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Investments in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of June 30, 2025, the Company had invested $9.1 million in an entity that holds the Meritage Investment in Napa, California, and $5.5 million in OpenKey, a consolidated subsidiary of Ashford Inc. Our investments are recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and are accounted for under the equity method of accounting as we have been deemed to have significant influence over the entities under the applicable accounting guidance.
We review our investments in unconsolidated entities for impairment each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any other-than-temporary impairment is recorded in equity in earnings (loss) of unconsolidated entities. In the fourth quarter of 2024, we recorded an impairment charge for our OpenKey investment of approximately $1.0 million, which reduced the carrying value to $0. No impairment charges were recorded on our investments during the three and six months ended June 30, 2025 and 2024.
The following table summarizes our carrying value in unconsolidated entities:
June 30, 2025December 31, 2024
Carrying value of the Meritage Investment (in thousands)$7,203 $7,590 
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
OpenKey$— $(180)$— $(289)
Meritage Investment44 18 (387)(406)
$44 $(162)$(387)$(695)