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Investment in Unconsolidated Entities
 12 Months Ended
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, 2023December 31, 2022
Carrying value of the investment in OpenKey (in thousands)$1,575 $2,103 
Ownership interest in OpenKey15.1 %15.1 %
Carrying value of the investment in 815 Commerce MM (in thousands)$8,482 
Ownership interest in 815 Commerce MM32.5 %
Carrying value of the Meritage Investment (in thousands)$8,385 $8,991 
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
Year Ended December 31,
202320222021
OpenKey$(528)$(668)$(540)
815 Commerce MM— — (18)
Meritage Investment(606)(136)— 
$(1,134)$(804)$(558)