Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

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



	September 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.	$	9,286	$	9,286	$	10,377	$	10,377
Derivative assets	3,012		3,012		753		753
Financial assets not measured at fair value:
Cash and cash equivalents	$	128,625	$	128,625	$	105,039	$	105,039
Restricted cash	41,098		41,098		33,135		33,135
Accounts receivable, net	17,527		17,527		13,370		13,370
Note receivable	8,098		8,768 to 9,691		8,098		9,157 to 10,120
Due from Ashford Trust OP, net	7		7		—		—
Due from related party, net	454		454		371		371
Due from third-party hotel managers	6,554		6,554		10,722		10,722
Financial liabilities not measured at fair value:
Indebtedness	$	768,949	$729,637 to 806,442		$	840,232	$801,058 to $885,379
Accounts payable and accrued expenses	51,123		51,123		43,568		43,568
Dividends and distributions payable	4,876		4,876		3,439		3,439
Due to Ashford Trust OP, net	—		—		528		528
Due to Ashford Inc.	3,721		3,721		6,369		6,369
Due to third-party hotel managers	1,117		1,117		1,158		1,158