v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Hotel Dispositions and Assets Held for Sale The following table includes condensed financial information from disposed or derecognized hotel properties for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Total hotel revenue
$27,112 $102,694 $314,938 
Total hotel operating expenses(21,205)(72,758)(215,729)
Property taxes, insurance and other(1,993)(7,691)(19,045)
Depreciation and amortization(6,801)(14,363)(45,103)
Impairment charges(19,821)— — 
Total operating expenses(49,820)(94,812)(279,877)
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties73,100 94,406 10,279 
Gain (loss) on derecognition of assets
39,054 167,177 — 
Operating income (loss)89,446 269,465 45,340 
Interest income86 419 435 
Interest expense and amortization of discounts and loan costs(7,227)(23,129)(52,971)
Interest expense associated with hotels in receivership
(39,038)(45,592)(39,178)
Write-off of premiums, loan costs and exit fees(336)(959)(592)
Gain (loss) on extinguishment of debt77 2,774 53,386 
Income (loss) before income taxes43,008 202,978 6,420 
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(654)(2,385)(73)
Net income (loss) attributable to the Company$42,354 $200,593 $6,347 
The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheets were as follows:
December 31, 2025December 31, 2024
Assets
Investments in hotel properties, gross
$34,818 $110,295 
Accumulated depreciation
(17,391)(23,173)
Investments in hotel properties, net17,427 87,122 
Cash and cash equivalents671 15 
Restricted cash— 7,858 
Accounts receivable, net127 652 
Inventories45 — 
Deferred costs, net10 — 
Prepaid expenses and other assets
198 583 
Due from third-party hotel managers— 398 
Assets held for sale$18,478 $96,628 
Liabilities
Indebtedness, net$38,820 $97,368 
Accounts payable and accrued expenses2,044 1,389 
Accrued interest354 364 
Due to related parties, net 9 — 
Due from Ashford Inc.
65 18 
Liabilities related to assets held for sale$41,292 $99,139 
Schedule of Hotel Fair Value as a Result of Impairment Charges
The following table presents the fair value of our hotel properties measured at fair value after the aforementioned non-recurring impairment charges as of December 31, 2025, and the related impairment charge recorded (in thousands):
Fair Value as of December 31, 2025
Year Ended December 31, 2025
Level 1Level 2Level 3TotalImpairment Charges
Hilton Alexandria Old Town$— $— $60,250 $60,250 $31,484 (1)
Hilton Santa Cruz Scotts Valley
$— $— $22,100 $22,100 $16,344 (1)
(1)    The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the year ended December 31, 2025.