Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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



	September 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	$	777	$	777	$	582	$	582
Financial assets not measured at fair value:
Cash and cash equivalents	$	88,227	$	88,227	$	71,995	$	71,995
Restricted cash	34,658		34,658		58,388		58,388
Accounts receivable, net	17,335		17,335		19,053		19,053
Due from related parties, net	993		993		551		551
Due from third-party hotel managers	14,315		14,315		16,638		16,638
Financial liabilities not measured at fair value:
Indebtedness	$	1,130,513	$884,893 to $978,040		$	1,065,000	$1,003,863 to $1,109,532
Accounts payable and accrued expenses	64,931		64,931		94,919		94,919
Dividends and distributions payable	3,208		3,208		9,143		9,143
Due to Ashford Inc.	1,662		1,662		4,344		4,344
Due to third-party hotel managers	1,439		1,439		1,685		1,685