XML 53 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in Unconsolidated Entity (Tables)
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Summarized financial information
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
)
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
)
 
—

 
—

The following table summarizes the (income) loss allocated to noncontrolling interests in consolidated entities (in thousands):
 
Year Ended December 31,
 
2018
 
2017
 
2016
(Income) loss from consolidated entities attributable to noncontrolling interests
$
(2,016
)
 
$
(3,264
)
 
$
(3,105
)