Summary of Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

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



	June 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:
Derivative assets	$	756	$	756	$	582	$	582
Financial assets not measured at fair value:
Cash and cash equivalents	$	102,568	$	102,568	$	71,995	$	71,995
Restricted cash	41,464		41,464		58,388		58,388
Accounts receivable, net	7,747		7,747		19,053		19,053
Due from related parties, net	887		887		551		551
Due from third-party hotel managers	8,867		8,867		16,638		16,638
Financial liabilities not measured at fair value:
Indebtedness, net	$	1,130,000	$943,253 to $1,042,542		$	1,065,000	$1,003,863 to $1,109,532
Accounts payable and accrued expenses	69,821		69,821		94,919		94,919
Dividends and distributions payable	3,208		3,208		9,143		9,143
Due to Ashford Inc.	2,694		2,694		4,344		4,344
Due to third-party hotel managers	971		971		1,685		1,685