Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

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



	December 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.	$	10,114	$	10,114	$	18,124	$	18,124
Derivative assets	772		772		594		594
Financial assets not measured at fair value:
Cash and cash equivalents	$	182,578	$	182,578	$	137,522	$	137,522
Restricted cash	75,910		75,910		47,820		47,820
Accounts receivable, net	12,739		12,739		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	4,927		4,927		4,589		4,589
Financial liabilities not measured at fair value:
Indebtedness	$	992,586	$936,904 to $1,035,526		$	826,236	$780,243 to $862,372
Accounts payable and accrued expenses	64,116		64,116		56,803		56,803
Dividends and distributions payable	8,514		8,514		8,146		8,146
Due to Ashford Inc.	4,001		4,001		1,703		1,703
Due to related party, net	224		224		—		—
Due to third-party hotel managers	1,633		1,633		1,709		1,709