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Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net (Tables)
12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Schedule of Investment in Hotel Properties, Net

Investment in hotel properties as of December 31, 2016 and 2015 consisted of the following:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

Land and land improvements

 

$

57,851,380

 

 

$

59,910,212

 

Buildings and improvements

 

 

336,996,876

 

 

 

333,720,421

 

Furniture, fixtures and equipment

 

 

43,458,781

 

 

 

42,245,334

 

 

 

 

438,307,037

 

 

 

435,875,967

 

Less: accumulated depreciation and impairment

 

 

(89,713,125

)

 

 

(80,912,725

)

Investment in Hotel Properties, Net

 

$

348,593,912

 

 

$

354,963,242

 

 

Schedule of Investment in Hotel Properties Held for Sale, Net

Investment in hotel properties held for sale, net as of December 31, 2016 and 2015 consisted of the following:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

Land and land improvements

 

$

1,097,096

 

 

$

 

Buildings and improvements

 

 

6,242,504

 

 

 

 

Furniture, fixtures and equipment

 

 

2,289,008

 

 

 

 

 

 

 

9,628,608

 

 

 

 

Less: accumulated depreciation and impairment

 

 

(4,295,608

)

 

 

 

Investment in Hotel Properties Held for Sale, Net

 

$

5,333,000

 

 

$