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Investment in Unconsolidated Entity | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Entity | Investment in Unconsolidated Entity OpenKey is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. In 2018, the Company made an initial investment in OpenKey, which is controlled and consolidated by Ashford Inc., for an initial 8.2% ownership interest. All investments were recommended by our Related Party Transactions Committee and unanimously approved by the independent members of our board of directors. In 2022, the Company made additional investments in OpenKey of approximately $328,000. As of September 30, 2022, the Company has made investments in OpenKey totaling $2.9 million. Our investment is recorded as “investment in unconsolidated entity” in our condensed consolidated balance sheets and is accounted for under the equity method of accounting as we have significant influence over the entity under the applicable accounting guidance. We review our investment in OpenKey for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entity. No such impairment was recorded for the three and nine months ended September 30, 2022 and 2021. The following table summarizes our carrying value and ownership interest in OpenKey:
| September 30, 2022 |  | December 31, 2021
Carrying value of the investment in OpenKey (in thousands) | $ | 1,797 |  |  | $ | 1,689 |
Ownership interest in OpenKey | 7.9 | % |  | 7.8 | %
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Line Item | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Equity in earnings (loss) of unconsolidated entity | $ | (74) |  |  | $ | (68) |  |  | $ | (220) |  |  | $ | (198) |  |  |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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