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Summary of Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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):
March 31, 2025December 31, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets measured at fair value:
Derivative assets$3,313 $3,313 $2,594 $2,594 
Financial liabilities measured at fair value:
Embedded debt derivative$— $— $29,099 $29,099 
Financial assets not measured at fair value:
Cash and cash equivalents (1)
$85,787 $85,787 $112,922 $112,922 
Restricted cash (1)
139,190 139,190 107,553 107,553 
Accounts receivable, net (1)
48,020 48,020 36,231 36,231 
Notes receivable, net10,958 10,958 10,565 
10,565
Due from third-party hotel managers (1)
22,125 22,125 21,604 21,604 
Financial liabilities not measured at fair value:
Indebtedness (1)
$2,684,026 
$2,684,697
$2,705,981 $2,695,013 
Indebtedness associated with hotels in receivership314,640 257,546 314,640 257,546 
Accounts payable and accrued expenses (1)
129,185 129,185 138,895 138,895 
Accrued interest payable (1)
17,658 17,658 10,576 10,576 
Accrued interest associated with hotels in receivership62,077 62,077 52,031 52,031 
Dividends and distributions payable4,125 4,125 3,952 3,952 
Due to Ashford Inc., net (1)
17,600 17,600 25,653 25,653 
Due to related parties, net (1)
4,532 4,532 2,850 2,850 
Due to third-party hotel managers1,421 1,421 1,145 1,145 
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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.