Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

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



	June 30, 2019				December 31, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc.	$	6,195	$	6,195	$	10,114	$	10,114
Derivative assets	911		911		772		772
Financial assets not measured at fair value:
Cash and cash equivalents	$	80,360	$	80,360	$	182,578	$	182,578
Restricted cash	70,064		70,064		75,910		75,910
Accounts receivable, net	19,266		19,266		12,739		12,739
Due from related party, net	875		875		—		—
Due from third-party hotel managers	11,557		11,557		4,927		4,927
Financial liabilities not measured at fair value:
Indebtedness	$	1,054,500	$988,337 to $1,092,374		$	992,586	$936,904 to $1,035,526
Accounts payable and accrued expenses	85,542		85,542		64,116		64,116
Dividends and distributions payable	9,334		9,334		8,514		8,514
Due to Ashford Inc.	4,030		4,030		4,001		4,001
Due to related party, net	—		—		224		224
Due to third-party hotel managers	3,154		3,154		1,633		1,633