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v3.22.4

Related Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2022
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | The following table summarizes the advisory services fees incurred (in thousands):
|  |  | Year Ended December 31, |
|  |  |  |  | 2022 |  | 2021 |  | 2020 |
Advisory services fee |  |  |  |  |  |  |  |  |  |
Base advisory fee |  |  |  |  | $ | 12,790 |  |  | $ | 10,806 |  |  | $ | 9,981 |  |
Reimbursable expenses (1) |  |  |  |  | 4,653 |  |  | 2,297 |  |  | 1,790 |  |
Equity-based compensation (2) |  |  |  |  | 10,601 |  |  | 9,538 |  |  | 7,393 |  |
Incentive fee |  |  |  |  | 803 |  |  | — |  |  | (678) |  | (3)
Total |  |  |  |  | $ | 28,847 |  |  | $ | 22,641 |  |  | $ | 18,486 |  |
________ (1)Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (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 |  |  |  |  |  | 2022 |  | 2021 |  | 2020
Corporate, general and administrative |  |  |  |  |  | $ | 9,461 |  |  | $ | 1,983 |  |  | $ | 658 |
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, 2022
Company |  | Product or Service |  | Total |  | Investments in Hotel Properties, net (1) |  | Indebtedness, net (2) |  |  |  | Other Hotel Revenue |  | Other Hotel Expenses |  | Management fees |  | Preferred Stock (3) |  | Property Taxes, Insurance and Other |  | Advisory Services Fee |  | Corporate General and Administrative |  |
Ashford LLC |  | Insurance claims services |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  |
Ashford Securities |  | Broker/Dealer |  | 9,735 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 274 |  |  | — |  |  | — |  |  | 9,461 |  |  |
Ashford Securities |  | Dealer Manager Fees |  | 5,766 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 5,766 |  |  | — |  |  | — |  |  | — |  |  |
INSPIRE |  | Audio visual services |  | 3,800 |  |  | — |  |  | — |  |  |  |  | 3,800 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Lismore Capital |  | Debt placement and related services |  | 750 |  |  | — |  |  | 750 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Lismore Capital |  | Broker Services |  | 637 |  |  | — |  |  | 637 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
OpenKey |  | Mobile key app |  | 39 |  |  | — |  |  | — |  |  |  |  | — |  |  | 39 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Premier |  | Design and construction services |  | 9,875 |  |  | 9,262 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 613 |  |  | — |  |  |
Pure Wellness |  | Hypoallergenic premium rooms |  | 150 |  |  | — |  |  | — |  |  |  |  | — |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
RED Leisure |  | Watersports activities and travel/transportation services |  | 525 |  |  | — |  |  | — |  |  |  |  | 236 |  |  | 761 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Remington Hotels |  | Hotel management services (4) |  | 4,288 |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,416 |  |  | 2,872 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
|  |  |  | Year Ended December 31, 2021
Company |  | Product or Service |  | Total |  | Investments in Hotel Properties, net (1) |  | Indebtedness, net (2) |  | Other Assets |  | Other Hotel Revenue |  | Other Hotel Expenses |  | Preferred Stock (3) |  | 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 |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Ashford Securities |  | Broker/Dealer |  | 1,983 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,983 |  |  | — |
Ashford Securities |  | Dealer Manager Fees |  | 410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
INSPIRE |  | Audio visual services |  | 1,001 |  |  | — |  |  | — |  |  | — |  |  | 1,001 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Lismore Capital |  | Debt placement and related services |  | 491 |  |  | — |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 341 |
Lismore Capital |  | Broker services |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
OpenKey |  | Mobile key app |  | 38 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Premier |  | Design and construction services |  | 3,009 |  |  | 2,653 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 356 |  |  | — |  |  | — |
Pure Wellness |  | Hypoallergenic premium rooms |  | 141 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
RED Leisure |  | Watersports activities and travel/transportation services |  | 321 |  |  | — |  |  | — |  |  | — |  |  | 321 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Remington Hotels |  | Hotel management services (4) |  | 3,243 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 934 |  |  | — |  |  | 2,309 |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  | 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 |  |  | — |  |  |  |  | — |
INSPIRE |  | 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 |  | Design and construction 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 (4) |  | 1,446 |  |  | — |  |  |  |  | — |  |  | — |  |  | 410 |  |  | 1,036 |  |  | — |  |  | — |  |  |  |  | — |
________ (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)Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds. (4)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, 2022 |  | December 31, 2021
Ashford LLC |  | Advisory services |  | $ | 1,576 |  |  | $ | 394 |
Ashford LLC |  | FF&E purchases |  | — |  |  | — |
Ashford LLC |  | Insurance claims services |  | 2 |  |  | 1 |
INSPIRE |  | Audio visual services |  | 952 |  |  | 418 |
OpenKey |  | Mobile key app |  | — |  |  | — |
Ashford securities |  | Capital raise services |  | 6,514 |  |  | — |
Premier |  | Design and construction services |  | 829 |  |  | 470 |
RED Leisure |  | Watersports activities and travel/transportation services |  | 132 |  |  | 191 |
|  |  |  | $ | 10,005 |  |  | $ | 1,474 |

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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