Summary of Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

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



	March 31, 2017				December 31, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc.	$	11,498	$	11,498	$	8,407	$	8,407
Derivative assets	414		414		1,149		1,149
Financial assets not measured at fair value:
Cash and cash equivalents	$	161,314	$	161,314	$	126,790	$	126,790
Restricted cash	35,779		35,779		37,855		37,855
Accounts receivable, net	24,912		24,912		18,194		18,194
Note receivable	8,098		8,490 to 9,384		8,098		8,511 to $ 9,407
Due from Ashford Trust OP, net	—		—		488		488
Due from AQUA U.S. Fund	—		—		2,289		2,289
Due from related party, net	598		598		377		377
Due from third-party hotel managers	9,936		9,936		7,555		7,555
Financial liabilities not measured at fair value:
Indebtedness	$	864,690	$ 812,563 to $ 898,094		$	766,964	$ 726,774 to $ 803,276
Accounts payable and accrued expenses	52,939		52,939		44,791		44,791
Dividends and distributions payable	8,025		8,025		5,038		5,038
Due to Ashford Trust OP, net	6		6		—		—
Due to Ashford Inc.	3,525		3,525		5,085		5,085
Due to affiliate	—		—		2,500		2,500
Due to third-party hotel managers	962		962		973		973