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Investment in Unconsolidated Entity | 12 Months Ended
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Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity Ashford Inc. On July 31, 2015, we entered into a block trade with an unaffiliated third party pursuant to a sale arrangement between the Company, Ashford Inc. and Ashford Trust. The block trade included the purchase from a third party of approximately 175,000 shares of Ashford Inc. common stock at $95.00 per share, which approximated the 120-day volume weighted average share price, for a total cost of approximately $16.6 million. The sale arrangement and block trade were evaluated and approved by the independent members of our board of directors. The block trade purchase price and other terms of the sale arrangement were the result of negotiations with the third party, and the board of directors received a fairness opinion from an independent financial advisor that the price paid for the Ashford Inc. shares by the Company was fair to the Company. We did not receive any concessions or economic benefits from Ashford Inc. pertaining to our current contractual arrangements with Ashford Inc. in connection with this block trade. The block trade settled on August 4, 2015, and the loss resulting from the block trade is recorded within “unrealized loss on investment in Ashford Inc.” in our consolidated statement of operations for the year ended December 31, 2015. Separately, on September 14, 2015, we received 19,897 shares of Ashford Inc. common stock from Ashford Inc. as part of our acquisition of the Bardessono Hotel. As of December 31, 2017 and 2016, we held approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.3% and 9.7% ownership interest, respectively, and a fair value of $18.1 million and $8.4 million, respectively. See notes 11 and 12. We have elected to use the fair value option, under the applicable accounting guidance, to account for our investment in Ashford Inc. as the fair value is readily available since Ashford Inc. common stock is traded on a national exchange. The fair value of our investment in Ashford Inc. is included in “investment in Ashford Inc., at fair value” on our consolidated balance sheets, and changes in market value are included in “unrealized loss on investment in Ashford Inc.” on our consolidated statements of operations. The following tables summarize the condensed balance sheets as of December 31, 2017 and 2016, and the condensed statements of operations for the years ended December 31, 2017, 2016 and 2015, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets
|  | December 31, 2017 |  | December 31, 2016
Total assets |  | $ | 114,810 |  |  | $ | 129,797 |
Total liabilities |  | 78,742 |  |  | 38,168 |
Redeemable noncontrolling interests |  | 5,111 |  |  | 1,480 |
Total stockholders’ equity of Ashford Inc. |  | 30,185 |  |  | 37,377 |
Noncontrolling interests in consolidated entities |  | 772 |  |  | 52,772 |
Total equity |  | 30,957 |  |  | 90,149 |
Total liabilities and equity |  | $ | 114,810 |  |  | $ | 129,797 |
Our investment in Ashford Inc., at fair value |  | $ | 18,124 |  |  | $ | 8,407 |
Ashford Inc. Condensed Consolidated Statements of Operations
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Total revenue |  | $ | 81,573 |  |  | $ | 67,607 |  |  | $ | 58,981 |
Total operating expenses |  | (92,095 | ) |  | (70,064 | ) |  | (60,332 | )
Operating loss |  | (10,522 | ) |  | (2,457 | ) |  | (1,351 | )
Realized and unrealized gain (loss) on investment in unconsolidated entity |  | — |  |  | (1,460 | ) |  | (2,141 | )
Realized and unrealized gain (loss) on investments |  | (91 | ) |  | (7,787 | ) |  | (7,600 | )
Other |  | 142 |  |  | 81 |  |  | 1,114 |
Income tax (expense) benefit |  | (9,723 | ) |  | (780 | ) |  | (2,066 | )
Net income (loss) |  | (20,194 | ) |  | (12,403 | ) |  | (12,044 | )
(Income) loss from consolidated entities attributable to noncontrolling interests |  | 358 |  |  | 8,860 |  |  | 10,852 |
Net (income) loss attributable to redeemable noncontrolling interests |  | 1,484 |  |  | 1,147 |  |  | 2 |
Net gain (loss) attributable to Ashford Inc. |  | $ | (18,352 | ) |  | $ | (2,396 | ) |  | $ | (1,190 | )
Our unrealized gain (loss) on investment in Ashford Inc. |  | $ | 9,717 |  |  | $ | (1,970 | ) |  | $ | (7,609 | )

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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