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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

The following table summarizes the advisory services fees incurred (in thousands):


	Year Ended December 31,
		2020		2019		2018
Advisory services fee
Base advisory fee		$	9,981	$	10,834	$	9,424
Reimbursable expenses (1)		1,790		2,289		2,072
Equity-based compensation (2)		7,393		7,404		6,481
Incentive fee (3)		(678)		—		2,035
Total		$	18,486	$	20,527	$	20,012

________

(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.

(2) Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

(3) The $(678,000) incentive fee in 2020 is a result of not meeting the FCCR threshold required for paying the final installment of the incentive fee incurred in 2018.

The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):


	Year Ended December 31,
Line Item		2020		2019
Corporate, general and administrative		$	658	$	314

The following table presents the fees related to our hotel and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands):


	Year Ended December 31,
	2019		2018
Hotel management fees, including incentive hotel management fees	$	1,738	$	1,762
Market service and project management fees	—		3,328
Corporate general and administrative	297		333
Total	$	2,035	$	5,423

The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):


		Year Ended December 31, 2020
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Other Assets	Other Hotel Revenue		Other Hotel Expenses		Management fees		Property Taxes, Insurance and Other		Advisory Services Fee		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	FF&E purchases	$	1,816	$	1,816		$	—	$	—	$	—	$	—	$	—	$	—
Ashford LLC	Insurance claims services	108		—		—	—		—		—		108		—		—

J&S Audio Visual	Audio visual services	592		—		—	592		—		—		—		—		—
Lismore Capital	Debt placement and related services	4,093		—		1,022	—		—		—		—		—		3,071
OpenKey	Mobile key app	38		—		—	—		38		—		—		—		—
Premier	Project management services	2,849		2,505		—	—		—		—		—		344		—
Pure Wellness	Hypoallergenic premium rooms	52		—		—	—		52		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	139		—		—	139		—		—		—		—		—
Remington Hotels	Hotel management services (3)	1,446		—		—	—		410		1,036		—		—		—


		Year Ended December 31, 2019
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Hotel Revenue		Other Hotel Expenses		Management fees		Property Taxes, Insurance and Other		Advisory Services Fee		Corporate General and Administrative		Write-off of Premiums, Loan Costs and Exit Fees
Ashford LLC	Insurance claims services	$	135	$	—	$	—	$	—	$	—	$	—	$	135	$	—	$	—	$	—

J&S Audio Visual	Audio visual services	560		—		—		560		—		—		—		—		—		—
Lismore Capital	Debt placement and related services	1,208		—		(995)		—		—		—		—		—		—		213
OpenKey	Mobile key app	34		—		—		—		34		—		—		—		—		—
Premier	Project management services	10,123		9,584		—		—		—		—		—		539		—		—
Pure Wellness	Hypoallergenic premium rooms	194		148		—		—		46		—		—		—		—		—
RED Leisure	Watersports activities and travel/transportation services	946		—		—		—		946		—		—		—		—		—
Remington Hotels	Hotel management services (3)	572		—		—		—		323		249		—		—		—		—


		Year Ended December 31, 2018
Company	Product or Service	Total		Investments in Hotel Properties, net (1)		Indebtedness, net (2)		Other Hotel Expenses		Corporate General and Administrative
Ashford LLC	Insurance claims services	$	137	$	—	$	—	$	—	$	137
Lismore Capital	Debt placement and related services	999		—		(999)		—		—
OpenKey	Mobile key app	33		12		—		21		—
Pure Wellness	Hypoallergenic premium rooms	265		228		—		37		—

Premier	Project management services	3,958		3,958		—		—		—
RED Leisure	Watersports activities and travel/transportation services	720		—		—		720		—

________

(1)Recorded in FF&E and depreciated over the estimated useful life.

(2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.

(3)Other hotel expenses include incentive hotel management fees and other hotel management costs.

The following table summarizes the components of due to Ashford Inc. (in thousands):


		Due to Ashford Inc.
Company	Product or Service	December 31, 2020		December 31, 2019
Ashford LLC	Advisory services	$	165	$	1,606
Ashford LLC	FF&E purchases	1,816		—
Ashford LLC	Insurance claims services	12		44
J&S Audio Visual	Audio visual services	1		173
OpenKey	Mobile key app	3		—
Pure Wellness	Hypoallergenic premium rooms	—		3


Premier	Project management services	631		2,433
RED Leisure	Watersports activities and travel/transportation services	144		85
		$	2,772	$	4,344