Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

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



	September 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.	$	14,786	$	14,786	$	18,124	$	18,124
Derivative assets	827		827		594		594
Financial assets not measured at fair value:
Cash and cash equivalents	$	163,825	$	163,825	$	137,522	$	137,522
Restricted cash	74,973		74,973		47,820		47,820
Accounts receivable, net	23,715		23,715		14,334		14,334
Insurance receivable	—		—		8,825		8,825
Note receivable	—		—		8,098		8,020 to 8,864
Due from related party, net	—		—		349		349
Due from third-party hotel managers	1,960		1,960		4,589		4,589
Financial liabilities not measured at fair value:
Indebtedness	$	993,334	$939,985 to $1,038,930		$	826,236	$ 780,243 to $ 862,372
Accounts payable and accrued expenses	67,441		67,441		56,803		56,803
Dividends and distributions payable	8,840		8,840		8,146		8,146
Due to Ashford Inc.	3,182		3,182		1,703		1,703
Due to related party, net	8		8		—		—
Due to third-party hotel managers	2,608		2,608		1,709		1,709