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Investment in Unconsolidated Entity | 3 Months Ended
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Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity Ashford Inc. As of March 31, 2018 and December 31, 2017, we held approximately 195,000 shares of Ashford Inc. common stock. The closing price per share of Ashford Inc. common stock on the NYSE American LLC was $95.71 and $93.00 as of March 31, 2018 and December 31, 2017, respectively. This represented an approximate 9.3% ownership interest in Ashford Inc. for both March 31, 2018 and December 31, 2017. 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 condensed consolidated balance sheets, and changes in market value are included in “unrealized gain (loss) on investment in Ashford Inc.” on our condensed consolidated statements of operations. The following tables summarize the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, and the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited)
|  | March 31, 2018 |  | December 31, 2017
Total assets |  | $ | 119,597 |  |  | $ | 114,810 |
Total liabilities |  | 82,830 |  |  | 78,742 |
Redeemable noncontrolling interests |  | 4,662 |  |  | 5,111 |
Total stockholders’ equity of Ashford Inc. |  | 30,545 |  |  | 30,185 |
Noncontrolling interests in consolidated entities |  | 1,560 |  |  | 772 |
Total equity |  | 32,105 |  |  | 30,957 |
Total liabilities and equity |  | $ | 119,597 |  |  | $ | 114,810 |
Our investment in Ashford Inc., at fair value |  | $ | 18,652 |  |  | $ | 18,124 |
Ashford Inc. Condensed Consolidated Statements of Operations (unaudited)
| Three Months Ended March 31,
| 2018 |  | 2017
Total revenue | $ | 48,168 |  |  | $ | 13,013 |
Total operating expenses | (53,204 | ) |  | (15,149 | )
Operating income (loss) | (5,036 | ) |  | (2,136 | )
Realized and unrealized gain (loss) on investments | — |  |  | (75 | )
Other | (93 | ) |  | 118 |
Income tax (expense) benefit | (706 | ) |  | (630 | )
Net income (loss) | (5,835 | ) |  | (2,723 | )
(Income) loss from consolidated entities attributable to noncontrolling interests | 173 |  |  | (25 | )
Net (income) loss attributable to redeemable noncontrolling interests | (61 | ) |  | 363 |
Net income (loss) attributable to Ashford Inc. | $ | (5,723 | ) |  | $ | (2,385 | )
Our unrealized gain (loss) on investment in Ashford Inc. | $ | 528 |  |  | $ | 3,091 |
OpenKey On March 28, 2018, the Company made a $2.0 million investment in OpenKey, which is controlled and consolidated by Ashford Inc., for a 8.2% ownership interest, which investment was approved by our Related Party Transactions Committee and the independent members of our board of directors. OpenKey is a hospitality focused mobile key platform that provides a universal smart phone app for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our condensed consolidated balance sheet and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of March 31, 2018, our ownership interest had a carrying value of $2.0 million. For the three months ended March 31, 2018, our equity in loss of the unconsolidated entity was $3,000.

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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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