Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

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



	June 30, 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.	$	12,628	$	12,628	$	18,124	$	18,124
Derivative assets	1,007		1,007		594		594
Financial assets not measured at fair value:
Cash and cash equivalents	$	169,235	$	169,235	$	137,522	$	137,522
Restricted cash	83,096		83,096		47,820		47,820
Accounts receivable, net	22,338		22,338		14,334		14,334
Insurance receivable	—		—		8,825		8,825
Note receivable	—		—		8,098		8,020 to 8,864
Due from related party, net	588		588		349		349
Due from third-party hotel managers	5,522		5,522		4,589		4,589
Financial liabilities not measured at fair value:
Indebtedness	$	993,826	$942,117 to $1,041,287		$	826,236	$ 780,243 to $ 862,372
Accounts payable and accrued expenses	63,976		63,976		56,803		56,803
Dividends and distributions payable	8,572		8,572		8,146		8,146
Due to Ashford Inc.	1,100		1,100		1,703		1,703
Due to third-party hotel managers	2,299		2,299		1,709		1,709