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Investment in Hotel Properties (Tables)
12 Months Ended
Dec. 31, 2013
Real Estate [Abstract]  
Schedule of Hotel Properties

Investment in hotel properties as of December 31, 2013 and 2012 consisted of the following:

 

     December 31,
2013
    December 31,
2012
 

Land and land improvements

   $ 26,956,311      $ 19,429,571   

Buildings and improvements

     206,101,663        181,209,101   

Furniture, fixtures and equipment

     29,829,908        33,716,700   
  

 

 

   

 

 

 
     262,887,882        234,355,372   

Less: accumulated depreciation and impairment

     (60,242,249     (57,927,468
  

 

 

   

 

 

 
   $ 202,645,633      $ 176,427,904