Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Investments in hotel properties, net	$ 1,091,479	$ 990,303
Cash and cash equivalents	105,039	171,439
Restricted cash	33,135	29,646
Accounts receivable, net of allowance of $68 and $47, respectively	13,370	12,382
Inventories	1,451	696
Note receivable	8,098	8,098
Deferred costs, net	755	1,204
Prepaid expenses	3,132	2,422
Investment in unconsolidated entity	48,365	0
Investment in Ashford Inc., at fair value	10,377	0
Derivative assets	753	35
Other assets	2,543	1,193
Intangible assets, net	23,160	2,542
Due from related party, net	371	541
Due from third-party hotel managers	10,722	5,504
Total assets	1,352,750	1,226,005
Liabilities:
Indebtedness, net	835,592	761,727
Accounts payable and accrued expenses	43,568	29,273
Dividends payable	3,439	1,425
Unfavorable management contract liabilities	158	316
Due to Ashford Trust OP, net	528	896
Due to Ashford Inc.	6,369	2,546
Due to third-party hotel managers	1,158	954
Intangible liability, net	3,682	3,739
Other liabilities	1,181	1,131
Total liabilities	$ 895,675	$ 802,007
Commitments and contingencies (note 12)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 2,600,000 shares issued and outstanding at December 31, 2015	$ 62,248	$ 0
Redeemable noncontrolling interests in operating partnership	61,781	149,555
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 28,471,775 and 24,464,163 shares issued and outstanding at December 31, 2015 and 2014, respectively	285	245
Additional paid-in capital	438,347	376,869
Accumulated deficit	(99,773)	(98,210)
Total stockholders’ equity of the Company	338,859	278,904
Noncontrolling interest in consolidated entity	(5,813)	(4,461)
Total equity	333,046	274,443
Total liabilities and equity	$ 1,352,750	$ 1,226,005