v3.26.1
Summary of Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Financial assets measured at fair value:        
Derivative assets $ 1,212 $ 410    
Financial assets not measured at fair value:        
Cash and cash equivalents 78,042 66,145 $ 85,787 $ 112,907
Restricted cash 141,203 149,580 139,190 $ 99,695
Accounts receivable, net 43,426 32,752    
Notes receivable, net, Carrying value 12,486 12,187    
Financial liabilities not measured at fair value:        
Debt associated with hotels in receivership 252,000 272,800    
Accounts payable and accrued expenses 140,837 123,773    
Accrued interest payable 31,787 13,993    
Accrued interest associated with hotels in receivership 83,979 82,338    
Dividends and distributions declared but not paid 4,247 4,247 $ 4,125  
Nonrelated Party        
Financial assets not measured at fair value:        
Other receivables 24,535 25,667    
Financial liabilities not measured at fair value:        
Other accounts payable 1,306 882    
Ashford, Inc.        
Financial liabilities not measured at fair value:        
Other accounts payable 65,638 40,643    
Related Party        
Financial liabilities not measured at fair value:        
Other accounts payable 12,319 1,949    
Carrying Value        
Financial assets measured at fair value:        
Derivative assets 1,212 410    
Financial assets not measured at fair value:        
Cash and cash equivalents 79,809 66,816    
Restricted cash 141,203 149,580    
Accounts receivable, net 44,662 32,879    
Notes receivable, net, Carrying value 12,486 12,187    
Financial liabilities not measured at fair value:        
Indebtedness, Carrying value 2,369,044 2,587,185    
Debt associated with hotels in receivership 252,000 272,800    
Accounts payable and accrued expenses 144,447 125,817    
Accrued interest payable 32,183 14,347    
Accrued interest associated with hotels in receivership 83,979 82,338    
Dividends and distributions declared but not paid 4,247 4,247    
Carrying Value | Nonrelated Party        
Financial assets not measured at fair value:        
Other receivables 24,535 25,667    
Financial liabilities not measured at fair value:        
Other accounts payable 1,306 882    
Carrying Value | Ashford, Inc.        
Financial liabilities not measured at fair value:        
Other accounts payable 65,914 40,708    
Carrying Value | Related Party        
Financial liabilities not measured at fair value:        
Other accounts payable 12,667 1,958    
Estimated Fair Value        
Financial assets measured at fair value:        
Derivative assets, Estimated fair value 1,212 410    
Financial assets not measured at fair value:        
Cash and cash equivalents, Estimated fair value 79,809 66,816    
Restricted cash, Estimated fair value 141,203 149,580    
Accounts receivable, Estimated fair value 44,662 32,879    
Notes receivable, net, Estimated fair value 12,486 12,187    
Financial liabilities not measured at fair value:        
Indebtedness, Estimated fair value 2,369,377 2,587,088    
Debt associated with hotels in receivership, Estimated fair value 209,538 229,172    
Accounts payable and accrued expenses, Estimated fair value 144,447 125,817    
Accrued interest payable, Estimated fair value 32,183 14,347    
Accrued interest associated with hotels in receivership, Estimated fair value 83,979 82,338    
Dividends payable, Estimated fair value 4,247 4,247    
Estimated Fair Value | Nonrelated Party        
Financial assets not measured at fair value:        
Other receivables, Estimated fair value 24,535 25,667    
Financial liabilities not measured at fair value:        
Other accounts payable, Estimated fair value 1,306 882    
Estimated Fair Value | Ashford, Inc.        
Financial liabilities not measured at fair value:        
Other accounts payable, Estimated fair value 65,914 40,708    
Estimated Fair Value | Related Party        
Financial liabilities not measured at fair value:        
Other accounts payable, Estimated fair value $ 12,667 $ 1,958