Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

The following table summarizes the advisory services fees incurred (in thousands):



	Year Ended December 31,
	2018		2017			2016
Advisory services fee
Base advisory fee	$	9,424	$	8,800		$	8,343
Reimbursable expenses ⁽¹⁾	2,072		2,017			2,798
Equity-based compensation ⁽²⁾	6,481		(1,683		)	3,814
Incentive fee	2,035		—			—
Total	$	20,012	$	9,134		$	14,955

________


⁽¹⁾	Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.


⁽²⁾	Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

At December 31, 2018, Remington Lodging managed three of our twelve hotel properties and we incurred the following fees related to the management agreements with the related party (in thousands):



	Year Ended December 31,
	2018		2017		2016
Property management fees, including incentive property management fees	$	1,762	$	1,748	$	1,503
Market service and project management fees	3,328		3,972		2,453
Corporate general and administrative expenses	333		286		136
Total	$	5,423	$	6,006	$	4,092

The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our financial statements (in thousands):



		Year Ended December 31, 2018
Company	Product or Service	Total		Investments in Hotel Properties, net ⁽¹⁾		Indebtedness, net⁽²⁾			Other Hotel Expenses		Corporate General and Administrative
Ashford LLC	Insurance claims services	$	137	$	—	$	—		$	—	$	137
Lismore Capital	Mortgage placement services	999		—		(999		)	—		—
OpenKey	Mobile key app	33		12		—			21		—
Pure Wellness	Hypoallergenic premium rooms	265		228		—			37		—
Premier	Project management services	3,958		3,958		—			—		—
RED Leisure	Watersports activities and travel/transportation services	720		—		—			720		—

________


⁽¹⁾	Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life.


⁽²⁾	Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.



		Year Ended December 31, 2017
Company	Product or Service	Total		Investments in Hotel Properties, net ⁽¹⁾		Indebtedness, net ⁽²⁾			Other Hotel Expenses		Corporate General and Administrative
Lismore Capital	Mortgage placement services	$	224	$	—	$	(224	)	$	—	$	—
OpenKey	Mobile key app	10		—		—			10		—
Pure Wellness	Hypoallergenic premium rooms	45		45		—			—		—

________


⁽¹⁾	Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life.


⁽²⁾	Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.

The following table summarizes the components of due to Ashford Inc. (in thousands):



		Due to Ashford Inc.
Company	Product or Service	December 31, 2018		December 31, 2017
Ashford LLC	Advisory services	$	2,264	$	1,654
Ashford LLC	Insurance claims services	37		—
OpenKey	Mobile key app	13		4
Pure Wellness	Hypoallergenic premium rooms	30		45
Premier	Project management services	1,657		—
		$	4,001	$	1,703