Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

The following table summarizes the advisory services fees incurred (in thousands):



	Year Ended December 31,
	2017			2016		2015
Advisory services fee
Base advisory fee	$	8,800		$	8,343	$	8,648
Reimbursable expenses ⁽¹⁾	2,017			2,798		1,827
Equity-based compensation ⁽²⁾	(1,683		)	3,814		3,592
Incentive fee	—			—		3,822
	$	9,134		$	14,955	$	17,889

________


⁽¹⁾	Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services.


⁽²⁾	Equity-based compensation is associated with equity grants of Ashford Prime’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

The following table summarizes the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the fees paid by us for those services, the applicable classification on our consolidated financial statements and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands):



		Year Ended December 31, 2017									As of December 31, 2017
Company	Product or Service	Transaction Amount		Investments in Hotel Properties, net ⁽¹⁾		Indebtedness, net⁽²⁾			Other Hotel Expenses		Due to Ashford Inc.
OpenKey	Mobile key app	$	10	$	—	$	—		$	10	$	4
Pure Rooms	“Allergy friendly” premium rooms	45		45		—			—		45
Lismore Capital	Mortgage placement services	224		—		(224		)	—		—

________


⁽¹⁾	Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life.


⁽²⁾	Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.

At December 31, 2017, Remington Lodging managed three of our twelve hotel properties and we incurred the following fees related to the management agreements with the related party (in thousands):



	Year Ended December 31,
	2017		2016		2015
Property management fees, including incentive property management fees	$	1,748	$	1,503	$	1,313
Market service and project management fees	3,972		2,453		1,645
Corporate general and administrative expenses	286		136		98
Total	$	6,006	$	4,092	$	3,056