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Related Party Transactions | 12 Months Ended
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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. On March 12, 2024, Ashford TRS Corporation entered into a Second Consolidated, Amended and Restated Hotel Master Management Agreement with Remington Hospitality (the “Second A&R HMA”). The provisions of the Second A&R HMA are substantially the same as in the Consolidated, Amended and Restated Hotel Master Management Agreement, dated as of August 8, 2018. The Second A&R HMA provides for an initial term of ten years as to each hotel governed by the Second A&R HMA. The term may be renewed by Remington Hospitality, 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, Remington Hospitality is not then in default under the Second A&R HMA. The Second A&R HMA also provides that Remington Hospitality may charge market premiums for its self-insured health plans to its hotel employees, the cost of which is an operating expense of the hotel properties. 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.

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