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Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):


	September 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:

Derivative assets	$	71	$	71	$	263	$	263

Embedded debt derivative	38,952		38,952		—		—

Financial assets not measured at fair value:
Cash and cash equivalents	$	672,961	$	672,961	$	92,905	$	92,905
Restricted cash	84,985		84,985		74,408		74,408
Accounts receivable, net	38,284		38,284		21,760		21,760
Notes receivable, net	8,642		$8,210 to $9,074		8,263		$7,850 to $8,676
Due from Ashford Inc., net	1,264		1,264		—		—
Due from related parties, net	7,319		7,319		5,801		5,801
Due from third-party hotel managers	24,077		24,077		9,383		9,383

Financial liabilities not measured at fair value:
Indebtedness	$	3,867,739	$3,413,404 to $3,772,713		$	3,711,297	$3,167,369 to $3,500,777
Accounts payable and accrued expenses	118,267		118,267		99,954		99,954
Accrued interest payable	16,964		16,964		98,685		98,685
Dividends and distributions payable	236		236		868		868
Due to Ashford Inc., net	—		—		13,383		13,383

Due to related parties, net	800		800		—		—
Due to third-party hotel managers	958		958		184		184