ASHFORD HOSPITALITY TRUST INC, 10-K filed on 3/23/2026
Annual Report
v3.26.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Mar. 18, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-31775    
Entity Registrant Name ASHFORD HOSPITALITY TRUST, INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 86-1062192    
Entity Address, Address Line One 14185 Dallas Parkway    
Entity Address, Address Line Two Suite 1200    
Entity Address, City or Town Dallas    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75254    
City Area Code 972    
Local Phone Number 490-9600    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 35,178,000
Entity Common Stock, Shares Outstanding   6,476,491  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement pertaining to the 2026 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0001232582    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock    
Trading Symbol AHT    
Security Exchange Name NYSE    
Preferred Stock, Series D      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series D    
Trading Symbol AHT-PD    
Security Exchange Name NYSE    
Preferred Stock, Series F      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series F    
Trading Symbol AHT-PF    
Security Exchange Name NYSE    
Preferred Stock, Series G      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series G    
Trading Symbol AHT-PG    
Security Exchange Name NYSE    
Preferred Stock, Series H      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series H    
Trading Symbol AHT-PH    
Security Exchange Name NYSE    
Preferred Stock, Series I      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock, Series I    
Trading Symbol AHT-PI    
Security Exchange Name NYSE    
Preferred Stock Repurchase Rights      
Document Information [Line Items]      
Title of 12(b) Security Preferred Stock Repurchase Rights    
No Trading Symbol Flag true    
Security Exchange Name NYSE    
v3.26.1
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name BDO USA, P.C.
Auditor Location Dallas, Texas
Auditor Firm ID 243
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) $ 3,069,016 $ 3,350,086
Accumulated depreciation ($(5,558) and $(30,365) attributable to VIEs) (983,772) (1,030,879)
Investments in hotel properties, net ($77,229 and $129,012 attributable to VIEs) 2,085,244 2,319,207
Contract asset 355,138 366,671
Cash and cash equivalents ($468 and $7,286 attributable to VIEs) 66,145 112,907
Restricted cash ($4,731 and $3,430 attributable to VIEs) 149,580 99,695
Accounts receivable ($143 and $614 attributable to VIEs), net of allowance of $424 and $435, respectively 32,752 35,579
Inventories ($44 and $57 attributable to VIEs) 3,598 3,631
Notes receivable, net 12,187 10,565
Investments in unconsolidated entities 7,265 7,590
Deferred costs, net ($80 and $181 attributable to VIEs) 1,529 1,788
Derivative assets 410 2,594
Operating lease right-of-use assets 43,582 43,780
Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs) 32,057 39,144
Assets held for sale 18,478 96,628
Total assets 2,833,632 3,160,985
Liabilities:    
Indebtedness, net ($15,961 and $65,548 attributable to VIEs) 2,526,608 2,629,289
Debt associated with hotels in receivership 272,800 314,640
Finance lease liability 17,536 17,992
Accounts payable and accrued expenses ($15,534 and $19,963 attributable to VIEs) 123,773 137,506
Accrued interest payable ($152 and $230 attributable to VIEs) 13,993 10,212
Accrued interest associated with hotels in receivership 82,338 52,031
Dividends and distributions payable ($0 and $1 attributable to VIEs) 4,247 3,952
Operating lease liabilities 44,045 44,369
Other liabilities ($28,897 and $28,784 attributable to VIEs) 36,768 34,011
Liabilities related to assets held for sale 41,292 99,139
Total liabilities 3,206,874 3,372,771
Commitments and contingencies (note $18)
Redeemable noncontrolling interests in operating partnership 20,516 22,509
Equity (deficit):    
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 65 56
Additional paid-in capital 2,402,015 2,392,518
Accumulated deficit (3,028,489) (2,811,868)
Total stockholders’ equity (deficit) of the Company (626,352) (419,237)
Noncontrolling interest in consolidated entities 15,511 13,402
Total equity (deficit) (610,841) (405,835)
Total liabilities and equity/deficit 2,833,632 3,160,985
Ashford, Inc.    
Liabilities:    
Other accounts payable 40,643 25,635
Related Party    
Liabilities:    
Other accounts payable 1,949 2,850
Nonrelated Party    
ASSETS    
Due from third-party hotel managers 25,667 21,206
Liabilities:    
Other accounts payable 882 1,145
Preferred Stock, Series J    
Liabilities:    
Redeemable preferred stock 179,818 156,671
Preferred Stock, Series K    
Liabilities:    
Redeemable preferred stock 18,215 14,869
Preferred Stock, Series L    
Liabilities:    
Redeemable preferred stock 5,484 0
Preferred Stock, Series M    
Liabilities:    
Redeemable preferred stock 13,566 0
Preferred Stock, Series D    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 11 11
Preferred Stock, Series F    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 10 10
Preferred Stock, Series G    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 15 15
Preferred Stock, Series H    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: 10 10
Preferred Stock, Series I    
Equity (deficit):    
Preferred stock, $0.01 par value, 55,000,000 shares authorized: $ 11 $ 11
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investment in hotel properties, gross $ 3,069,016 $ 3,350,086
Accumulated depreciation (983,772) (1,030,879)
Investment in hotel properties, net 2,085,244 2,319,207
Cash and cash equivalents 66,145 112,907
Restricted cash 149,580 99,695
Accounts receivable, net 32,752 35,579
Allowance for doubtful accounts receivable 424 435
Inventories 3,598 3,631
Deferred costs 1,529 1,788
Other assets 32,057 39,144
Indebtedness, net 2,526,608 2,629,289
Accounts payable and accrued expenses 123,773 137,506
Accrued interest payable 13,993 10,212
Dividends and distributions declared but not paid 4,247 3,952
Other liabilities $ 36,768 $ 34,011
Preferred stock, par value (in dollars per shares) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 55,000,000 55,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 395,000,000 395,000,000
Common stock, shares issued (in shares) 6,476,157 5,636,595
Common stock, shares outstanding (in shares) 6,476,157 5,636,595
Ashford, Inc.    
Other accounts payable $ 40,643 $ 25,635
Related Party    
Other accounts payable 1,949 2,850
Nonrelated Party    
Other accounts payable $ 882 $ 1,145
Preferred Stock, Series J    
Redeemable Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Redeemable Preferred Stock, shares issued (in shares) 7,684,201 6,799,638
Redeemable Preferred Stock, shares outstanding (in shares) 7,684,201 6,799,638
Preferred Stock, Series K    
Redeemable Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Redeemable Preferred Stock, shares issued (in shares) 731,102 601,175
Redeemable Preferred Stock, shares outstanding (in shares) 731,102 601,175
Preferred Stock, Series L    
Redeemable Preferred Stock, par value (in dollars per share) $ 0.01  
Redeemable Preferred Stock, shares issued (in shares) 238,191  
Redeemable Preferred Stock, shares outstanding (in shares) 238,191  
Preferred Stock, Series M    
Redeemable Preferred Stock, par value (in dollars per share) $ 0.01  
Redeemable Preferred Stock, shares issued (in shares) 550,888  
Redeemable Preferred Stock, shares outstanding (in shares) 550,888  
Preferred Stock, Series D    
Preferred stock, shares issued (in shares) 1,111,127 1,111,127
Preferred stock, shares outstanding (in shares) 1,111,127 1,111,127
Preferred Stock, Series F    
Preferred stock, shares issued (in shares) 1,037,044 1,037,044
Preferred stock, shares outstanding (in shares) 1,037,044 1,037,044
Preferred Stock, Series G    
Preferred stock, shares issued (in shares) 1,470,948 1,470,948
Preferred stock, shares outstanding (in shares) 1,470,948 1,470,948
Preferred Stock, Series H    
Preferred stock, shares issued (in shares) 1,037,956 1,037,956
Preferred stock, shares outstanding (in shares) 1,037,956 1,037,956
Preferred Stock, Series I    
Preferred stock, shares issued (in shares) 1,034,303 1,034,303
Preferred stock, shares outstanding (in shares) 1,034,303 1,034,303
Variable Interest Entity, Primary Beneficiary    
Investment in hotel properties, gross $ 82,787 $ 159,378
Accumulated depreciation (5,558) (30,365)
Investment in hotel properties, net 77,229 129,012
Cash and cash equivalents 468 7,286
Restricted cash 4,731 3,430
Accounts receivable, net 143 614
Inventories 44 57
Deferred costs 80 181
Other assets 40 3,090
Indebtedness, net 15,961 65,548
Accounts payable and accrued expenses 15,534 19,963
Accrued interest payable 152 230
Dividends and distributions declared but not paid 0 1
Other liabilities 28,897 28,784
Variable Interest Entity, Primary Beneficiary | Ashford, Inc.    
Other accounts payable 0 5,997
Variable Interest Entity, Primary Beneficiary | Related Party    
Other accounts payable 3,438 113
Variable Interest Entity, Primary Beneficiary | Nonrelated Party    
Other accounts payable $ 0 $ 22
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUE      
Total revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
Hotel operating expenses:      
Total hotel expenses 768,268 815,356 925,437
Property taxes, insurance and other 59,793 64,103 70,226
Depreciation and amortization 141,295 152,776 187,807
Impairment charges 67,648 59,331 0
Advisory services fee 49,039 58,606 48,927
Corporate, general and administrative 20,783 24,662 16,181
Total operating expenses 1,106,826 1,174,834 1,248,578
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 79,799 94,406 11,488
Gain (loss) on derecognition of assets 39,054 167,177 0
OPERATING INCOME (LOSS) 116,415 259,208 130,443
Equity in earnings (loss) of unconsolidated entities (325) (2,370) (1,134)
Interest income 4,739 6,942 8,978
Other income (expense) 0 108 310
Interest expense and amortization of discounts and loan costs (256,229) (273,359) (326,970)
Interest expense associated with hotels in receivership (39,038) (45,592) (39,178)
Write-off of premiums, loan costs and exit fees (8,853) (5,245) (3,469)
Gain (loss) on extinguishment of debt 335 2,774 53,386
Realized and unrealized gain (loss) on derivatives (5,346) (6,480) (2,200)
INCOME (LOSS) BEFORE INCOME TAXES (188,302) (64,014) (179,834)
Income tax (expense) benefit 143 (997) (900)
NET INCOME (LOSS) (188,159) (65,011) (180,734)
(Income) loss allocated to noncontrolling interests in consolidated entities 5,058 4,028 6
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 3,262 683 2,239
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (179,839) (60,300) (178,489)
Preferred dividends (28,216) (22,686) (15,921)
Deemed dividends on redeemable preferred stock (6,949) (2,906) (2,673)
Gain (loss) on extinguishment of preferred stock 0 3,370 3,390
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (215,004) $ (82,522) $ (193,693)
Basic:      
Net income (loss) attributable to common stockholders (in dollars per share) $ (35.99) $ (17.54) $ (56.11)
Weighted average common shares outstanding (in shares) 5,974 4,706 3,452
Diluted:      
Net income (loss) attributable to common stockholders (in dollars per share) $ (35.99) $ (17.54) $ (56.11)
Weighted average common shares outstanding (in shares) 5,974 4,706 3,452
Total Hotel      
REVENUE      
Total revenue $ 1,102,854 $ 1,170,134 $ 1,364,732
Rooms      
REVENUE      
Total revenue 825,623 889,753 1,059,155
Hotel operating expenses:      
Total hotel expenses 198,106 209,569 249,434
Food and beverage      
REVENUE      
Total revenue 207,588 212,581 232,829
Hotel operating expenses:      
Total hotel expenses 139,828 145,304 161,300
Other hotel      
REVENUE      
Total revenue 69,643 67,800 72,748
Hotel operating expenses:      
Total hotel expenses 392,070 418,077 464,058
Management Fees      
Hotel operating expenses:      
Total hotel expenses 38,264 42,406 50,645
Other      
REVENUE      
Total revenue $ 1,534 $ 2,325 $ 2,801
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (188,159) $ (65,011) $ (180,734)
Other comprehensive income (loss), net of tax:      
Total other comprehensive income (loss) 0 0 0
Comprehensive income (loss) (188,159) (65,011) (180,734)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities 5,058 4,028 6
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership 3,262 683 2,239
Comprehensive income (loss) attributable to the Company $ (179,839) $ (60,300) $ (178,489)
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Preferred Stock, Series D
Preferred Stock, Series F
Preferred Stock, Series G
Preferred Stock, Series H
Preferred Stock, Series I
Preferred Stock, Series J
Preferred Stock, Series K
Preferred Stock, Series L
Preferred Stock, Series M
Common Units
Preferred Stock
Preferred Stock, Series D
Preferred Stock
Preferred Stock, Series F
Preferred Stock
Preferred Stock, Series G
Preferred Stock
Preferred Stock, Series H
Preferred Stock
Preferred Stock, Series I
Preferred Stock
Preferred Stock, Series J
Preferred Stock
Preferred Stock, Series K
Preferred Stock
Preferred Stock, Series L
Preferred Stock
Preferred Stock, Series M
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Common Units
Accumulated Deficit
Accumulated Deficit
Preferred Stock, Series D
Accumulated Deficit
Preferred Stock, Series F
Accumulated Deficit
Preferred Stock, Series G
Accumulated Deficit
Preferred Stock, Series H
Accumulated Deficit
Preferred Stock, Series I
Accumulated Deficit
Preferred Stock, Series J
Accumulated Deficit
Preferred Stock, Series K
Accumulated Deficit
Preferred Stock, Series L
Accumulated Deficit
Preferred Stock, Series M
Noncontrolling Interests In Consolidated Entities
Noncontrolling Interests In Consolidated Entities
Common Units
Redeemable Noncontrolling Interest in Operating Partnership
Preferred stock, beginning balance (in shares) at Dec. 31, 2022                       1,174,000 1,251,000 1,532,000 1,308,000 1,253,000                                        
Beginning balance, value at Dec. 31, 2022 $ (150,389)                     $ 12 $ 12 $ 15 $ 13 $ 13         $ 34 $ 2,383,555   $ (2,534,043)                   $ 0    
Common stock, beginning balance (in shares) at Dec. 31, 2022                                         3,450,000                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                        
Purchases of common stock (in shares) 0                                       (3,000)                              
Purchases of common stock $ (83)                                         (83)                            
Equity-based compensation 2,319                                         2,319                            
Issuance of restricted shares/units (in shares)                                         12,000                              
Issuance of restricted shares/units 0                                       $ 1 (1)                            
Issuance of common stock (in shares)                                         72,000                              
Issuance of common stock 911                                         911                            
Dividends declared - preferred shares   $ (2,472) $ (2,272) $ (2,824) $ (2,389) $ (2,306) $ (3,467) $ (191)                                 $ (2,472) $ (2,272) $ (2,824) $ (2,389) $ (2,306) $ (3,467) $ (191)          
Redemption of Stirling OP common units               $ 0                                                        
Redemption value adjustment (1,576)                                             (1,576)                        
Redemption value adjustment – preferred stock (2,673)                                             (2,673)                        
Contributions from noncontrolling interests in consolidated entities 6,905                                                                 6,905    
Extinguishment of preferred stock (in shares)                       (14,000) (76,000)   (138,000) (92,000)         (211,000)                              
Extinguishment of preferred stock                       $ (1)   $ (1) $ (1)         $ 2 (3,389)   3,390                        
Noncontrolling interest in consolidated entities recognized upon consolidation of VIE 7,961                                                                 7,961    
Distributions to noncontrolling interests (1)                                                                 (1)   $ (588)
Net income (loss) (178,495)                                             (178,489)                   (6)    
Preferred stock, ending balance (in shares) at Dec. 31, 2023                       1,160,000 1,175,000 1,532,000 1,170,000 1,161,000                                        
Ending balance, value at Dec. 31, 2023 (331,042)                     $ 12 $ 11 $ 15 $ 12 $ 12         $ 37 2,383,312   (2,729,312)                   14,859    
Common stock, ending balance (in shares) at Dec. 31, 2023                                         3,742,000                              
Outstanding at beginning of year, temporary equity (in shares) at Dec. 31, 2022                                 87,000 2,000 0 0                                
Outstanding at beginning of year, temporary equity at Dec. 31, 2022                                 $ 2,004 $ 44 $ 0 $ 0                                
Beginning balance, value at Dec. 31, 2022                                                                       21,550
Increase (Decrease) in Temporary Equity [Roll Forward]                                                                        
Equity-based compensation                                                                       1,708
Issuance of preferred shares (in shares)             3,371,000 192,000                 3,391,000 192,000                                    
Issuances of preferred shares                                 $ 75,502 $ 4,613                                    
Redemption value adjustment                                                                       1,576
Redemption value adjustment - preferred stock                                 $ 2,547 $ 126                                    
Redemption of preferred stock (in shares)                                 (3,000)                                      
Redemption of preferred stock                                 $ (78)                                      
Distributions to noncontrolling interests $ (1)                                                                 (1)   (588)
Net income (loss)                                                                       (2,239)
Outstanding at end of year, temporary equity (in shares) at Dec. 31, 2023                                 3,475,000 194,000 0 0                                
Outstanding at end of year, temporary equity at Dec. 31, 2023                                 $ 79,975 $ 4,783 $ 0 $ 0                                
Ending balance, value at Dec. 31, 2023                                                                       22,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                        
Purchases of common stock (in shares) 0                                       (3,000)                              
Purchases of common stock $ (49)                                         (49)                            
Equity-based compensation 946                                         854                       92    
Issuance of restricted shares/units (in shares)                                         56,000                              
Issuance of restricted shares/units 0                                       $ 1 (1)                            
Issuance of common stock (in shares)                                         741,000                              
Issuance of common stock 8,891                   $ 140                   $ 7 8,884                         $ 140  
Dividends declared - preferred shares   $ (2,397) $ (1,970) $ (2,756) $ (2,001) $ (2,023) $ (10,711) $ (828)                                 (2,397) (1,970) (2,756) (2,001) (2,023) (10,711) (828)          
Dividends declared - Stirling OP (15)                                                                 (15)    
Redemption of Stirling OP common units               $ (796)                                                        
Redemption value adjustment (34)                                             (34)                        
Redemption value adjustment – preferred stock (2,906)                                             (2,906)                        
Redemption of preferred stock (in shares)                                         326,000                              
Redemption of preferred stock 2,894                                       $ 3 2,891                            
Contributions from noncontrolling interests in consolidated entities 4,866                                                                 4,866    
Extinguishment of preferred stock (in shares)                       (49,000) (138,000) (61,000) (132,000) (127,000)         (775,000)                              
Extinguishment of preferred stock 0                     $ (1) $ (1)   $ (2) $ (1)         $ 8 (3,373)   3,370                        
Distributions to noncontrolling interests (2,512)                                                                 (2,512)    
Net income (loss) (64,328)                                             (60,300)                   (4,028)    
Preferred stock, ending balance (in shares) at Dec. 31, 2024   1,111,127 1,037,044 1,470,948 1,037,956 1,034,303           1,111,000 1,037,000 1,471,000 1,038,000 1,034,000                                        
Ending balance, value at Dec. 31, 2024 $ (405,835)                     $ 11 $ 10 $ 15 $ 10 $ 11         $ 56 2,392,518   (2,811,868)                   13,402    
Common stock, ending balance (in shares) at Dec. 31, 2024 5,636,595                                       5,637,000                              
Increase (Decrease) in Temporary Equity [Roll Forward]                                                                        
Equity-based compensation                                                                       1,151
Issuance of preferred shares (in shares)             3,329,000 438,000                 3,415,000 439,000                                    
Issuances of preferred shares                                 $ 76,229 $ 10,541                                    
Redemption value adjustment                                                                       34
Redemption value adjustment - preferred stock                                 $ 2,565 $ 341                                    
Redemption of preferred stock (in shares)                                 (90,000) (32,000)                                    
Redemption of preferred stock                                 $ (2,098) $ (796)                                    
Distributions to noncontrolling interests $ (2,512)                                                                 (2,512)    
Net income (loss)                                                                       (683)
Outstanding at end of year, temporary equity (in shares) at Dec. 31, 2024             6,799,638 601,175                 6,800,000 601,000 0 0                                
Outstanding at end of year, temporary equity at Dec. 31, 2024             $ 156,671 $ 14,869 $ 0 $ 0             $ 156,671 $ 14,869 $ 0 $ 0                                
Ending balance, value at Dec. 31, 2024 $ 22,509                                                                     22,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                        
Purchases of common stock (in shares) 0                                       (8,000)                              
Purchases of common stock $ (44)                                         (44)                            
Equity-based compensation (413)                                         (426)                       13    
Issuance of common stock (in shares)                                         3,000                              
Issuance of common stock                     56                                               56  
Costs for issuances of common shares (131)                                         (131)                            
Dividends declared - preferred shares   $ (2,347) $ (1,912) $ (2,712) $ (1,946) $ (1,939) $ (15,178) (1,503) $ (216) (463)                             $ (2,347) $ (1,912) $ (2,712) $ (1,946) $ (1,939) $ (15,178) $ (1,503) $ (216) $ (463)      
Dividends declared - Stirling OP (12)                                                                 (12)    
Redemption of Stirling OP common units               $ (959)   $ (347) $ (685)                       $ (281)                       $ (404)  
Redemption value adjustment (1,617)                                             (1,617)                        
Redemption value adjustment – preferred stock (6,949)                                             (6,949)                        
Redemption of preferred stock (in shares)                                         844,000                              
Redemption of preferred stock 5,085                                       $ 9 5,076                            
Contributions from noncontrolling interests in consolidated entities 7,514                                                                 7,514    
Contribution from Stirling Advisor 5,303                                         5,303                            
Net income (loss) (184,897)                                             (179,839)                   (5,058)    
Preferred stock, ending balance (in shares) at Dec. 31, 2025   1,111,127 1,037,044 1,470,948 1,037,956 1,034,303           1,111,000 1,037,000 1,471,000 1,038,000 1,034,000                                        
Ending balance, value at Dec. 31, 2025 $ (610,841)                     $ 11 $ 10 $ 15 $ 10 $ 11         $ 65 $ 2,402,015   $ (3,028,489)                   $ 15,511    
Common stock, ending balance (in shares) at Dec. 31, 2025 6,476,157                                       6,476,000                              
Increase (Decrease) in Temporary Equity [Roll Forward]                                                                        
Equity-based compensation                                                                       (348)
Issuance of preferred shares (in shares)             883,000 166,000 243,000 565,000             1,039,000 168,000 243,000 565,000                                
Issuances of preferred shares                                 $ 23,369 $ 4,051 $ 4,546 $ 11,713                                
Redemption value adjustment                                                                       1,617
Redemption value adjustment - preferred stock                                 $ 3,431 $ 254 $ 1,064 $ 2,200                                
Redemption of preferred stock (in shares)                                 (155,000) (38,000) (5,000) (14,000)                                
Redemption of preferred stock                                 $ (3,653) $ (959) $ (126) $ (347)                                
Net income (loss)                                                                       (3,262)
Outstanding at end of year, temporary equity (in shares) at Dec. 31, 2025             7,684,201 731,102 238,191 550,888             7,684,000 731,000 238,000 551,000                                
Outstanding at end of year, temporary equity at Dec. 31, 2025             $ 179,818 $ 18,215 $ 5,484 $ 13,566             $ 179,818 $ 18,215 $ 5,484 $ 13,566                                
Ending balance, value at Dec. 31, 2025 $ 20,516                                                                     $ 20,516
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Preferred Stock, Series D      
Dividends declared - preferred stock (in dollars per share) $ 2.11 $ 2.11 $ 2.11
Preferred Stock, Series F      
Dividends declared - preferred stock (in dollars per share) 1.84 1.84 1.84
Preferred Stock, Series G      
Dividends declared - preferred stock (in dollars per share) 1.84 1.84 1.84
Preferred Stock, Series H      
Dividends declared - preferred stock (in dollars per share) 1.88 1.88 1.88
Preferred Stock, Series I      
Dividends declared - preferred stock (in dollars per share) 1.88 1.88 1.88
Preferred Stock, Series J      
Dividends declared - preferred stock (in dollars per share) 2.00 2.00 2.00
Preferred Stock, Series K      
Dividends declared - preferred stock (in dollars per share) 2.07 $ 2.06 $ 2.05
Preferred Stock, Series L      
Dividends declared - preferred stock (in dollars per share) 1.41    
Preferred Stock, Series M      
Dividends declared - preferred stock (in dollars per share) $ 1.44    
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income (loss) $ (188,159) $ (65,011) $ (180,734)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 141,295 152,776 187,807
Impairment charges 67,648 59,331 0
Amortization of intangibles (1,148) (158) (95)
Recognition of deferred income (432) (271) (820)
Bad debt expense 2,099 2,254 3,602
Deferred income tax expense (benefit) (242) 11 (28)
Equity in (earnings) loss of unconsolidated entities 325 2,370 1,134
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (79,799) (94,406) (11,488)
(Gain) loss on derecognition of assets (39,054) (167,177) 0
(Gain) loss on extinguishment of debt (335) (2,774) (53,386)
Realized and unrealized (gain) loss on derivatives 5,346 6,480 2,200
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 22,956 19,421 28,203
Amortization of deferred franchise fees 0 0 34
Write-off of deferred franchise fees 0 0 20
Equity-based compensation (761) 2,097 4,027
Non-cash interest income (1,596) (1,326) (821)
Changes in operating assets and liabilities, exclusive of the effect of the consolidation of VIE and disposition of asset and hotel properties and derecognition of assets:      
Accounts receivable and inventories 537 1,641 (7,330)
Prepaid expenses and other assets 7,185 (1,714) (1,648)
Accounts payable and accrued expenses and accrued interest payable 3,103 9,305 4,355
Accrued interest associated with hotels in receivership 39,038 42,509 14,024
Due to/from related parties (892) (3,037) 11,241
Due to/from third-party hotel managers (4,326) (1,931) (789)
Due to/from Ashford Inc., net 8,509 14,253 14,896
Operating lease liabilities (324) (394) 104
Operating lease right-of-use assets 321 387 (111)
Other liabilities 3,038 1,772 (7)
Net cash provided by (used in) operating activities (15,668) (23,592) 14,390
Cash Flows from Investing Activities      
Improvements and additions to hotel properties (71,150) (108,013) (137,428)
Net proceeds from disposition of assets and hotel properties 242,437 300,022 29,214
Net proceeds from sale of historical tax credits 18,761 0 0
Payments for initial franchise fees 0 (200) (599)
Proceeds from notes receivable 0 2,512 5,250
Issuance of note receivable (26) (4,490) (6,868)
Proceeds from property insurance 734 1,452 2,478
Restricted cash received from initial consolidation of VIE 0 0 18,201
Net cash provided by (used in) investing activities 190,756 191,283 (89,752)
Cash Flows from Financing Activities      
Borrowings on indebtedness 560,407 63,793 134,802
Repayments of indebtedness (709,174) (388,339) (396,947)
Payments for loan costs and exit fees (50,311) (20,941) (13,220)
Payments for dividends and distributions (23,957) (20,365) (14,943)
Purchases of common stock (44) (49) (90)
Redemption of preferred stock 0 0 (78)
Payments for derivatives (5,120) (16,286) (28,256)
Proceeds from derivatives 3,038 27,805 59,351
Proceeds from common stock offerings 0 8,783 1,031
Proceeds from preferred stock offerings 39,708 84,843 79,564
Costs for issuances of common shares (143) 0 0
Payments on finance lease liabilities (456) (477) (249)
Issuance of Stirling OP common units 56 129 0
Redemption of Stirling OP common units (685) 0 0
Contributions from noncontrolling interests 7,514 4,866 6,905
Distributions to noncontrolling interest in consolidated entities 0 (2,512) 0
Net cash provided by (used in) financing activities (179,167) (258,750) (172,130)
Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) (4,079) (91,059) (247,492)
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 220,475 311,534 559,026
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 216,396 220,475 311,534
Supplemental Cash Flow Information      
Interest paid 224,299 268,778 325,420
Income taxes paid (refunded) (1,954) (287) (2,644)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Accrued but unpaid capital expenditures 31,144 15,244 22,460
Non-cash extinguishment of debt 0 8,881 154,192
Non-cash loan principal associated with default interest and late charges 14,080 0 0
Non-cash extinguishment of preferred stock 0 14,581 7,724
Issuance of common stock from preferred stock exchanges 0 8,317 4,334
Non-cash preferred stock dividends 3,958 1,940 387
Unsettled proceeds from derivatives 0 179 1,674
Non-cash derecognition of assets 0 231,645 0
Dividends and distributions declared but not paid 4,247 3,952 3,566
Contribution from Stirling Advisor 5,303 0 0
Assumption of debt from consolidation of VIE 0 0 35,052
Assumption of other finance liability from consolidation of VIE 0 0 26,729
Acquisition of hotel property from consolidation of VIE 0 0 61,100
Non-cash distributions to non-controlling interest 0 0 588
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of period 112,907 165,231 417,064
Restricted cash at beginning of period 99,695 146,079 141,962
Cash, cash equivalents and restricted cash at beginning of period 212,602 311,310 559,026
Cash and cash equivalents at beginning of period included in assets held for sale 15 1 0
Restricted cash at beginning of period included in assets held for sale 7,858 223 0
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 220,475 311,534 559,026
Cash and cash equivalents at end of period 66,145 112,907 165,231
Restricted cash at end of period 149,580 99,695 146,079
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 215,725 212,602 311,310
Cash and cash equivalents at end of period included in assets held for sale 671 15 1
Restricted cash at end of period included in assets held for sale 0 7,858 223
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 216,396 $ 220,475 $ 311,534
v3.26.1
Organization and Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. Terms such as “the Company,” “we,” “us” or “our” refer to Ashford Hospitality Trust, Inc. and, as the context may require, all entities included in its consolidated financial statements.
Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of December 31, 2025, we held interests in the following assets:
•67 consolidated operating hotel properties, which represent 16,445 total rooms;
•one consolidated operating hotel property, which represents 188 total rooms through a 29.3%-owned investment in a consolidated entity; and
•an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (the “Meritage Investment”) in Napa, California, with a carrying value of approximately $7.3 million.
For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2025, our 68 operating hotel properties were leased by our wholly-owned or majority-owned subsidiaries, which are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through the Third Amended and Restated Advisory Agreement with Ashford LLC (as amended, the “Advisory Agreement”). Our 68 operating hotel properties in our consolidated portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead, we contractually engage hotel management companies to operate them for us under management contracts. Remington Lodging & Hospitality, LLC (“Remington Hospitality”), a subsidiary of Ashford Inc., manages 50 of our 68 operating hotel properties. Third-party management companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audiovisual services, real estate advisory and brokerage services, insurance policies covering general liability, workers’ compensation and business automobile claims and insurance claims services, hypoallergenic premium rooms, watersport activities, broker-dealer and distribution services and cash management services.
v3.26.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation—The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, its majority-owned joint ventures in which it has a controlling interest and entities in which the Company is the primary beneficiary. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements.
Going Concern—The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of December 31, 2025, the Company held cash and cash equivalents of $66.8 million and restricted cash of $149.6 million (including amounts held for sale). During the year ended December 31, 2025, the net decrease in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) was $4.1 million.
The Company forecasts it may not have enough cash to support the Company’s daily operations one year from the date the financial statements are issued due primarily to anticipated debt service costs, debt maturities and the potential termination fee the Company would owe to Ashford LLC upon the triggering of the change of control provision in the Advisory Agreement. We have $1.9 billion of non-recourse loans that mature within one year from the date the financial statements are issued. If these loans are not refinanced and our lenders elect to foreclose on these properties, the change of control provision in the Advisory Agreement could be triggered beginning November 16, 2026 resulting in a termination fee (as defined in the Advisory Agreement - see note 17.) We are taking several steps to reduce our cash utilization and potentially raise additional capital. The Company’s ability to continue as a going concern is dependent upon its ability to improve the profitability of its operations, refinance or extend the maturity of our loans and increase our cash position from the sale of certain hotel properties. While the Company believes in the viability of its strategy, GAAP requires that in making this determination the Company cannot consider any remedies outside of the Company’s control which have not been fully implemented. As such, the Company could not consider future potential fundraising activities, whether through equity or debt offerings or dispositions of hotel properties as we could not conclude they were probable of being effectively implemented.
Based on these factors, the Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Variable Interest Entities—Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. As Ashford Trust OP is substantially the same as Ashford Hospitality Trust, Inc., our REIT, the separate VIE accounts for this VIE are not reflected separately on the balance sheet.
On May 31, 2023, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce Managing Member LLC (“815 Commerce MM”), which is developing the Le Méridien hotel in Fort Worth, Texas. As a result, Ashford Trust became the primary beneficiary and began consolidating 815 Commerce MM. The hotel property is subject to a 99-year lease of the land and building that has been accounted for as a failed sale and leaseback.
In 2023, the Company determined that 815 Commerce MM is a VIE that is not a business. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of 815 Commerce MM, at fair value. The Company recognized a gain of $1.1 million that represented the difference between the fair value of the assets and liabilities recognized, the fair value of the non-controlling interest and the previous carrying value of the Company’s investment in 815 Commerce MM. The gain is included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations.
Prior to September 2, 2025, the Company had a contribution agreement with Stirling REIT OP, LP (“Stirling OP”). Pursuant to the terms of the contribution agreement, the Company contributed its equity interests, and the associated debt and other obligations, in the Residence Inn Manchester, the Hampton Inn Buford, the SpringHill Suites Buford and the Residence Inn Jacksonville to Stirling OP in exchange for 1.4 million Class I units of Stirling OP. The Company determined Ashford Trust to be the primary beneficiary of Stirling OP in contemplation of: (1) the related party group comprising: (i) Ashford Trust and (ii) the stockholders who have control over the election or removal of the board of directors of Stirling Hotels & Resorts, Inc. (“Stirling Inc.”) who have power to direct the most significant activities of Stirling OP; and (2) the consideration that substantially all the economics are held by the Company through its equity interest, and substantially all of the activities are performed on the Company’s behalf. As such, the Company consolidated Stirling OP.
On September 2, 2025, the Company became the sole remaining unit holder and general partner of Stirling OP when Stirling OP redeemed all of its unit holders other than Ashford Trust OP and Ashford TRS for an aggregate of $685,000 in cash. The Company remains the primary beneficiary of Stirling OP and Stirling OP’s properties and debt continue to be reflected on the Company’s balance sheet at their historical carrying values as of December 31, 2025.
During the year ended December 31, 2025, Ashford M Investor LLC (“Ashford Investor LLC”) issued preferred membership interests in the Renaissance Hotel in Nashville, Tennessee in return for $88.0 million. The preferred membership interests issued to the holder are classified as liabilities within “indebtedness, net” in the consolidated balance sheet and do not constitute equity at risk. Ashford Investor LLC is considered a VIE. Ashford Trust as managing member, has the power to direct the activities that most significantly impact Ashford Investor LLC’s economic performance, while the holder, as non‑managing member, holds participating rights over certain major decisions but does not have the ability to remove Ashford Trust without cause. Based on these factors, Ashford Trust is identified as the primary beneficiary and consolidates Ashford Investor LLC. See note 7.
Comparability—The following transactions affect reporting comparability of our consolidated financial statements:
Hotel Property
Location
TypeDate
WorldQuest Resort
Orlando, FL
Disposition
August 1, 2023
Sheraton Bucks County
Langhorne, PA
Disposition
November 9, 2023
Embassy Suites Flagstaff
Flagstaff, AZ
DispositionNovember 29, 2023
Embassy Suites Walnut Creek
Walnut Creek, CA
DispositionNovember 29, 2023
Marriott Bridgewater
Bridgewater, NJ
DispositionNovember 29, 2023
Marriott Research Triangle Park
Durham, NC
DispositionNovember 29, 2023
W Atlanta
Atlanta, GA
DispositionNovember 29, 2023
Courtyard Columbus Tipton Lakes
Columbus, IN
Derecognized
March 1, 2024
Courtyard Old Town
Scottsdale, AZ
Derecognized
March 1, 2024
Residence Inn Hughes Center
Las Vegas, NV
Derecognized
March 1, 2024
Residence Inn Phoenix Airport
Phoenix, AZ
Derecognized
March 1, 2024
Residence Inn San Jose Newark
Newark, CA
Derecognized
March 1, 2024
SpringHill Suites Manhattan Beach
Hawthorne, CA
Derecognized
March 1, 2024
SpringHill Suites Plymouth Meeting
Plymouth Meeting, PA
Derecognized
March 1, 2024
Courtyard Basking Ridge
Basking Ridge, NJ
Derecognized
March 1, 2024
Courtyard Newark Silicon Valley
Newark, CA
Derecognized
March 1, 2024
Courtyard Oakland Airport
Oakland, CA
Derecognized
March 1, 2024
Courtyard Plano Legacy Park
Plano, TX
Derecognized
March 1, 2024
Residence Inn Plano
Plano, TX
Derecognized
March 1, 2024
SpringHill Suites BWI Airport
Baltimore, MD
Derecognized
March 1, 2024
TownePlace Suites Manhattan Beach
Hawthorne, CA
Derecognized
March 1, 2024
Residence Inn Salt Lake CitySalt Lake City, UTDispositionMarch 6, 2024
Hilton Boston Back Bay
Boston, MA
DispositionApril 9, 2024
Hampton Inn Lawrenceville
Lawrenceville, GA
DispositionApril 23, 2024
Courtyard Manchester
Manchester, CT
DispositionMay 30, 2024
SpringHill Suites Kennesaw
Kennesaw, GA
DispositionJune 10, 2024
Fairfield Inn Kennesaw
Kennesaw, GA
DispositionJune 10, 2024
One Ocean
Atlantic Beach, FL
Disposition
June 27, 2024
The Ashton
Fort Worth, TX
Disposition
July 16, 2024
Le Méridien Fort Worth
Fort Worth, TX
Developed
August 29, 2024
Courtyard Boston
Boston, MA
DispositionJanuary 10, 2025
Residence Inn Evansville
Evansville, IN
Disposition
August 11, 2025
Hilton NASA Clear Lake
Houston, TX
Disposition
August 22, 2025
Residence Inn San Diego
San Diego, CA
Disposition
October 15, 2025
Le Pavillon
New Orleans, LADispositionDecember 18, 2025
Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash—Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approximately 4% to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Accounts Receivable—Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories—Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net—Hotel properties are generally stated at cost. All improvements and additions that extend the useful life of the hotel properties are capitalized.
For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost in an asset acquisition is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values.
Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives.
Impairment of Investments in Hotel Properties—Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful lives. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $67.6 million, $59.3 million, and $0 for the years ended December 31, 2025, 2024, and 2023, respectively. See note 5.
Assets Held for Sale, Discontinued Operations and Hotel Dispositions—We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale and the hotel property is measured at the lower of its carrying value or fair value less costs to sell. See note 5.
Discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5.
Investments in Unconsolidated Entities—As of December 31, 2025, we held a 15.1% ownership interest in OpenKey and an investment in an entity that owns two resorts in Napa, CA, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments for impairment 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 our investment. Any other-than-temporary impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. See note 6.
Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated.
Notes Receivable, net—We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable—We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. The Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the years ended December 31, 2025, 2024 and 2023.
Leases—We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. Finance leases, as lessee, are recorded based on the underlying nature of the leased asset and finance lease liabilities.
Operating lease ROU assets and finance lease assets and operating and finance lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset and finance lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset and the investments in hotel properties may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period.
We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component.
Intangible Assets and Liabilities—Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 22.
Deferred Costs, net—Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method.
Prior to the repayment of the term loan associated with Oaktree Capital Management, L.P. (the “Oaktree Credit Agreement”) on February 12, 2025, we also had debt issuance costs related to delayed draw term loans in the Oaktree Credit Agreement that met the definition of an asset and were amortized on a straight-line basis over the contractual term of the arrangement.
Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 21.
Derivative Instruments and Hedging—We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in the Secured Overnight Financing Rate (“SOFR”) and RevPAR. Interest rate derivatives could include swaps, caps, floors, and flooridors.
All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives are reported as “derivative assets” in the
consolidated balance sheets. For interest rate derivatives and credit default swaps, changes in fair value and realized gains and losses are recognized in earnings as “realized and unrealized gain (loss) on derivatives” in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets.
Due to/from Related Parties—Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc.—Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers—Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Noncontrolling Interests—The redeemable noncontrolling interests in Ashford Trust OP represent the limited partners’ proportionate share of equity in earnings/losses of Ashford Trust OP, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in Ashford Trust OP is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in Ashford Trust OP is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities also included an ownership interest of 70.7% in 815 Commerce MM as of December 31, 2025.
Net income/loss attributable to redeemable noncontrolling interests in Ashford Trust OP and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition—Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2025 and 2024 was $26.7 million and $25.3 million, respectively, and are generally recognized as revenue within a one-year period. These are included in “accounts payable and accrued expenses” on the consolidated balance sheets.
Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net).
Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames.
Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses—Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs—Advertising costs are charged to expense as incurred. For the years ended December 31, 2025, 2024 and 2023, we incurred advertising costs of $10.6 million, $10.4 million and $11.1 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation—Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. The Company recognizes forfeitures as they occur.
The criteria for the PSU and Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the grant date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSU and Performance LTIP units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the PSU and Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount.
Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization—Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E and 32 years for our Marietta finance lease. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes—As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 20.
The “Income Taxes” topic of the ASC issued by the Financial Accounting Standards Board (“FASB”) which addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2021 through 2025 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share—Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method
prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted Accounting Standards—In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topics 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2025, the Company has prospectively adopted this ASU. The adoption of this ASU only impacted disclosures with respect to the Company’s consolidated financial statements.
Recently Issued Accounting Standards—In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses that requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the statement of operations.
In January 2025, the FASB issued ASU 2025-01 which amends the effective date of the new disaggregation of income statement expenses standard to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027. Early adoption is still permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.
Reclassification—Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.
v3.26.1
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following tables present our revenue disaggregated by geographical areas (in thousands):
Year Ended December 31, 2025
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area6 $56,210 $16,388 $5,069 $— $77,667 
Dallas / Ft. Worth Area5 60,832 15,510 5,277 — 81,619 
Houston, TX Area2 19,919 7,597 1,085 — 28,601 
Los Angeles, CA Metro Area4 71,175 18,217 5,791 — 95,183 
Miami, FL Metro Area2 26,408 10,016 1,825 — 38,249 
Minneapolis - St. Paul, MN - WI Area2 13,858 4,763 729 — 19,350 
Nashville, TN Area1 55,131 34,193 5,598 — 94,922 
New York / New Jersey Metro Area4 42,080 15,192 2,435 — 59,707 
Orlando, FL Area2 21,906 1,595 2,010 — 25,511 
Philadelphia, PA Area1 11,706 1,184 1,153 — 14,043 
San Diego, CA Area1 13,096 1,416 753 — 15,265 
San Francisco - Oakland, CA Metro Area3 39,174 5,193 2,137 — 46,504 
Tampa, FL Area2 29,139 6,817 2,336 — 38,292 
Washington D.C. - MD - VA Area9 125,906 23,928 11,860 — 161,694 
Other Areas24 216,534 42,724 19,877 — 279,135 
Disposed properties
5 22,549 2,855 1,708 — 27,112 
Corporate— — — — 1,534 1,534 
Total73 $825,623 $207,588 $69,643 $1,534 $1,104,388 
Year Ended December 31, 2024
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area6 $55,022 $16,187 $4,106 $— $75,315 
Dallas / Ft. Worth Area5 53,025 15,132 3,808 — 71,965 
Houston, TX Area2 18,801 7,199 780 — 26,780 
Los Angeles, CA Metro Area4 70,594 18,130 5,408 — 94,132 
Miami, FL Metro Area2 25,539 10,167 1,557 — 37,263 
Minneapolis - St. Paul, MN - WI Area2 13,678 4,618 546 — 18,842 
Nashville, TN Area1 55,203 29,182 5,190 — 89,575 
New York / New Jersey Metro Area4 41,012 14,953 2,141 — 58,106 
Orlando, FL Area2 23,442 1,458 2,256 — 27,156 
Philadelphia, PA Area1 11,096 874 932 — 12,902 
San Diego, CA Area1 14,306 1,600 878 — 16,784 
San Francisco - Oakland, CA Metro Area3 37,914 5,445 1,565 — 44,924 
Tampa, FL Area2 30,096 7,024 2,044 — 39,164 
Washington D.C. - MD - VA Area9 133,045 26,844 9,916 — 169,805 
Other Areas24 222,253 43,368 19,106 — 284,727 
Disposed properties
27 84,727 10,400 7,567 — 102,694 
Corporate— — — — 2,325 2,325 
Total95 $889,753 $212,581 $67,800 $2,325 $1,172,459 
Year Ended December 31, 2023
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area6 $64,566 $16,412 $3,670 $— $84,648 
Dallas / Ft. Worth Area5 51,384 15,630 3,575 — 70,589 
Houston, TX Area2 19,451 7,972 657 — 28,080 
Los Angeles, CA Metro Area4 70,881 17,855 4,063 — 92,799 
Miami, FL Metro Area2 24,919 8,802 1,141 — 34,862 
Minneapolis - St. Paul, MN - WI Area2 14,024 4,997 718 — 19,739 
Nashville, TN Area1 56,640 28,506 3,678 — 88,824 
New York / New Jersey Metro Area4 40,796 15,364 2,275 — 58,435 
Orlando, FL Area2 23,168 1,621 2,023 — 26,812 
Philadelphia, PA Area1 11,609 1,092 855 — 13,556 
San Diego, CA Area1 12,595 1,307 844 — 14,746 
San Francisco - Oakland, CA Metro Area3 35,816 5,144 1,346 — 42,306 
Tampa, FL Area2 29,571 7,371 1,938 — 38,880 
Washington D.C. - MD - VA Area9 128,047 26,112 8,655 — 162,814 
Other Areas24 229,101 42,264 17,209 — 288,574 
Disposed properties
34 246,587 32,380 20,101 — 299,068 
Corporate— — — — 2,801 2,801 
Total102 $1,059,155 $232,829 $72,748 $2,801 $1,367,533 
v3.26.1
Investments in Hotel Properties, net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Investments in Hotel Properties, net Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
December 31, 2025December 31, 2024
Land$410,460 $437,567 
Buildings and improvements2,444,715 2,700,234 
Furniture, fixtures and equipment171,635 171,762 
Construction in progress24,937 23,254 
Hilton Marietta finance lease17,269 17,269 
Total cost3,069,016 3,350,086 
Accumulated depreciation(983,772)(1,030,879)
Investments in hotel properties, net$2,085,244 $2,319,207 
For the years ended December 31, 2025, 2024 and 2023, we recognized depreciation expense of $141.0 million, $152.5 million and $187.4 million, respectively.
v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions, Impairment Charges and Assets Held For Sale Dispositions, Impairment Charges and Assets Held For Sale
Dispositions
On January 10, 2025, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts, for $123.0 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $32.1 million. This gain is reported within “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the Company’s consolidated statement of operations.
On April 14, 2025, the Residence Inn Orlando sold a parcel of land for $7.2 million, net of selling expenses, resulting in a recognized gain of $6.7 million. This gain is reported within “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the Company’s consolidated statements of operations.
On May 19, 2025, the Company sold state tax credits held by the Le Méridien Fort Worth for $18.8 million in cash.
On August 11, 2025, the Company completed the sale of the 78-room Residence Inn Evansville located in Evansville, Indiana for $6.0 million, subject to customary pro rations and adjustments.
On August 22, 2025, the Company completed the sale of the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.8 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $16.5 million. This gain is reported within “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the Company’s consolidated statement of operations.
On October 15, 2025, the Company completed the sale of the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California, for $42.0 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $23.5 million. This gain is reported within “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the Company’s consolidated statement of operations.
On December 18, 2025, the Company completed the sale of the 226-room Le Pavillon hotel located in New Orleans, Louisiana for $42.5 million, subject to customary pro rations and adjustments, resulting in a recognized gain of $1.0 million. This gain is reported within “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the Company’s consolidated statement of operations.
On March 1, 2024, the Company received notice that the hotel properties securing the KEYS Pool A and KEYS Pool B loans have been transferred to a court-appointed receiver. See note 7 for discussion of activity relating to the KEYS Pool A and KEYS Pool B loans.
On March 6, 2024, the Company sold the Residence Inn Salt Lake City in Salt Lake City, Utah for $19.2 million in cash. The sale resulted in a gain of approximately $6.9 million for the year ended December 31, 2024, which was included in “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
On April 9, 2024, the Company sold the Hilton Boston Back Bay in Boston, Massachusetts for $171 million in cash. The sale resulted in a gain of approximately $129,000 for the year ended December 31, 2024, which was included in “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
On April 23, 2024, the Company sold the Hampton Inn Lawrenceville in Lawrenceville, Georgia for $8.1 million in cash. The sale resulted in a gain of approximately $4.8 million for the year ended December 31, 2024, which was included in “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
On May 30, 2024, the Company sold the Courtyard Manchester in Manchester, Connecticut for $8.0 million in cash. The sale resulted in a gain of approximately $2.1 million for the year ended December 31, 2024, which was included in “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
On June 10, 2024, the Company sold the SpringHill Suites Kennesaw and Fairfield Inn Kennesaw in Kennesaw, Georgia for $17.5 million in cash. The sales resulted in a gain of approximately $9.6 million for the year ended December 31, 2024,
which was included in “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
On June 27, 2024, the Company sold the One Ocean Resort and Spa in Atlantic Beach, Florida for $87.0 million in cash. The sale resulted in a gain of approximately $70.9 million for the year ended December 31, 2024, which was included in “gain (loss) on consolidation of VIE and disposition of assets and hotel properties” in the consolidated statements of operations. See note 7.
In June 2024, the Company was informed by its lender that the lender intended to exercise remedies for the maturity default on the Ashton hotel in Fort Worth, Texas, which secured the Company’s $8.9 million mortgage loan. The Company and the lender agreed to a deed-in-lieu of foreclosure, which was completed on July 16, 2024 and resulted in a gain on extinguishment of debt of approximately $2.6 million for the year ended December 31, 2024, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations.
On August 1, 2023, the Company sold the WorldQuest Resort in Orlando, Florida (“WorldQuest”) for $14.8 million in cash. The sale resulted in a gain of approximately $6.4 million for the year ended December 31, 2023, which was included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations.
On November 9, 2023, the Company sold the Sheraton Bucks County in Langhorne, Pennsylvania for $13.8 million in cash. The sale resulted in a gain of approximately $3.9 million for the year ended December 31, 2023, which was included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations.
On June 9, 2023 the Company received a 30 day extension to satisfy the extension conditions in order to negotiate modifications to the KEYS pool F extension test. On July 7, 2023, the Company elected not to make the required paydown to extend its KEYS pool F loan thereby defaulting on such loan. The KEYS pool F loan had a $215.1 million debt balance and was secured by Embassy Suites Flagstaff, Embassy Suites Walnut Creek, Marriott Bridgewater, Marriott Research Triangle, and the W Atlanta Downtown.
On November 29, 2023, the Company completed the deed in lieu of foreclosure transaction for the transfer of ownership of the KEYS F loan to the mortgage lender, which resulted in a gain on extinguishment of debt of approximately $53.4 million for the year ended December 31, 2023, which is included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. See note 7.
The results of operations for these hotel properties are included in net income (loss) through the date of disposition or derecognition for the years ended December 31, 2025, 2024 and 2023. 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 
Impairment Charges
For the year ended December 31, 2025, we recorded impairment charges of $67.6 million. We recorded impairment charges of $31.5 million, $16.3 million, $18.4 million and $1.4 million for the Hilton Alexandria Old Town, the Hilton Santa Cruz Scotts Valley, the New Orleans Le Pavillon Hotel and the Residence Inn Evansville, respectively.
The impairment charges were a result of reduced estimated future cash flows resulting from reductions to the expected holding periods of the hotel properties. The impairment charges for the Residence Inn Evansville, the Hilton Alexandria Old Town, and the New Orleans Le Pavillon Hotel were based on the market approach methodology which compares the net book value of the assets to their fair market value. The impairment charge for the Hilton Santa Cruz Scotts Valley was based on the income approach which utilized a discounted cash flow methodology, supported by the market approach. These valuation techniques are considered Level 3 techniques under the fair value hierarchy.
For the year ended December 31, 2024, we recorded impairment charges of $59.3 million. We recorded impairment charges of $35.9 million for the Hilton Costa Mesa and $23.4 million for the Embassy Suites Portland as a result of reduced estimated cash flows resulting from changes to the expected holding periods of these hotel properties. The impairment charges were based on the income approach utilizing a discounted cash flow methodology, supported by the market approach. These valuation techniques are considered Level 3 techniques under the fair value hierarchy. For the year ended December 31, 2023, no impairment charges were recorded.
The following table presents the fair value of our hotel properties measured at fair value after the aforementioned non-recurring impairment charges as of December 31, 2025, and the related impairment charge recorded (in thousands):
Fair Value as of December 31, 2025
Year Ended December 31, 2025
Level 1Level 2Level 3TotalImpairment Charges
Hilton Alexandria Old Town$— $— $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.
Assets Held For Sale
On November 11, 2025, the Company entered into a definitive agreement to sell the 150-room Embassy Suites Houston located in Houston, Texas, and the 150-room Embassy Suites Austin located in Austin, Texas, for a combined purchase price of $27.0 million. The agreement included a nonrefundable deposit of $1.0 million which was paid on November 11, 2025. The Embassy Suites Houston and the Embassy Suites Austin sales closed on February 9, 2026 and February 17, 2026, respectively. See note 25. As of December 31, 2025, these properties were classified as held for sale.
As of December 31, 2024, the Courtyard Boston Downtown located in Boston, Massachusetts, which was sold in January 2025, was classified as held for sale. Depreciation and amortization ceased as of the dates the assets were deemed held for sale. Since the sales of these hotels did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, their results of operations were not reported as discontinued operations in the consolidated financial statements.
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 
v3.26.1
Investments in Unconsolidated Entities
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of December 31, 2025, the Company had invested $9.1 million in an entity that holds the Meritage Investment in Napa, California, and $5.5 million in OpenKey, a consolidated subsidiary of Ashford Inc. Our investments are recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and are accounted for under the equity method of accounting as we have been deemed to have significant influence over the entities under the applicable accounting guidance.
We review our investments in unconsolidated entities for impairment 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 other-than-temporary impairment is recorded in equity in earnings (loss) of unconsolidated entities. In the fourth quarter of 2024, we recorded an impairment charge for our OpenKey investment of approximately $1.0 million, which reduced the carrying value to $0. No impairment charges were recorded on our investments during the years ended December 31, 2025 and 2023. During the 4th quarter of 2025, Ashford Inc., Ashford Trust and Braemar entered into a purchase and sale agreement to sell OpenKey. The transaction closed in January 2026.
The following table summarizes our carrying value in unconsolidated entities:
December 31, 2025December 31, 2024
Carrying value of the Meritage Investment (in thousands)$7,265 $7,590 
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
Year Ended December 31,
202520242023
OpenKey$— $(566)$(528)
Meritage Investment(325)(795)(606)
$(325)$(1,361)$(1,134)
v3.26.1
Indebtedness, net
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness, net Indebtedness, net
Indebtedness consisted of the following (in thousands):
December 31, 2025December 31, 2024
IndebtednessCollateralMaturity
Interest Rate
Debt Balance
Book Value of Collateral
Debt Balance
Book Value of Collateral
Mortgage loan (2)
2hotelsFebruary 20254.45 %$— $— $25,882 $38,627 
Mortgage loan (3)
1hotelMarch 20254.66 %21,971 22,146 22,132 40,276 
Mortgage loan (2)
4hotelsJune 2025
SOFR(1) +
4.03 %— — 143,877 122,603 
Mortgage loan (2)
4hotelsJune 2025
SOFR(1) +
4.29 %— — 159,424 62,801 
Mortgage loan (2)
5hotelsJune 2025
SOFR(1) +
3.02 %— — 109,473 151,592 
Mortgage loan (4)
1hotelDecember 2025
SOFR(1) +
4.00 %— — 37,000 63,633 
Term loan (5)
EquityJanuary 202614.00 %— — 44,722 — 
Mortgage loan (6)
18hotelsJanuary 2026
SOFR(1) +
4.15 %733,625 771,949 862,027 881,867 
Mortgage loan (7)
8hotelsFebruary 2026
SOFR(1) +
3.28 %325,000 222,776 325,000 235,655 
Mortgage loan (8)
1hotelFebruary 2026
SOFR(1) +
2.85 %12,330 20,699 12,330 21,565 
Mortgage loan (9)
14hotelsMarch 2026
SOFR(1) +
3.83 %341,203 198,713 409,750 232,485 
Mortgage loan (10)
2hotelsMay 2026
SOFR(1) +
4.00 %98,450 104,086 98,450 139,244 
Mortgage loan (2)
16hotelsFebruary 2027
SOFR(1) +
4.37 %580,000 420,162 — — 
Mortgage loan (11)
1hotelSeptember 2027
SOFR(1) +
2.26 %218,100 142,041 267,200 148,488 
Mortgage loan (12)
1hotelNovember 2027
SOFR(1) +
4.75 %121,500 75,011 121,500 77,165 
Mortgage loan 4hotelsDecember 20288.51 %30,200 32,198 30,200 35,792 
Preferred investment (13)
1hotelMay 202911.14 %88,845 — — — 
Bridge loan (14) (15)
1hotelSeptember 20257.75 %— — 20,898 — 
Construction loan (14)
1hotelMay 203311.26 %15,660 77,229 15,785 93,219 
Total indebtedness$2,586,884 $2,087,010 $2,705,650 $2,345,012 
Premiums (discounts), net301 331 
Capitalized default interest and late charges2,346 36 
Deferred loan costs, net(24,103)(8,459)
Embedded debt derivative (5)
— 29,099 
Indebtedness, net$2,565,428 $2,726,657 
Indebtedness, net related to assets held for sale (6)
1hotel
August 2025
SOFR(1) +
3.91 %— 97,368 
Indebtedness, net related to assets held for sale (9)
2
hotels
March 2026
SOFR(1) +
3.83 %38,820 — 
$2,526,608 $2,629,289 
_____________________________
(1)    SOFR rates were 3.69% and 4.33% at December 31, 2025 and December 31, 2024, respectively.
(2)    On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and has three one-year extension options, subject to the satisfaction of certain conditions.
(3)    As of December 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(4)    On December 18, 2025, we repaid this mortgage loan in conjunction with the sale of Le Pavillon. See note 5.
(5)    On February 12, 2025, we repaid this term loan including the $30.0 million exit fee.
(6)    In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown. On July 30, 2025, this mortgage loan was amended. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date to January 2026, and adding one six-month extension option, subject to the satisfaction of certain conditions. The six-month extension period began in January 2026, and included a $10.0 million principal paydown and increased the interest rate to SOFR + 4.41%.
(7)    This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions which must be completed by February 9, 2026. On February 9, 2026, this mortgage loan went into default under the terms and conditions of the mortgage loan agreement and began incurring default interest of 5.00% in addition to the stated interest rate, in accordance with the terms and conditions of the mortgage loan agreement.
(8)     On February 24, 2025, we amended this mortgage loan. Terms of the amendment included extending the current maturity date to February 2026, and adding one one-year extension option, subject to satisfaction of certain conditions. The one-year extension period began in February 2026.
(9)     On April 9, 2025, this mortgage loan was amended. Terms of the amendment included extending the maturity date to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions. In August 2025, this mortgage loan was paid down $31.4 million in conjunction with the sales of the Residence Inn Evansville and the Hilton Houston NASA Clear Lake. In October 2025, this mortgage loan was paid down an additional $37.1 million in conjunction with the sale of the Residence Inn San Diego Sorrento Mesa. Subsequent to December 31, 2025, this mortgage loan was paid down $111.1 million in conjunction with the sales of the Hilton St. Petersburg Bayfront, the Embassy Suites Austin and the Embassy Suites Houston. Additionally, in March of 2026, we exercised the first one-year extension option.
(10)     This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. Subsequent to December 31, 2025, we paid down $56.0 million in principal on this mortgage loan in conjunction with the sale of the La Posada de Santa Fe.
(11)     On September 9, 2025, we amended this mortgage loan. Terms of the amendment included a principal reduction to $218.1 million, a reduction in the interest rate to SOFR + 2.26%, extending the current maturity to September 2027, and adding three, one-year extension options, subject to satisfaction of certain conditions.
(12)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.
(13)    On May 8, 2025, we received $35.0 million in return for a preferred equity investment in the Renaissance Hotel in Nashville, Tennessee. The holder was entitled to a preferred return of 14.0% per annum. On September 9, 2025, we received an additional $53.0 million increasing the preferred equity investment in the property and the return on the preferred equity investment was decreased from 14.0% per annum to 11.14% per annum. The investment is mandatorily redeemable on May 10, 2029 and is recorded within indebtedness, net in the Company’s consolidated balance sheet as required under GAAP.
(14)    This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2 and 8.
(15)    On August 14, 2025, we repaid this bridge loan.
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Year Ended December 31,
Line Item202520242023
Interest expense and amortization of discounts and loan costs$29 $(913)$(18,684)
The amortization of the net premium (discount) is computed using a method that approximates the effective interest method.
During the year ended December 31, 2025, the Company capitalized $14.1 million of default interest and late charges related to our Highland Pool mortgage loan and Morgan Stanley Pool mortgage loan upon the refinancing of the loans. The amount of the capitalized principal that was amortized during the year ended December 31, 2025 was $11.4 million,
During the years ended December 31, 2021 and 2020, the Company entered into forbearance and other agreements which were evaluated to be considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. The amount of capitalized principal that was amortized during the years ended December 31, 2024 and 2023 was $352,000 and $7.8 million, respectively.
All accrued default interest and late charges were capitalized into the principal balance and are amortized over the remaining initial term of the mortgage loans using the effective interest method. The amount of capitalized principal that was written off during the years ended December 31, 2025, 2024 and 2023 was $333,000, $8,000, and $151,000, respectively. These amounts are included as a reduction to “interest expense and amortization of discounts and loan costs” in the consolidated statements of operations.
Amendments to the Oaktree Credit Agreement
On June 21, 2023, the Company and Ashford Trust OP (the “Borrower”), an indirect subsidiary of the Company, entered into Amendment No. 2 to the Credit Agreement (“Amendment No. 2”) with certain funds and accounts managed by Oaktree Capital Management, L.P. (the “Lenders”) and Oaktree Fund Administration, LLC.
On March 11, 2024, we entered into Amendment No. 3 to the Oaktree Credit Agreement which, among other items, (i) extended the Credit Agreement to January 15, 2026, (ii) removed the $50 million minimum cash requirement, (iii) removed the 3% increase in the interest rate if cash is below $100 million, (iv) removed the provision in which a default under mortgage indebtedness is a default under the Credit Agreement, and (v) increased the interest rate by 3.5% if the principal balance is not less than $100 million as of September 30, 2024 or not fully repaid by March 31, 2025. On February 12, 2025, we repaid the outstanding balance on the Oaktree Credit Agreement and the associated $30.0 million exit fee.
Derecognition of Assets
The KEYS mortgage loans were entered into on June 13, 2018, each of which had a two-year initial term and five one-year extension options. In order to qualify for a one-year extension in June of 2023, each KEYS loan pool was required to achieve a certain debt yield test. The Company extended its KEYS Pool C loan with a paydown of approximately $62.4 million, its KEYS Pool D loan with a paydown of approximately $25.6 million, and its KEYS Pool E loan with a paydown of approximately $41.0 million. On July 7, 2023, the Company elected not to make the required paydowns to extend its KEYS Pool A loan, KEYS Pool B loan and KEYS Pool F loan thereby defaulting on such loans.
On November 29, 2023, the Company completed the deed in lieu of foreclosure transaction for the transfer of ownership of the KEYS Pool F $215.1 million mortgage to the mortgage lender.
On March 1, 2024, the Company received notice that the hotel properties that secured the KEYS Pool A and KEYS Pool B loans have been transferred to a court-appointed receiver. Below is a summary of the hotel properties that secured the KEYS Pool A and Pool B loans:
KEYS A Loan Pool
Courtyard Columbus Tipton Lakes – Columbus, IN
Courtyard Old Town – Scottsdale, AZ
Residence Inn Hughes Center – Las Vegas, NV
Residence Inn Phoenix Airport – Phoenix, AZ
Residence Inn San Jose Newark – Newark, CA
SpringHill Suites Manhattan Beach – Hawthorne, CA
SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA
KEYS B Loan Pool
Courtyard Basking Ridge – Basking Ridge, NJ
Courtyard Newark Silicon Valley – Newark, CA
Courtyard Oakland Airport – Oakland, CA
Courtyard Plano Legacy Park – Plano, TX
Residence Inn Plano – Plano, TX
SpringHill Suites BWI Airport – Baltimore, MD
TownePlace Suites Manhattan Beach – Hawthorne, CA
We derecognized the hotel properties that secured the KEYS Pool A and KEYS Pool B loans from our consolidated balance sheet in March 2024, when the receiver took control of the hotel properties and, accordingly, recognized a gain of $133.9 million, which is included in “gain (loss) on derecognition of assets” in our consolidated statements of operations for the three months ended March 31, 2024. We recorded a contract asset of $378.2 million as of March 31, 2024, which represented the liabilities from which we expect to be released upon final resolution with the lenders on the KEYS Pool A and KEYS Pool B mortgage loans in exchange for the transfer of ownership of the respective hotel properties.
Subsequent to March 31, 2024, we recognized an additional gain of $33.3 million, which is included in “gain (loss) on derecognition of assets” in our consolidated statement of operations that increased the contract asset by a corresponding amount. The additional gain primarily represents the additional accrued interest expense recorded through December 31, 2024. In total for the year ended December 31, 2024, we recognized a gain of $167.2 million.
On July 2, 2024, the Courtyard Plano Legacy Park and the Residence Inn Plano were foreclosed on at a public auction. Additionally, on November 4, 2024, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Columbus Tipton Lakes to a third-party purchaser. As a result, the contract asset and corresponding indebtedness associated with hotels in receivership and accrued interest associated with hotels in receivership were reduced by $45.0 million for the amounts attributable to each hotel as of December 31, 2024.
For the year ended December 31, 2025, we recognized an additional gain of $39.1 million, which was included in “gain (loss) on derecognition of assets” in our consolidated statement of operations that increased the contract asset by a corresponding amount. The KEYS Pool A and the KEYS Pool B mortgage loans, as well as all accrued and unpaid interest, default charges and late fees will remain liabilities until final resolution with the lenders is concluded, and thus are included in “indebtedness associated with hotels in receivership” and “accrued interest associated with hotels in receivership” on our consolidated balance sheets.
On June 25, 2025 and December 22, 2025, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Oakland and SpringHill Suites BWI Airport to a third-party purchaser. As a result, the contract asset and corresponding indebtedness associated with hotels in receivership and accrued interest associated with hotels in receivership were reduced by $50.6 million for the amounts attributable to each hotel as of December 31, 2025.
On March 4, 2026, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the SpringHill Suites Plymouth Meeting to a third-party purchaser.
Other
In June 2024, the Company was informed by its lender that the lender intended to exercise remedies for the maturity default on the Ashton hotel in Fort Worth, Texas, which secured the Company’s $8.9 million mortgage loan. The Company and the lender agreed to a deed-in-lieu of foreclosure, which was completed on July 16, 2024.
In conjunction with the development of the Le Meridien in Fort Worth, Texas, which was consolidated as of May 31, 2023, the Company recorded $3.7 million and $3.0 million of capitalized interest, respectively, for the years ended December 31, 2024 and 2023. These amounts are included in “investment in hotel properties, net” in our consolidated balance sheets. The hotel opened on August 29, 2024.
On March 6, 2025, the $22.1 million non-recourse mortgage loan secured by the Hilton Santa Cruz Scotts Valley reached final maturity and was not repaid, resulting in a default under the terms and conditions of the mortgage loan agreement.
We have extension options relating to certain property-level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield.
If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of December 31, 2025, we were in compliance with all covenants related to mortgage loans, except where noted above. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.
With respect to upcoming maturities, no assurances can be given that we will be able to refinance our upcoming maturities. Additionally, no assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy or may result in lender foreclosure.
Maturities and scheduled amortizations of indebtedness as of December 31, 2025 for each of the five following years and thereafter are as follows (in thousands), excluding extension options:
2026$1,532,727 
2027919,766 
202830,381 
202989,054 
2030233 
Thereafter14,723 
Total$2,586,884 
v3.26.1
Note Receivable
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Note Receivable Note Receivable
The Company has a note receivable with the manager of 815 Commerce MM, who also holds a non-controlling interest in 815 Commerce MM. See discussion in note 2. The note receivable is payable within 30 days after demand. If the manager fails upon demand to repay the note receivable with interest, the Company will have the right to convert the unpaid principal plus all accrued interest thereon to an additional capital contribution, in which case the deemed additional capital contributions by the manager will be deemed to have not occurred and the percentage interests and the residual sharing percentages of the members shall be adjusted. The note receivable may be prepaid in whole or in part.
The following table summarizes the note receivable (dollars in thousands):
Interest RateDecember 31, 2025December 31, 2024
Note receivable (1)
18.0 %$12,187 $10,565 
_____________________________
(1)    As of December 31, 2025, the Company’s note receivable balance consists of advances of $8.9 million and accrued interest of $3.3 million.
The following table summarizes the interest income associated with the note receivable (in thousands):
Year Ended December 31,
Line Item202520242023
Interest income
$1,596 $1,218 $501 
v3.26.1
Derivative Instruments and Hedging
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Derivative Instruments and Hedging
Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows, which include interest rate caps and floors. To mitigate nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. Payments from counterparties on in-the-money interest rate caps and floors are recognized as realized gains on our consolidated statements of operations.
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
Year Ended December 31,
202520242023
Interest rate caps:
Notional amount (in thousands)$1,642,505 
(1)
$2,341,742 
(1)
$2,583,271 
(1)
Strike rate low end of range4.00 %3.10 %2.50 %
Strike rate high end of range5.25 %7.31 %6.90 %
Effective date range
February 2025 - September 2025
February 2024 - December 2024March 2023 - December 2023
Termination date range
January 2026 - September 2027
February 2025 - November 2027
February 2024 - June 2025
Total cost (in thousands)$5,120 $15,532 $28,256 
Interest rate floors:
Notional amount (in thousands)$— $121,500 
(1)
$— 
Strike rate low end of range— %2.75 %— %
Strike rate high end of range— %2.75 %— %
Effective date rangeNovember 2024
Termination date rangeNovember 2027
Total cost (in thousands)$— $754 $— 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
December 31, 2025December 31, 2024
Interest rate caps:
Notional amount (in thousands)$2,068,205 
(1)
$2,477,192 
(1)
Strike rate low end of range4.00 %3.10 %
Strike rate high end of range5.50 %7.31 %
Termination date range
January 2026 - November 2027
January 2025 - November 2027
Aggregate principal balance on corresponding mortgage loans (in thousands)$1,764,005 $2,123,951 
Interest rate floors:
Notional amount (in thousands)$121,500 
(1)
$121,500 
(1)
Strike rate low end of range2.75 %2.75 %
Strike rate high end of range2.75 %2.75 %
Termination date rangeNovember 2027November 2027
_______________
(1)These instruments were not designated as cash flow hedges.
Compound Embedded Debt Derivative—On February 12, 2025, we repaid the outstanding balance on our corporate strategic financing with Oaktree Capital Management, L.P. (the “Oaktree Credit Agreement”), which included an exit fee of $30.0 million. Prior to the repayment date, the exit fee was considered under the applicable accounting guidance as an embedded derivative liability that met the criteria for bifurcation from the debt host and was measured at estimated fair value at each reporting period. See note 10.
v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Hierarchy—For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the marketplace as discussed below:
•Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally are obtained from exchange or dealer markets.
•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.
The fair value of interest rate caps and floors is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the caps are based on an expectation of future interest rates derived from observable market interest rate curves (SOFR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk.
When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at December 31, 2025, the SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 3.688% to 3.104% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.
The Company initially recorded an embedded debt derivative of $43.7 million, which was attributed to the compound embedded derivative liability associated with the Oaktree term loan until the Company’s repayment of the Oaktree term loan on February 12, 2025.
The compound embedded derivative liability was considered a Level 3 measurement due to the utilization of significant unobservable inputs in the valuation, which were based on ‘with and without’ valuation models. Based on the terms and provisions of the Oaktree Credit Agreement, with the assistance of a valuation specialist, the Company utilized a risk neutral model to estimate the fair value of the embedded derivative features requiring bifurcation as of the respective issuance dates. The risk neutral model was designed to utilize market data and the Company’s best estimate of the timing and likelihood of the settlement events that were related to the embedded derivative features in order to estimate the fair value of the respective notes with these embedded derivative features.
The fair value of the notes with the derivative features was compared to the fair value of a plain vanilla note (excluding the derivative features), which was calculated based on the present value of the future default adjusted expected cash flows. The difference between the two values represented the fair value of the bifurcated derivative features as of each respective valuation date.
The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands):
Fair Value
Balance at December 31, 2022
$23,687 
Re-measurement of fair value9 
Balance at December 31, 202323,696 
Re-measurement of fair value5,403 
Balance at December 31, 202429,099 
Re-measurement of fair value901 
Payment of derivative liability(30,000)
Balance at December 31, 2025
$— 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Quoted Market Prices (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
December 31, 2025:
Assets
Derivative assets:
Interest rate derivatives – floors$— $177 $— $177 
Interest rate derivatives – caps
— 233 — 233 
Total$— $410 $— $410 
(1)
December 31, 2024:
Assets
Derivative assets:
Interest rate derivatives – floors
$— $434 $— $434 
Interest rate derivatives – caps
— 2,160 — 2,160 
Total$— $2,594 $— $2,594 
(1)
Liabilities
Embedded debt derivative$— $— $(29,099)$(29,099)
(2)
Net$— $2,594 $(29,099)$(26,505)
____________________________________
(1)    Reported as “derivative assets” in our consolidated balance sheets.
(2)    Reported in “indebtedness, net” in our consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations
The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands):
Gain (Loss) Recognized in Income
Year Ended December 31,
202520242023
Assets
Derivative assets:
Interest rate derivatives - floors$(257)$(320)$— 
Interest rate derivatives - caps(4,188)(757)(2,191)
(4,445)(1,077)(2,191)
Liabilities
Derivative liabilities:
Embedded debt derivative(901)(5,403)(9)
Net$(5,346)$(6,480)$(2,200)
Total combined
Interest rate derivatives - floors$(257)$(320)$— 
Interest rate derivatives - caps(5,363)(27,067)(44,032)
Embedded debt derivative(901)(5,403)(9)
Unrealized gain (loss) on derivatives(6,521)
(1)
(32,790)
(1)
(44,041)
(1)
Realized gain (loss) on interest rate caps1,175 
(1) (2)
26,310 
(1) (2)
41,841 
(1) (2)
Net$(5,346)$(6,480)$(2,200)
____________________________________
(1)    Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2)    Represents settled and unsettled payments from counterparties on interest rate caps.
v3.26.1
Summary of Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Summary of Fair Value of Financial Instruments Summary of Fair Value of Financial Instruments
Determining estimated fair values of our financial instruments, such as notes receivable and indebtedness, requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold or settled. 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 
____________________________________
(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.
Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.
Accounts receivable, net, accounts payable and accrued expenses, accrued interest payable, accrued interest associated with hotels in receivership, dividends and distributions payable, due to/from related parties, net, due to/from Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique.
Notes receivable, net. The carrying amount of notes receivable, net approximates its fair value. This is considered a Level 2 valuation technique.
Derivative assets and embedded debt derivative. See notes 7 and 10 for a complete description of the methodology and assumptions utilized in determining fair values.
Indebtedness and indebtedness associated with hotels in receivership. Fair value of indebtedness is determined using the loan terms, collateral value and financial data such as loan-to-value ratios, debt service coverage ratios, and interest rates for comparable loans. We estimated the fair value of total indebtedness to be approximately 100.0% of the carrying value of $2.6 billion at December 31, 2025 and approximately 99.6% of the carrying value of $2.7 billion at December 31, 2024. We estimated the fair value of indebtedness associated with hotels in receivership to be approximately 84.0% of the carrying value of $272.8 million at December 31, 2025 and approximately 81.9% of the carrying value of $314.6 million at December 31, 2024. These fair value estimates are considered a Level 2 valuation technique.
v3.26.1
Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):
Year Ended December 31,
202520242023
Income (loss) allocated to common stockholders – basic and diluted:
Income (loss) attributable to the Company$(179,839)$(60,300)$(178,489)
Less: dividends on preferred stock(28,216)(22,686)(15,921)
Less: deemed dividends on redeemable preferred stock(6,949)(2,906)(2,673)
Add: gain (loss) on extinguishment of preferred stock
— 3,370 3,390 
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted
$(215,004)$(82,522)$(193,693)
Weighted average common shares outstanding:
Weighted average shares outstanding – basic and diluted
5,974 4,706 3,452 
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share$(35.99)$(17.54)$(56.11)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share$(35.99)$(17.54)$(56.11)
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
Year Ended December 31,
202520242023
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership(3,262)683 $(2,239)
Dividends on preferred stock – Series J (inclusive of deemed dividends)
18,609 13,276 6,014 
Dividends on preferred stock – Series K (inclusive of deemed dividends)
1,757 1,169 317 
Dividends on preferred stock – Series L (inclusive of deemed dividends)
1,280 — — 
Dividends on preferred stock – Series M (inclusive of deemed dividends)
2,663 — — 
Total$21,047 $15,128 $4,092 
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock7 7 — 
Effect of assumed conversion of operating partnership units97 64 42 
Effect of assumed issuance of shares for term loan exit fee— — 175 
Effect of assumed conversion of preferred stock – Series J
32,856 15,713 1,693 
Effect of assumed conversion of preferred stock – Series K
3,137 1,187 93 
Effect of assumed conversion of preferred stock – Series L
524 — — 
Effect of assumed conversion of preferred stock – Series M
1,084 — — 
Total37,705 16,971 2,003 
v3.26.1
Redeemable Noncontrolling Interests in Operating Partnership
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests in Operating Partnership Redeemable Noncontrolling Interests in Operating Partnership
Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (the “common units”) and the units issued under our LTIP units that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement.
LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, generally have vesting periods of three years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets that results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership.
The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The criteria for the Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the applicable measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of Performance LTIP units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the Performance LTIP units earned can range from 0% to 200% of target, which is
further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. During the year ended December 31, 2025, Performance LTIPs granted in 2023 vested at 19% of target based on the performance conditions met over the performance period.
As of December 31, 2025, there are approximately 69,000 issued and outstanding LTIP and Performance LTIP units. All LTIP and Performance LTIP units, other than approximately 22,000 LTIP and 35,000 Performance LTIP units, had reached full economic parity with, and are convertible into, common units.
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
Year Ended December 31,
TypeLine Item202520242023
Performance LTIP unitsAdvisory services fee$(348)$926 $783 
LTIP unitsAdvisory services fee— 86 435 
LTIP unitsCorporate, general and administrative— 4 15 
LTIP units - independent directorsCorporate, general and administrative— 135 475 
$(348)$1,151 $1,708 
The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage:
December 31, 2025December 31, 2024
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)$20,516 $22,509 
Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
$187,846 $186,235 
Ownership percentage of operating partnership1.43 %1.02 %
____________________________________
(1)    Reflects the excess of the redemption value over the accumulated historical costs.
We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands):
Year Ended December 31,
202520242023
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$3,262 $683 $2,239 
A summary of the activity of the units in our operating partnership is as follow (in thousands):
Year Ended December 31,
202520242023
Outstanding at beginning of year121 198 167 
LTIP units issued— 10 11 
Performance LTIP units issued— — 28 
Performance LTIP units canceled(26)(87)(8)
Outstanding at end of year95 121 198 
Common units convertible/redeemable at end of year37 38 36 
v3.26.1
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
Common Stock and Preferred Stock Repurchases—On April 6, 2022, the board of directors reapproved a stock repurchase program (the “2022 Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations.
For the years ended December 31, 2025, 2024 and 2023, no shares of our common stock or preferred stock have been repurchased under the Repurchase Program.
In addition, we acquired approximately 7,000, 3,000 and 3,000 shares of our common stock in 2025, 2024 and 2023, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan.
At-the-Market-Equity Distribution Agreement—On April 11, 2022, the Company entered into an equity distribution agreement (the “Virtu Equity Distribution Agreement”) with Virtu Americas LLC (“Virtu”), to sell from time to time shares of the Company’s common stock having an aggregate offering price of up to $100 million. We will pay Virtu a commission of approximately 1% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale.
The table below summarizes the activity (in thousands):
Year Ended December 31,
20242023
Common stock issued741 72 
Gross proceeds$9,472 $1,477 
Commissions and other expenses95 15 
Net proceeds$9,377 $1,462 
Preferred Stock
8.45% Series D Cumulative Preferred Stock. At December 31, 2025 and 2024, there were 1.1 million and 1.1 million shares of Series D Cumulative Preferred Stock outstanding, respectively. The Series D Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series F Cumulative Preferred Stock (noted below), Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock (see note 16), Series K Preferred Stock (see note 16), Series L Preferred Stock (see note 16) and Series M Preferred Stock (see note 16) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series D Cumulative Preferred Stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D Cumulative Preferred Stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1124 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D Cumulative Preferred Stockholders have no voting rights.
7.375% Series F Cumulative Preferred Stock. At December 31, 2025 and 2024, there were 1.0 million and 1.0 million shares of 7.375% Series F Cumulative Preferred Stock outstanding, respectively. The Series F Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock and Series M Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series F Cumulative Preferred Stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F Cumulative Preferred Stock is convertible into a maximum 0.00969 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series F Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F
Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series F Cumulative Preferred Stock will not impact our earnings per share calculations. Series F Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series F Cumulative Preferred Stockholders have no voting rights.
7.375% Series G Cumulative Preferred Stock. At December 31, 2025 and 2024, there were 1.5 million and 1.5 million shares of 7.375% Series G Cumulative Preferred Stock outstanding, respectively. The Series G Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock and Series M Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series G Cumulative Preferred Stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G Cumulative Preferred Stock is convertible into a maximum 0.00833 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series G Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series G Cumulative Preferred Stock will not impact our earnings per share calculations. Series G Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series G Cumulative Preferred Stockholders have no voting rights.
7.50% Series H Cumulative Preferred Stock. At December 31, 2025 and 2024, there were 1.0 million and 1.0 million shares of 7.50% Series H Cumulative Preferred Stock outstanding, respectively. The Series H Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock and Series M Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series H Cumulative Preferred Stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H Cumulative Preferred Stock is convertible into a maximum 0.00825 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series H Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series H Cumulative Preferred Stock will not impact our earnings per share. Series H Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H Cumulative Preferred Stockholders have no voting rights.
7.50% Series I Cumulative Preferred Stock. At December 31, 2025 and 2024, there were 1.0 million and 1.0 million shares of 7.50% Series I Cumulative Preferred Stock outstanding, respectively. The Series I Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock, Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock and Series M Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series I Cumulative Preferred Stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per
share plus accrued and unpaid dividends, if any, at the redemption date. Series I Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I Cumulative Preferred Stock is convertible into a maximum 0.00806 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series I Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series I Cumulative Preferred Stock will not impact our earnings per share. Series I Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series I Cumulative Preferred Stockholders have no voting rights.
Ashford Trust entered into privately negotiated exchange agreements with certain holders of its preferred stock. The table below summarizes the activity (in thousands):
Year Ended December 31, 2024Year Ended December 31, 2023
Preferred Shares TenderedCommon Shares Initially Issued
Common Shares Issued
Preferred Shares TenderedCommon Shares Initially Issued
Common Shares Issued
8.45% Series D Cumulative Preferred Stock
49 1,007 101 14 89 9 
7.375% Series F Cumulative Preferred Stock
138 1,863 187 76 527 53 
7.375% Series G Cumulative Preferred Stock
61 1,070 107 — — — 
7.50% Series H Cumulative Preferred Stock
132 1,698 170 138 882 88 
7.50% Series I Cumulative Preferred Stock
127 2,103 210 92 612 61 
507 7,741 775 320 2,110 211 
Dividends—A summary of dividends declared is as follows (in thousands):
Year Ended December 31,
202520242023
Common stock$— $— $— 
Preferred stock:
Series D Cumulative Preferred Stock2,347 2,397 2,472 
Series F Cumulative Preferred Stock1,912 1,970 2,272 
Series G Cumulative Preferred Stock2,712 2,756 2,824 
Series H Cumulative Preferred Stock1,946 2,001 2,389 
Series I Cumulative Preferred Stock1,939 2,023 2,306 
Total dividends declared
$10,856 $11,147 $12,263 
Noncontrolling Interest in Consolidated Entities—On September 2, 2025, the Company became the sole remaining unit holder and general partner of Stirling OP when Stirling OP redeemed all of its unit holders other than Ashford Trust OP and Ashford TRS. As of December 31, 2025 and 2024, noncontrolling interest holders in Stirling OP held interests of $0 and $374,000, respectively.
At December 31, 2025 and 2024, our noncontrolling interest partner held an interest in 815 Commerce MM of $15.5 million and $13.0 million, respectively.
The table below summarizes (income) loss allocated to noncontrolling interests in consolidating entities (in thousands):
Year Ended December 31,
Line Item202520242023
(Income) loss allocated to noncontrolling interests in consolidated entities
$5,058 $4,028 $6 
Shareholder Rights Plan—On December 15, 2025, we adopted a shareholder rights plan by entering into a Rights Agreement, dated December 15, 2025, with ComputerShare Trust Company, N.A., as rights agent (the “Rights Agreement”). The Rights Agreement is designed to prevent the Company from facing a substantial limitation on its ability to use its Tax Benefits (as such term is defined in the Rights Agreement) to offset potential future income taxes for federal income tax purposes and realize other efficiencies. The Board implemented the rights plan by declaring a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock. The dividends were distributed on December 26, 2025, to our stockholders of record on that date. Each of those Rights becomes exercisable on the date on which the Rights separate and begin trading separately from our common stock and entitles the registered holder to purchase from the Company one one-thousandth of a share of our Series N Junior Participating Preferred Stock, par value $0.01 per share (“Series N Preferred Stock”), at a price of $20 per one one-thousandth of a share of our Series N Junior Participating Preferred Stock represented by such Right, subject to adjustment. The Rights will expire on the earliest of (i) 5:00 p.m. New York City time on December 14, 2026, (ii) the effective date of the repeal of Section 382 of the Code or any successor statute if the Board determines in its sole discretion that the Rights Agreement is no longer necessary or desirable for the preservation of Tax Benefits, or (iii) the first day of a taxable year of the Company to which the Board determines in its sole discretion that no Tax Benefits may be carried forward, unless the expiration date is extended or unless the Rights are earlier redeemed by the Company. The value of the Rights was de minimis.
v3.26.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under the 2021 Stock Incentive Plan approved by stockholders, we are authorized to grant approximately 364,000 shares of restricted stock and performance stock units as incentive stock awards. At December 31, 2025, approximately 190,000 shares were available for future issuance under the 2021 Stock Incentive Plan.
Restricted Stock—We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.
At December 31, 2025, the unamortized cost of the unvested restricted stock was $169,000 which will be amortized over a period of 1.5 years with a weighted average period of 1.5 years.
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202520242023
Advisory services fee$113 $266 $1,446 
Management fees— — 10 
Corporate, general and administrative— 11 89 
Corporate, general and administrative - independent directors— 54 170 
Corporate, general and administrative - Stirling OP
13 92 — 
$126 $423 $1,715 
A summary of our restricted stock activity is as follows (shares in thousands):
Year Ended December 31,
202520242023
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year51 $6.00 5 $261.73 12 $206.34 
Restricted stock granted— — 56 6.55 4 40.10 
Restricted stock vested(17)6.00 (10)149.84 (11)230.60 
Outstanding at end of year34 $6.00 51 $6.00 5 $261.73 
The fair value of restricted stock vested during the years ended December 31, 2025, 2024 and 2023 was $102,000, $121,000 and $417,000, respectively.
Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units (“PSUs”), which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The criteria for the PSUs are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the corresponding measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of PSUs earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSUs to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of PSUs earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation for the number of PSUs earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. During the year ended December 31, 2025, Performance Stock Units granted in 2023 vested at 19% of target based on the performance conditions met over the performance period.
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202520242023
Advisory services fee$(539)$523 $604 
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202520242023
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year16 $49.27 19 $78.05 14 $290.41 
PSUs granted— — — — 16 36.80 
PSUs vested(3)49.27 (2)56.40 (8)297.00 
PSUs canceled(13)49.27 (1)56.40 (3)297.00 
Outstanding at end of year— $— 16 $49.27 19 $78.05 
v3.26.1
Redeemable Preferred Stock
 12 Months Ended
Dec. 31, 2025
Temporary Equity [Abstract]  
Redeemable Preferred Stock Redeemable Preferred Stock
Series J Redeemable Preferred Stock
On March 31, 2025, the Company concluded its offering of the Company’s Series J Redeemable Preferred Stock (the “Series J Preferred Stock”). Prior to March 31, 2025, the Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series J Preferred Stock. Pursuant to such equity distribution agreements, the Company offered a maximum of 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock (as defined below) in a primary offering at a price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan (the “DRIP”) at $25.00 per share (the “Stated Value”).
The Series J Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs.
Holders of the Series J Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series J Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series J Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series J Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company, who shall each be elected for one-year terms.
Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series J Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.
The redemption fee shall be an amount equal to:
•8.0% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series J Preferred Stock to be redeemed;
•5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed; and
•0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed.
The Series J Preferred Stock provides for cash dividends at an annual rate equal to 8.0% per annum of the Stated Value beginning on the date of the first settlement of the Series J Preferred Stock.
Dividends are payable on a monthly basis and payable in arrears on the 15th of each month (or, if such payment date is not a business day, the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.
The Company has a DRIP that allows participating holders to have their Series J Preferred Stock dividend distributions automatically reinvested in additional shares of the Series J Preferred Stock at a price of $25.00 per share.
The issuance activity of the Series J Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock shares issued (1)
883 3,329 3,371 
Net proceeds$19,877 $74,897 $75,837 
________
(1)Exclusive of shares issued under the DRIP.
The Series J Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series J Preferred Stock is classified outside of permanent equity.
At the date of issuance, the carrying amount of the Series J Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.
The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands):
December 31, 2025December 31, 2024
Series J Preferred Stock$179,818 $156,671 
Cumulative adjustments to Series J Preferred Stock (1)
9,469 6,038 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock$15,178 $10,711 $3,467 
The following table summarizes Series J Preferred Stock redemptions settled in cash (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock shares redeemed
— — 3 
Redemption amount, net of redemption fees$— $— $78 
The following table summarizes Series J Preferred Stock redemptions settled in common stock (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock shares redeemed
155 90 — 
Redemption amount, net of redemption fees$3,653 $2,098 $— 
Common shares issued upon redemption
586 235 — 
Series K Redeemable Preferred Stock
On March 31, 2025, the Company concluded its offering of the Company’s Series K Redeemable Preferred Stock (the “Series K Preferred Stock”). Prior to March 31, 2025, the Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series K Preferred Stock. Pursuant to such equity distribution agreements, the Company offered a maximum of 20.0 million shares of Series K Preferred Stock or Series J Preferred Stock in a primary offering at a price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series K Preferred Stock or Series J Preferred Stock pursuant to the DRIP at the Stated Value.
The Series K Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs.
Holders of the Series K Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series K Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive, and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series K Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series K Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms.
Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series K Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.
The redemption fee shall be an amount equal to:
•1.5% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series K Preferred Stock to be redeemed; and
•0% of the Stated Value beginning on the first anniversary from the Original Issue Date of the shares of the Series K Preferred Stock to be redeemed.
Holders of Series K Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 8.2% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $2.05 per share). Beginning one year from the date of original issuance of each share of Series K Preferred Stock and on each one-year anniversary thereafter for such share of Series K Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series K Preferred Stock shall not exceed 8.7% per annum of the Stated Value.
Dividends are payable on a monthly basis in arrears on the 15th of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.
The Company has a DRIP that allows participating holders to have their Series K Preferred Stock dividend distributions automatically reinvested in additional shares of the Series K Preferred Stock at a price of $25.00 per share.
The issuance activity of the Series K Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202520242023
Series K Preferred Stock shares issued (1)
166 438 192 
Net proceeds$4,036 $10,631 $4,664 
________
(1)Exclusive of shares issued under the DRIP.
The Series K Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series K Preferred Stock is classified outside of permanent equity.
At the date of issuance, the carrying amount of the Series K Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.
The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands):
December 31, 2025December 31, 2024
Series K Preferred Stock$18,215 $14,869 
Cumulative adjustments to Series K Preferred Stock (1)
741 487 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
202520242023
Series K Preferred Stock$1,503 $828 $191 
The following table summarizes Series K Preferred Stock redemptions settled by the issuance of common stock (in thousands):
Year Ended December 31,
202520242023
Series K Preferred Stock shares redeemed
38 32— 
Redemption amount, net of redemption fees$959 $796 $— 
Common shares issued upon redemption
155 91— 
Series L Redeemable Preferred Stock
The Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series L Preferred Stock (the “Series L Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 12.0 million shares of Series L Preferred Stock or Series M Preferred Stock (as defined below) in a primary offering at a price of $25.00 per share, subject to offering discounts. The Company is also offering a maximum of 4.0 million shares of the Series L Preferred Stock or Series M Preferred Stock pursuant to a dividend reinvestment plan (the “DRIP”) at $25.00 per share (the “Stated Value”). On December 9, 2025, the Company terminated the primary offering of the Company’s Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The Company continued to offer shares of its Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock pursuant to its dividend reinvestment plan beyond the termination of the primary offering.
The Series L Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs.
Holders of the Series L Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series L Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series L Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series L Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms.
Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series L Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.
The redemption fee shall be an amount equal to:
•8.0% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series L Preferred Stock to be redeemed;
•5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series L Preferred Stock to be redeemed; and
•0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series L Preferred Stock to be redeemed.
The Series L Preferred Stock provides for cash dividends at an annual rate equal to 7.5% per annum of the Stated Value beginning on the date of the first settlement of the Series L Preferred Stock.
Dividends are payable on a monthly basis and payable in arrears on the 15th of each month (or, if such payment date is not a business day, the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.
The Company has a DRIP that allows participating holders to have their Series L Preferred Stock dividend distributions automatically reinvested in additional shares of the Series L Preferred Stock at a price of $25.00 per share.
The issuance activity of the Series L Preferred Stock is summarized below (in thousands):
Year Ended December 31,
2025
Series L Preferred Stock shares issued (1)
243 
Net proceeds$5,027 
________
(1)Exclusive of shares issued under the DRIP.
The Series L Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series L Preferred Stock is classified outside of permanent equity.
At the date of issuance, the carrying amount of the Series L Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.
The redemption value adjustment of Series L Preferred Stock is summarized below (in thousands):
December 31, 2025
Series L Preferred Stock
$5,484 
Cumulative adjustments to Series L Preferred Stock (1)
1,064 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
2025
Series L Preferred Stock
$216 
The following table summarizes Series L Preferred Stock redemptions settled by the issuance of common stock (in thousands):
Year Ended December 31,
2025
Series L Preferred Stock shares redeemed
5 
Redemption amount, net of redemption fees$126 
Common shares issued upon redemption
39 
Series M Redeemable Preferred Stock
The Company entered into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series M Preferred Stock (the “Series M Preferred Stock). Pursuant to such equity distribution agreements, the Company is offering a maximum of 12.0 million shares of Series L Preferred Stock or Series M Preferred Stock in a primary offering at a price of $25.00 per share, subject to offering discounts. The Company is also offering a maximum of 4.0 million shares of the Series L Preferred Stock or Series M Preferred Stock pursuant to the DRIP at the Stated Value. On December 9, 2025, the Company terminated the primary offering of the Company’s Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The Company continued to offer shares of its Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock pursuant to its dividend reinvestment plan beyond the termination of the primary offering.
The Series M Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs.
Holders of the Series M Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series M Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive, and the number of directors then constituting the board shall be increased by two and the holders of such shares of Series M Preferred Stock (voting together as a single class with all other classes or series of capital stock ranking on a parity with the Series M Preferred Stock) shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms.
Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends (with no redemption fee). The Company has the right, in its sole discretion, to redeem the shares in cash or in shares
of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series M Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash upon a change of control.
The redemption fee shall be an amount equal to:
•1.5% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series M Preferred Stock to be redeemed; and
•0% of the Stated Value beginning on the first anniversary from the Original Issue Date of the shares of the Series M Preferred Stock to be redeemed.
Holders of Series M Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 7.7% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $1.925 per share). Beginning one year from the date of original issuance of each share of Series M Preferred Stock and on each one-year anniversary thereafter for such share of Series M Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series M Preferred Stock shall not exceed 8.2% per annum of the Stated Value.
Dividends are payable on a monthly basis in arrears on the 15th of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of 12 30-day months and a 360-day year.
The Company has a DRIP that allows participating holders to have their Series M Preferred Stock dividend distributions automatically reinvested in additional shares of the Series M Preferred Stock at a price of $25.00 per share.
The issuance activity of the Series M Preferred Stock is summarized below (in thousands):
Year Ended December 31,
2025
Series M Preferred Stock shares issued (1)
565 
Net proceeds$12,605 
________
(1)Exclusive of shares issued under the DRIP.
The Series M Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series M Preferred Stock is classified outside of permanent equity.
At the date of issuance, the carrying amount of the Series M Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be adjusted to the redemption amount each reporting period.
The redemption value adjustment of Series M Preferred Stock is summarized below (in thousands):
December 31, 2025
Series M Preferred Stock
$13,566 
Cumulative adjustments to Series M Preferred Stock (1)
2,200 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
2025
Series M Preferred Stock
$463 
The following table summarizes Series M Preferred Stock redemptions settled by the issuance of common stock (in thousands):
Year Ended December 31,
2025
Series M Preferred Stock shares redeemed
14 
Redemption amount, net of redemption fees$347 
Common shares issued upon redemption
64 
v3.26.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Ashford Inc.
Advisory Agreement with Ashford Trust OP
Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty J. Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc.
Under our Advisory Agreement, we pay advisory fees to Ashford LLC. Advisory fees consist of base fees and incentive fees. We pay a monthly base fee in an amount equal to 1/12 of (i) 0.70% of the Total Market Capitalization (as defined in our Advisory Agreement) of the Company for the prior month, plus (ii) the Net Asset Fee Adjustment (as defined in our Advisory Agreement), if any, on the last day of the prior month during which the advisory agreement was in effect; provided, however, that in no event shall the Base Fee (as defined in our Advisory Agreement) for any month be less than the Minimum Base Fee as provided by the Advisory Agreement. The Company shall pay the Base Fee or the Minimum Base Fee (as defined in our Advisory Agreement) on the fifth business day of each month.
The Minimum Base Fee for Ashford Trust for each quarter beginning January 1, 2021 is equal to the greater of:
(i) ninety percent (90%) of the base fee paid for the same month in the prior fiscal year; and
(ii) 1/12th of the G&A Ratio (as defined in the advisory agreement) for the most recently completed fiscal quarter multiplied by the Company’s Total Market Capitalization.
We are also required to pay Ashford LLC an incentive fee that is measured annually (or for a stub period if the Advisory Agreement is terminated at other than year-end). In each year that the Company’s total shareholder return exceeds the average total shareholder return for the peer group, the Company shall pay to Ashford LLC an incentive fee. The incentive fee, if any, subject to the Fixed Coverage Charge Ratio Condition (as defined in the Advisory Agreement), shall be payable in arrears in three equal annual installments.
We reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the Advisory Agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to officers and employees of Ashford LLC in connection with providing advisory services.
If we terminate the Advisory Agreement without cause or upon a change of control, we will be required to pay on or before the termination date our advisor a termination fee equal to:
•(A) 1.1 multiplied by the greater of (i) 12 times the net earnings of our advisor for the 12 month period preceding the termination date of the advisory agreement; (ii) the earnings multiple for our advisor’s common stock for the 12 month period preceding the termination date of the advisory agreement multiplied by the net earnings of our advisor for the 12 month period preceding the termination date of the advisory agreement; or (iii) the simple average of the earnings multiples for each of the three fiscal years preceding the termination of the advisory agreement multiplied by the net earnings of our advisor for the 12 month period preceding the termination date of the advisory agreement; plus
•(B) an additional amount such that the total net amount received by our advisor after the reduction by state and U.S. federal income taxes at an assumed combined rate of 40% on the sum of the amounts described in (A) and (B) shall equal the amount described in (A); provided, that, the minimum amount of any termination fee calculated as of any date of determination shall be the greater of (i) the fee that would have been payable had such termination fee been calculated as of December 31, 2025 and (ii) the fee calculated as of such date of determination.
The following table summarizes the advisory services fees incurred (in thousands):
Year Ended December 31,
202520242023
Advisory services fee
Base advisory fee$32,875 $32,017 $33,109 
Reimbursable expenses (1)
16,250 23,662 12,473 
Equity-based compensation (2)
(773)1,801 3,268 
Total advisory services fee$48,352 $57,480 $48,850 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards.
(2)Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
On March 12, 2024, we entered into the Third Amended and Restated Advisory Agreement with Ashford LLC (the “Third Amended and Restated Advisory Agreement”). The Third Amended and Restated Advisory Agreement amends and restates the terms of the Second Amended and Restated Advisory Agreement, dated January 14, 2021, to, among other items: (i) require the Company pay the advisor the Portfolio Company Fee (as defined in the Advisory Agreement) upon certain specified defaults under the Company’s loan agreements resulting in the foreclosure of the Company’s hotel properties; (ii) provide that there shall be no additional payments to the advisor from the amendments to the master hotel management agreement with Remington Hospitality and the master project management agreement with Premier until the Oaktree Credit Agreement is paid in full, and limits, for a period of two years thereafter, the incremental financial impact to no more than $2 million per year in additional payments to the advisor from such amendments; (iii) reduce the Consolidated Tangible Net Worth covenant (as defined in the Advisory Agreement) to $750 million (plus 75% of net equity proceeds received) from $1 billion (plus 75% of net equity proceeds received); (iv) revise the criteria that would constitute a Company Change of Control; (v) revise the definition of termination fee to provide for a minimum amount of such termination fee; and (vi) revise the criteria that would constitute a voting control event.
From August 8, 2024 through November 10, 2025, the Company and Ashford LLC entered into six amendments to the Advisory Agreement (the “Amendments”). The Amendments extended the outside date from May 31, 2025 to November 15, 2026 for which any sale or disposition of any of the Company’s Highland Portfolio and JPM8 hotel properties securing the associated mortgage loans following an event of default (as defined in the Advisory Agreement) would be excluded from the numerator of the calculation of the percentage of gross book value of the Company’s assets sold or disposed (but, for the avoidance of doubt, included in the denominator of such calculation) for purposes of determining whether a Company Change of Control (as defined in the Advisory Agreement) had occurred.
On December 23, 2025, Ashford Inc. and Ashford Hospitality Advisors LLC delivered written notice to the Company of the Advisor’s election to extend the term of the Advisory Agreement for an additional ten-year term, commencing on January 14, 2031 and expiring on January 14, 2041. All terms, conditions, rights and obligations under the Advisory Agreement will remain in full force and effect during the extended term, subject to Section 6.5 of the Advisory Agreement that provides the parties to the Advisory Agreement the right to renegotiate the amount of the Base Fee or Incentive Fee (as such terms are defined in the Advisory Agreement) payable by the Company.
Limited Waivers Under Advisory Agreement with Ashford Trust OP
On March 2, 2023, we entered into a Limited Waiver Under Advisory Agreement (the “2023 Limited Waiver”) with Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC. Pursuant to the 2023 Limited Waiver, the Company, Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC waived the operation of any provision in the advisory agreement that would otherwise limit our ability, in our discretion and at our cost and expense, to award during the first and second fiscal quarters of calendar year 2023 cash incentive compensation to employees and other representatives of our advisor; provided that such awarded cash incentive compensation does not exceed $13.1 million, in the aggregate, during the waiver period.
On March 11, 2024, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the “2024 Limited Waiver”). Pursuant to the 2024 Limited Waiver, the Company, Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC waive the operation of any provision in our advisory agreement that would otherwise limit the ability of the Company in its discretion, at the Company’s cost and expense, to award during calendar year 2024, cash incentive compensation to employees and other representatives of the Advisor.
On March 10, 2025, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the “2025 Limited Waiver”). Pursuant to the Limited Waiver, the Company, Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLCwaive the operation of any provision in our Advisory Agreement that would otherwise limit the ability of the Company in its discretion, at the Company’s cost and expense, to award during the first and second fiscal quarters of calendar year 2025, cash incentive compensation to employees and other representatives of the Advisor.
On December 9, 2025, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the “December 2025 Limited Waiver”). The December 2025 Limited Waiver permits the Company, Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC to proceed with the Retention Agreement and related reimbursements for severance or non‑compete payments to Stephen Zsigray without triggering restrictions under the Advisory Agreement, and it is effective solely for this specific instance.
Promissory Note with Ashford LLC
On August 14, 2025, Ashford Trust OP executed a promissory note with Ashford LLC allowing Ashford Trust OP to draw up to $20 million in cash through August 15, 2026 to fund certain permitted costs (as defined in the promissory note). Funds advanced under the promissory note bear interest at an annual rate of 10.0% which may be paid in cash or paid in-kind at Ashford OP’s discretion. The maturity date of the promissory note was August 15, 2026, at which time all principal drawn upon and outstanding interest would have been due and payable. As collateral to secure the repayment of any amounts advanced by Ashford LLC under the promissory note, the Company pledged to Ashford LLC the Company’s equity in Ashford Trust OP subject to Ashford LLC’s filing of a financing statement in the appropriate jurisdiction. On November 10, 2025, Ashford Trust OP executed an amendment to the promissory note with Ashford LLC to allow Ashford Trust OP to draw up to $40 million in cash through November 15, 2026 to fund permitted costs (as defined in the promissory note). Funds advanced under the amended promissory note continued to bear interest at an annual rate of 10% which may be paid in cash or paid in-kind at Ashford OP’s discretion. As of December 31, 2025, no amount had been drawn under the amended promissory note.
Advisory Agreement with Stirling OP
Effective December 6, 2023, Stirling REIT Advisors, LLC (“Stirling Advisor”), a subsidiary of Ashford Inc., entered into an advisory agreement with Stirling OP to act as Stirling OP’s advisor. On September 2, 2025, the advisory agreement with Stirling OP was terminated when the Company became the sole remaining unit holder and general partner of Stirling OP. See note 2. Stirling Advisor was paid an annual management fee (payable monthly in arrears) of 1.25% of aggregate NAV represented by the Class T, Class S, Class D and Class I shares of Stirling Inc. Additionally, Stirling OP paid Stirling Advisor a management fee equal to 1.25% of the aggregate NAV of Stirling OP attributable to such Class T, Class S, Class D and Class I operating partnership units not held by Stirling Inc. per annum payable monthly in arrears. No management fee was paid with respect to Class E shares of Stirling Inc. or Class E units of Stirling OP. The management fee was allocated on a class-specific basis and borne by all holders of the applicable class. The management fee was paid, at Stirling Advisor’s election, in cash, Class E shares of Stirling Inc. or Class E units of Stirling OP.
The following table summarizes the advisory services fees incurred prior to September 2, 2025 (in thousands):
Year Ended December 31,
202520242023
Advisory services fee
Base advisory fee$363 $478 $67 
Reimbursable expenses (1)
111 194 10 
Performance participation fee
213 454 — 
Total advisory services fee$687 $1,126 $77 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services.
Ashford Inc. and Stirling OP Advisor Support
Prior to September 2, 2025, Stirling Advisor had agreed to advance on Stirling OP’s behalf certain general and administrative expenses in connection with Stirling OP’s formation and the raising of equity capital through December 31, 2025, at which point Stirling OP would reimburse Stirling Advisor for all such advanced expenses ratably over the 120 months following such date. Upon Stirling OP’s redemption of all of it’s unit holders other than Ashford Trust OP and Ashford TRS on September 2, 2025, Stirling OP was legally released from approximately $5.3 million of obligations previously owed by Stirling OP to Stirling Advisor for general and administrative expenses and other capital-raising costs paid by Stirling Advisor on Stirling OP’s behalf. The Company recorded the extinguishment of the related liabilities as a capital contribution from Stirling Advisor as required under GAAP.
Warwick
Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage, which includes worker’s compensation, general liability and auto liability coverages. The hotel management companies procure worker’s compensation insurance, the expenses of which are passed through to the Company. Under the Advisory Agreement and hotel management agreements, Ashford Inc. secures general liability and auto liability policies to cover Ashford Trust, Braemar, their hotel managers, as needed, and Ashford Inc. The total cost estimates covered by such policies are based on the collective pool of risk exposures from each party. Ashford Inc. delegates the management of the casualty insurance program to Warwick Insurance Company, LLC (“Warwick”), a subsidiary of Ashford Inc., which issues policies covering general liability, workers’ compensation and auto liability losses. Each year Ashford Inc. collects funds from Ashford Trust, Braemar and their respective hotel management companies, to fund the casualty insurance program as needed, on an allocated basis.
Cash Management
The Company, Ashford Inc. and Braemar Hotels & Resorts Inc. (“Braemar”) are subject to an agreement pursuant to which Ashford LLC is to implement the REIT’s cash management strategies. This includes actively managing the REIT’s excess cash by primarily investing in short-term U.S. Treasury securities. The annual fee is 20 basis points (“bps”) of the average daily balance of the funds managed by Ashford LLC and is payable monthly in arrears.
Lismore
We engage Lismore or its subsidiaries to provide debt placement services, assist with loan modifications or refinancings on our behalf and provide brokerage services. During the years ended December 31, 2025, 2024 and 2023, we incurred fees of $2.4 million, $3.4 million and $2.4 million, respectively.
Ashford Securities
Effective January 1, 2024, Ashford Trust, Ashford Inc. and Braemar (collectively, the “Parties” and each individually, a “Party”) entered into a Fourth Amended and Restated Contribution Agreement with respect to funding certain expenses of Ashford Securities LLC, a subsidiary of Ashford Inc. (“Ashford Securities”). The Fourth Amended and Restated Contribution Agreement stated that, notwithstanding anything in the prior contribution agreements: (1) the Parties equally split responsibility for all aggregate contributions made by them to Ashford Securities through September 30, 2021 and (2) thereafter, their contributions for each quarter were based on the ratio of the amounts raised by each Party through Ashford Securities the prior quarter compared to the total aggregate amount raised by the Parties through Ashford Securities the prior quarter. To the extent contributions made by any of the Parties through December 31, 2023 differed from the amounts owed pursuant to the foregoing, the Parties made true up payments to each other to settle the difference. During the first quarter of 2024, the funding requirement was revised based on the aggregate capital raised through Ashford Securities. This resulted in Ashford Trust making a payment of approximately $3.4 million to Ashford Inc.
Effective December 9, 2025, the Parties entered into the Wind‑Down and Investor Servicing Cost Sharing Agreement providing for the orderly wind‑down of Ashford Securities as a FINRA member and SEC‑registered broker‑dealer and allocating all related wind‑down and investor servicing costs among the Parties based on each Party’s proportion of outstanding shares in applicable investment products as of each quarterly measurement date. The agreement supersedes prior cost‑allocation terms solely with respect to these wind‑down and servicing obligations and remains in effect until completion of the wind‑down and the end of all related servicing requirements.
As of December 31, 2025, Ashford Trust has funded approximately $17.0 million and had a $2.4 million payable. As of December 31, 2024, Ashford Trust had funded approximately $13.2 million and had a $503,000 payable. The payables were included in “due to Ashford Inc., net” on our consolidated balance sheets.
The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
Year Ended December 31,
Line Item202520242023
Corporate, general and administrative$7,194 $9,489 $3,030 
Design and Construction Services – Ashford Trust
Premier Project Management LLC (“Premier”), as a subsidiary of Ashford Inc., provides design and construction services to our hotels, including construction management, interior design, architectural services and the purchasing, freight management and supervision of installation of FF&E and related services. Pursuant to the design and construction services agreement, we pay Premier: (a) design and construction fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, architecture, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision.
On March 12, 2024, Ashford Trust OP entered into an Amended and Restated Master Project Management Agreement with Premier (the “A&R PMA”). The provisions of the A&R PMA are substantially the same as the Master Project Management Agreement, dated as of August 8, 2018. The A&R PMA provides for an initial term of ten years as to each hotel governed by the A&R PMA. The term may be renewed by Premier, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years; provided that, at the time the option to renew is exercised, Premier is not then in default under the A&R PMA. The A&R PMA also: (i) provides that fees will be payable monthly as the service is delivered based on percentage completion; (ii) allows a project management fee to be paid on a development, together with (and not in lieu of) the development fee; and (iii) fixes the fees for FF&E purchasing, expediting, freight management and warehousing at 8%.
Design and Construction Services – Stirling OP
On September 2, 2025, the Master Project Management Agreement with Stirling OP was terminated when the Company became the sole remaining unit holder and general partner of Stirling OP. See note 2. Prior to September 2, 2025, the Master Project Management Agreement provided that Premier would be paid a project management fee equal to 4% of the total project costs associated with the implementation of the capital improvement budget (both hard and soft) until such time that the capital improvement budget and/or renovation project involved the expenditure of an amount in excess of 5% of the gross revenues of the applicable hotel, whereupon the design project management fee was reduced to 3% of the total project costs in excess of the 5% of gross revenue threshold.
The Master Project Management Agreement provided that Premier would provide the following services and would be paid the following fees: (i) architecture (6.5% of total construction costs, plus reimbursement for all third-party, out-of-pocket costs and expenses of mechanical, electrical and structural engineering services utilized in providing architectural services for project management work); (ii) construction management for projects without a general contractor (10% of total construction costs); (iii) interior design (6% of the purchase price of FFE designed or selected by Premier); (iv) FFE purchasing (8% of the purchase price of the FFE purchased by Premier; provided that, if the purchase price exceeded $2.0 million for a single hotel in a calendar year, then the procurement fee was reduced to 6% of the FFE purchase price in excess of $2.0 million for such hotel in such calendar year); (v) freight expediting (8% of the cost of expediting FFE); (vi) warehousing (8% of the cost of warehousing goods delivered to the job site); and (vii) development (4% of total project costs).
Hotel Management Services
As of December 31, 2025, Remington Hospitality managed 50 of our 68 hotel properties.
We pay monthly hotel management fees equal to the greater of approximately $18,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met, and other general and administrative expense reimbursements primarily related to accounting services. Our hotel management agreement also requires that we fund property-level operating costs including the hotel manager's payroll and related costs.
On March 12, 2024, Ashford TRS Corporation entered into a Second Consolidated, Amended and Restated Hotel Master Management Agreement with Remington Hospitality (the “Second A&R HMA”). The provisions of the Second A&R HMA are substantially the same as in the Consolidated, Amended and Restated Hotel Master Management Agreement, dated as of August 8, 2018. The Second A&R HMA provides for an initial term of ten years as to each hotel governed by the Second A&R HMA. The term may be renewed by Remington Hospitality, at its option, for three successive periods of seven years each, and, thereafter, a final term of four years; provided that, at the time the option to renew is exercised, Remington Hospitality is not then in default under the Second A&R HMA. The Second A&R HMA also provides that Remington Hospitality may charge market premiums for its self-insured health plans to its hotel employees, the cost of which is an operating expense of the hotel properties.
On September 11, 2024, Ashford TRS Corporation entered into the First Amendment (the “HMA Amendment”) to the Second A&R HMA with Remington Hospitality. Pursuant to the HMA Amendment, the amount of Group Services (as defined in the Second A&R HMA) charged per room per month at each hotel is capped at $38.32 (subject to annual increases beginning in 2026 equal to the greater of 3% or the percentage change in the Consumer Price Index over the preceding annual period) (the “Cap”). Any unpaid balance will be paid by Ashford TRS, and the Cap will be disregarded when calculating the Incentive Fee (as defined in the Second A&R HMA) for 2024. The Cap will not apply to hotels for whom the New Lessee (as defined in the Second A&R HMA) is not a direct or indirect wholly-owned subsidiary of Ashford TRS.
Summary of Transactions
In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotels, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):
Year Ended December 31, 2025
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement Fees
Other Hotel Expenses
Ashford LLCInsurance claims services$11 $— $— $— $— $— $— 
Ashford SecuritiesCapital raise services8,819 — — — — — — 
INSPIREAudio visual commissions9,326 — — — 9,240 — — 
Lismore CapitalDebt placement and related services2,439 — 1,584 — — — — 
OpenKeyMobile key app78 — — — — — 78 
PremierDesign and construction services17,933 15,362 — — — — 400 
Warwick
Insurance related services
8,199 — — — — — — 
Ashford LLC
Cash management services
8 — — — — — — 
Pure WellnessHypoallergenic premium rooms1,135 — — — — — 1,135 
Remington Hospitality
Hotel management services (3)
49,430 — — — — 24,167 25,263 
Year Ended December 31, 2025
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services Fee
Interest Income
Corporate, General and AdministrativeWrite-off of Premiums, Loan Costs and Exit FeesPreferred Stock
Ashford LLCInsurance claims services$11 $11 $— $— $— $— $— 
Ashford SecuritiesCapital raise services8,819 — — — 7,194 — 1,625 
INSPIREAudio visual commissions9,326 — — — 86 — — 
Lismore CapitalDebt placement and related services2,439 — — — — 855 — 
OpenKeyMobile key app78 — — — — — — 
PremierDesign and construction services17,933 — 2,171 — — — — 
Warwick
Insurance related services
8,199 8,199 — — — — — 
Ashford LLC
Cash management services
8 — — (8)— — — 
Pure WellnessHypoallergenic premium rooms1,135 — — — — — — 
Remington Hospitality
Hotel management services (3)
49,430 — — — — — — 
Year Ended December 31, 2024
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement FeesOther Hotel Expenses
Ashford LLCInsurance claims services$9 $— $— $— $— $— $— 
Ashford Securities
Capital raise services
11,816 — — — — — — 
INSPIREAudio visual commissions8,788 — — — 8,905 — — 
Lismore CapitalDebt placement and related services3,406 — — 475 — — — 
OpenKeyMobile key app91 — — — — — 91 
PremierDesign and construction services19,812 17,256 — — — — 437 
WarwickInsurance related services9,559 — — — — — 31 
Ashford LLCCash management services67 — — — — — — 
Pure WellnessHypoallergenic premium rooms1,208 — — — — — 1,208 
Remington Hospitality
Hotel management services (3)
54,569 — — — — 25,900 28,668 
Year Ended December 31, 2024
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services Fee
Interest Income
Corporate, General and AdministrativeWrite-off of premiums, loan costs and exit feesPreferred Stock
Ashford LLCInsurance claims services$9 $9 $— $— $— $— $— 
Ashford Securities
Capital raise services
11,816 — — — 9,489 — 2,327 
INSPIREAudio visual commissions8,788 — — — 117 — — 
Lismore CapitalDebt placement and related services3,406 — — — — 2,931 — 
OpenKeyMobile key app91 — — — — — — 
PremierDesign and construction services19,812 — 2,119 — — — — 
WarwickInsurance related services9,559 9,528 — — — — — 
Ashford LLCCash management services67 — — (67)— — — 
Pure WellnessHypoallergenic premium rooms1,208 — — — — — — 
Remington Hospitality
Hotel management services (3)
54,569 — — — — — — 
Year Ended December 31, 2023
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement FeesOther Hotel Expenses
Ashford LLCInsurance claims services$9 $— $— $— $— $— $— 
Ashford SecuritiesCapital raise services5,120 — — — — — — 
INSPIREAudio visual commissions9,955 — — — 10,064 — — 
Lismore CapitalDebt placement and related services2,444 — 767 525 — — — 
OpenKeyMobile key app122 — — — — — 122 
PremierDesign and construction services22,961 21,106 — — — — — 
Pure WellnessHypoallergenic premium rooms1,393 — — — — — 1,393 
Remington Hospitality
Hotel management services (3)
57,587 — — — — 30,787 26,800 
Year Ended December 31, 2023
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services FeeCorporate, General and AdministrativeWrite-off of Premiums, Loan Costs and Exit Fees
Preferred Stock
Ashford LLCInsurance claims services$9 $9 $— $— $— $— 
Ashford SecuritiesCapital raise services5,120 — — 3,030 — 2,090 
INSPIREAudio visual commissions9,955 — — 109 — — 
Lismore CapitalDebt placement and related services2,444 — — — 1,152 — 
OpenKeyMobile key app122 — — — — — 
PremierDesign and construction services22,961 — 1,855 — — — 
Pure WellnessHypoallergenic premium rooms1,393 — — — — — 
Remington Hospitality
Hotel management services (3)
57,587 — — — — — 
________
(1)Recorded in FF&E and depreciated over the estimated useful life.
(2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.
(3)Other hotel expenses include incentive hotel management fees and other hotel management costs.
The following table summarizes amounts due (to) from Ashford Inc. (in thousands):
Due (to) from Ashford Inc.
CompanyProduct or ServiceDecember 31, 2025December 31, 2024
Ashford LLC
Advisory services
$(23,499)$(10,047)
AIM
Cash management services— (4)
Ashford LLC
Casualty insurance
(9,247)(8,350)
Ashford SecuritiesCapital raise services/Broker dealer expense(148)(226)
INSPIREAudio visual(609)(858)
OpenKeyMobile key app— (3)
PremierDesign and construction services(7,061)(1,478)
Ashford LLC
Stirling startup and ongoing operating expenses
(39)(4,639)
Pure WellnessHypoallergenic premium rooms(40)(30)
$(40,643)$(25,635)
As of December 31, 2025 and 2024, due to related parties, net included a net payable to Remington Hospitality in the amount of $2.0 million and $2.9 million, respectively, primarily related to accrued base and incentive management fees and casualty insurance premiums.
v3.26.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Restricted Cash—Under certain management and debt agreements for our hotel properties existing as of December 31, 2025, escrow payments are required for insurance, real estate taxes and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow generally 4% to 5% of gross revenues for capital improvements. From time to time, the Company may work with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls.
Franchise Fees—Under franchise agreements for our hotel properties existing as of December 31, 2025, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% to 3% of food and beverage revenues.
Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2026 and 2049. When a franchise term expires, the franchisor has no obligation to renew the franchise. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property.
The table below summarizes the franchise fees incurred (in thousands):
Year Ended December 31,
Line Item202520242023
Other hotel expenses$54,056 $54,795 $64,437 
Management Fees—Under hotel management agreements for our hotel properties existing as of December 31, 2025, we pay monthly hotel management fees equal to the greater of approximately $18,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These hotel management agreements expire from 2026 through 2038, with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Our hotel management agreements also require that we fund property-level operating costs, including the hotel manager’s payroll and related costs.
Leases—We lease land and facilities under non-cancelable operating and finance leases, which expire between 2054 and 2084, including two ground leases related to two hotels and one lease that encompasses the Hilton Marietta. These leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. We are also a party to a lease for one hotel property that is treated as a failed sale and leaseback under the applicable accounting literature. See note 19.
Capital Commitments—At December 31, 2025, we had capital commitments of $64.2 million, including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months.
Potential Pension Liabilities—Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Hospitality, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Hospitality withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board filed a complaint against Remington Hospitality seeking, among other things, a ruling that Remington Hospitality’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Hospitality on November 1, 2011, providing that Remington Hospitality will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of December 31, 2025, Remington Hospitality continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Hospitality does not comply with the settlement agreement, we have agreed to indemnify Remington Hospitality for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement equal to $1.7 million minus the monthly pension payments made by Remington Hospitality since the settlement agreement. To illustrate, if Remington Hospitality - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Hospitality’s remaining withdrawal liability would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability would be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Hospitality’s election), which shall continue for the remainder of 20 years, which is capped, unless Remington Hospitality elects to pay the unfunded pension liability amount earlier.
Income Taxes—We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2021 through 2025 remain subject to potential examination by certain federal and state taxing authorities.
Litigation—On December 20, 2016, a class action lawsuit was filed against one of the Company’s hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has
entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous written policy requiring its employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021, to opt out of the class; however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt-out period has been extended until such time that discovery has concluded. In May 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. A tentative settlement in the amount of $850,000 was reached on February 14, 2025. Final court approval was obtained on September 12, 2025. Ashford Trust’s portion of the settlement is 88.2%. The case is now in the settlement administration phase. As of December 31, 2025, the settlement liability amount was accrued.
On August 4, 2020, a lawsuit, Benjamin Zermeno v. Beverly Hills Marriott, was filed in Alameda County Superior Court as a PAGA representative action alleging various wage and hour violations of all Remington-managed California properties. The plaintiff’s individual claims were compelled to arbitration. On August 18, 2022, another lawsuit, Cristina Catalano v. Beverly Hills Marriott and Mr. C, was filed as a PAGA representative action alleging various wage and hour violations of all Remington-managed California properties. The co-defendant separately settled and the individual arbitration has also settled. A private mediation was held on December 27, 2024, to globally resolve the three outstanding matters. The court approved the settlement of all matters on January 16, 2026. The aggregate settlement is $2.5 million and Ashford Trust’s portion of the settlement is $1.8 million. As of December 31, 2025, the settlement liability amount was accrued.
On April 18, 2024, the California Department of Industrial Relations (“DIR”) served the Company’s manager with an investigative subpoena relative to concerns with the Palm Springs Renaissance Hotel’s COVID recall efforts. On August 27, 2025, the DIR issued a citation that the Company’s manager failed to properly recall certain employees. On September 17, 2025, the Company’s manager filed an appeal which is currently pending. The matter is in the early stages and the ultimate outcome of this matter is unknown at this time. We do not believe that any potential loss to the Company is reasonably estimable at this time. As of December 31, 2025, no amounts were accrued.
We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters; tax matters; and matters relating to compliance with applicable law (for example, the Americans with Disabilities Act and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow.
Our assessment may change depending upon the development of any current or future legal proceedings, and the final results of such legal proceedings cannot be predicted with certainty. If we ultimately do not prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position, results of operations or cash flows could be materially adversely affected in future periods.
v3.26.1
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one year to 99 years. The exercise of lease renewal options is at our sole discretion. Some leases have variable payments, however, if variable payments are contingent, they are not included in the ROU assets and liabilities. Our lease of a single hotel property in Marietta, Georgia, is considered a finance lease.
The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment.
As of December 31, 2025 and 2024, our leased assets and liabilities consisted of the following (in thousands):
Lease ClassificationDecember 31, 2025December 31, 2024
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$43,582 $43,780 
Finance lease asset
Investments in hotel properties, net
15,627 16,167 
Total leased assets$59,209 $59,947 
Liabilities
Operating lease liabilitiesOperating lease liabilities$44,045 $44,369 
Finance lease liability
Finance lease liability
17,536 17,992 
Total leased liabilities$61,581 $62,361 
We incurred the following lease costs related to our leases (in thousands):
Year Ended December 31,
Lease costClassification202520242023
Operating lease cost
Rent expense
Hotel operating expenses - other (1)
$3,260 $4,084 $4,351 
Finance lease cost
Amortization of lease assetsDepreciation and amortization$540 $540 $537 
_______________________________________
(1)    For the years ended December 31, 2025, 2024, and 2023, operating lease cost includes approximately $1.5 million, $1.0 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(122,000), $(122,000) and $(15,000), respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31,
Supplemental Cash Flows Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$2,706 $2,707 $2,647 
Weighted Average Remaining Lease Term
Operating leases (1)
66 years66 years67 years
Finance lease (2)
29 years30 years31 years
Weighted Average Discount Rate
Operating leases (1)
5.27 %5.27 %5.26 %
Finance lease10.68 %10.68 %10.68 %
_______________________________________
(1)     Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
(2)     Represents our finance lease with the city of Marietta, Georgia, which terminates December 31, 2054.
Future minimum lease payments due under non-cancellable leases as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Lease
2026$3,455 $2,284 
20273,417 1,904 
20283,403 1,904 
20293,282 1,904 
20303,208 1,904 
Thereafter189,644 48,110 
Total future minimum lease payments (1)
206,409 58,010 
Less: interest162,364 40,474 
Present value of lease liabilities$44,045 $17,536 
________
(1)     Based on payment amounts as of December 31, 2025.
Other Finance Liability
On November 10, 2021, 815 Commerce LLC, a subsidiary of 815 Commerce MM, entered into a purchase and sale agreement. Pursuant to the purchase and sale agreement, 815 Commerce LLC sold its land and building in Fort Worth, Texas (the “Property”) for $30.4 million. Concurrent with the sale of the Property, 815 Commerce LLC entered into a 99-year lease agreement (the “Lease Agreement”), whereby 815 Commerce LLC will lease back the Property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the Lease Agreement, 815 Commerce LLC has a purchase option between 90-180 days prior to the commencement of the 36th lease year.
In accordance with ASC 842, Leases, this transaction was recorded as a failed sale and leaseback as there are not alternative assets, substantially the same as the transferred asset, readily available in the marketplace for the repurchase option to qualify as a sale leaseback. Upon consolidation of 815 Commerce LLC in May 2023, the Company utilized a discount rate of 8.2% to determine the fair value of the finance liability. The finance liability of $27.2 million is included in “other liabilities” on the Company’s consolidated balance sheet as of December 31, 2025.
Leases Leases
The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one year to 99 years. The exercise of lease renewal options is at our sole discretion. Some leases have variable payments, however, if variable payments are contingent, they are not included in the ROU assets and liabilities. Our lease of a single hotel property in Marietta, Georgia, is considered a finance lease.
The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment.
As of December 31, 2025 and 2024, our leased assets and liabilities consisted of the following (in thousands):
Lease ClassificationDecember 31, 2025December 31, 2024
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$43,582 $43,780 
Finance lease asset
Investments in hotel properties, net
15,627 16,167 
Total leased assets$59,209 $59,947 
Liabilities
Operating lease liabilitiesOperating lease liabilities$44,045 $44,369 
Finance lease liability
Finance lease liability
17,536 17,992 
Total leased liabilities$61,581 $62,361 
We incurred the following lease costs related to our leases (in thousands):
Year Ended December 31,
Lease costClassification202520242023
Operating lease cost
Rent expense
Hotel operating expenses - other (1)
$3,260 $4,084 $4,351 
Finance lease cost
Amortization of lease assetsDepreciation and amortization$540 $540 $537 
_______________________________________
(1)    For the years ended December 31, 2025, 2024, and 2023, operating lease cost includes approximately $1.5 million, $1.0 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(122,000), $(122,000) and $(15,000), respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31,
Supplemental Cash Flows Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$2,706 $2,707 $2,647 
Weighted Average Remaining Lease Term
Operating leases (1)
66 years66 years67 years
Finance lease (2)
29 years30 years31 years
Weighted Average Discount Rate
Operating leases (1)
5.27 %5.27 %5.26 %
Finance lease10.68 %10.68 %10.68 %
_______________________________________
(1)     Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
(2)     Represents our finance lease with the city of Marietta, Georgia, which terminates December 31, 2054.
Future minimum lease payments due under non-cancellable leases as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Lease
2026$3,455 $2,284 
20273,417 1,904 
20283,403 1,904 
20293,282 1,904 
20303,208 1,904 
Thereafter189,644 48,110 
Total future minimum lease payments (1)
206,409 58,010 
Less: interest162,364 40,474 
Present value of lease liabilities$44,045 $17,536 
________
(1)     Based on payment amounts as of December 31, 2025.
Other Finance Liability
On November 10, 2021, 815 Commerce LLC, a subsidiary of 815 Commerce MM, entered into a purchase and sale agreement. Pursuant to the purchase and sale agreement, 815 Commerce LLC sold its land and building in Fort Worth, Texas (the “Property”) for $30.4 million. Concurrent with the sale of the Property, 815 Commerce LLC entered into a 99-year lease agreement (the “Lease Agreement”), whereby 815 Commerce LLC will lease back the Property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the Lease Agreement, 815 Commerce LLC has a purchase option between 90-180 days prior to the commencement of the 36th lease year.
In accordance with ASC 842, Leases, this transaction was recorded as a failed sale and leaseback as there are not alternative assets, substantially the same as the transferred asset, readily available in the marketplace for the repurchase option to qualify as a sale leaseback. Upon consolidation of 815 Commerce LLC in May 2023, the Company utilized a discount rate of 8.2% to determine the fair value of the finance liability. The finance liability of $27.2 million is included in “other liabilities” on the Company’s consolidated balance sheet as of December 31, 2025.
v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For U.S. federal income tax purposes, we elected to be treated as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not qualify as a REIT for four years that are subsequently taxable. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income.
At December 31, 2025, our 68 hotel properties were leased by our wholly owned or majority owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes. Ashford TRS recognized net book income (loss) of $(54.6) million, $(54.5) million and $3.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.
We have prospectively adopted the disclosure requirements as required after the adoption of ASU 2023-09. The following table reconciles the income tax (expense) benefit of the Company at applicable statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31, 2025
$
%
Income tax (expense) benefit at federal statutory rate of 21%
$39,544 21.00 %
State and local income tax, net of federal income tax effect (1)
(65)(0.03)%
Changes in valuation allowance
(10,727)(5.70)%
Nontaxable or nondeductible items(798)(0.43)%
Redeemable noncontrolling interests in operating partnership(553)(0.29)%
Tax impact of REIT election
(27,517)(14.61)%
Other259 0.14 %
Total income tax (expense) benefit
$143 0.08 %
__________________
(1) State taxes in Florida, Georgia, Tennessee and Virginia make up the majority of the tax effect in this category.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the following table reconciles the income tax (expense) benefit of the TRS entities at applicable statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31,
20242023
Income tax (expense) benefit of the TRS entities at federal statutory rate of 21%
$11,448 $(761)
State income tax (expense) benefit, net of federal income tax benefit
1,613 (311)
Permanent differences(554)(168)
Provision to return adjustment4 15 
Gross receipts and margin taxes(1,081)(958)
Interest and penalties106 184 
Valuation allowance(12,533)1,099 
Total income tax (expense) benefit$(997)$(900)
The components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$— $8 $(195)
State(99)(994)(733)
Total current income tax (expense) benefit(99)(986)(928)
Deferred:
Federal242 (11)28 
Total deferred income tax (expense) benefit242 (11)28 
Total income tax (expense) benefit$143 $(997)$(900)
We have prospectively adopted the disclosure requirements as required after the adoption of ASU 2023-09. The following table presents the disaggregated cash paid for income taxes, net of refunds (in thousands):
Year Ended December 31, 2025
U.S. Federal$— 
U.S. State and Local(1,954)
Foreign— 
Total cash paid (refunded) during the period for income taxes$(1,954)
__________________
(1) Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include California at $(2.0) million, Texas at $861,000 and Virginia at ($89,000).
For the years ended December 31, 2025, 2024 and 2023 income tax expense includes interest and penalties paid to/(received from) taxing authorities of $31,000, $(106,000) and $184,000, respectively. At December 31, 2025 and 2024, we determined that there were no material amounts to accrue for interest and penalties due to taxing authorities.
At December 31, 2025 and 2024, our net deferred tax asset, included in “prepaid expenses and other assets”, and net deferred tax liability, included in “accounts payable and accrued expenses”, on the consolidated balance sheets, respectively, consisted of the following (in thousands):
December 31,
20252024
Deferred tax assets:
Allowance for doubtful accounts$86 $87 
Unearned income1,414 768 
Federal and state net operating losses41,217 34,186 
Capital loss carryforward— 2,290 
Accrued expenses1,050 1,740 
Tax derivatives basis greater than book basis40 39 
Operating lease liability
2,253 2,265 
Investment in partnership2,725 — 
Other253 443 
Deferred tax assets
49,038 41,818 
Valuation allowance(45,901)(37,553)
Net deferred tax asset
3,137 4,265 
Deferred tax liabilities:
Prepaid expenses(4)(4)
Operating lease right-of-use assets
(2,252)(2,265)
Tax property basis less than book basis(1,054)(2,411)
Deferred tax liabilities
(3,310)(4,680)
Net deferred tax asset (liability)$(173)$(415)
At December 31, 2025, we had TRS NOLs for U.S. federal income tax purposes of $174.2 million, however $82.5 million of our NOLs are subject to limitation in the amount of approximately $1.2 million per year under Section 382 of the Internal Revenue Code. NOLs become subject to an annual limitation in the event of certain cumulative changes in the ownership of significant shareholders over a three-year period in excess of 50%, as defined under Section 382 of the Internal Revenue Code. The remaining $91.7 million of our TRS federal NOLs are not subject to the limitations of Section 382. In total, $1.9 million of our TRS federal NOLs are subject to expiration and will begin to expire in 2026. The remainder were generated after December 31, 2017 and are not subject to expiration under the Tax Cuts and Jobs Act. At December 31, 2025, we had state net operating loss carryforwards of $1.1 billion which begin to expire in 2027. The Company also has indefinite-lived state NOLs. At December 31, 2025, we had REIT NOLs for U.S. federal income tax purposes of $1.4 billion based on the latest filed tax returns. The majority of our REIT NOLs are subject to limitation on their use under Section 382. $424.0 million of our net
operating loss carryforwards will begin to expire in 2029 and are available to offset future taxable income, if any, through 2036. The remainder were generated after December 31, 2017 and are not subject to expiration under the Tax Cuts and Jobs Act.
At December 31, 2025 and 2024, we maintained a valuation allowance of $45.9 million and $37.6 million, respectively. At December 31, 2025 and 2024, we have reserved certain deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable to our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. Outside consultants prepared the transfer pricing studies supporting the rents from the leases. Outside consultants will continue to provide transfer pricing studies on any newly acquired properties. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends.
The following table summarizes the changes in the valuation allowance (in thousands):
Year Ended December 31,
202520242023
Balance at beginning of year$37,553 $29,319 $31,205 
Additions8,348 8,234 — 
Deductions— — (1,886)
Balance at end of year$45,901 $37,553 $29,319 
v3.26.1
Deferred Costs, net
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Costs, net Deferred Costs, net
Deferred costs, net consist of the following (in thousands):
December 31,
20252024
Deferred franchise fees$2,803 $3,066 
Accumulated amortization(1,274)(1,278)
Deferred costs, net$1,529 $1,788 
v3.26.1
Intangible Assets, net and Intangible Liabilities, net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Intangible Liabilities, net Intangible Assets, net and Intangible Liabilities, net
Intangible assets, net and intangible liabilities, net consisted of the following (in thousands):
Intangible Assets, netIntangible Liabilities, net
December 31,December 31,
2025202420252024
Cost$797 $797 $2,723 $2,723 
Accumulated amortization— — (774)(742)
$797 $797 $1,949 $1,981 
The intangible assets represent the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia. This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2025 and 2024.
As of December 31, 2025 and 2024, intangible liabilities, net represents below market rate leases where the Company is the lessor. For the years ended December 31, 2025, 2024 and 2023 we recorded $32,000, $36,000, and $80,000, respectively, of other revenue related to leases where we are the lessor.
Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands):
2026$32 
202732 
202832 
202932 
203032 
Thereafter1,789 
Total$1,949 
v3.26.1
Concentration of Risk
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of Risk
Our investments are primarily concentrated within the hotel industry. Our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have RevPAR generally less than twice the national average. During 2025, approximately 15% of our total hotel revenue was generated from nine hotel properties located in the Washington D.C. area. All hotel properties securing our mortgage loans are located domestically at December 31, 2025. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders.
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000 and amounts due or payable under our derivative contracts. At December 31, 2025, we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.
v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in one reportable business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments: (i) offer similar products and services to their customers in the form of hotel rooms, food and beverage, and ancillary services; (ii) utilize third-party hotel management companies to deliver its products and services to its customers; (iii) are designed and operated to appeal to similar individuals, groups, leisure and business customers; and (iv) have third-party hotel managers that utilize the same methods (direct hotel sales and various online booking portals) to distribute the Company’s products and services. As of December 31, 2025, 2024 and 2023 all of our hotel properties were in the U.S. and its territories. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer.
Each hotel property derives revenue primarily from guestroom sales, food and beverage sales and revenues from other lodging services and amenities. The accounting policies of each operating segment are the same as those described in the summary of significant accounting policies in note 2.
The CODM reviews and makes decisions on all aspects of the Company’s business using all available financial and non-financial data for each hotel individually. Capital allocation decisions to acquire, sell, enhance, redevelop or perform renewal and replacement expenditures are determined on a hotel-by-hotel basis. Specifically, the CODM reviews the results of each hotel to assess the hotel’s profitability. The key measure the CODM uses to allocate resources and assess performance is individual hotel net income (loss) before interest expense, income taxes, depreciation and amortization, adjusted to exclude certain items determined by management to not be reflective of its ongoing operating performance or incurred in the normal course of business (“Hotel Adjusted EBITDA”). The adjustments include gains and losses on hotel dispositions, impairment charges, pre-opening costs associated with extensive renovation projects, property-level legal settlements, restructuring, severance, management transition costs and other expenses identified by management as non-recurring. The CODM does not regularly review asset information by segment.
Following Stirling OP’s redemption of its unit holders on September 2, 2025, the Company updated the presentation of its reportable segment for December 31, 2025, 2024 and 2023 to incorporate the results of Stirling OP’s four hotel properties. Prior to September 2, 2025, the CODM did not regularly review the results of Stirling OP. The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations (in thousands):
Year Ended December 31,
202520242023
REVENUE
Rooms$825,623 $889,753 $1,059,155 
Food and beverage207,588 212,581 232,829 
Other hotel revenue69,643 67,800 72,748 
Total hotel revenue1,102,854 1,170,134 1,364,732 
EXPENSES
Rooms198,002 209,569 $249,434 
Food and beverage139,324 145,304 161,300 
Direct expenses9,198 9,134 11,058 
Indirect expenses:
Property, general and administration
99,688 118,598 137,160 
Sales and marketing118,204 123,275 141,425 
Information and telecommunications systems17,202 19,031 21,707 
Repairs and maintenance53,704 56,118 61,892 
Energy43,269 43,442 51,516 
Lease expense4,374 4,177 4,344 
Ownership expenses1,955 2,456 3,075 
Incentive management fee15,562 18,110 19,457 
Management fees37,743 41,543 50,120 
Property taxes40,790 41,050 46,590 
Other taxes (refunds)
165 (766)634 
Insurance21,049 24,401 21,746 
Total expenses
800,229 855,442 981,458 
Hotel adjusted EBITDA$302,625 $314,692 $383,274 
Year Ended December 31,
202520242023
Reconciliation of hotel operating income (loss) to net income (loss)
Hotel adjusted EBITDA$302,625 $314,692 $383,274 
Other revenue1,534 2,325 2,801 
Ownership expenses included in rooms expense(104)— — 
Ownership expenses included in food and beverage expense(504)— — 
Ownership expenses included in other hotel expenses (28,915)(24,127)(12,457)
Ownership expenses included in property taxes, insurance and other2,211 973 (1,257)
Management fees (520)(863)(491)
Depreciation and amortization(141,295)(152,776)(187,807)
Impairment charges
(67,648)(59,331)— 
Advisory services fee
(49,039)(58,606)(48,927)
Corporate, general, and administrative
(20,783)(24,662)(16,181)
Gain (loss) on disposition of assets and hotel properties
79,799 94,406 11,488 
Gain (loss) on derecognition of assets
39,054 167,177 — 
Equity in earnings (loss) of unconsolidated entities
(325)(2,370)(1,134)
Interest income4,739 6,942 8,978 
Other income (expense), net— 108 310 
Interest expense and amortization of discounts and loan costs
(256,229)(273,359)(326,970)
Interest expense associated with hotels in receivership(39,038)(45,592)(39,178)
Write-off of premiums, loan costs and exit fees(8,853)(5,245)(3,469)
Gain (loss) on extinguishment of debt335 2,774 53,386 
Realized and unrealized gain (loss) on derivatives(5,346)(6,480)(2,200)
Income tax (expense) benefit143 (997)(900)
Net income (loss)$(188,159)$(65,011)$(180,734)
The following table reconciles segment total revenue to total consolidated revenue:
Year Ended December 31,
202520242023
Consolidated total hotel revenue
$1,102,854 $1,170,134 $1,364,732 
Other revenue
1,534 2,325 2,801 
Total consolidated revenue
$1,104,388 $1,172,459 $1,367,533 
v3.26.1
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On January 13, 2026, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million and has a final maturity date of July 9, 2026.
On January 13, 2026, in order to preserve the Company’s liquidity position as it evaluates strategic alternatives, preferred dividends have been suspended, including dividends previously declared for share holders of record as of December 31, 2025 of the Company’s Series D, F, G, H, I, J, K, L and M preferred stock.
On February 9, 2026 and February 17, 2026, the Company completed the sales of the 150-room Embassy Suites Houston located in Houston, Texas, and the 150-room Embassy Suites Austin located in Austin, Texas, for a combined $27.0 million, subject to customary pro rations and adjustments.
On February 11, 2026, the Company received a notice of default and acceleration from the lender relating to the Company’s mortgage loan on the JPM8 hotel properties. The notice followed the Company’s failure on February 9, 2026 to make certain required payments and deliver required documentation under the existing loan extension, which constituted an event of default under the loan agreement. As a result, the lender demanded immediate payment of the outstanding principal balance of $325 million, plus accrued interest, default interest, fees, and other amounts due, and also required delivery of a replacement interest rate cap agreement. The loan is secured by eight hotel properties. The notice does not trigger any cross‑defaults under other loans of the Company’s subsidiaries, and the Company has no indebtedness at the parent‑company level.
On December 12, 2025, the Company entered into a definitive agreement to sell the 333-room Hilton St. Petersburg Bayfront located in St. Petersburg, Florida for a purchase price of $96 million. The agreement included nonrefundable deposits totaling $2.4 million which were paid in February 2026. The sale was completed on March 5, 2026.
On February 24, 2026, the Company entered into a definitive agreement to sell the 157-room La Posada de Santa Fe located in Santa Fe, New Mexico for a purchase price of $57.5 million. The agreement included a nonrefundable deposit of $4.0 million which was paid on February 24, 2026. The sale was completed on March 17, 2026.
On February 25, 2026, the Company entered into definitive agreements to sell the 252-room Hilton Alexandria Old Town located in Alexandria, Virginia and the 160-room Embassy Suites Palm Beach Gardens located in Palm Beach, Florida for purchase prices of $58.0 million and $41.0 million, respectively. The agreements included nonrefundable deposits of $3.0 million and $2.1 million, respectively, which were paid in February of 2026.
On March 13, 2026, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the “2026 Advisory Agreement Limited Waiver”). Pursuant to the 2026 Advisory Agreement Limited Waiver, the Company, the Operating Partnership, TRS, Ashford Inc. and Ashford LLC waive the operation of any provision in our advisory agreement that would otherwise limit the ability of the Company in its discretion, at the Company’s cost and expense, to award during calendar year 2026, cash incentive compensation to employees and other representatives of Ashford Inc. and Ashford LLC.
On March 16, 2026, the Company entered into a definitive agreement to sell the 168-room Lakeway Resort & Spa located in Austin, Texas for a purchase price of $37.8 million. The agreement included a nonrefundable deposit of $500,000 which was paid on March 16, 2026.
v3.26.1
REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(dollars in thousands)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period (6)
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		TotalAccumulated
Depreciation		Construction
Date		Acquisition
Date		Income
Statement
 Embassy Suites (7)
 Austin, TX $22,025 $1,204 $9,388 $193 $10,330 $1,397 $19,718 $21,115 $11,274  08/1998  (1), (2), (3)
 Embassy Suites  Dallas, TX 14,579 1,876 8,907 238 14,753 2,114 23,660 25,774 12,850  12/1998  (1), (2), (3)
 Embassy Suites  Herndon, VA 15,000 1,303 9,836 277 3,810 1,580 13,646 15,226 9,011  12/1998  (1), (2), (3)
 Embassy Suites  Las Vegas, NV 28,547 3,307 16,952 397 6,398 3,704 23,350 27,054 13,573  05/1999  (1), (2), (3)
 Embassy Suites (7)
 Houston, TX 16,790 1,799 10,404 — 3,289 1,799 13,693 15,492 7,109  03/2005  (1), (2), (3)
 Embassy Suites  West Palm Beach, FL 18,667 3,277 13,949 — 13,086 3,277 27,035 30,312 11,591  03/2005  (1), (2), (3)
 Embassy Suites  Philadelphia, PA 17,000 5,791 34,819 — 2,287 5,791 37,106 42,897 18,329  12/2006  (1), (2), (3)
 Embassy Suites  Arlington, VA 38,140 36,065 41,588 — 6,640 36,065 48,228 84,293 24,316  04/2007  (1), (2), (3)
 Embassy Suites  Portland, OR 72,763 11,110 60,048 (5,615)(38,476)5,495 21,572 27,067 2,936  04/2007  (1), (2), (3)
 Embassy Suites  Santa Clara, CA 55,489 8,948 46,239 — 5,625 8,948 51,864 60,812 24,614  04/2007  (1), (2), (3)
 Embassy Suites  Orlando, FL 18,534 5,674 21,593 — 4,452 5,674 26,045 31,719 12,594  04/2007  (1), (2), (3)
 Hilton Garden Inn  Jacksonville, FL 11,082 1,751 9,164 — 1,604 1,751 10,768 12,519 5,729  11/2003  (1), (2), (3)
 Hilton Garden Inn  Austin, TX 60,414 7,605 48,725 — 1,054 7,605 49,779 57,384 14,459  03/2015  (1), (2), (3)
 Hilton Garden Inn  Baltimore, MD 14,788 4,027 20,199 — 1,563 4,027 21,762 25,789 7,286  03/2015  (1), (2), (3)
 Hilton Garden Inn  Virginia Beach, VA 29,305 4,101 26,329 — 6,646 4,101 32,975 37,076 8,178  03/2015  (1), (2), (3)
 Hilton  Ft. Worth, TX 45,000 4,538 13,922 — 12,693 4,538 26,615 31,153 15,083  03/2005  (1), (2), (3)
 Hilton  St. Petersburg, FL 45,938 2,991 13,907 (1,130)10,415 1,861 24,322 26,183 10,864  03/2005  (1), (2), (3)
 Hilton  Santa Fe, NM 45,000 7,004 10,689 — 2,305 7,004 12,994 19,998 6,815  12/2006  (1), (2), (3)
 Hilton  Bloomington, MN 10,700 5,685 59,139 — 5,321 5,685 64,460 70,145 31,080  04/2007  (1), (2), (3)
 Hilton  Costa Mesa, CA 54,033 12,917 91,791 (7,145)(66,653)5,772 25,138 30,910 2,246  04/2007  (1), (2), (3)
 Hilton  Parsippany, NJ 34,716 7,293 58,098 — 2,432 7,293 60,530 67,823 18,925  03/2015  (1), (2), (3)
 Hilton  Tampa, FL 25,022 5,206 21,186 — 2,450 5,206 23,636 28,842 8,609  03/2015  (1), (2), (3)
 Hilton (4)
 Alexandria, VA 62,753 14,459 96,602 (4,982)(45,580)9,477 51,022 60,499 249  06/2018  (1), (2), (3)
 Hilton (4)
 Santa Cruz, CA 21,971 9,399 38,129 (4,092)(18,174)5,307 19,955 25,262 3,116  02/2019  (1), (2), (3)
 Hampton Inn  Evansville, IN 10,481 1,301 5,034 — 9,120 1,301 14,154 15,455 7,166  09/2004  (1), (2), (3)
 Hampton Inn  Parsippany, NJ 16,997 3,268 24,306 — (410)3,268 23,896 27,164 6,846  03/2015  (1), (2), (3)
 Marriott  Beverly Hills, CA 90,000 6,510 22,061 — 2,143 6,510 24,204 30,714 12,877  03/2005  (1), (2), (3)
 Marriott  Arlington, VA 121,500 20,637 101,376 — 8,354 20,637 109,730 130,367 55,356  07/2006  (1), (2), (3)
 Marriott  Dallas, TX 18,500 2,701 30,893 — 6,274 2,701 37,167 39,868 17,004  04/2007  (1), (2), (3)
 Marriott  Fremont, CA 40,000 5,800 44,200 — 9,827 5,800 54,027 59,827 20,315  08/2014  (1), (2), (3)
 Marriott  Memphis, TN 18,000 6,210 37,284 — (2,143)6,210 35,141 41,351 10,267  02/2015  (1), (2), (3)
 Marriott  Irving, TX 60,775 8,330 82,272 — 12,897 8,330 95,169 103,499 34,187  03/2015  (1), (2), (3)
 Marriott  Omaha, NE 14,450 6,641 49,887 — 1,068 6,641 50,955 57,596 16,378  03/2015  (1), (2), (3)
 Marriott  Sugarland, TX 56,807 9,047 84,043 — 14,493 9,047 98,536 107,583 30,215  03/2015  (1), (2), (3)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period (6)
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		TotalAccumulated
Depreciation		Construction
Date		Acquisition
Date		Income
Statement
 Courtyard by Marriott  Bloomington, IN 13,432 900 10,741 — 7,789 900 18,530 19,430 7,676  09/2004  (1), (2), (3)
 Courtyard by Marriott  Denver, CO 30,432 9,342 29,656 — (1,153)9,342 28,503 37,845 8,444  03/2015  (1), (2), (3)
 Courtyard by Marriott  Gaithersburg, MD 26,059 5,128 30,522 — (362)5,128 30,160 35,288 8,573  03/2015  (1), (2), (3)
 Courtyard by Marriott  Crystal City, VA 40,101 5,411 38,610 — 3,406 5,411 42,016 47,427 22,507  06/2005  (1), (2), (3)
 Courtyard by Marriott  Overland Park, KS 9,500 1,868 14,030 — 1,664 1,868 15,694 17,562 8,095  06/2005  (1), (2), (3)
 Courtyard by Marriott  Foothill Ranch, CA 20,490 2,447 16,005 — 1,154 2,447 17,159 19,606 9,071  06/2005  (1), (2), (3)
 Courtyard by Marriott  Alpharetta, GA 18,538 2,244 12,345 — 1,691 2,244 14,036 16,280 7,478  06/2005  (1), (2), (3)
 Marriott Residence Inn  Orlando, FL 35,000 6,554 40,539 (380)4,536 6,174 45,075 51,249 24,574  06/2005  (1), (2), (3)
 Marriott Residence Inn  Falls Church, VA 24,652 2,752 34,979 — 3,798 2,752 38,777 41,529 20,695  06/2005  (1), (2), (3)
 Tribute Portfolio  Santa Fe, NM 35,697 8,094 42,058 — 3,428 8,094 45,486 53,580 9,744  10/2018  (1), (2), (3)
 Ritz-Carlton  Atlanta, GA 89,269 2,477 80,139 — 8,345 2,477 88,484 90,961 28,071  03/2015  (1), (2), (3)
 Renaissance  Nashville, TN 306,946 20,671 158,260 — 20,662 20,671 178,922 199,593 57,552  03/2015  (1), (2), (3)
 Renaissance  Palm Springs, CA 46,979 — 74,112 — (1,294)— 72,818 72,818 21,146  03/2015  (1), (2), (3)
 Sheraton Hotel  Minneapolis, MN 17,223 2,953 14,280 (51)1,732 2,902 16,012 18,914 8,352  03/2005  (1), (2), (3)
 Sheraton Hotel  Indianapolis, IN 55,882 3,100 22,041 — 19,422 3,100 41,463 44,563 16,445  03/2005  (1), (2), (3)
 Sheraton Hotel  Anchorage, AK 41,500 4,023 39,363 — 13,202 4,023 52,565 56,588 22,166  12/2006  (1), (2), (3)
 Sheraton Hotel  San Diego, CA 32,800 7,294 36,382 — 10,643 7,294 47,025 54,319 19,612  12/2006  (1), (2), (3)
 Hyatt Regency  Coral Gables, FL 84,000 4,805 50,820 — 10,564 4,805 61,384 66,189 31,074  04/2007  (1), (2), (3)
 Hyatt Regency  Hauppauge, NY 32,912 6,284 35,669 — (2,210)6,284 33,459 39,743 13,080  03/2015  (1), (2), (3)
 Hyatt Regency  Savannah, GA 63,119 14,041 72,721 — 1,952 14,041 74,673 88,714 22,640  03/2015  (1), (2), (3)
 Crown Plaza  Key West, FL 53,466 — 27,514 — 38,372 — 65,886 65,886 29,320  03/2005  (1), (2), (3)
 Annapolis Historic Inn  Annapolis, MD 15,352 3,028 7,833 — 1,658 3,028 9,491 12,519 4,966  03/2005  (1), (2), (3)
 Lakeway Resort & Spa  Austin, TX 33,000 4,541 28,940 — (487)4,541 28,453 32,994 10,780  02/2015  (1), (2), (3)
 Silversmith  Chicago, IL 25,293 4,782 22,398 — (849)4,782 21,549 26,331 7,362  03/2015  (1), (2), (3)
 The Churchill  Washington, DC 37,488 25,898 32,304 — 421 25,898 32,725 58,623 9,586  03/2015  (1), (2), (3)
 The Melrose  Washington, DC 68,800 29,277 62,507 — (1,794)29,277 60,713 89,990 17,135  03/2015  (1), (2), (3)
 Westin  Princeton, NJ 45,000 6,475 52,195 — 4,428 6,475 56,623 63,098 15,934  03/2015  (1), (2), (3)
 Atlanta Hotel Indigo  Atlanta, GA 12,329 3,230 23,713 — 2,139 3,230 25,852 29,082 8,383  10/2015  (1), (2), (3)
 Le Meridien
 Ft. Worth, TX 15,660 4,609 82,749 (9)(4,562)4,600 78,187 82,787 5,558 
08/2024
 (1), (2), (3)
 Hampton Inn  Buford, GA 10,000 1,168 5,338 — 3,734 1,168 9,072 10,240 6,237  07/2004  (1), (2), (3)
 SpringHill Suites by Marriott  Buford, GA 4,500 1,132 6,089 — 7,191 1,132 13,280 14,412 7,134  07/2004  (1), (2), (3)
 Marriott Residence Inn  Manchester, CT 7,700 1,462 8,306 — 7,087 1,462 15,393 16,855 6,975  04/2007  (1), (2), (3)
 Marriott Residence Inn  Jacksonville, FL 8,000 1,997 16,084 — 4,665 1,997 20,749 22,746 11,709  05/2007  (1), (2), (3)
Total (5)
$2,586,885 $435,762 $2,492,201 $(22,299)$180,865 $413,463 $2,673,066 $3,086,529 $999,521 
_________________________
(1)    Estimated useful life for buildings is 39 years.
(2)    Estimated useful life for building improvements is 7.5 years.
(3)    Estimated useful life for furniture and fixtures is 1.5 to 5 years.
(4)    Amounts include impairment charges.
(5)     Total includes properties held for sale as of December 31, 2025 and excludes the Hilton Marietta as it is operated through a lease.
(6)    The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $2.2 billion as of December 31, 2025.
(7)     Hotel property was held for sale as of December 31, 2025.

Year Ended December 31,
202520242023
Investment in Real Estate:
Beginning balance$3,350,086 $4,245,264 $4,546,384 
Additions71,736 102,232 206,737 
Impairment/write-offs(209,807)(255,732)(194,343)
Sales/disposals(108,181)(631,383)(292,268)
Assets held for sale(34,818)(110,295)(21,246)
Ending balance$3,069,016 $3,350,086 $4,245,264 
Accumulated Depreciation:
Beginning balance1,030,879 1,293,332 1,428,053 
Depreciation expense144,289 152,832 188,021 
Impairment/write-offs(142,122)(196,402)(194,343)
Sales/disposals(31,883)(195,710)(119,102)
Assets held for sale(17,391)(23,173)(9,297)
Ending balance$983,772 $1,030,879 $1,293,332 
Investment in Real Estate, net$2,085,244 $2,319,207 $2,951,932 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] The Company relies on Ashford Inc. and the Company’s managers to protect the electronic assets of the Company. Their programs consist of various processes designed to ensure that the Company and its electronic assets are shielded from cyber events that may compromise the Company’s ability to successfully execute its business on a day-to-day basis. These processes cover areas such as, but not limited to, risk management, access control, anti-virus management, electronic communication, risk/security reporting, incident response planning and business continuity planning. The information technology department of Remington Hospitality (“IT Department”), which includes a cybersecurity department (“IT Security Department”), is responsible for implementing processes and coordinating with the Human Resources Department to align training and onboarding efforts of Ashford Inc. and Remington Hospitality employees handling the Company’s electronic assets.
Remington Hospitality’s IT Security Department carries out risk management primarily by outsourcing risks to those companies and agencies that specialize in handling such risks and that have the appropriate resources to do so. Additionally, Remington Hospitality’s IT Department assesses and improves the Company’s cybersecurity risk management processes on an annual basis by: (i) engaging consultants to complete a benchmarking evaluation to compare its cybersecurity posture against peers; and (ii) engaging a cybersecurity risk readiness and response company to conduct vulnerability and penetration testing, which produces a report that specifies any possible risk area and devices. Such report is presented to the IT Department for analysis and for the purpose of developing subsequent action plans to remediate any vulnerabilities. As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial conditions, except as otherwise noted.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Their programs consist of various processes designed to ensure that the Company and its electronic assets are shielded from cyber events that may compromise the Company’s ability to successfully execute its business on a day-to-day basis.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Audit Committee of the board of directors is then briefed each quarter on the occurrence of any cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the board of directors is then briefed each quarter on the occurrence of any cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the board of directors is then briefed each quarter on the occurrence of any cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block] Management, provided by Ashford Inc., is ultimately responsible for assessing and managing the Company’s cybersecurity risk.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Management, provided by Ashford Inc., is ultimately responsible for assessing and managing the Company’s cybersecurity risk. The information security program is overseen by the Executive Vice President of Asset Management for Ashford Inc. and the Executive Vice President of Technology for Remington Hospitality. A Cyber Incident Response Team comprised of Ashford Inc. and Remington Hospitality employees meets monthly to review incidents that have occurred and/or impacted the Company’s electronic assets.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The information security program is overseen by the Executive Vice President of Asset Management for Ashford Inc. and the Executive Vice President of Technology for Remington Hospitality.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] A Cyber Incident Response Team comprised of Ashford Inc. and Remington Hospitality employees meets monthly to review incidents that have occurred and/or impacted the Company’s electronic assets. The Executive Vice President of Technology of Remington Hospitality reviews weekly reports that contain an overview of the activity in the department, any United States Computer Emergency Readiness Team alerts processed and all findings from the preventative maintenance tools. The Executive Vice President of Technology provides such report to the Executive Vice President of Asset Management on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.26.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation—The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, its majority-owned joint ventures in which it has a controlling interest and entities in which the Company is the primary beneficiary. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements.
Going Concern
Going Concern—The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of December 31, 2025, the Company held cash and cash equivalents of $66.8 million and restricted cash of $149.6 million (including amounts held for sale). During the year ended December 31, 2025, the net decrease in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) was $4.1 million.
The Company forecasts it may not have enough cash to support the Company’s daily operations one year from the date the financial statements are issued due primarily to anticipated debt service costs, debt maturities and the potential termination fee the Company would owe to Ashford LLC upon the triggering of the change of control provision in the Advisory Agreement. We have $1.9 billion of non-recourse loans that mature within one year from the date the financial statements are issued. If these loans are not refinanced and our lenders elect to foreclose on these properties, the change of control provision in the Advisory Agreement could be triggered beginning November 16, 2026 resulting in a termination fee (as defined in the Advisory Agreement - see note 17.) We are taking several steps to reduce our cash utilization and potentially raise additional capital. The Company’s ability to continue as a going concern is dependent upon its ability to improve the profitability of its operations, refinance or extend the maturity of our loans and increase our cash position from the sale of certain hotel properties. While the Company believes in the viability of its strategy, GAAP requires that in making this determination the Company cannot consider any remedies outside of the Company’s control which have not been fully implemented. As such, the Company could not consider future potential fundraising activities, whether through equity or debt offerings or dispositions of hotel properties as we could not conclude they were probable of being effectively implemented.
Based on these factors, the Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Variable Interest Entities
Variable Interest Entities—Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. As Ashford Trust OP is substantially the same as Ashford Hospitality Trust, Inc., our REIT, the separate VIE accounts for this VIE are not reflected separately on the balance sheet.
On May 31, 2023, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce Managing Member LLC (“815 Commerce MM”), which is developing the Le Méridien hotel in Fort Worth, Texas. As a result, Ashford Trust became the primary beneficiary and began consolidating 815 Commerce MM. The hotel property is subject to a 99-year lease of the land and building that has been accounted for as a failed sale and leaseback.
In 2023, the Company determined that 815 Commerce MM is a VIE that is not a business. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of 815 Commerce MM, at fair value. The Company recognized a gain of $1.1 million that represented the difference between the fair value of the assets and liabilities recognized, the fair value of the non-controlling interest and the previous carrying value of the Company’s investment in 815 Commerce MM. The gain is included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations.
Use of Estimates
Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash Restricted Cash—Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approximately 4% to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Accounts Receivable
Accounts Receivable—Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories
Inventories—Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net
Investments in Hotel Properties, net—Hotel properties are generally stated at cost. All improvements and additions that extend the useful life of the hotel properties are capitalized.
For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost in an asset acquisition is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values.
Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives.
Impairment of Investments in Hotel Properties
Impairment of Investments in Hotel Properties—Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful lives. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $67.6 million, $59.3 million, and $0 for the years ended December 31, 2025, 2024, and 2023, respectively. See note 5.
Assets Held for Sale, Discontinued Operations, and Hotel Dispositions
Assets Held for Sale, Discontinued Operations and Hotel Dispositions—We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale and the hotel property is measured at the lower of its carrying value or fair value less costs to sell. See note 5.
Discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5.
Investments in Unconsolidated Entities
Investments in Unconsolidated Entities—As of December 31, 2025, we held a 15.1% ownership interest in OpenKey and an investment in an entity that owns two resorts in Napa, CA, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments for impairment 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 our investment. Any other-than-temporary impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. See note 6.
Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated.
Notes Receivable, net
Notes Receivable, net—We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable Impairment of Notes Receivable—We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. The Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions.
Leases
Leases—We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. Finance leases, as lessee, are recorded based on the underlying nature of the leased asset and finance lease liabilities.
Operating lease ROU assets and finance lease assets and operating and finance lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset and finance lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset and the investments in hotel properties may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period.
We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component.
Intangible Assets and Liabilities Intangible Assets and Liabilities—Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts.
Deferred Costs, net
Deferred Costs, net—Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method.
Prior to the repayment of the term loan associated with Oaktree Capital Management, L.P. (the “Oaktree Credit Agreement”) on February 12, 2025, we also had debt issuance costs related to delayed draw term loans in the Oaktree Credit Agreement that met the definition of an asset and were amortized on a straight-line basis over the contractual term of the arrangement.
Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets.
Derivative Instruments and Hedging
Derivative Instruments and Hedging—We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in the Secured Overnight Financing Rate (“SOFR”) and RevPAR. Interest rate derivatives could include swaps, caps, floors, and flooridors.
All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives are reported as “derivative assets” in the
consolidated balance sheets. For interest rate derivatives and credit default swaps, changes in fair value and realized gains and losses are recognized in earnings as “realized and unrealized gain (loss) on derivatives” in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets.
Due to/from Related Parties
Due to/from Related Parties—Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc. Due to/from Ashford Inc.—Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers
Due to/from Third-Party Hotel Managers—Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Noncontrolling Interests
Noncontrolling Interests—The redeemable noncontrolling interests in Ashford Trust OP represent the limited partners’ proportionate share of equity in earnings/losses of Ashford Trust OP, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in Ashford Trust OP is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in Ashford Trust OP is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities also included an ownership interest of 70.7% in 815 Commerce MM as of December 31, 2025.
Net income/loss attributable to redeemable noncontrolling interests in Ashford Trust OP and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition
Revenue Recognition—Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2025 and 2024 was $26.7 million and $25.3 million, respectively, and are generally recognized as revenue within a one-year period. These are included in “accounts payable and accrued expenses” on the consolidated balance sheets.
Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net).
Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames.
Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses
Other Hotel Expenses—Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs
Advertising Costs—Advertising costs are charged to expense as incurred. For the years ended December 31, 2025, 2024 and 2023, we incurred advertising costs of $10.6 million, $10.4 million and $11.1 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation
Equity-Based Compensation—Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. The Company recognizes forfeitures as they occur.
The criteria for the PSU and Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the grant date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSU and Performance LTIP units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the PSU and Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount.
Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization
Depreciation and Amortization—Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E and 32 years for our Marietta finance lease. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes
Income Taxes—As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 20.
The “Income Taxes” topic of the ASC issued by the Financial Accounting Standards Board (“FASB”) which addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2021 through 2025 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share
Income (Loss) Per Share—Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method
prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards—In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topics 740): Improvements to Income Tax Disclosures to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2025, the Company has prospectively adopted this ASU. The adoption of this ASU only impacted disclosures with respect to the Company’s consolidated financial statements.
Recently Issued Accounting Standards—In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses that requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the statement of operations.
In January 2025, the FASB issued ASU 2025-01 which amends the effective date of the new disaggregation of income statement expenses standard to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027. Early adoption is still permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.
Reclassification
Reclassification—Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.
v3.26.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Acquisitions and Dispositions that Affect Comparability The following transactions affect reporting comparability of our consolidated financial statements:
Hotel Property
Location
TypeDate
WorldQuest Resort
Orlando, FL
Disposition
August 1, 2023
Sheraton Bucks County
Langhorne, PA
Disposition
November 9, 2023
Embassy Suites Flagstaff
Flagstaff, AZ
DispositionNovember 29, 2023
Embassy Suites Walnut Creek
Walnut Creek, CA
DispositionNovember 29, 2023
Marriott Bridgewater
Bridgewater, NJ
DispositionNovember 29, 2023
Marriott Research Triangle Park
Durham, NC
DispositionNovember 29, 2023
W Atlanta
Atlanta, GA
DispositionNovember 29, 2023
Courtyard Columbus Tipton Lakes
Columbus, IN
Derecognized
March 1, 2024
Courtyard Old Town
Scottsdale, AZ
Derecognized
March 1, 2024
Residence Inn Hughes Center
Las Vegas, NV
Derecognized
March 1, 2024
Residence Inn Phoenix Airport
Phoenix, AZ
Derecognized
March 1, 2024
Residence Inn San Jose Newark
Newark, CA
Derecognized
March 1, 2024
SpringHill Suites Manhattan Beach
Hawthorne, CA
Derecognized
March 1, 2024
SpringHill Suites Plymouth Meeting
Plymouth Meeting, PA
Derecognized
March 1, 2024
Courtyard Basking Ridge
Basking Ridge, NJ
Derecognized
March 1, 2024
Courtyard Newark Silicon Valley
Newark, CA
Derecognized
March 1, 2024
Courtyard Oakland Airport
Oakland, CA
Derecognized
March 1, 2024
Courtyard Plano Legacy Park
Plano, TX
Derecognized
March 1, 2024
Residence Inn Plano
Plano, TX
Derecognized
March 1, 2024
SpringHill Suites BWI Airport
Baltimore, MD
Derecognized
March 1, 2024
TownePlace Suites Manhattan Beach
Hawthorne, CA
Derecognized
March 1, 2024
Residence Inn Salt Lake CitySalt Lake City, UTDispositionMarch 6, 2024
Hilton Boston Back Bay
Boston, MA
DispositionApril 9, 2024
Hampton Inn Lawrenceville
Lawrenceville, GA
DispositionApril 23, 2024
Courtyard Manchester
Manchester, CT
DispositionMay 30, 2024
SpringHill Suites Kennesaw
Kennesaw, GA
DispositionJune 10, 2024
Fairfield Inn Kennesaw
Kennesaw, GA
DispositionJune 10, 2024
One Ocean
Atlantic Beach, FL
Disposition
June 27, 2024
The Ashton
Fort Worth, TX
Disposition
July 16, 2024
Le Méridien Fort Worth
Fort Worth, TX
Developed
August 29, 2024
Courtyard Boston
Boston, MA
DispositionJanuary 10, 2025
Residence Inn Evansville
Evansville, IN
Disposition
August 11, 2025
Hilton NASA Clear Lake
Houston, TX
Disposition
August 22, 2025
Residence Inn San Diego
San Diego, CA
Disposition
October 15, 2025
Le Pavillon
New Orleans, LADispositionDecember 18, 2025
v3.26.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present our revenue disaggregated by geographical areas (in thousands):
Year Ended December 31, 2025
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area6 $56,210 $16,388 $5,069 $— $77,667 
Dallas / Ft. Worth Area5 60,832 15,510 5,277 — 81,619 
Houston, TX Area2 19,919 7,597 1,085 — 28,601 
Los Angeles, CA Metro Area4 71,175 18,217 5,791 — 95,183 
Miami, FL Metro Area2 26,408 10,016 1,825 — 38,249 
Minneapolis - St. Paul, MN - WI Area2 13,858 4,763 729 — 19,350 
Nashville, TN Area1 55,131 34,193 5,598 — 94,922 
New York / New Jersey Metro Area4 42,080 15,192 2,435 — 59,707 
Orlando, FL Area2 21,906 1,595 2,010 — 25,511 
Philadelphia, PA Area1 11,706 1,184 1,153 — 14,043 
San Diego, CA Area1 13,096 1,416 753 — 15,265 
San Francisco - Oakland, CA Metro Area3 39,174 5,193 2,137 — 46,504 
Tampa, FL Area2 29,139 6,817 2,336 — 38,292 
Washington D.C. - MD - VA Area9 125,906 23,928 11,860 — 161,694 
Other Areas24 216,534 42,724 19,877 — 279,135 
Disposed properties
5 22,549 2,855 1,708 — 27,112 
Corporate— — — — 1,534 1,534 
Total73 $825,623 $207,588 $69,643 $1,534 $1,104,388 
Year Ended December 31, 2024
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area6 $55,022 $16,187 $4,106 $— $75,315 
Dallas / Ft. Worth Area5 53,025 15,132 3,808 — 71,965 
Houston, TX Area2 18,801 7,199 780 — 26,780 
Los Angeles, CA Metro Area4 70,594 18,130 5,408 — 94,132 
Miami, FL Metro Area2 25,539 10,167 1,557 — 37,263 
Minneapolis - St. Paul, MN - WI Area2 13,678 4,618 546 — 18,842 
Nashville, TN Area1 55,203 29,182 5,190 — 89,575 
New York / New Jersey Metro Area4 41,012 14,953 2,141 — 58,106 
Orlando, FL Area2 23,442 1,458 2,256 — 27,156 
Philadelphia, PA Area1 11,096 874 932 — 12,902 
San Diego, CA Area1 14,306 1,600 878 — 16,784 
San Francisco - Oakland, CA Metro Area3 37,914 5,445 1,565 — 44,924 
Tampa, FL Area2 30,096 7,024 2,044 — 39,164 
Washington D.C. - MD - VA Area9 133,045 26,844 9,916 — 169,805 
Other Areas24 222,253 43,368 19,106 — 284,727 
Disposed properties
27 84,727 10,400 7,567 — 102,694 
Corporate— — — — 2,325 2,325 
Total95 $889,753 $212,581 $67,800 $2,325 $1,172,459 
Year Ended December 31, 2023
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelOtherTotal
Atlanta, GA Area6 $64,566 $16,412 $3,670 $— $84,648 
Dallas / Ft. Worth Area5 51,384 15,630 3,575 — 70,589 
Houston, TX Area2 19,451 7,972 657 — 28,080 
Los Angeles, CA Metro Area4 70,881 17,855 4,063 — 92,799 
Miami, FL Metro Area2 24,919 8,802 1,141 — 34,862 
Minneapolis - St. Paul, MN - WI Area2 14,024 4,997 718 — 19,739 
Nashville, TN Area1 56,640 28,506 3,678 — 88,824 
New York / New Jersey Metro Area4 40,796 15,364 2,275 — 58,435 
Orlando, FL Area2 23,168 1,621 2,023 — 26,812 
Philadelphia, PA Area1 11,609 1,092 855 — 13,556 
San Diego, CA Area1 12,595 1,307 844 — 14,746 
San Francisco - Oakland, CA Metro Area3 35,816 5,144 1,346 — 42,306 
Tampa, FL Area2 29,571 7,371 1,938 — 38,880 
Washington D.C. - MD - VA Area9 128,047 26,112 8,655 — 162,814 
Other Areas24 229,101 42,264 17,209 — 288,574 
Disposed properties
34 246,587 32,380 20,101 — 299,068 
Corporate— — — — 2,801 2,801 
Total102 $1,059,155 $232,829 $72,748 $2,801 $1,367,533 
v3.26.1
Investments in Hotel Properties, net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Investments in Hotel Properties, Net
Investments in hotel properties, net consisted of the following (in thousands):
December 31, 2025December 31, 2024
Land$410,460 $437,567 
Buildings and improvements2,444,715 2,700,234 
Furniture, fixtures and equipment171,635 171,762 
Construction in progress24,937 23,254 
Hilton Marietta finance lease17,269 17,269 
Total cost3,069,016 3,350,086 
Accumulated depreciation(983,772)(1,030,879)
Investments in hotel properties, net$2,085,244 $2,319,207 
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.
v3.26.1
Investments in Unconsolidated Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The following table summarizes our carrying value in unconsolidated entities:
December 31, 2025December 31, 2024
Carrying value of the Meritage Investment (in thousands)$7,265 $7,590 
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
Year Ended December 31,
202520242023
OpenKey$— $(566)$(528)
Meritage Investment(325)(795)(606)
$(325)$(1,361)$(1,134)
v3.26.1
Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Indebtedness
Indebtedness consisted of the following (in thousands):
December 31, 2025December 31, 2024
IndebtednessCollateralMaturity
Interest Rate
Debt Balance
Book Value of Collateral
Debt Balance
Book Value of Collateral
Mortgage loan (2)
2hotelsFebruary 20254.45 %$— $— $25,882 $38,627 
Mortgage loan (3)
1hotelMarch 20254.66 %21,971 22,146 22,132 40,276 
Mortgage loan (2)
4hotelsJune 2025
SOFR(1) +
4.03 %— — 143,877 122,603 
Mortgage loan (2)
4hotelsJune 2025
SOFR(1) +
4.29 %— — 159,424 62,801 
Mortgage loan (2)
5hotelsJune 2025
SOFR(1) +
3.02 %— — 109,473 151,592 
Mortgage loan (4)
1hotelDecember 2025
SOFR(1) +
4.00 %— — 37,000 63,633 
Term loan (5)
EquityJanuary 202614.00 %— — 44,722 — 
Mortgage loan (6)
18hotelsJanuary 2026
SOFR(1) +
4.15 %733,625 771,949 862,027 881,867 
Mortgage loan (7)
8hotelsFebruary 2026
SOFR(1) +
3.28 %325,000 222,776 325,000 235,655 
Mortgage loan (8)
1hotelFebruary 2026
SOFR(1) +
2.85 %12,330 20,699 12,330 21,565 
Mortgage loan (9)
14hotelsMarch 2026
SOFR(1) +
3.83 %341,203 198,713 409,750 232,485 
Mortgage loan (10)
2hotelsMay 2026
SOFR(1) +
4.00 %98,450 104,086 98,450 139,244 
Mortgage loan (2)
16hotelsFebruary 2027
SOFR(1) +
4.37 %580,000 420,162 — — 
Mortgage loan (11)
1hotelSeptember 2027
SOFR(1) +
2.26 %218,100 142,041 267,200 148,488 
Mortgage loan (12)
1hotelNovember 2027
SOFR(1) +
4.75 %121,500 75,011 121,500 77,165 
Mortgage loan 4hotelsDecember 20288.51 %30,200 32,198 30,200 35,792 
Preferred investment (13)
1hotelMay 202911.14 %88,845 — — — 
Bridge loan (14) (15)
1hotelSeptember 20257.75 %— — 20,898 — 
Construction loan (14)
1hotelMay 203311.26 %15,660 77,229 15,785 93,219 
Total indebtedness$2,586,884 $2,087,010 $2,705,650 $2,345,012 
Premiums (discounts), net301 331 
Capitalized default interest and late charges2,346 36 
Deferred loan costs, net(24,103)(8,459)
Embedded debt derivative (5)
— 29,099 
Indebtedness, net$2,565,428 $2,726,657 
Indebtedness, net related to assets held for sale (6)
1hotel
August 2025
SOFR(1) +
3.91 %— 97,368 
Indebtedness, net related to assets held for sale (9)
2
hotels
March 2026
SOFR(1) +
3.83 %38,820 — 
$2,526,608 $2,629,289 
_____________________________
(1)    SOFR rates were 3.69% and 4.33% at December 31, 2025 and December 31, 2024, respectively.
(2)    On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and has three one-year extension options, subject to the satisfaction of certain conditions.
(3)    As of December 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(4)    On December 18, 2025, we repaid this mortgage loan in conjunction with the sale of Le Pavillon. See note 5.
(5)    On February 12, 2025, we repaid this term loan including the $30.0 million exit fee.
(6)    In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown. On July 30, 2025, this mortgage loan was amended. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date to January 2026, and adding one six-month extension option, subject to the satisfaction of certain conditions. The six-month extension period began in January 2026, and included a $10.0 million principal paydown and increased the interest rate to SOFR + 4.41%.
(7)    This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions which must be completed by February 9, 2026. On February 9, 2026, this mortgage loan went into default under the terms and conditions of the mortgage loan agreement and began incurring default interest of 5.00% in addition to the stated interest rate, in accordance with the terms and conditions of the mortgage loan agreement.
(8)     On February 24, 2025, we amended this mortgage loan. Terms of the amendment included extending the current maturity date to February 2026, and adding one one-year extension option, subject to satisfaction of certain conditions. The one-year extension period began in February 2026.
(9)     On April 9, 2025, this mortgage loan was amended. Terms of the amendment included extending the maturity date to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions. In August 2025, this mortgage loan was paid down $31.4 million in conjunction with the sales of the Residence Inn Evansville and the Hilton Houston NASA Clear Lake. In October 2025, this mortgage loan was paid down an additional $37.1 million in conjunction with the sale of the Residence Inn San Diego Sorrento Mesa. Subsequent to December 31, 2025, this mortgage loan was paid down $111.1 million in conjunction with the sales of the Hilton St. Petersburg Bayfront, the Embassy Suites Austin and the Embassy Suites Houston. Additionally, in March of 2026, we exercised the first one-year extension option.
(10)     This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. Subsequent to December 31, 2025, we paid down $56.0 million in principal on this mortgage loan in conjunction with the sale of the La Posada de Santa Fe.
(11)     On September 9, 2025, we amended this mortgage loan. Terms of the amendment included a principal reduction to $218.1 million, a reduction in the interest rate to SOFR + 2.26%, extending the current maturity to September 2027, and adding three, one-year extension options, subject to satisfaction of certain conditions.
(12)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.
(13)    On May 8, 2025, we received $35.0 million in return for a preferred equity investment in the Renaissance Hotel in Nashville, Tennessee. The holder was entitled to a preferred return of 14.0% per annum. On September 9, 2025, we received an additional $53.0 million increasing the preferred equity investment in the property and the return on the preferred equity investment was decreased from 14.0% per annum to 11.14% per annum. The investment is mandatorily redeemable on May 10, 2029 and is recorded within indebtedness, net in the Company’s consolidated balance sheet as required under GAAP.
(14)    This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2 and 8.
(15)    On August 14, 2025, we repaid this bridge loan.
Schedule of Net Premium (Discount) Amortization Recognized
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Year Ended December 31,
Line Item202520242023
Interest expense and amortization of discounts and loan costs$29 $(913)$(18,684)
Schedule of Maturities and Scheduled Amortizations
Maturities and scheduled amortizations of indebtedness as of December 31, 2025 for each of the five following years and thereafter are as follows (in thousands), excluding extension options:
2026$1,532,727 
2027919,766 
202830,381 
202989,054 
2030233 
Thereafter14,723 
Total$2,586,884 
v3.26.1
Note Receivable (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Notes Receivable
The following table summarizes the note receivable (dollars in thousands):
Interest RateDecember 31, 2025December 31, 2024
Note receivable (1)
18.0 %$12,187 $10,565 
_____________________________
(1)    As of December 31, 2025, the Company’s note receivable balance consists of advances of $8.9 million and accrued interest of $3.3 million.
Schedule of Other Income (Expense)
The following table summarizes the interest income associated with the note receivable (in thousands):
Year Ended December 31,
Line Item202520242023
Interest income
$1,596 $1,218 $501 
v3.26.1
Derivative Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
Year Ended December 31,
202520242023
Interest rate caps:
Notional amount (in thousands)$1,642,505 
(1)
$2,341,742 
(1)
$2,583,271 
(1)
Strike rate low end of range4.00 %3.10 %2.50 %
Strike rate high end of range5.25 %7.31 %6.90 %
Effective date range
February 2025 - September 2025
February 2024 - December 2024March 2023 - December 2023
Termination date range
January 2026 - September 2027
February 2025 - November 2027
February 2024 - June 2025
Total cost (in thousands)$5,120 $15,532 $28,256 
Interest rate floors:
Notional amount (in thousands)$— $121,500 
(1)
$— 
Strike rate low end of range— %2.75 %— %
Strike rate high end of range— %2.75 %— %
Effective date rangeNovember 2024
Termination date rangeNovember 2027
Total cost (in thousands)$— $754 $— 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
December 31, 2025December 31, 2024
Interest rate caps:
Notional amount (in thousands)$2,068,205 
(1)
$2,477,192 
(1)
Strike rate low end of range4.00 %3.10 %
Strike rate high end of range5.50 %7.31 %
Termination date range
January 2026 - November 2027
January 2025 - November 2027
Aggregate principal balance on corresponding mortgage loans (in thousands)$1,764,005 $2,123,951 
Interest rate floors:
Notional amount (in thousands)$121,500 
(1)
$121,500 
(1)
Strike rate low end of range2.75 %2.75 %
Strike rate high end of range2.75 %2.75 %
Termination date rangeNovember 2027November 2027
_______________
(1)These instruments were not designated as cash flow hedges.
v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Derivative Liabilities Measured at Fair Value
The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands):
Fair Value
Balance at December 31, 2022
$23,687 
Re-measurement of fair value9 
Balance at December 31, 202323,696 
Re-measurement of fair value5,403 
Balance at December 31, 202429,099 
Re-measurement of fair value901 
Payment of derivative liability(30,000)
Balance at December 31, 2025
$— 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Quoted Market Prices (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
December 31, 2025:
Assets
Derivative assets:
Interest rate derivatives – floors$— $177 $— $177 
Interest rate derivatives – caps
— 233 — 233 
Total$— $410 $— $410 
(1)
December 31, 2024:
Assets
Derivative assets:
Interest rate derivatives – floors
$— $434 $— $434 
Interest rate derivatives – caps
— 2,160 — 2,160 
Total$— $2,594 $— $2,594 
(1)
Liabilities
Embedded debt derivative$— $— $(29,099)$(29,099)
(2)
Net$— $2,594 $(29,099)$(26,505)
____________________________________
(1)    Reported as “derivative assets” in our consolidated balance sheets.
(2)    Reported in “indebtedness, net” in our consolidated balance sheets.
Schedule of Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations
The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands):
Gain (Loss) Recognized in Income
Year Ended December 31,
202520242023
Assets
Derivative assets:
Interest rate derivatives - floors$(257)$(320)$— 
Interest rate derivatives - caps(4,188)(757)(2,191)
(4,445)(1,077)(2,191)
Liabilities
Derivative liabilities:
Embedded debt derivative(901)(5,403)(9)
Net$(5,346)$(6,480)$(2,200)
Total combined
Interest rate derivatives - floors$(257)$(320)$— 
Interest rate derivatives - caps(5,363)(27,067)(44,032)
Embedded debt derivative(901)(5,403)(9)
Unrealized gain (loss) on derivatives(6,521)
(1)
(32,790)
(1)
(44,041)
(1)
Realized gain (loss) on interest rate caps1,175 
(1) (2)
26,310 
(1) (2)
41,841 
(1) (2)
Net$(5,346)$(6,480)$(2,200)
____________________________________
(1)    Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2)    Represents settled and unsettled payments from counterparties on interest rate caps.
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 $2,695,013 
Indebtedness associated with hotels in receivership272,800 229,172 314,640 257,546 
Accounts payable and accrued expenses
125,817 125,817 138,895 138,895 
Accrued interest payable
14,347 14,347 10,576 10,576 
Accrued interest associated with hotels in receivership82,338 82,338 52,031 52,031 
Dividends and distributions payable4,247 4,247 3,952 3,952 
Due to Ashford Inc., net
40,708 40,708 25,653 25,653 
Due to related parties, net
1,958 1,958 2,850 2,850 
Due to third-party hotel managers882 882 1,145 1,145 
____________________________________
(1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2025 and December 31, 2024.
v3.26.1
Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):
Year Ended December 31,
202520242023
Income (loss) allocated to common stockholders – basic and diluted:
Income (loss) attributable to the Company$(179,839)$(60,300)$(178,489)
Less: dividends on preferred stock(28,216)(22,686)(15,921)
Less: deemed dividends on redeemable preferred stock(6,949)(2,906)(2,673)
Add: gain (loss) on extinguishment of preferred stock
— 3,370 3,390 
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted
$(215,004)$(82,522)$(193,693)
Weighted average common shares outstanding:
Weighted average shares outstanding – basic and diluted
5,974 4,706 3,452 
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share$(35.99)$(17.54)$(56.11)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share$(35.99)$(17.54)$(56.11)
Schedule of Computation of Diluted Income Per Share
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
Year Ended December 31,
202520242023
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership(3,262)683 $(2,239)
Dividends on preferred stock – Series J (inclusive of deemed dividends)
18,609 13,276 6,014 
Dividends on preferred stock – Series K (inclusive of deemed dividends)
1,757 1,169 317 
Dividends on preferred stock – Series L (inclusive of deemed dividends)
1,280 — — 
Dividends on preferred stock – Series M (inclusive of deemed dividends)
2,663 — — 
Total$21,047 $15,128 $4,092 
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock7 7 — 
Effect of assumed conversion of operating partnership units97 64 42 
Effect of assumed issuance of shares for term loan exit fee— — 175 
Effect of assumed conversion of preferred stock – Series J
32,856 15,713 1,693 
Effect of assumed conversion of preferred stock – Series K
3,137 1,187 93 
Effect of assumed conversion of preferred stock – Series L
524 — — 
Effect of assumed conversion of preferred stock – Series M
1,084 — — 
Total37,705 16,971 2,003 
v3.26.1
Redeemable Noncontrolling Interests in Operating Partnership (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Compensation Expense
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
Year Ended December 31,
TypeLine Item202520242023
Performance LTIP unitsAdvisory services fee$(348)$926 $783 
LTIP unitsAdvisory services fee— 86 435 
LTIP unitsCorporate, general and administrative— 4 15 
LTIP units - independent directorsCorporate, general and administrative— 135 475 
$(348)$1,151 $1,708 
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202520242023
Advisory services fee$113 $266 $1,446 
Management fees— — 10 
Corporate, general and administrative— 11 89 
Corporate, general and administrative - independent directors— 54 170 
Corporate, general and administrative - Stirling OP
13 92 — 
$126 $423 $1,715 
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202520242023
Advisory services fee$(539)$523 $604 
Schedules of Redeemable Noncontrolling Interest
The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage:
December 31, 2025December 31, 2024
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)$20,516 $22,509 
Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands)
$187,846 $186,235 
Ownership percentage of operating partnership1.43 %1.02 %
____________________________________
(1)    Reflects the excess of the redemption value over the accumulated historical costs.
We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands):
Year Ended December 31,
202520242023
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership$3,262 $683 $2,239 
A summary of the activity of the units in our operating partnership is as follow (in thousands):
Year Ended December 31,
202520242023
Outstanding at beginning of year121 198 167 
LTIP units issued— 10 11 
Performance LTIP units issued— — 28 
Performance LTIP units canceled(26)(87)(8)
Outstanding at end of year95 121 198 
Common units convertible/redeemable at end of year37 38 36 
v3.26.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Equity Activity
The table below summarizes the activity (in thousands):
Year Ended December 31,
20242023
Common stock issued741 72 
Gross proceeds$9,472 $1,477 
Commissions and other expenses95 15 
Net proceeds$9,377 $1,462 
Schedule of Shares Issued and Tendered The table below summarizes the activity (in thousands):
Year Ended December 31, 2024Year Ended December 31, 2023
Preferred Shares TenderedCommon Shares Initially Issued
Common Shares Issued
Preferred Shares TenderedCommon Shares Initially Issued
Common Shares Issued
8.45% Series D Cumulative Preferred Stock
49 1,007 101 14 89 9 
7.375% Series F Cumulative Preferred Stock
138 1,863 187 76 527 53 
7.375% Series G Cumulative Preferred Stock
61 1,070 107 — — — 
7.50% Series H Cumulative Preferred Stock
132 1,698 170 138 882 88 
7.50% Series I Cumulative Preferred Stock
127 2,103 210 92 612 61 
507 7,741 775 320 2,110 211 
Schedule of Dividends Declared A summary of dividends declared is as follows (in thousands):
Year Ended December 31,
202520242023
Common stock$— $— $— 
Preferred stock:
Series D Cumulative Preferred Stock2,347 2,397 2,472 
Series F Cumulative Preferred Stock1,912 1,970 2,272 
Series G Cumulative Preferred Stock2,712 2,756 2,824 
Series H Cumulative Preferred Stock1,946 2,001 2,389 
Series I Cumulative Preferred Stock1,939 2,023 2,306 
Total dividends declared
$10,856 $11,147 $12,263 
Schedule of Noncontrolling Interests in Consolidated Entities
The table below summarizes (income) loss allocated to noncontrolling interests in consolidating entities (in thousands):
Year Ended December 31,
Line Item202520242023
(Income) loss allocated to noncontrolling interests in consolidated entities
$5,058 $4,028 $6 
v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands):
Year Ended December 31,
TypeLine Item202520242023
Performance LTIP unitsAdvisory services fee$(348)$926 $783 
LTIP unitsAdvisory services fee— 86 435 
LTIP unitsCorporate, general and administrative— 4 15 
LTIP units - independent directorsCorporate, general and administrative— 135 475 
$(348)$1,151 $1,708 
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202520242023
Advisory services fee$113 $266 $1,446 
Management fees— — 10 
Corporate, general and administrative— 11 89 
Corporate, general and administrative - independent directors— 54 170 
Corporate, general and administrative - Stirling OP
13 92 — 
$126 $423 $1,715 
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202520242023
Advisory services fee$(539)$523 $604 
Schedule of Restricted Stock Unit Activity
A summary of our restricted stock activity is as follows (shares in thousands):
Year Ended December 31,
202520242023
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year51 $6.00 5 $261.73 12 $206.34 
Restricted stock granted— — 56 6.55 4 40.10 
Restricted stock vested(17)6.00 (10)149.84 (11)230.60 
Outstanding at end of year34 $6.00 51 $6.00 5 $261.73 
Schedule of PSU Activity
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202520242023
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year16 $49.27 19 $78.05 14 $290.41 
PSUs granted— — — — 16 36.80 
PSUs vested(3)49.27 (2)56.40 (8)297.00 
PSUs canceled(13)49.27 (1)56.40 (3)297.00 
Outstanding at end of year— $— 16 $49.27 19 $78.05 
v3.26.1
Redeemable Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Temporary Equity [Abstract]  
Schedule of the Activity of Temporary Equity
The issuance activity of the Series J Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock shares issued (1)
883 3,329 3,371 
Net proceeds$19,877 $74,897 $75,837 
________
(1)Exclusive of shares issued under the DRIP.
The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands):
December 31, 2025December 31, 2024
Series J Preferred Stock$179,818 $156,671 
Cumulative adjustments to Series J Preferred Stock (1)
9,469 6,038 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock$15,178 $10,711 $3,467 
The following table summarizes Series J Preferred Stock redemptions settled in cash (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock shares redeemed
— — 3 
Redemption amount, net of redemption fees$— $— $78 
The following table summarizes Series J Preferred Stock redemptions settled in common stock (in thousands):
Year Ended December 31,
202520242023
Series J Preferred Stock shares redeemed
155 90 — 
Redemption amount, net of redemption fees$3,653 $2,098 $— 
Common shares issued upon redemption
586 235 — 
The issuance activity of the Series K Preferred Stock is summarized below (in thousands):
Year Ended December 31,
202520242023
Series K Preferred Stock shares issued (1)
166 438 192 
Net proceeds$4,036 $10,631 $4,664 
________
(1)Exclusive of shares issued under the DRIP.
The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands):
December 31, 2025December 31, 2024
Series K Preferred Stock$18,215 $14,869 
Cumulative adjustments to Series K Preferred Stock (1)
741 487 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
202520242023
Series K Preferred Stock$1,503 $828 $191 
The following table summarizes Series K Preferred Stock redemptions settled by the issuance of common stock (in thousands):
Year Ended December 31,
202520242023
Series K Preferred Stock shares redeemed
38 32— 
Redemption amount, net of redemption fees$959 $796 $— 
Common shares issued upon redemption
155 91— 
The issuance activity of the Series L Preferred Stock is summarized below (in thousands):
Year Ended December 31,
2025
Series L Preferred Stock shares issued (1)
243 
Net proceeds$5,027 
________
(1)Exclusive of shares issued under the DRIP.
The redemption value adjustment of Series L Preferred Stock is summarized below (in thousands):
December 31, 2025
Series L Preferred Stock
$5,484 
Cumulative adjustments to Series L Preferred Stock (1)
1,064 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
2025
Series L Preferred Stock
$216 
The following table summarizes Series L Preferred Stock redemptions settled by the issuance of common stock (in thousands):
Year Ended December 31,
2025
Series L Preferred Stock shares redeemed
5 
Redemption amount, net of redemption fees$126 
Common shares issued upon redemption
39 
The issuance activity of the Series M Preferred Stock is summarized below (in thousands):
Year Ended December 31,
2025
Series M Preferred Stock shares issued (1)
565 
Net proceeds$12,605 
________
(1)Exclusive of shares issued under the DRIP.
The redemption value adjustment of Series M Preferred Stock is summarized below (in thousands):
December 31, 2025
Series M Preferred Stock
$13,566 
Cumulative adjustments to Series M Preferred Stock (1)
2,200 
________
(1)Reflects the excess of the redemption value over the accumulated carrying value.
The following table summarizes dividends declared (in thousands):
Year Ended December 31,
2025
Series M Preferred Stock
$463 
The following table summarizes Series M Preferred Stock redemptions settled by the issuance of common stock (in thousands):
Year Ended December 31,
2025
Series M Preferred Stock shares redeemed
14 
Redemption amount, net of redemption fees$347 
Common shares issued upon redemption
64 
v3.26.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the advisory services fees incurred (in thousands):
Year Ended December 31,
202520242023
Advisory services fee
Base advisory fee$32,875 $32,017 $33,109 
Reimbursable expenses (1)
16,250 23,662 12,473 
Equity-based compensation (2)
(773)1,801 3,268 
Total advisory services fee$48,352 $57,480 $48,850 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards.
(2)Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.
The following table summarizes the advisory services fees incurred prior to September 2, 2025 (in thousands):
Year Ended December 31,
202520242023
Advisory services fee
Base advisory fee$363 $478 $67 
Reimbursable expenses (1)
111 194 10 
Performance participation fee
213 454 — 
Total advisory services fee$687 $1,126 $77 
________
(1)Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services
The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands):
Year Ended December 31,
Line Item202520242023
Corporate, general and administrative$7,194 $9,489 $3,030 
The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands):
Year Ended December 31, 2025
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement Fees
Other Hotel Expenses
Ashford LLCInsurance claims services$11 $— $— $— $— $— $— 
Ashford SecuritiesCapital raise services8,819 — — — — — — 
INSPIREAudio visual commissions9,326 — — — 9,240 — — 
Lismore CapitalDebt placement and related services2,439 — 1,584 — — — — 
OpenKeyMobile key app78 — — — — — 78 
PremierDesign and construction services17,933 15,362 — — — — 400 
Warwick
Insurance related services
8,199 — — — — — — 
Ashford LLC
Cash management services
8 — — — — — — 
Pure WellnessHypoallergenic premium rooms1,135 — — — — — 1,135 
Remington Hospitality
Hotel management services (3)
49,430 — — — — 24,167 25,263 
Year Ended December 31, 2025
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services Fee
Interest Income
Corporate, General and AdministrativeWrite-off of Premiums, Loan Costs and Exit FeesPreferred Stock
Ashford LLCInsurance claims services$11 $11 $— $— $— $— $— 
Ashford SecuritiesCapital raise services8,819 — — — 7,194 — 1,625 
INSPIREAudio visual commissions9,326 — — — 86 — — 
Lismore CapitalDebt placement and related services2,439 — — — — 855 — 
OpenKeyMobile key app78 — — — — — — 
PremierDesign and construction services17,933 — 2,171 — — — — 
Warwick
Insurance related services
8,199 8,199 — — — — — 
Ashford LLC
Cash management services
8 — — (8)— — — 
Pure WellnessHypoallergenic premium rooms1,135 — — — — — — 
Remington Hospitality
Hotel management services (3)
49,430 — — — — — — 
Year Ended December 31, 2024
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement FeesOther Hotel Expenses
Ashford LLCInsurance claims services$9 $— $— $— $— $— $— 
Ashford Securities
Capital raise services
11,816 — — — — — — 
INSPIREAudio visual commissions8,788 — — — 8,905 — — 
Lismore CapitalDebt placement and related services3,406 — — 475 — — — 
OpenKeyMobile key app91 — — — — — 91 
PremierDesign and construction services19,812 17,256 — — — — 437 
WarwickInsurance related services9,559 — — — — — 31 
Ashford LLCCash management services67 — — — — — — 
Pure WellnessHypoallergenic premium rooms1,208 — — — — — 1,208 
Remington Hospitality
Hotel management services (3)
54,569 — — — — 25,900 28,668 
Year Ended December 31, 2024
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services Fee
Interest Income
Corporate, General and AdministrativeWrite-off of premiums, loan costs and exit feesPreferred Stock
Ashford LLCInsurance claims services$9 $9 $— $— $— $— $— 
Ashford Securities
Capital raise services
11,816 — — — 9,489 — 2,327 
INSPIREAudio visual commissions8,788 — — — 117 — — 
Lismore CapitalDebt placement and related services3,406 — — — — 2,931 — 
OpenKeyMobile key app91 — — — — — — 
PremierDesign and construction services19,812 — 2,119 — — — — 
WarwickInsurance related services9,559 9,528 — — — — — 
Ashford LLCCash management services67 — — (67)— — — 
Pure WellnessHypoallergenic premium rooms1,208 — — — — — — 
Remington Hospitality
Hotel management services (3)
54,569 — — — — — — 
Year Ended December 31, 2023
CompanyProduct or ServiceTotal
Investments in Hotel Properties, net (1)
Indebtedness, net (2)
Other AssetsOther Hotel RevenueManagement FeesOther Hotel Expenses
Ashford LLCInsurance claims services$9 $— $— $— $— $— $— 
Ashford SecuritiesCapital raise services5,120 — — — — — — 
INSPIREAudio visual commissions9,955 — — — 10,064 — — 
Lismore CapitalDebt placement and related services2,444 — 767 525 — — — 
OpenKeyMobile key app122 — — — — — 122 
PremierDesign and construction services22,961 21,106 — — — — — 
Pure WellnessHypoallergenic premium rooms1,393 — — — — — 1,393 
Remington Hospitality
Hotel management services (3)
57,587 — — — — 30,787 26,800 
Year Ended December 31, 2023
CompanyProduct or ServiceTotalProperty Taxes, Insurance and OtherAdvisory Services FeeCorporate, General and AdministrativeWrite-off of Premiums, Loan Costs and Exit Fees
Preferred Stock
Ashford LLCInsurance claims services$9 $9 $— $— $— $— 
Ashford SecuritiesCapital raise services5,120 — — 3,030 — 2,090 
INSPIREAudio visual commissions9,955 — — 109 — — 
Lismore CapitalDebt placement and related services2,444 — — — 1,152 — 
OpenKeyMobile key app122 — — — — — 
PremierDesign and construction services22,961 — 1,855 — — — 
Pure WellnessHypoallergenic premium rooms1,393 — — — — — 
Remington Hospitality
Hotel management services (3)
57,587 — — — — — 
________
(1)Recorded in FF&E and depreciated over the estimated useful life.
(2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.
(3)Other hotel expenses include incentive hotel management fees and other hotel management costs.
The following table summarizes amounts due (to) from Ashford Inc. (in thousands):
Due (to) from Ashford Inc.
CompanyProduct or ServiceDecember 31, 2025December 31, 2024
Ashford LLC
Advisory services
$(23,499)$(10,047)
AIM
Cash management services— (4)
Ashford LLC
Casualty insurance
(9,247)(8,350)
Ashford SecuritiesCapital raise services/Broker dealer expense(148)(226)
INSPIREAudio visual(609)(858)
OpenKeyMobile key app— (3)
PremierDesign and construction services(7,061)(1,478)
Ashford LLC
Stirling startup and ongoing operating expenses
(39)(4,639)
Pure WellnessHypoallergenic premium rooms(40)(30)
$(40,643)$(25,635)
v3.26.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Franchise Fees
The table below summarizes the franchise fees incurred (in thousands):
Year Ended December 31,
Line Item202520242023
Other hotel expenses$54,056 $54,795 $64,437 
v3.26.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Balances
As of December 31, 2025 and 2024, our leased assets and liabilities consisted of the following (in thousands):
Lease ClassificationDecember 31, 2025December 31, 2024
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$43,582 $43,780 
Finance lease asset
Investments in hotel properties, net
15,627 16,167 
Total leased assets$59,209 $59,947 
Liabilities
Operating lease liabilitiesOperating lease liabilities$44,045 $44,369 
Finance lease liability
Finance lease liability
17,536 17,992 
Total leased liabilities$61,581 $62,361 
Schedule of Lease Cost and Other Information
We incurred the following lease costs related to our leases (in thousands):
Year Ended December 31,
Lease costClassification202520242023
Operating lease cost
Rent expense
Hotel operating expenses - other (1)
$3,260 $4,084 $4,351 
Finance lease cost
Amortization of lease assetsDepreciation and amortization$540 $540 $537 
_______________________________________
(1)    For the years ended December 31, 2025, 2024, and 2023, operating lease cost includes approximately $1.5 million, $1.0 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(122,000), $(122,000) and $(15,000), respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31,
Supplemental Cash Flows Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$2,706 $2,707 $2,647 
Weighted Average Remaining Lease Term
Operating leases (1)
66 years66 years67 years
Finance lease (2)
29 years30 years31 years
Weighted Average Discount Rate
Operating leases (1)
5.27 %5.27 %5.26 %
Finance lease10.68 %10.68 %10.68 %
_______________________________________
(1)     Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
(2)     Represents our finance lease with the city of Marietta, Georgia, which terminates December 31, 2054.
Schedule of Maturities of Operating Lease Liabilities
Future minimum lease payments due under non-cancellable leases as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Lease
2026$3,455 $2,284 
20273,417 1,904 
20283,403 1,904 
20293,282 1,904 
20303,208 1,904 
Thereafter189,644 48,110 
Total future minimum lease payments (1)
206,409 58,010 
Less: interest162,364 40,474 
Present value of lease liabilities$44,045 $17,536 
________
(1)     Based on payment amounts as of December 31, 2025.
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense The following table reconciles the income tax (expense) benefit of the Company at applicable statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31, 2025
$
%
Income tax (expense) benefit at federal statutory rate of 21%
$39,544 21.00 %
State and local income tax, net of federal income tax effect (1)
(65)(0.03)%
Changes in valuation allowance
(10,727)(5.70)%
Nontaxable or nondeductible items(798)(0.43)%
Redeemable noncontrolling interests in operating partnership(553)(0.29)%
Tax impact of REIT election
(27,517)(14.61)%
Other259 0.14 %
Total income tax (expense) benefit
$143 0.08 %
__________________
(1) State taxes in Florida, Georgia, Tennessee and Virginia make up the majority of the tax effect in this category.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the following table reconciles the income tax (expense) benefit of the TRS entities at applicable statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31,
20242023
Income tax (expense) benefit of the TRS entities at federal statutory rate of 21%
$11,448 $(761)
State income tax (expense) benefit, net of federal income tax benefit
1,613 (311)
Permanent differences(554)(168)
Provision to return adjustment4 15 
Gross receipts and margin taxes(1,081)(958)
Interest and penalties106 184 
Valuation allowance(12,533)1,099 
Total income tax (expense) benefit$(997)$(900)
Schedule of Components of Income Tax Benefit (Expense) From Continuing Operations
The components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$— $8 $(195)
State(99)(994)(733)
Total current income tax (expense) benefit(99)(986)(928)
Deferred:
Federal242 (11)28 
Total deferred income tax (expense) benefit242 (11)28 
Total income tax (expense) benefit$143 $(997)$(900)
Schedule of Income Taxes, Net of Refunds
We have prospectively adopted the disclosure requirements as required after the adoption of ASU 2023-09. The following table presents the disaggregated cash paid for income taxes, net of refunds (in thousands):
Year Ended December 31, 2025
U.S. Federal$— 
U.S. State and Local(1,954)
Foreign— 
Total cash paid (refunded) during the period for income taxes$(1,954)
__________________
(1) Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include California at $(2.0) million, Texas at $861,000 and Virginia at ($89,000).
Schedule of Deferred Tax Asset (Liability) and Related Valuation Allowance
At December 31, 2025 and 2024, our net deferred tax asset, included in “prepaid expenses and other assets”, and net deferred tax liability, included in “accounts payable and accrued expenses”, on the consolidated balance sheets, respectively, consisted of the following (in thousands):
December 31,
20252024
Deferred tax assets:
Allowance for doubtful accounts$86 $87 
Unearned income1,414 768 
Federal and state net operating losses41,217 34,186 
Capital loss carryforward— 2,290 
Accrued expenses1,050 1,740 
Tax derivatives basis greater than book basis40 39 
Operating lease liability
2,253 2,265 
Investment in partnership2,725 — 
Other253 443 
Deferred tax assets
49,038 41,818 
Valuation allowance(45,901)(37,553)
Net deferred tax asset
3,137 4,265 
Deferred tax liabilities:
Prepaid expenses(4)(4)
Operating lease right-of-use assets
(2,252)(2,265)
Tax property basis less than book basis(1,054)(2,411)
Deferred tax liabilities
(3,310)(4,680)
Net deferred tax asset (liability)$(173)$(415)
Schedule of the Changes in the Valuation Allowance
The following table summarizes the changes in the valuation allowance (in thousands):
Year Ended December 31,
202520242023
Balance at beginning of year$37,553 $29,319 $31,205 
Additions8,348 8,234 — 
Deductions— — (1,886)
Balance at end of year$45,901 $37,553 $29,319 
v3.26.1
Deferred Costs, net (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Deferred Costs, net
Deferred costs, net consist of the following (in thousands):
December 31,
20252024
Deferred franchise fees$2,803 $3,066 
Accumulated amortization(1,274)(1,278)
Deferred costs, net$1,529 $1,788 
v3.26.1
Intangible Assets, net and Intangible Liabilities, net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, net and Intangible Liabilities, net
Intangible assets, net and intangible liabilities, net consisted of the following (in thousands):
Intangible Assets, netIntangible Liabilities, net
December 31,December 31,
2025202420252024
Cost$797 $797 $2,723 $2,723 
Accumulated amortization— — (774)(742)
$797 $797 $1,949 $1,981 
Schedule of Market Lease, Future Amortization Income
Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands):
2026$32 
202732 
202832 
202932 
203032 
Thereafter1,789 
Total$1,949 
v3.26.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations (in thousands):
Year Ended December 31,
202520242023
REVENUE
Rooms$825,623 $889,753 $1,059,155 
Food and beverage207,588 212,581 232,829 
Other hotel revenue69,643 67,800 72,748 
Total hotel revenue1,102,854 1,170,134 1,364,732 
EXPENSES
Rooms198,002 209,569 $249,434 
Food and beverage139,324 145,304 161,300 
Direct expenses9,198 9,134 11,058 
Indirect expenses:
Property, general and administration
99,688 118,598 137,160 
Sales and marketing118,204 123,275 141,425 
Information and telecommunications systems17,202 19,031 21,707 
Repairs and maintenance53,704 56,118 61,892 
Energy43,269 43,442 51,516 
Lease expense4,374 4,177 4,344 
Ownership expenses1,955 2,456 3,075 
Incentive management fee15,562 18,110 19,457 
Management fees37,743 41,543 50,120 
Property taxes40,790 41,050 46,590 
Other taxes (refunds)
165 (766)634 
Insurance21,049 24,401 21,746 
Total expenses
800,229 855,442 981,458 
Hotel adjusted EBITDA$302,625 $314,692 $383,274 
Year Ended December 31,
202520242023
Reconciliation of hotel operating income (loss) to net income (loss)
Hotel adjusted EBITDA$302,625 $314,692 $383,274 
Other revenue1,534 2,325 2,801 
Ownership expenses included in rooms expense(104)— — 
Ownership expenses included in food and beverage expense(504)— — 
Ownership expenses included in other hotel expenses (28,915)(24,127)(12,457)
Ownership expenses included in property taxes, insurance and other2,211 973 (1,257)
Management fees (520)(863)(491)
Depreciation and amortization(141,295)(152,776)(187,807)
Impairment charges
(67,648)(59,331)— 
Advisory services fee
(49,039)(58,606)(48,927)
Corporate, general, and administrative
(20,783)(24,662)(16,181)
Gain (loss) on disposition of assets and hotel properties
79,799 94,406 11,488 
Gain (loss) on derecognition of assets
39,054 167,177 — 
Equity in earnings (loss) of unconsolidated entities
(325)(2,370)(1,134)
Interest income4,739 6,942 8,978 
Other income (expense), net— 108 310 
Interest expense and amortization of discounts and loan costs
(256,229)(273,359)(326,970)
Interest expense associated with hotels in receivership(39,038)(45,592)(39,178)
Write-off of premiums, loan costs and exit fees(8,853)(5,245)(3,469)
Gain (loss) on extinguishment of debt335 2,774 53,386 
Realized and unrealized gain (loss) on derivatives(5,346)(6,480)(2,200)
Income tax (expense) benefit143 (997)(900)
Net income (loss)$(188,159)$(65,011)$(180,734)
Schedule of Reconciliation of Revenue from Segments to Consolidated
The following table reconciles segment total revenue to total consolidated revenue:
Year Ended December 31,
202520242023
Consolidated total hotel revenue
$1,102,854 $1,170,134 $1,364,732 
Other revenue
1,534 2,325 2,801 
Total consolidated revenue
$1,104,388 $1,172,459 $1,367,533 
v3.26.1
Organization and Description of Business (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
hotel
room
Dec. 31, 2024
USD ($)
Real Estate Properties [Line Items]    
Number of hotel properties 68  
Investments in unconsolidated entities | $ $ 7,265 $ 7,590
Consolidated Entity    
Real Estate Properties [Line Items]    
Consolidated entity, ownership percentage (as a percent) 29.30%  
Meritage Investment    
Real Estate Properties [Line Items]    
Investments in unconsolidated entities | $ $ 7,265 $ 7,590
Subsidiaries    
Real Estate Properties [Line Items]    
Number of hotel properties 67  
Number of rooms | room 16,445  
Subsidiaries | Remington Hospitality    
Real Estate Properties [Line Items]    
Number of hotel properties managed by affiliates 50  
Consolidated Entity, Excluding VIE    
Real Estate Properties [Line Items]    
Number of hotel properties 1  
Number of rooms | room 188  
v3.26.1
Significant Accounting Policies (Details)
shares in Millions
 3 Months Ended 12 Months Ended
Sep. 02, 2025
USD ($)
Dec. 31, 2025
USD ($)
resort
Dec. 31, 2025
USD ($)
resort
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 01, 2025
shares
May 31, 2023
Dec. 31, 2022
USD ($)
Variable Interest Entity [Line Items]                
Cash and cash equivalents, including held-for-sale   $ 66,800,000 $ 66,800,000          
Restricted cash   149,580,000 149,580,000 $ 99,695,000 $ 146,079,000     $ 141,962,000
Utilized cash, cash equivalents and restricted cash   4,100,000 4,079,000 91,059,000 247,492,000      
Non-recourse loans maturing in one year from issuance of financial statements   $ 1,900,000,000 $ 1,900,000,000          
Lease term   32 years 32 years          
Impairment charges     $ 67,648,000 59,331,000 0      
Advance deposit balance   $ 26,700,000 26,700,000 25,300,000        
Advertising expense     10,600,000 10,400,000 11,100,000      
Stirling OP                
Variable Interest Entity [Line Items]                
Redemption amount, net of redemption fees $ 685,000              
Ashford M Investor LLC                
Variable Interest Entity [Line Items]                
Proceeds from issuance of preferred membership interests     $ 88,000,000.0          
815 Commerce MM                
Variable Interest Entity [Line Items]                
Ownership percentage of operating partnership   70.70% 70.70%          
Napa Resorts                
Variable Interest Entity [Line Items]                
Number of resorts | resort   2 2          
OpenKey                
Variable Interest Entity [Line Items]                
Ownership percentage (as a percent)   15.10% 15.10%          
Notes Receivable                
Variable Interest Entity [Line Items]                
Impairment charges     $ 0 $ 0 $ 0      
Minimum                
Variable Interest Entity [Line Items]                
Restricted cash as percentage of property revenue   4.00% 4.00%          
Minimum | Building and Building Improvements                
Variable Interest Entity [Line Items]                
Estimated useful life (in years)   7 years 6 months 7 years 6 months          
Minimum | Furniture and Fixtures                
Variable Interest Entity [Line Items]                
Estimated useful life (in years)   1 year 6 months 1 year 6 months          
Minimum | Performance LTIP units                
Variable Interest Entity [Line Items]                
Performance adjustment range (as a percent)   0.00% 0.00%          
Performance adjustment range on initial calculation (as a percent)   75.00% 75.00%          
Performance adjustment range on initial calculation, final calculation (as a percent)   0.00% 0.00%          
Maximum                
Variable Interest Entity [Line Items]                
Restricted cash as percentage of property revenue   5.00% 5.00%          
Maximum | Building and Building Improvements                
Variable Interest Entity [Line Items]                
Estimated useful life (in years)   39 years 39 years          
Maximum | Furniture and Fixtures                
Variable Interest Entity [Line Items]                
Estimated useful life (in years)   5 years 5 years          
Maximum | Performance LTIP units                
Variable Interest Entity [Line Items]                
Performance adjustment range (as a percent)   200.00% 200.00%          
Performance adjustment range on initial calculation (as a percent)   125.00% 125.00%          
Performance adjustment range on initial calculation, final calculation (as a percent)   250.00% 250.00%          
Variable Interest Entity, Primary Beneficiary, Stirling OP                
Variable Interest Entity [Line Items]                
Units of partnership interest (in shares) | shares           1.4    
Variable Interest Entity, Primary Beneficiary, 815 Commerce Managing Member, LLC                
Variable Interest Entity [Line Items]                
Lease term             99 years  
VIE, ownership percentage (as a percent)         100.00%      
Gain on VIE consolidation         $ 1,100,000      
v3.26.1
Revenue (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
hotel
Dec. 31, 2024
USD ($)
hotel
Dec. 31, 2023
USD ($)
hotel
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 73 95 102
Revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
Atlanta, GA Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 6 6 6
Revenue $ 77,667 $ 75,315 $ 84,648
Dallas/Ft. Worth, TX Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 5 5 5
Revenue $ 81,619 $ 71,965 $ 70,589
Houston, TX Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 2 2 2
Revenue $ 28,601 $ 26,780 $ 28,080
Los Angeles, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 4 4 4
Revenue $ 95,183 $ 94,132 $ 92,799
Miami, FL Metro Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 2 2 2
Revenue $ 38,249 $ 37,263 $ 34,862
Minneapolis - St. Paul, MN - WI Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 2 2 2
Revenue $ 19,350 $ 18,842 $ 19,739
Nashville, TN Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 1 1 1
Revenue $ 94,922 $ 89,575 $ 88,824
New York / New Jersey Metro Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 4 4 4
Revenue $ 59,707 $ 58,106 $ 58,435
Orlando, FL Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 2 2 2
Revenue $ 25,511 $ 27,156 $ 26,812
Philadelphia, PA Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 1 1 1
Revenue $ 14,043 $ 12,902 $ 13,556
San Diego, CA Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 1 1 1
Revenue $ 15,265 $ 16,784 $ 14,746
San Francisco - Oakland, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 3 3 3
Revenue $ 46,504 $ 44,924 $ 42,306
Tampa, FL Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 2 2 2
Revenue $ 38,292 $ 39,164 $ 38,880
Washington D.C. - MD - VA Area      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 9 9 9
Revenue $ 161,694 $ 169,805 $ 162,814
Other Areas      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 24 24 24
Revenue $ 279,135 $ 284,727 $ 288,574
Disposed/derecognized properties      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 5 27 34
Revenue $ 27,112 $ 102,694 $ 299,068
Corporate      
Disaggregation of Revenue [Line Items]      
Number of hotels | hotel 0 0 0
Revenue $ 1,534 $ 2,325 $ 2,801
Rooms      
Disaggregation of Revenue [Line Items]      
Revenue 825,623 889,753 1,059,155
Rooms | Atlanta, GA Area      
Disaggregation of Revenue [Line Items]      
Revenue 56,210 55,022 64,566
Rooms | Dallas/Ft. Worth, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 60,832 53,025 51,384
Rooms | Houston, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 19,919 18,801 19,451
Rooms | Los Angeles, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 71,175 70,594 70,881
Rooms | Miami, FL Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 26,408 25,539 24,919
Rooms | Minneapolis - St. Paul, MN - WI Area      
Disaggregation of Revenue [Line Items]      
Revenue 13,858 13,678 14,024
Rooms | Nashville, TN Area      
Disaggregation of Revenue [Line Items]      
Revenue 55,131 55,203 56,640
Rooms | New York / New Jersey Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 42,080 41,012 40,796
Rooms | Orlando, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 21,906 23,442 23,168
Rooms | Philadelphia, PA Area      
Disaggregation of Revenue [Line Items]      
Revenue 11,706 11,096 11,609
Rooms | San Diego, CA Area      
Disaggregation of Revenue [Line Items]      
Revenue 13,096 14,306 12,595
Rooms | San Francisco - Oakland, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 39,174 37,914 35,816
Rooms | Tampa, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 29,139 30,096 29,571
Rooms | Washington D.C. - MD - VA Area      
Disaggregation of Revenue [Line Items]      
Revenue 125,906 133,045 128,047
Rooms | Other Areas      
Disaggregation of Revenue [Line Items]      
Revenue 216,534 222,253 229,101
Rooms | Disposed/derecognized properties      
Disaggregation of Revenue [Line Items]      
Revenue 22,549 84,727 246,587
Rooms | Corporate      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Food and Beverage      
Disaggregation of Revenue [Line Items]      
Revenue 207,588 212,581 232,829
Food and Beverage | Atlanta, GA Area      
Disaggregation of Revenue [Line Items]      
Revenue 16,388 16,187 16,412
Food and Beverage | Dallas/Ft. Worth, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 15,510 15,132 15,630
Food and Beverage | Houston, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 7,597 7,199 7,972
Food and Beverage | Los Angeles, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 18,217 18,130 17,855
Food and Beverage | Miami, FL Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 10,016 10,167 8,802
Food and Beverage | Minneapolis - St. Paul, MN - WI Area      
Disaggregation of Revenue [Line Items]      
Revenue 4,763 4,618 4,997
Food and Beverage | Nashville, TN Area      
Disaggregation of Revenue [Line Items]      
Revenue 34,193 29,182 28,506
Food and Beverage | New York / New Jersey Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 15,192 14,953 15,364
Food and Beverage | Orlando, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 1,595 1,458 1,621
Food and Beverage | Philadelphia, PA Area      
Disaggregation of Revenue [Line Items]      
Revenue 1,184 874 1,092
Food and Beverage | San Diego, CA Area      
Disaggregation of Revenue [Line Items]      
Revenue 1,416 1,600 1,307
Food and Beverage | San Francisco - Oakland, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 5,193 5,445 5,144
Food and Beverage | Tampa, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 6,817 7,024 7,371
Food and Beverage | Washington D.C. - MD - VA Area      
Disaggregation of Revenue [Line Items]      
Revenue 23,928 26,844 26,112
Food and Beverage | Other Areas      
Disaggregation of Revenue [Line Items]      
Revenue 42,724 43,368 42,264
Food and Beverage | Disposed/derecognized properties      
Disaggregation of Revenue [Line Items]      
Revenue 2,855 10,400 32,380
Food and Beverage | Corporate      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other hotel      
Disaggregation of Revenue [Line Items]      
Revenue 69,643 67,800 72,748
Other hotel | Atlanta, GA Area      
Disaggregation of Revenue [Line Items]      
Revenue 5,069 4,106 3,670
Other hotel | Dallas/Ft. Worth, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 5,277 3,808 3,575
Other hotel | Houston, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 1,085 780 657
Other hotel | Los Angeles, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 5,791 5,408 4,063
Other hotel | Miami, FL Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 1,825 1,557 1,141
Other hotel | Minneapolis - St. Paul, MN - WI Area      
Disaggregation of Revenue [Line Items]      
Revenue 729 546 718
Other hotel | Nashville, TN Area      
Disaggregation of Revenue [Line Items]      
Revenue 5,598 5,190 3,678
Other hotel | New York / New Jersey Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 2,435 2,141 2,275
Other hotel | Orlando, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 2,010 2,256 2,023
Other hotel | Philadelphia, PA Area      
Disaggregation of Revenue [Line Items]      
Revenue 1,153 932 855
Other hotel | San Diego, CA Area      
Disaggregation of Revenue [Line Items]      
Revenue 753 878 844
Other hotel | San Francisco - Oakland, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 2,137 1,565 1,346
Other hotel | Tampa, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 2,336 2,044 1,938
Other hotel | Washington D.C. - MD - VA Area      
Disaggregation of Revenue [Line Items]      
Revenue 11,860 9,916 8,655
Other hotel | Other Areas      
Disaggregation of Revenue [Line Items]      
Revenue 19,877 19,106 17,209
Other hotel | Disposed/derecognized properties      
Disaggregation of Revenue [Line Items]      
Revenue 1,708 7,567 20,101
Other hotel | Corporate      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other      
Disaggregation of Revenue [Line Items]      
Revenue 1,534 2,325 2,801
Other | Atlanta, GA Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Dallas/Ft. Worth, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Houston, TX Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Los Angeles, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Miami, FL Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Minneapolis - St. Paul, MN - WI Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Nashville, TN Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | New York / New Jersey Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Orlando, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Philadelphia, PA Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | San Diego, CA Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | San Francisco - Oakland, CA Metro Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Tampa, FL Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Washington D.C. - MD - VA Area      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Other Areas      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Disposed/derecognized properties      
Disaggregation of Revenue [Line Items]      
Revenue 0 0 0
Other | Corporate      
Disaggregation of Revenue [Line Items]      
Revenue $ 1,534 $ 2,325 $ 2,801
v3.26.1
Investments in Hotel Properties, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Land $ 410,460 $ 437,567  
Buildings and improvements 2,444,715 2,700,234  
Furniture, fixtures and equipment 171,635 171,762  
Construction in progress 24,937 23,254  
Hilton Marietta finance lease 17,269 17,269  
Total cost 3,069,016 3,350,086  
Accumulated depreciation (983,772) (1,030,879)  
Investments in hotel properties, net 2,085,244 2,319,207  
Depreciation $ 141,000 $ 152,500 $ 187,400
v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 18, 2025
USD ($)
room
Nov. 11, 2025
USD ($)
room
Oct. 15, 2025
USD ($)
room
Aug. 22, 2025
USD ($)
room
Aug. 11, 2025
USD ($)
room
May 19, 2025
USD ($)
Apr. 14, 2025
USD ($)
Jan. 10, 2025
USD ($)
room
Jun. 27, 2024
USD ($)
Jun. 10, 2024
USD ($)
May 30, 2024
USD ($)
Apr. 23, 2024
USD ($)
Apr. 09, 2024
USD ($)
Mar. 06, 2024
USD ($)
Nov. 09, 2023
USD ($)
Aug. 01, 2023
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 09, 2023
USD ($)
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                                 $ 242,437 $ 300,022 $ 29,214    
Net proceeds from sale of historical tax credits                                 18,761 0 0    
Gain on consolidation of VIE and disposition of assets and hotel properties                                 79,799 94,406 11,488    
Long-term debt, gross                                 2,586,884 2,705,650      
Gain on extinguishment of debt                                   2,600      
Gain on extinguishment of debt                                 335 2,774 53,386    
Impairment charges                                     0    
KEYS Pool F Loan                                          
Real Estate Properties [Line Items]                                          
Gain on extinguishment of debt                                     53,400    
Mortgages                                          
Real Estate Properties [Line Items]                                          
Long-term debt, gross                                       $ 8,900  
Mortgages | KEYS Pool F Loan                                          
Real Estate Properties [Line Items]                                          
Long-term debt, gross                                         $ 215,100
Extension term (in days)                                         30 days
Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate Properties [Line Items]                                          
Impairment charges                                 67,600 59,300      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Boston Downtown                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room               315                          
Proceeds from sale of hotel property               $ 123,000                          
Gain on disposal               $ 32,100                          
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Orlando, Land                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property             $ 7,200                            
Gain on disposal             $ 6,700                            
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Le Meridien Fort Worth, Tax Credit                                          
Real Estate Properties [Line Items]                                          
Net proceeds from sale of historical tax credits           $ 18,800                              
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Evansville                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room         78                                
Proceeds from sale of hotel property         $ 6,000                                
Impairment charges                                 1,400        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Houston NASA Clear Lake                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room       242                                  
Proceeds from sale of hotel property       $ 27,800                                  
Gain on disposal       $ 16,500                                  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn San Diego Sorrento Mesa                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room     150                                    
Proceeds from sale of hotel property     $ 42,000                                    
Gain on disposal     $ 23,500                                    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | New Orleans Le Pavillon Hotel                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room 226                                        
Proceeds from sale of hotel property $ 42,500                                        
Gain on disposal $ 1,000                                        
Impairment charges                                 18,400        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Salt Lake City UT Marriott Residence Inn                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                           $ 19,200              
Gain on disposal                                     $ 6,400    
Gain on consolidation of VIE and disposition of assets and hotel properties                                   6,900      
Disposal group, not discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration]                                     Gain on consolidation of VIE and disposition of assets and hotel properties    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Boston Back Bay                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                         $ 171,000                
Gain on consolidation of VIE and disposition of assets and hotel properties                                   129      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hampton Inn Lawrenceville                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                       $ 8,100                  
Gain on consolidation of VIE and disposition of assets and hotel properties                                   4,800      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Couryard Manchester                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                     $ 8,000                    
Gain on consolidation of VIE and disposition of assets and hotel properties                                   2,100      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SpringHill Suites and Fairfield Inn Kennesaw                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                   $ 17,500                      
Gain on consolidation of VIE and disposition of assets and hotel properties                                   9,600      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | One Ocean Resort and Spa                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                 $ 87,000                        
Gain on consolidation of VIE and disposition of assets and hotel properties                                   70,900      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | WorldQuest Resort                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                               $ 14,800          
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sheraton Bucks County                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property                             $ 13,800            
Gain on disposal                                     $ 3,900    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Alexandria Old Town                                          
Real Estate Properties [Line Items]                                          
Impairment charges                                 31,500        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Santa Cruz Scotts Valley                                          
Real Estate Properties [Line Items]                                          
Impairment charges                                 $ 16,300        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Costa Mesa Hilton                                          
Real Estate Properties [Line Items]                                          
Impairment charges                                   35,900      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites Portland                                          
Real Estate Properties [Line Items]                                          
Impairment charges                                   $ 23,400      
Disposal Group, Held-for-sale, Not Discontinued Operations | Embassy Suites Houston                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room   150                                      
Disposal Group, Held-for-sale, Not Discontinued Operations | Embassy Suites Austin                                          
Real Estate Properties [Line Items]                                          
Number of rooms in hotel sale | room   150                                      
Disposal Group, Held-for-sale, Not Discontinued Operations | Embassy Suites Houston And Austin                                          
Real Estate Properties [Line Items]                                          
Proceeds from sale of hotel property   $ 27,000                                      
Nonrefundable deposit received   $ 1,000                                      
v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale - Schedule of Hotel Disposition and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate Properties [Line Items]      
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) 0 0
Total operating expenses (49,820) (94,812) (279,877)
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 73,100 94,406 10,279
Gain (loss) on derecognition of assets 39,054 167,177 0
Operating income (loss) 89,446 269,465 45,340
Interest income 86 419 435
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 debt 77 2,774 53,386
Income (loss) before income taxes 43,008 202,978 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
v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale - Schedule of Hotel Fair Value as a Result of Impairment Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net $ 2,085,244 $ 2,319,207  
Impairment charges 67,648 $ 59,331 $ 0
Hilton Alexandria Old Town      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment charges 31,484    
Hilton Alexandria Old Town | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 60,250    
Hilton Alexandria Old Town | Level 1 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 0    
Hilton Alexandria Old Town | Level 2 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 0    
Hilton Alexandria Old Town | Level 3 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 60,250    
Hilton Santa Cruz Scotts Valley      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Impairment charges 16,344    
Hilton Santa Cruz Scotts Valley | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 22,100    
Hilton Santa Cruz Scotts Valley | Level 1 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 0    
Hilton Santa Cruz Scotts Valley | Level 2 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net 0    
Hilton Santa Cruz Scotts Valley | Level 3 | Fair Value, Nonrecurring      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Investment in hotel properties, net $ 22,100    
v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale - Schedule of Major Classes of Assets and Liabilities Related to Assets Held For Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets        
Cash and cash equivalents $ 671 $ 15 $ 1 $ 0
Assets held for sale 18,478 96,628    
Liabilities        
Liabilities related to assets held for sale 41,292 99,139    
Disposal Group, Held-for-sale, Not Discontinued Operations        
Assets        
Investments in hotel properties, gross 34,818 110,295    
Accumulated depreciation (17,391) (23,173)    
Investments in hotel properties, net 17,427 87,122    
Cash and cash equivalents 671 15    
Restricted cash 0 7,858    
Accounts receivable, net 127 652    
Inventories 45 0    
Deferred costs, net 10 0    
Prepaid expenses and other assets 198 583    
Due from third-party hotel managers 0 398    
Assets held for sale 18,478 96,628    
Liabilities        
Indebtedness, net 38,820 97,368    
Accounts payable and accrued expenses 2,044 1,389    
Accrued interest 354 364    
Due from Ashford Inc. 65 18    
Liabilities related to assets held for sale 41,292 99,139    
Disposal Group, Held-for-sale, Not Discontinued Operations | Related Party        
Liabilities        
Due to related parties, net $ 9 $ 0    
v3.26.1
Investments in Unconsolidated Entities (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Impairment of investments in unconsolidated entities   $ 0   $ 0
Carrying value of the investment $ 7,590,000 7,265,000 $ 7,590,000  
Income (loss) from equity method investments, net   (325,000) (1,361,000) (1,134,000)
Meritage Investment        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, aggregate cost   9,100,000    
Carrying value of the investment 7,590,000 7,265,000 7,590,000  
Income (loss) from equity method investments, net   (325,000) (795,000) (606,000)
OpenKey        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, aggregate cost   5,500,000    
Impairment of investments in unconsolidated entities 1,000,000.0      
Carrying value of the investment $ 0   0  
Income (loss) from equity method investments, net   $ 0 $ (566,000) $ (528,000)
v3.26.1
Indebtedness, net - Schedule of Indebtedness (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 09, 2026
Dec. 31, 2025
USD ($)
extension
hotel
Sep. 09, 2025
USD ($)
extension
Jul. 30, 2025
USD ($)
extension
May 08, 2025
USD ($)
Apr. 09, 2025
extension
Feb. 24, 2025
extension
Feb. 12, 2025
USD ($)
extension
Mar. 20, 2026
Feb. 28, 2026
Jan. 31, 2026
USD ($)
Oct. 31, 2025
USD ($)
Aug. 31, 2025
USD ($)
Feb. 28, 2025
Jan. 31, 2025
USD ($)
Mar. 20, 2026
USD ($)
Dec. 31, 2025
USD ($)
extension
hotel
Dec. 31, 2024
USD ($)
hotel
Dec. 31, 2023
USD ($)
Feb. 11, 2026
USD ($)
hotel
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]                                          
Debt balance   $ 2,586,884                             $ 2,586,884 $ 2,705,650      
Premiums (discounts), net   301                             301 331      
Capitalized default interest and late charges   2,346                             2,346 36      
Deferred loan costs, net   (24,103)                             (24,103) (8,459)      
Indebtedness, net   2,565,428                             2,565,428 2,726,657      
Indebtedness, net   2,526,608                             2,526,608 2,629,289      
Book Value of Collateral   $ 2,087,010                             $ 2,087,010 $ 2,345,012      
SOFR rate   3.69%                             3.69% 4.33%      
Repayments of long-term debt                                 $ 709,174 $ 388,339 $ 396,947    
Disposal Group, Held-for-sale, Not Discontinued Operations                                          
Debt Instrument [Line Items]                                          
Indebtedness, net related to assets held for sale   $ 38,820                             38,820 97,368      
Mortgages                                          
Debt Instrument [Line Items]                                          
Debt balance                                         $ 8,900
Embedded debt derivative                                          
Debt Instrument [Line Items]                                          
Embedded debt derivative   0                             0 $ 29,099      
Mortgage Loan due February 2025 4.45% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                   2      
Interest rate                                   4.45%      
Basis spread on variable rate               4.37%                          
Debt balance   0           $ 580,000                 0 $ 25,882      
Book Value of Collateral   $ 0                             $ 0 38,627      
Long-term debt, term (in months and years)               2 years                          
Number of extension options | extension               3                          
Term of extension option (in years)               1 year                          
Mortgage Loan due March 2025 4.66% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Interest rate   4.66%                             4.66%        
Debt balance   $ 21,971                             $ 21,971 22,132      
Book Value of Collateral   $ 22,146                             22,146 $ 40,276      
Default interest accrued   5.00%                                      
Mortgage Loan due June 2025 4.03% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                   4      
Basis spread on variable rate                                   4.03%      
Debt balance   $ 0                             0 $ 143,877      
Book Value of Collateral   0                             0 $ 122,603      
Mortgage Loan due June 2025 4.29% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                   4      
Basis spread on variable rate                                   4.29%      
Debt balance   0                             0 $ 159,424      
Book Value of Collateral   0                             0 $ 62,801      
Mortgage Loan due June 2025 3.02% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                   5      
Basis spread on variable rate                                   3.02%      
Debt balance   0                             0 $ 109,473      
Book Value of Collateral   0                             0 $ 151,592      
Mortgage Loan due December 2025 4.00% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                   1      
Basis spread on variable rate                                   4.00%      
Debt balance   0                             0 $ 37,000      
Book Value of Collateral   0                             0 $ 63,633      
Term Loan due January 2026 14.00% | Term Loan                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate                                   14.00%      
Debt balance   0                             0 $ 44,722      
Book Value of Collateral   $ 0                             $ 0 0      
Exit fee payment               $ 30,000                          
Mortgage Loan due January 2026 4.15% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   18                             18        
Basis spread on variable rate                                 4.15%        
Debt balance   $ 733,625                             $ 733,625 862,027      
Book Value of Collateral   $ 771,949                             $ 771,949 881,867      
Number of extension options | extension       1                                  
Term of extension option (in years)       6 months                                  
Repayments of long-term debt       $ 10,000                     $ 118,400            
Mortgage Loan due January 2026 4.15% | Mortgages | Subsequent Event                                          
Debt Instrument [Line Items]                                          
Basis spread on variable rate                     4.41%                    
Term of extension option (in years)                     6 months                    
Repayments of long-term debt                     $ 10,000                    
Mortgage Loan Due February 2026 3.28% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   8                             8        
Interest rate   3.28%                             3.28%        
Debt balance   $ 325,000                             $ 325,000 325,000      
Book Value of Collateral   $ 222,776                             $ 222,776 235,655      
Number of extension options | extension   6                             6        
Term of extension option (in years)                           1 year     1 year        
Mortgage Loan Due February 2026 3.28% | Mortgages | Subsequent Event                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                       8  
Debt balance                                       $ 325,000  
Default interest accrued 5.00%                                        
Mortgage Loan due February 2026 2.85% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Basis spread on variable rate                                 2.85%        
Debt balance   $ 12,330                             $ 12,330 12,330      
Book Value of Collateral   $ 20,699                             $ 20,699 21,565      
Number of extension options | extension             1                            
Term of extension option (in years)             1 year                            
Mortgage Loan due February 2026 2.85% | Mortgages | Subsequent Event                                          
Debt Instrument [Line Items]                                          
Debt instrument term (in years)                   1 year                      
Amended Mortgage Loan due March 2026 3.83% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   14                             14        
Basis spread on variable rate                                 3.83%        
Debt balance   $ 341,203                             $ 341,203 409,750      
Book Value of Collateral   $ 198,713                             $ 198,713 232,485      
Number of extension options | extension           2                              
Term of extension option (in years)           1 year                              
Amended Mortgage Loan due March 2026 3.83% | Mortgages | Subsequent Event                                          
Debt Instrument [Line Items]                                          
Term of extension option (in years)                 1 year                        
Amended Mortgage Loan due March 2026 3.83% | Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Houston NASA Clear Lake                                          
Debt Instrument [Line Items]                                          
Repayments of long-term debt                       $ 37,100 $ 31,400                
Amended Mortgage Loan due March 2026 3.83% | Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Houston NASA Clear Lake | Subsequent Event                                          
Debt Instrument [Line Items]                                          
Repayments of long-term debt                               $ 111,100          
Mortgage Loan due May 2026 4.00% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   2                             2        
Basis spread on variable rate                                 4.00%        
Debt balance   $ 98,450                             $ 98,450 98,450      
Book Value of Collateral   $ 104,086                             $ 104,086 139,244      
Number of extension options | extension   2                             2        
Term of extension option (in years)                                 1 year        
SOFR Floor (as a percent)   0.50%                             0.50%        
Mortgage Loan due May 2026 4.00% | Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | La Posada de Santa Fe Resort & Spa | Subsequent Event                                          
Debt Instrument [Line Items]                                          
Repayments of long-term debt                               $ 56,000          
Mortgage Loan due February 2027 4.37% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   16                             16        
Basis spread on variable rate                                 4.37%        
Debt balance   $ 580,000                             $ 580,000 0      
Book Value of Collateral   $ 420,162                             $ 420,162 0      
Mortgage Loan due September 2027 2.26% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Basis spread on variable rate     2.26%                           2.26%        
Debt balance   $ 218,100 $ 218,100                           $ 218,100 267,200      
Book Value of Collateral   $ 142,041                             $ 142,041 148,488      
Number of extension options | extension     3                                    
Term of extension option (in years)     1 year                                    
Mortgage Loan Due November 2027 4.75% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Basis spread on variable rate                                 4.75%        
Debt balance   $ 121,500                             $ 121,500 121,500      
Book Value of Collateral   $ 75,011                             $ 75,011 77,165      
Number of extension options | extension   2                             2        
Term of extension option (in years)                                 1 year        
SOFR Floor (as a percent)   2.75%                             2.75%        
Mortgage Loan due December 2028 8.51% | Mortgages                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   4                             4        
Interest rate   8.51%                             8.51%        
Debt balance   $ 30,200                             $ 30,200 30,200      
Book Value of Collateral   $ 32,198                             $ 32,198 35,792      
Preferred Interest due May 2029 11.14% | Preferred Interest                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Interest rate   11.14% 11.14%   14.00%                       11.14%        
Debt balance   $ 88,845                             $ 88,845 0      
Book Value of Collateral   0                             0 $ 0      
Proceeds from equity investment in hotel property     $ 53,000                                    
Bridge Loan due September 2025 7.75% | Bridge Loan                                          
Debt Instrument [Line Items]                                          
Collateral | hotel                                   1      
Interest rate                                   7.75%      
Debt balance   0                             0 $ 20,898      
Book Value of Collateral   $ 0                             $ 0 0      
Construction Loan due May 2033 11.26% | Construction loan                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Interest rate   11.26%                             11.26%        
Debt balance   $ 15,660                             $ 15,660 15,785      
Book Value of Collateral   $ 77,229                             $ 77,229 93,219      
Loan due April 2025 3.70% | Disposal Group, Held-for-sale, Not Discontinued Operations                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   1                             1        
Basis spread on variable rate                                 3.91%        
Indebtedness, net related to assets held for sale   $ 0                             $ 0 97,368      
Loan due March 2026 3.83% | Disposal Group, Held-for-sale, Not Discontinued Operations                                          
Debt Instrument [Line Items]                                          
Collateral | hotel   2                             2        
Basis spread on variable rate                                 3.83%        
Indebtedness, net related to assets held for sale   $ 38,820                             $ 38,820 $ 0      
Preferred Interest due May 2029 14.00% | Preferred Interest                                          
Debt Instrument [Line Items]                                          
Proceeds from equity investment in hotel property         $ 35,000                                
v3.26.1
Indebtedness, net - Schedule of Net Premium (Discount) Amortization Recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Interest expense and amortization of discounts and loan costs $ 29 $ (913) $ (18,684)
v3.26.1
Indebtedness, net - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 12, 2025
USD ($)
Apr. 01, 2024
USD ($)
Nov. 29, 2023
USD ($)
Jun. 13, 2018
extension
Jun. 30, 2023
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 22, 2025
USD ($)
Mar. 06, 2025
USD ($)
Nov. 04, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 11, 2024
USD ($)
Jun. 09, 2023
USD ($)
Debt Instrument [Line Items]                              
Amount of capitalized, interest and late charges             $ 14,100                
Amount of capitalized principal that was amortized             11,400 $ 352 $ 7,800            
Amount of capitalized principal, written-off             333 8 151            
Repayments of long-term debt             709,174 388,339 396,947            
Gain (loss) on derecognition of assets             39,054 167,177 0            
Contract asset           $ 378,200 355,138 366,671              
Reduction in contract asset and corresponding indebtedness, attributable to each hotel                   $ 50,600   $ 45,000      
Long-term debt, gross             2,586,884 2,705,650              
Interest costs capitalized               3,700 $ 3,000            
Oaktree Credit Agreement                              
Debt Instrument [Line Items]                              
Minimum cash requirement                           $ 50,000  
Percent increase on interest rate if cash is below $100 million                           3.00%  
Cash threshold for interest rate                           $ 100,000  
Increase to interest rate if principal balance is not less than $100 million                           3.50%  
Principal balance threshold for interest rate                           $ 100,000  
Payment for exit fee $ 30,000                            
Mortgages                              
Debt Instrument [Line Items]                              
Long-term debt, gross                         $ 8,900    
Non-Recourse Mortgage Loan | Mortgages                              
Debt Instrument [Line Items]                              
Long-term debt, gross                     $ 22,100        
KEYS Mortgage Loans | Mortgages                              
Debt Instrument [Line Items]                              
Debt instrument term (in years)       2 years                      
Number of extension options | extension       5                      
Term of extension option (in years)       1 year                      
KEYS Pool C Loan | Mortgages                              
Debt Instrument [Line Items]                              
Repayments of long-term debt         $ 62,400                    
KEYS Pool D Loan | Mortgages                              
Debt Instrument [Line Items]                              
Repayments of long-term debt         25,600                    
KEYS Pool E Loan | Mortgages                              
Debt Instrument [Line Items]                              
Repayments of long-term debt         $ 41,000                    
KEYS Pool F Loan | Mortgages                              
Debt Instrument [Line Items]                              
Extinguishment of debt     $ 215,100                        
Long-term debt, gross                             $ 215,100
Mortgage Loan due June 2024 2.00% | Mortgages                              
Debt Instrument [Line Items]                              
Long-term debt, gross                         $ 8,900    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | KEYS Pool A & B                              
Debt Instrument [Line Items]                              
Gain (loss) on derecognition of assets   $ 33,300       $ 133,900 $ 39,100 $ 167,200              
v3.26.1
Indebtedness, net - Schedule of Maturities and Scheduled Amortizations of Indebtedness (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 1,532,727  
2027 919,766  
2028 30,381  
2029 89,054  
2030 233  
Thereafter 14,723  
Total $ 2,586,884 $ 2,705,650
v3.26.1
Note Receivable - Narrative (Details)
Dec. 31, 2025
Variable Interest Entity, Primary Beneficiary | Notes Receivable  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Notes receivable, term (in days) 30 days
v3.26.1
Note Receivable - Schedule of Accounts and Notes Receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Notes receivable, net $ 12,187 $ 10,565  
Interest on notes $ 256,229 273,359 $ 326,970
Notes Receivable | Variable Interest Entity, Primary Beneficiary      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Interest Rate 18.00%    
Notes receivable, net $ 12,187 $ 10,565  
Note receivable, advanced amount 8,900    
Interest on notes $ 3,300    
v3.26.1
Note Receivable - Schedule of Other Income (Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Notes Receivable | Variable Interest Entity, Primary Beneficiary      
Receivables with Imputed Interest [Line Items]      
Interest income $ 1,596 $ 1,218 $ 501
v3.26.1
Derivative Instruments and Hedging (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 12, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oaktree Credit Agreement        
Derivative Instruments, Gain (Loss) [Line Items]        
Payment for exit fee $ 30,000      
Not Designated as Hedging Instrument | Interest rate derivatives – caps        
Derivative Instruments, Gain (Loss) [Line Items]        
Notional amount (in thousands)   $ 2,068,205 $ 2,477,192  
Aggregate principal balance on corresponding mortgage loans (in thousands)   $ 1,764,005 $ 2,123,951  
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Minimum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   4.00% 3.10%  
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Maximum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   5.50% 7.31%  
Not Designated as Hedging Instrument | Interest rate derivatives – floors        
Derivative Instruments, Gain (Loss) [Line Items]        
Notional amount (in thousands)   $ 121,500 $ 121,500  
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Minimum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   2.75% 2.75%  
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Maximum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   2.75% 2.75%  
Not Designated as Hedging Instrument | Interest rate derivatives – caps        
Derivative Instruments, Gain (Loss) [Line Items]        
Notional amount (in thousands)   $ 1,642,505 $ 2,341,742 $ 2,583,271
Total cost (in thousands)   $ 5,120 $ 15,532 $ 28,256
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Minimum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   4.00% 3.10% 2.50%
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Maximum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   5.25% 7.31% 6.90%
Not Designated as Hedging Instrument | Interest rate derivatives – floors        
Derivative Instruments, Gain (Loss) [Line Items]        
Notional amount (in thousands)   $ 0 $ 121,500 $ 0
Total cost (in thousands)   $ 0 $ 754 $ 0
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Minimum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   0.00% 2.75% 0.00%
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Maximum        
Derivative Instruments, Gain (Loss) [Line Items]        
Strike rate   0.00% 2.75% 0.00%
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value consideration threshold for transfer in/out of level 3 (as a percent) 10.00%  
SOFR rate 3.69% 4.33%
Significant Other Observable Inputs (Level 2)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
SOFR rate   3.688%
SOFR interest rate forward curve downtrend 3.104%  
Significant Unobservable Inputs (Level 3)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value of derivative liability   $ 43.7
v3.26.1
Fair Value Measurements - Schedule of Derivative Liabilities Measured at Fair Value (Details) - Derivative Liabilities - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance $ 29,099 $ 23,696 $ 23,687
Re-measurement of fair value 901 5,403 9
Payment of derivative liability (30,000)    
Ending balance $ 0 $ 29,099 $ 23,696
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative assets:    
Derivative assets $ 410 $ 2,594
Fair Value Measurements Recurring    
Derivative assets:    
Derivative assets 410 2,594
Liabilities    
Net   (26,505)
Fair Value Measurements Recurring | Interest rate derivatives – floors    
Derivative assets:    
Derivative assets 177 434
Fair Value Measurements Recurring | Interest rate derivatives – caps    
Derivative assets:    
Derivative assets 233 2,160
Fair Value Measurements Recurring | Embedded debt derivative    
Liabilities    
Derivative liabilities   (29,099)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)    
Derivative assets:    
Derivative assets 0 0
Liabilities    
Net   0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives – floors    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives – caps    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Embedded debt derivative    
Liabilities    
Derivative liabilities   0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)    
Derivative assets:    
Derivative assets 410 2,594
Liabilities    
Net   2,594
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives – floors    
Derivative assets:    
Derivative assets 177 434
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives – caps    
Derivative assets:    
Derivative assets 233 2,160
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Embedded debt derivative    
Liabilities    
Derivative liabilities   0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)    
Derivative assets:    
Derivative assets 0 0
Liabilities    
Net   (29,099)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives – floors    
Derivative assets:    
Derivative assets 0 0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives – caps    
Derivative assets:    
Derivative assets $ 0 0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Embedded debt derivative    
Liabilities    
Derivative liabilities   $ (29,099)
v3.26.1
Fair Value Measurements - Schedule of Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - Fair Value Measurements Recurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on derivatives $ (6,521) $ (32,790) $ (44,041)
Realized gain (loss) in derivatives 1,175    
Net (5,346) (6,480) (2,200)
Interest rate derivatives – floors      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on derivatives (257) (320) 0
Interest rate derivatives – caps      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on derivatives (5,363) (27,067) (44,032)
Realized gain (loss) in derivatives 1,175 26,310 41,841
Embedded debt derivative      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on derivatives (901) (5,403) (9)
Derivative Liabilities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Liabilities (5,346) (6,480) (2,200)
Derivative Liabilities | Embedded debt derivative      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Liabilities (901) (5,403) (9)
Derivative assets      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Assets (4,445) (1,077) (2,191)
Derivative assets | Interest rate derivatives – floors      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Assets (257) (320) 0
Derivative assets | Interest rate derivatives – caps      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Assets $ (4,188) $ (757) $ (2,191)
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
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial assets measured at fair value:        
Derivative assets $ 410 $ 2,594    
Financial assets not measured at fair value:        
Cash and cash equivalents 66,145 112,907 $ 165,231 $ 417,064
Restricted cash 149,580 99,695 146,079 $ 141,962
Accounts receivable, net 32,752 35,579    
Notes receivable, net, Carrying value 12,187 10,565    
Financial liabilities not measured at fair value:        
Debt associated with hotels in receivership 272,800 314,640    
Accounts payable and accrued expenses 123,773 137,506    
Accrued interest payable 13,993 10,212    
Accrued interest associated with hotels in receivership 82,338 52,031    
Dividends and distributions declared but not paid 4,247 3,952 $ 3,566  
Fair Value Measurements Recurring        
Financial assets measured at fair value:        
Derivative assets 410 2,594    
Embedded debt derivative | Fair Value Measurements Recurring        
Financial liabilities measured at fair value:        
Derivative liabilities, Carrying value   $ 29,099    
Derivative Liability, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag   Indebtedness, net ($15,961 and $65,548 attributable to VIEs)    
Nonrelated Party        
Financial assets not measured at fair value:        
Other receivables 25,667 $ 21,206    
Financial liabilities not measured at fair value:        
Other accounts payable 882 1,145    
Ashford, Inc.        
Financial liabilities not measured at fair value:        
Other accounts payable 40,643 25,635    
Related Party        
Financial liabilities not measured at fair value:        
Other accounts payable 1,949 2,850    
Carrying Value        
Financial assets measured at fair value:        
Derivative assets 410 2,594    
Financial liabilities measured at fair value:        
Derivative liabilities, Carrying value 0 29,099    
Financial assets not measured at fair value:        
Cash and cash equivalents 66,816 112,922    
Restricted cash 149,580 107,553    
Accounts receivable, net 32,879 36,231    
Notes receivable, net, Carrying value 12,187 10,565    
Financial liabilities not measured at fair value:        
Indebtedness, Carrying value 2,587,185 2,705,981    
Debt associated with hotels in receivership 272,800 314,640    
Accounts payable and accrued expenses 125,817 138,895    
Accrued interest payable 14,347 10,576    
Accrued interest associated with hotels in receivership 82,338 52,031    
Dividends and distributions declared but not paid 4,247 3,952    
Carrying Value | Nonrelated Party        
Financial assets not measured at fair value:        
Other receivables 25,667 21,604    
Financial liabilities not measured at fair value:        
Other accounts payable 882 1,145    
Carrying Value | Ashford, Inc.        
Financial liabilities not measured at fair value:        
Other accounts payable 40,708 25,653    
Carrying Value | Related Party        
Financial liabilities not measured at fair value:        
Other accounts payable 1,958 2,850    
Estimated Fair Value        
Financial assets measured at fair value:        
Derivative assets, Estimated fair value 410 2,594    
Financial liabilities measured at fair value:        
Derivative liabilities, Estimated fair value 0 29,099    
Financial assets not measured at fair value:        
Cash and cash equivalents, Estimated fair value 66,816 112,922    
Restricted cash, Estimated fair value 149,580 107,553    
Accounts receivable, Estimated fair value 32,879 36,231    
Notes receivable, net, Estimated fair value 12,187 10,565    
Financial liabilities not measured at fair value:        
Indebtedness, Estimated fair value 2,587,088 2,695,013    
Debt associated with hotels in receivership, Estimated fair value 229,172 257,546    
Accounts payable and accrued expenses, Estimated fair value 125,817 138,895    
Accrued interest payable, Estimated fair value 14,347 10,576    
Accrued interest associated with hotels in receivership, Estimated fair value 82,338 52,031    
Dividends payable, Estimated fair value 4,247 3,952    
Estimated Fair Value | Nonrelated Party        
Financial assets not measured at fair value:        
Other receivables, Estimated fair value 25,667 21,604    
Financial liabilities not measured at fair value:        
Other accounts payable, Estimated fair value 882 1,145    
Estimated Fair Value | Ashford, Inc.        
Financial liabilities not measured at fair value:        
Other accounts payable, Estimated fair value 40,708 25,653    
Estimated Fair Value | Related Party        
Financial liabilities not measured at fair value:        
Other accounts payable, Estimated fair value $ 1,958 $ 2,850    
v3.26.1
Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Maximum maturity term of financial assets (in days) 90 days  
Total indebtedness fair value variance from carrying value (as a percent) 100.00% 99.60%
Indebtedness, net $ 2,526,608 $ 2,629,289
Total indebtedness fair value variance from carrying value related to receivership (as a percent) 84.00% 81.90%
Debt associated with hotels in receivership $ 272,800 $ 314,640
Significant Other Observable Inputs (Level 2)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Indebtedness, net $ 2,600,000 $ 2,700,000
v3.26.1
Income (Loss) Per Share - Schedule of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income (loss) allocated to common stockholders – basic and diluted:      
Income (loss) attributable to the Company $ (179,839) $ (60,300) $ (178,489)
Less: dividends on preferred stock (28,216) (22,686) (15,921)
Less: deemed dividends on redeemable preferred stock (6,949) (2,906) (2,673)
Add: gain (loss) on extinguishment of preferred stock 0 3,370 3,390
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted $ (215,004) $ (82,522) $ (193,693)
Weighted average common shares outstanding:      
Weighted average common shares outstanding - basic (in shares) 5,974 4,706 3,452
Weighted average common shares outstanding - diluted (in shares) 5,974 4,706 3,452
Basic income (loss) per share:      
Net income (loss) allocated to common stockholders per share (in dollars per share) $ (35.99) $ (17.54) $ (56.11)
Diluted income (loss) per share:      
Net income (loss) allocated to common stockholders per share (in dollars per share) $ (35.99) $ (17.54) $ (56.11)
v3.26.1
Income (Loss) Per Share - Schedule of Computation of Diluted Income Per Share (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income (loss) allocated to common stockholders is not adjusted for:      
Total $ 21,047 $ 15,128,000 $ 4,092
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 37,705 16,971,000 2,003
Preferred Stock, Series J      
Income (loss) allocated to common stockholders is not adjusted for:      
Dividends on preferred stock $ 18,609 $ 13,276,000 $ 6,014
Preferred Stock, Series K      
Income (loss) allocated to common stockholders is not adjusted for:      
Dividends on preferred stock 1,757 1,169,000 317
Preferred Stock, Series L      
Income (loss) allocated to common stockholders is not adjusted for:      
Dividends on preferred stock 1,280 0 0
Preferred Stock, Series M      
Income (loss) allocated to common stockholders is not adjusted for:      
Dividends on preferred stock $ 2,663 $ 0 0
Operating partnership units      
Income (loss) allocated to common stockholders is not adjusted for:      
Income (loss) attributable to redeemable noncontrolling interests in operating partnership     $ (2,239)
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 97 64,000 42
Restricted shares      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 7 7,000 0
Embedded debt derivative      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 0 0 175
Redeemable Noncontrolling Interests in Preferred Stock | Preferred Stock, Series J      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 32,856 15,713,000 1,693
Redeemable Noncontrolling Interests in Preferred Stock | Preferred Stock, Series K      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 3,137 1,187,000 93
Redeemable Noncontrolling Interests in Preferred Stock | Preferred Stock, Series L      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 524 0 0
Redeemable Noncontrolling Interests in Preferred Stock | Preferred Stock, Series M      
Weighted average diluted shares are not adjusted for:      
Antidilutive securities excluded (in shares) 1,084 0 0
Operating partnership units      
Income (loss) allocated to common stockholders is not adjusted for:      
Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (3,262) $ 683,000  
v3.26.1
Redeemable Noncontrolling Interests in Operating Partnership - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
shares
Noncontrolling Interest [Line Items]  
Common unit limited partnership interest redemption for common stock (in shares) 1
LTIP units  
Noncontrolling Interest [Line Items]  
Vesting period (in years) 3 years
Common partnership unit per converted long term incentive plan unit (in shares) 1
Units which have not reached full economic parity with common units (in shares) 22,000
Performance LTIP units  
Noncontrolling Interest [Line Items]  
Vesting percentage based on target (as a percent) 19.00%
Units which have not reached full economic parity with common units (in shares) 35,000
Performance LTIP units | Minimum  
Noncontrolling Interest [Line Items]  
Performance adjustment range (as a percent) 0.00%
Performance adjustment range on initial calculation (as a percent) 75.00%
Performance adjustment range on initial calculation, final calculation (as a percent) 0.00%
Performance LTIP units | Maximum  
Noncontrolling Interest [Line Items]  
Performance adjustment range (as a percent) 200.00%
Performance adjustment range on initial calculation (as a percent) 125.00%
Performance adjustment range on initial calculation, final calculation (as a percent) 250.00%
LTIP and Performance LTIP  
Noncontrolling Interest [Line Items]  
Units outstanding (in shares) 69,000
v3.26.1
Redeemable Noncontrolling Interests in Operating Partnership - Schedule of Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Performance LTIP units | Advisory Services Fee      
Debt Instrument [Line Items]      
Compensation expense $ (348) $ 926 $ 783
LTIP units      
Debt Instrument [Line Items]      
Compensation expense (348) 1,151 1,708
LTIP units | Advisory Services Fee      
Debt Instrument [Line Items]      
Compensation expense 0 86 435
LTIP units | Corporate, general and administrative      
Debt Instrument [Line Items]      
Compensation expense 0 4 15
LTIP units | Corporate, general and administrative | Director      
Debt Instrument [Line Items]      
Compensation expense $ 0 $ 135 $ 475
v3.26.1
Redeemable Noncontrolling Interests in Operating Partnership - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]      
Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 20,516 $ 22,509  
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 3,262 683 $ 2,239
Partnership Interest      
Noncontrolling Interest [Line Items]      
Cumulative adjustments to redeemable noncontrolling interests $ 187,846 $ 186,235  
Partnership Interest | Ashford Trust OP      
Noncontrolling Interest [Line Items]      
Ownership percentage of operating partnership 1.43% 1.02%  
v3.26.1
Redeemable Noncontrolling Interests in Operating Partnership - Schedule of Activity of Units in Operating Partnership (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Partnership Interest      
Summary of the activity of the operating partnership units      
Outstanding at beginning of year, temporary equity (in shares) 121 198 167
LTIP units issued (in shares) 0 10 11
Outstanding at end of year, temporary equity (in shares) 95 121 198
Common units convertible/redeemable at end of year (in shares) 37 38 36
Performance LTIP units      
Summary of the activity of the operating partnership units      
LTIP units issued (in shares) 0 0 28
Performance LTIP units canceled (in shares) (26) (87) (8)
v3.26.1
Equity - Narrative (Details)
 12 Months Ended
Dec. 15, 2025
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
shares
Apr. 11, 2022
USD ($)
Apr. 06, 2022
USD ($)
$ / shares
Class of Stock [Line Items]            
Shares issued, price per share (in dollars per share)           $ 0.01
Authorized amount | $           $ 200,000,000
Stock repurchased (in shares) | shares   0 0 0    
Additional acquisition of common stock (in shares) | shares   7,000 3,000 3,000    
Preferred stock, shares authorized (in shares) | shares   55,000,000 55,000,000      
Noncontrolling interest in consolidated entities | $   $ 15,511,000 $ 13,402,000      
Preferred stock, par value (in dollars per shares)   $ 0.01 $ 0.01      
Preferred Share Purchase Right            
Class of Stock [Line Items]            
Dividends declared, number of preferred share purchase rights per outstanding common share (in shares) 1          
Stirling OP            
Class of Stock [Line Items]            
Investment in operating partnership | $   $ 0 $ 374,000      
815 Commerce MM | Manager Of 815 Commerce MM            
Class of Stock [Line Items]            
Noncontrolling interest in consolidated entities | $   $ 15,500,000 $ 13,000,000.0      
8.45% Series D Cumulative Preferred Stock            
Class of Stock [Line Items]            
Preferred stock percentage   8.45%        
Preferred Stock, Series D            
Class of Stock [Line Items]            
Preferred stock, shares outstanding (in shares) | shares   1,111,127 1,111,127      
Redemption price of preferred stock (in dollars per share)   $ 25        
Liquidation preference (in dollars per share)   25.00        
Annual dividend rate per share (in dollars per share)   $ 2.1124        
Increased dividend rate percentage   9.45%        
7.375% Series F Cumulative Preferred Stock            
Class of Stock [Line Items]            
Preferred stock percentage   7.375%        
Preferred Stock, Series F            
Class of Stock [Line Items]            
Preferred stock, shares outstanding (in shares) | shares   1,037,044 1,037,044      
Redemption price of preferred stock (in dollars per share)   $ 25.00        
Liquidation preference (in dollars per share)   25.00        
Annual dividend rate per share (in dollars per share)   $ 1.8436        
Conversion ratio to common stock   0.00969        
7.375% Series G Cumulative Preferred Stock            
Class of Stock [Line Items]            
Preferred stock percentage   7.375%        
Preferred Stock, Series G            
Class of Stock [Line Items]            
Preferred stock, shares outstanding (in shares) | shares   1,470,948 1,470,948      
Redemption price of preferred stock (in dollars per share)   $ 25.00        
Liquidation preference (in dollars per share)   25.00        
Annual dividend rate per share (in dollars per share)   $ 1.8436        
Conversion ratio to common stock   0.00833        
7.50% Series I Cumulative Preferred Stock            
Class of Stock [Line Items]            
Preferred stock percentage   7.50%        
Preferred Stock, Series H            
Class of Stock [Line Items]            
Preferred stock percentage   7.50%        
Preferred stock, shares outstanding (in shares) | shares   1,037,956 1,037,956      
Redemption price of preferred stock (in dollars per share)   $ 25.00        
Liquidation preference (in dollars per share)   25.00        
Annual dividend rate per share (in dollars per share)   $ 1.8750        
Conversion ratio to common stock   0.00825        
Preferred Stock, Series I            
Class of Stock [Line Items]            
Preferred stock percentage   7.50%        
Preferred stock, shares outstanding (in shares) | shares   1,034,303 1,034,303      
Redemption price of preferred stock (in dollars per share)   $ 25.00        
Liquidation preference (in dollars per share)   25.00        
Annual dividend rate per share (in dollars per share)   $ 1.8750        
Conversion ratio to common stock   0.00806        
Series N Preferred Stock            
Class of Stock [Line Items]            
Preferred stock, par value (in dollars per shares) $ 0.01          
Series N Preferred Stock | Preferred Share Purchase Right            
Class of Stock [Line Items]            
Number of securities called by each right (in shares) | shares 0.001          
Purchase price per share (in dollars per share) $ 20,000          
Common Stock            
Class of Stock [Line Items]            
Stock repurchased (in shares) | shares   8,000 3,000 3,000    
At-The-Market Equity Distribution | Common Stock            
Class of Stock [Line Items]            
Commission percentage         1.00%  
Virtu Americas LLC | At-The-Market Equity Distribution            
Class of Stock [Line Items]            
Aggregate offering price | $         $ 100,000,000  
v3.26.1
Equity - Schedule of Equity Activity (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Gross proceeds $ 0 $ 8,783 $ 1,031
Common Stock      
Class of Stock [Line Items]      
Common stock issued (in shares)   741 72
Gross proceeds   $ 9,472 $ 1,477
Commissions and other expenses   95 15
Net proceeds   $ 9,377 $ 1,462
v3.26.1
Equity - Schedule of Dividends Declared (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   775 211
Privately Negotiated Exchange Agreements | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   507 320
Privately Negotiated Exchange Agreements | Common Shares Initially Issued      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   7,741 2,110
Privately Negotiated Exchange Agreements | Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   775 211
8.45% Series D Cumulative Preferred Stock      
Class of Stock [Line Items]      
Preferred stock percentage 8.45%    
7.375% Series F Cumulative Preferred Stock      
Class of Stock [Line Items]      
Preferred stock percentage 7.375%    
7.375% Series G Cumulative Preferred Stock      
Class of Stock [Line Items]      
Preferred stock percentage 7.375%    
7.50% Series H Cumulative Preferred Stock      
Class of Stock [Line Items]      
Preferred stock percentage 7.50%    
7.50% Series I Cumulative Preferred Stock      
Class of Stock [Line Items]      
Preferred stock percentage 7.50%    
Preferred Stock, Series D | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   49 14
Preferred Stock, Series D | Privately Negotiated Exchange Agreements | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   49 14
Preferred Stock, Series D | Privately Negotiated Exchange Agreements | Common Shares Initially Issued      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   1,007 89
Preferred Stock, Series D | Privately Negotiated Exchange Agreements | Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   101 9
Preferred Stock, Series F | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   138 76
Preferred Stock, Series F | Privately Negotiated Exchange Agreements | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   138 76
Preferred Stock, Series F | Privately Negotiated Exchange Agreements | Common Shares Initially Issued      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   1,863 527
Preferred Stock, Series F | Privately Negotiated Exchange Agreements | Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   187 53
Preferred Stock, Series G | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   61  
Preferred Stock, Series G | Privately Negotiated Exchange Agreements | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   61 0
Preferred Stock, Series G | Privately Negotiated Exchange Agreements | Common Shares Initially Issued      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   1,070 0
Preferred Stock, Series G | Privately Negotiated Exchange Agreements | Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   107 0
Preferred Stock, Series H      
Class of Stock [Line Items]      
Preferred stock percentage 7.50%    
Preferred Stock, Series H | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   132 138
Preferred Stock, Series H | Privately Negotiated Exchange Agreements | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   132 138
Preferred Stock, Series H | Privately Negotiated Exchange Agreements | Common Shares Initially Issued      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   1,698 882
Preferred Stock, Series H | Privately Negotiated Exchange Agreements | Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   170 88
Preferred Stock, Series I      
Class of Stock [Line Items]      
Preferred stock percentage 7.50%    
Preferred Stock, Series I | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   127 92
Preferred Stock, Series I | Privately Negotiated Exchange Agreements | Preferred Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   127 92
Preferred Stock, Series I | Privately Negotiated Exchange Agreements | Common Shares Initially Issued      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   2,103 612
Preferred Stock, Series I | Privately Negotiated Exchange Agreements | Common Stock      
Class of Stock [Line Items]      
Extinguishment of preferred stock (in shares)   210 61
v3.26.1
Equity - Schedule of Dividends (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Common stock $ 0 $ 0 $ 0
Total dividends declared 10,856 11,147 12,263
Preferred Stock, Series D      
Class of Stock [Line Items]      
Total dividends declared 2,347 2,397 2,472
Preferred Stock, Series F      
Class of Stock [Line Items]      
Total dividends declared 1,912 1,970 2,272
Preferred Stock, Series G      
Class of Stock [Line Items]      
Total dividends declared 2,712 2,756 2,824
Preferred Stock, Series H      
Class of Stock [Line Items]      
Total dividends declared 1,946 2,001 2,389
Preferred Stock, Series I      
Class of Stock [Line Items]      
Total dividends declared $ 1,939 $ 2,023 $ 2,306
v3.26.1
Stock-Based Compensation - Narrative (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of restricted stock vested during the period $ 102 $ 121    
Restricted shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unamortized cost of unvested shares $ 169      
Period of unamortized cost with be expensed 1 year 6 months      
Weighted average period of recognition for unamortized shares 1 year 6 months      
Fair value of restricted stock vested during the period     $ 417  
Performance stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years) 3 years      
Performance stock units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance adjustment range (as a percent) 0.00%      
Performance stock units | Minimum | 2022 and 2023 Grants        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance adjustment range (as a percent) 0.00%      
Performance adjustment range on initial calculation (as a percent) 75.00%      
Performance stock units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance adjustment range (as a percent) 200.00%      
Performance stock units | Maximum | 2022 and 2023 Grants        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance adjustment range (as a percent) 250.00%      
Performance adjustment range on initial calculation (as a percent) 125.00%      
Performance LTIP units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage based on target (as a percent) 19.00%      
Performance LTIP units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance adjustment range (as a percent) 0.00%      
Performance adjustment range on initial calculation (as a percent) 75.00%      
Performance LTIP units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance adjustment range (as a percent) 200.00%      
Performance adjustment range on initial calculation (as a percent) 125.00%      
2021 Stock Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Authorized to grant (in shares)       364
Shares available for future issuance (in shares) 190      
v3.26.1
Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 126 $ 423 $ 1,715
Restricted shares | Advisory Services Fee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 113 266 1,446
Restricted shares | Management Fees      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 0 0 10
Restricted shares | Corporate, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 0 11 89
Restricted shares | Corporate, general and administrative | Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 0 54 170
Restricted shares | Corporate, general and administrative | Stirling OP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense 13 92 0
Performance shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ (539) $ 523 $ 604
v3.26.1
Stock-Based Compensation - Schedule of Unit Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted shares      
Units      
Outstanding at beginning of year (in shares) 51 5 12
Granted (in shares) 0 56 4
Vested (in shares) (17) (10) (11)
Outstanding at end of year (in shares) 34 51 5
Weighted Average Price at Grant      
Beginning of year (in dollars per share) $ 6.00 $ 261.73 $ 206.34
Granted (in dollars per share) 0 6.55 40.10
Vested (in dollars per share) 6.00 149.84 230.60
End of year (in dollars per share) $ 6.00 $ 6.00 $ 261.73
Performance shares      
Units      
Outstanding at beginning of year (in shares) 16 19 14
Granted (in shares) 0 0 16
Vested (in shares) (3) (2) (8)
Canceled (in shares) (13) (1) (3)
Outstanding at end of year (in shares) 0 16 19
Weighted Average Price at Grant      
Beginning of year (in dollars per share) $ 49.27 $ 78.05 $ 290.41
Granted (in dollars per share) 0 0 36.80
Vested (in dollars per share) 49.27 56.40 297.00
Canceled (in dollars per share) 49.27 56.40 297.00
End of year (in dollars per share) $ 0 $ 49.27 $ 78.05
v3.26.1
Redeemable Preferred Stock - Narrative (Details)
 12 Months Ended
Mar. 31, 2025
director
$ / shares
shares
Dec. 31, 2025
director
$ / shares
shares
Dec. 31, 2024
shares
Dec. 31, 2023
shares
Series J And Series K Preferred Stock | Equity Distribution Agreements        
Class of Stock [Line Items]        
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares 20,000,000.0      
Sale of temporary equity, offering price (in dollars per share) $ 25.00      
Series J And Series K Preferred Stock | Dividend Reinvestment Plan        
Class of Stock [Line Items]        
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares 8,000,000.0      
Sale of temporary equity, offering price (in dollars per share) $ 25.00      
Preferred Stock, Series J        
Class of Stock [Line Items]        
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Period of preferred dividends in arrears (in months)   18 months    
Increase in board members | director   2    
Additional directors, term length   1 year    
Initial conversion/redemption price (in dollars per share)   $ 25.00    
Redemption period upon change of control   120 days    
Redemption fee, percent of stated value on the original issue date   8.00%    
Redemption fee, percent of stated value beginning on the second anniversary   5.00%    
Redemption fee, percent of stated value beginning on the third anniversary   0.00%    
Temporary equity, dividend rate (as a percent)   8.00%    
Preferred Stock, Series J | Dividend Reinvestment Plan        
Class of Stock [Line Items]        
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Series K Preferred Stock        
Class of Stock [Line Items]        
Sale of temporary equity, offering price (in dollars per share) $ 25.00      
Period of preferred dividends in arrears (in months) 18 months      
Increase in board members | director 2      
Additional directors, term length 1 year 1 year    
Initial conversion/redemption price (in dollars per share) $ 25.00      
Redemption period upon change of control 120 days      
Redemption fee, percent of stated value on the original issue date 1.50%      
Temporary equity, dividend rate (as a percent) 8.20%      
Redemption fee, percent of stated value beginning on the first anniversary 0.00%      
Dividend rate (in dollars per share) $ 2.05      
Dividend rate increase each year from original issuance (as a percent) 0.10%      
Dividend rate, maximum percentage of stated value 8.70%      
Redemption of preferred shares (in shares) | shares   38,000 32,000 0
Series K Preferred Stock | Dividend Reinvestment Plan        
Class of Stock [Line Items]        
Sale of temporary equity, offering price (in dollars per share) $ 25.00      
Preferred Stock, Series L        
Class of Stock [Line Items]        
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Period of preferred dividends in arrears (in months)   18 months    
Increase in board members | director   2    
Additional directors, term length   1 year    
Initial conversion/redemption price (in dollars per share)   $ 25.00    
Redemption period upon change of control   120 days    
Redemption fee, percent of stated value on the original issue date   8.00%    
Redemption fee, percent of stated value beginning on the second anniversary   5.00%    
Redemption fee, percent of stated value beginning on the third anniversary   0.00%    
Temporary equity, dividend rate (as a percent)   7.50%    
Preferred Stock, Series L | Equity Distribution Agreements        
Class of Stock [Line Items]        
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares   12,000,000.0    
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Preferred Stock, Series L | Dividend Reinvestment Plan        
Class of Stock [Line Items]        
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares   4,000,000.0    
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Preferred Stock, Series M        
Class of Stock [Line Items]        
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Period of preferred dividends in arrears (in months)   18 months    
Increase in board members | director   2    
Initial conversion/redemption price (in dollars per share)   $ 25.00    
Redemption period upon change of control   120 days    
Redemption fee, percent of stated value on the original issue date   1.50%    
Temporary equity, dividend rate (as a percent)   7.70%    
Redemption fee, percent of stated value beginning on the first anniversary   0.00%    
Dividend rate (in dollars per share)   $ 1.925    
Dividend rate increase each year from original issuance (as a percent)   0.10%    
Dividend rate, maximum percentage of stated value   8.20%    
Redemption of preferred shares (in shares) | shares   14,000    
Preferred Stock, Series M | Equity Distribution Agreements        
Class of Stock [Line Items]        
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares   12,000,000.0    
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
Preferred Stock, Series M | Dividend Reinvestment Plan        
Class of Stock [Line Items]        
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares   4,000,000.0    
Sale of temporary equity, offering price (in dollars per share)   $ 25.00    
v3.26.1
Redeemable Preferred Stock - Schedule of the Activity of Temporary Equity (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common Stock      
Class of Stock [Line Items]      
Common shares issued upon redemption (in shares) 586 235 0
Preferred Stock, Series J      
Class of Stock [Line Items]      
Issuance of preferred shares (in shares) 883 3,329 3,371
Net proceeds $ 19,877 $ 74,897 $ 75,837
Redeemable preferred stock 179,818 156,671  
Temporary equity, accretion to redemption value, adjustment 9,469 6,038  
Temporary equity, dividends, adjustment $ 15,178 $ 10,711 $ 3,467
Preferred Stock, Series J | Cash      
Class of Stock [Line Items]      
Redemption of preferred shares (in shares) 0 0 3
Redemption amount, net of redemption fees $ 0 $ 0 $ 78
Preferred Stock, Series J | Common Stock      
Class of Stock [Line Items]      
Redemption of preferred shares (in shares) 155 90 0
Redemption amount, net of redemption fees $ 3,653 $ 2,098 $ 0
Preferred Stock, Series K      
Class of Stock [Line Items]      
Issuance of preferred shares (in shares) 166 438 192
Net proceeds $ 4,036 $ 10,631 $ 4,664
Redeemable preferred stock 18,215 14,869  
Temporary equity, accretion to redemption value, adjustment 741 487  
Temporary equity, dividends, adjustment $ 1,503 $ 828 $ 191
Redemption of preferred shares (in shares) 38 32 0
Redemption amount, net of redemption fees $ 959 $ 796 $ 0
Common shares issued upon redemption (in shares) 155 91 0
Preferred Stock, Series L      
Class of Stock [Line Items]      
Issuance of preferred shares (in shares) 243    
Net proceeds $ 5,027    
Redeemable preferred stock 5,484 $ 0  
Temporary equity, accretion to redemption value, adjustment 1,064    
Temporary equity, dividends, adjustment $ 216    
Preferred Stock, Series L | Common Stock      
Class of Stock [Line Items]      
Redemption of preferred shares (in shares) 5    
Redemption amount, net of redemption fees $ 126    
Common shares issued upon redemption (in shares) 39    
Preferred Stock, Series M      
Class of Stock [Line Items]      
Issuance of preferred shares (in shares) 565    
Net proceeds $ 12,605    
Redeemable preferred stock 13,566 $ 0  
Temporary equity, accretion to redemption value, adjustment 2,200    
Temporary equity, dividends, adjustment $ 463    
Redemption of preferred shares (in shares) 14    
Redemption amount, net of redemption fees $ 347    
Common shares issued upon redemption (in shares) 64    
v3.26.1
Related Party Transactions - Narrative (Details)
 3 Months Ended 12 Months Ended 15 Months Ended
Dec. 23, 2025
Sep. 02, 2025
USD ($)
Feb. 14, 2025
USD ($)
Mar. 02, 2023
USD ($)
Aug. 04, 2020
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
hotel
earning
installment
Rate
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 10, 2025
USD ($)
hotel
Sep. 01, 2025
USD ($)
Aug. 14, 2025
USD ($)
Dec. 27, 2024
lawsuit
Sep. 11, 2024
$ / room
Mar. 12, 2024
USD ($)
successive_period
Mar. 11, 2024
USD ($)
Dec. 06, 2023
Related Party Transaction [Line Items]                                  
Number of hotel properties | hotel             68                    
Class Action Lawsuit, California Employment Laws                                  
Related Party Transaction [Line Items]                                  
Number of matters in which private mediation was held | lawsuit                         3        
Tentative settlement     $ 850,000                            
Subsidiaries                                  
Related Party Transaction [Line Items]                                  
Number of hotel properties | hotel             67                    
Design and Construction Fees                                  
Related Party Transaction [Line Items]                                  
Project management fees (as a percent)             4.00%                    
All Plantiffs | Class Action Lawsuit, California Employment Laws                                  
Related Party Transaction [Line Items]                                  
Tentative settlement         $ 2,500,000                        
Ashford Trust | Class Action Lawsuit, California Employment Laws                                  
Related Party Transaction [Line Items]                                  
Tentative settlement         $ 1,800,000                        
REIT Cash Management Strategies Agreement                                  
Related Party Transaction [Line Items]                                  
Annual fee, average daily balance of funds             0.0020                    
A&R PMA Agreement                                  
Related Party Transaction [Line Items]                                  
Initial term                             10 years    
Management fees related to development (as a percent)                             8.00%    
Management Fees | Management Fees | Minimum                                  
Related Party Transaction [Line Items]                                  
Percent of gross revenue             3.00%                    
Second A&R HMA Agreement                                  
Related Party Transaction [Line Items]                                  
Initial term                             10 years    
Master Line of Credit | Line of Credit                                  
Related Party Transaction [Line Items]                                  
Line of credit                   $ 40,000,000   $ 20,000,000          
Interest rate                   10.00%   10.00%          
Affiliated entity                                  
Related Party Transaction [Line Items]                                  
Credit agreement term (in years)                               2 years  
Maximum financial impact                             $ 2,000,000    
Tangible net worth covenant                             $ 750,000,000 $ 1,000,000,000  
Percentage of net equity proceeds                             75.00% 75.00%  
Advisory Agreement, number of amendments | hotel                   6              
Advisory Agreement, term 10 years                                
Related party transaction, maximum cash incentive compensation       $ 13,100,000                          
Related Party                                  
Related Party Transaction [Line Items]                                  
Notes payable             $ 0                    
Ashford Inc.                                  
Related Party Transaction [Line Items]                                  
Amount funded             17,000,000.0 $ 13,200,000                  
Payable amount             $ 2,400,000 503,000                  
Ashford Inc. | Affiliated entity                                  
Related Party Transaction [Line Items]                                  
Monthly base fee, percentage of total market capitalization             0.0583                    
Minimum base fee             0.0833                    
Percentage of base fee paid             0.90                    
Number of equal annual installments | installment             3                    
Multiplies of termination fee | Rate             110.00%                    
Multiplied by the net earnings of advisor | earning             12                    
Period of advisory agreement multiplied by the net earnings of advisor             12 months                    
Simple average of earnings period             3 years                    
After reduction of income taxes combined percentage             40.00%                    
Payment to affiliated entity           $ 3,400,000                      
Stirling OP                                  
Related Party Transaction [Line Items]                                  
Annual management fee (as a percent)                                 1.25%
Percent of project costs related to project management fee                     4.00%            
Percentage of project costs in excess of gross revenue                     5.00%            
Design project management fee, percentage of project costs                     3.00%            
Percent of project fees related to architecture                     6.50%            
Percent of project fees related to construction management costs                     10.00%            
Project fee, interior design, percentage of purchase price                     6.00%            
Project fee, FFE purchasing, percentage of purchase price                     8.00%            
Purchase price threshold amount                     $ 2,000,000.0            
Procurement fee percentage over purchase price threshold                     6.00%            
Percent of project fees related to freight expediting                     8.00%            
Percent of project fees related to warehousing                     8.00%            
Percent of project fees related to development fees                     4.00%            
Stirling OP                                  
Related Party Transaction [Line Items]                                  
Reimbursement period (in months)             120 months                    
Liabilities previously owed   $ 5,300,000                              
Lismore Capital | Debt Placement Services and Loan Modifications                                  
Related Party Transaction [Line Items]                                  
Amount of transaction             $ 2,400,000 3,400,000 $ 2,400,000                
Remington Hospitality | Subsidiaries                                  
Related Party Transaction [Line Items]                                  
Number of hotel properties managed by affiliates | hotel             50                    
Remington Hospitality | A&R PMA Agreement                                  
Related Party Transaction [Line Items]                                  
Number of successive periods | successive_period                             3    
Duration of successive periods                             7 years    
Final term                             4 years    
Remington Hospitality | Management Fees | Management Fees | Minimum                                  
Related Party Transaction [Line Items]                                  
Payment of monthly property management fees             $ 18,000                    
Percent of gross revenue             3.00%                    
Remington Hospitality | Second A&R HMA Agreement                                  
Related Party Transaction [Line Items]                                  
Number of successive periods | successive_period                             3    
Duration of successive periods                             7 years    
Final term                             4 years    
Remington Hospitality | Related Party | First Amendment to the Second A&R HMA Agreement                                  
Related Party Transaction [Line Items]                                  
Group service charge, monthly capped amount (in dollars per room) | $ / room                           38.32      
Group service charge, monthly capped amount, annual percentage increase                           3.00%      
Remington Hospitality | Related Party                                  
Related Party Transaction [Line Items]                                  
Other receivables             $ 2,000,000.0 $ 2,900,000                  
v3.26.1
Related Party Transactions - Schedule of Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Advisory services fee $ 49,039 $ 58,606 $ 48,927
Ashford Inc.      
Related Party Transaction [Line Items]      
Advisory services fee 48,352 57,480 48,850
Ashford Inc. | Affiliated entity | Base advisory fee      
Related Party Transaction [Line Items]      
Advisory services fee 32,875 32,017 33,109
Ashford Inc. | Affiliated entity | Reimbursable expenses      
Related Party Transaction [Line Items]      
Advisory services fee 16,250 23,662 12,473
Ashford Inc. | Affiliated entity | Equity-based compensation      
Related Party Transaction [Line Items]      
Advisory services fee (773) 1,801 3,268
Stirlings Hotels & Resorts, Inc. | Affiliated entity | Consolidated Entity, Excluding Consolidated VIE      
Related Party Transaction [Line Items]      
Advisory services fee 687 1,126 77
Stirlings Hotels & Resorts, Inc. | Affiliated entity | Base advisory fee | Consolidated Entity, Excluding Consolidated VIE      
Related Party Transaction [Line Items]      
Advisory services fee 363 478 67
Stirlings Hotels & Resorts, Inc. | Affiliated entity | Reimbursable expenses | Consolidated Entity, Excluding Consolidated VIE      
Related Party Transaction [Line Items]      
Advisory services fee 111 194 10
Stirlings Hotels & Resorts, Inc. | Affiliated entity | Performance participation fee | Consolidated Entity, Excluding Consolidated VIE      
Related Party Transaction [Line Items]      
Advisory services fee $ 213 $ 454 $ 0
v3.26.1
Related Party Transactions - Schedule of Fees Related to Property and Project Management Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Ashford Inc.      
Related Party Transaction [Line Items]      
Corporate, general and administrative $ 7,194 $ 9,489 $ 3,030
v3.26.1
Related Party Transactions - Schedule of Amount of Transactions With All Related Parties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Ashford LLC | Insurance claims services      
Related Party Transaction [Line Items]      
Amount of transaction $ 11 $ 9 $ 9
Ashford LLC | Insurance claims services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 11 9 9
Ashford LLC | Insurance claims services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Insurance claims services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Insurance claims services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford LLC | Cash management services      
Related Party Transaction [Line Items]      
Amount of transaction 8 67  
Ashford LLC | Cash management services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction (8) (67)  
Ashford LLC | Cash management services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford LLC | Cash management services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford Securities | Capital raise services      
Related Party Transaction [Line Items]      
Amount of transaction 8,819 11,816 5,120
Ashford Securities | Capital raise services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Ashford Securities | Capital raise services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 7,194 9,489 3,030
Ashford Securities | Capital raise services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Ashford Securities | Capital raise services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 1,625 2,327 2,090
INSPIRE | Audio visual commissions      
Related Party Transaction [Line Items]      
Amount of transaction 9,326 8,788 9,955
INSPIRE | Audio visual commissions | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 9,240 8,905 10,064
INSPIRE | Audio visual commissions | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
INSPIRE | Audio visual commissions | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 86 117 109
INSPIRE | Audio visual commissions | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
INSPIRE | Audio visual commissions | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services      
Related Party Transaction [Line Items]      
Amount of transaction 2,439 3,406 2,444
Lismore Capital | Debt placement and related services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 1,584 0 767
Lismore Capital | Debt placement and related services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 475 525
Lismore Capital | Debt placement and related services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Lismore Capital | Debt placement and related services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Lismore Capital | Debt placement and related services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 855 2,931 1,152
Lismore Capital | Debt placement and related services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app      
Related Party Transaction [Line Items]      
Amount of transaction 78 91 122
OpenKey | Mobile key app | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 78 91 122
OpenKey | Mobile key app | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
OpenKey | Mobile key app | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
OpenKey | Mobile key app | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services      
Related Party Transaction [Line Items]      
Amount of transaction 17,933 19,812 22,961
Premier | Design and construction services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 15,362 17,256 21,106
Premier | Design and construction services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 400 437 0
Premier | Design and construction services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 2,171 2,119 1,855
Premier | Design and construction services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Premier | Design and construction services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Premier | Design and construction services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Warwick | Insurance related services      
Related Party Transaction [Line Items]      
Amount of transaction 8,199 9,559  
Warwick | Insurance related services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 0 31  
Warwick | Insurance related services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 8,199 9,528  
Warwick | Insurance related services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Warwick | Insurance related services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Pure Wellness | Hypoallergenic premium rooms      
Related Party Transaction [Line Items]      
Amount of transaction 1,135 1,208 1,393
Pure Wellness | Hypoallergenic premium rooms | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 1,135 1,208 1,393
Pure Wellness | Hypoallergenic premium rooms | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Pure Wellness | Hypoallergenic premium rooms | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Pure Wellness | Hypoallergenic premium rooms | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services      
Related Party Transaction [Line Items]      
Amount of transaction 49,430 54,569 57,587
Remington Hospitality | Hotel management services | Investments in Hotel Properties, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Indebtedness, net      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Other Assets      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Other Hotel Revenue      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Management Fees      
Related Party Transaction [Line Items]      
Amount of transaction 24,167 25,900 30,787
Remington Hospitality | Hotel management services | Other Hotel Expenses      
Related Party Transaction [Line Items]      
Amount of transaction 25,263 28,668 26,800
Remington Hospitality | Hotel management services | Property Taxes, Insurance and Other      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Advisory Services Fee      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Interest Income      
Related Party Transaction [Line Items]      
Amount of transaction 0 0  
Remington Hospitality | Hotel management services | Corporate, General and Administrative      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Write-off of Premiums, Loan Costs and Exit Fees      
Related Party Transaction [Line Items]      
Amount of transaction 0 0 0
Remington Hospitality | Hotel management services | Preferred Stock      
Related Party Transaction [Line Items]      
Amount of transaction $ 0 $ 0 $ 0
v3.26.1
Related Party Transactions - Schedule of Amounts (Due To) Due From Ashford Inc. (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable $ (40,643) $ (25,635)
Amounts due (to) from Ashford Inc., including held for sale | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (40,643) (25,635)
Ashford LLC | Advisory Services Fee | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (23,499) (10,047)
Ashford LLC | Casualty insurance | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (9,247) (8,350)
Ashford LLC | Stirling startup and ongoing operating expenses | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (39) (4,639)
AIM | Cash management services    
Related Party Transaction [Line Items]    
Other accounts payable 0 (4)
Ashford Securities | Capital raise services/Broker dealer expense | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (148) (226)
INSPIRE | Audio visual | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (609) (858)
OpenKey | Mobile key app | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable 0 (3)
Premier | Design and construction services | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable (7,061) (1,478)
Pure Wellness | Hypoallergenic premium rooms | Ashford, Inc.    
Related Party Transaction [Line Items]    
Other accounts payable $ (40) $ (30)
v3.26.1
Commitments and Contingencies- Narrative (Details)
 12 Months Ended
Feb. 14, 2025
USD ($)
Aug. 04, 2020
USD ($)
Nov. 01, 2011
USD ($)
Dec. 31, 2025
USD ($)
hotel
lease
Dec. 31, 2024
hotel
Dec. 31, 2023
hotel
Dec. 20, 2016
hotel
Dec. 31, 2006
USD ($)
Commitment and Contingencies [Line Items]                
Number of hotels | hotel       73 95 102    
Number of properties treated as a failed sale and leaseback transaction | hotel       1        
Capital commitments       $ 64,200,000        
Class Action Lawsuit, California Employment Laws                
Commitment and Contingencies [Line Items]                
Number of hotels in class action lawsuit | hotel             9  
Tentative settlement $ 850,000              
Percent of settlement the company is responsible for 88.20%              
Class Action Lawsuit, California Employment Laws | All Plantiffs                
Commitment and Contingencies [Line Items]                
Tentative settlement   $ 2,500,000            
Potential Pension Liabilities                
Commitment and Contingencies [Line Items]                
Unfunded pension liabilities at acquisition               $ 0
Unfunded pension liabilities amount received by hotel manager on loss of suit     $ 1,700,000          
Monthly pension payments     100,000          
Accrued unfunded pension liabilities     1,600,000          
Net amount of pension payments on settlement agreement paid by hotel manager     $ 84,000          
Term of pension liability (in years)     20 years          
Hilton Marietta                
Commitment and Contingencies [Line Items]                
Number of ground leases | lease       2        
Number of hotels | hotel       2        
Number of leases | lease       1        
Franchise Fees                
Commitment and Contingencies [Line Items]                
Franchisor royalty fees percent of gross room revenue, minimum       3.00%        
Franchisor royalty fees percent of gross room revenue, maximum       6.00%        
Food and beverage fees minimum (as a percent)       1.00%        
Food and beverage fees maximum (as a percent)       3.00%        
Marketing reservation and other fees, minimum       1.00%        
Marketing reservation and other fees, maximum       4.00%        
Fee multiple       3        
Management Fees                
Commitment and Contingencies [Line Items]                
Property management fee as percentage of gross revenue, minimum       2.00%        
Property management fee as percentage of gross revenue, maximum       7.00%        
Minimum                
Commitment and Contingencies [Line Items]                
Restricted cash as percentage of property revenue       4.00%        
Minimum | Management Fees | Management Fees                
Commitment and Contingencies [Line Items]                
Percent of gross revenue       3.00%        
Minimum | Management Fees | Remington Hospitality | Management Fees                
Commitment and Contingencies [Line Items]                
Payment of monthly property management fees       $ 18,000        
Percent of gross revenue       3.00%        
Maximum                
Commitment and Contingencies [Line Items]                
Restricted cash as percentage of property revenue       5.00%        
v3.26.1
Commitments and Contingencies- Schedule of Franchise Fee (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Franchise fees      
Commitment and Contingencies [Line Items]      
Other hotel expenses $ 54,056 $ 54,795 $ 64,437
v3.26.1
Leases - Narrative (Details)
$ in Millions
Nov. 10, 2021
USD ($)
Dec. 31, 2025
USD ($)
extension
May 31, 2023
Lessee, Lease, Description [Line Items]      
Number of renewal options | extension   1  
Lease term   32 years  
Other finance lease, liability   $ 27.2  
Variable Interest Entity, Primary Beneficiary, 815 Commerce Managing Member, LLC      
Lessee, Lease, Description [Line Items]      
Lease term     99 years
Discount rate (as a percent)   8.20%  
815 Commerce MM      
Lessee, Lease, Description [Line Items]      
Proceeds from sale of land and buildings $ 30.4    
Lease term 99 years    
Annual rental payments $ 1.5    
Annual rent increase (as a percent) 2.00%    
Minimum      
Lessee, Lease, Description [Line Items]      
Lease renewal term   1 year  
Minimum | 815 Commerce MM      
Lessee, Lease, Description [Line Items]      
Purchase option period 90 days    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease renewal term   99 years  
Maximum | 815 Commerce MM      
Lessee, Lease, Description [Line Items]      
Purchase option period 180 days    
v3.26.1
Leases - Schedule of Lease Balance Sheet Location (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Operating lease right-of-use assets $ 43,582 $ 43,780
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Real Estate Investment Property, Net Real Estate Investment Property, Net
Finance lease asset $ 15,627 $ 16,167
Total leased assets 59,209 59,947
Liabilities    
Operating lease liabilities 44,045 44,369
Finance lease liability 17,536 17,992
Total leased liabilities $ 61,581 $ 62,361
v3.26.1
Leases - Schedule of Lease Cost and Other Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Hotel operating expenses - other $ 3,260 $ 4,084 $ 4,351
Depreciation and amortization 540 540 537
Variable lease expense 1,500 1,000 1,100
Net amortization costs related to the intangible assets and liabilities (122) (122) (15)
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases (in thousands) $ 2,706 $ 2,707 $ 2,647
Weighted Average Remaining Lease Term      
Operating leases 66 years 66 years 67 years
Finance lease 29 years 30 years 31 years
Weighted Average Discount Rate      
Operating leases 5.27% 5.27% 5.26%
Finance lease 10.68% 10.68% 10.68%
v3.26.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 3,455  
2027 3,417  
2028 3,403  
2029 3,282  
2030 3,208  
Thereafter 189,644  
Total future minimum lease payments 206,409  
Less: interest 162,364  
Operating lease liabilities 44,045 $ 44,369
Finance Lease    
2026 2,284  
2027 1,904  
2028 1,904  
2029 1,904  
2030 1,904  
Thereafter 48,110  
Total future minimum lease payments 58,010  
Less: interest 40,474  
Finance lease liability $ 17,536 $ 17,992
v3.26.1
Income Taxes - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
hotel
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Operating Loss Carryforwards [Line Items]        
Minimum percentage of income distributed to shareholders to qualify as a REIT 90.00%      
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year 4 years      
Number of hotel properties | hotel 68      
Ashford TRS recognized net book income (loss) $ (54,600,000) $ (54,500,000) $ 3,700,000  
Income tax interest and penalties expenses paid to (received from) 31,000 (106,000) (184,000)  
Income tax interest and penalties expenses accrued 0 0    
Net operating loss carryforwards 1,400,000,000      
Net operating loss carryforwards subject to expiration 424,000,000.0      
Valuation allowance 45,901,000 $ 37,553,000 $ 29,319,000 $ 31,205,000
State and Local Jurisdiction [Member]        
Operating Loss Carryforwards [Line Items]        
Carryforwards, NOL, limitations on use 1,100,000,000      
Ashford TRS        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 174,200,000      
Carryforwards, NOL, limitations on use 82,500,000      
Net operating loss carryforward, section 382 limitation, thereafter 1,200,000      
NOL carryforwards, not subject to limitation 91,700,000      
Net operating loss carryforwards subject to expiration $ 1,900,000      
v3.26.1
Income Taxes - Schedule of Reconciliation of Income Tax Expense 2025 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax (expense) benefit of the TRS entities at federal statutory rate of 21% $ 39,544 $ 11,448 $ (761)
State income tax (expense) benefit, net of federal income tax benefit (65) 1,613 (311)
Valuation allowance (10,727) (12,533) 1,099
Nontaxable or nondeductible items (798)    
Redeemable noncontrolling interests in operating partnership (553)    
Tax impact of REIT election (27,517)    
Other 259 106 184
Income tax (expense) benefit $ 143 $ (997) $ (900)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Income tax (expense) benefit at federal statutory rate of 21% 21.00%    
State and local income tax, net of federal income tax effect (0.03%)    
Changes in valuation allowance (5.70%)    
Nontaxable or nondeductible items (0.43%)    
Redeemable noncontrolling interests in operating partnership (0.29%)    
Tax impact of REIT election (14.61%)    
Other 0.14%    
Total income tax (expense) benefit 0.08%    
v3.26.1
Income Taxes - Schedule of Reconciliation of Income Tax Expense 2024 and 2023 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income tax (expense) benefit of the TRS entities at federal statutory rate of 21% $ 39,544 $ 11,448 $ (761)
State income tax (expense) benefit, net of federal income tax benefit (65) 1,613 (311)
Permanent differences   (554) (168)
Provision to return adjustment   4 15
Gross receipts and margin taxes   (1,081) (958)
Interest and penalties 259 106 184
Valuation allowance (10,727) (12,533) 1,099
Income tax (expense) benefit $ 143 $ (997) $ (900)
v3.26.1
Income Taxes - Schedule of Components of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 0 $ 8 $ (195)
State (99) (994) (733)
Total current income tax (expense) benefit (99) (986) (928)
Deferred:      
Federal 242 (11) 28
Total deferred income tax (expense) benefit 242 (11) 28
Income tax (expense) benefit $ 143 $ (997) $ (900)
v3.26.1
Income Taxes - Schedule of Income Taxes, Net of Refunds (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. Federal $ 0    
U.S. State and Local (1,954)    
Foreign 0    
Total cash paid (refunded) during the period for income taxes (1,954) $ (287) $ (2,644)
CALIFORNIA      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. State and Local (2,000)    
TEXAS      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. State and Local 861    
VIRGINIA      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. State and Local $ (89)    
v3.26.1
Income Taxes - Schedule of Deferred Tax Asset (Liability) and Related Valuation Allowance (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of Deferred Tax Assets [Abstract]        
Allowance for doubtful accounts $ 86 $ 87    
Unearned income 1,414 768    
Federal and state net operating losses 41,217 34,186    
Capital loss carryforward 0 2,290    
Accrued expenses 1,050 1,740    
Tax derivatives basis greater than book basis 40 39    
Operating lease liability 2,253 2,265    
Investment in partnership 2,725 0    
Other 253 443    
Deferred tax assets 49,038 41,818    
Valuation allowance (45,901) (37,553) $ (29,319) $ (31,205)
Net deferred tax asset 3,137 4,265    
Components of Deferred Tax Liabilities [Abstract]        
Prepaid expenses (4) (4)    
Operating lease right-of-use assets (2,252) (2,265)    
Tax property basis less than book basis (1,054) (2,411)    
Deferred tax liabilities (3,310) (4,680)    
Net deferred tax asset (liability) $ (173) $ (415)    
v3.26.1
Income Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year $ 37,553 $ 29,319 $ 31,205
Additions 8,348 8,234 0
Deductions 0 0 (1,886)
Balance at end of year $ 45,901 $ 37,553 $ 29,319
v3.26.1
Deferred Costs, net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred franchise fees $ 2,803 $ 3,066
Accumulated amortization (1,274) (1,278)
Deferred costs, net ($80 and $181 attributable to VIEs) $ 1,529 $ 1,788
v3.26.1
Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets, net      
Cost $ 797 $ 797  
Accumulated amortization 0 0  
Intangible assets, net 797 797  
Intangible Liabilities, net      
Cost 2,723 2,723  
Accumulated amortization (774) (742)  
Total 1,949 1,981  
Amortization of below market lease 32 36 $ 80
Intangible Liabilities      
2026 32    
2027 32    
2028 32    
2029 32    
2030 32    
Thereafter 1,789    
Savannah Dock Acquisition      
Intangible Liabilities, net      
Carrying value $ 797 $ 797  
v3.26.1
Concentration of Risk (Details)
 12 Months Ended
Dec. 31, 2025
Revenue, Product and Service Benchmark | Hotel Properties Concentration Risk | Nine Hotel Properties | Total Hotel  
Concentration Risk [Line Items]  
Concentration risk 15.00%
v3.26.1
Segment Reporting - Schedule of Reconciliation of Operating Income (Loss) to Adjusted EBITDA (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
hotel
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 1    
Number of reportable segments | segment 1    
REVENUE      
Total revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
EXPENSES      
Total hotel operating expenses 768,268 815,356 925,437
Indirect expenses:      
Total operating expenses $ 1,106,826 1,174,834 1,248,578
Stirling OP      
Segment Reporting Information [Line Items]      
Number of hotel properties | hotel 4    
Total Hotel      
REVENUE      
Total revenue $ 1,102,854 1,170,134 1,364,732
Rooms      
REVENUE      
Total revenue 825,623 889,753 1,059,155
EXPENSES      
Total hotel operating expenses 198,106 209,569 249,434
Food and beverage      
REVENUE      
Total revenue 207,588 212,581 232,829
EXPENSES      
Total hotel operating expenses 139,828 145,304 161,300
Other hotel      
REVENUE      
Total revenue 69,643 67,800 72,748
EXPENSES      
Total hotel operating expenses 392,070 418,077 464,058
Management Fees      
EXPENSES      
Total hotel operating expenses 38,264 42,406 50,645
Direct Hotel Investments      
EXPENSES      
Direct expenses 9,198 9,134 11,058
Indirect expenses:      
Property, general and administration 99,688 118,598 137,160
Sales and marketing 118,204 123,275 141,425
Information and telecommunications systems 17,202 19,031 21,707
Repairs and maintenance 53,704 56,118 61,892
Energy 43,269 43,442 51,516
Lease expense 4,374 4,177 4,344
Ownership expenses 1,955 2,456 3,075
Incentive management fee 15,562 18,110 19,457
Property taxes 40,790 41,050 46,590
Other taxes (refunds) 165 (766) 634
Insurance 21,049 24,401 21,746
Total operating expenses 800,229 855,442 981,458
Hotel adjusted EBITDA 302,625 314,692 383,274
Direct Hotel Investments | Total Hotel      
REVENUE      
Total revenue 1,102,854 1,170,134 1,364,732
Direct Hotel Investments | Rooms      
REVENUE      
Total revenue 825,623 889,753 1,059,155
EXPENSES      
Total hotel operating expenses 198,002 209,569 249,434
Direct Hotel Investments | Food and beverage      
REVENUE      
Total revenue 207,588 212,581 232,829
EXPENSES      
Total hotel operating expenses 139,324 145,304 161,300
Direct Hotel Investments | Other hotel      
REVENUE      
Total revenue 69,643 67,800 72,748
Direct Hotel Investments | Management Fees      
EXPENSES      
Total hotel operating expenses $ 37,743 $ 41,543 $ 50,120
v3.26.1
Segment Reporting - Schedule of Reconciliation of Operating Income (Loss) to Net Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
Depreciation and amortization (141,295) (152,776) (187,807)
Impairment charges (67,648) (59,331) 0
Advisory services fee (49,039) (58,606) (48,927)
Corporate, general, and administrative (20,783) (24,662) (16,181)
Gain (loss) on disposition of assets and hotel properties 79,799 94,406 11,488
Gain (loss) on derecognition of assets 39,054 167,177 0
Equity in earnings (loss) of unconsolidated entities (325) (2,370) (1,134)
Interest income 4,739 6,942 8,978
Other income (expense), net 0 108 310
Interest expense associated with hotels in receivership (39,038) (45,592) (39,178)
Write-off of premiums, loan costs and exit fees (8,853) (5,245) (3,469)
Gain (loss) on extinguishment of debt 335 2,774 53,386
Realized and unrealized gain (loss) on derivatives (5,346) (6,480) (2,200)
Income tax (expense) benefit 143 (997) (900)
NET INCOME (LOSS) (188,159) (65,011) (180,734)
Other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 1,534 2,325 2,801
Rooms      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 825,623 889,753 1,059,155
Food and beverage      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 207,588 212,581 232,829
Other hotel      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 69,643 67,800 72,748
Direct Hotel Investments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Hotel adjusted EBITDA 302,625 314,692 383,274
Depreciation and amortization (141,295) (152,776) (187,807)
Impairment charges (67,648) (59,331) 0
Advisory services fee (49,039) (58,606) (48,927)
Corporate, general, and administrative (20,783) (24,662) (16,181)
Gain (loss) on disposition of assets and hotel properties 79,799 94,406 11,488
Gain (loss) on derecognition of assets 39,054 167,177 0
Equity in earnings (loss) of unconsolidated entities (325) (2,370) (1,134)
Interest income 4,739 6,942 8,978
Other income (expense), net 0 108 310
Interest expense and amortization of discounts and loan costs (256,229) (273,359) (326,970)
Interest expense associated with hotels in receivership (39,038) (45,592) (39,178)
Write-off of premiums, loan costs and exit fees (8,853) (5,245) (3,469)
Gain (loss) on extinguishment of debt 335 2,774 53,386
Realized and unrealized gain (loss) on derivatives (5,346) (6,480) (2,200)
Income tax (expense) benefit 143 (997) (900)
NET INCOME (LOSS) (188,159) (65,011) (180,734)
Direct Hotel Investments | Other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 1,534 2,325 2,801
Direct Hotel Investments | Rooms      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 825,623 889,753 1,059,155
Cost of goods and service, adjusted (104) 0 0
Direct Hotel Investments | Food and beverage      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 207,588 212,581 232,829
Ownership expenses included in property taxes, insurance and other (504) 0 0
Direct Hotel Investments | Other hotel      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 69,643 67,800 72,748
Cost of goods and service, adjusted (28,915) (24,127) (12,457)
Direct Hotel Investments | Management Fees      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Cost of goods and service, adjusted (520) (863) (491)
Ownership expenses included in property taxes, insurance and other $ 2,211 $ 973 $ (1,257)
v3.26.1
Segment Reporting - Schedule of Reconciliation of Total Revenue to Consolidated Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
Total Hotel      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 1,102,854 1,170,134 1,364,732
Other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue $ 1,534 $ 2,325 $ 2,801
v3.26.1
Subsequent Events (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 16, 2026
USD ($)
room
Mar. 05, 2026
USD ($)
Feb. 25, 2026
USD ($)
room
Feb. 24, 2026
USD ($)
room
Feb. 17, 2026
USD ($)
room
Jan. 13, 2026
USD ($)
hotel
Feb. 28, 2026
USD ($)
Dec. 31, 2025
USD ($)
hotel
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 11, 2026
USD ($)
hotel
Feb. 09, 2026
room
Dec. 12, 2025
room
Jun. 30, 2024
USD ($)
Subsequent Event [Line Items]                            
Long-term debt, gross               $ 2,586,884 $ 2,705,650          
Proceeds from sale of hotel property               $ 242,437 300,022 $ 29,214        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton St. Petersburg Bayfront                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room                         333  
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites Houston And Austin                            
Subsequent Event [Line Items]                            
Proceeds from sale of hotel property         $ 27,000                  
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites Houston                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room                       150    
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites Austin                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room         150                  
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton St. Petersburg Bayfront                            
Subsequent Event [Line Items]                            
Proceeds from sale of hotel property   $ 96,000                        
Nonrefundable deposits             $ 2,400              
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | La Posada de Santa Fe Resort & Spa                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room       157                    
Proceeds from sale of hotel property       $ 57,500                    
Nonrefundable deposits       $ 4,000                    
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Alexandria                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room     252                      
Proceeds from sale of hotel property     $ 58,000                      
Nonrefundable deposits             3,000              
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites Palm Beach Gardens                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room     160                      
Proceeds from sale of hotel property     $ 41,000                      
Nonrefundable deposits             $ 2,100              
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Lakeway Resort & Spa, Austin, TX                            
Subsequent Event [Line Items]                            
Number of rooms in hotel sale | room 168                          
Proceeds from sale of hotel property $ 37,800                          
Nonrefundable deposits $ 500                          
Mortgages                            
Subsequent Event [Line Items]                            
Long-term debt, gross                           $ 8,900
Extended Mortgage Loan Due July 2026 | Mortgages | Subsequent Event                            
Subsequent Event [Line Items]                            
Collateral | hotel           18                
Paydown of debt           $ 10,000                
Long-term debt, gross           $ 723,600                
Mortgage Loan Due February 2026 3.28% | Mortgages                            
Subsequent Event [Line Items]                            
Collateral | hotel               8            
Long-term debt, gross               $ 325,000 $ 325,000          
Mortgage Loan Due February 2026 3.28% | Mortgages | Subsequent Event                            
Subsequent Event [Line Items]                            
Collateral | hotel                     8      
Long-term debt, gross                     $ 325,000      
v3.26.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate and Accumulated Depreciation [Line Items]        
Gross Carrying Amount At Close of Period, Total $ 3,069,016 $ 3,350,086 $ 4,245,264 $ 4,546,384
Accumulated Depreciation 983,772 $ 1,030,879 $ 1,293,332 $ 1,428,053
Embassy Suites, Austin, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 22,025      
Initial Cost of Land 1,204      
Initial Cost of FF&E, Buildings and improvements 9,388      
Cost Capitalized Since Acquisition, Land 193      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,330      
Gross Carrying Amount At Close of Period, Land 1,397      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 19,718      
Gross Carrying Amount At Close of Period, Total 21,115      
Accumulated Depreciation 11,274      
Embassy Suites, Dallas, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,579      
Initial Cost of Land 1,876      
Initial Cost of FF&E, Buildings and improvements 8,907      
Cost Capitalized Since Acquisition, Land 238      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 14,753      
Gross Carrying Amount At Close of Period, Land 2,114      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 23,660      
Gross Carrying Amount At Close of Period, Total 25,774      
Accumulated Depreciation 12,850      
Embassy Suites, Herndon, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 15,000      
Initial Cost of Land 1,303      
Initial Cost of FF&E, Buildings and improvements 9,836      
Cost Capitalized Since Acquisition, Land 277      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,810      
Gross Carrying Amount At Close of Period, Land 1,580      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 13,646      
Gross Carrying Amount At Close of Period, Total 15,226      
Accumulated Depreciation 9,011      
Embassy Suites, Las Vegas, NV        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 28,547      
Initial Cost of Land 3,307      
Initial Cost of FF&E, Buildings and improvements 16,952      
Cost Capitalized Since Acquisition, Land 397      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,398      
Gross Carrying Amount At Close of Period, Land 3,704      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 23,350      
Gross Carrying Amount At Close of Period, Total 27,054      
Accumulated Depreciation 13,573      
Embassy Suites, Houston, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 16,790      
Initial Cost of Land 1,799      
Initial Cost of FF&E, Buildings and improvements 10,404      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,289      
Gross Carrying Amount At Close of Period, Land 1,799      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 13,693      
Gross Carrying Amount At Close of Period, Total 15,492      
Accumulated Depreciation 7,109      
Embassy Suites, West Palm Beach, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,667      
Initial Cost of Land 3,277      
Initial Cost of FF&E, Buildings and improvements 13,949      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 13,086      
Gross Carrying Amount At Close of Period, Land 3,277      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 27,035      
Gross Carrying Amount At Close of Period, Total 30,312      
Accumulated Depreciation 11,591      
Embassy Suites, Philadelphia, PA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 17,000      
Initial Cost of Land 5,791      
Initial Cost of FF&E, Buildings and improvements 34,819      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,287      
Gross Carrying Amount At Close of Period, Land 5,791      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 37,106      
Gross Carrying Amount At Close of Period, Total 42,897      
Accumulated Depreciation 18,329      
Embassy Suites, Arlington, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 38,140      
Initial Cost of Land 36,065      
Initial Cost of FF&E, Buildings and improvements 41,588      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,640      
Gross Carrying Amount At Close of Period, Land 36,065      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 48,228      
Gross Carrying Amount At Close of Period, Total 84,293      
Accumulated Depreciation 24,316      
Embassy Suites, Portland, OR        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 72,763      
Initial Cost of Land 11,110      
Initial Cost of FF&E, Buildings and improvements 60,048      
Cost Capitalized Since Acquisition, Land (5,615)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (38,476)      
Gross Carrying Amount At Close of Period, Land 5,495      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 21,572      
Gross Carrying Amount At Close of Period, Total 27,067      
Accumulated Depreciation 2,936      
Embassy Suites, Santa Clara, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 55,489      
Initial Cost of Land 8,948      
Initial Cost of FF&E, Buildings and improvements 46,239      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,625      
Gross Carrying Amount At Close of Period, Land 8,948      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 51,864      
Gross Carrying Amount At Close of Period, Total 60,812      
Accumulated Depreciation 24,614      
Embassy Suites, Orlando, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,534      
Initial Cost of Land 5,674      
Initial Cost of FF&E, Buildings and improvements 21,593      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,452      
Gross Carrying Amount At Close of Period, Land 5,674      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,045      
Gross Carrying Amount At Close of Period, Total 31,719      
Accumulated Depreciation 12,594      
Hilton Garden Inn, Jacksonville, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 11,082      
Initial Cost of Land 1,751      
Initial Cost of FF&E, Buildings and improvements 9,164      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,604      
Gross Carrying Amount At Close of Period, Land 1,751      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 10,768      
Gross Carrying Amount At Close of Period, Total 12,519      
Accumulated Depreciation 5,729      
Hilton Garden Inn, Austin, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 60,414      
Initial Cost of Land 7,605      
Initial Cost of FF&E, Buildings and improvements 48,725      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,054      
Gross Carrying Amount At Close of Period, Land 7,605      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 49,779      
Gross Carrying Amount At Close of Period, Total 57,384      
Accumulated Depreciation 14,459      
Hilton Garden Inn, Baltimore, MD        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,788      
Initial Cost of Land 4,027      
Initial Cost of FF&E, Buildings and improvements 20,199      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,563      
Gross Carrying Amount At Close of Period, Land 4,027      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 21,762      
Gross Carrying Amount At Close of Period, Total 25,789      
Accumulated Depreciation 7,286      
Hilton Garden Inn, Virginia Beach, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 29,305      
Initial Cost of Land 4,101      
Initial Cost of FF&E, Buildings and improvements 26,329      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,646      
Gross Carrying Amount At Close of Period, Land 4,101      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 32,975      
Gross Carrying Amount At Close of Period, Total 37,076      
Accumulated Depreciation 8,178      
Hilton, Ft. Worth, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 45,000      
Initial Cost of Land 4,538      
Initial Cost of FF&E, Buildings and improvements 13,922      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,693      
Gross Carrying Amount At Close of Period, Land 4,538      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 26,615      
Gross Carrying Amount At Close of Period, Total 31,153      
Accumulated Depreciation 15,083      
Hilton, St. Petersburg, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 45,938      
Initial Cost of Land 2,991      
Initial Cost of FF&E, Buildings and improvements 13,907      
Cost Capitalized Since Acquisition, Land (1,130)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,415      
Gross Carrying Amount At Close of Period, Land 1,861      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 24,322      
Gross Carrying Amount At Close of Period, Total 26,183      
Accumulated Depreciation 10,864      
Hilton, Santa Fe, NM        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 45,000      
Initial Cost of Land 7,004      
Initial Cost of FF&E, Buildings and improvements 10,689      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,305      
Gross Carrying Amount At Close of Period, Land 7,004      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 12,994      
Gross Carrying Amount At Close of Period, Total 19,998      
Accumulated Depreciation 6,815      
Hilton, Bloomington, MN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 10,700      
Initial Cost of Land 5,685      
Initial Cost of FF&E, Buildings and improvements 59,139      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 5,321      
Gross Carrying Amount At Close of Period, Land 5,685      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 64,460      
Gross Carrying Amount At Close of Period, Total 70,145      
Accumulated Depreciation 31,080      
Hilton, Costa Mesa, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 54,033      
Initial Cost of Land 12,917      
Initial Cost of FF&E, Buildings and improvements 91,791      
Cost Capitalized Since Acquisition, Land (7,145)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (66,653)      
Gross Carrying Amount At Close of Period, Land 5,772      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 25,138      
Gross Carrying Amount At Close of Period, Total 30,910      
Accumulated Depreciation 2,246      
Hilton, Parsippany, NJ        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 34,716      
Initial Cost of Land 7,293      
Initial Cost of FF&E, Buildings and improvements 58,098      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,432      
Gross Carrying Amount At Close of Period, Land 7,293      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 60,530      
Gross Carrying Amount At Close of Period, Total 67,823      
Accumulated Depreciation 18,925      
Hilton, Tampa, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 25,022      
Initial Cost of Land 5,206      
Initial Cost of FF&E, Buildings and improvements 21,186      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,450      
Gross Carrying Amount At Close of Period, Land 5,206      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 23,636      
Gross Carrying Amount At Close of Period, Total 28,842      
Accumulated Depreciation 8,609      
Hilton, Alexandria, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 62,753      
Initial Cost of Land 14,459      
Initial Cost of FF&E, Buildings and improvements 96,602      
Cost Capitalized Since Acquisition, Land (4,982)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (45,580)      
Gross Carrying Amount At Close of Period, Land 9,477      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 51,022      
Gross Carrying Amount At Close of Period, Total 60,499      
Accumulated Depreciation 249      
Hilton, Santa Cruz, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 21,971      
Initial Cost of Land 9,399      
Initial Cost of FF&E, Buildings and improvements 38,129      
Cost Capitalized Since Acquisition, Land (4,092)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (18,174)      
Gross Carrying Amount At Close of Period, Land 5,307      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 19,955      
Gross Carrying Amount At Close of Period, Total 25,262      
Accumulated Depreciation 3,116      
Hampton Inn, Evansville, IN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 10,481      
Initial Cost of Land 1,301      
Initial Cost of FF&E, Buildings and improvements 5,034      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 9,120      
Gross Carrying Amount At Close of Period, Land 1,301      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 14,154      
Gross Carrying Amount At Close of Period, Total 15,455      
Accumulated Depreciation 7,166      
Hampton Inn, Parsippany, NJ        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 16,997      
Initial Cost of Land 3,268      
Initial Cost of FF&E, Buildings and improvements 24,306      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (410)      
Gross Carrying Amount At Close of Period, Land 3,268      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 23,896      
Gross Carrying Amount At Close of Period, Total 27,164      
Accumulated Depreciation 6,846      
Marriott, Beverly Hills, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 90,000      
Initial Cost of Land 6,510      
Initial Cost of FF&E, Buildings and improvements 22,061      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,143      
Gross Carrying Amount At Close of Period, Land 6,510      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 24,204      
Gross Carrying Amount At Close of Period, Total 30,714      
Accumulated Depreciation 12,877      
Marriott, Arlington, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 121,500      
Initial Cost of Land 20,637      
Initial Cost of FF&E, Buildings and improvements 101,376      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 8,354      
Gross Carrying Amount At Close of Period, Land 20,637      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 109,730      
Gross Carrying Amount At Close of Period, Total 130,367      
Accumulated Depreciation 55,356      
Marriott, Dallas, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,500      
Initial Cost of Land 2,701      
Initial Cost of FF&E, Buildings and improvements 30,893      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 6,274      
Gross Carrying Amount At Close of Period, Land 2,701      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 37,167      
Gross Carrying Amount At Close of Period, Total 39,868      
Accumulated Depreciation 17,004      
Marriott, Fremont, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 40,000      
Initial Cost of Land 5,800      
Initial Cost of FF&E, Buildings and improvements 44,200      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 9,827      
Gross Carrying Amount At Close of Period, Land 5,800      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 54,027      
Gross Carrying Amount At Close of Period, Total 59,827      
Accumulated Depreciation 20,315      
Marriott, Memphis, TN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,000      
Initial Cost of Land 6,210      
Initial Cost of FF&E, Buildings and improvements 37,284      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (2,143)      
Gross Carrying Amount At Close of Period, Land 6,210      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 35,141      
Gross Carrying Amount At Close of Period, Total 41,351      
Accumulated Depreciation 10,267      
Marriott, Irving, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 60,775      
Initial Cost of Land 8,330      
Initial Cost of FF&E, Buildings and improvements 82,272      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 12,897      
Gross Carrying Amount At Close of Period, Land 8,330      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 95,169      
Gross Carrying Amount At Close of Period, Total 103,499      
Accumulated Depreciation 34,187      
Marriott, Omaha, NE        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 14,450      
Initial Cost of Land 6,641      
Initial Cost of FF&E, Buildings and improvements 49,887      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,068      
Gross Carrying Amount At Close of Period, Land 6,641      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 50,955      
Gross Carrying Amount At Close of Period, Total 57,596      
Accumulated Depreciation 16,378      
Marriott, Sugarland, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 56,807      
Initial Cost of Land 9,047      
Initial Cost of FF&E, Buildings and improvements 84,043      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 14,493      
Gross Carrying Amount At Close of Period, Land 9,047      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 98,536      
Gross Carrying Amount At Close of Period, Total 107,583      
Accumulated Depreciation 30,215      
Courtyard by Marriott, Bloomington, IN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 13,432      
Initial Cost of Land 900      
Initial Cost of FF&E, Buildings and improvements 10,741      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,789      
Gross Carrying Amount At Close of Period, Land 900      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 18,530      
Gross Carrying Amount At Close of Period, Total 19,430      
Accumulated Depreciation 7,676      
Courtyard by Marriott, Denver, CO        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 30,432      
Initial Cost of Land 9,342      
Initial Cost of FF&E, Buildings and improvements 29,656      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (1,153)      
Gross Carrying Amount At Close of Period, Land 9,342      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 28,503      
Gross Carrying Amount At Close of Period, Total 37,845      
Accumulated Depreciation 8,444      
Courtyard by Marriott, Gaithersburg, MD        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 26,059      
Initial Cost of Land 5,128      
Initial Cost of FF&E, Buildings and improvements 30,522      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (362)      
Gross Carrying Amount At Close of Period, Land 5,128      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 30,160      
Gross Carrying Amount At Close of Period, Total 35,288      
Accumulated Depreciation 8,573      
Courtyard by Marriott, Crystal City, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 40,101      
Initial Cost of Land 5,411      
Initial Cost of FF&E, Buildings and improvements 38,610      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,406      
Gross Carrying Amount At Close of Period, Land 5,411      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 42,016      
Gross Carrying Amount At Close of Period, Total 47,427      
Accumulated Depreciation 22,507      
Courtyard by Marriott, Overland Park, KS        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 9,500      
Initial Cost of Land 1,868      
Initial Cost of FF&E, Buildings and improvements 14,030      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,664      
Gross Carrying Amount At Close of Period, Land 1,868      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 15,694      
Gross Carrying Amount At Close of Period, Total 17,562      
Accumulated Depreciation 8,095      
Courtyard by Marriott, Foothill Ranch, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 20,490      
Initial Cost of Land 2,447      
Initial Cost of FF&E, Buildings and improvements 16,005      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,154      
Gross Carrying Amount At Close of Period, Land 2,447      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 17,159      
Gross Carrying Amount At Close of Period, Total 19,606      
Accumulated Depreciation 9,071      
Courtyard by Marriott, Alpharetta, GA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 18,538      
Initial Cost of Land 2,244      
Initial Cost of FF&E, Buildings and improvements 12,345      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,691      
Gross Carrying Amount At Close of Period, Land 2,244      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 14,036      
Gross Carrying Amount At Close of Period, Total 16,280      
Accumulated Depreciation 7,478      
Marriott Residence Inn, Orlando, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 35,000      
Initial Cost of Land 6,554      
Initial Cost of FF&E, Buildings and improvements 40,539      
Cost Capitalized Since Acquisition, Land (380)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,536      
Gross Carrying Amount At Close of Period, Land 6,174      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 45,075      
Gross Carrying Amount At Close of Period, Total 51,249      
Accumulated Depreciation 24,574      
Marriott Residence Inn, Falls Church, VA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 24,652      
Initial Cost of Land 2,752      
Initial Cost of FF&E, Buildings and improvements 34,979      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,798      
Gross Carrying Amount At Close of Period, Land 2,752      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 38,777      
Gross Carrying Amount At Close of Period, Total 41,529      
Accumulated Depreciation 20,695      
Tribute Portfolio, Santa Fe, NM        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 35,697      
Initial Cost of Land 8,094      
Initial Cost of FF&E, Buildings and improvements 42,058      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,428      
Gross Carrying Amount At Close of Period, Land 8,094      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 45,486      
Gross Carrying Amount At Close of Period, Total 53,580      
Accumulated Depreciation 9,744      
Ritz-Carlton, Atlanta, GA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 89,269      
Initial Cost of Land 2,477      
Initial Cost of FF&E, Buildings and improvements 80,139      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 8,345      
Gross Carrying Amount At Close of Period, Land 2,477      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 88,484      
Gross Carrying Amount At Close of Period, Total 90,961      
Accumulated Depreciation 28,071      
Renaissance, Nashville, TN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 306,946      
Initial Cost of Land 20,671      
Initial Cost of FF&E, Buildings and improvements 158,260      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 20,662      
Gross Carrying Amount At Close of Period, Land 20,671      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 178,922      
Gross Carrying Amount At Close of Period, Total 199,593      
Accumulated Depreciation 57,552      
Renaissance, Palm Springs, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 46,979      
Initial Cost of Land 0      
Initial Cost of FF&E, Buildings and improvements 74,112      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (1,294)      
Gross Carrying Amount At Close of Period, Land 0      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 72,818      
Gross Carrying Amount At Close of Period, Total 72,818      
Accumulated Depreciation 21,146      
Sheraton Hotel, Minneapolis, MN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 17,223      
Initial Cost of Land 2,953      
Initial Cost of FF&E, Buildings and improvements 14,280      
Cost Capitalized Since Acquisition, Land (51)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,732      
Gross Carrying Amount At Close of Period, Land 2,902      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 16,012      
Gross Carrying Amount At Close of Period, Total 18,914      
Accumulated Depreciation 8,352      
Sheraton Hotel, Indianapolis, IN        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 55,882      
Initial Cost of Land 3,100      
Initial Cost of FF&E, Buildings and improvements 22,041      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 19,422      
Gross Carrying Amount At Close of Period, Land 3,100      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 41,463      
Gross Carrying Amount At Close of Period, Total 44,563      
Accumulated Depreciation 16,445      
Sheraton Hotel, Anchorage, AK        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 41,500      
Initial Cost of Land 4,023      
Initial Cost of FF&E, Buildings and improvements 39,363      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 13,202      
Gross Carrying Amount At Close of Period, Land 4,023      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 52,565      
Gross Carrying Amount At Close of Period, Total 56,588      
Accumulated Depreciation 22,166      
Sheraton Hotel, San Diego, CA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 32,800      
Initial Cost of Land 7,294      
Initial Cost of FF&E, Buildings and improvements 36,382      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,643      
Gross Carrying Amount At Close of Period, Land 7,294      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 47,025      
Gross Carrying Amount At Close of Period, Total 54,319      
Accumulated Depreciation 19,612      
Hyatt Regency, Coral Gables, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 84,000      
Initial Cost of Land 4,805      
Initial Cost of FF&E, Buildings and improvements 50,820      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 10,564      
Gross Carrying Amount At Close of Period, Land 4,805      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 61,384      
Gross Carrying Amount At Close of Period, Total 66,189      
Accumulated Depreciation 31,074      
Hyatt Regency, Hauppauge, NY        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 32,912      
Initial Cost of Land 6,284      
Initial Cost of FF&E, Buildings and improvements 35,669      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (2,210)      
Gross Carrying Amount At Close of Period, Land 6,284      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 33,459      
Gross Carrying Amount At Close of Period, Total 39,743      
Accumulated Depreciation 13,080      
Hyatt Regency, Savannah, GA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 63,119      
Initial Cost of Land 14,041      
Initial Cost of FF&E, Buildings and improvements 72,721      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,952      
Gross Carrying Amount At Close of Period, Land 14,041      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 74,673      
Gross Carrying Amount At Close of Period, Total 88,714      
Accumulated Depreciation 22,640      
Crown Plaza, Key West, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 53,466      
Initial Cost of Land 0      
Initial Cost of FF&E, Buildings and improvements 27,514      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 38,372      
Gross Carrying Amount At Close of Period, Land 0      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 65,886      
Gross Carrying Amount At Close of Period, Total 65,886      
Accumulated Depreciation 29,320      
Annapolis Historic Inn, Annapolis, MD        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 15,352      
Initial Cost of Land 3,028      
Initial Cost of FF&E, Buildings and improvements 7,833      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 1,658      
Gross Carrying Amount At Close of Period, Land 3,028      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 9,491      
Gross Carrying Amount At Close of Period, Total 12,519      
Accumulated Depreciation 4,966      
Lakeway Resort & Spa, Austin, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 33,000      
Initial Cost of Land 4,541      
Initial Cost of FF&E, Buildings and improvements 28,940      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (487)      
Gross Carrying Amount At Close of Period, Land 4,541      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 28,453      
Gross Carrying Amount At Close of Period, Total 32,994      
Accumulated Depreciation 10,780      
Silversmith, Chicago, IL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 25,293      
Initial Cost of Land 4,782      
Initial Cost of FF&E, Buildings and improvements 22,398      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (849)      
Gross Carrying Amount At Close of Period, Land 4,782      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 21,549      
Gross Carrying Amount At Close of Period, Total 26,331      
Accumulated Depreciation 7,362      
The Churchill, Washington, DC        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 37,488      
Initial Cost of Land 25,898      
Initial Cost of FF&E, Buildings and improvements 32,304      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 421      
Gross Carrying Amount At Close of Period, Land 25,898      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 32,725      
Gross Carrying Amount At Close of Period, Total 58,623      
Accumulated Depreciation 9,586      
The Melrose, Washington, DC        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 68,800      
Initial Cost of Land 29,277      
Initial Cost of FF&E, Buildings and improvements 62,507      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (1,794)      
Gross Carrying Amount At Close of Period, Land 29,277      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 60,713      
Gross Carrying Amount At Close of Period, Total 89,990      
Accumulated Depreciation 17,135      
Westin, Princeton, NJ        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 45,000      
Initial Cost of Land 6,475      
Initial Cost of FF&E, Buildings and improvements 52,195      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,428      
Gross Carrying Amount At Close of Period, Land 6,475      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 56,623      
Gross Carrying Amount At Close of Period, Total 63,098      
Accumulated Depreciation 15,934      
Atlanta Hotel Indigo, Atlanta, GA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 12,329      
Initial Cost of Land 3,230      
Initial Cost of FF&E, Buildings and improvements 23,713      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 2,139      
Gross Carrying Amount At Close of Period, Land 3,230      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 25,852      
Gross Carrying Amount At Close of Period, Total 29,082      
Accumulated Depreciation 8,383      
Le Meridien, Ft. Worth, TX        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 15,660      
Initial Cost of Land 4,609      
Initial Cost of FF&E, Buildings and improvements 82,749      
Cost Capitalized Since Acquisition, Land (9)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements (4,562)      
Gross Carrying Amount At Close of Period, Land 4,600      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 78,187      
Gross Carrying Amount At Close of Period, Total 82,787      
Accumulated Depreciation 5,558      
Hampton Inn, Buford, GA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 10,000      
Initial Cost of Land 1,168      
Initial Cost of FF&E, Buildings and improvements 5,338      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 3,734      
Gross Carrying Amount At Close of Period, Land 1,168      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 9,072      
Gross Carrying Amount At Close of Period, Total 10,240      
Accumulated Depreciation 6,237      
SpringHill Suites by Marriott, Buford, GA        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 4,500      
Initial Cost of Land 1,132      
Initial Cost of FF&E, Buildings and improvements 6,089      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,191      
Gross Carrying Amount At Close of Period, Land 1,132      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 13,280      
Gross Carrying Amount At Close of Period, Total 14,412      
Accumulated Depreciation 7,134      
Marriott Residence Inn, Manchester, CT        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 7,700      
Initial Cost of Land 1,462      
Initial Cost of FF&E, Buildings and improvements 8,306      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 7,087      
Gross Carrying Amount At Close of Period, Land 1,462      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 15,393      
Gross Carrying Amount At Close of Period, Total 16,855      
Accumulated Depreciation 6,975      
Marriott Residence Inn, Jacksonville, FL        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 8,000      
Initial Cost of Land 1,997      
Initial Cost of FF&E, Buildings and improvements 16,084      
Cost Capitalized Since Acquisition, Land 0      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 4,665      
Gross Carrying Amount At Close of Period, Land 1,997      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 20,749      
Gross Carrying Amount At Close of Period, Total 22,746      
Accumulated Depreciation 11,709      
Total Real Estate Investment Properties, Excluding Lease Properties        
Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 2,586,885      
Initial Cost of Land 435,762      
Initial Cost of FF&E, Buildings and improvements 2,492,201      
Cost Capitalized Since Acquisition, Land (22,299)      
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements 180,865      
Gross Carrying Amount At Close of Period, Land 413,463      
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements 2,673,066      
Gross Carrying Amount At Close of Period, Total 3,086,529      
Accumulated Depreciation $ 999,521      
v3.26.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Narrative (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Property, Plant and Equipment [Line Items]  
Cost of land and depreciable property for federal income tax purposes $ 2.2
Minimum | Building and Building Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 7 years 6 months
Minimum | Furnitures and Fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 1 year 6 months
Maximum | Building and Building Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 39 years
Maximum | Furnitures and Fixtures  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 5 years
v3.26.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment in Real Estate:      
Beginning balance $ 3,350,086 $ 4,245,264 $ 4,546,384
Additions 71,736 102,232 206,737
Impairment/write-offs (209,807) (255,732) (194,343)
Sales/disposals (108,181) (631,383) (292,268)
Assets held for sale (34,818) (110,295) (21,246)
Ending balance 3,069,016 3,350,086 4,245,264
Accumulated Depreciation:      
Beginning balance 1,030,879 1,293,332 1,428,053
Depreciation expense 144,289 152,832 188,021
Impairment/write-offs (142,122) (196,402) (194,343)
Sales/disposals (31,883) (195,710) (119,102)
Assets held for sale (17,391) (23,173) (9,297)
Ending balance 983,772 1,030,879 1,293,332
Investment in Real Estate, net $ 2,085,244 $ 2,319,207 $ 2,951,932