Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

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


	December 31, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:

Derivative assets	$	2,594	$	2,594	$	13,696	$	13,696

Financial liabilities measured at fair value:
Embedded debt derivative	$	29,099	$	29,099	$	23,696	$	23,696

Financial assets not measured at fair value:
Cash and cash equivalents (1)	$	112,922	$	112,922	$	165,232	$	165,232
Restricted cash (1)	107,553		107,553		146,302		146,302
Accounts receivable, net (1)	36,231		36,231		45,692		45,692
Notes receivable, net	10,565		10,565		7,369		7,369


Due from third-party hotel managers (1)	21,604		21,604		21,681		21,681

Financial liabilities not measured at fair value:
Indebtedness (1)	$	2,705,981	$2,695,013		$	3,038,139	$2,960,630
Indebtedness associated with hotels in receivership	314,640		257,546		355,120		289,028
Accounts payable and accrued expenses (1)	138,895		138,895		129,554		129,554
Accrued interest payable (1)	10,576		10,576		13,040		13,040
Accrued interest associated with hotels in receivership	52,031		52,031		14,024		14,024
Dividends and distributions payable	3,952		3,952		3,566		3,566
Due to Ashford Inc., net (1)	25,653		25,653		13,262		13,262

Due to related parties, net (1)	2,850		2,850		5,874		5,874
Due to third-party hotel managers	1,145		1,145		1,193		1,193

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(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2024 and December 31, 2023.