Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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):


	June 30, 2025				December 31, 2024
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets measured at fair value:

Derivative assets	$	2,445	$	2,445	$	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)	$	101,275	$	101,275	$	112,922	$	112,922
Restricted cash (1)	154,580		154,580		107,553		107,553
Accounts receivable, net (1)	48,042		48,042		36,231		36,231
Notes receivable, net	11,382		11,382		10,565		10,565


Due from third-party hotel managers	21,813		21,813		21,604		21,604

Financial liabilities not measured at fair value:
Indebtedness (1)	$	2,700,426	$	2,701,198	$	2,705,981	$	2,695,013
Indebtedness associated with hotels in receivership	301,040		248,323		314,640		257,546
Accounts payable and accrued expenses (1)	131,634		131,634		138,895		138,895
Accrued interest payable (1)	20,080		20,080		10,576		10,576
Accrued interest associated with hotels in receivership	69,435		69,435		52,031		52,031
Dividends and distributions payable	4,166		4,166		3,952		3,952
Due to Ashford Inc., net (1)	9,003		9,003		25,653		25,653

Due to related parties, net (1)	2,793		2,793		2,850		2,850
Due to third-party hotel managers	1,401		1,401		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 June 30, 2025 and December 31, 2024.