v3.26.1
Summary of Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
December 31, 2025December 31, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets measured at fair value:
Derivative assets$410 $410 $2,594 $2,594 
Financial liabilities measured at fair value:
Embedded debt derivative$— $— $29,099 $29,099 
Financial assets not measured at fair value (1):
Cash and cash equivalents
$66,816 $66,816 $112,922 $112,922 
Restricted cash
149,580 149,580 107,553 107,553 
Accounts receivable, net
32,879 32,879 36,231 36,231 
Notes receivable, net12,187 12,187 10,565 
10,565
Due from third-party hotel managers
25,667 25,667 21,604 21,604 
Financial liabilities not measured at fair value (1):
Indebtedness
$2,587,185 $2,587,088 $2,705,981 $2,695,013 
Indebtedness associated with hotels in receivership272,800 229,172 314,640 257,546 
Accounts payable and accrued expenses
125,817 125,817 138,895 138,895 
Accrued interest payable
14,347 14,347 10,576 10,576 
Accrued interest associated with hotels in receivership82,338 82,338 52,031 52,031 
Dividends and distributions payable4,247 4,247 3,952 3,952 
Due to Ashford Inc., net
40,708 40,708 25,653 25,653 
Due to related parties, net
1,958 1,958 2,850 2,850 
Due to third-party hotel managers882 882 1,145 1,145 
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(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2025 and December 31, 2024.