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Investment in Unconsolidated Entities | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entities | Investments in Unconsolidated EntitiesOpenKey, 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 September 30, 2022, the Company has made investments in OpenKey totaling approximately $5.5 million. As of September 30, 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 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:
| September 30, 2022 |  | December 31, 2021
Carrying value of the investment in OpenKey (in thousands) | $ | 2,320 |  |  | $ | 2,771 |
Ownership interest in OpenKey | 15.1 | % |  | 16.7 | %
Carrying value of the investment in 815 Commerce MM (in thousands) | $ | 8,482 |  |  | $ | 8,482 |
Ownership interest in 815 Commerce MM | 32.5 | % |  | 32.5 | %
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
OpenKey |  | $ | (147) |  |  | $ | (145) |  |  | $ | (451) |  |  | $ | (423) |  |  |
We review our investments in unconsolidated entities 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 the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entities. No impairment charges were recorded during the three and nine months ended September 30, 2022 and 2021.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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