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Investment in Unconsolidated Entity | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity Ashford Inc. As of December 31, 2018 and 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 $51.90 and $93.00 as of December 31, 2018 and 2017, respectively. This represented an approximate 8.1% and 9.7% ownership interest in the outstanding common stock, respectively. 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 consolidated balance sheets, and changes in market value are included in “unrealized gain (loss) on investment in Ashford Inc.” on our consolidated statements of operations. The following tables summarize the condensed consolidated balance sheets as of December 31, 2018 and 2017, and the condensed consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets
| December 31, 2018 |  | December 31, 2017
Total assets | $ | 379,005 |  |  | $ | 114,810 |
Total liabilities | 108,726 |  |  | 78,742 |
Series B cumulative convertible preferred stock | 200,847 |  |  | — |
Redeemable noncontrolling interests | 3,531 |  |  | 5,111 |
Total stockholders’ equity of Ashford Inc. | 65,443 |  |  | 30,185 |
Noncontrolling interests in consolidated entities | 458 |  |  | 772 |
Total equity | 65,901 |  |  | 30,957 |
Total liabilities and equity | $ | 379,005 |  |  | $ | 114,810 |
Our investment in Ashford Inc., at fair value | $ | 10,114 |  |  | $ | 18,124 |
Ashford Inc. Condensed Consolidated Statements of Operations
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
Total revenue | $ | 195,520 |  |  | $ | 81,573 |  |  | $ | 67,607 |
Total operating expenses | (196,359 | ) |  | (92,095 | ) |  | (70,064 | )
Operating income (loss) | (839 | ) |  | (10,522 | ) |  | (2,457 | )
Realized and unrealized gain (loss) on investment in unconsolidated entity | — |  |  | — |  |  | (1,460 | )
Realized and unrealized gain (loss) on investments, net | — |  |  | (91 | ) |  | (7,787 | )
Interest expense and loan amortization cost | (1,200 | ) |  | (122 | ) |  | — |
Other income (expense) | (505 | ) |  | 264 |  |  | 81 |
Income tax (expense) benefit | 10,364 |  |  | (9,723 | ) |  | (780 | )
Net income (loss) | 7,820 |  |  | (20,194 | ) |  | (12,403 | )
(Income) loss from consolidated entities attributable to noncontrolling interests | 924 |  |  | 358 |  |  | 8,860 |
Net (income) loss attributable to redeemable noncontrolling interests | 1,438 |  |  | 1,484 |  |  | 1,147 |
Net income (loss) attributable to Ashford Inc. | $ | 10,182 |  |  | $ | (18,352 | ) |  | $ | (2,396 | )
Preferred dividends | (4,466 | ) |  | — |  |  | — |
Amortization of preferred stock discount | (730 | ) |  | — |  |  | — |
Net income attributable to common stockholders | $ | 4,986 |  |  | $ | (18,352 | ) |  | $ | (2,396 | )
Our unrealized gain (loss) on investment in Ashford Inc. | $ | (8,010 | ) |  | $ | 9,717 |  |  | $ | (1,970 | )
OpenKey On March 28, 2018, the Company made a $2.0 million investment in OpenKey, which is controlled and consolidated by Ashford Inc., for an 8.2% ownership interest, which investment was approved by our Related Party Transactions Committee or 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 entity” in our 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. The following table summarizes our carrying value and ownership interest in OpenKey:
| December 31, 2018 |  | December 31, 2017
Carrying value of the investment in OpenKey (in thousands) | $ | 1,766 |  |  | $ | — |
Ownership interest in OpenKey | 8.2 | % |  | — |
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
|  | Year Ended December 31,
Line Item |  | 2018 |  | 2017 |  | 2016
Equity in earnings (loss) of unconsolidated entity |  | (234 | ) |  | — |  |  | — |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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