Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

The carrying amounts and estimated fair values of financial instruments were as follows (in thousands):



	June 30, 2016				December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc.	$	9,744	$	9,744	$	10,377	$	10,377
Derivative assets	7,001		7,001		753		753
Financial assets not measured at fair value:
Cash and cash equivalents	$	130,014	$	130,014	$	105,039	$	105,039
Restricted cash	40,352		40,352		33,135		33,135
Accounts receivable, net	17,296		17,296		13,370		13,370
Note receivable	8,098		8,945 to 9,887		8,098		9,157 to 10,120
Due from related party, net	532		532		371		371
Due from third-party hotel managers	9,771		9,771		10,722		10,722
Financial liabilities not measured at fair value:
Indebtedness	$	835,980	$792,978 to $876,449		$	840,232	$801,058 to $885,379
Accounts payable and accrued expenses	58,286		58,286		43,568		43,568
Dividends and distributions payable	4,962		4,962		3,439		3,439
Due to Ashford Trust OP, net	15		15		528		528
Due to Ashford Inc.	5,907		5,907		6,369		6,369
Due to third-party hotel managers	1,193		1,193		1,158		1,158