XML 33 R15.htm IDEA: XBRL DOCUMENT
v3.22.4

Investment in Unconsolidated Entities | 12 Months Ended
--- | ---
Dec. 31, 2022
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, 2022, the Company has made investments in OpenKey totaling approximately $5.5 million. As of 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 is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet 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. In November of 2022, the Company made an initial investment of $9.1 million in an entity that owns two resorts in Napa, CA. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet 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, 2022 |  | December 31, 2021
Carrying value of the investment in OpenKey (in thousands) | $ | 2,103 |  |  | $ | 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 | %
Carrying value of the Napa resorts investment (in thousands) | $ | 8,991 |  |  | $ | — |
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2022 |  | 2021 |  | 2020
OpenKey |  |  |  |  |  | $ | (668) |  |  | $ | (540) |  |  | $ | (448) |
815 Commerce MM |  |  |  |  |  | — |  |  | (18) |  |  | — |
Napa resorts investment |  |  |  |  |  | (136) |  |  | — |  |  | — |
|  |  |  |  |  | $ | (804) |  |  | $ | (558) |  |  | $ | (448) |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration