v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Hotel Dispositions and Assets Held for Sale The following table includes condensed financial information from the Company’s dispositions (in thousands):
Three Months Ended March 31,
20262025
Total hotel revenue
$13,217 $28,320 
Total hotel expenses
(9,337)(18,499)
Property taxes, insurance and other(888)(1,474)
Depreciation and amortization(1,311)(4,512)
Total operating expenses(11,536)(24,485)
Gain (loss) on disposition of assets and hotel properties
100,030 31,868 
Gain (loss) on derecognition of assets
7,790 10,046 
Operating income (loss)109,501 45,749 
Interest income— 24 
Interest expense and amortization of discounts and loan costs(2,765)(8,531)
Interest expense associated with hotels in receivership
(7,820)(10,046)
Write-off of premiums, loan costs and exit fees(85)(241)
Gain (loss) on extinguishment of debt(25)— 
Income (loss) before income taxes98,806 26,955 
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(1,413)(431)
Net income (loss) attributable to the Company$97,393 $26,524 
The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheets were as follows:
March 31, 2026December 31, 2025
Assets
Investments in hotel properties, gross
$87,459 $34,818 
Accumulated depreciation
(35,567)(17,391)
Investments in hotel properties, net51,892 17,427 
Cash and cash equivalents1,767 671 
Accounts receivable, net1,236 127 
Inventories240 45 
Deferred costs, net104 10 
Prepaid expenses and other assets
540 198 
Assets held for sale$55,779 $18,478 
Liabilities
Indebtedness, net$61,983 $38,820 
Accounts payable and accrued expenses3,610 2,044 
Accrued interest396 354 
Due to related parties, net 348 9 
Due to Ashford Inc., net
276 65 
Liabilities related to assets held for sale$66,613 $41,292 
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 March 31, 2026 and the related impairment charge recorded (in thousands):
Fair Value as of March 31, 2026
Three Months Ended March 31, 2026
Level 1Level 2Level 3Total
Impairment Charges (1)
Silversmith Hotel
$— $— $16,000 $16,000 $2,875 (2)
Hyatt Regency Long Island
— — 26,052 26,052 1,233 (2)
Sheraton Indianapolis City Centre— — 18,500 18,500 8,582 (2)
Hilton Garden Inn Austin— — 26,750 26,750 21,645 
(2) (4)
Hilton Minneapolis St. Paul Airport— — 17,200 17,200 22,275 (3)
Embassy Suites Portland
— — 10,900 10,900 12,738 (3)
Embassy Suites Crystal City
— — 54,500 54,500 4,936 (3)
Hilton Parsippany— — 17,300 17,300 31,014 (3)
Hampton Inn Parsippany— — 12,800 12,800 7,351 (3)
(1)    The impairment charges were based on the estimated fair value of each applicable hotel property.
(2)    Fair value was determined using the market approach methodology.
(3)    Fair value was determined using the income approach.
(4)    The impairment charge included $2.6 million related to operating lease right-of-use assets associated with the property.