Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

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



	September 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.	$	4,724	$	4,724	$	10,114	$	10,114
Derivative assets	773		773		772		772
Financial assets not measured at fair value:
Cash and cash equivalents	$	82,583	$	82,583	$	182,578	$	182,578
Restricted cash	57,367		57,367		75,910		75,910
Accounts receivable, net	19,657		19,657		12,739		12,739
Due from related party, net	817		817		—		—
Due from third-party hotel managers	18,019		18,019		4,927		4,927
Financial liabilities not measured at fair value:
Indebtedness	$	1,065,000	$994,975 to $1,099,709		$	992,586	$936,904 to $1,035,526
Accounts payable and accrued expenses	97,945		97,945		64,116		64,116
Dividends and distributions payable	9,502		9,502		8,514		8,514
Due to Ashford Inc.	4,749		4,749		4,001		4,001
Due to related party, net	—		—		224		224
Due to third-party hotel managers	2,172		2,172		1,633		1,633