,399 15,312 06/2018 (1), (2), (3) Hilton Santa Cruz, CA 22,742 9,399 38,129 — 2,055 9,399 40,184 49,583 7,291 02/2019 (1), (2), (3) Hampton Inn Lawrenceville, GA — 697 3,808 — 1,426 697 5,234 5,931 2,771 11/2003 (1), (2), (3) Hampton Inn Evansville, IN 10,872 1,301 5,034 — 8,532 1,301 13,566 14,867 4,220 09/2004 (1), (2), (3) Hampton Inn Parsippany, NJ 17,716 3,268 24,306 — 17 3,268 24,323 27,591 6,044 03/2015 (1), (2), (3) Hampton Inn Buford, GA 10,000 1,168 5,338 — 3,732 1,168 9,070 10,238 5,354 07/2004 (1), (2), (3) Marriott Beverly Hills, CA 111,129 6,510 22,061 — 3,411 6,510 25,472 31,982 12,699 03/2005 (1), (2), (3) Marriott Arlington, VA 86,000 20,637 101,376 — 21,928 20,637 123,304 143,941 62,838 07/2006 (1), (2), (3) Marriott Dallas, TX 27,439 2,701 30,893 — 5,883 2,701 36,776 39,477 16,108 04/2007 (1), (2), (3) Marriott Fremont, CA 43,438 5,800 44,200 — 15,847 5,800 60,047 65,847 20,598 08/2014 (1), (2), (3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period (6) Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Marriott Memphis, TN 20,113 6,210 37,284 — (1,978) 6,210 35,306 41,516 8,510 02/2015 (1), (2), (3) Marriott Irving, TX 63,346 8,330 82,272 — 19,913 8,330 102,185 110,515 34,011 03/2015 (1), (2), (3) Marriott Omaha, NE 15,061 6,641 49,887 — 6,225 6,641 56,112 62,753 17,061 03/2015 (1), (2), (3) Marriott Sugarland, TX 59,211 9,047 84,043 — 8,185 9,047 92,227 101,275 21,178 03/2015 (1), (2), (3) Marriott white label (7) Key West, FL 56,756 — 27,514 — 27,658 — 55,172 55,172 17,056 03/2005 (1), (2), (3) SpringHill Suites by Marriott Baltimore, MD 13,600 2,502 13,206 — 1,793 2,502 14,999 17,501 7,758 05/2004 (1), (2), (3) SpringHill Suites by Marriott Kennesaw, GA 6,133 1,106 5,021 — 1,741 1,107 6,762 7,868 3,678 07/2004 (1), (2), (3) SpringHill Suites by Marriott Buford, GA 4,500 1,132 6,089 — 6,874 1,132 12,963 14,095 4,501 07/2004 (1), (2), (3) SpringHill Suites by Marriott Manhattan Beach, CA 28,560 5,726 21,187 — 1,220 5,726 22,407 28,133 9,693 04/2007 (1), (2), (3) SpringHill Suites by Marriott Plymouth Meeting, PA 20,800 3,210 24,578 — 1,740 3,210 26,318 29,528 11,393 04/2007 (1), (2), (3) Fairfield Inn by Marriott Kennesaw, GA 4,811 840 4,359 (21) 2,467 819 6,826 7,645 4,003 07/2004 (1), (2), (3) Courtyard by Marriott Bloomington, IN 13,933 900 10,741 — 1,157 900 11,898 12,798 5,919 09/2004 (1), (2), (3) Courtyard by Marriott - Tremont Boston, MA 97,368 24,494 85,246 — 2,083 24,494 87,329 111,823 22,433 03/2015 (1), (2), (3) Courtyard by Marriott Columbus, IN 8,160 673 4,804 — 1,424 673 6,228 6,901 3,033 09/2004 (1), (2), (3) Courtyard by Marriott Denver, CO 31,720 9,342 29,656 — 903 9,342 30,559 39,901 8,681 03/2015 (1), (2), (3) Courtyard by Marriott Gaithersburg, MD 27,162 5,128 30,522 — 836 5,128 31,358 36,486 7,947 03/2015 (1), (2), (3) Courtyard by Marriott Crystal City, VA 41,599 5,411 38,610 — 7,428 5,411 46,038 51,449 23,189 06/2005 (1), (2), (3) Courtyard by Marriott Overland Park, KS 8,009 1,868 14,030 — 1,784 1,868 15,814 17,682 7,559 06/2005 (1), (2), (3) Courtyard by Marriott Foothill Ranch, CA 21,255 2,447 16,005 — 1,441 2,447 17,446 19,893 8,271 06/2005 (1), (2), (3) Courtyard by Marriott Alpharetta, GA 19,230 2,244 12,345 — 1,606 2,244 13,951 16,195 6,536 06/2005 (1), (2), (3) Courtyard by Marriott Oakland, CA 28,240 5,112 19,429 — 1,313 5,112 20,742 25,854 9,185 04/2007 (1), (2), (3) Courtyard by Marriott Scottsdale, AZ 23,600 3,700 22,134 — 2,456 3,700 24,589 28,290 10,807 04/2007 (1), (2), (3) Courtyard by Marriott Plano, TX 18,160 2,115 22,360 — 2,079 2,115 24,439 26,554 10,568 04/2007 (1), (2), (3) Courtyard by Marriott Newark, CA 34,960 2,863 10,723 — 2,033 2,864 12,756 15,619 5,459 04/2007 (1), (2), (3) Courtyard by Marriott Manchester, CT 5,613 1,301 7,430 — 979 1,301 8,409 9,710 3,897 04/2007 (1), (2), (3) Courtyard by Marriott Basking Ridge, NJ 41,600 5,419 45,304 — 3,437 5,419 48,741 54,160 21,511 04/2007 (1), (2), (3) Marriott Residence Inn Evansville, IN 7,658 961 5,972 — 548 961 6,520 7,481 3,306 09/2004 (1), (2), (3) Marriott Residence Inn Orlando, FL 23,395 6,554 40,539 — 10,798 6,554 51,337 57,891 26,760 06/2005 (1), (2), (3) Marriott Residence Inn Falls Church, VA 25,573 2,752 34,979 — 3,727 2,752 38,706 41,458 18,329 06/2005 (1), (2), (3) Marriott Residence Inn San Diego, CA 28,635 3,156 29,514 — 1,980 3,156 31,494 34,650 15,155 06/2005 (1), (2), (3) Marriott Residence Inn (8) Salt Lake City, UT 14,388 1,897 16,357 — 2,989 1,894 19,349 21,243 9,297 06/2005 (1), (2), (3) Marriott Residence Inn Las Vegas, NV 38,160 18,177 39,568 (6,185) (16,376) 11,991 23,192 35,183 6,713 04/2007 (1), (2), (3), (4) Marriott Residence Inn Phoenix, AZ 23,680 4,100 23,187 — 8,995 4,100 32,182 36,282 12,451 04/2007 (1), (2), (3) Marriott Residence Inn Plano, TX 14,160 2,045 16,869 — 1,259 2,045 18,128 20,173 7,870 04/2007 (1), (2), (3) Marriott Residence Inn Newark, CA 37,760 3,272 11,706 — 2,108 3,272 13,814 17,086 6,192 04/2007 (1), (2), (3) Marriott Residence Inn Manchester, CT 7,700 1,462 8,306 — 3,079 1,462 11,385 12,847 4,363 04/2007 (1), (2), (3) Marriott Residence Inn Jacksonville, FL 8,000 1,997 16,084 — 5,044 1,997 21,128 23,125 10,507 05/2007 (1), (2), (3) Tribute Portfolio Santa Fe, NM 35,697 8,094 42,058 — 4,453 8,094 46,511 54,605 7,982 10/2018 (1), (2), (3) TownePlace Suites by Marriott Manhattan Beach, CA 23,680 4,805 17,543 — 1,660 4,805 19,203 24,008 8,408 04/2007 (1), (2), (3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period (6) Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Ritz-Carlton Atlanta, GA 93,045 2,477 80,139 — 18,398 2,477 98,537 101,014 30,962 03/2015 (1), (2), (3) One Ocean Atlantic Beach, FL 51,990 5,815 14,817 — 5,056 5,815 19,873 25,688 11,043 04/2004 (1), (2), (3) Renaissance Nashville, TN 207,000 20,671 158,260 — 31,761 20,671 190,021 210,692 56,282 03/2015 (1), (2), (3) Renaissance Palm Springs, CA 48,966 — 74,112 — 5,198 — 79,310 79,310 22,359 03/2015 (1), (2), (3) Sheraton Hotel Minneapolis, MN 18,283 2,953 14,280 — 1,514 2,953 15,794 18,747 7,714 03/2005 (1), (2), (3) Sheraton Hotel Indianapolis, IN 57,970 3,100 22,041 — 10,880 3,100 32,921 36,021 16,715 03/2005 (1), (2), (3) Sheraton Hotel Anchorage, AK 19,584 4,023 39,363 — 7,680 4,023 47,043 51,066 22,367 12/2006 (1), (2), (3) Sheraton Hotel San Diego, CA 24,993 7,294 36,382 — 2,805 7,294 39,187 46,481 17,226 12/2006 (1), (2), (3) Hyatt Regency Coral Gables, FL 43,683 4,805 50,820 — 13,330 4,805 64,150 68,955 29,999 04/2007 (1), (2), (3) Hyatt Regency Hauppauge, NY 34,304 6,284 35,669 — 446 6,284 36,115 42,399 13,322 03/2015 (1), (2), (3) Hyatt Regency Savannah, GA 65,789 14,041 72,721 — 7,757 14,041 80,478 94,519 23,196 03/2015 (1), (2), (3) Annapolis Historic Inn Annapolis, MD 16,296 3,028 7,833 — 2,214 3,028 10,047 13,075 5,146 03/2005 (1), (2), (3) Lakeway Resort & Spa Austin, TX 14,523 4,541 28,940 — 1,789 4,541 30,729 35,270 10,410 02/2015 (1), (2), (3) Silversmith Chicago, IL 26,363 4,782 22,398 — (1,742) 4,782 20,656 25,438 6,030 03/2015 (1), (2), (3) The Churchill Washington, DC 39,074 25,898 32,304 — 4,154 25,898 36,458 62,356 11,043 03/2015 (1), (2), (3) The Melrose Washington, DC 71,710 29,277 62,507 — (1,156) 29,277 61,351 90,628 14,611 03/2015 (1), (2), (3) Le Pavillon New Orleans, LA 37,000 10,933 51,549 (2,601) 17,731 8,332 69,280 77,612 18,260 06/2015 (1), (2), (3) The Ashton Ft. Worth, TX 8,881 800 7,187 — 552 800 7,739 8,539 2,205 07/2014 (1), (2), (3) Westin Princeton, NJ 33,000 6,475 52,195 — 3,497 6,475 55,692 62,167 15,298 03/2015 (1), (2), (3) Atlanta Hotel Indigo Atlanta, GA 13,759 3,230 23,713 — 3,122 3,230 26,835 30,065 7,592 10/2015 (1), (2), (3) Le Meridien (9) Fort Worth, TX 41,563 4,609 82,749 — — 4,609 82,749 87,358 — (1), (2), (3) Total (5) $ 3,210,783 $ 616,238 $ 3,163,713 $ (8,832) $ 478,119 $ 607,406 $ 3,641,832 $ 4,249,238 $ 1,302,063 _________________________ (1) Estimated useful life for buildings is 39 years. (2) Estimated useful life for building improvements is 7.5 years. (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. (5) Hilton Marietta is not included in this schedule as it is operated through a lease. (6) The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $2.8 billion as of December 31, 2023. (7) The Company entered into a new franchise agreement with Marriott to convert the Le Pavillon in New Orleans, Louisiana to a Tribute Portfolio property. The agreement with Marriott calls for the hotel to be converted to a Tribute Portfolio property by December 31, 2024. (8) Hotel property was held for sale as of December 31, 2023. (9) Hotel property is under development. Year Ended December 31, 2023 2022 2021 Investment in Real Estate: Beginning balance $ 4,546,384 $ 4,663,153 $ 4,798,605 Additions 206,737 125,244 40,789 Impairment/write-offs (194,343) (195,736) (151,753) Sales/disposals (292,268) (46,277) (24,488) Assets held for sale (21,246) — — Ending balance $ 4,245,264 $ 4,546,384 $ 4,663,153 Accumulated Depreciation: Beginning balance 1,428,053 1,432,443 1,371,623 Depreciation expense 188,021 201,926 219,112 Impairment/write-offs (194,343) (195,736) (151,753) Sales/disposals (119,102) (10,580) (6,539) Assets held for sale (9,297) — — Ending balance $ 1,293,332 $ 1,428,053 $ 1,432,443 Investment in Real Estate, net $ 2,951,932 $ 3,118,331 $ 3,230,710

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (178,489)	$ (139,825)	$ (267,005)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, its majority-owned joint ventures in which it has a controlling interest and entities in which the Company is the primary beneficiary. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A 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. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. As Ashford Trust OP is substantially the same as Ashford Hospitality Trust, Inc., our REIT, the separate VIE accounts for this VIE are not reflected separately on the balance sheet. See note 4 for discussion of other consolidated VIE’s.
Use of Estimates	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 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 includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approxim ately 4% to 6% of property
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories	Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net	Investments in Hotel Properties, net —Hotel properties are generally stated at cost. All improvements and additions that extend the useful life of the hotel properties are capitalized. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost in an asset acquisition is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values.
Impairment of Investments in Hotel Properties	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel 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 hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful lives. 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. No such impairment was recorded for the years ended December 31, 2023, 2022 and 2021, respectively. See note 5.
Assets Held for Sale, Discontinued Operations, and Hotel Dispositions	Assets Held for Sale, Discontinued Operations and Hotel Dispositions —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale and the hotel property is measured at the lower of its carrying value or fair value less costs to sell. See note 5. D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 .
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —As of December 31, 2023, we held a 15.1% ownership interest in OpenKey and an investment in an entity that owns two resorts in Napa, CA, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments for impairment 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 other-than-temporary impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2023, 2022 and 2021.
Notes Receivable, net	Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable	Impairment of Notes Receivable
Leases	Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. Finance leases, as lessee, are recorded based on the underlying nature of the leased asset and finance lease liabilities. Operating lease ROU assets and finance lease assets and operating and finance 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 commencement date in determining the present value of future payments. The operating lease ROU asset and finance lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset and the investments in hotel properties 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. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period.
Intangible Assets and Liabilities	Intangible Assets and Liabilities
Deferred Costs, net	Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. We also have debt issuance costs related to delayed draw term loans in the Credit Agreement with Oaktree that meet the definition of an asset and are amortized on a straight-line basis over the contractual term of the arrangement. If the Company, makes any draws the recorded asset will be derecognized and reclassified as a direct reduction of the related debt and amortized using the effective interest method over the remaining initial term.
Derivative Instruments and Hedging	Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in SOFR (Secured Overnight Financing Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors, and flooridors.
Due to/from Related Parties	Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc.	Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Noncontrolling Interests	Noncontrolling Interests —The redeemable noncontrolling interests in Ashford Trust OP represent the limited partners’ proportionate share of equity in earnings/losses of Ashford Trust OP, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in Ashford Trust OP is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in Ashford Trust OP is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represented an ownership interest of 15% in two hotel properties held by one joint venture until December 31, 2021, and was reported in equity in the consolidated balance sheet. On December 31, 2021, the Company purchased the remaining ownership interest and held a 100% ownership interest in the two hotel properties. Additionally noncontrolling interests in consolidated entities represented an ownership interest of 67.5% of 815 Commerce MM and 0.6% of Stirling OP as of December 31, 2023. Net income/loss attributable to redeemable noncontrolling interests in Ashford Trust OP and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition	Revenue Recognition —Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2023 and 2022 was $19.0 million and $18.3 million, respectively, and are generally recognized as revenue within a one-year period. These are included in “accounts payable and accrued expenses” on the consolidated balance sheets. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses	Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2023, 2022 and 2021, we incurred advertising costs of $11.1 million, $10.1 million and $6.8 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation —Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. The Company recognizes forfeitures as they occur. With respect to the 2021, 2022 and 2023 award agreements, the criteria for the PSU and Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the grant date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSU and Performance LTIP Units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the PSU and Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization	Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E and 32 years for our Marietta finance lease. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes	Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 20 . The “Income Taxes” topic of the ASC issued by the Financial Accounting Standards Board (“FASB”) which 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. Tax years 2019 through 2023 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders 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.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards —In March 2020, the FASB issued ASU 2020-04, which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption. Recently Issued Accounting Standard s —In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Acquisitions and Dispositions that Affect Comparability	The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Le Meridien Minneapolis Minneapolis, MN Disposition January 20, 2021 SpringHill Suites Durham Durham, NC Disposition April 29, 2021 SpringHill Suites Charlotte Charlotte, NC Disposition April 29, 2021 Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022 WorldQuest Resort Orlando, FL Disposition August 1, 2023 Sheraton Bucks County Langhorne, PA Disposition November 9, 2023 Embassy Suites Flagstaff Flagstaff, AZ Disposition November 29, 2023 Embassy Suites Walnut Creek Walnut Creek, CA Disposition November 29, 2023 Marriott Bridgewater Bridgewater, NJ Disposition November 29, 2023 Marriott Research Triangle Park Durham, NC Disposition November 29, 2023 W Atlanta Atlanta, GA Disposition November 29, 2023

Revenue (Tables)

Revenue (Tables)	12 Months Ended
Revenue (Tables)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 65,852 $ 16,412 $ 3,741 $ — $ 86,005 Boston, MA Area 2 61,766 6,011 6,030 — 73,807 Dallas / Ft. Worth Area 7 59,997 16,400 3,942 — 80,339 Houston, TX Area 3 27,082 10,406 855 — 38,343 Los Angeles, CA Metro Area 6 83,517 17,879 5,035 — 106,431 Miami, FL Metro Area 2 24,919 8,802 1,141 — 34,862 Minneapolis - St. Paul, MN - WI Area 2 14,024 4,997 718 — 19,739 Nashville, TN Area 1 56,640 28,506 3,678 — 88,824 New York / New Jersey Metro Area 5 47,901 16,019 2,393 — 66,313 Orlando, FL Area 2 23,168 1,621 2,023 — 26,812 Philadelphia, PA Area 2 15,592 1,123 995 — 17,710 San Diego, CA Area 2 21,510 1,325 1,402 — 24,237 San Francisco - Oakland, CA Metro Area 6 54,364 5,751 1,913 — 62,028 Tampa, FL Area 2 29,571 7,371 1,938 — 38,880 Washington D.C. - MD - VA Area 9 128,047 26,112 8,655 — 162,814 Other Areas 34 283,929 50,697 22,944 — 357,570 Disposed properties (1) 6 61,276 13,397 5,345 — 80,018 Corporate — — — — 2,801 2,801 Total 100 $ 1,059,155 $ 232,829 $ 72,748 $ 2,801 $ 1,367,533 Year Ended December 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 51,992 $ 12,848 $ 2,632 $ — $ 67,472 Boston, MA Area 2 49,772 5,533 5,263 — 60,568 Dallas / Ft. Worth Area 7 53,831 12,881 3,559 — 70,271 Houston, TX Area 3 23,864 7,576 828 — 32,268 Los Angeles, CA Metro Area 6 76,603 13,630 4,785 — 95,018 Miami, FL Metro Area 2 25,387 8,225 862 — 34,474 Minneapolis - St. Paul, MN - WI Area 2 12,140 3,806 445 — 16,391 Nashville, TN Area 1 52,786 24,163 4,445 — 81,394 New York / New Jersey Metro Area 5 40,747 12,918 2,061 — 55,726 Orlando, FL Area 2 22,811 1,512 1,801 — 26,124 Philadelphia, PA Area 2 15,785 981 701 — 17,467 San Diego, CA Area 2 19,667 934 1,276 — 21,877 San Francisco - Oakland, CA Metro Area 6 50,270 4,559 2,091 — 56,920 Tampa, FL Area 2 26,182 6,528 1,299 — 34,009 Washington D.C. - MD - VA Area 9 108,119 20,786 8,049 — 136,954 Other Areas 34 275,136 46,139 20,784 — 342,059 Disposed properties (1) 7 68,910 13,644 6,429 — 88,983 Corporate — — — — 2,884 2,884 Total 101 $ 974,002 $ 196,663 $ 67,310 $ 2,884 $ 1,240,859 Year Ended December 31, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 8 $ 37,955 $ 7,369 $ 2,058 $ — $ 47,382 Boston, MA Area 2 25,426 2,153 3,576 — 31,155 Dallas / Ft. Worth Area 7 36,169 5,646 2,668 — 44,483 Houston, TX Area 3 19,169 3,380 470 — 23,019 Los Angeles, CA Metro Area 6 54,564 7,553 4,803 — 66,920 Miami, FL Metro Area 2 18,559 3,846 723 — 23,128 Minneapolis - St. Paul, MN - WI Area 2 7,188 1,826 855 — 9,869 Nashville, TN Area 1 32,774 11,928 3,714 — 48,416 New York / New Jersey Metro Area 5 25,685 6,138 1,589 — 33,412 Orlando, FL Area 2 15,843 679 1,517 — 18,039 Philadelphia, PA Area 2 12,029 390 634 — 13,053 San Diego, CA Area 2 12,392 458 1,258 — 14,108 San Francisco - Oakland, CA Metro Area 6 32,129 2,203 1,924 — 36,256 Tampa, FL Area 2 19,774 2,355 877 — 23,006 Washington D.C. - MD - VA Area 9 51,615 6,330 4,642 — 62,587 Other Areas 34 206,789 25,766 16,889 — 249,444 Disposed properties (1) 10 47,061 6,891 4,915 — 58,867 Corporate — — — — 2,267 2,267 Total 103 $ 655,121 $ 94,911 $ 53,112 $ 2,267 $ 805,411 _____________________________ (1) Includes WorldQuest Resort that was sold on August 1, 2023. See note 5.

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	12 Months Ended
Investments in Hotel Properties, net (Tables)	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land $ 605,509 $ 622,759 Buildings and improvements 3,331,645 3,650,464 Furniture, fixtures and equipment 175,991 222,665 Construction in progress 114,850 21,609 Condominium properties — 9,889 Hilton Marietta finance lease 17,269 18,998 Total cost 4,245,264 4,546,384 Accumulated depreciation (1,293,332) (1,428,053) Investments in hotel properties, net $ 2,951,932 $ 3,118,331
Schedule of Variable Interest Entities	The following table summarizes the assets and liabilities of 815 Commerce MM that were initially consolidated on May 31, 2023, upon Ashford Trust becoming the primary beneficiary (in thousands): Land $ 4,609 Construction in progress 56,591 Restricted cash 18,201 Deferred costs 92 Indebtedness (35,052) Other finance liability (26,729) Accounts payable and accrued expenses (88) Accrued interest payable (104) Noncontrolling interest in consolidated entities (7,961) Investment in 815 Commerce MM $ 9,559

Dispositions, Impairment Char_2

Dispositions, Impairment Charges and Assets Held For Sale (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The following table includes condensed financial information for the years ended December 31, 2023, 2022 and 2021 f rom the Company’s dispositions (in thousands): Year Ended December 31, 2023 2022 2021 Total hotel revenue $ 80,018 $ 88,983 $ 58,867 Total hotel operating expenses (60,698) (65,053) (47,817) Property taxes, insurance and other (3,906) (4,402) (4,560) Depreciation and amortization (12,782) (17,322) (20,867) Total operating expenses (77,386) (86,777) (73,244) Gain (loss) on disposition of assets and hotel properties 10,279 (1) 237 Operating income (loss) 12,911 2,205 (14,140) Interest income 40 5 — Interest expense and amortization of discounts and loan costs (20,994) (13,805) (8,796) Write-off of premiums, loan costs and exit fees (110) — — Gain (loss) on extinguishment of debt 53,386 — 10,566 Income (loss) before income taxes 45,233 (11,595) (12,370) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (521) 90 103 Net income (loss) attributable to the Company $ 44,712 $ (11,505) $ (12,267) The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet at December 31, 2023 were as follows: December 31, 2023 Assets Investments in hotel properties, net $ 11,949 Cash and cash equivalents 1 Restricted cash 223 Accounts receivable, net 171 Prepaid expenses 22 Due from third-party hotel managers 17 Assets held for sale $ 12,383 Liabilities Indebtedness, net $ 14,366 Accounts payable and accrued expenses 231 Accrued interest 55 Due from Ashford Inc. 1 Liabilities related to assets held for sale $ 14,653

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
Investment in Unconsolidated Entities (Tables)	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in unconsolidated entities: December 31, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,575 $ 2,103 Ownership interest in OpenKey 15.1 % 15.1 % Carrying value of the investment in 815 Commerce MM (in thousands) $ 8,482 Ownership interest in 815 Commerce MM 32.5 % Carrying value of the Meritage Investment (in thousands) $ 8,385 $ 8,991 The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Year Ended December 31, 2023 2022 2021 OpenKey $ (528) $ (668) $ (540) 815 Commerce MM — — (18) Meritage Investment (606) (136) — $ (1,134) $ (804) $ (558)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
Indebtedness, net (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): December 31, 2023 December 31, 2022 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (5) 1 hotel June 2023 LIBOR (3) + 2.45 % n/a $ — $ — $ 73,450 $ 100,142 Mortgage loan (6) 7 hotels June 2023 SOFR (4) + 3.70 % 4.00% 180,720 121,119 180,720 124,761 Mortgage loan (7) 7 hotels June 2023 SOFR (4) + 3.44 % 4.00% 174,400 113,110 174,400 118,783 Mortgage loan (8) 5 hotels June 2023 SOFR (4) + 3.73 % n/a — — 215,120 164,792 Mortgage loan (5) 1 hotel November 2023 SOFR (4) + 2.80 % n/a — — 25,000 46,659 Mortgage loan (9) 1 hotel January 2024 5.49 % n/a — — 6,345 6,556 Mortgage loan (9) 1 hotel January 2024 5.49 % n/a — — 9,261 13,638 Term loan (10) Equity January 2024 14.00 % n/a 183,082 — 195,959 — Mortgage loan (11) 8 hotels February 2024 SOFR (4) + 3.28 % n/a 345,000 298,826 395,000 288,740 Mortgage loan (12) 2 hotels March 2024 SOFR (4) + 2.80 % n/a 240,000 201,279 240,000 207,265 Mortgage loan (13) 19 hotels April 2024 SOFR (4) + 3.51 % n/a 862,027 907,476 907,030 932,715 Mortgage loan 1 hotel May 2024 4.99 % n/a 5,613 5,813 5,819 5,983 Mortgage loan (14) 1 hotel June 2024 SOFR (4) + 2.00 % n/a 8,881 6,334 8,881 6,651 Mortgage loan (15) 4 hotels June 2024 SOFR (4) + 3.90 % n/a 143,877 127,829 221,040 145,085 Mortgage loan (16) 5 hotels June 2024 SOFR (4) + 4.17 % n/a 237,061 77,978 262,640 80,554 Mortgage loan (17) 5 hotels June 2024 SOFR (4) + 2.90 % n/a 119,003 158,702 160,000 168,223 Mortgage loan 2 hotels August 2024 4.85 % n/a 10,945 7,831 11,172 8,404 Mortgage loan (9) 3 hotels August 2024 4.90 % n/a — — 22,349 17,041 Mortgage loan (18) 1 hotel November 2024 SOFR (4) + 4.76 % n/a 86,000 81,104 85,552 87,139 Mortgage loan (19) 17 hotels November 2024 SOFR (4) + 3.39 % n/a 409,750 225,466 415,000 220,462 Mortgage loan (20) 1 hotel December 2024 SOFR (4) + 4.00 % n/a 37,000 59,352 37,000 53,525 Mortgage loan (21) 1 hotel December 2024 SOFR (4) + 2.85 % n/a 13,759 22,473 15,290 23,440 Mortgage loan (22) 3 hotels February 2025 4.45 % n/a 45,792 53,207 46,918 56,536 Mortgage loan 1 hotel March 2025 4.66 % n/a 22,742 42,292 23,326 43,879 Mortgage loan (23) 1 hotel August 2025 SOFR (4) + 3.91 % n/a 98,000 167,176 98,000 170,329 Mortgage loan (5) 2 hotels May 2026 SOFR (4) + 4.00 % n/a 98,450 143,710 — — Mortgage loan (9) (24) 4 hotels December 2028 8.51 % n/a 30,200 35,580 — — Environmental loan (28) 1 hotel April 2024 10.00% n/a 571 — — — Bridge loan (25) (28) 1 hotel May 2024 7.25% n/a 19,889 — — — TIF loan (26) (28) 1 hotel August 2025 8.25% n/a 5,609 — — — Construction loan (27) (28) 1 hotel May 2033 SOFR (4) + 8.50% n/a 15,494 87,358 — — Total indebtedness $ 3,393,865 $ 2,944,015 $ 3,835,272 $ 3,091,302 Premiums (discounts), net (606) (20,249) Capitalized default interest and late charges 396 8,363 Deferred loan costs, net (6,914) (8,530) Embedded debt derivative 23,696 23,687 Indebtedness, net $ 3,410,437 $ 3,838,543 Indebtedness related to assets held for sale, net (22) 1 hotel February 2025 4.45 % n/a 14,366 — $ 3,396,071 $ 3,838,543 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of December 31, 2023. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rate was 4.39% at December 31, 2022. (4) SOFR rates were 5.35% and 4.36% at December 31, 2023 and December 31, 2022, respectively. (5) On May 19, 2023, we refinanced this mortgage loan with a new $98.5 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.00% and has a SOFR floor of 0.50%. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period ended in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.65% to SOFR + 3.70%. (7) This loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.39% to SOFR + 3.44%. (8) On November 30, 2023, the assets of this loan pool were transferred to the current holder of the mortgage loan through a deed in lieu of foreclosure transaction. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5. (9) On November 16, 2023, we refinanced this mortgage loan with a new $30.2 million mortgage loan with a five-year initial term. The new mortgage loan is interest only and bears interest at a fixed rate of 8.51%. (10) This term loan has two one (11) On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal paydown of $50.0 million, and the variable interest rate changed from LIBOR + 3.07% to LIBOR + 3.17%. This mortgage loan has five one one (12) This mortgage loan has five one one (13) This mortgage loan has five one one one (14) This mortgage loan has a SOFR floor of 2.00%. (15) This mortgage loan has five one one (16) This mortgage loan has five one one (17) This mortgage loan has five one one (18) On January 27, 2023, we drew the remaining $449,000 of the $2.0 million additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. Effective June 30, 2023, we replaced the variable interest rate of LIBOR + 4.65% with SOFR + 4.76% in accordance with the terms and conditions of the loan agreement. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (19) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in November 2023. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.13% to SOFR + 3.26%. On July 14, 2023, we repaid $5.3 million of principal on this mortgage loan. In conjunction with the fifth extension, the variable interest rate increased from SOFR + 3.26% to SOFR + 3.39%. (20) This mortgage loan has three one (21) This loan has two one one (22) A portion of this mortgage loan at December 31, 2023 relates to Residence Inn Salt Lake City. See note 5. (23) This mortgage loan has one one (24) This loan is associated with Stirling Hotels & Resorts Inc. See discussion in notes 1 and 4. (25) On December 22, 2023, we amended this loan. Terms of the amendment included extending the maturity date six months to May 2024, and increasing the fixed interest rate from 5.00% to 7.25%. This loan is collateralized by historical tax credits, certain capital distribution, and the deed of trust for the hotel project. (26) On July 26, 2023, we amended this loan. Terms of the amendment included increasing the fixed rate of 4.75% to a fixed rate of 8.25%, and extending the maturity date from July 2024 to August 2025. This loan is collateralized by historical tax credits. (27) Effective August 1, 2023, we amended this construction loan. Terms of the amendment included replacing the variable interest rate of LIBOR + 8.39% with SOFR + 8.50% and extending the term loan effective date from August 2023 to January 2024. Additionally, the term loan rate of a fixed rate of 6.81% plus the higher of the a) five-year swap rate and b) 0.94% was replaced with a fixed rate of 7.75% plus SOFR, less 1.85%. The final maturity date is May 2033. (28) This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2, 4 and 8.
Schedule of Net Premium (Discount) Amortization Recognized	We recognized net premium (discount) amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Interest expense and amortization of discounts and loan costs $ (18,684) $ (12,015) $ (7,142)
Schedule of Maturities and Schedule Amortizations	Maturities and scheduled amortizations of indebtedness as of December 31, 2023 for each of the five following years and thereafter are as follows (in thousands), excluding extension options: 2024 $ 3,077,578 2025 172,142 2026 98,450 2027 — 2028 30,200 Thereafter 15,495 Total $ 3,393,865

Notes Receivable, Net and Oth_2

Notes Receivable, Net and Other (Tables)	12 Months Ended
Notes Receivable, Net and Other (Tables)	Dec. 31, 2023
Receivables [Abstract]
Schedule of Accounts and Notes Receivable	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2023 December 31, 2022 Certificate of Occupancy Note (1) (3) Face amount 7.0 % $ — $ 5,250 Discount (2) — (188) Notes receivable, net $ — $ 5,062 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was due and payable on or before July 9, 2025. The note was paid in full on July 14, 2023. (2) The discount represented the imputed interest during the interest-free period. (3) The following table summarizes the note receivable (dollars in thousands): Interest Rate December 31, 2023 December 31, 2022 Note receivable 18.0 % $ 7,369 $ — Imputed Interest Rate December 31, 2023 December 31, 2022 Deferred Consideration Face amount 10.0 % $ 1,500 $ 1,500 Discount (1) (108) (240) $ 1,392 $ 1,260 _______________ (1) The discount represents the imputed interest during the interest-free period.
Schedule of Other Income (Expense)	We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other income (expense) $ 188 $ 339 $ 460 We recognized imputed interest income as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other income (expense) $ — $ — $ 211 The following table summarizes the interest income associated with the note receivable (in thousands): Year Ended December 31, Line Item 2023 Other income (expense) $ 501 We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2023 2022 Other income (expense) $ 132 $ 41

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	12 Months Ended
Derivative Instruments and Hedging (Tables)	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents a summary of our interest rate derivatives entered into over each applicable period: Year Ended December 31, 2023 2022 2021 Interest rate caps: Notional amount (in thousands) $ 2,583,271 (1) $ 3,365,941 (1) $ 3,415,301 (1) Strike rate low end of range 2.50 % 2.90 % 2.00 % Strike rate high end of range 6.90 % 5.50 % 4.00 % Effective date range March 2023 - December 2023 January 2022 - December 2022 January 2021 - October 2021 Termination date range February 2024 - June 2025 January 2023 - January 2025 February 2022 - November 2024 Total cost (in thousands) $ 28,256 $ 40,119 $ 1,158 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: December 31, 2023 December 31, 2022 Interest rate caps: Notional amount (in thousands) $ 3,351,271 (1) $ 3,549,941 (1) Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 6.90 % 5.50 % Termination date range February 2024 - June 2025 January 2023 - January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 2,689,927 $ 3,505,242 _______________ (1) These instruments were not designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Derivative Liabilities Measured at Fair Value	The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands): Fair Value Balance at January 1, 2021 $ — Additions 43,680 Re-measurement of fair value (15,774) Balance at December 31, 2021 $ 27,906 Re-measurement of fair value (4,219) Balance at December 31, 2022 23,687 Re-measurement of fair value 9 Balance at December 31, 2023 $ 23,696
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents 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, 2023: Assets Derivative assets: Interest rate derivatives - caps $ — $ 13,696 $ — $ 13,696 (1) Total $ — $ 13,696 $ — $ 13,696 Liabilities Embedded debt derivative $ — $ — $ (23,696) $ (23,696) (2) Net $ — $ 13,696 $ (23,696) $ (10,000) December 31, 2022: Assets Derivative assets: Interest rate derivatives - caps $ — $ 47,182 $ — $ 47,182 (1) Total $ — $ 47,182 $ — $ 47,182 Liabilities Embedded debt derivative $ — $ — $ (23,687) $ (23,687) (2) Net $ — $ 47,182 $ (23,687) $ 23,495 ____________________________________ (1) Reported net as “derivative assets” in our consolidated balance sheets. (2) Reported in “indebtedness, net” in our consolidated balance sheets.
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 our consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Year Ended December 31, 2023 2022 2021 Assets Derivative assets: Interest rate derivatives - floors $ — $ — $ (643) Interest rate derivatives - caps (2,191) 10,947 (657) (2,191) 10,947 (1,300) Liabilities Derivative liabilities: Embedded debt derivative (9) 4,219 15,774 Net $ (2,200) $ 15,166 $ 14,474 Total combined Interest rate derivatives - floors $ — $ — $ (624) Interest rate derivatives - caps (44,032) 6,562 (657) Embedded debt derivative (9) 4,219 15,774 Unrealized gain (loss) on derivatives (44,041) (1) 10,781 (1) 14,493 (1) Realized gain (loss) on interest rate caps 41,841 (1) (3) 4,385 (1) (3) — Realized gain (loss) on interest rate floors — — (19) (2) Net $ (2,200) $ 15,166 $ 14,474 ____________________________________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
Summary of Fair Value of Financial Instruments (Tables)	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 13,696 $ 13,696 $ 47,182 $ 47,182 Financial liabilities measured at fair value: Embedded debt derivative $ 23,696 $ 23,696 $ 23,687 $ 23,687 Financial assets not measured at fair value: Cash and cash equivalents (1) $ 165,232 $ 165,232 $ 417,064 $ 417,064 Restricted cash (1) 146,302 146,302 141,962 141,962 Accounts receivable, net (1) 45,692 45,692 49,809 49,809 Notes receivable, net 7,369 7,369 5,062 5,062 Due from Ashford Inc., net — — 486 486 Due from related parties, net — — 6,570 6,570 Due from third-party hotel managers (1) 21,681 21,681 22,462 22,462 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,393,259 $3,249,657 $ 3,815,023 $3,684,879 Accounts payable and accrued expenses (1) 129,554 129,554 115,970 115,970 Accrued interest payable (1) 27,064 27,064 15,287 15,287 Dividends and distributions payable 3,566 3,566 3,118 3,118 Due to Ashford Inc., net (1) 13,262 13,262 — — Due to related parties, net 5,874 5,874 — — Due to third-party hotel managers 1,193 1,193 1,319 1,319 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2023.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
Income (Loss) Per Share (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Year Ended December 31, 2023 2022 2021 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (178,489) $ (139,825) $ (267,005) Less: dividends on preferred stock (15,921) (12,433) (252) Less: deemed dividends on redeemable preferred stock (2,673) (946) — Add: Gain (loss) on extinguishment of preferred stock 3,390 — (607) Add: Claw back of dividends on cancelled performance stock units — — 349 Distributed and undistributed income (loss) allocated to common stockholders - basic $ (193,693) $ (153,204) $ (267,515) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership — — (3,970) Distributed and undistributed income (loss) allocated to common stockholders - diluted $ (193,693) $ (153,204) $ (271,485) Weighted average common shares outstanding: Weighted average common shares outstanding - basic 34,523 34,339 21,625 Effect of assumed conversion of operating partnership units — — 219 Weighted average shares outstanding - basic and diluted 34,523 34,339 21,844 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (5.61) $ (4.46) $ (12.37) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (5.61) $ (4.46) $ (12.43)
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2023 2022 2021 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (2,239) $ (1,233) $ — Dividends on preferred stock - Series J (inclusive of deemed dividends) 6,014 944 — Dividends on preferred stock - Series K (inclusive of deemed dividends) 317 21 — Total $ 4,092 $ (268) $ — Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock — — 20 Effect of unvested performance stock units — — 9 Effect of assumed conversion of operating partnership units 416 288 — Effect of assumed issuance of shares for term loan exit fee 1,745 1,745 1,672 Effect of assumed conversion of preferred stock - Series J 16,933 33 — Effect of assumed conversion of preferred stock - Series K 934 1 — Total 20,028 2,067 1,701

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2023 2022 2021 Performance LTIP units Advisory services fee $ 783 $ 1,158 $ 1,128 LTIP units Advisory services fee 435 569 1,119 LTIP units Corporate, general and administrative 15 32 22 LTIP units - independent directors Corporate, general and administrative 475 413 397 $ 1,708 $ 2,172 $ 2,666 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 1,446 $ 2,509 $ 3,716 Management fees 10 56 199 Corporate, general and administrative 89 163 151 Corporate, general and administrative - independent directors 170 90 186 $ 1,715 $ 2,818 $ 4,252 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 604 $ 1,008 $ 3,177
Schedules of Redeemable Noncontrolling Interest	The following table presents the common units redeemed and the fair value upon redemption (in thousands): Year Ended December 31, 2023 2022 2021 Common units converted to stock — — 1 Fair value of common units converted $ — $ — $ 43 The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage: December 31, 2023 December 31, 2022 Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 22,007 $ 21,550 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) $ 186,201 $ 184,625 Ownership percentage of operating partnership 1.27 % 0.91 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands): Year Ended December 31, 2023 2022 2021 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 2,239 $ 1,233 $ 3,970 Performance LTIP dividend claw back upon cancellation — — (518) A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2023 2022 2021 Outstanding at beginning of year 1,669 400 217 LTIP units issued 112 79 70 Performance LTIP units issued 282 1,194 122 Performance LTIP units canceled (86) (4) (8) Common units converted to common stock — — (1) Outstanding at end of year 1,977 1,669 400 Common units convertible/redeemable at end of year 359 309 207

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2023
Equity [Abstract]
Schedule of Equity Activity	The table below summarizes the activity (in thousands): Year Ended December 31, 2023 Common stock issued 723 Gross proceeds $ 1,477 Commissions and other expenses 15 Net proceeds $ 1,462
Summary of Issuance Activity	The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to M3A 900 Gross proceeds received $ 12,941
Schedule of Shares Issued and Tendered	The table below summarizes the activity (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2021 Preferred Shares Tendered Common Shares Issued Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) 8.45% Series D Cumulative Preferred Stock 14 89 617 4,174 653 7.375% Series F Cumulative Preferred Stock 76 527 1,640 11,185 1,482 7.375% Series G Cumulative Preferred Stock — — 2,891 21,371 2,764 7.50% Series H Cumulative Preferred Stock 138 882 1,361 10,033 1,217 7.50% Series I Cumulative Preferred Stock 92 612 2,138 14,735 1,660 320 2,110 8,647 61,498 7,776 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split.
Dividends Declared	A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Common stock $ — $ — $ — Preferred stock: Series D Cumulative Preferred Stock 2,472 2,481 4,342 (2) Series F Cumulative Preferred Stock 2,272 2,307 4,036 (2) Series G Cumulative Preferred Stock 2,824 2,824 4,943 (2) Series H Cumulative Preferred Stock 2,389 2,453 4,293 (2) Series I Cumulative Preferred Stock 2,306 2,349 4,111 (2) Total dividends declared (1) $ 12,263 $ 12,414 $ 21,725 ____________________________________ (1) In the year ended December 31, 2021, we recorded $252,000 of preferred dividend expense after the impact of preferred stock exchanges. All unpaid dividends in arrears as of December 31, 2020 of $21.5 million were declared and paid in 2021. (2) In the year ended December 31, 2021, the Company declared and paid dividends for each series of preferred stock for unpaid dividends from the second quarter 2020 through the third quarter of 2021. Additionally. the Company declared dividends for the fourth quarter of 2021 that were paid in January 2022.
Schedule of Noncontrolling Interests in Consolidated Entities	The table below summarizes (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2023 2022 2021 (Income) loss allocated to noncontrolling interests in consolidated entities. $ 6 $ — $ 73

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2023 2022 2021 Performance LTIP units Advisory services fee $ 783 $ 1,158 $ 1,128 LTIP units Advisory services fee 435 569 1,119 LTIP units Corporate, general and administrative 15 32 22 LTIP units - independent directors Corporate, general and administrative 475 413 397 $ 1,708 $ 2,172 $ 2,666 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 1,446 $ 2,509 $ 3,716 Management fees 10 56 199 Corporate, general and administrative 89 163 151 Corporate, general and administrative - independent directors 170 90 186 $ 1,715 $ 2,818 $ 4,252 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 604 $ 1,008 $ 3,177
Summary of Restricted Stock Unit Activity	A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 121 $ 20.63 231 $ 30.76 17 $ 306.10 Restricted stock granted 42 4.01 19 5.59 251 25.38 Restricted stock vested (114) 23.06 (125) 36.70 (33) 126.09 Restricted stock forfeited — — (4) 31.88 (4) 76.73 Outstanding at end of year 49 $ 26.17 121 $ 20.63 231 $ 30.76
Summary of PSU Activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 136 $ 29.04 139 $ 34.81 13 $ 377.90 PSUs granted 164 4.93 34 12.09 134 29.70 PSUs vested (76) 29.70 (33) 29.70 — — PSUs canceled (25) 29.70 (4) 80.00 (8) 627.36 Outstanding at end of year 199 $ 7.81 136 $ 29.04 139 $ 34.81

Redeemable Preferred Stock (Tab

Redeemable Preferred Stock (Tables)	12 Months Ended
Redeemable Preferred Stock (Tables)	Dec. 31, 2023
Temporary Equity [Abstract]
Summary of the Activity of Temporary Equity	The issuance activity of the Series J Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 Series J Preferred Stock shares issued (1) 3,371 87 Net proceeds $ 75,837 $ 1,959 ________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series J Preferred Stock $ 79,975 $ 2,004 Cumulative adjustments to Series J Preferred Stock (1) 3,473 926 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 Series J Preferred Stock $ 3,467 $ 18 The redemption activities of Series J Preferred stock is summarized below (in thousands): Year Ended December 31, 2023 Series J Preferred Stock shares redeemed 3 Redemption amount, net of redemption fees $ 78 The issuance activity of the Series K Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 Series K Preferred Stock shares issued (1) 192 2 Net proceeds $ 4,664 $ 44 ________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series K Preferred Stock $ 4,783 $ 44 Cumulative adjustments to Series K Preferred Stock (1) 146 20 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 Series K Preferred Stock $ 191 $ 1

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2023 2022 2021 Advisory services fee Base advisory fee $ 33,109 $ 34,802 $ 36,239 Reimbursable expenses (1) 12,473 9,851 6,934 Equity-based compensation (2) 3,268 5,244 9,140 Total advisory services fee $ 48,850 $ 49,897 $ 52,313 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2023 Advisory services fee Base advisory fee $ 67 Reimbursable expenses (1) 10 Total advisory services fee $ 77 ________ (1) The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Corporate, general and administrative $ 3,030 $ (2,617) $ 19 Year Ended December 31, 2023 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets (4) Other Hotel Revenue Management Fees Ashford LLC Insurance claims services $ 9 $ — $ — $ — $ — $ — Ashford Securities Capital raise services/Broker dealer expense 5,120 — — — — — INSPIRE Audio visual commissions 9,955 — — — 10,064 — Lismore Capital Debt placement and related services 2,444 — 767 525 — — OpenKey Mobile key app 122 — — — — — Premier Design and construction services 22,961 21,106 — — — — Pure Wellness Hypoallergenic premium rooms 1,393 — — — — — Remington Hospitality Hotel management services (3) 57,587 — — — — 30,787 Year Ended December 31, 2023 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of premiums, loan costs and exit fees Preferred Stock Ashford LLC Insurance claims services $ 9 $ — $ 9 $ — $ — $ — $ — Ashford Securities Capital raise services/Broker dealer expense 5,120 — — — 3,030 — 2,090 INSPIRE Audio visual commissions 9,955 — — — 109 — — Lismore Capital Debt placement and related services 2,444 — — — — 1,152 — OpenKey Mobile key app 122 122 — — — — — Premier Design and construction services 22,961 — — 1,855 — — — Pure Wellness Hypoallergenic premium rooms 1,393 1,393 — — — — — Remington Hospitality Hotel management services (3) 57,587 26,800 — — — — — Year Ended December 31, 2022 Company Product or Service Total Investments in Hotel Properties, net (1) Other Hotel Revenue Management Fees Other Hotel Expenses Ashford LLC Insurance claims services $ 17 $ — $ — $ — $ — Ashford Securities Capital raise services (2,566) — — — — Ashford Securities Dealer manager fees 44 — — — — INSPIRE Audio visual commissions 7,973 — 7,973 — — Lismore Capital Debt placement and related services 1,631 — — — — OpenKey Mobile key app 121 — — — 121 Premier Design and construction services 18,776 17,482 — — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — 1,294 Remington Hospitality Hotel management services (3) 49,762 — — 23,856 25,906 Year Ended December 31, 2022 Company Product or Service Total Preferred Stock Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 17 $ — $ 17 $ — $ — $ — Ashford Securities Capital raise services (2,566) 51 — — (2,617) — Ashford Securities Dealer manager fees 44 44 — — — — INSPIRE Audio visual commissions 7,973 — — — — — Lismore Capital Debt placement and related services 1,631 — — — — 1,631 OpenKey Mobile key app 121 — — — — — Premier Design and construction services 18,776 — — 1,294 — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — — — Remington Hospitality Hotel management services (3) 49,762 — — — — — Year Ended December 31, 2021 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fees Ashford LLC Insurance claims services $ 74 $ — $ — $ — $ — $ — Ashford Securities Capital raise services 19 — — — — — INSPIRE Audio visual commissions 2,993 — — — 2,993 — Lismore Capital Debt placement and related services 7,220 — 784 792 — — Lismore Capital Broker services 955 — 955 — — — OpenKey Mobile key app 121 — — — — — Premier Design and construction services 5,940 5,192 — — — — Pure Wellness Hypoallergenic premium rooms 1,366 — — — — — Remington Hospitality Hotel management services (3) 35,526 — — — — 17,754 Year Ended December 31, 2021 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 74 $ — $ 74 $ — $ — $ — Ashford Securities Capital raise services 19 — — — 19 — INSPIRE Audio visual commissions 2,993 — — — — — Lismore Capital Debt placement and related services 7,220 — — — — 5,644 Lismore Capital Broker services 955 — — — — — OpenKey Mobile key app 121 121 — — — — Premier Design and construction services 5,940 — — 748 — — Pure Wellness Hypoallergenic premium rooms 1,366 1,366 — — — — Remington Hospitality Hotel management services (3) 35,526 17,772 — — — — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs. (4) The Lismore fees in “other assets” on our consolidated balance sheets are amortized to “write-off of premiums, loan costs and exit fees.” The following table summarizes amounts due (to) from Ashford Inc. (in thousands): Due (to) from Ashford Inc. Company Product or Service December 31, 2023 December 31, 2022 Ashford LLC Advisory services (1) $ (2,289) $ (1,831) Ashford LLC Insurance claims services (5) (3) Ashford LLC Casualty insurance (4,057) — Ashford Securities Capital raise services/Broker dealer expense (3,140) 5,951 INSPIRE Audio visual (1,238) (1,650) OpenKey Mobile key app (9) (12) Premier Design and construction services (2,507) (1,966) Pure Wellness Hypoallergenic premium rooms (17) (3) $ (13,262) $ 486 (1) Includes liabilities associated with assets held for sale as of December 31, 2023.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other hotel expenses $ 64,437 $ 59,195 $ 39,633

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Lease Balances	As of December 31, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands): Lease Classification December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 44,047 $ 43,921 Finance lease assets Investments in hotel properties, net 17,269 18,972 Total leased assets $ 61,316 $ 62,893 Liabilities Operating lease liabilities Operating lease liabilities $ 44,765 $ 44,661 Finance lease liabilities Finance lease liabilities 18,469 18,847 Total leased liabilities $ 63,234 $ 63,508
Lease Cost and Other Information	We incurred the following lease costs related to our leases (in thousands): Year Ended December 31, Lease cost Classification 2023 2022 2021 Operating lease cost Rent expense Hotel operating expenses - other (1) $ 4,351 $ 4,714 $ 4,665 Finance lease cost Amortization of lease assets Depreciation and amortization $ 537 $ 26 $ — _______________________________________ (1) For the years ended December 31, 2023, 2022, and 2021, operating lease cost includes approximately $1.1 million, $1.2 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(15,000), $181,000 and $211,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. The change in net intangible amortization costs from 2022 to 2023 was primarily due to certain leases with intangible balances reaching maturity in 2023. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, Supplemental Cash Flows Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 2,647 $ 2,713 $ 2,824 Weighted Average Remaining Lease Term Operating leases (1) 67 years 67 years 68 years Finance lease (2) 31 years 32 years — Weighted Average Discount Rate Operating leases (1) 5.26 % 5.14 % 5.14 % Finance lease 10.68 % 10.68 % — % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Maturities of Operating Lease Liabilities	Future minimum lease payments due under non-cancellable leases as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Lease 2024 $ 3,102 $ 2,411 2025 3,085 2,411 2026 3,057 2,284 2027 3,017 1,904 2028 3,017 1,904 Thereafter 180,660 51,917 Total future minimum lease payments (1) 195,938 62,831 Less: interest 151,173 44,362 Present value of lease liabilities $ 44,765 $ 18,469 ________ (1) Based on payment amounts as of December 31, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense	The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2023 2022 2021 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (761) $ (9,291) $ (6,513) State income tax (expense) benefit, net of U.S. federal income tax benefit (311) (1,219) (413) Permanent differences (168) (2,342) (238) Provision to return adjustment 15 1,971 60 Gross receipts and margin taxes (958) (506) (199) Interest and penalties 184 (199) (18) Valuation allowance 1,099 5,250 1,373 Total income tax (expense) benefit $ (900) $ (6,336) $ (5,948)
Components of Income Tax Benefit (Expense) From Continuing Operations	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ (195) $ (4,616) $ (4,950) State (733) (1,773) (885) Total current income tax (expense) benefit (928) (6,389) (5,835) Deferred: Federal 28 53 (113) State — — — Total deferred income tax (expense) benefit 28 53 (113) Total income tax (expense) benefit $ (900) $ (6,336) $ (5,948)
Deferred Tax Asset (Liability) and Related Valuation Allowance	At December 31, 2023 and 2022, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Allowance for doubtful accounts $ 274 $ 104 Unearned income 812 950 Federal and state net operating losses 23,071 22,367 Capital loss carryforward 5,659 7,440 Accrued expenses 1,598 1,781 Tax derivatives basis greater than book basis 307 315 Operating lease liability 2,295 2,368 Other 271 321 Deferred tax assets 34,287 35,646 Valuation allowance (29,302) (31,205) Net deferred tax asset 4,985 4,441 Deferred tax liabilities: Prepaid expenses (31) (22) Investment in partnership (487) — Operating lease right-of-use assets (2,295) (2,368) Tax property basis less than book basis (2,576) (2,483) Deferred tax liabilities (5,389) (4,873) Net deferred tax asset (liability) $ (404) $ (432)
Summarize the Changes in the Valuation Allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 31,205 $ 38,810 $ 40,029 Additions — — — Deductions (1,903) (7,605) (1,219) Balance at end of year $ 29,302 $ 31,205 $ 38,810

Deferred Costs, net (Tables)

Deferred Costs, net (Tables)	12 Months Ended
Deferred Costs, net (Tables)	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, net	Deferred costs, net consist of the following (in thousands): December 31, 2023 2022 Deferred franchise fees $ 3,171 $ 3,171 Deferred loan costs — 5,479 Total costs 3,171 8,650 Accumulated amortization (1,363) (5,985) Deferred costs, net $ 1,808 $ 2,665

Intangible Assets, net and In_2

Intangible Assets, net and Intangible Liabilities, net (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, net and Intangible Liabilities, net	Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2023 2022 2023 2022 Cost $ 797 $ 797 $ 2,723 $ 2,723 Accumulated amortization — — (706) (626) $ 797 $ 797 $ 2,017 $ 2,097
Below Market Lease, Future Amortization Income	Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2024 $ 36 2025 32 2026 32 2027 32 2028 32 Thereafter 1,853 Total $ 2,017

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) room hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 hotel	Nov. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Number of hotels	100	101	103
Number of hotel properties, owned investment in consolidated entity	1
Investments in unconsolidated entities \| $	$ 9,960	$ 19,576
Stirlings Hotels & Resorts, Inc.
Real Estate Properties [Line Items]
VIE, ownership percentage (as a percent)	99.40%
Consolidated Entity
Real Estate Properties [Line Items]
Ownership percentage (as a percent)	32.50%
OpenKey
Real Estate Properties [Line Items]
Ownership percentage (as a percent)	15.10%	15.10%
Investments in unconsolidated entities \| $	$ 1,575	$ 2,103
Meritage Investment
Real Estate Properties [Line Items]
Investments in unconsolidated entities \| $	$ 8,385	$ 8,991		$ 9,100
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels	90
Number of rooms \| room	20,549
Subsidiaries \| Remington Hospitality
Real Estate Properties [Line Items]
Number of hotel properties managed by affiliates	61
Variable Interest Entity, Primary Beneficiary, Stirling OP
Real Estate Properties [Line Items]
Number of hotels	4
Number of rooms \| room	405
Variable Interest Entity, Primary Beneficiary, Stirling OP \| Remington Hospitality
Real Estate Properties [Line Items]
Number of hotel properties managed by affiliates	3

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	12 Months Ended
Significant Accounting Policies - Narrative (Details)	Dec. 31, 2023 USD ($) resort	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) hotel jointVenture	Dec. 20, 2021
Real Estate Properties [Line Items]
Impairment charge for investments in hotel properties	$ 0	$ 0	$ 0
Impairment of investments in unconsolidated entities	0	0	$ 0
Number of joint venture \| jointVenture			1
Advance deposit balance	19,000,000	18,300,000
Advertising expense	$ 11,100,000	10,100,000	$ 6,800,000
Lease term	32 years
Hotel Properties
Real Estate Properties [Line Items]
Ownership percentage of operating partnership	100%		15%	15%
Number of hotel properties held by joint ventures \| hotel			2
815 Commerce MM
Real Estate Properties [Line Items]
Ownership percentage of operating partnership	67.50%
Stirling Operating Partnership
Real Estate Properties [Line Items]
Ownership percentage of operating partnership	0.60%
Notes Receivable
Real Estate Properties [Line Items]
Impairment of investments in hotel properties	$ 0	$ 0	$ 0
OpenKey
Real Estate Properties [Line Items]
Ownership percentage (as a percent)	15.10%	15.10%
Napa Resorts
Real Estate Properties [Line Items]
Number of resorts \| resort	2
Minimum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	4%
Minimum \| Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life (in years)	7 years 6 months
Minimum \| Furniture and Fixtures
Real Estate Properties [Line Items]
Estimated useful life (in years)	1 year 6 months
Minimum \| Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)	0%
Performance adjustment range on initial calculation (as a percent)	75%
Performance adjustment range on initial calculation, final calculation (as a percent)	0%
Maximum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	6%
Maximum \| Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life (in years)	39 years
Maximum \| Furniture and Fixtures
Real Estate Properties [Line Items]
Estimated useful life (in years)	5 years
Maximum \| Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)	200%
Performance adjustment range on initial calculation (as a percent)	125%
Performance adjustment range on initial calculation, final calculation (as a percent)	250%

Revenue (Details)

Revenue (Details) $ in Thousands	12 Months Ended
Revenue (Details) $ in Thousands	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	100	101	103
Revenue	$ 1,367,533	$ 1,240,859	$ 805,411
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	9	9	8
Revenue	$ 86,005	$ 67,472	$ 47,382
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 73,807	$ 60,568	$ 31,155
Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	7	7	7
Revenue	$ 80,339	$ 70,271	$ 44,483
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	3	3	3
Revenue	$ 38,343	$ 32,268	$ 23,019
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	6	6	6
Revenue	$ 106,431	$ 95,018	$ 66,920
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 34,862	$ 34,474	$ 23,128
Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 19,739	$ 16,391	$ 9,869
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	1	1	1
Revenue	$ 88,824	$ 81,394	$ 48,416
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	5	5	5
Revenue	$ 66,313	$ 55,726	$ 33,412
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 26,812	$ 26,124	$ 18,039
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 17,710	$ 17,467	$ 13,053
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 24,237	$ 21,877	$ 14,108
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	6	6	6
Revenue	$ 62,028	$ 56,920	$ 36,256
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	2	2	2
Revenue	$ 38,880	$ 34,009	$ 23,006
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	9	9	9
Revenue	$ 162,814	$ 136,954	$ 62,587
Other Areas
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	34	34	34
Revenue	$ 357,570	$ 342,059	$ 249,444
Disposed properties (1)
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	6	7	10
Revenue	$ 80,018	$ 88,983	$ 58,867
Corporate
Disaggregation of Revenue [Line Items]
Number of hotels \| hotel	0	0	0
Revenue	$ 2,801	$ 2,884	$ 2,267
Rooms
Disaggregation of Revenue [Line Items]
Revenue	1,059,155	974,002	655,121
Rooms \| Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	65,852	51,992	37,955
Rooms \| Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	61,766	49,772	25,426
Rooms \| Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	59,997	53,831	36,169
Rooms \| Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	27,082	23,864	19,169
Rooms \| Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	83,517	76,603	54,564
Rooms \| Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	24,919	25,387	18,559
Rooms \| Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	14,024	12,140	7,188
Rooms \| Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	56,640	52,786	32,774
Rooms \| New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	47,901	40,747	25,685
Rooms \| Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	23,168	22,811	15,843
Rooms \| Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	15,592	15,785	12,029
Rooms \| San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	21,510	19,667	12,392
Rooms \| San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	54,364	50,270	32,129
Rooms \| Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	29,571	26,182	19,774
Rooms \| Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	128,047	108,119	51,615
Rooms \| Other Areas
Disaggregation of Revenue [Line Items]
Revenue	283,929	275,136	206,789
Rooms \| Disposed properties (1)
Disaggregation of Revenue [Line Items]
Revenue	61,276	68,910	47,061
Rooms \| Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	232,829	196,663	94,911
Food and Beverage \| Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	16,412	12,848	7,369
Food and Beverage \| Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	6,011	5,533	2,153
Food and Beverage \| Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	16,400	12,881	5,646
Food and Beverage \| Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	10,406	7,576	3,380
Food and Beverage \| Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	17,879	13,630	7,553
Food and Beverage \| Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	8,802	8,225	3,846
Food and Beverage \| Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	4,997	3,806	1,826
Food and Beverage \| Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	28,506	24,163	11,928
Food and Beverage \| New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	16,019	12,918	6,138
Food and Beverage \| Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,621	1,512	679
Food and Beverage \| Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	1,123	981	390
Food and Beverage \| San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	1,325	934	458
Food and Beverage \| San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,751	4,559	2,203
Food and Beverage \| Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	7,371	6,528	2,355
Food and Beverage \| Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	26,112	20,786	6,330
Food and Beverage \| Other Areas
Disaggregation of Revenue [Line Items]
Revenue	50,697	46,139	25,766
Food and Beverage \| Disposed properties (1)
Disaggregation of Revenue [Line Items]
Revenue	13,397	13,644	6,891
Food and Beverage \| Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	72,748	67,310	53,112
Other Hotel \| Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	3,741	2,632	2,058
Other Hotel \| Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	6,030	5,263	3,576
Other Hotel \| Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	3,942	3,559	2,668
Other Hotel \| Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	855	828	470
Other Hotel \| Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,035	4,785	4,803
Other Hotel \| Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,141	862	723
Other Hotel \| Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	718	445	855
Other Hotel \| Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	3,678	4,445	3,714
Other Hotel \| New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,393	2,061	1,589
Other Hotel \| Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	2,023	1,801	1,517
Other Hotel \| Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	995	701	634
Other Hotel \| San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	1,402	1,276	1,258
Other Hotel \| San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,913	2,091	1,924
Other Hotel \| Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,938	1,299	877
Other Hotel \| Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	8,655	8,049	4,642
Other Hotel \| Other Areas
Disaggregation of Revenue [Line Items]
Revenue	22,944	20,784	16,889
Other Hotel \| Disposed properties (1)
Disaggregation of Revenue [Line Items]
Revenue	5,345	6,429	4,915
Other Hotel \| Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	2,801	2,884	2,267
Other \| Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Disposed properties (1)
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other \| Corporate
Disaggregation of Revenue [Line Items]
Revenue	$ 2,801	$ 2,884	$ 2,267

Investments in Hotel Properti_3

Investments in Hotel Properties, net - Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Land	$ 605,509	$ 622,759
Buildings and improvements	3,331,645	3,650,464
Furniture, fixtures and equipment	175,991	222,665
Construction in progress	114,850	21,609
Condominium properties	0	9,889
Hilton Marietta finance lease	17,269	18,998
Total cost	4,245,264	4,546,384
Accumulated depreciation	(1,293,332)	(1,428,053)
Investments in hotel properties, net	2,951,932	3,118,331
Depreciation	$ 187,400	$ 201,400	$ 218,500

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Consolidation of 815 Commerce Managing and Stirling OP (Details) - USD ($) $ in Thousands, shares in Millions	May 31, 2023	Dec. 31, 2023	Dec. 06, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Lease term		32 years
Land		$ 605,509		$ 622,759
Construction in progress		114,850		21,609
Restricted cash		146,079		141,962	$ 99,534	$ 74,408
Deferred costs		1,808		2,665
Indebtedness		(3,396,071)		(3,838,543)
Other finance liability		(3,499)		(4,326)
Accrued interest payable		(27,009)		(15,287)
Noncontrolling interest in consolidated entities		$ (14,859)		$ 0
Variable Interest Entity, Primary Beneficiary, 815 Commerce Managing Member, LLC
Variable Interest Entity [Line Items]
Lease term	99 years
VIE, ownership percentage (as a percent)	100%
Gain (loss) on VIE consolidation	$ 1,100
Land	4,609
Construction in progress	56,591
Restricted cash	18,201
Deferred costs	92
Indebtedness	(35,052)
Other finance liability	(26,729)
Accounts payable and accrued expenses	(88)
Accrued interest payable	(104)
Noncontrolling interest in consolidated entities	(7,961)
Investment	$ 9,559
Variable Interest Entity, Primary Beneficiary, Stirling OP
Variable Interest Entity [Line Items]
Units of partnership interest (in shares)			1.4

Investments in Hotel Properti_5

Investments in Hotel Properties, net - Other Finance Liability (Details) - USD ($) $ in Millions	Nov. 10, 2021	Dec. 31, 2023	May 31, 2023
Sale Leaseback Transaction [Line Items]
Lease term		32 years
Variable Interest Entity, Primary Beneficiary, 815 Commerce Managing Member, LLC
Sale Leaseback Transaction [Line Items]
Lease term			99 years
Discount rate (as a percent)		8.20%
815 Commerce MM
Sale Leaseback Transaction [Line Items]
Proceeds from sale of land and buildings	$ 30.4
Lease term	99 years
Annual rental payments	$ 1.5
Annual rent increase (as a percent)	2%
815 Commerce MM \| Minimum
Sale Leaseback Transaction [Line Items]
Purchase option period	90 days
815 Commerce MM \| Maximum
Sale Leaseback Transaction [Line Items]
Purchase option period	180 days

Dispositions, Impairment Char_3

Dispositions, Impairment Charges and Assets Held For Sale - Hotel Properties Measured at Fair Value (Details) - USD ($) $ in Thousands						12 Months Ended
	Nov. 29, 2023	Nov. 09, 2023	Aug. 01, 2023	May 19, 2023	Sep. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 09, 2023	Feb. 28, 2021	Jan. 20, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel property						$ 29,214	$ 34,988	$ 9,013
Disposal group, not discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration]						Gain (loss) on consolidation of VIE and disposition of assets
Debt Balance						$ 3,393,865	3,835,272
Gain (loss) on extinguishment of debt						53,386	0	11,896
Non-cash consideration from sale of hotel property						0	1,219	0
Impairment Charges						0	0	0
KEYS Pool F Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt						53,400
KEYS Pool F Loan \| Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extension term (in days)									30 days
Debt Balance						215,100
Extinguishment of debt	$ 215,100
Mortgage Loan due May 2026 4.00% \| Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of extension option (in years)				1 year
Debt Balance				$ 98,500		98,450	0			$ 19,400
Gain (loss) on extinguishment of debt								10,600
WorldQuest Resort \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel property			$ 14,800
Gain (loss) on disposal			$ 6,400
Sheraton Bucks County \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel property		$ 13,800
Gain (loss) on disposal						$ 3,900
Sheraton In Ann Arbor \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel property					$ 34,500
Gain (loss) on disposal							$ (1)
Consideration for disposal					35,700
Non-cash consideration from sale of hotel property					1,200
Face amount					$ 1,500
Deferral period					24 months
Extinguishment of debt					$ 30,000
Le Meridien In Minneapolis \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal								$ (90)
Consideration for disposal											$ 7,900

Dispositions, Impairment Char_4

Dispositions, Impairment Charges and Assets Held For Sale - Schedule of Hotel Disposition and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Total hotel revenue	$ 80,018	$ 88,983	$ 58,867
Total hotel operating expenses	(60,698)	(65,053)	(47,817)
Property taxes, insurance and other	(3,906)	(4,402)	(4,560)
Depreciation and amortization	(12,782)	(17,322)	(20,867)
Total operating expenses	(77,386)	(86,777)	(73,244)
Gain (loss) on disposition of assets and hotel properties	10,279	(1)	237
Operating income (loss)	12,911	2,205	(14,140)
Interest income	40	5	0
Interest expense and amortization of discounts and loan costs	(20,994)	(13,805)	(8,796)
Write-off of premiums, loan costs and exit fees	(110)	0	0
Gain (loss) on extinguishment of debt	53,386	0	10,566
Income (loss) before income taxes	45,233	(11,595)	(12,370)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(521)	90	103
Net income (loss) attributable to the Company	$ 44,712	$ (11,505)	$ (12,267)

Dispositions, Impairment Char_5

Dispositions, Impairment Charges and Assets Held For Sale- Schedule of Major Classes of Assets and Liabilities Related to Assets Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1	$ 0	$ 0
Assets held for sale	12,383	0
Liabilities
Liabilities related to assets held for sale	14,653	0
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets
Investments in hotel properties, net	11,949
Cash and cash equivalents	1
Restricted cash	223
Accounts receivable, net	171
Prepaid expenses	22
Due from third-party hotel managers	17
Assets held for sale	12,383
Liabilities
Indebtedness related to assets held for sale, net	14,366	$ 0
Accounts payable and accrued expenses	231
Accrued interest	55
Due from Ashford Inc.	1
Liabilities related to assets held for sale	$ 14,653

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 9,960	$ 19,576
Income (loss) from equity method investments	(1,134)	(804)	$ (558)
OpenKey
Schedule of Equity Method Investments [Line Items]
Equity method investment, aggregate cost	5,500
Carrying value of the investment	$ 1,575	$ 2,103
Ownership percentage (as a percent)	15.10%	15.10%
Income (loss) from equity method investments	$ (528)	$ (668)	(540)
815 Commerce MM
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment		$ 8,482
Ownership percentage (as a percent)		32.50%
Income (loss) from equity method investments	0	$ 0	(18)
Meritage Investment
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	8,385	8,991		$ 9,100
Income (loss) from equity method investments	$ (606)	$ (136)	$ 0

Indebtedness, net - Schedule of

Indebtedness, net - Schedule of Indebtedness (Details) $ in Thousands																1 Months Ended				12 Months Ended
	Nov. 16, 2023 USD ($)	Nov. 09, 2023 USD ($)	Oct. 31, 2023	Aug. 01, 2023	Jul. 31, 2023	Jul. 14, 2023 USD ($)	Jul. 07, 2023 USD ($)	Jul. 05, 2023 USD ($)	Jun. 30, 2023	May 31, 2023	May 19, 2023 USD ($) extension	Mar. 31, 2023	Feb. 09, 2023 USD ($)	Feb. 08, 2023	Jan. 27, 2023 USD ($)	Nov. 30, 2023	Jul. 31, 2023	Jun. 30, 2023 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) hotel extension	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 22, 2023	Dec. 21, 2023	Jul. 26, 2023	Jul. 25, 2023	Jun. 29, 2023	Jan. 15, 2023	Jan. 14, 2023	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Debt Balance																				$ 3,393,865	$ 3,835,272
Book Value of Collateral																				2,944,015	3,091,302
Premiums (discounts), net																				(606)	(20,249)
Capitalized default interest and late charges																				396	8,363
Deferred loan costs, net																				(6,914)	(8,530)
Indebtedness, net																				3,410,437	3,838,543
Indebtedness, net																				$ 3,396,071	$ 3,838,543
LIBOR rate																					4.39%
SOFR rate																				5.35%	4.36%
Repayments of long-term debt																				$ 396,947	$ 50,902	$ 189,594
Borrowings on indebtedness																				$ 134,802	1,551	$ 377,500
Disposal Group, Held-for-sale, Not Discontinued Operations
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				4.45%
Indebtedness related to assets held for sale, net																				$ 14,366	0
Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due March 2024 2.80%
Debt Instrument [Line Items]
Basis spread on variable rate																				2.80%
Mortgages \| Mortgage Loan due June 2023 2.45%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 0	73,450
Book Value of Collateral																				$ 0	100,142
Mortgages \| Mortgage Loan due June 2023 3.70%
Debt Instrument [Line Items]
Collateral \| hotel																				7
Debt default rate																				400%
Debt Balance																				$ 180,720	180,720
Book Value of Collateral																				$ 121,119	124,761
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Mortgages \| Mortgage Loan due June 2023 3.44%
Debt Instrument [Line Items]
Collateral \| hotel																				7
Debt default rate																				400%
Debt Balance																				$ 174,400	174,400
Book Value of Collateral																				$ 113,110	118,783
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Mortgages \| Mortgage Loan due June 2023 3.73%
Debt Instrument [Line Items]
Collateral \| hotel																				5
Debt Balance																				$ 0	215,120
Book Value of Collateral																				$ 0	164,792
Mortgages \| Mortgage Loan due November 2023 2.80%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 0	25,000
Book Value of Collateral																				$ 0	46,659
Mortgages \| Mortgage Loan due January 2024 5.49%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				5.49%
Debt Balance																				$ 0	6,345
Book Value of Collateral																				$ 0	6,556
Mortgages \| Mortgage Loan due January 2024 5.49% 2
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				5.49%
Debt Balance																				$ 0	9,261
Book Value of Collateral																				$ 0	13,638
Mortgages \| Mortgage Loan due February 2024 3.28%
Debt Instrument [Line Items]
Collateral \| hotel																				8
Debt Balance																				$ 345,000	395,000
Book Value of Collateral																				$ 298,826	288,740
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Repayments of long-term debt													$ 50,000
Mortgages \| Mortgage Loan due March 2024 2.80%
Debt Instrument [Line Items]
Collateral \| hotel																				2
Basis spread on variable rate									2.75%								2.80%
Debt Balance																				$ 240,000	240,000
Book Value of Collateral																				$ 201,279	207,265
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Mortgages \| Mortgage Loan due April 2024 3.51%
Debt Instrument [Line Items]
Collateral \| hotel																				19
Debt Balance																				$ 862,027	907,030
Book Value of Collateral																				$ 907,476	932,715
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Repayments of long-term debt																			$ 45,000
Mortgages \| Mortgage Loan due May 2024 4.99%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				4.99%
Debt Balance																				$ 5,613	5,819
Book Value of Collateral																				$ 5,813	5,983
Mortgages \| Mortgage Loan due June 2024 2.00%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 8,881	8,881
Book Value of Collateral																				$ 6,334	6,651
SOFR Floor (as a percent)																				2%
Mortgages \| Mortgage Loan due June 2024 3.90%
Debt Instrument [Line Items]
Collateral \| hotel																				4
Debt Balance																				$ 143,877	221,040
Book Value of Collateral																				$ 127,829	145,085
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Repayments of long-term debt		$ 13,800																$ 62,400
Mortgages \| Mortgage Loan due June 2024 4.17%
Debt Instrument [Line Items]
Collateral \| hotel																				5
Debt Balance								$ 237,100												$ 237,061	262,640
Book Value of Collateral																				$ 77,978	80,554
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Repayments of long-term debt								$ 25,600
Mortgages \| Mortgage Loan due June 2024 2.90%
Debt Instrument [Line Items]
Collateral \| hotel																				5
Debt Balance							$ 119,000													$ 119,003	160,000
Book Value of Collateral																				$ 158,702	168,223
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Repayments of long-term debt							$ 41,000
Mortgages \| Mortgage Loan due August 2024 4.85%
Debt Instrument [Line Items]
Collateral \| hotel																				2
Interest rate																				4.85%
Debt Balance																				$ 10,945	11,172
Book Value of Collateral																				$ 7,831	8,404
Mortgages \| Mortgage Loan due August 2024 4.90%
Debt Instrument [Line Items]
Collateral \| hotel																				3
Interest rate																				4.90%
Debt Balance																				$ 0	22,349
Book Value of Collateral																				$ 0	17,041
Mortgages \| Mortgage Loan due November 2024 4.76%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 86,000	85,552
Book Value of Collateral																				$ 81,104	87,139
Number of extension options \| extension																				2
Term of extension option (in years)																				1 year
Borrowings on indebtedness															$ 449
Future additional funding available															$ 2,000
Mortgages \| Mortgage Loan due November 2024 3.39%
Debt Instrument [Line Items]
Collateral \| hotel																				17
Debt Balance																				$ 409,750	415,000
Book Value of Collateral																				$ 225,466	220,462
Number of extension options \| extension																				5
Term of extension option (in years)																				1 year
Repayments of long-term debt						$ 5,300
Mortgages \| Mortgage Loan due December 2024 4.00%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 37,000	37,000
Book Value of Collateral																				$ 59,352	53,525
Number of extension options \| extension																				3
Term of extension option (in years)																				1 year
SOFR Floor (as a percent)																				0.50%
Mortgages \| Mortgage Loan due December 2024 2.85%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 13,759	15,290
Book Value of Collateral																				$ 22,473	23,440
Number of extension options \| extension																				2
Term of extension option (in years)																				1 year
Repayments of long-term debt																				$ 1,400
Mortgages \| Mortgage Loan due February 2025 4.45%
Debt Instrument [Line Items]
Collateral \| hotel																				3
Interest rate																				4.45%
Debt Balance																				$ 45,792	46,918
Book Value of Collateral																				$ 53,207	56,536
Mortgages \| Mortgage Loan March 2025 4.66%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				4.66%
Debt Balance																				$ 22,742	23,326
Book Value of Collateral																				$ 42,292	43,879
Mortgages \| Mortgage Loan due August 2025 3.91%
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 98,000	98,000
Book Value of Collateral																				$ 167,176	170,329
Number of extension options \| extension																				1
Term of extension option (in years)																				1 year
Mortgages \| Mortgage Loan due May 2026 4.00%
Debt Instrument [Line Items]
Collateral \| hotel																				2
Debt Balance											$ 98,500									$ 98,450	0									$ 19,400
Book Value of Collateral																				$ 143,710	0
Number of extension options \| extension											2
Term of extension option (in years)											1 year
SOFR Floor (as a percent)											0.50%
Initial term of loan (in years)											3 years
Mortgages \| Mortgage Loan due December 2028 8.51%
Debt Instrument [Line Items]
Collateral \| hotel																				4
Interest rate	8.51%																			8.51%
Debt Balance	$ 30,200																			$ 30,200	0
Book Value of Collateral																				$ 35,580	0
Initial term of loan (in years)	5 years
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due June 2023 2.45%
Debt Instrument [Line Items]
Basis spread on variable rate																				2.45%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due June 2023 3.70%
Debt Instrument [Line Items]
Basis spread on variable rate									3.65%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due June 2023 3.44%
Debt Instrument [Line Items]
Basis spread on variable rate									3.39%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due February 2024 3.28%
Debt Instrument [Line Items]
Basis spread on variable rate									3.17%				3.17%	3.07%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due April 2024 3.51%
Debt Instrument [Line Items]
Basis spread on variable rate									3.47%			3.20%							3.47%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due June 2024 3.90%
Debt Instrument [Line Items]
Basis spread on variable rate									3.86%	3.73%								3.86%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due June 2024 4.17%
Debt Instrument [Line Items]
Basis spread on variable rate										4.02%								4.15%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due June 2024 2.90%
Debt Instrument [Line Items]
Basis spread on variable rate									2.85%	2.73%								2.85%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due November 2024 4.76%
Debt Instrument [Line Items]
Interest rate																											4.65%
Mortgages \| London Interbank Offered Rate (LIBOR) \| Mortgage Loan due November 2024 3.39%
Debt Instrument [Line Items]
Basis spread on variable rate									3.13%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2023 3.70%
Debt Instrument [Line Items]
Basis spread on variable rate																	3.70%			3.70%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2023 3.44%
Debt Instrument [Line Items]
Basis spread on variable rate																	3.44%			3.44%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2023 3.73%
Debt Instrument [Line Items]
Basis spread on variable rate																				3.73%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due November 2023 2.80%
Debt Instrument [Line Items]
Basis spread on variable rate																				2.80%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due February 2024 3.28%
Debt Instrument [Line Items]
Basis spread on variable rate																	3.28%			3.28%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due April 2024 3.51%
Debt Instrument [Line Items]
Basis spread on variable rate																	3.51%			3.51%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2024 2.00%
Debt Instrument [Line Items]
Basis spread on variable rate																				2%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2024 3.90%
Debt Instrument [Line Items]
Basis spread on variable rate																	3.90%			3.90%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2024 4.17%
Debt Instrument [Line Items]
Basis spread on variable rate																	4.17%			4.17%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due June 2024 2.90%
Debt Instrument [Line Items]
Basis spread on variable rate																	2.90%			2.90%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due November 2024 4.76%
Debt Instrument [Line Items]
Basis spread on variable rate																				4.76%
Interest rate									4.76%									4.76%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due November 2024 3.39%
Debt Instrument [Line Items]
Basis spread on variable rate			3.26%													3.39%	3.26%			3.39%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due December 2024 4.00%
Debt Instrument [Line Items]
Basis spread on variable rate																				4%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due December 2024 2.85%
Debt Instrument [Line Items]
Basis spread on variable rate																				2.85%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due August 2025 3.91%
Debt Instrument [Line Items]
Basis spread on variable rate																				3.91%
Mortgages \| Secured Overnight Financing Rate (SOFR) \| Mortgage Loan due May 2026 4.00%
Debt Instrument [Line Items]
Basis spread on variable rate											4%									4%
Term Loan \| Term loan due January 2024
Debt Instrument [Line Items]
Interest rate																				14%								14%	16%
Debt Balance																				$ 183,082	195,959
Book Value of Collateral																				$ 0	0
Number of extension options \| extension																				2
Term of extension option (in years)																				1 year
Repayments of long-term debt						$ 12,900
Bridge Loan \| Bridge Loan Due May 2024
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				7.25%			7.25%	5%
Debt Balance																				$ 19,889	0
Book Value of Collateral																				$ 0	0
Environmental Loan \| Environmental Loan Due April 2024
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				10%
Debt Balance																				$ 571	0
Book Value of Collateral																				$ 0	0
TIF Loan \| TIF Loan Due August 2025
Debt Instrument [Line Items]
Collateral \| hotel																				1
Interest rate																				8.25%					8.25%	4.75%
Debt Balance																				$ 5,609	0
Book Value of Collateral																				$ 0	0
Construction loan
Debt Instrument [Line Items]
Interest rate				7.75%	6.81%												6.81%
Swap rate, duration (in years)					5 years
Spread on stated rate (as a percent)				1.85%	0.94%												0.94%
Construction loan \| Construction Loan Due May 2033
Debt Instrument [Line Items]
Collateral \| hotel																				1
Debt Balance																				$ 15,494	0
Book Value of Collateral																				$ 87,358	0
Construction loan \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					8.39%
Construction loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				8.50%
Construction loan \| Secured Overnight Financing Rate (SOFR) \| Construction Loan Due May 2033
Debt Instrument [Line Items]
Basis spread on variable rate																				8.50%
Embedded debt derivative
Debt Instrument [Line Items]
Embedded debt derivative																				$ 23,696	$ 23,687

Indebtedness, net - Schedule _2

Indebtedness, net - Schedule of Net Premium (Discount) Amortization Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense and amortization of discounts and loan costs	$ (18,684)	$ (12,015)	$ (7,142)

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details)					1 Months Ended	12 Months Ended
Indebtedness, net - Narrative (Details)	Nov. 29, 2023 USD ($)	Jun. 21, 2023 USD ($)	Jun. 09, 2023	Jun. 13, 2018 extension	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Non-cash loan principal associated with default interest and late charges						$ 0	$ 0	$ 33,245,000
Amount of capitalized principal that was amortized						7,800,000	15,100,000	35,700,000
Write off related to capitalized principal						151,000	0	0
Repayments of long-term debt						396,947,000	50,902,000	$ 189,594,000
Debt Balance						3,393,865,000	3,835,272,000
Indebtedness, net						3,396,071,000	$ 3,838,543,000
Interest costs capitalized						3,000,000
Credit Agreement
Debt Instrument [Line Items]
Cash exit fee (as a percent)		50%
Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Unused capacity, commitment fee (as a percent)		9%
Initial term period (in years)		12 months
Credit Agreement \| Mortgages
Debt Instrument [Line Items]
Mortgage debt threshold amount		$ 400,000,000
KEYS Mortgage Loans \| Mortgages
Debt Instrument [Line Items]
Initial term period (in years)				2 years
Number of extension options \| extension				5
Term of extension option (in years)			30 days	1 year
KEYS Pool C Loan \| Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt					$ 62,400,000
KEYS Pool D Loan \| Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt					25,600,000
KEYS Pool E Loan \| Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt					$ 41,000,000
KEYS Pool F Loan \| Mortgages
Debt Instrument [Line Items]
Extinguishment of debt	$ 215,100,000
Gain (loss) on extinguishment of debt						53,400,000
Debt Balance						215,100,000
KEYS Pool A Loan \| Mortgages
Debt Instrument [Line Items]
Debt Balance						180,700,000
Indebtedness, net						121,100,000
KEYS Pool B Loan \| Mortgages
Debt Instrument [Line Items]
Debt Balance						174,400,000
Indebtedness, net						$ 113,100,000
Mortgage Loan, Aggregate Principal Amount Above Mortgage Debt Threshold Amount \| Mortgages
Debt Instrument [Line Items]
Debt Balance		$ 415,000,000

Indebtedness, net - Maturities

Indebtedness, net - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 3,077,578
2025	172,142
2026	98,450
2027	0
2028	30,200
Thereafter	15,495
Total	$ 3,393,865	$ 3,835,272

Notes Receivable, Net and Oth_3

Notes Receivable, Net and Other - Schedule of Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Aug. 31, 2021 a
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of real estate property (in acres) \| a	1.65		1.65
Notes Receivable \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	18%
Face amount	$ 7,369	$ 0
Notes Receivable \| Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7%
Face amount	$ 0	5,250
Discount	0	(188)
Receivable, net	$ 0	5,062
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	10%
Face amount	$ 1,500	1,500
Discount	(108)	(240)
Receivable, net	$ 1,392	$ 1,260

Notes Receivable, Net and Oth_4

Notes Receivable, Net and Other - Narrative (Details)	12 Months Ended
Notes Receivable, Net and Other - Narrative (Details)	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 01, 2022 USD ($)	Aug. 31, 2021 a
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0	$ 0	$ 0
Other income (expense)	8,978,000	4,777,000	207,000
Reimbursement of parking fees while parking parcel is in development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reimbursement of parking fees			320,000
Other income (expense)			$ 89,000
Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Required balancing deposits	9,500,000
Variable Interest Entity, Primary Beneficiary \| Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 7,369,000	$ 0
Interest Rate	18%
Notes receivable, term (in days)	30 days
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sheraton In Ann Arbor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount				$ 1,500,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of property (in acres) \| a	1.65				1.65

Notes Receivable, Net and Oth_5

Notes Receivable, Net and Other - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes Receivable \| Certificate of Occupancy Note
Receivables with Imputed Interest [Line Items]
Other income (expense)	$ 188	$ 339	$ 460
Notes Receivable \| Variable Interest Entity, Primary Beneficiary
Receivables with Imputed Interest [Line Items]
Other income (expense)	501
Accounts Receivable
Receivables with Imputed Interest [Line Items]
Other income (expense)	$ 132	$ 41

Notes Receivable, Net and Oth_6

Notes Receivable, Net and Other - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other income (expense)	$ 8,978	$ 4,777	$ 207
Future Ownership Rights Of Parking Parcel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other income (expense)	$ 0	$ 0	$ 211

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 3,351,271	$ 3,549,941
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 2,689,927	$ 3,505,242
Interest rate derivatives - caps \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2%	2%
Interest rate derivatives - caps \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	6.90%	5.50%
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 2,583,271	$ 3,365,941	$ 3,415,301
Total cost (in thousands)	$ 28,256	$ 40,119	$ 1,158
Interest rate derivatives - caps \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.50%	2.90%	2%
Interest rate derivatives - caps \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	6.90%	5.50%	4%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value consideration threshold for transfer in/out of level 3 (as a percent)	10%
SOFR rate	5.35%	4.36%
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
SOFR rate		5.348%
SOFR interest rate forward curve downtrend	3.403%
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of derivative liability	$ 43.7
Significant Unobservable Inputs (Level 3) \| Remaining Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	1.04
Significant Unobservable Inputs (Level 3) \| Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.754
Significant Unobservable Inputs (Level 3) \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.0479
Significant Unobservable Inputs (Level 3) \| Recovery Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.612
Significant Unobservable Inputs (Level 3) \| Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.555

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Derivative Liabilities Measured at Fair Value (Details) - Derivative liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 23,687	$ 27,906	$ 0
Additions			43,680
Re-measurement of fair value	9	(4,219)	(15,774)
Ending balance	$ 23,696	$ 23,687	$ 27,906

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative assets:
Derivative assets	$ 13,696	$ 47,182
Fair Value Measurements Recurring
Derivative assets:
Derivative assets	13,696	47,182
Liabilities
Net	(10,000)	23,495
Fair Value Measurements Recurring \| Interest rate derivatives - caps
Derivative assets:
Derivative assets	13,696	47,182
Fair Value Measurements Recurring \| Embedded debt derivative
Liabilities
Derivative liabilities	(23,696)	(23,687)
Fair Value Measurements Recurring \| Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets	0	0
Liabilities
Net	0	0
Fair Value Measurements Recurring \| Quoted Market Prices (Level 1) \| Interest rate derivatives - caps
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring \| Quoted Market Prices (Level 1) \| Embedded debt derivative
Liabilities
Derivative liabilities	0	0
Fair Value Measurements Recurring \| Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets	13,696	47,182
Liabilities
Net	13,696	47,182
Fair Value Measurements Recurring \| Significant Other Observable Inputs (Level 2) \| Interest rate derivatives - caps
Derivative assets:
Derivative assets	13,696	47,182
Fair Value Measurements Recurring \| Significant Other Observable Inputs (Level 2) \| Embedded debt derivative
Liabilities
Derivative liabilities	0	0
Fair Value Measurements Recurring \| Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets	0	0
Liabilities
Net	(23,696)	(23,687)
Fair Value Measurements Recurring \| Significant Unobservable Inputs (Level 3) \| Interest rate derivatives - caps
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring \| Significant Unobservable Inputs (Level 3) \| Embedded debt derivative
Liabilities
Derivative liabilities	$ (23,696)	$ (23,687)

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (44,041)	$ 10,781	$ 14,493
Net	(2,200)	15,166	14,474
Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(44,032)	6,562	(657)
Realized gain (loss) in derivatives	41,841	4,385	0
Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(9)	4,219	15,774
Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	0	0	(624)
Realized gain (loss) in derivatives	0	0	(19)
Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(2,200)	15,166	14,474
Derivative liabilities \| Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(9)	4,219	15,774
Derivative assets:
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(2,191)	10,947	(1,300)
Derivative assets: \| Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(2,191)	10,947	(657)
Derivative assets: \| Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0	$ (643)

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets measured at fair value:
Derivative assets, Carrying value	$ 13,696	$ 47,182
Financial assets not measured at fair value:
Cash and cash equivalents	165,231	417,064	$ 592,110	$ 92,905
Restricted cash	146,079	141,962	99,534	$ 74,408
Accounts receivable, Carrying value	45,521	49,809
Notes receivable, net, Carrying value	7,369	5,062
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses	129,323	115,970
Accrued interest payable ($241 and $0 attributable to VIEs)	27,009	15,287
Dividends and distributions declared but not paid	3,566	3,118	$ 3,104
Ashford, Inc.
Financial assets not measured at fair value:
Other receivables	0	486
Financial liabilities not measured at fair value:
Other accounts payable	13,261	0
Related Party
Financial assets not measured at fair value:
Other receivables	0	6,570
Financial liabilities not measured at fair value:
Other accounts payable	5,874	0
Nonrelated Party
Financial assets not measured at fair value:
Other receivables	21,664	22,462
Financial liabilities not measured at fair value:
Other accounts payable	1,193	1,319
Carrying Value
Financial assets measured at fair value:
Derivative assets, Carrying value	13,696	47,182
Financial liabilities measured at fair value:
Derivative liabilities, Carrying value	23,696	23,687
Financial assets not measured at fair value:
Cash and cash equivalents	165,232	417,064
Restricted cash	146,302	141,962
Accounts receivable, Carrying value	45,692	49,809
Notes receivable, net, Carrying value	7,369	5,062
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	3,393,259	3,815,023
Accounts payable and accrued expenses	129,554	115,970
Accrued interest payable ($241 and $0 attributable to VIEs)	27,064	15,287
Dividends and distributions declared but not paid	3,566	3,118
Carrying Value \| Ashford, Inc.
Financial assets not measured at fair value:
Other receivables	0	486
Financial liabilities not measured at fair value:
Other accounts payable	13,262	0
Carrying Value \| Related Party
Financial assets not measured at fair value:
Other receivables	0	6,570
Financial liabilities not measured at fair value:
Other accounts payable	5,874	0
Carrying Value \| Nonrelated Party
Financial assets not measured at fair value:
Other receivables	21,681	22,462
Financial liabilities not measured at fair value:
Other accounts payable	1,193	1,319
Estimated Fair Value
Financial assets measured at fair value:
Derivative assets, Estimated fair value	13,696	47,182
Financial liabilities measured at fair value:
Derivative liabilities, Estimated fair value	23,696	23,687
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	165,232	417,064
Restricted cash, Estimated fair value	146,302	141,962
Accounts receivable, Estimated fair value	45,692	49,809
Notes receivable, net, Estimated fair value	7,369	5,062
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,249,657	3,684,879
Accounts payable and accrued expenses, Estimated fair value	129,554	115,970
Accrued interest payable, Estimated fair value	27,064	15,287
Dividends payable, Estimated fair value	3,566	3,118
Estimated Fair Value \| Ashford, Inc.
Financial assets not measured at fair value:
Other receivables, Estimated fair value	0	486
Financial liabilities not measured at fair value:
Other accounts payable, Estimated fair value	13,262	0
Estimated Fair Value \| Related Party
Financial assets not measured at fair value:
Other receivables, Estimated fair value	0	6,570
Financial liabilities not measured at fair value:
Due to related parties, net, Estimated fair value	5,874	0
Estimated Fair Value \| Nonrelated Party
Financial assets not measured at fair value:
Other receivables, Estimated fair value	21,681	22,462
Financial liabilities not measured at fair value:
Other accounts payable, Estimated fair value	$ 1,193	$ 1,319

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Notes receivable, net	$ 7,369	$ 5,062
Total indebtedness fair value variance from carrying value (as a percent)	95.80%	96.60%
Indebtedness, net	$ 3,396,071	$ 3,838,543
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net	$ 3,400,000	$ 3,800,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable (as a percent)	100%	100%

Income (Loss) Per Share - Summa

Income (Loss) Per Share - Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (178,489)	$ (139,825)	$ (267,005)
Preferred dividends	(15,921)	(12,433)	(252)
Deemed dividends on redeemable preferred stock	(2,673)	(946)	0
Add: Gain (loss) on extinguishment of preferred stock	3,390	0	(607)
PSU dividend claw back upon cancellation			349
Distributed and undistributed income (loss) allocated to common stockholders - basic	(193,693)	(153,204)	(267,515)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	0	0	(3,970)
Distributed and undistributed income (loss) allocated to common stockholders - diluted	$ (193,693)	$ (153,204)	$ (271,485)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	34,523,000	34,339,000	21,625,000
Effect of assumed conversion of operating partnership units (in shares)	0	0	219,000
Weighted average common shares outstanding - diluted (in shares)	34,523,000	34,339,000	21,844,000
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (5.61)	$ (4.46)	$ (12.37)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (5.61)	$ (4.46)	$ (12.43)
Performance stock units
Income (loss) allocated to common stockholders - basic and diluted:
PSU dividend claw back upon cancellation	$ 0	$ 0	$ 349

Income (Loss) Per Share - Sum_2

Income (Loss) Per Share - Summary of Computation of Diluted Income Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) allocated to common stockholders is not adjusted for:
Total	$ 4,092	$ (268)	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	20,028	2,067	1,701
Preferred Stock, Series J
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 6,014	$ 944	$ 0
Series K Preferred Stock
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 317	$ 21	$ 0
Restricted shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	0	20
Performance stock units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	0	9
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership			$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	416	288	0
Embedded debt derivative
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,745	1,745	1,672
Redeemable Noncontrolling Interests in Preferred Stock \| Preferred Stock, Series J
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	16,933	33	0
Redeemable Noncontrolling Interests in Preferred Stock \| Series K Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	934	1	0
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (2,239)	$ (1,233)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)	1
LTIP and Performance LTIP
Noncontrolling Interest [Line Items]
Units outstanding (in shares)	2,000,000
Units which have not reached full economic parity with common units (in shares)	124,000
LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Common partnership unit per converted LTIP unit (in shares)	1
Fair value of unrecognized cost \| $	$ 89
Period for recognition	2 months 12 days
Period of recognition for unamortized shares	2 months 12 days
Performance LTIP units
Noncontrolling Interest [Line Items]
Units forfeited (in shares)	86,000
Units outstanding (in shares)	1,500,000
Units which have not reached full economic parity with common units (in shares)	1,500,000
Fair value of unrecognized cost \| $	$ 992
Period for recognition	2 years
Period of recognition for unamortized shares	1 year 3 months 18 days
Performance LTIP units \| Minimum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	0%
Performance adjustment range on initial calculation (as a percent)	75%
Performance adjustment range on initial calculation, final calculation (as a percent)	0%
Performance LTIP units \| Maximum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	200%
Performance adjustment range on initial calculation (as a percent)	125%
Performance adjustment range on initial calculation, final calculation (as a percent)	250%
Performance LTIP units \| Maximum \| 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	250%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance LTIP units \| Advisory Services Fee
Debt Instrument [Line Items]
Compensation expense	$ 783	$ 1,158	$ 1,128
LTIP units
Debt Instrument [Line Items]
Compensation expense	1,708	2,172	2,666
LTIP units \| Advisory Services Fee
Debt Instrument [Line Items]
Compensation expense	435	569	1,119
LTIP units \| Corporate, general and administrative
Debt Instrument [Line Items]
Compensation expense	15	32	22
LTIP units \| Corporate, general and administrative \| Director
Debt Instrument [Line Items]
Compensation expense	$ 475	$ 413	$ 397

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership - Units Redeemed (Details) - Operating Partnership Units - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Common units converted to stock (in shares)	0	0	1
Fair value of common units converted	$ 0	$ 0	$ 43

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)	$ 22,007	$ 21,550
Redemption value adjustment	(1,576)	2,131	$ (690)
Partnership Interest
Noncontrolling Interest [Line Items]
Redemption value adjustment	$ 186,201	$ 184,625
Partnership Interest \| Ashford Trust OP
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership	1.27%	0.91%

Redeemable Noncontrolling Int_7

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 2,239	$ 1,233	$ 3,970
Performance LTIP dividend claw back upon cancellation			(349)
Performance LTIP units
Noncontrolling Interest [Line Items]
Performance LTIP dividend claw back upon cancellation	$ 0	$ 0	$ (518)

Redeemable Noncontrolling Int_8

Redeemable Noncontrolling Interests in Operating Partnership - Activity of Units in Operating Partnership (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Partnership Interest
Summary of the activity of the operating partnership units
Outstanding at beginning of year (in shares)	1,669	400	217
LTIP units issued (in shares)	112	79	70
Common units converted to common stock (in shares)	0	0	(1)
Outstanding at end of year (in shares)	1,977	1,669	400
Common units convertible/redeemable at end of year (in shares)	359	309	207
Performance LTIP units
Summary of the activity of the operating partnership units
LTIP units issued (in shares)	282	1,194	122
Performance LTIP units canceled (in shares)	(86)	(4)	(8)

Equity - Narrative (Details)

Equity - Narrative (Details)			12 Months Ended
Equity - Narrative (Details)	Dec. 07, 2023 USD ($) $ / shares shares	Sep. 09, 2021 shares	Dec. 31, 2023 USD ($) hotel $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Apr. 11, 2022 USD ($)	Apr. 06, 2022 USD ($) $ / shares	Dec. 20, 2021
Class of Stock [Line Items]
Shares issued, price per share (in dollars per share)							$ 0.01
Authorized amount \| $							$ 200,000,000
Stock repurchased (in shares) \| shares			0	0	0
Additional acquisition of common stock (in shares) \| shares			24,007	43,007	1,420
Preferred stock, shares authorized (in shares) \| shares			50,000,000	50,000,000
Noncontrolling interest in consolidated entities \| $			$ 14,859,000	$ 0
Stirling Operating Partnership
Class of Stock [Line Items]
Shares issued (in shares) \| shares	8,000
Sale of stock, consideration received on transaction \| $	$ 200,000
Sale price of stock (in dollars per share)	$ 25
Hotel Properties
Class of Stock [Line Items]
Number of hotel properties \| hotel			2
Ownership percentage of operating partnership			100%		15%			15%
Stirling Operating Partnership
Class of Stock [Line Items]
Ownership percentage of operating partnership			0.60%
Investment in operating partnership \| $			$ 193,000
Stirling Operating Partnership \| Stirling REIT Advisors LLC
Class of Stock [Line Items]
Ownership percentage of operating partnership	0.57%
815 Commerce MM
Class of Stock [Line Items]
Ownership percentage of operating partnership			67.50%
815 Commerce MM \| Manager Of 815 Commerce MM
Class of Stock [Line Items]
Noncontrolling interest in consolidated entities \| $			$ 14,700,000
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage			8.45%
Preferred stock, shares outstanding (in shares) \| shares			1,159,927	1,174,427
Redemption price of preferred stock (in dollars per share)			$ 25
Liquidation preference (in dollars per share)			25
Annual dividend rate per share (in dollars per share)			$ 2.1124
Increased dividend rate percentage			9.45%
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage			7.375%
Preferred stock, shares outstanding (in shares) \| shares			1,175,344	1,251,044
Redemption price of preferred stock (in dollars per share)			$ 25
Liquidation preference (in dollars per share)			25
Annual dividend rate per share (in dollars per share)			$ 1.8436
Conversion ratio to common stock			0.09690
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage			7.375%
Preferred stock, shares outstanding (in shares) \| shares			1,531,996	1,531,996
Redemption price of preferred stock (in dollars per share)			$ 25
Liquidation preference (in dollars per share)			25
Annual dividend rate per share (in dollars per share)			$ 1.8436
Conversion ratio to common stock			0.08333
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage			7.50%
Preferred stock, shares outstanding (in shares) \| shares			1,170,325	1,308,415
Redemption price of preferred stock (in dollars per share)			$ 25
Liquidation preference (in dollars per share)			25
Annual dividend rate per share (in dollars per share)			$ 1.8750
Conversion ratio to common stock			0.08251
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage			7.50%
Preferred stock, shares outstanding (in shares) \| shares			1,160,923	1,252,923
Redemption price of preferred stock (in dollars per share)			$ 25
Liquidation preference (in dollars per share)			25
Annual dividend rate per share (in dollars per share)			$ 1.8750
Conversion ratio to common stock			0.08065
At-The-Market Equity Distribution \| Virtu Americas LLC
Class of Stock [Line Items]
Aggregate offering price \| $						$ 100,000,000
Private Placement \| M3A LP
Class of Stock [Line Items]
Shares authorized (in shares) \| shares		6,000,000
Common Stock \| At-The-Market Equity Distribution
Class of Stock [Line Items]
Commission percentage						1%

Equity - Summary of Issuance Ac

Equity - Summary of Issuance Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Gross proceeds	$ 1,031	$ 0	$ 562,827
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)	723
Gross proceeds	$ 1,477
Commissions and other expenses	15
Net proceeds	$ 1,462
Common Stock \| M3A LP \| Private Placement
Class of Stock [Line Items]
Shares issued (in shares)			900
Sale of stock, consideration received on transaction			$ 12,941

Equity - Summary of Dividends (

Equity - Summary of Dividends (Details)	12 Months Ended
Equity - Summary of Dividends (Details)	Dec. 31, 2023
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage	8.45%
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage	7.375%
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage	7.375%
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage	7.50%
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage	7.50%

Equity - Preferred Shares Tende

Equity - Preferred Shares Tendered and Common Shares Issued (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Preferred Shares Tendered \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	320	8,647
Common Shares Initially Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)		61,498
Common Shares Issued
Class of Stock [Line Items]
Shares tendered and issued (in shares)	2,110	7,776
Common Shares Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	2,110	7,776
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage	8.45%
Preferred Stock, Series D \| Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)	14	617
Preferred Stock, Series D \| Preferred Shares Tendered \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	14	617
Preferred Stock, Series D \| Common Shares Initially Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)		4,174
Preferred Stock, Series D \| Common Shares Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	89	653
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage	7.375%
Preferred Stock, Series F \| Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)	76	1,640
Preferred Stock, Series F \| Preferred Shares Tendered \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	76	1,640
Preferred Stock, Series F \| Common Shares Initially Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)		11,185
Preferred Stock, Series F \| Common Shares Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	527	1,482
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage	7.375%
Preferred Stock, Series G \| Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)		2,891
Preferred Stock, Series G \| Preferred Shares Tendered \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	0	2,891
Preferred Stock, Series G \| Common Shares Initially Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)		21,371
Preferred Stock, Series G \| Common Shares Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	0	2,764
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage	7.50%
Preferred Stock, Series H \| Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)	138	1,361
Preferred Stock, Series H \| Preferred Shares Tendered \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	138	1,361
Preferred Stock, Series H \| Common Shares Initially Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)		10,033
Preferred Stock, Series H \| Common Shares Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	882	1,217
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage	7.50%
Preferred Stock, Series I \| Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)	92	2,138
Preferred Stock, Series I \| Preferred Shares Tendered \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	92	2,138
Preferred Stock, Series I \| Common Shares Initially Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)		14,735
Preferred Stock, Series I \| Common Shares Issued \| Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)	612	1,660

Equity - Dividends (Details)

Equity - Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
Equity - Dividends (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock	$ 0	$ 0	$ 0
Total dividends declared	12,263	12,414	21,725
Dividends expense			252
Preferred stock, amount of preferred dividends in arrears				$ 21,500
Preferred Stock, Series D
Class of Stock [Line Items]
Total dividends declared	2,472	2,481	4,342
Preferred Stock, Series F
Class of Stock [Line Items]
Total dividends declared	2,272	2,307	4,036
Preferred Stock, Series G
Class of Stock [Line Items]
Total dividends declared	2,824	2,824	4,943
Preferred Stock, Series H
Class of Stock [Line Items]
Total dividends declared	2,389	2,453	4,293
Preferred Stock, Series I
Class of Stock [Line Items]
Total dividends declared	$ 2,306	$ 2,349	$ 4,111

Equity - Summary of (Income) Lo

Equity - Summary of (Income) Loss Allocated to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests in consolidated entities.	$ 6	$ 0	$ 73

Equity - Narrative (Details)_2

Equity - Narrative (Details) - USD ($)	12 Months Ended
Equity - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 06, 2022
Class of Stock [Line Items]
Issuance of preferred stock	$ 911,000		$ 562,719,000
Authorized amount				$ 200,000,000
Stock repurchased (in shares)	0	0	0
Performance stock units
Class of Stock [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	164,000	34,000	134,000
Performance stock units \| Minimum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	0%
Performance stock units \| Maximum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	200%
Performance stock units \| 2021 and 2022 Grants \| Minimum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	0%
Performance adjustment range on initial calculation (as a percent)	75%
Performance stock units \| 2021 and 2022 Grants \| Maximum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	250%
Performance adjustment range on initial calculation (as a percent)	125%
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)	723,000		20,031,000
Issuance of preferred stock	$ 7,000		$ 200,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock vested during the period	$ 417	$ 1,200
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 260
Period of unamortized cost with be expensed	2 months 12 days
Weighted average period of recognition for unamortized shares	2 months 12 days
Fair value of restricted stock vested during the period			$ 926
Fair value of unrecognized cost	$ 260
Period for recognition	2 months 12 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 485
Period of unamortized cost with be expensed	2 years
Weighted average period of recognition for unamortized shares	1 year 10 months 24 days
Vesting period (in years)	3 years
Shares canceled (in shares)	25,000	4,000	8,000
Claw back of previously declared dividends			$ 349
Fair value of unrecognized cost	$ 485
Period for recognition	2 years
Performance stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	0%
Performance stock units \| Minimum \| 2021 and 2022 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	0%
Performance adjustment range on initial calculation (as a percent)	75%
Performance stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	200%
Performance stock units \| Maximum \| 2021 and 2022 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	250%
Performance adjustment range on initial calculation (as a percent)	125%
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	2,100,000
Shares available for future issuance (in shares)	649,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,715	$ 2,818	$ 4,252
Restricted shares \| Advisory Services Fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,446	2,509	3,716
Restricted shares \| Management Fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	10	56	199
Restricted shares \| Corporate, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	89	163	151
Restricted shares \| Corporate, general and administrative \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	170	90	186
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 604	$ 1,008	$ 3,177

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted shares
Units
Outstanding at beginning of year (in shares)	121,000	231,000	17,000
Granted (in shares)	42,000	19,000	251,000
Vested (in shares)	(114,000)	(125,000)	(33,000)
Forfeited (in shares)	0	(4,000)	(4,000)
Outstanding at end of year (in shares)	49,000	121,000	231,000
Weighted Average Price at Grant
Beginning of year (in dollars per share)	$ 20.63	$ 30.76	$ 306.10
Granted (in dollars per share)	4.01	5.59	25.38
Vested (in dollars per share)	23.06	36.70	126.09
Forfeited (in dollars per share)	0	31.88	76.73
End of year (in dollars per share)	$ 26.17	$ 20.63	$ 30.76
Performance shares
Units
Outstanding at beginning of year (in shares)	136,000	139,000	13,000
Granted (in shares)	164,000	34,000	134,000
Vested (in shares)	(76,000)	(33,000)	0
Canceled (in shares)	(25,000)	(4,000)	(8,000)
Outstanding at end of year (in shares)	199,000	136,000	139,000
Weighted Average Price at Grant
Beginning of year (in dollars per share)	$ 29.04	$ 34.81	$ 377.90
Granted (in dollars per share)	4.93	12.09	29.70
Vested (in dollars per share)	29.70	29.70	0
Canceled (in dollars per share)	29.70	80	627.36
End of year (in dollars per share)	$ 7.81	$ 29.04	$ 34.81

Redeemable Preferred Stock - Na

Redeemable Preferred Stock - Narrative (Details)	12 Months Ended
Redeemable Preferred Stock - Narrative (Details)	Dec. 31, 2023 $ / shares shares
Series J And Series K Preferred Stock \| Equity Distribution Agreements
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) \| shares	20,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series J And Series K Preferred Stock \| Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) \| shares	8,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Preferred Stock, Series J
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25
Period of preferred dividends in arrears (in months)	18 months
Initial conversion/redemption price (in dollars per share)	$ 25
Redemption fee, percent of stated value on the original issue date	8%
Redemption fee, percent of stated value beginning on the second anniversary	5%
Redemption fee, percent of stated value beginning on the third anniversary	0%
Preferred Stock, Series J \| Dividends Declared On Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)	8%
Preferred Stock, Series J \| Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series K Preferred Stock
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25
Redemption fee, percent of stated value on the original issue date	1.50%
Redemption fee, percent of stated value beginning on the first anniversary	0%
Dividend rate (in dollars per share)	$ 2.05
Dividend rate increase each year from original issuance (as a percent)	0.10%
Dividend rate, maximum percentage of stated value	8.70%
Series K Preferred Stock \| Dividends Declared On Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)	8.20%
Series K Preferred Stock \| Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25

Redeemable Preferred Stock - Su

Redeemable Preferred Stock - Summary of the Activity of Temporary Equity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock, Series J
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	3,371	87
Net proceeds	$ 75,837	$ 1,959
Redeemable preferred stock	79,975	2,004
Temporary equity, accretion to redemption value, adjustment	3,473	926
Temporary equity, dividends, adjustment	$ 3,467	$ 18
Redemption of preferred shares (in shares)	3
Redemption amount, net of redemption fees	$ 78
Series K Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	192	2
Net proceeds	$ 4,664	$ 44
Redeemable preferred stock	4,783	44
Temporary equity, accretion to redemption value, adjustment	146	20
Temporary equity, dividends, adjustment	$ 191	$ 1

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

1 Months Ended

12 Months Ended

Mar. 02, 2023 USD ($)

Mar. 15, 2022 USD ($)

Jan. 27, 2022 USD ($)

Dec. 31, 2020 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($) hotel

Dec. 31, 2022 USD ($) hotel

Dec. 31, 2021 USD ($) hotel

Mar. 12, 2024 USD ($) successivePeriod

Mar. 11, 2024 USD ($)

Dec. 06, 2023

Sep. 27, 2022

Jan. 14, 2021

Related Party Transaction [Line Items]

Aggregate non-listed preferred equity offerings

$ 400,000,000

Number of hotels | hotel

100

101

103

Subsidiaries

Related Party Transaction [Line Items]

Number of hotels | hotel

Variable Interest Entity, Primary Beneficiary, Stirling OP

Related Party Transaction [Line Items]

Number of hotels | hotel

Design and Construction Fees

Related Party Transaction [Line Items]

Project management fees (as a percent)

Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

45%

Ashford Inc. | Braemar Hotels & Resorts Inc

Related Party Transaction [Line Items]

Allocation percentage

45%

50%

Ashford Inc. | Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

10%

50%

REIT Cash Management Strategies Agreement

Related Party Transaction [Line Items]

Annual fee, average daily balance of funds

0.0020

Second A&R HMA Agreement | Subsequent Event

Related Party Transaction [Line Items]

Initial term

10 years

A&R PMA Agreement | Subsequent Event

Related Party Transaction [Line Items]

Initial term

10 years

Management fees related to development (as a percent)

Affiliated entity

Related Party Transaction [Line Items]

Related party transaction, maximum cash incentive compensation

$ 13,100,000

$ 8,500,000

Other receivables

$ 0

$ 486,000

Affiliated entity | Subsequent Event

Related Party Transaction [Line Items]

Credit agreement term (in years)

2 years

Maximum financial impact

$ 2,000,000

Tangible net worth covenant

$ 750,000,000

$ 1,000,000,000

Percentage of net equity proceeds

75%

Related Party

Related Party Transaction [Line Items]

Other receivables

$ 0

6,570,000

Minimum | Management Fees | Management Fees

Related Party Transaction [Line Items]

Percent of gross revenue

Ashford Inc.

Related Party Transaction [Line Items]

Advisory services quarterly base fee (as a percent)

0.70%

Related party transaction, percentage of advisory fees paid

80%

Amount committed

$ 18,000,000

Amount funded

$ 180,000

6,200,000

Payment for contribution

$ 6,100,000

Ashford Inc. | Other Assets

Related Party Transaction [Line Items]

Amount funded

126,000

Ashford Inc. | Due From Affiliates

Related Party Transaction [Line Items]

Amount funded

5,900,000

Ashford Inc. | Accounts Payable

Related Party Transaction [Line Items]

Amount funded

$ 3,100,000

Ashford Inc. | Affiliated entity

Related Party Transaction [Line Items]

Percentage of base fee paid

0.90

Number of equal annual installments | hotel

Monthly base fee, percentage of total market capitalization

0.0583

Minimum base fee

0.0833

Lismore Capital | Nonrefundable Work Fees

Related Party Transaction [Line Items]

Amount of transaction

$ 525,000

Lismore Capital | Success Fees

Related Party Transaction [Line Items]

Amount of transaction

406,000

Lismore Capital | Debt Placement Services And Loan Modifications

Related Party Transaction [Line Items]

Amount of transaction

$ 1,500,000

863,000

$ 784,000

Remington Hospitality | Subsidiaries

Related Party Transaction [Line Items]

Number of hotel properties managed by affiliates | hotel

Remington Hospitality | Variable Interest Entity, Primary Beneficiary, Stirling OP

Related Party Transaction [Line Items]

Number of hotel properties managed by affiliates | hotel

Remington Hospitality | Second A&R HMA Agreement | Subsequent Event

Related Party Transaction [Line Items]

Number of successive periods | successivePeriod

Duration of successive periods

7 years

Final term

4 years

Remington Hospitality | A&R PMA Agreement | Subsequent Event

Related Party Transaction [Line Items]

Number of successive periods | successivePeriod

Duration of successive periods

7 years

Final term

4 years

Remington Hospitality | Minimum | Management Fees | Management Fees

Related Party Transaction [Line Items]

Percent of gross revenue

Remington Hospitality | Related Party

Related Party Transaction [Line Items]

Other receivables

$ 5,900,000

$ 5,400,000

Stirling Operating Partnership

Related Party Transaction [Line Items]

Annual management fee (as a percent)

1.25%

Percent of project costs related to project management fee

Percentage of project costs in excess of gross revenue

Design project management fee, percentage of project costs

Percent of project fees related to architecture

6.50%

Percent of project fees related to construction management costs

10%

Project fee, interior design, percentage of purchase price

Project fee, FFE purchasing, percentage of purchase price

Purchase price threshold amount

$ 2,000,000

Procurement fee percentage over purchase price threshold

Percent of project fees related to freight expediting

Percent of project fees related to warehousing

Percent of project fees related to development fees

Related Party Transactions - Ad

Related Party Transactions - Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Advisory services fee	$ 48,927	$ 49,897	$ 52,313
Ashford Inc.
Related Party Transaction [Line Items]
Advisory services fee	48,850	49,897	52,313
Ashford Inc. \| Affiliated entity \| Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	33,109	34,802	36,239
Ashford Inc. \| Affiliated entity \| Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	12,473	9,851	6,934
Ashford Inc. \| Affiliated entity \| Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	3,268	$ 5,244	$ 9,140
Stirlings Hotels & Resorts, Inc. \| Affiliated entity \| Consolidated Entity, Excluding Consolidated VIE
Related Party Transaction [Line Items]
Advisory services fee	77
Stirlings Hotels & Resorts, Inc. \| Affiliated entity \| Base advisory fee \| Consolidated Entity, Excluding Consolidated VIE
Related Party Transaction [Line Items]
Advisory services fee	67
Stirlings Hotels & Resorts, Inc. \| Affiliated entity \| Reimbursable expenses \| Consolidated Entity, Excluding Consolidated VIE
Related Party Transaction [Line Items]
Advisory services fee	$ 10

Related Party Transactions - En

Related Party Transactions - Enhanced Return Funding Program (Details) - Ashford Inc. - Affiliated entity	Jun. 26, 2018 USD ($)
Related Party Transaction [Line Items]
ERFP, percent of commitment for each hotel	10%
ERFP, term after acquisition (in years)	3 years
ERFP, initial term (in years)	2 years
ERFP, renewal term (in years)	1 year
ERFP, notice term (in days)	60 days
Maximum
Related Party Transaction [Line Items]
ERFP, commitment amount	$ 50,000,000
ERFP, potential commitment amount	$ 100,000,000

Related Party Transactions - Fe

Related Party Transactions - Fees Related to Property and Project Management Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 3,030	$ (2,617)	$ 19

Related Party Transactions - Am

Related Party Transactions - Amount of Trasnsactions With All Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ashford LLC \| Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction	$ 9	$ 17	$ 74
Ashford LLC \| Insurance claims services \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	9	17	74
Ashford LLC \| Insurance claims services \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford LLC \| Insurance claims services \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC \| Insurance claims services \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0		0
Ashford LLC \| Insurance claims services \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	0		0
Ashford Securities \| Capital raise services/Broker dealer expense
Related Party Transaction [Line Items]
Amount of transaction	5,120
Ashford Securities \| Capital raise services/Broker dealer expense \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	3,030
Ashford Securities \| Capital raise services/Broker dealer expense \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	2,090
Ashford Securities \| Capital raise services/Broker dealer expense \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services/Broker dealer expense \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities \| Capital raise services
Related Party Transaction [Line Items]
Amount of transaction		(2,566)	19
Ashford Securities \| Capital raise services \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction		(2,617)	19
Ashford Securities \| Capital raise services \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction		51
Ashford Securities \| Capital raise services \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford Securities \| Capital raise services \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities \| Capital raise services \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities \| Dealer Manager Fees
Related Party Transaction [Line Items]
Amount of transaction		44
Ashford Securities \| Dealer Manager Fees \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities \| Dealer Manager Fees \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction		44
Ashford Securities \| Dealer Manager Fees \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction		0
INSPIRE \| Audio visual
Related Party Transaction [Line Items]
Amount of transaction	9,955	7,973	2,993
INSPIRE \| Audio visual \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	10,064	7,973	2,993
INSPIRE \| Audio visual \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE \| Audio visual \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE \| Audio visual \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE \| Audio visual \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE \| Audio visual \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	109	0	0
INSPIRE \| Audio visual \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE \| Audio visual \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
INSPIRE \| Audio visual \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE \| Audio visual \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0		0
INSPIRE \| Audio visual \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	0		0
Lismore Capital \| Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction	2,444	1,631	7,220
Lismore Capital \| Debt placement and related services \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	1,152	1,631	5,644
Lismore Capital \| Debt placement and related services \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
Lismore Capital \| Debt placement and related services \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital \| Debt placement and related services \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	767		784
Lismore Capital \| Debt placement and related services \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	525		792
Lismore Capital \| Broker services
Related Party Transaction [Line Items]
Amount of transaction			955
Lismore Capital \| Broker services \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital \| Broker services \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction			955
Lismore Capital \| Broker services \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction			0
OpenKey \| Mobile key app
Related Party Transaction [Line Items]
Amount of transaction	122	121	121
OpenKey \| Mobile key app \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	122	121	121
OpenKey \| Mobile key app \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
OpenKey \| Mobile key app \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey \| Mobile key app \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0		0
OpenKey \| Mobile key app \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	0		0
Premier \| Design and construction services
Related Party Transaction [Line Items]
Amount of transaction	22,961	18,776	5,940
Premier \| Design and construction services \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier \| Design and construction services \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier \| Design and construction services \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier \| Design and construction services \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier \| Design and construction services \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	1,855	1,294	748
Premier \| Design and construction services \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier \| Design and construction services \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier \| Design and construction services \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
Premier \| Design and construction services \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	21,106	17,482	5,192
Premier \| Design and construction services \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0		0
Premier \| Design and construction services \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	0		0
Pure Wellness \| Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction	1,393	1,294	1,366
Pure Wellness \| Hypoallergenic premium rooms \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	1,393	1,294	1,366
Pure Wellness \| Hypoallergenic premium rooms \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness \| Hypoallergenic premium rooms \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0		0
Pure Wellness \| Hypoallergenic premium rooms \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	0		0
Remington Hospitality \| Hotel management services
Related Party Transaction [Line Items]
Amount of transaction	57,587	49,762	35,526
Remington Hospitality \| Hotel management services \| Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hospitality \| Hotel management services \| Management Fees
Related Party Transaction [Line Items]
Amount of transaction	30,787	23,856	17,754
Remington Hospitality \| Hotel management services \| Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	26,800	25,906	17,772
Remington Hospitality \| Hotel management services \| Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hospitality \| Hotel management services \| Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hospitality \| Hotel management services \| Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hospitality \| Hotel management services \| Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hospitality \| Hotel management services \| Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0	0
Remington Hospitality \| Hotel management services \| Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	$ 0	0
Remington Hospitality \| Hotel management services \| Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction	0		0
Remington Hospitality \| Hotel management services \| Other Assets
Related Party Transaction [Line Items]
Amount of transaction	$ 0		$ 0

Related Party Transactions - _2

Related Party Transactions - Amounts (Due To) Due From Ashford Inc. (Details) - Ashford, Inc. - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other accounts payable	$ (13,261)	$ 0
Other receivables	0	486
Amounts due (to) from Ashford Inc., including held for sale
Related Party Transaction [Line Items]
Other accounts payable	(13,262)
Other receivables		486
Ashford LLC \| Advisory Services Fee
Related Party Transaction [Line Items]
Other accounts payable	(2,289)	(1,831)
Ashford LLC \| Insurance claims services
Related Party Transaction [Line Items]
Other accounts payable	(5)	(3)
Ashford LLC \| Casualty insurance
Related Party Transaction [Line Items]
Other accounts payable	(4,057)	0
Ashford Securities \| Capital raise services/Broker dealer expense
Related Party Transaction [Line Items]
Other accounts payable	(3,140)
Other receivables		5,951
INSPIRE \| Audio visual
Related Party Transaction [Line Items]
Other accounts payable	(1,238)	(1,650)
OpenKey \| Mobile key app
Related Party Transaction [Line Items]
Other accounts payable	(9)	(12)
Premier \| Design and construction services
Related Party Transaction [Line Items]
Other accounts payable	(2,507)	(1,966)
Pure Wellness \| Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Other accounts payable	$ (17)	$ (3)

Commitments and Contingencies-

Commitments and Contingencies- Narrative (Details)		1 Months Ended	12 Months Ended
Commitments and Contingencies- Narrative (Details)	Nov. 01, 2011 USD ($)	Feb. 29, 2024 lawsuit	Dec. 31, 2023 USD ($) hotel lease	Dec. 31, 2022 hotel	Dec. 31, 2021 hotel	Dec. 20, 2016 hotel	Dec. 31, 2006 USD ($)
Commitment and Contingencies [Line Items]
Number of hotels \| hotel			100	101	103
Capital commitments			$ 59,700,000
Subsequent Event
Commitment and Contingencies [Line Items]
Number of lawsuits \| lawsuit		2
Potential Pension Liabilities
Commitment and Contingencies [Line Items]
Unfunded pension liabilities at acquisition							$ 0
Unfunded pension liabilities amount received by hotel manager on loss of suit	$ 1,700,000
Monthly pension payments	100,000
Accrued unfunded pension liabilities	1,600,000
Net amount of pension payments on settlement agreement paid by hotel manager	$ 84,000
Term of pension liability (in years)	20 years
Hilton Marietta
Commitment and Contingencies [Line Items]
Number of ground leases \| lease			2
Number of hotels \| hotel			2
Number of leases \| hotel			1
Class Action Lawsuit, California Employment Laws
Commitment and Contingencies [Line Items]
Number of hotels in class action lawsuit \| hotel						9
Loss contingency accrual			$ 0
Franchise Fees
Commitment and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum			3%
Franchisor royalty fees percent of gross room revenue, maximum			6%
Food and beverage fees minimum (as a percent)			1%
Food and beverage fees maximum (as a percent)			3%
Marketing reservation and other fees, minimum			1%
Marketing reservation and other fees, maximum			4%
Fee multiple			3
Management Fees
Commitment and Contingencies [Line Items]
Property management fee as percentage of gross revenue, minimum			2%
Property management fee as percentage of gross revenue, maximum			7%
Minimum
Commitment and Contingencies [Line Items]
Restricted cash as percentage of property revenue			4%
Minimum \| Management Fees \| Management Fees
Commitment and Contingencies [Line Items]
Percent of gross revenue			3%
Minimum \| Management Fees \| Remington Hospitality \| Management Fees
Commitment and Contingencies [Line Items]
Payment of monthly property management fees			$ 17,000
Percent of gross revenue			3%
Maximum
Commitment and Contingencies [Line Items]
Restricted cash as percentage of property revenue			6%

Commitments and Contingencies_2

Commitments and Contingencies- Summary of Franchise Fee (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Franchise fees
Commitment and Contingencies [Line Items]
Other hotel expenses	$ 64,437	$ 59,195	$ 39,633

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Finance lease assets	$ 17,269	$ 18,972
Finance lease liabilities	$ 18,469	18,847
Marietta Leasehold LP Asset Acquisition
Lessee, Lease, Description [Line Items]
Finance lease assets		19,000
Finance lease liabilities		$ 18,800
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	99 years

Leases - Lease Balance Sheet Lo

Leases - Lease Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 44,047	$ 43,921
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Investments in hotel properties, net ($122,938 and $0 attributable to VIEs).	Investments in hotel properties, net ($122,938 and $0 attributable to VIEs).
Finance lease assets	$ 17,269	$ 18,972
Lease, Right-of-Use-Asset	61,316	62,893
Liabilities
Operating lease liabilities	44,765	44,661
Finance lease liabilities	18,469	18,847
Total leased liabilities	$ 63,234	$ 63,508

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Hotel operating expenses - other	$ 4,351	$ 4,714	$ 4,665
Depreciation and amortization	537	26	0
Variable lease expense	1,100	1,200	1,100
Amortization costs related to the intangible assets and liabilities	(15)	181	211
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 2,647	$ 2,713	$ 2,824
Weighted Average Remaining Lease Term
Operating leases	67 years	67 years	68 years
Finance lease	31 years	32 years
Weighted Average Discount Rate
Operating leases	5.26%	5.14%	5.14%
Finance lease	10.68%	10.68%	0%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 3,102
2025	3,085
2026	3,057
2027	3,017
2028	3,017
Thereafter	180,660
Total future minimum lease payments	195,938
Less: interest	151,173
Operating lease liabilities	44,765	$ 44,661
Finance Lease
2024	2,411
2025	2,411
2026	2,284
2027	1,904
2028	1,904
Thereafter	51,917
Total future minimum lease payments	62,831
Less: interest	44,362
Finance lease liabilities	$ 18,469	$ 18,847

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($)
Operating Loss Carryforwards [Line Items]
Minimum percentage of income distributed to shareholders to qualify as a REIT	90%
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year	4 years
Number of hotels \| hotel	100	101	103
Ashford TRS recognized net book income (loss)	$ 3,700,000	$ 44,200,000	$ 31,100,000
Income tax interest and penalties expenses	(184,000)	199,000	18,000
Income tax interest and penalties expenses accrued	0	0
Net operating loss carryforwards	1,200,000,000
Net operating loss carryforward, section 382 limitation, next two years	37,200,000
Net operating loss carryforward, section 382 limitation, thereafter	9,400,000
Net operating loss carryforwards subject to expiration	425,200,000
Valuation allowance	29,302,000	$ 31,205,000	$ 38,810,000	$ 40,029,000
Ashford TRS
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	94,200,000
Carryforwards, NOL, limitations on use	90,200,000
Net operating loss carryforward, section 382 limitation, next two years	7,300,000
Net operating loss carryforward, section 382 limitation, thereafter	1,200,000
NOL carryforwards, not subject to limitation	4,000,000
Net operating loss carryforwards subject to expiration	$ 9,600,000
Subsidiaries
Operating Loss Carryforwards [Line Items]
Number of hotels \| hotel	90
Variable Interest Entity, Primary Beneficiary, Stirling OP
Operating Loss Carryforwards [Line Items]
Number of hotels \| hotel	4

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21%	$ (761)	$ (9,291)	$ (6,513)
State income tax (expense) benefit, net of U.S. federal income tax benefit	(311)	(1,219)	(413)
Permanent differences	(168)	(2,342)	(238)
Provision to return adjustment	15	1,971	60
Gross receipts and margin taxes	(958)	(506)	(199)
Interest and penalties	184	(199)	(18)
Valuation allowance	1,099	5,250	1,373
Income tax (expense) benefit	$ (900)	$ (6,336)	$ (5,948)

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (195)	$ (4,616)	$ (4,950)
State	(733)	(1,773)	(885)
Total current income tax (expense) benefit	(928)	(6,389)	(5,835)
Deferred:
Federal	28	53	(113)
State	0	0	0
Total deferred income tax (expense) benefit	28	53	(113)
Income tax (expense) benefit	$ (900)	$ (6,336)	$ (5,948)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Liability) and Related Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 274	$ 104
Unearned income	812	950
Federal and state net operating losses	23,071	22,367
Capital loss carryforward	5,659	7,440
Accrued expenses	1,598	1,781
Tax derivatives basis greater than book basis	307	315
Operating lease liability	2,295	2,368
Other	271	321
Deferred tax assets	34,287	35,646
Valuation allowance	(29,302)	(31,205)	$ (38,810)	$ (40,029)
Net deferred tax asset	4,985	4,441
Prepaid expenses	(31)	(22)
Investment in partnership	(487)	0
Operating lease right-of-use assets	(2,295)	(2,368)
Tax property basis less than book basis	(2,576)	(2,483)
Deferred tax liabilities	(5,389)	(4,873)
Net deferred tax asset (liability)	$ (404)	$ (432)

Income Taxes - Changes in Valua

Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 31,205	$ 38,810	$ 40,029
Additions	0	0	0
Deductions	(1,903)	(7,605)	(1,219)
Balance at end of year	$ 29,302	$ 31,205	$ 38,810

Deferred Costs, net (Details)

Deferred Costs, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred franchise fees	$ 3,171	$ 3,171
Deferred loan costs	0	5,479
Total costs	3,171	8,650
Accumulated amortization	(1,363)	(5,985)
Deferred costs, net ($218 and $0 attributable to VIEs)	$ 1,808	$ 2,665

Intangible Assets, net and In_3

Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, net
Cost	$ 797	$ 797
Accumulated amortization	0	0
Intangible assets, net	797	797
Intangible Liabilities, net
Cost	2,723	2,723
Accumulated amortization	(706)	(626)
Total	2,017	2,097
Amortization of below market lease	80	80	$ 80
Intangible Liabilities
2024	36
2025	32
2026	32
2027	32
2028	32
Thereafter	1,853
Savannah Dock Acquisition
Intangible Liabilities, net
Carrying value	$ 797	$ 797

Concentration of Risk - Narrati

Concentration of Risk - Narrative (Details)	12 Months Ended
Concentration of Risk - Narrative (Details)	Dec. 31, 2023
Revenue, Product and Service Benchmark \| Hotel Properties Concentration Risk \| Nine Hotel Properties \| Total hotel revenue
Concentration Risk [Line Items]
Concentration risk	12%

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details)		12 Months Ended				36 Months Ended
Subsequent Event - Narrative (Details)	Mar. 06, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2024 USD ($)	Mar. 11, 2024 USD ($) hotel
Subsequent Event [Line Items]
Proceeds from sale of hotel property			$ 29,214,000	$ 34,988,000	$ 9,013,000
Investment in hotel properties, net			2,951,932,000	3,118,331,000
Repayments of long-term debt			396,947,000	50,902,000	$ 189,594,000
Oaktree Credit Agreement
Subsequent Event [Line Items]
Amount of transaction			13,063,844	$ 7,950,817
Hotel, Residence Inn In Salt Lake City, Utah
Subsequent Event [Line Items]
Investment in hotel properties, net			$ 11,900,000
Subsequent Event \| Oaktree Credit Agreement
Subsequent Event [Line Items]
Minimum cash requirement							$ 50,000,000
Percent increase on interest rate if cash is below $100 million							3%
Cash threshold for interest rate							$ 100,000,000
Increase to interest rate if principal balance is not less than $100 million							3.50%
Principal balance threshold for interest rate							$ 100,000,000
Excess of unrestricted cash past $75 million							75,000,000
Excess of unrestricted cash past $50 million							50,000,000
Excess of unrestricted cash past $25 million							$ 25,000,000
Prepayment percentage of net proceeds from issuance of equity (percent)							50%
Increased prepayment percentage of net proceeds from issuance of equity (percent)							100%
Cash exit fee (as a percent)							15%
Reduction to cash exit fee (as a percent)							12.50%
Number of hotels to sell \| hotel							15
Number of hotels required to be sold \| hotel							8
Period to sell hotels (in months)							6 months
Amount of transaction		$ 14,880,846				$ 35,895,507
Restricted payments maximum							$ 30,000,000
Subsequent Event \| Mortgages
Subsequent Event [Line Items]
Repayments of long-term debt	$ 19,000,000
Subsequent Event \| Salt Lake City UT Marriott Residence Inn \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Proceeds from sale of hotel property	$ 19,200,000

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Gross Carrying Amount At Close of Period, Total	$ 4,245,264	$ 4,546,384	$ 4,663,153	$ 4,798,605
Accumulated Depreciation	1,293,332	$ 1,428,053	$ 1,432,443	$ 1,371,623
Austin, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,848
Initial Cost of Land	1,204
Initial Cost of FF&E, Buildings and improvements	9,388
Cost Capitalized Since Acquisition, Land	193
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,954
Gross Carrying Amount At Close of Period, Land	1,397
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,342
Gross Carrying Amount At Close of Period, Total	19,739
Accumulated Depreciation	8,614
Dallas, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,123
Initial Cost of Land	1,878
Initial Cost of FF&E, Buildings and improvements	8,907
Cost Capitalized Since Acquisition, Land	238
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,324
Gross Carrying Amount At Close of Period, Land	2,116
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,231
Gross Carrying Amount At Close of Period, Total	21,347
Accumulated Depreciation	8,777
Herndon, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,674
Initial Cost of Land	1,303
Initial Cost of FF&E, Buildings and improvements	9,836
Cost Capitalized Since Acquisition, Land	277
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,138
Gross Carrying Amount At Close of Period, Land	1,580
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,974
Gross Carrying Amount At Close of Period, Total	16,554
Accumulated Depreciation	9,670
Las Vegas, NV Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,613
Initial Cost of Land	3,307
Initial Cost of FF&E, Buildings and improvements	16,952
Cost Capitalized Since Acquisition, Land	397
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,992
Gross Carrying Amount At Close of Period, Land	3,704
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,944
Gross Carrying Amount At Close of Period, Total	25,648
Accumulated Depreciation	14,141
Houston, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,417
Initial Cost of Land	1,799
Initial Cost of FF&E, Buildings and improvements	10,404
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,920
Gross Carrying Amount At Close of Period, Land	1,799
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,324
Gross Carrying Amount At Close of Period, Total	16,123
Accumulated Depreciation	7,231
West Palm Beach, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,365
Initial Cost of Land	3,277
Initial Cost of FF&E, Buildings and improvements	13,949
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,008
Gross Carrying Amount At Close of Period, Land	3,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,957
Gross Carrying Amount At Close of Period, Total	22,234
Accumulated Depreciation	8,618
Philadelphia, PA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,345
Initial Cost of Land	5,791
Initial Cost of FF&E, Buildings and improvements	34,819
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,087
Gross Carrying Amount At Close of Period, Land	5,791
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	38,906
Gross Carrying Amount At Close of Period, Total	44,697
Accumulated Depreciation	17,809
Arlington, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,487
Initial Cost of Land	36,065
Initial Cost of FF&E, Buildings and improvements	41,588
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,638
Gross Carrying Amount At Close of Period, Land	36,065
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	51,226
Gross Carrying Amount At Close of Period, Total	87,291
Accumulated Depreciation	23,831
Portland, OR Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	77,241
Initial Cost of Land	11,110
Initial Cost of FF&E, Buildings and improvements	60,048
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,927
Gross Carrying Amount At Close of Period, Land	11,110
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	67,975
Gross Carrying Amount At Close of Period, Total	79,085
Accumulated Depreciation	28,855
Santa Clara, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,903
Initial Cost of Land	8,948
Initial Cost of FF&E, Buildings and improvements	46,239
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,927
Gross Carrying Amount At Close of Period, Land	8,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	54,166
Gross Carrying Amount At Close of Period, Total	63,114
Accumulated Depreciation	24,345
Orlando, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,675
Initial Cost of Land	5,674
Initial Cost of FF&E, Buildings and improvements	21,593
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,339
Gross Carrying Amount At Close of Period, Land	5,674
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,932
Gross Carrying Amount At Close of Period, Total	33,606
Accumulated Depreciation	12,926
Jacksonville Fl Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,496
Initial Cost of Land	1,751
Initial Cost of FF&E, Buildings and improvements	9,164
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,131
Gross Carrying Amount At Close of Period, Land	1,751
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,295
Gross Carrying Amount At Close of Period, Total	13,046
Accumulated Depreciation	6,120
Austin, TX Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,970
Initial Cost of Land	7,605
Initial Cost of FF&E, Buildings and improvements	48,725
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	510
Gross Carrying Amount At Close of Period, Land	7,605
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	49,235
Gross Carrying Amount At Close of Period, Total	56,840
Accumulated Depreciation	12,368
Baltimore, MD Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,413
Initial Cost of Land	4,027
Initial Cost of FF&E, Buildings and improvements	20,199
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,361
Gross Carrying Amount At Close of Period, Land	4,027
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,560
Gross Carrying Amount At Close of Period, Total	27,587
Accumulated Depreciation	7,715
Virginia Beach, VA Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,545
Initial Cost of Land	4,101
Initial Cost of FF&E, Buildings and improvements	26,329
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	471
Gross Carrying Amount At Close of Period, Land	4,101
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,800
Gross Carrying Amount At Close of Period, Total	30,901
Accumulated Depreciation	6,370
Ft. Worth, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,854
Initial Cost of Land	4,538
Initial Cost of FF&E, Buildings and improvements	13,922
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,226
Gross Carrying Amount At Close of Period, Land	4,539
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,148
Gross Carrying Amount At Close of Period, Total	34,687
Accumulated Depreciation	16,785
Houston, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,509
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	13,247
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,703
Gross Carrying Amount At Close of Period, Land	2,200
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,949
Gross Carrying Amount At Close of Period, Total	21,150
Accumulated Depreciation	9,916
St. Petersburg, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	47,654
Initial Cost of Land	2,991
Initial Cost of FF&E, Buildings and improvements	13,907
Cost Capitalized Since Acquisition, Land	(1,130)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,795
Gross Carrying Amount At Close of Period, Land	1,861
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,702
Gross Carrying Amount At Close of Period, Total	28,563
Accumulated Depreciation	12,137
Santa Fe, NM Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,829
Initial Cost of Land	7,004
Initial Cost of FF&E, Buildings and improvements	10,689
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,838
Gross Carrying Amount At Close of Period, Land	7,004
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,527
Gross Carrying Amount At Close of Period, Total	20,531
Accumulated Depreciation	6,734
Bloomington, MN Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,348
Initial Cost of Land	5,685
Initial Cost of FF&E, Buildings and improvements	59,139
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,613
Gross Carrying Amount At Close of Period, Land	5,685
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	64,752
Gross Carrying Amount At Close of Period, Total	70,437
Accumulated Depreciation	28,720
Costa Mesa, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,358
Initial Cost of Land	12,917
Initial Cost of FF&E, Buildings and improvements	91,791
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,978
Gross Carrying Amount At Close of Period, Land	12,917
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	99,769
Gross Carrying Amount At Close of Period, Total	112,686
Accumulated Depreciation	44,077
Boston, MA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,000
Initial Cost of Land	62,555
Initial Cost of FF&E, Buildings and improvements	134,407
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,872
Gross Carrying Amount At Close of Period, Land	62,556
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	139,279
Gross Carrying Amount At Close of Period, Total	201,834
Accumulated Depreciation	34,658
Parsippany, NJ Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,184
Initial Cost of Land	7,293
Initial Cost of FF&E, Buildings and improvements	58,098
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(147)
Gross Carrying Amount At Close of Period, Land	7,293
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	57,951
Gross Carrying Amount At Close of Period, Total	65,244
Accumulated Depreciation	14,521
Tampa, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,081
Initial Cost of Land	5,206
Initial Cost of FF&E, Buildings and improvements	21,186
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,298
Gross Carrying Amount At Close of Period, Land	5,206
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,484
Gross Carrying Amount At Close of Period, Total	31,690
Accumulated Depreciation	10,940
Alexandria, VA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,753
Initial Cost of Land	14,459
Initial Cost of FF&E, Buildings and improvements	96,602
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,338
Gross Carrying Amount At Close of Period, Land	14,459
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	97,940
Gross Carrying Amount At Close of Period, Total	112,399
Accumulated Depreciation	15,312
Santa Cruz, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,742
Initial Cost of Land	9,399
Initial Cost of FF&E, Buildings and improvements	38,129
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,055
Gross Carrying Amount At Close of Period, Land	9,399
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	40,184
Gross Carrying Amount At Close of Period, Total	49,583
Accumulated Depreciation	7,291
Lawrenceville, GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	697
Initial Cost of FF&E, Buildings and improvements	3,808
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,426
Gross Carrying Amount At Close of Period, Land	697
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,234
Gross Carrying Amount At Close of Period, Total	5,931
Accumulated Depreciation	2,771
Evansville In Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,872
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	5,034
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,532
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,566
Gross Carrying Amount At Close of Period, Total	14,867
Accumulated Depreciation	4,220
Parsippany, NJ Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,716
Initial Cost of Land	3,268
Initial Cost of FF&E, Buildings and improvements	24,306
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17
Gross Carrying Amount At Close of Period, Land	3,268
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,323
Gross Carrying Amount At Close of Period, Total	27,591
Accumulated Depreciation	6,044
Buford GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,000
Initial Cost of Land	1,168
Initial Cost of FF&E, Buildings and improvements	5,338
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,732
Gross Carrying Amount At Close of Period, Land	1,168
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,070
Gross Carrying Amount At Close of Period, Total	10,238
Accumulated Depreciation	5,354
Beverly Hills, CA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	111,129
Initial Cost of Land	6,510
Initial Cost of FF&E, Buildings and improvements	22,061
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,411
Gross Carrying Amount At Close of Period, Land	6,510
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,472
Gross Carrying Amount At Close of Period, Total	31,982
Accumulated Depreciation	12,699
Arlington VA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	86,000
Initial Cost of Land	20,637
Initial Cost of FF&E, Buildings and improvements	101,376
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	21,928
Gross Carrying Amount At Close of Period, Land	20,637
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	123,304
Gross Carrying Amount At Close of Period, Total	143,941
Accumulated Depreciation	62,838
Dallas TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,439
Initial Cost of Land	2,701
Initial Cost of FF&E, Buildings and improvements	30,893
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,883
Gross Carrying Amount At Close of Period, Land	2,701
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,776
Gross Carrying Amount At Close of Period, Total	39,477
Accumulated Depreciation	16,108
Fremont CA, Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,438
Initial Cost of Land	5,800
Initial Cost of FF&E, Buildings and improvements	44,200
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,847
Gross Carrying Amount At Close of Period, Land	5,800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	60,047
Gross Carrying Amount At Close of Period, Total	65,847
Accumulated Depreciation	20,598
Memphis, TN Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,113
Initial Cost of Land	6,210
Initial Cost of FF&E, Buildings and improvements	37,284
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,978)
Gross Carrying Amount At Close of Period, Land	6,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,306
Gross Carrying Amount At Close of Period, Total	41,516
Accumulated Depreciation	8,510
Irving, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,346
Initial Cost of Land	8,330
Initial Cost of FF&E, Buildings and improvements	82,272
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,913
Gross Carrying Amount At Close of Period, Land	8,330
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	102,185
Gross Carrying Amount At Close of Period, Total	110,515
Accumulated Depreciation	34,011
Omaha, NE Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,061
Initial Cost of Land	6,641
Initial Cost of FF&E, Buildings and improvements	49,887
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,225
Gross Carrying Amount At Close of Period, Land	6,641
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	56,112
Gross Carrying Amount At Close of Period, Total	62,753
Accumulated Depreciation	17,061
Sugarland, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	59,211
Initial Cost of Land	9,047
Initial Cost of FF&E, Buildings and improvements	84,043
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,185
Gross Carrying Amount At Close of Period, Land	9,047
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	92,227
Gross Carrying Amount At Close of Period, Total	101,275
Accumulated Depreciation	21,178
Key West FL Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	56,756
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	27,514
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	27,658
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	55,172
Gross Carrying Amount At Close of Period, Total	55,172
Accumulated Depreciation	17,056
Baltimore MD Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,600
Initial Cost of Land	2,502
Initial Cost of FF&E, Buildings and improvements	13,206
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,793
Gross Carrying Amount At Close of Period, Land	2,502
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,999
Gross Carrying Amount At Close of Period, Total	17,501
Accumulated Depreciation	7,758
Kennesaw GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,133
Initial Cost of Land	1,106
Initial Cost of FF&E, Buildings and improvements	5,021
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,741
Gross Carrying Amount At Close of Period, Land	1,107
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,762
Gross Carrying Amount At Close of Period, Total	7,868
Accumulated Depreciation	3,678
Buford GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,500
Initial Cost of Land	1,132
Initial Cost of FF&E, Buildings and improvements	6,089
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,874
Gross Carrying Amount At Close of Period, Land	1,132
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,963
Gross Carrying Amount At Close of Period, Total	14,095
Accumulated Depreciation	4,501
Manhattan Beach CA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,560
Initial Cost of Land	5,726
Initial Cost of FF&E, Buildings and improvements	21,187
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,220
Gross Carrying Amount At Close of Period, Land	5,726
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,407
Gross Carrying Amount At Close of Period, Total	28,133
Accumulated Depreciation	9,693
Plymouth Meeting Pa Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,800
Initial Cost of Land	3,210
Initial Cost of FF&E, Buildings and improvements	24,578
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,740
Gross Carrying Amount At Close of Period, Land	3,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,318
Gross Carrying Amount At Close of Period, Total	29,528
Accumulated Depreciation	11,393
Kennesaw GA Fairfield Inn By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,811
Initial Cost of Land	840
Initial Cost of FF&E, Buildings and improvements	4,359
Cost Capitalized Since Acquisition, Land	(21)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,467
Gross Carrying Amount At Close of Period, Land	819
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,826
Gross Carrying Amount At Close of Period, Total	7,645
Accumulated Depreciation	4,003
Bloomington In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,933
Initial Cost of Land	900
Initial Cost of FF&E, Buildings and improvements	10,741
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,157
Gross Carrying Amount At Close of Period, Land	900
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,898
Gross Carrying Amount At Close of Period, Total	12,798
Accumulated Depreciation	5,919
Boston, MA Courtyard by Marriott - Tremont
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	97,368
Initial Cost of Land	24,494
Initial Cost of FF&E, Buildings and improvements	85,246
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,083
Gross Carrying Amount At Close of Period, Land	24,494
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	87,329
Gross Carrying Amount At Close of Period, Total	111,823
Accumulated Depreciation	22,433
Columbus In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,160
Initial Cost of Land	673
Initial Cost of FF&E, Buildings and improvements	4,804
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,424
Gross Carrying Amount At Close of Period, Land	673
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,228
Gross Carrying Amount At Close of Period, Total	6,901
Accumulated Depreciation	3,033
Denver, CO Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,720
Initial Cost of Land	9,342
Initial Cost of FF&E, Buildings and improvements	29,656
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	903
Gross Carrying Amount At Close of Period, Land	9,342
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,559
Gross Carrying Amount At Close of Period, Total	39,901
Accumulated Depreciation	8,681
Gaithersburg, MD Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,162
Initial Cost of Land	5,128
Initial Cost of FF&E, Buildings and improvements	30,522
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	836
Gross Carrying Amount At Close of Period, Land	5,128
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,358
Gross Carrying Amount At Close of Period, Total	36,486
Accumulated Depreciation	7,947
Crystal City VA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,599
Initial Cost of Land	5,411
Initial Cost of FF&E, Buildings and improvements	38,610
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,428
Gross Carrying Amount At Close of Period, Land	5,411
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	46,038
Gross Carrying Amount At Close of Period, Total	51,449
Accumulated Depreciation	23,189
Overland Park Ks Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,009
Initial Cost of Land	1,868
Initial Cost of FF&E, Buildings and improvements	14,030
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,784
Gross Carrying Amount At Close of Period, Land	1,868
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,814
Gross Carrying Amount At Close of Period, Total	17,682
Accumulated Depreciation	7,559
Foothill Ranch Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,255
Initial Cost of Land	2,447
Initial Cost of FF&E, Buildings and improvements	16,005
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,441
Gross Carrying Amount At Close of Period, Land	2,447
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,446
Gross Carrying Amount At Close of Period, Total	19,893
Accumulated Depreciation	8,271
Alpharetta GA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,230
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	12,345
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,606
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,951
Gross Carrying Amount At Close of Period, Total	16,195
Accumulated Depreciation	6,536
Oakland Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,240
Initial Cost of Land	5,112
Initial Cost of FF&E, Buildings and improvements	19,429
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,313
Gross Carrying Amount At Close of Period, Land	5,112
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,742
Gross Carrying Amount At Close of Period, Total	25,854
Accumulated Depreciation	9,185
Scottsdale AZ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,600
Initial Cost of Land	3,700
Initial Cost of FF&E, Buildings and improvements	22,134
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,456
Gross Carrying Amount At Close of Period, Land	3,700
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,589
Gross Carrying Amount At Close of Period, Total	28,290
Accumulated Depreciation	10,807
Plano TX Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,160
Initial Cost of Land	2,115
Initial Cost of FF&E, Buildings and improvements	22,360
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,079
Gross Carrying Amount At Close of Period, Land	2,115
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,439
Gross Carrying Amount At Close of Period, Total	26,554
Accumulated Depreciation	10,568
Newark Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,960
Initial Cost of Land	2,863
Initial Cost of FF&E, Buildings and improvements	10,723
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,033
Gross Carrying Amount At Close of Period, Land	2,864
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,756
Gross Carrying Amount At Close of Period, Total	15,619
Accumulated Depreciation	5,459
Manchester Ct Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,613
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	7,430
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	979
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,409
Gross Carrying Amount At Close of Period, Total	9,710
Accumulated Depreciation	3,897
Basking Ridge NJ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,600
Initial Cost of Land	5,419
Initial Cost of FF&E, Buildings and improvements	45,304
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,437
Gross Carrying Amount At Close of Period, Land	5,419
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	48,741
Gross Carrying Amount At Close of Period, Total	54,160
Accumulated Depreciation	21,511
Evansville In Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,658
Initial Cost of Land	961
Initial Cost of FF&E, Buildings and improvements	5,972
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	548
Gross Carrying Amount At Close of Period, Land	961
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,520
Gross Carrying Amount At Close of Period, Total	7,481
Accumulated Depreciation	3,306
Orlando FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,395
Initial Cost of Land	6,554
Initial Cost of FF&E, Buildings and improvements	40,539
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,798
Gross Carrying Amount At Close of Period, Land	6,554
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	51,337
Gross Carrying Amount At Close of Period, Total	57,891
Accumulated Depreciation	26,760
Falls Church VA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,573
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	34,979
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,727
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	38,706
Gross Carrying Amount At Close of Period, Total	41,458
Accumulated Depreciation	18,329
San Diego CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,635
Initial Cost of Land	3,156
Initial Cost of FF&E, Buildings and improvements	29,514
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,980
Gross Carrying Amount At Close of Period, Land	3,156
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,494
Gross Carrying Amount At Close of Period, Total	34,650
Accumulated Depreciation	15,155
Salt Lake City UT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,388
Initial Cost of Land	1,897
Initial Cost of FF&E, Buildings and improvements	16,357
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,989
Gross Carrying Amount At Close of Period, Land	1,894
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,349
Gross Carrying Amount At Close of Period, Total	21,243
Accumulated Depreciation	9,297
Las Vegas NV Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,160
Initial Cost of Land	18,177
Initial Cost of FF&E, Buildings and improvements	39,568
Cost Capitalized Since Acquisition, Land	(6,185)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(16,376)
Gross Carrying Amount At Close of Period, Land	11,991
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,192
Gross Carrying Amount At Close of Period, Total	35,183
Accumulated Depreciation	6,713
Phoenix AZ Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,100
Initial Cost of FF&E, Buildings and improvements	23,187
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,995
Gross Carrying Amount At Close of Period, Land	4,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,182
Gross Carrying Amount At Close of Period, Total	36,282
Accumulated Depreciation	12,451
Plano TX Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,160
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	16,869
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,259
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,128
Gross Carrying Amount At Close of Period, Total	20,173
Accumulated Depreciation	7,870
Newark CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,760
Initial Cost of Land	3,272
Initial Cost of FF&E, Buildings and improvements	11,706
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,108
Gross Carrying Amount At Close of Period, Land	3,272
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,814
Gross Carrying Amount At Close of Period, Total	17,086
Accumulated Depreciation	6,192
Manchester CT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,700
Initial Cost of Land	1,462
Initial Cost of FF&E, Buildings and improvements	8,306
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,079
Gross Carrying Amount At Close of Period, Land	1,462
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,385
Gross Carrying Amount At Close of Period, Total	12,847
Accumulated Depreciation	4,363
Jacksonville FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,000
Initial Cost of Land	1,997
Initial Cost of FF&E, Buildings and improvements	16,084
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,044
Gross Carrying Amount At Close of Period, Land	1,997
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,128
Gross Carrying Amount At Close of Period, Total	23,125
Accumulated Depreciation	10,507
Santa Fe, NM Tribute Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,697
Initial Cost of Land	8,094
Initial Cost of FF&E, Buildings and improvements	42,058
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,453
Gross Carrying Amount At Close of Period, Land	8,094
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	46,511
Gross Carrying Amount At Close of Period, Total	54,605
Accumulated Depreciation	7,982
Manhattan Beach CA Towne Place Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	17,543
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,660
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,203
Gross Carrying Amount At Close of Period, Total	24,008
Accumulated Depreciation	8,408
Atlanta, GA Ritz-Carlton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	93,045
Initial Cost of Land	2,477
Initial Cost of FF&E, Buildings and improvements	80,139
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	18,398
Gross Carrying Amount At Close of Period, Land	2,477
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	98,537
Gross Carrying Amount At Close of Period, Total	101,014
Accumulated Depreciation	30,962
Atlantic Beach FL One Ocean
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,990
Initial Cost of Land	5,815
Initial Cost of FF&E, Buildings and improvements	14,817
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,056
Gross Carrying Amount At Close of Period, Land	5,815
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,873
Gross Carrying Amount At Close of Period, Total	25,688
Accumulated Depreciation	11,043
Nashville, TN Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	207,000
Initial Cost of Land	20,671
Initial Cost of FF&E, Buildings and improvements	158,260
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	31,761
Gross Carrying Amount At Close of Period, Land	20,671
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	190,021
Gross Carrying Amount At Close of Period, Total	210,692
Accumulated Depreciation	56,282
Palm Springs, CA Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,966
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	74,112
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,198
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	79,310
Gross Carrying Amount At Close of Period, Total	79,310
Accumulated Depreciation	22,359
Minneapolis MN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,283
Initial Cost of Land	2,953
Initial Cost of FF&E, Buildings and improvements	14,280
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,514
Gross Carrying Amount At Close of Period, Land	2,953
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,794
Gross Carrying Amount At Close of Period, Total	18,747
Accumulated Depreciation	7,714
Indianapolis IN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,970
Initial Cost of Land	3,100
Initial Cost of FF&E, Buildings and improvements	22,041
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,880
Gross Carrying Amount At Close of Period, Land	3,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,921
Gross Carrying Amount At Close of Period, Total	36,021
Accumulated Depreciation	16,715
Anchorage AK Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,584
Initial Cost of Land	4,023
Initial Cost of FF&E, Buildings and improvements	39,363
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,680
Gross Carrying Amount At Close of Period, Land	4,023
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	47,043
Gross Carrying Amount At Close of Period, Total	51,066
Accumulated Depreciation	22,367
San Diego CA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,993
Initial Cost of Land	7,294
Initial Cost of FF&E, Buildings and improvements	36,382
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,805
Gross Carrying Amount At Close of Period, Land	7,294
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,187
Gross Carrying Amount At Close of Period, Total	46,481
Accumulated Depreciation	17,226
Coral Gables FL Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,683
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	50,820
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,330
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	64,150
Gross Carrying Amount At Close of Period, Total	68,955
Accumulated Depreciation	29,999
Hauppauge, NY Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,304
Initial Cost of Land	6,284
Initial Cost of FF&E, Buildings and improvements	35,669
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	446
Gross Carrying Amount At Close of Period, Land	6,284
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,115
Gross Carrying Amount At Close of Period, Total	42,399
Accumulated Depreciation	13,322
Savannah, GA Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,789
Initial Cost of Land	14,041
Initial Cost of FF&E, Buildings and improvements	72,721
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,757
Gross Carrying Amount At Close of Period, Land	14,041
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	80,478
Gross Carrying Amount At Close of Period, Total	94,519
Accumulated Depreciation	23,196
Annapolis, MD Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,296
Initial Cost of Land	3,028
Initial Cost of FF&E, Buildings and improvements	7,833
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,214
Gross Carrying Amount At Close of Period, Land	3,028
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,047
Gross Carrying Amount At Close of Period, Total	13,075
Accumulated Depreciation	5,146
Austin, TX Lakeway Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,523
Initial Cost of Land	4,541
Initial Cost of FF&E, Buildings and improvements	28,940
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,789
Gross Carrying Amount At Close of Period, Land	4,541
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,729
Gross Carrying Amount At Close of Period, Total	35,270
Accumulated Depreciation	10,410
Chicago, IL Silversmith
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,363
Initial Cost of Land	4,782
Initial Cost of FF&E, Buildings and improvements	22,398
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,742)
Gross Carrying Amount At Close of Period, Land	4,782
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,656
Gross Carrying Amount At Close of Period, Total	25,438
Accumulated Depreciation	6,030
Washington, DC The Churchill
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	39,074
Initial Cost of Land	25,898
Initial Cost of FF&E, Buildings and improvements	32,304
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,154
Gross Carrying Amount At Close of Period, Land	25,898
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,458
Gross Carrying Amount At Close of Period, Total	62,356
Accumulated Depreciation	11,043
Washington, DC The Melrose
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	71,710
Initial Cost of Land	29,277
Initial Cost of FF&E, Buildings and improvements	62,507
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,156)
Gross Carrying Amount At Close of Period, Land	29,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	61,351
Gross Carrying Amount At Close of Period, Total	90,628
Accumulated Depreciation	14,611
New Orleans, LA Le Pavillon
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,000
Initial Cost of Land	10,933
Initial Cost of FF&E, Buildings and improvements	51,549
Cost Capitalized Since Acquisition, Land	(2,601)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,731
Gross Carrying Amount At Close of Period, Land	8,332
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	69,280
Gross Carrying Amount At Close of Period, Total	77,612
Accumulated Depreciation	18,260
Fort Worth TX Ashton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,881
Initial Cost of Land	800
Initial Cost of FF&E, Buildings and improvements	7,187
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	552
Gross Carrying Amount At Close of Period, Land	800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,739
Gross Carrying Amount At Close of Period, Total	8,539
Accumulated Depreciation	2,205
Princeton, NJ Westin
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,000
Initial Cost of Land	6,475
Initial Cost of FF&E, Buildings and improvements	52,195
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,497
Gross Carrying Amount At Close of Period, Land	6,475
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	55,692
Gross Carrying Amount At Close of Period, Total	62,167
Accumulated Depreciation	15,298
Atlanta, GA Hotel Indigo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,759
Initial Cost of Land	3,230
Initial Cost of FF&E, Buildings and improvements	23,713
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,122
Gross Carrying Amount At Close of Period, Land	3,230
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,835
Gross Carrying Amount At Close of Period, Total	30,065
Accumulated Depreciation	7,592
Fort Worth, TX Le Meridien
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,563
Initial Cost of Land	4,609
Initial Cost of FF&E, Buildings and improvements	82,749
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	0
Gross Carrying Amount At Close of Period, Land	4,609
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	82,749
Gross Carrying Amount At Close of Period, Total	87,358
Accumulated Depreciation	0
Total Real Estate Investment Properties, Excluding Lease Properties
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,210,783
Initial Cost of Land	616,238
Initial Cost of FF&E, Buildings and improvements	3,163,713
Cost Capitalized Since Acquisition, Land	(8,832)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	478,119
Gross Carrying Amount At Close of Period, Land	607,406
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	3,641,832
Gross Carrying Amount At Close of Period, Total	4,249,238
Accumulated Depreciation	$ 1,302,063

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION - Narrative (Details) $ in Billions	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Cost of land and depreciable property for federal income tax purposes	$ 2.8
Minimum \| Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years 6 months
Minimum \| Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	1 year 6 months
Maximum \| Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	39 years
Maximum \| Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

REAL ESTATE AND ACCUMULATED D_4

REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment in Real Estate:
Beginning balance	$ 4,798,605	$ 4,546,384	$ 4,663,153	$ 4,798,605
Additions		206,737	125,244	40,789
Impairment/write-offs		(194,343)	(195,736)	(151,753)
Sales/disposals		(292,268)	(46,277)	(24,488)
Assets held for sale	0	(21,246)	0
Ending balance		4,245,264	4,546,384	4,663,153
Accumulated Depreciation:
Beginning balance	1,371,623	1,428,053	1,432,443	1,371,623
Depreciation expense		188,021	201,926	219,112
Impairment/write-offs		(194,343)	(195,736)	(151,753)
Sales/disposals		(119,102)	(10,580)	(6,539)
Assets held for sale	$ 0	(9,297)	0
Ending balance		1,293,332	1,428,053	1,432,443
Investment in Real Estate, net		$ 2,951,932	$ 3,118,331	$ 3,230,710

Uncategorized Items - aht-20231

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 167,313,000