Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

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



	December 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.	$	18,124	$	18,124	$	8,407	$	8,407
Derivative assets	594		594		1,149		1,149
Financial assets not measured at fair value:
Cash and cash equivalents	$	137,522	$	137,522	$	126,790	$	126,790
Restricted cash	47,820		47,820		37,855		37,855
Accounts receivable, net	14,334		14,334		18,194		18,194
Insurance receivable	8,825		8,825		—		—
Note receivable	8,098		8,020 to 8,864		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	349		349		377		377
Due from third-party hotel managers	4,589		4,589		7,555		7,555
Financial liabilities not measured at fair value:
Indebtedness	$	826,236	$780,243 to $862,372		$	766,964	$726,774 to $803,276
Accounts payable and accrued expenses	56,803		56,803		44,791		44,791
Dividends and distributions payable	8,146		8,146		5,038		5,038
Due to Ashford Inc.	1,703		1,703		5,085		5,085
Due to affiliate	—		—		2,500		2,500
Due to third-party hotel managers	1,709		1,709		973		973