Summary of Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

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



	March 31, 2018				December 31, 2017
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc.	$	18,652	$	18,652	$	18,124	$	18,124
Derivative assets	1,004		1,004		594		594
Financial assets not measured at fair value:
Cash and cash equivalents	$	95,223	$	95,223	$	137,522	$	137,522
Restricted cash	63,385		63,385		47,820		47,820
Accounts receivable, net	19,692		19,692		14,334		14,334
Insurance receivable	14,203		14,203		8,825		8,825
Note receivable	8,098		7,850 to 8,677		8,098		8,020 to 8,864
Due from related party, net	873		873		349		349
Due from third-party hotel managers	5,748		5,748		4,589		4,589
Financial liabilities not measured at fair value:
Indebtedness	$	825,522	$782,508 to $864,877		$	826,236	$ 780,243 to $ 862,372
Accounts payable and accrued expenses	57,468		57,468		56,803		56,803
Dividends and distributions payable	8,374		8,374		8,146		8,146
Due to Ashford Inc.	267		267		1,703		1,703
Due to third-party hotel managers	2,231		2,231		1,709		1,709