Summary of Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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


	December 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:


Derivative assets	$	—	$	—	$	582	$	582

Financial assets not measured at fair value:
Cash and cash equivalents	$	78,606	$	78,606	$	71,995	$	71,995
Restricted cash	34,544		34,544		58,388		58,388
Accounts receivable, net	13,557		13,557		19,053		19,053




Due from related parties, net	991		991		551		551
Due from third-party hotel managers	12,271		12,271		16,638		16,638
Financial liabilities not measured at fair value:
Indebtedness	$	1,128,724	$884,325 to $977,411		$	1,065,000	$1,003,863 to $1,109,532
Accounts payable and accrued expenses	61,758		61,758		94,919		94,919
Dividends and distributions payable	2,736		2,736		9,143		9,143

Due to Ashford Inc.	2,772		2,772		4,344		4,344

Due to third-party hotel managers	1,393		1,393		1,685		1,685