Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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):


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

Derivative assets	$	1,022	$	1,022	$	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)	$	81,905	$	81,905	$	112,922	$	112,922
Restricted cash (1)	166,926		166,926		107,553		107,553
Accounts receivable, net (1)	42,258		42,258		36,231		36,231
Notes receivable, net	11,784		11,784		10,565		10,565


Due from third-party hotel managers	27,397		27,397		21,604		21,604

Financial liabilities not measured at fair value:
Indebtedness (1)	$	2,661,155	$	2,661,928	$	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)	147,259		147,259		138,895		138,895
Accrued interest payable (1)	13,839		13,839		10,576		10,576
Accrued interest associated with hotels in receivership	79,120		79,120		52,031		52,031
Dividends and distributions payable	4,220		4,220		3,952		3,952
Due to Ashford Inc., net (1)	16,080		16,080		25,653		25,653

Due to related parties, net (1)	7,177		7,177		2,850		2,850
Due to third-party hotel managers	1,042		1,042		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 September 30, 2025 and December 31, 2024.