Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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



	December 31, 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.	$	—	$	—	$	10,114	$	10,114
Derivative assets	582		582		772		772
Financial assets not measured at fair value:
Cash and cash equivalents	$	71,995	$	71,995	$	182,578	$	182,578
Restricted cash	58,388		58,388		75,910		75,910
Accounts receivable, net	19,053		19,053		12,739		12,739
Due from related parties, net	551		551		—		—
Due from third-party hotel managers	16,638		16,638		4,927		4,927
Financial liabilities not measured at fair value:
Indebtedness	$	1,065,000	$1,003,863 to $1,109,532		$	992,586	$936,904 to $1,035,526
Accounts payable and accrued expenses	94,919		94,919		64,116		64,116
Dividends and distributions payable	9,143		9,143		8,514		8,514
Due to Ashford Inc.	4,344		4,344		4,001		4,001
Due to related parties, net	—		—		224		224
Due to third-party hotel managers	1,685		1,685		1,633		1,633