Summary of Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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


	September 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets and liabilities measured at fair value:


Derivative assets	$	74	$	74	$	—	$	—
Derivative liabilities	1,338		1,338		—		—
Financial assets not measured at fair value:
Cash and cash equivalents	$	195,517	$	195,517	$	78,606	$	78,606
Restricted cash	44,753		44,753		34,544		34,544
Accounts receivable, net	17,317		17,317		13,557		13,557




Due from related parties, net	1,910		1,910		991		991
Due from third-party hotel managers	20,390		20,390		12,271		12,271
Financial liabilities not measured at fair value:
Indebtedness	$	1,172,359	$968,075 to $1,069,978		$	1,128,724	$884,325 to $977,411
Accounts payable and accrued expenses	89,265		89,265		61,758		61,758
Dividends and distributions payable	2,112		2,112		2,736		2,736

Due to Ashford Inc.	820		820		2,772		2,772

Due to third-party hotel managers	1,665		1,665		1,393		1,393