Sotherly Hotels 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	SOHO
Entity Registrant Name	SOTHERLY HOTELS INC.
Entity Central Index Key	1,301,236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,949,651
Sotherly Hotels LP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	SOTHERLY HOTELS LP
Entity Central Index Key	1,301,236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Investment in hotel properties, net	$ 356,277,837	$ 354,963,242
Cash and cash equivalents	14,985,925	11,493,914
Restricted cash	3,630,274	5,793,840
Accounts receivable, net	3,848,461	4,071,175
Accounts receivable-affiliate	208,726	226,552
Loan proceeds receivable		2,600,711
Prepaid expenses, inventory and other assets	4,704,666	4,432,432
Deferred income taxes	5,877,844	5,390,374
TOTAL ASSETS	389,533,733	388,972,240
LIABILITIES
Mortgage loans, net	266,473,174	267,891,830
Unsecured notes	52,900,000	52,900,000
Accounts payable and accrued expenses	14,234,813	12,334,879
Advance deposits	2,321,530	1,651,840
Dividends and distributions payable	1,421,862	1,335,323
TOTAL LIABILITIES	$ 337,351,379	$ 336,113,872
Commitments and contingencies (See Note 5)
Sotherly Hotels Inc. stockholders’ equity
Preferred stock, par value $0.01, 972,350 shares authorized, 0 shares issued and outstanding
Common stock, par value $0.01, 49,000,000 shares authorized, 14,949,651 shares and 14,490,714 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 149,496	$ 144,907
Additional paid in capital	83,788,906	82,749,058
Distributions in excess of retained earnings	(34,675,230)	(33,890,834)
Total Sotherly Hotels Inc. stockholders’ equity	49,263,172	49,003,131
Noncontrolling interest	2,919,182	3,855,237
TOTAL EQUITY	52,182,354	52,858,368
TOTAL LIABILITIES AND OWNERS' EQUITY	389,533,733	388,972,240
Sotherly Hotels LP [Member]
ASSETS
Investment in hotel properties, net	356,277,837	354,963,242
Cash and cash equivalents	14,985,925	11,493,914
Restricted cash	3,630,274	5,793,840
Accounts receivable, net	3,848,461	4,071,175
Accounts receivable-affiliate	208,726	226,552
Loan proceeds receivable		2,600,711
Prepaid expenses, inventory and other assets	4,704,666	4,432,432
Deferred income taxes	5,877,844	5,390,374
TOTAL ASSETS	389,533,733	388,972,240
LIABILITIES
Mortgage loans, net	266,473,174	267,891,830
Unsecured notes	52,900,000	52,900,000
Accounts payable and accrued expenses	14,234,813	12,334,879
Advance deposits	2,321,530	1,651,840
Dividends and distributions payable	1,421,862	1,335,323
TOTAL LIABILITIES	$ 337,351,379	$ 336,113,872
Commitments and contingencies (See Note 5)
Sotherly Hotels Inc. stockholders’ equity
TOTAL LIABILITIES AND OWNERS' EQUITY	$ 389,533,733	$ 388,972,240
PARTNERS’ CAPITAL
General Partner: 167,278 and 166,915 units issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	767,535	774,295
Limited Partners: 16,560,513 and 16,524,626 units issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	51,414,819	52,084,073
TOTAL PARTNERS’ CAPITAL	$ 52,182,354	$ 52,858,368

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	972,350	972,350
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	49,000,000	49,000,000
Common stock, shares issued	14,949,651	14,490,714
Common stock, shares outstanding	14,949,651	14,490,714
Sotherly Hotels LP [Member]
General Partner, units issued	167,278	166,915
General Partner, units outstanding	167,278	166,915
Limited Partner, units issued	16,560,513	16,524,626
Limited Partner, units outstanding	16,560,513	16,524,626

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE
Rooms department	$ 27,322,413	$ 21,336,414
Food and beverage department	8,249,679	7,726,807
Other operating departments	2,238,052	1,912,409
Total revenue	37,810,144	30,975,630
Hotel operating expenses
Rooms department	7,080,633	5,842,940
Food and beverage department	5,939,861	5,405,385
Other operating departments	593,969	338,179
Indirect	14,135,595	11,468,343
Total hotel operating expenses	27,750,058	23,054,847
Depreciation and amortization	3,668,638	2,904,391
Corporate general and administrative	1,607,294	1,451,224
Total operating expenses	33,025,990	27,410,462
NET OPERATING INCOME	4,784,154	3,565,168
Other income (expense)
Interest expense	(4,632,632)	(3,774,535)
Interest income	8,830	10,102
Equity income in joint venture		474,349
Unrealized loss on hedging activities	(50,557)
Net income before income taxes	109,795	275,084
Income tax benefit	436,079	438,775
Net income	545,874	713,859
Less: Net (income) attributable to the noncontrolling interest	(62,779)	(138,523)
Net income attributable to the Company	$ 483,095	$ 575,336
Net income per share attributable to the Company
Basic and diluted	$ 0.03	$ 0.05
Weighted average number of shares outstanding
Basic and diluted	14,792,911	10,595,801
Sotherly Hotels LP [Member]
REVENUE
Rooms department	$ 27,322,413	$ 21,336,414
Food and beverage department	8,249,679	7,726,807
Other operating departments	2,238,052	1,912,409
Total revenue	37,810,144	30,975,630
Hotel operating expenses
Rooms department	7,080,633	5,842,940
Food and beverage department	5,939,861	5,405,385
Other operating departments	593,969	338,179
Indirect	14,135,595	11,468,343
Total hotel operating expenses	27,750,058	23,054,847
Depreciation and amortization	3,668,638	2,904,391
Corporate general and administrative	1,607,294	1,451,224
Total operating expenses	33,025,990	27,410,462
NET OPERATING INCOME	4,784,154	3,565,168
Other income (expense)
Interest expense	(4,632,632)	(3,774,535)
Interest income	8,830	10,102
Equity income in joint venture		474,349
Unrealized loss on hedging activities	(50,557)
Net income before income taxes	109,795	275,084
Income tax benefit	436,079	438,775
Net income	$ 545,874	$ 713,859
Net income per share attributable to the Company
Basic and diluted	$ 0.03	$ 0.05
Weighted average number of shares outstanding
Basic and diluted	16,715,044	13,146,628

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Distributions in Excess of Retained Earnings [Member]	Noncontrolling Interest [Member]
Balances, beginning at Dec. 31, 2015	$ 52,858,368	$ 144,907	$ 82,749,058	$ (33,890,834)	$ 3,855,237
Balances, shares, beginning at Dec. 31, 2015		14,490,714
Net income	545,874			483,095	62,779
Issuance of unrestricted common stock awards	128,282	$ 242	128,040
Issuance of unrestricted common stock awards, shares		24,250
Issuance of restricted common stock awards	63,480	$ 120	63,360
Issuance of restricted common stock awards, shares		12,000
Conversion of Operating Partnership units into shares of common stock		$ 4,227	843,468		(847,695)
Conversion of Operating Partnership units into shares of common stock, shares		422,687
Amortization of restricted stock award	4,980		4,980
Dividends and distributions declared	(1,418,630)			(1,267,491)	(151,139)
Balances, ending at Mar. 31, 2016	$ 52,182,354	$ 149,496	$ 83,788,906	$ (34,675,230)	$ 2,919,182
Balances, shares, ending at Mar. 31, 2016		14,949,651

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 545,874	$ 713,859
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,668,638	2,904,391
Equity income in joint venture		(474,349)
Amortization of deferred financing costs	313,410	350,396
Amortization of mortgage premium	(6,479)
Unrealized loss on derivative instrument	50,557
Charges related to equity-based compensation	196,742	271,036
Changes in assets and liabilities:
Restricted cash	(120,693)	(223,492)
Accounts receivable	222,714	(1,808,004)
Prepaid expenses, inventory and other assets	(342,455)	(835,566)
Deferred income taxes	(487,469)	(496,454)
Accounts payable and other accrued liabilities	1,892,725	2,428,633
Advance deposits	669,690	551,491
Accounts receivable - affiliate	17,826	(44,540)
Net cash provided by operating activities	6,621,080	3,337,401
Cash flows from investing activities:
Improvements and additions to hotel properties	(4,956,359)	(4,485,857)
Distributions from joint venture		600,000
Funding of restricted cash reserves	(1,674,236)	(777,597)
Proceeds of restricted cash reserves	3,958,496	3,404,730
Net cash used in investing activities	(2,672,099)	(1,258,724)
Cash flows from financing activities:
Proceeds from mortgage loan receivable	2,600,711
Payments on mortgage debt and loans	(1,446,688)	(1,159,671)
Payment of deferred financing costs	(278,899)	(617,500)
Dividends and distributions paid	(1,332,094)	(852,914)
Net cash used in financing activities	(456,970)	(2,630,085)
Net (decrease) increase in cash and cash equivalents	3,492,011	(551,408)
Cash and cash equivalents at the beginning of the period	11,493,914	16,634,499
Cash and cash equivalents at the end of the period	14,985,925	16,083,091
Supplemental disclosures:
Cash paid during the period for interest	3,606,752	3,223,308
Cash paid during the period for income taxes	9,165	200
Non-cash investing and financing activities:
Change in amount of deferred financing and deferred offering cost in accounts payable and accrued liabilities		(624,117)
Change in amount of hotel property improvements in accounts payable and accrued liabilities	(7,209)	(664,159)
Sotherly Hotels LP [Member]
Cash flows from operating activities:
Net income	545,874	713,859
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,668,638	2,904,391
Equity income in joint venture		(474,349)
Amortization of deferred financing costs	313,410	350,396
Amortization of mortgage premium	(6,479)
Unrealized loss on derivative instrument	50,557
Charges related to equity-based compensation	196,742	271,036
Changes in assets and liabilities:
Restricted cash	(120,693)	(223,492)
Accounts receivable	222,714	(1,808,004)
Prepaid expenses, inventory and other assets	(342,455)	(835,566)
Deferred income taxes	(487,469)	(496,454)
Accounts payable and other accrued liabilities	1,892,725	2,428,633
Advance deposits	669,690	551,491
Accounts receivable - affiliate	17,826	(44,540)
Net cash provided by operating activities	6,621,080	3,337,401
Cash flows from investing activities:
Improvements and additions to hotel properties	(4,956,359)	(4,485,857)
Distributions from joint venture		600,000
Funding of restricted cash reserves	(1,674,236)	(777,597)
Proceeds of restricted cash reserves	3,958,496	3,404,730
Net cash used in investing activities	(2,672,099)	(1,258,724)
Cash flows from financing activities:
Proceeds from mortgage loan receivable	2,600,711
Payments on mortgage debt and loans	(1,446,688)	(1,159,671)
Payment of deferred financing costs	(278,899)	(617,500)
Dividends and distributions paid	(1,332,094)	(852,914)
Net cash used in financing activities	(456,970)	(2,630,085)
Net (decrease) increase in cash and cash equivalents	3,492,011	(551,408)
Cash and cash equivalents at the beginning of the period	11,493,914	16,634,499
Cash and cash equivalents at the end of the period	14,985,925	16,083,091
Supplemental disclosures:
Cash paid during the period for interest	3,606,752	3,223,308
Cash paid during the period for income taxes	9,165	200
Non-cash investing and financing activities:
Change in amount of deferred financing and deferred offering cost in accounts payable and accrued liabilities		(624,117)
Change in amount of hotel property improvements in accounts payable and accrued liabilities	$ (7,209)	$ (664,159)

Consolidated Statement of Chan7

Consolidated Statement of Changes in Partners' Capital - 3 months ended Mar. 31, 2016 - USD ($)	Total	Sotherly Hotels LP [Member]	Sotherly Hotels LP [Member]General Partner [Member]	Sotherly Hotels LP [Member]Limited Partner [Member]
Balances, beginning at Dec. 31, 2015		$ 52,858,368	$ 774,295	$ 52,084,073
Balances, units, beginning at Dec. 31, 2015			166,915	16,524,626
Issuance of partnership units		191,762	$ 1,918	$ 189,844
Issuance of partnership units, number of units			363	35,887
Amortization of restricted units award	$ 4,980	4,980	$ 50	$ 4,930
Distributions declared		(1,418,630)	(14,187)	(1,404,443)
Net income	$ 545,874	545,874	5,459	540,415
Balances, ending at Mar. 31, 2016		$ 52,182,354	$ 767,535	$ 51,414,819
Balances, units, ending at Mar. 31, 2016			167,278	16,560,513

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Organization and Description of Business	1. Organization and Description of Business Sotherly Hotels Inc., formerly MHI Hospitality Corporation (the “Company”), is a self-managed and self-administered lodging real estate investment trust (“REIT”) that was incorporated in Maryland on August 20, 2004 to own full-service, primarily upscale and upper-upscale hotels located in primary and secondary markets in the mid-Atlantic and southern United States. Currently, the Company is focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the southern United States. The Company’s portfolio consists of investments in twelve hotel properties, comprising 3,011 rooms. All of the Company’s hotels, except for the Georgian Terrace and The Whitehall, operate under the Hilton, Crowne Plaza, DoubleTree, and Sheraton brands. The Company commenced operations on December 21, 2004 when it completed its initial public offering and thereafter consummated the acquisition of six hotel properties (the “initial properties”). Substantially all of the Company’s assets are held by, and all of its operations are conducted through, Sotherly Hotels LP, formerly MHI Hospitality, L.P. (the “Operating Partnership”). The Company and the Operating Partnership through July 30, 2015, also owned a 25.0% noncontrolling interest in the Crowne Plaza Hollywood Beach Resort through a joint venture with CRP/MHI Holdings, LLC, an affiliate of both Carlyle Realty Partners V, L.P. and The Carlyle Group (“Carlyle”). As of July 31, 2015, we own 100% of the entities that own the Crowne Plaza Hollywood Beach Resort. Pursuant to the terms of the Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) of the Operating Partnership, the Company, as general partner, is not entitled to compensation for its services to the Operating Partnership. The Company, as general partner, conducts substantially all of its operations through the Operating Partnership and the Company’s administrative expenses are the obligations of the Operating Partnership. Additionally, the Company is entitled to reimbursement for any expenditure incurred by it on the Operating Partnership’s behalf. For the Company to qualify as a REIT, it cannot operate hotels. Therefore, the Operating Partnership, which, at March 31, 2016, was approximately 89.4% owned by the Company, and its subsidiaries, lease the hotels to a subsidiary of MHI Hospitality TRS Holding, Inc., MHI Hospitality TRS, LLC, (collectively, “MHI TRS”), a wholly-owned subsidiary of the Operating Partnership. MHI TRS then engages an eligible independent hotel management company, MHI Hotels Services, LLC, which does business as Chesapeake Hospitality (“Chesapeake Hospitality”), to operate the hotels under a management contract. MHI TRS is treated as a taxable REIT subsidiary for federal income tax purposes. All references in this report to “we”, “us” and “our” refer to the Company, its Operating Partnership and its subsidiaries and predecessors, collectively, unless the context otherwise requires or where otherwise indicated. Significant transactions occurring during the current and prior fiscal year include the following: On May 5, 2015, the Company obtained a $47.0 million mortgage with Bank of America N.A. on the Georgian Terrace in Atlanta, Georgia. The mortgage bears interest at a fixed rate of 4.42% and provides for level payments of principal and interest on a monthly basis under a 30-year amortization schedule. The maturity date is June 1, 2025. The Company used the proceeds of the mortgage to repay the existing first mortgage and to pay closing costs, and will use the balance of the proceeds to partially fund ongoing renovations at the Georgian Terrace and for general corporate purposes. During June 2015, the Company sold 98,682 shares of common stock for net proceeds of approximately $0.7 million, which it contributed to the Operating Partnership for an equivalent number of units. On July 1, 2015, the Company sold 3,000,000 shares of common stock for net proceeds of approximately $19.8 million, which it contributed to the Operating Partnership for an equivalent number of units. On July 7, 2015, we entered into a loan agreement and other loan documents to secure an $18.5 million mortgage with Bank of the Ozarks collateralized by a first mortgage on the DoubleTree by Hilton Jacksonville Riverfront. The $18.5 million mortgage was received in two parts. We received $18.0 million on July 7, 2015 and the remainder of $0.5 million on October 20, 2015. The $0.5 million was included with the additional earn-out provision of $1.5 million, for a total of $2.0 million additional proceeds, as described below. The mortgage term is four years maturing July 7, 2019 and may be extended for one additional period of one year, subject to certain criteria. The mortgage bears a floating interest rate of the 30-day LIBOR plus 3.5%, subject to a floor rate of 4.0%. The mortgage amortizes on a 25-year schedule; and has a prepayment penalty if prepaid during the initial two years. The Company used the proceeds from the mortgage to repay the existing first mortgage on the DoubleTree by Hilton Jacksonville Riverfront, to pay closing costs, to partially fund ongoing renovations at the DoubleTree by Hilton Jacksonville Riverfront and for general corporate purposes. On July 17, 2015, the Company sold 435,000 shares of common stock for net proceeds of approximately $2.8 million, which it contributed to the Operating Partnership for an equivalent number of units. On July 31, 2015, we acquired the remaining 75% interest in (i) the entity that owns the Crowne Plaza Hollywood Beach Resort, and (ii) the entity that leases the Crowne Plaza Hollywood Beach Resort. As a result, the Operating Partnership now has a 100% indirect ownership interest in the entities that own the Crowne Plaza Hollywood Beach Resort. On September 2, 2015, we closed on the sale of a 0.3 acre parcel of excess land adjacent to our Atlanta, Georgia property for $2.2 million. The parcel was included in the acquisition of the Georgian Terrace in March 2014. We used the proceeds of the sale for general corporate purposes. On September 28, 2015, we entered into a loan agreement to secure a $60.0 million mortgage on the Crowne Plaza Hollywood Beach Resort with Bank of America, N.A. The mortgage term is ten years maturing October 1, 2025, subject to certain criteria. The mortgage bears a fixed interest rate of 4.913%. The mortgage amortizes on a 30-year schedule. The Company used the proceeds from the mortgage to repay the existing first mortgage on the Crowne Plaza Hollywood Beach Resort and to pay closing costs, and will use the balance of the proceeds for general corporate purposes. On October 20, 2015, we secured $2.0 million additional proceeds on the mortgage loan on the DoubleTree by Hilton Jacksonville Riverfront as part of an earn-out pursuant to the terms of the loan agreement. On December 31, 2015, we entered into an amendment to the existing mortgage loan on the DoubleTree by Hilton Laurel which generated additional net proceeds of approximately $2.6 million and received the loan proceeds on January 4, 2016 . On March 21, 2016, we entered into an agreement with the existing lender to extend the maturity of the mortgage on The Whitehall until November 2017.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation – The consolidated financial statements of the Company presented herein include all of the accounts of Sotherly Hotels Inc., the Operating Partnership, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements of the Operating Partnership presented herein include all of the accounts of Sotherly Hotels LP, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. Additionally, all administrative expenses of the Company and those expenditures made by the Company on behalf of the Operating Partnership are reflected as the administrative expenses, expenditures and obligations thereto of the Operating Partnership, pursuant to the terms of the Partnership Agreement. Investment in Hotel Properties – Investments in hotel properties include investments in operating properties which are recorded at acquisition cost and allocated to land, property and equipment and identifiable intangible assets. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from our accounts and any resulting gain or loss is included in the statements of operations. Expenditures under a renovation project which constitute additions or improvements that extend the life of the property are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 7 to 39 years for buildings and building improvements and 3 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are found to be less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel property’s estimated fair market value would be recorded and an impairment loss recognized. At December 31, 2015, our review of possible impairment at one of our hotel properties revealed an excess of current carrying cost over the estimated undiscounted future cash flows, which was triggered by a combination of a change in anticipated use and future branding of the property and a re-evaluation of future revenues based on anticipated market conditions, market penetration and costs necessary to achieve such market penetration, resulting in an impairment of approximately $0.5 million. Assets Held For Sale – The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Cash and Cash Equivalents – We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Concentration of Credit Risk – We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) protection limits of $250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk. Restricted Cash – Restricted cash includes real estate tax escrows, insurance escrows and reserves for replacements of furniture, fixtures and equipment pursuant to certain requirements in our various mortgage agreements. Accounts Receivable – Accounts receivable consists primarily of hotel guest and banqueting receivables. Ongoing evaluations of collectability are performed and an allowance for potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible. Inventories – Inventories, consisting primarily of food and beverages, are stated at the lower of cost or market, with cost determined on a method that approximates first-in, first-out basis. Franchise License Fees – Fees expended to obtain or renew a franchise license are amortized over the life of the license or renewal. The unamortized franchise fees as of March 31, 2016 and December 31, 2015 were $326,459 and $339,542, respectively. Amortization expense for the three month periods ended March 31, 2016 and 2015 totaled $15,131 and $14,459, respectively. Deferred Financing and Offering Costs – Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt and are reflected in mortgage loans, net on the consolidated balance sheets. Deferred offering costs are recorded at cost and consist of offering fees and other costs incurred in issuing equity and are reflected in prepaid expenses, inventory and other assets on the consolidated balance sheets. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Amortization of deferred offering costs occurs when the equity offering is complete, whereby the costs are offset against the equity funds raised in the future and included in additional paid in capital on the consolidated balance sheets, or if the offering expires and the offering costs exceed the funds raised in the offering then the excess will be included in corporate general and administrative expenses in the consolidated statements of operations. Derivative Instruments – Our derivative instruments are reflected as assets or liabilities on the balance sheet and measured at fair value. Derivative instruments used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as an interest rate risk, are considered fair value hedges. Derivative instruments used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a derivative instrument designated as a cash flow hedge, the change in fair value each period is reported in accumulated other comprehensive income in stockholders’ equity and partners’ capital to the extent the hedge is effective. For a derivative instrument designated as a fair value hedge, the change in fair value each period is reported in earnings along with the change in fair value of the hedged item attributable to the risk being hedged. For a derivative instrument that does not qualify for hedge accounting or is not designated as a hedge, the change in fair value each period is reported in earnings. We use derivative instruments to add stability to interest expense and to manage our exposure to interest-rate movements. To accomplish this objective, we primarily are using an interest rate cap which acts as a cash flow hedge. We value our interest-rate cap at fair value, which we define as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We also have used derivative instruments in the Company’s stock to obtain more favorable terms on our financing. We do not enter into contracts to purchase or sell derivative instruments for speculative trading purposes. Fair Value Measurements – We classify the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or Inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table represents our investment in hotel property, net, interest rate cap, mortgage loans and unsecured notes measured at fair value and the basis for that measurement: Level 1 Level 2 Level 3 December 31, 2015 Investment in hotel property, net (1) $ — $ — $ 5,700,000 Interest Rate Cap (4) $ — $ 70,981 $ — Mortgage loans (2) $ — $ (272,933,327 ) $ — Unsecured notes (3) $ (54,238,600 ) $ — $ — March 31, 2016 Investment in hotel property, net (1) $ — $ — $ — Interest Rate Cap (4) $ — $ 20,424 $ — Mortgage loans (2) $ — $ (271,175,967 ) $ — Unsecured notes (3) $ (54,212,840 ) $ — $ — (1) A non-recurring fair value measurement was conducted in 2015 for our investment in hotel property, which resulted in impairment charges for the year ended December 31, 2015, which represent the amount by which the carrying value of the asset group exceeded its fair value. (2) Mortgage loans are reflected at outstanding principal balance net of deferred financing costs on our Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015. (3) Unsecured notes are recorded at outstanding principal balance on our Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015. (4) Interest rate cap for our loan on DoubleTree by Hilton Jacksonville Riverfront, which caps the 1-month LIBOR rate at 2.5%. Noncontrolling Interest in Operating Partnership – Certain hotel properties have been acquired, in part, by the Operating Partnership through the issuance of limited partnership units of the Operating Partnership. The noncontrolling interest in the Operating Partnership is: (i) increased or decreased by the limited partners’ pro-rata share of the Operating Partnership’s net income or net loss, respectively; (ii) decreased by distributions; (iii) decreased by redemption of partnership units for the Company’s common stock; and (iv) adjusted to equal the net equity of the Operating Partnership multiplied by the limited partners’ ownership percentage immediately after each issuance of units of the Operating Partnership and/or the Company’s common stock through an adjustment to additional paid-in capital. Net income or net loss is allocated to the noncontrolling interest in the Operating Partnership based on the weighted average percentage ownership throughout the period. Revenue Recognition – Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and rentals from restaurant tenants, rooftop leases and gift shop operators. Revenues are reported net of occupancy and other taxes collected from customers and remitted to governmental authorities. Lease Revenue – Several of our properties generate revenue from leasing commercial space adjacent to the hotel, the restaurant space within the hotel, apartment units and space on the roofs of our hotels for antennas and satellite dishes. We account for the lease income as revenue from other operating departments within the statement of operations pursuant to the terms of each lease. Lease revenue was approximately $0.5 million and $0.5 million, for the three months ended March 31, 2016 and 2015, respectively. A schedule of minimum future lease payments receivable for the remaining lease periods is as follows: Remaining nine months ending December 31, 2016 $ 1,059,658 December 31, 2017 935,715 December 31, 2018 428,617 December 31, 2019 317,339 December 31, 2020 278,450 December 31, 2021 and thereafter 1,227,684 Total $ 4,247,463 Income Taxes – The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax. MHI TRS, our wholly owned taxable REIT subsidiary which leases our hotels from subsidiaries of the Operating Partnership, is subject to federal and state income taxes. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. As of March 31, 2016 and December 31, 2015, we had no uncertain tax positions. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of March 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions to which the Company is subject generally include 2010 through 2015. In addition, as of March 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions to which MHI TRS is subject generally include 2004 through 2015. The Operating Partnership is generally not subject to federal and state income taxes as the unit holders of the Partnership are subject to tax on their respective shares of the Partnership’s taxable income. Stock-based Compensation – The Company’s 2004 Long Term Incentive Plan (the “2004 Plan”) and its 2013 Long-Term Incentive Plan (the “2013 Plan”), which the Company’s stockholders approved in April 2013, permit the grant of stock options, restricted stock and performance share compensation awards to its employees for up to 350,000 and 750,000 shares of common stock, respectively. The Company believes that such awards better align the interests of its employees with those of its stockholders. Under the 2004 Plan, the Company has made restricted stock and deferred stock awards totaling 337,438 shares including 255,938 shares issued to certain executives and employees and 81,500 restricted shares issued to its independent directors. Of the 255,938 shares issued to certain of our executives and employees, all have vested except 12,000 shares issued to the Chief Financial Officer upon execution of his employment contract which will vest pro rata on each of the next three anniversaries of the effective date of his employment agreement. All of the 81,500 restricted shares issued to the Company’s independent directors have vested. The 2004 plan was terminated in 2013. Under the 2013 Plan, the Company has made stock awards totaling 109,100 shares, including 72,350 non-restricted shares to certain executives and employees and 35,500 restricted shares issued to its independent directors. All awards have vested except for 12,000 shares issued to the Company’s independent directors in January 2016, which will vest on December 31, 2016. Previously, under the 2004 Plan, and currently, under the 2013 Plan, the Company may issue a variety of performance-based stock awards, including nonqualified stock options. The value of the awards is charged to compensation expense on a straight-line basis over the vesting or service period based on the value of the award as determined by the Company’s stock price on the date of grant or issuance. As of March 31, 2016, no performance-based stock awards have been granted. Consequently, stock-based compensation as determined under the fair-value method would be the same under the intrinsic-value method. Total compensation cost recognized under the 2013 Plan for the three months ended March 31, 2016 and 2015 was $196,742 and $271,036, respectively. The 2004 Plan was terminated in April 2013. Advertising – Advertising costs were $74,063 and $52,856 for the three months ended March 31, 2016 and 2015, respectively. Advertising costs are expensed as incurred. Comprehensive Income – Comprehensive income as defined, includes all changes in equity during a period from non-owner sources. We do not have any items of comprehensive income other than net income. Segment Information – We have determined that our business is conducted in one reportable segment: hotel ownership. Use of Estimates – The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications – Certain reclassifications in the amount of $4.1 million, from deferred financing costs, net in total assets on the balance sheet, have been netted against mortgage loans on the December 31, 2015 balances to conform to the current period presentation. This presentation applies Accounting Standards Update (“ASU”) 2015-03, “ “ Simplifying the Presentation of Debt Issuance Costs.” New Accounting Pronouncements – In April 2015, the FASB issued ASU 2015-03 related to “Simplifying the Presentation of Debt Issuance Costs,” as part of its simplification initiative. The ASU changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The ASU specifies that “issue costs shall be reported in the balance sheet as a direct deduction from the face amount of the note” and that “amortization of debt issue costs shall also be reported as interest expense.” According to the ASU’s Basis for Conclusions, debt issuance costs incurred before the associated funding is received (i.e., the debt liability) should be reported on the balance sheet as deferred charges until that debt liability amount is recorded. For public business entities, the guidance in the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and is applicable for our interim periods within 2016. Early adoption is allowed for all entities for financial statements that have not been previously issued. Entities would apply the new guidance retrospectively to all prior periods (i.e., the balance sheet for each period is adjusted). We adopted this ASU and it is being applied during our 2016 reporting. In February 2015, the FASB issued ASU 2015-02 related to ASC Topic 810, Consolidation In May 2014, the FASB issued ASU 2014-09 related to ASC Topic 606, Revenue from Contracts with Customers. Revenue Recognition Revenue Recognition—Construction-Type and Production-Type Contracts Property, Plant, and Equipment Intangibles—Goodwill and Other

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Investment in Hotel Properties	3. Investment in Hotel Properties, Net Investment in hotel properties as of March 31, 2016 and December 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 Land and land improvements $ 59,941,097 $ 59,910,212 Buildings and improvements 336,275,927 333,720,421 Furniture, fixtures and equipment 44,622,512 42,245,334 440,839,536 435,875,967 Less: accumulated depreciation and impairment (84,561,699 ) (80,912,725 ) Investment in Hotel Properties, Net $ 356,277,837 $ 354,963,242

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	4. Debt Mortgage Loans, Net . As of March 31, 2016 and December 31, 2015, we had approximately $266.5 million and approximately $267.9 million of outstanding mortgage debt, respectively. The following table sets forth our mortgage debt obligations on our hotels. Balance Outstanding as of March 31, December 31, Prepayment Maturity Amortization Interest Property 2016 2015 Penalties Date Provisions Rate Crowne Plaza Hampton Marina $ 3,263,585 $ 3,512,586 None 6/30/2016 $ 83,000 (1) 5.00% (2) Crowne Plaza Hollywood Beach Resort 59,647,289 59,795,743 n/a (3) 10/1/2025 30 years 4.913% Crowne Plaza Tampa Westshore 12,937,454 13,016,045 None 6/18/2017 25 years 5.60% DoubleTree by Hilton Jacksonville Riverfront 19,692,994 19,774,577 Yes (4) 7/7/2019 (5) 25 years LIBOR plus 3.50 % DoubleTree by Hilton Laurel 9,467,956 9,500,000 Yes (6) 8/5/2021 25 years 5.25% (7) DoubleTree by Hilton Philadelphia Airport 32,120,179 32,376,795 None 4/1/2019 25 years LIBOR plus 3.00 % (8) DoubleTree by Hilton Raleigh Brownstone –University 14,985,459 15,029,121 n/a (9) 8/1/2018 30 years 4.78% Georgian Terrace 46,450,174 46,579,011 n/a (10) 6/1/2025 30 years 4.42% Hilton Savannah DeSoto 20,431,819 20,522,836 Yes (11) 9/1/2017 25 years 6.06% Hilton Wilmington Riverside 19,679,345 19,825,772 Yes (11) 4/1/2017 25 years 6.21% Sheraton Louisville Riverside 11,283,324 11,345,866 n/a (9) 1/6/2017 25 years 6.24% The Whitehall 20,331,342 20,459,256 None 11/13/2017 (12) 25 years 4.50% Total Mortgage Principal Balance $ 270,290,920 $ 271,737,608 Deferred financing costs, net (4,051,603 ) (4,086,114 ) Unamortized premium on loan 233,857 240,336 Total Mortgage Loans, Net $ 266,473,174 $ 267,891,830 (1) The Operating Partnership is required to make monthly principal payments of $83,000. (2) The note rate was changed to a fixed rate of 5.00%, effective June 27, 2014. (3) With limited exception, the note may not be prepaid until June 2025. (4) The note is subject to a pre-payment penalty until July 2017. Prepayment can be made without penalty thereafter. (5) The note provides that the mortgage can be extended until July 2020 if certain conditions have been satisfied. (6) The note is subject to a pre-payment penalty except for any pre-payments made either between April 2017 and August 2017, or from April 2021 through maturity of the note. (7) The note provides that after five years, the rate of interest will adjust to a rate of 3.00% per annum plus the then-current five-year U.S. Treasury rate of interest, with a floor of 5.25%. (8) The note bears a minimum interest rate of 3.50%. (9) With limited exception, the note may not be prepaid until two months before maturity. (10) With limited exception, the note may not be prepaid until February 2025. (11) The notes may not be prepaid during the first six years of the terms. Prepayment can be made with penalty thereafter until 90 days before maturity. (12) The note was extended in March 2016 and provides that the mortgage can be extended until November 2018 if certain conditions have been satisfied. We were in compliance with all debt covenants, current on all loan payments and not otherwise in default under any of our mortgage loans, as of March 31, 2016. Total future mortgage debt maturities, without respect to any extension of loan maturity, as of March 31, 2016 were as follows: For the remaining nine months ended December 31, 2016 $ 7,690,171 December 31, 2017 86,680,710 December 31, 2018 18,078,266 December 31, 2019 31,732,731 December 31, 2020 19,841,299 December 31, 2021 and thereafter 106,267,743 Total future maturities $ 270,290,920 7.0% Unsecured Notes. On November 21, 2014, the Operating Partnership issued 7.0% senior unsecured notes in the aggregate amount of $25.3 million (the “7% Notes”). The indenture requires quarterly payments of interest and matures on November 15, 2019. The 7% Notes are callable after November 15, 2017 at 101% of face value. 8.0% Unsecured Notes. On September 30, 2013, the Operating Partnership issued 8.0% senior unsecured notes in the aggregate amount of $27.6 million (the “8% Notes”). The indenture requires quarterly payments of interest and matures on September 30, 2018. The 8% Notes are callable after September 30, 2016 at 101% of face value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Ground, Building and Submerged Land Leases – We lease 2,086 square feet of commercial space next to the Hilton Savannah DeSoto for use as an office, retail or conference space, or for any related or ancillary purposes for the hotel and/or atrium space. In December 2007, we signed an amendment to the lease to include rights to the outdoor esplanade adjacent to the leased commercial space. The areas are leased under a six-year operating lease, which expired October 31, 2006 and has been renewed for the second of three optional five-year renewal periods expiring October 31, 2011, October 31, 2016 and October 31, 2021, respectively. Rent expense for this operating lease for the three months ended March 31, 2016 and 2015 each totaled $18,245 and $15,866, respectively. We lease, as landlord, the entire fourteenth floor of the Savannah hotel property to The Chatham Club, Inc. under a ninety-nine year lease expiring July 31, 2086. This lease was assumed upon the purchase of the building under the terms and conditions agreed to by the previous owner of the property. No rental income is recognized under the terms of this lease as the original lump sum rent payment of $990 was received by the previous owner and not prorated over the life of the lease. We lease a parking lot adjacent to the DoubleTree by Hilton Brownstone-University in Raleigh, North Carolina. The land is leased under a second amendment, dated April 28, 1998, to a ground lease originally dated May 25, 1966. The original lease is a 50-year operating lease, which expires August 31, 2016. We exercised a renewal option for the first of three additional ten-year periods expiring August 31, 2026, August 31, 2036, and August 31, 2046, respectively. We hold an exclusive and irrevocable option to purchase the leased land at fair market value at August 1, 2018, or at the end of any 10-year renewal period, subject to the payment of an annual fee of $9,000, and other conditions. Rent expense for the three months ended March 31, 2016 and 2015, each totaled $23,871. We lease land adjacent to the Crowne Plaza Tampa Westshore for use as parking under a five-year agreement with the Florida Department of Transportation that commenced in July 2009. In May 2014, we extended the agreement for an additional five years. The agreement expires in July 2019. The agreement requires annual payments of $2,432, plus tax, and may be renewed for an additional five years. Rent expense for the three months ended March 31, 2016 and 2015, each totaled $651. We lease certain submerged land in the Saint Johns River in front of the Crowne Plaza Jacksonville Riverfront from the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida. The submerged land was leased under a five-year operating lease requiring annual payments of $4,961, which expired September 18, 2012. A new operating lease was executed requiring annual payments of $6,020 and expires September 18, 2017. Rent expense for the three months ended March 31, 2016 and 2015, each totaled $1,505. We lease 5,216 square feet of commercial office space in Williamsburg, Virginia under an agreement, as amended, that commenced September 1, 2009 and expires August 31, 2018. Rent expense for the three months ended March 31, 2016 and 2015 totaled $23,871 and $20,920. We also lease certain furniture and equipment under financing arrangements expiring between April 2016 and March 2019. A schedule of minimum future lease payments for the following twelve-month periods is as follows: For the remaining nine months ended December 31, 2016 $ 215,295 December 31, 2017 228,793 December 31, 2018 176,740 December 31, 2019 100,480 December 31, 2020 95,482 December 31, 2021 and thereafter 541,065 Total $ 1,357,855 Employment Agreements - The Company has entered into various employment contracts with employees that could result in obligations to the Company in the event of a change in control or termination without cause. Management Agreements – At March 31, 2016, each of our wholly-owned operating hotels was operated under a management agreement with Chesapeake Hospitality. Effective January 1, 2015, each of our wholly-owned hotels operated under a new master agreement as well as an individual hotel management agreement (see Note 7). Each of the individual hotel management agreements may be terminated earlier than the stated term upon the sale of the hotel covered by the respective management agreement, in which case we may incur early termination fees. Franchise Agreements – As of March 31, 2016, most of our hotels operate under franchise licenses from national hotel companies. Under the franchise agreements, we are required to pay a franchise fee generally between 2.5% and 5.0% of room revenues, plus additional fees for marketing, central reservation systems, and other franchisor programs and services that amount to between 2.5% and 6.0% of room revenues from the hotels. The franchise agreements expire between July 2017 and September 2025. Each of our franchise agreements provides for early termination fees in the event the agreement is terminated before the stated term. Restricted Cash Reserves – Each month, we are required to escrow with the lenders on the Hilton Wilmington Riverside, the Hilton Savannah DeSoto, the DoubleTree by Hilton Brownstone-University, the Sheraton Louisville Riverside and the Georgian Terrace an amount equal to 1/12 Litigation –To our knowledge, we are not involved in any material litigation threatened against us. We are involved in routine litigation arising out of the ordinary course of business, all of which we expect to be covered by insurance and we believe it is not reasonably possible such matters will have a material adverse impact on our financial condition or results of operations or cash flows.

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	6. Equity Preferred Stock – The Company has authorized 1,000,000 shares of preferred stock, of which 27,650 shares were issued as Series A Cumulative Redeemable Preferred Stock, and subsequently redeemed in 2013. None of the remaining authorized shares have been issued. Common Stock – The Company is authorized to issue up to 49,000,000 shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of the Company’s common stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The following is a schedule of issuances, since January 1, 2015, of the Company’s common stock: On February 2, 2016, the Company was issued 36,250 units in the Operating Partnership and awarded an aggregate of 22,000 shares of unrestricted stock to certain executives and employees as well as 12,000 shares of restricted stock and 2,250 shares of unrestricted stock to certain of its independent directors. On February 1, 2016, two holders of units in the Operating Partnership redeemed 422,687 units for an equivalent number of shares of the Company’s common stock. On September 16, 2015, one holder of units in the Operating Partnership redeemed a total of 200,000 units for an equivalent number of shares of the Company’s common stock. On July 17, 2015, the Company sold 435,000 shares of common stock for net proceeds of approximately $2.8 million, which it contributed to the Operating Partnership for an equivalent number of units. On July 1, 2015, the Company sold 3,000,000 shares of common stock, for net proceeds of approximately $19.8 million, which it contributed to the Operating Partnership for an equivalent number of units. During June 2015, the Company sold 98,682 shares of common stock for net proceeds of approximately $0.7 million, which it contributed to the Operating Partnership for an equivalent number of units. On May 1, 2015, one holder of units in the Operating Partnership redeemed a total of 50,000 units for an equivalent number of shares of the Company’s common stock. On April 1, 2015, one holder of units in the Operating Partnership redeemed 100,000 units for an equivalent number of shares of the Company’s common stock. On January 29, 2015, the Company was issued 36,100 units in the Operating Partnership and awarded an aggregate of 26,350 shares of unrestricted stock to certain executives and employees as well as 9,750 shares of restricted stock to certain of its independent directors. As of March 31, 2016 and December 31, 2015, the Company had 14,949,651 and 14,490,714 shares of common stock outstanding, respectively. Operating Partnership Units – Holders of Operating Partnership units, other than the Company as general partner, have certain redemption rights, which enable them to cause the Operating Partnership to redeem their units in exchange for shares of the Company’s common stock on a one-for-one basis or, at the option of the Company, cash per unit equal to the average of the market price of the Company’s common stock for the 10 trading days immediately preceding the notice date of such redemption. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or the stockholders of the Company. There were no issuances or redemptions, since January 1, 2015, of units in the Operating Partnership other than the issuances of units in the Operating Partnership to the Company described above. As of March 31, 2016 and December 31, 2015, the total number of Operating Partnership units outstanding was 16,727,791 and 16,691,541, respectively. As of March 31, 2016 and December 31, 2015, the total number of outstanding Operating Partnership units not owned by the Company was 1,778,140 and 2,200,827, respectively, with a fair market value of approximately $9.1 million and $15.0 million, based on the price per share of the common stock on such respective dates.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Chesapeake Hospitality . As of March 31, 2016, the members of Chesapeake Hospitality (a company that is majority-owned and controlled by the Company’s chief executive officer, its former chief financial officer, a member of its Board of Directors and a former member of its Board of Directors) owned 1,760,001 shares, approximately 11.8%, of the Company’s outstanding common stock as well as 870,271 Operating Partnership units. The indirect equity owners of Chesapeake Hospitality include the Company’s chief executive officer, Andrew M. Sims, and a member of the Company’s board of directors, Kim E. Sims. The following is a summary of the transactions between Chesapeake Hospitality and us: Accounts Receivable – At March 31, 2016 and December 31, 2015, we were due $55,919 and $0, respectively, from Chesapeake Hospitality. Management Agreements – Each of the hotels that we wholly-owned at March 31, 2016 were operated by Chesapeake Hospitality under various management agreements that were to expire between December 2014 and March 2019. Under those now terminated agreements, Chesapeake Hospitality received a base management fee of 2.0% of gross revenues for the first full fiscal year and partial fiscal year from the commencement date through December 31 of that year, 2.5% of gross revenues the second full fiscal year, and 3.0% of gross revenues for every year thereafter. The agreements also provided for an incentive management fee due annually in arrears within 90 days of the end of the fiscal year equal to 10.0% of the amount by which the gross operating profit of the hotels, on an aggregate basis for eight hotels and on an individual basis for two other hotels, for a given year exceeds the gross operating profit for the same hotel(s), for the prior year. The incentive management fee may not exceed 0.25% of gross revenues of all of the hotel(s) included in the incentive fee calculation. The management agreement for The Whitehall did not provide for any incentive management fee. Additionally, the management agreement for the Georgian Terrace provided for an administrative fee of $30,000 per year for as long as the adjacent parking garage is managed by a third party. On December 15, 2014, we entered into a new master agreement and a series of individual hotel management agreements that became effective on January 1, 2015. The master agreement has a five-year term, but may be extended for such additional periods as long as an individual management agreement remains in effect. The base management fee for The Whitehall and the Georgian Terrace will remain at 2.00% through 2015, increases to 2.25% in 2016 and increases to 2.50% thereafter. The base management fees for the remaining properties in the current portfolio will be 2.65% through 2017 and decreases to 2.50% thereafter. For new individual hotel management agreements, Chesapeake Hospitality will receive a base management fee of 2.00% of gross revenues for the first full year from the commencement date through the anniversary date, 2.25% of gross revenues the second full year, and 2.50% of gross revenues for every year thereafter. On July 31, 2015, we entered into a new management agreement for the management of the Crowne Plaza Hollywood Beach Resort, with a base management fee of 2.00% for the first full year from the commencement date through the anniversary date, 2.25% for the second full year, and 2.50% for every year thereafter. Base management and administrative fees earned by Chesapeake Hospitality for our wholly owned properties totaled $932,386 and $753,898 for the three months ended March 31, 2016 and 2015, respectively. In addition, estimated incentive management fees of $13,698 and $35,349 were accrued for the three months ended March 31, 2016 and 2015, respectively. Employee Medical Benefits – We purchase employee medical benefits through Maryland Hospitality, Inc. (d/b/a MHI Health), an affiliate of Chesapeake Hospitality for our employees as well as those employees that are employed by Chesapeake Hospitality that work exclusively for our hotel properties. Gross premiums for employee medical benefits paid by the Company (before offset of employee co-payments) were approximately $1,326,154 and $1,118,556 for the three months ended March 31, 2016 and 2015, respectively. Crowne Plaza Hollywood Beach Resort JV . Since July 31, 2015, we own 100% of the Crowne Plaza Hollywood Beach Resort, which is no longer considered a related party and has a new management agreement as of July 31, 2015. However, through July 30, 2015 we owned a 25.0% indirect interest in (i) the entity that owns the Crowne Plaza Hollywood Beach Resort and (ii) the entity that leases the hotel and has engaged Chesapeake Hospitality to operate the hotel under a management contract. The following is a summary of the transactions between Crowne Plaza Hollywood Beach Resort and us: Management Agreement – Crowne Plaza Hollywood Beach Resort was operated by Chesapeake Hospitality under a management agreement that was set to expire August 2017. Under this agreement Chesapeake Hospitality received a base management fee of 3.0% of gross revenues. Base management fees earned by Chesapeake Hospitality totaled $211,259 for the three months ended March 31, 2015. Asset Management Fee – Also, under an asset management agreement that terminated on July 31, 2015, MHI Hospitality TRS II, LLC, an indirect subsidiary of the Company, received a fee of 1.50% of total revenue which was due on a quarterly basis for services rendered. Asset management fees totaled $105,629 for the three months ended March 31, 2015. Sotherly Foundation – During 2015, the Company loaned $180,000 to the Sotherly Foundation, a non-profit organization to benefit wounded warriors. As of March 31, 2016 and December 31, 2015, the balance of the loan was $130,000 and $160,000, respectively. Others. On June 24, 2013 we hired Ashley S. Kirkland, the daughter of our Chief Executive Officer as a legal analyst and Robert E. Kirkland IV, her husband, as our compliance officer. On October 2, 2014, we hired Andrew M. Sims Jr., the son of our Chief Executive Officer, as a brand manager. Compensation for the three months ended March 31, 2016 and 2015 totaled approximately $85,521 and $62,972, respectively, for the three individuals. During the three month period ending March 31, 2016 and 2015, the Company reimbursed $28,802 and $0, respectively, to a partnership controlled by the Chief Executive Officer for business-related air travel pursuant to the Company’s travel reimbursement policy.

Retirement Plan

Retirement Plan	3 Months Ended
	Mar. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Retirement Plan	8. Retirement Plan We maintain a 401(k) plan for qualified employees which is subject to “safe harbor” provisions and which requires that we match 100.0% of the first 3.0% of employee contributions and 50.0% of the next 2.0% of employee contributions. All employer matching funds vest immediately in accordance with the “safe harbor” provision. Contributions to the plan totaled $29,231 and $12,787 for the three months ended March 31, 2016 and 2015, respectively.

Unconsolidated Joint Venture

Unconsolidated Joint Venture	3 Months Ended
	Mar. 31, 2016
Unconsolidated Joint Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Unconsolidated Joint Venture	9. Unconsolidated Joint Venture As of March 31, 2016 and December 31, 2015, we own 100% of the Crowne Plaza Hollywood Beach Resort and it is consolidated within the financial statements presented. However through July 30, 2015 we owned only a 25.0% indirect interest in (i) the entity that owns the Crowne Plaza Hollywood Beach Resort and (ii) the entity that leases the hotel and has engaged Chesapeake Hospitality to operate the hotel under a management contract. Carlyle owned a 75.0% indirect controlling interest in these entities through July 30, 2015. The joint venture purchased the property on August 8, 2007 and began operations on September 18, 2007. Summarized financial information for this investment through March 31, 2015, which is accounted for under the equity method, is as follows: Three Months Ended March 31, 2015 (unaudited) Revenue Rooms department $ 5,744,329 Food and beverage department 871,287 Other operating departments 426,343 Total revenue 7,041,959 Expenses Hotel operating expenses Rooms department 952,598 Food and beverage department 637,728 Other operating departments 166,908 Indirect 2,169,747 Total hotel operating expenses 3,926,981 Depreciation and amortization 444,576 General and administrative 127,145 Total operating expenses 4,498,702 Operating income 2,543,257 Interest expense (645,860 ) Net income $ 1,897,397 .

Indirect Hotel Operating Expens

Indirect Hotel Operating Expenses	3 Months Ended
	Mar. 31, 2016
Other Income And Expenses [Abstract]
Indirect Hotel Operating Expenses	10. Indirect Hotel Operating Expenses Indirect hotel operating expenses consists of the following expenses incurred by the hotels: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) General and administrative $ 3,142,543 $ 2,574,104 Sales and marketing 3,511,030 2,645,062 Repairs and maintenance 1,854,619 1,606,670 Utilities 1,528,962 1,422,778 Franchise fees 1,087,921 884,764 Management fees, including incentive 946,083 789,246 Property taxes 1,293,355 952,642 Insurance 694,202 543,386 Other 76,880 49,691 Total indirect hotel operating expenses $ 14,135,595 $ 11,468,343

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The components of the income tax benefit for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Current: Federal $ — $ — State 51,390 57,679 51,390 57,679 Deferred: Federal (395,225 ) (425,159 ) State (92,244 ) (71,295 ) (487,469 ) (496,454 ) $ (436,079 ) $ (438,775 ) A reconciliation of the statutory federal income tax benefit to the Company’s income tax benefit is as follows: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Statutory federal income tax expense $ 37,330 $ 93,528 Effect of non-taxable REIT income (514,263 ) (518,687 ) State income tax benefit 40,854 (13,616 ) $ (436,079 ) $ (438,775 ) As of March 31, 2016 and December 31, 2015, we had a net deferred tax asset of approximately $5.9 million and $5.4 million, respectively, of which, approximately $5.1 million and $4.5 million, respectively, are due to accumulated net operating losses. These loss carryforwards will begin to expire in 2028 if not utilized by such time. As of both March 31, 2016 and December 31, 2015, approximately $0.2 million of the net deferred tax asset is attributable to our share of start-up expenses related to the Crowne Plaza Hollywood Beach Resort, start-up expenses related to the opening of the Sheraton Louisville Riverside and the Crowne Plaza Tampa Westshore that were not deductible in the year incurred, but are being amortized over 15 years. The remainder of the net deferred tax asset is attributable to year-to-year timing differences including accrued, but not deductible, employee performance awards, vacation and sick pay, bad debt allowance and depreciation. We believe that it is more likely than not that the deferred tax asset will be realized and that no valuation allowance is required.

Income Per Share and Per Unit

Income Per Share and Per Unit	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Income Per Share and Per Unit	12. Income Per Share and Per Unit Income per Share . The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partners and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income. The computation of basic and diluted earnings per share is presented below. Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Numerator Net income attributable to the Company for basic computation $ 483,095 $ 575,336 Denominator Weighted average number of common shares outstanding for basic computation 14,792,911 10,595,801 Basic and diluted net income per share $ 0.03 $ 0.05 Income Per Unit – The computation of basic and diluted earnings per unit is presented below. Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Numerator Net income $ 545,874 $ 713,859 Denominator Weighted average number of units outstanding 16,715,044 13,146,628 Basic and diluted net income per unit $ 0.03 $ 0.05

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On April 11, 2016, we paid a quarterly dividend (distribution) of $0.085 per common share (and unit) to those stockholders (and unitholders of the Operating Partnership) of record on March 15, 2016. On April 27, 2016, we authorized payment of a quarterly dividend (distribution) of $0.09 per common share (and unit) to the stockholders (and unitholders of the Operating Partnership) of record as of June 15, 2016. The dividend (distribution) is to be paid on July 11, 2016. On April 29, 2016, we entered into a purchase and sale agreement to sell the Crowne Plaza Hampton Marina hotel to Three Capital Hotels, Inc. for a price of $5.8 million. The closing of the sale is subject to various customary closing conditions, including the satisfactory completion of a diligence review of the hotel, the accuracy of representations and warranties through closing, and conditions related to the operation and maintenance of the hotel.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The consolidated financial statements of the Company presented herein include all of the accounts of Sotherly Hotels Inc., the Operating Partnership, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements of the Operating Partnership presented herein include all of the accounts of Sotherly Hotels LP, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. Additionally, all administrative expenses of the Company and those expenditures made by the Company on behalf of the Operating Partnership are reflected as the administrative expenses, expenditures and obligations thereto of the Operating Partnership, pursuant to the terms of the Partnership Agreement.
Investment in Hotel Properties	Investment in Hotel Properties – Investments in hotel properties include investments in operating properties which are recorded at acquisition cost and allocated to land, property and equipment and identifiable intangible assets. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from our accounts and any resulting gain or loss is included in the statements of operations. Expenditu res under a renovation project which constitute additions or improvements that extend the life of the property are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 7 to 39 years for buildings and building improvements and 3 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are found to be less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel property’s estimated fair market value would be recorded and an impairment loss recognized. At December 31, 2015, our review of possible impairment at one of our hotel properties revealed an excess of current carrying cost over the estimated undiscounted future cash flows, which was triggered by a combination of a change in anticipated use and future branding of the property and a re-evaluation of future revenues based on anticipated market conditions, market penetration and costs necessary to achieve such market penetration, resulting in an impairment of approximately $0.5 million.
Assets Held For Sale	Assets Held For Sale – The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year.
Cash and Cash Equivalents	Cash and Cash Equivalents – We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk – We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) protection limits of $ 250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk.
Restricted Cash	Restricted Cash – Restricted cash includes real estate tax escrows, insurance escrows and reserves for replacements of furniture, fixtures and equipment pursuant to certain requirements in our various mortgage agreements.
Accounts Receivable	Accounts Receivable – Accounts receivable consists primarily of hotel guest and banqueting receivables. Ongoing evaluations of collectability are performed and an allowance for potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible.
Inventories	Inventories – Inventories, consisting primarily of food and beverages, are stated at the lower of cost or market, with cost determined on a method that approximates first-in, first-out basis.
Franchise License Fees	Franchise License Fees – Fees expended to obtain or renew a franchise license are amortized over the life of the license or renewal. The unamortized franchise fees as of March 31, 2016 and December 31, 2015 were $326,459 and $339,542, respectively. Amortization expense for the three month periods ended March 31, 2016 and 2015 totaled $15,131 and $14,459, respectively.
Deferred Financing and Offering Costs	Deferred Financing and Offering Costs – Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt and are reflected in mortgage loans, net on the consolidated balance sheets. Deferred offering costs are recorded at cost and consist of offering fees and other costs incurred in issuing equity and are reflected in prepaid expenses, inventory and other assets on the consolidated balance sheets. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Amortization of deferred offering costs occurs when the equity offering is complete, whereby the costs are offset against the equity funds raised in the future and included in additional paid in capital on the consolidated balance sheets, or if the offering expires and the offering costs exceed the funds raised in the offering then the excess will be included in corporate general and administrative expenses in the consolidated statements of operations.
Derivative Instruments	Derivative Instruments – Our derivative instruments are reflected as assets or liabilities on the balance sheet and measured at fair value. Derivative instruments used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as an interest rate risk, are considered fair value hedges. Derivative instruments used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a derivative instrument designated as a cash flow hedge, the change in fair value each period is reported in accumulated other comprehensive income in stockholders’ equity and partners’ capital to the extent the hedge is effective. For a derivative instrument designated as a fair value hedge, the change in fair value each period is reported in earnings along with the change in fair value of the hedged item attributable to the risk being hedged. For a derivative instrument that does not qualify for hedge accounting or is not designated as a hedge, the change in fair value each period is reported in earnings. We use derivative instruments to add stability to interest expense and to manage our exposure to interest-rate movements. To accomplish this objective, we primarily are using an interest rate cap which acts as a cash flow hedge. We value our interest-rate cap at fair value, which we define as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We also have used derivative instruments in the Company’s stock to obtain more favorable terms on our financing. We do not enter into contracts to purchase or sell derivative instruments for speculative trading purposes.
Fair Value Measurements	Fair Value Measurements – We classify the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or Inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table represents our investment in hotel property, net, interest rate cap, mortgage loans and unsecured notes measured at fair value and the basis for that measurement: Level 1 Level 2 Level 3 December 31, 2015 Investment in hotel property, net (1) $ — $ — $ 5,700,000 Interest Rate Cap (4) $ — $ 70,981 $ — Mortgage loans (2) $ — $ (272,933,327 ) $ — Unsecured notes (3) $ (54,238,600 ) $ — $ — March 31, 2016 Investment in hotel property, net (1) $ — $ — $ — Interest Rate Cap (4) $ — $ 20,424 $ — Mortgage loans (2) $ — $ (271,175,967 ) $ — Unsecured notes (3) $ (54,212,840 ) $ — $ — (1) A non-recurring fair value measurement was conducted in 2015 for our investment in hotel property, which resulted in impairment charges for the year ended December 31, 2015, which represent the amount by which the carrying value of the asset group exceeded its fair value. (2) Mortgage loans are reflected at outstanding principal balance net of deferred financing costs on our Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015. (3) Unsecured notes are recorded at outstanding principal balance on our Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015. (4) Interest rate cap for our loan on DoubleTree by Hilton Jacksonville Riverfront, which caps the 1-month LIBOR rate at 2.5%.
Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Operating Partnership – Certain hotel properties have been acquired, in part, by the Operating Partnership through the issuance of limited partnership units of the Operating Partnership. The noncontrolling interest in the Operating Partnership is: (i) increased or decreased by the limited partners’ pro-rata share of the Operating Partnership’s net income or net loss, respectively; (ii) decreased by distributions; (iii) decreased by redemption of partnership units for the Company’s common stock; and (iv) adjusted to equal the net equity of the Operating Partnership multiplied by the limited partners’ ownership percentage immediately after each issuance of units of the Operating Partnership and/or the Company’s common stock through an adjustment to additional paid-in capital. Net income or net loss is allocated to the noncontrolling interest in the Operating Partnership based on the weighted average percentage ownership throughout the period.
Revenue Recognition	Revenue Recognition – Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and rentals from restaurant tenants, rooftop leases and gift shop operators. Revenues are reported net of occupancy and other taxes collected from customers and remitted to governmental authorities.
Lease Revenue	Lease Revenue – Several of our properties generate revenue from leasing commercial space adjacent to the hotel, the restaurant space within the hotel, apartment units and space on the roofs of our hotels for antennas and satellite dishes. We account for the lease income as revenue from other operating departments within the statement of operations pursuant to the terms of each lease. Lease revenue was approximately $ 0.5 million and $0.5 million, for the three months ended March 31, 2016 and 2015, respectively. A schedule of minimum future lease payments receivable for the remaining lease periods is as follows: Remaining nine months ending December 31, 2016 $ 1,059,658 December 31, 2017 935,715 December 31, 2018 428,617 December 31, 2019 317,339 December 31, 2020 278,450 December 31, 2021 and thereafter 1,227,684 Total $ 4,247,463
Income Taxes	Income Taxes – The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax. MHI TRS, our wholly owned taxable REIT subsidiary which leases our hotels from subsidiaries of the Operating Partnership, is subject to federal and state income taxes. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. As of March 31, 2016 and December 31, 2015, we had no uncertain tax positions. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of March 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions to which the Company is subject generally include 2010 through 2015. In addition, as of March 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions to which MHI TRS is subject generally include 2004 through 2015. The Operating Partnership is generally not subject to federal and state income taxes as the unit holders of the Partnership are subject to tax on their respective shares of the Partnership’s taxable income.
Stock-Based Compensation	Stock-based Compensation – The Company’s 2004 Long Term Incentive Plan (the “2004 Plan”) and its 2013 Long-Term Incentive Plan (the “2013 Plan”), which the Company’s stockholders approved in April 2013, permit the grant of stock options, restricted stock and performance share compensation awards to its employees for up to 350,000 and 750,000 shares of common stock, respectively. The Company believes that such awards better align the interests of its employees with those of its stockholders. Under the 2004 Plan, the Company has made restricted stock and deferred stock awards totaling 337,438 shares including 255,938 shares issued to certain executives and employees and 81,500 restricted shares issued to its independent directors. Of the 255,938 shares issued to certain of our executives and employees, all have vested except 12,000 shares issued to the Chief Financial Officer upon execution of his employment contract which will vest pro rata on each of the next three anniversaries of the effective date of his employment agreement. All of the 81,500 restricted shares issued to the Company’s independent directors have vested. The 2004 plan was terminated in 2013. Under the 2013 Plan, the Company has made stock awards totaling 109,100 shares, including 72,350 non-restricted shares to certain executives and employees and 35,500 restricted shares issued to its independent directors. All awards have vested except for 12,000 shares issued to the Company’s independent directors in January 2016, which will vest on December 31, 2016. Previously, under the 2004 Plan, and currently, under the 2013 Plan, the Company may issue a variety of performance-based stock awards, including nonqualified stock options. The value of the awards is charged to compensation expense on a straight-line basis over the vesting or service period based on the value of the award as determined by the Company’s stock price on the date of grant or issuance. As of March 31, 2016, no performance-based stock awards have been granted. Consequently, stock-based compensation as determined under the fair-value method would be the same under the intrinsic-value method. Total compensation cost recognized under the 2013 Plan for the three months ended March 31, 2016 and 2015 was $196,742 and $271,036, respectively. The 2004 Plan was terminated in April 2013.
Advertising	Advertising – Advertising costs were $ 74,063 and $52,856 for the three months ended March 31, 2016 and 2015, respectively. Advertising costs are expensed as incurred.
Comprehensive Income	Comprehensive Income – Comprehensive income as defined, includes all changes in equity during a period from non-owner sources. We do not have any items of comprehensive income other than net income.
Segment Information	Segment Information – We have determined that our business is conducted in one reportable segment: hotel ownership.
Use of Estimates	Use of Estimates – The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications – Certain reclassifications in the amount of $ 4.1 million, from deferred financing costs, net in total assets on the balance sheet, have been netted against mortgage loans on the December 31, 2015 balances to conform to the current period presentation. This presentation applies Accounting Standards Update (“ASU”) 2015-03, “ “ Simplifying the Presentation of Debt Issuance Costs.”
New Accounting Pronouncements	New Accounting Pronouncements – In A pril 2015, the FASB issued ASU 2015-03 related to “Simplifying the Presentation of Debt Issuance Costs,” as part of its simplification initiative. The ASU changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The ASU specifies that “issue costs shall be reported in the balance sheet as a direct deduction from the face amount of the note” and that “amortization of debt issue costs shall also be reported as interest expense.” According to the ASU’s Basis for Conclusions, debt issuance costs incurred before the associated funding is received (i.e., the debt liability) should be reported on the balance sheet as deferred charges until that debt liability amount is recorded. For public business entities, the guidance in the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and is applicable for our interim periods within 2016. Early adoption is allowed for all entities for financial statements that have not been previously issued. Entities would apply the new guidance retrospectively to all prior periods (i.e., the balance sheet for each period is adjusted). We adopted this ASU and it is being applied during our 2016 reporting. In February 2015, the FASB issued ASU 2015-02 related to ASC Topic 810, Consolidation In May 2014, the FASB issued ASU 2014-09 related to ASC Topic 606, Revenue from Contracts with Customers. Revenue Recognition Revenue Recognition—Construction-Type and Production-Type Contracts Property, Plant, and Equipment Intangibles—Goodwill and Other

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Derivative Instruments and Mortgage Debt Measured at Fair Value	The following table represents our investment in hotel property, net, interest rate cap, mortgage loans and unsecured notes measured at fair value and the basis for that measurement: Level 1 Level 2 Level 3 December 31, 2015 Investment in hotel property, net (1) $ — $ — $ 5,700,000 Interest Rate Cap (4) $ — $ 70,981 $ — Mortgage loans (2) $ — $ (272,933,327 ) $ — Unsecured notes (3) $ (54,238,600 ) $ — $ — March 31, 2016 Investment in hotel property, net (1) $ — $ — $ — Interest Rate Cap (4) $ — $ 20,424 $ — Mortgage loans (2) $ — $ (271,175,967 ) $ — Unsecured notes (3) $ (54,212,840 ) $ — $ — (1) A non-recurring fair value measurement was conducted in 2015 for our investment in hotel property, which resulted in impairment charges for the year ended December 31, 2015, which represent the amount by which the carrying value of the asset group exceeded its fair value. (2) Mortgage loans are reflected at outstanding principal balance net of deferred financing costs on our Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015. (3) Unsecured notes are recorded at outstanding principal balance on our Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015. (4) Interest rate cap for our loan on DoubleTree by Hilton Jacksonville Riverfront, which caps the 1-month LIBOR rate at 2.5%.
Schedule of Minimum Future Lease Payments Receivable	A schedule of minimum future lease payments receivable for the remaining lease periods is as follows: Remaining nine months ending December 31, 2016 $ 1,059,658 December 31, 2017 935,715 December 31, 2018 428,617 December 31, 2019 317,339 December 31, 2020 278,450 December 31, 2021 and thereafter 1,227,684 Total $ 4,247,463

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of Hotel Properties	Investment in hotel properties as of March 31, 2016 and December 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 Land and land improvements $ 59,941,097 $ 59,910,212 Buildings and improvements 336,275,927 333,720,421 Furniture, fixtures and equipment 44,622,512 42,245,334 440,839,536 435,875,967 Less: accumulated depreciation and impairment (84,561,699 ) (80,912,725 ) Investment in Hotel Properties, Net $ 356,277,837 $ 354,963,242

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Mortgage Debt Obligations on Hotels	The following table sets forth our mortgage debt obligations on our hotels. Balance Outstanding as of March 31, December 31, Prepayment Maturity Amortization Interest Property 2016 2015 Penalties Date Provisions Rate Crowne Plaza Hampton Marina $ 3,263,585 $ 3,512,586 None 6/30/2016 $ 83,000 (1) 5.00% (2) Crowne Plaza Hollywood Beach Resort 59,647,289 59,795,743 n/a (3) 10/1/2025 30 years 4.913% Crowne Plaza Tampa Westshore 12,937,454 13,016,045 None 6/18/2017 25 years 5.60% DoubleTree by Hilton Jacksonville Riverfront 19,692,994 19,774,577 Yes (4) 7/7/2019 (5) 25 years LIBOR plus 3.50 % DoubleTree by Hilton Laurel 9,467,956 9,500,000 Yes (6) 8/5/2021 25 years 5.25% (7) DoubleTree by Hilton Philadelphia Airport 32,120,179 32,376,795 None 4/1/2019 25 years LIBOR plus 3.00 % (8) DoubleTree by Hilton Raleigh Brownstone –University 14,985,459 15,029,121 n/a (9) 8/1/2018 30 years 4.78% Georgian Terrace 46,450,174 46,579,011 n/a (10) 6/1/2025 30 years 4.42% Hilton Savannah DeSoto 20,431,819 20,522,836 Yes (11) 9/1/2017 25 years 6.06% Hilton Wilmington Riverside 19,679,345 19,825,772 Yes (11) 4/1/2017 25 years 6.21% Sheraton Louisville Riverside 11,283,324 11,345,866 n/a (9) 1/6/2017 25 years 6.24% The Whitehall 20,331,342 20,459,256 None 11/13/2017 (12) 25 years 4.50% Total Mortgage Principal Balance $ 270,290,920 $ 271,737,608 Deferred financing costs, net (4,051,603 ) (4,086,114 ) Unamortized premium on loan 233,857 240,336 Total Mortgage Loans, Net $ 266,473,174 $ 267,891,830 (1) The Operating Partnership is required to make monthly principal payments of $83,000. (2) The note rate was changed to a fixed rate of 5.00%, effective June 27, 2014. (3) With limited exception, the note may not be prepaid until June 2025. (4) The note is subject to a pre-payment penalty until July 2017. Prepayment can be made without penalty thereafter. (5) The note provides that the mortgage can be extended until July 2020 if certain conditions have been satisfied. (6) The note is subject to a pre-payment penalty except for any pre-payments made either between April 2017 and August 2017, or from April 2021 through maturity of the note. (7) The note provides that after five years, the rate of interest will adjust to a rate of 3.00% per annum plus the then-current five-year U.S. Treasury rate of interest, with a floor of 5.25%. (8) The note bears a minimum interest rate of 3.50%. (9) With limited exception, the note may not be prepaid until two months before maturity. (10) With limited exception, the note may not be prepaid until February 2025. (11) The notes may not be prepaid during the first six years of the terms. Prepayment can be made with penalty thereafter until 90 days before maturity. (12) The note was extended in March 2016 and provides that the mortgage can be extended until November 2018 if certain conditions have been satisfied.
Schedule of Future Mortgage Debt Maturities	Total future mortgage debt maturities, without respect to any extension of loan maturity, as of March 31, 2016 were as follows: For the remaining nine months ended December 31, 2016 $ 7,690,171 December 31, 2017 86,680,710 December 31, 2018 18,078,266 December 31, 2019 31,732,731 December 31, 2020 19,841,299 December 31, 2021 and thereafter 106,267,743 Total future maturities $ 270,290,920

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Schedule of Minimum Future Lease Payments	A schedule of minimum future lease payments for the following twelve-month periods is as follows: For the remaining nine months ended December 31, 2016 $ 215,295 December 31, 2017 228,793 December 31, 2018 176,740 December 31, 2019 100,480 December 31, 2020 95,482 December 31, 2021 and thereafter 541,065 Total $ 1,357,855

Unconsolidated Joint Venture (T

Unconsolidated Joint Venture (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Summarized Financial Information of Investment	Summarized financial information for this investment through March 31, 2015, which is accounted for under the equity method, is as follows: Three Months Ended March 31, 2015 (unaudited) Revenue Rooms department $ 5,744,329 Food and beverage department 871,287 Other operating departments 426,343 Total revenue 7,041,959 Expenses Hotel operating expenses Rooms department 952,598 Food and beverage department 637,728 Other operating departments 166,908 Indirect 2,169,747 Total hotel operating expenses 3,926,981 Depreciation and amortization 444,576 General and administrative 127,145 Total operating expenses 4,498,702 Operating income 2,543,257 Interest expense (645,860 ) Net income $ 1,897,397

Indirect Hotel Operating Expe27

Indirect Hotel Operating Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Other Income And Expenses [Abstract]
Summary of Indirect Hotel Operating Expenses	Indirect hotel operating expenses consists of the following expenses incurred by the hotels: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) General and administrative $ 3,142,543 $ 2,574,104 Sales and marketing 3,511,030 2,645,062 Repairs and maintenance 1,854,619 1,606,670 Utilities 1,528,962 1,422,778 Franchise fees 1,087,921 884,764 Management fees, including incentive 946,083 789,246 Property taxes 1,293,355 952,642 Insurance 694,202 543,386 Other 76,880 49,691 Total indirect hotel operating expenses $ 14,135,595 $ 11,468,343

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Components of Income Tax Benefit	The components of the income tax benefit for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Current: Federal $ — $ — State 51,390 57,679 51,390 57,679 Deferred: Federal (395,225 ) (425,159 ) State (92,244 ) (71,295 ) (487,469 ) (496,454 ) $ (436,079 ) $ (438,775 )
Reconciliation of Statutory Federal Income Tax Benefit	A reconciliation of the statutory federal income tax benefit to the Company’s income tax benefit is as follows: Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Statutory federal income tax expense $ 37,330 $ 93,528 Effect of non-taxable REIT income (514,263 ) (518,687 ) State income tax benefit 40,854 (13,616 ) $ (436,079 ) $ (438,775 )

Income Per Share and Per Unit (

Income Per Share and Per Unit (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings per share is presented below. Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Numerator Net income attributable to the Company for basic computation $ 483,095 $ 575,336 Denominator Weighted average number of common shares outstanding for basic computation 14,792,911 10,595,801 Basic and diluted net income per share $ 0.03 $ 0.05
Computation of Basic and Diluted Earnings Per Unit	Income Per Unit – The computation of basic and diluted earnings per unit is presented below. Three Months Ended Three Months Ended March 31, 2016 March 31, 2015 (unaudited) (unaudited) Numerator Net income $ 545,874 $ 713,859 Denominator Weighted average number of units outstanding 16,715,044 13,146,628 Basic and diluted net income per unit $ 0.03 $ 0.05

Organization and Description 30

Organization and Description of Business - Additional Information (Detail)

Mar. 21, 2016

Jan. 04, 2016USD ($)

Oct. 20, 2015USD ($)

Sep. 28, 2015USD ($)

Sep. 02, 2015USD ($)a

Jul. 17, 2015USD ($)shares

Jul. 07, 2015USD ($)mortgage

Jul. 02, 2015USD ($)

May. 05, 2015USD ($)

Jun. 30, 2015USD ($)shares

Mar. 31, 2016USD ($)HotelRoomshares

Dec. 31, 2015USD ($)shares

Jul. 31, 2015

Jul. 30, 2015

Jul. 01, 2015shares

Organization Consolidation and Presentation of Financial Statements [Line Items]

Date of incorporation

Aug. 20, 2004

Investment in number of hotels | Hotel

12

Rooms in hotel | Room

3,011

Date of commencement of business

Dec. 21, 2004

Number of hotels acquired before commencement of business | Hotel

6

Debt instrument maturity date

Nov. 13, 2017

Jul. 7, 2019

Common stock, shares issued | shares

435,000

14,949,651

14,490,714

3,000,000

Proceeds from the sale of common stock

$ 2,800,000

$ 19,800,000

$ 700,000

Mortgage loans

$ 18,500,000

$ 270,290,920

$ 271,737,608

Mortgage loan additional earn-out provision

1,500,000

Proceeds from mortgage loans

2,000,000

Mortgage loan term period

4 years

Period subject to certain terms and conditions

1 year

Floating interest rate period

30 days

Floating rate of interest rate

3.50%

Fixed interest rate

4.00%

Amortization Period

25 years

Number of parts mortgage loan issued | mortgage

2

Business acquisition percentage of voting interests acquired

75.00%

Proceeds from mortgage loan receivable

$ 2,600,711

Double Tree by Hilton Jacksonville Riverfront [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Additional proceeds on mortgage loan

$ 2,000,000

Double Tree by Hilton Laurel [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Additional proceeds on mortgage loan

$ 2,600,000

First Installment [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Mortgage loans

$ 18,000,000

Second Installment [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Mortgage loans

$ 500,000

Common Stock [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Common stock, shares issued | shares

98,682

Georgian Terrace [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Development parcel | a

0.3

Proceeds from sale of real estate

$ 2,200,000

Georgian Terrace [Member] | Bank Of America [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Carrying amount

$ 47,000,000

Interest rate

4.42%

Amortization schedule

30 years

Debt instrument maturity date

Jun. 1, 2025

Operating Partnership [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Percentage of operating partnership owned

89.40%

Crowne Plaza Hollywood Beach Resort [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Percentage of noncontrolling interest

25.00%

Percentage of operating partnership owned

100.00%

Crowne Plaza Hollywood Beach Resort [Member] | Bank Of America [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Interest rate

4.913%

Amortization schedule

30 years

Debt instrument maturity date

Oct. 1, 2025

Mortgage loan term period

10 years

Proceeds from mortgage loan receivable

$ 60,000,000

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)Segmentshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of hotel properties | $			$ 500,000
Federal Deposit Insurance Corporation protection limits | $	$ 250,000
Un-amortized franchise fees | $	326,459		339,542
Amortization expense | $	15,131	$ 14,459
Lease revenue | $	500,000	500,000
Uncertain tax positions | $	0		$ 0
Compensation cost recognized | $	196,742	271,036
Advertising cost | $	$ 74,063	52,856
Number of reportable segment | Segment	1
Deferred financing costs reclassifications | $	$ 4,100,000
Executives and Employees [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan	72,350
Director [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued but not vested	12,000
2004 Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan	337,438
Termination year of stock based compensation plan	2,013
Stock based compensation plan termination date	Apr. 30, 2013
2004 Plan [Member] | Executives and Employees [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan	255,938
Vesting period of employment contract	3 years
2004 Plan [Member] | Director [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan	81,500
Stock-based Compensation , Number of Shares, Vested	81,500
2004 Plan [Member] | Chief Financial Officer [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued but not vested	12,000
2013 Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan	109,100
Performance-based stock awards granted	0
Compensation cost recognized | $	$ 196,742	$ 271,036
2013 Plan [Member] | Director [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan	35,500
Maximum [Member] | 2004 Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted and performance stock awards permitted to grant to employees	350,000
Maximum [Member] | 2013 Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted and performance stock awards permitted to grant to employees	750,000
Buildings and Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	7 years
Buildings and Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	39 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	10 years

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Derivative Instruments and Mortgage Debt Measured at Fair Value (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Level 1 [Member] | Unsecured Notes [Member]
Derivatives Fair Value [Line Items]
Debt instruments measured at fair value	$ (54,212,840)	$ (54,238,600)
Level 2 [Member] | Interest Rate Cap [Member]
Derivatives Fair Value [Line Items]
Interest rate cap	20,424	70,981
Level 2 [Member] | Mortgage Loans [Member]
Derivatives Fair Value [Line Items]
Debt instruments measured at fair value	$ (271,175,967)	(272,933,327)
Investment In Hotel Property, Net [Member] | Level 3 [Member]
Derivatives Fair Value [Line Items]
Investment in hotel property, net		$ 5,700,000

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Derivative Instruments and Mortgage Debt Measured at Fair Value (Parenthetical) (Detail)	Mar. 31, 2016
1-Month LIBOR | Double Tree by Hilton Jacksonville Riverfront [Member]
Derivatives Fair Value [Line Items]
Interest rate cap for loan	2.50%

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Schedule of Minimum Future Lease Payments Receivable (Detail)	Mar. 31, 2016USD ($)
Leases [Abstract]
Remaining nine months ending December 31, 2016	$ 1,059,658
December 31, 2017	935,715
December 31, 2018	428,617
December 31, 2019	317,339
December 31, 2020	278,450
December 31, 2021 and thereafter	1,227,684
Total	$ 4,247,463

Investment in Hotel Propertie35

Investment in Hotel Properties - Schedule of Hotel Properties (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total Gross	$ 440,839,536	$ 435,875,967
Less: accumulated depreciation and impairment	(84,561,699)	(80,912,725)
Total Net	356,277,837	354,963,242
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Gross	59,941,097	59,910,212
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Gross	336,275,927	333,720,421
Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Gross	$ 44,622,512	$ 42,245,334

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Mar. 21, 2016	Jul. 07, 2015	Nov. 21, 2014	Sep. 30, 2013	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage loan outstanding balance					$ 266.5	$ 267.9
Debt instrument maturity date	Nov. 13, 2017	Jul. 7, 2019
7.0% Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Interest rate on loan			7.00%
Borrowed amount			$ 25.3
Debt instrument maturity date					Nov. 15, 2019
Debt instrument callable date					Nov. 15, 2017
Notes face value			101.00%
8.0% Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Interest rate on loan				8.00%
Borrowed amount				$ 27.6
Debt instrument maturity date					Sep. 30, 2018
Debt instrument callable date					Sep. 30, 2016
Notes face value				101.00%

Debt - Schedule of Mortgage Deb

Debt - Schedule of Mortgage Debt Obligations on Hotels (Detail) - USD ($)	Mar. 21, 2016	Jul. 07, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Maturity Date	Nov. 13, 2017	Jul. 7, 2019
Excess Interest rate over LIBOR on mortgage debt		3.50%
Mortgage loans		$ 18,500,000	$ 270,290,920	$ 271,737,608
Deferred financing costs, net			(4,051,603)	(4,086,114)
Unamortized premium on loan			233,857	240,336
Total Mortgage Loans, Net			$ 266,473,174	267,891,830
Crowne Plaza Hampton Marina [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Jun. 30, 2016
Amortization Provisions			$ 83,000
Excess Interest rate over LIBOR on mortgage debt			5.00%
Prepayment Penalties			None
Mortgage loans			$ 3,263,585	3,512,586
Crowne Plaza Hollywood Beach Resort [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Oct. 1, 2025
Amortization schedule for level payments of principal and interest			30 years
Interest rate applicable to the mortgage loan			4.913%
Prepayment Penalties			n/a
Mortgage loans			$ 59,647,289	59,795,743
Crowne Plaza Tampa Westshore [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Jun. 18, 2017
Amortization schedule for level payments of principal and interest			25 years
Interest rate applicable to the mortgage loan			5.60%
Prepayment Penalties			None
Mortgage loans			$ 12,937,454	13,016,045
Double Tree by Hilton Jacksonville Riverfront [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Jul. 7, 2019
Amortization schedule for level payments of principal and interest			25 years
Excess Interest rate over LIBOR on mortgage debt			3.50%
Prepayment Penalties			Yes
Mortgage loans			$ 19,692,994	19,774,577
Double Tree by Hilton Laurel [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Aug. 5, 2021
Amortization schedule for level payments of principal and interest			25 years
Interest rate applicable to the mortgage loan			5.25%
Prepayment Penalties			Yes
Mortgage loans			$ 9,467,956	9,500,000
Double Tree By Hilton Philadelphia Airport [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Apr. 1, 2019
Amortization schedule for level payments of principal and interest			25 years
Excess Interest rate over LIBOR on mortgage debt			3.00%
Prepayment Penalties			None
Mortgage loans			$ 32,120,179	32,376,795
Doubletree By Hilton Raleigh Brownstone - University [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Aug. 1, 2018
Amortization schedule for level payments of principal and interest			30 years
Interest rate applicable to the mortgage loan			4.78%
Prepayment Penalties			n/a
Mortgage loans			$ 14,985,459	15,029,121
Georgian Terrace [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Jun. 1, 2025
Amortization schedule for level payments of principal and interest			30 years
Interest rate applicable to the mortgage loan			4.42%
Prepayment Penalties			n/a
Mortgage loans			$ 46,450,174	46,579,011
Hilton Savannah DeSoto [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Sep. 1, 2017
Amortization schedule for level payments of principal and interest			25 years
Interest rate applicable to the mortgage loan			6.06%
Prepayment Penalties			Yes
Mortgage loans			$ 20,431,819	20,522,836
Hilton Wilmington Riverside [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Apr. 1, 2017
Amortization schedule for level payments of principal and interest			25 years
Interest rate applicable to the mortgage loan			6.21%
Prepayment Penalties			Yes
Mortgage loans			$ 19,679,345	19,825,772
Sheraton Louisville Riverside [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Jan. 6, 2017
Amortization schedule for level payments of principal and interest			25 years
Interest rate applicable to the mortgage loan			6.24%
Prepayment Penalties			n/a
Mortgage loans			$ 11,283,324	11,345,866
The Whitehall [Member] | Mortgage Loans [Member]
Debt Instrument [Line Items]
Maturity Date			Nov. 13, 2017
Amortization schedule for level payments of principal and interest			25 years
Interest rate applicable to the mortgage loan			4.50%
Prepayment Penalties			None
Mortgage loans			$ 20,331,342	$ 20,459,256

Debt - Schedule of Mortgage D38

Debt - Schedule of Mortgage Debt Obligations on Hotels (Parenthetical) (Detail) - Mortgage Loans [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Jun. 27, 2014
Crowne Plaza Hampton Marina [Member]
Debt Instrument [Line Items]
Debt instrument periodic payment	$ 83,000
Interest rate		5.00%
Crowne Plaza Hollywood Beach Resort [Member]
Debt Instrument [Line Items]
Prepayment date before maturity	Jun. 30, 2025
Double Tree by Hilton Jacksonville Riverfront [Member]
Debt Instrument [Line Items]
Prepayment date before maturity in which prepayment is allowed with penalty	Jul. 31, 2017
Extended maturity date	Jul. 31, 2020
Double Tree by Hilton Laurel [Member]
Debt Instrument [Line Items]
Prepayment date before maturity in which prepayment is allowed without penalty	Apr. 30, 2021
Interest rate	3.00%
Treasury floor rate of interest	5.25%
Double Tree by Hilton Laurel [Member] | Minimum [Member]
Debt Instrument [Line Items]
Prepayment date before maturity in which prepayment is allowed without penalty	Apr. 30, 2017
Double Tree by Hilton Laurel [Member] | Maximum [Member]
Debt Instrument [Line Items]
Prepayment date before maturity in which prepayment is allowed without penalty	Aug. 30, 2017
Double Tree By Hilton Philadelphia Airport [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Doubletree By Hilton Raleigh Brownstone - University [Member]
Debt Instrument [Line Items]
Number of months for prepayment before maturity	2 months
Sheraton Louisville Riverside [Member]
Debt Instrument [Line Items]
Number of months for prepayment before maturity	2 months
Georgian Terrace [Member]
Debt Instrument [Line Items]
Prepayment date before maturity	Feb. 28, 2025
Hilton Savannah DeSoto [Member]
Debt Instrument [Line Items]
Period in which prepayment not allowed	6 years
Period before maturity in which prepayment is allowed with penalty	90 days
Hilton Wilmington Riverside [Member]
Debt Instrument [Line Items]
Period in which prepayment not allowed	6 years
Period before maturity in which prepayment is allowed with penalty	90 days
The Whitehall [Member]
Debt Instrument [Line Items]
Extended maturity date	Nov. 30, 2018
Note extended date	2016-03

Debt - Schedule of Future Mortg

Debt - Schedule of Future Mortgage Debt Maturities (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Jul. 07, 2015
Debt Disclosure [Abstract]
For the remaining nine months ended December 31, 2016	$ 7,690,171
December 31, 2017	86,680,710
December 31, 2018	18,078,266
December 31, 2019	31,732,731
December 31, 2020	19,841,299
December 31, 2021 and thereafter	106,267,743
Total future maturities	$ 270,290,920	$ 271,737,608	$ 18,500,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)ft²	Mar. 31, 2015USD ($)
Hilton Savannah DeSoto [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Restricted cash reserve	amount equal to 1/12 of the annual real estate taxes due for the properties
Hilton Wilmington Riverside [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Restricted cash reserve	amount equal to 1/12 of the annual real estate taxes due for the properties
Crowne Plaza Hollywood Beach Resort [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Restricted cash reserve	amount equal to 1/12 of the annual real estate taxes due for the properties
Sheraton Louisville Riverside [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Restricted cash reserve	amount equal to 1/12 of the annual real estate taxes due for the properties
DoubleTree by Hilton Brownstone-University [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Restricted cash reserve	amount equal to 1/12 of the annual real estate taxes due for the properties
The Whitehall [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Crowne Plaza Hampton Marina [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Georgian Terrace [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Restricted cash reserve	amount equal to 1/12 of the annual real estate taxes due for the properties
Double Tree By Hilton Philadelphia Airport [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues	4.00%
Minimum [Member]
Operating Leased Assets [Line Items]
Franchise fees of room revenues	2.50%
Additional fees of room revenues	2.50%
Franchise agreement expiry date	2017-07
Maximum [Member]
Operating Leased Assets [Line Items]
Franchise fees of room revenues	5.00%
Additional fees of room revenues	6.00%
Franchise agreement expiry date	2025-09
Savannah Hotel Property [Member]
Operating Leased Assets [Line Items]
Area of commercial space leased | ft²	2,086
Operating lease, expiring date	Oct. 31, 2006
Duration period under renewal option second	5 years
Expiration date one under renewal option second	Oct. 31, 2011
Expiration date two under renewal option second	Oct. 31, 2016
Expiration date three under renewal option second	Oct. 31, 2021
Rent expense	$ 18,245	$ 15,866
Doubletree By Hilton Raleigh Brownstone - University [Member]
Operating Leased Assets [Line Items]
Duration of operating lease term	50 years
Operating lease, expiring date	Aug. 31, 2016
Duration period under renewal option second	10 years
Expiration date one under renewal option second	Aug. 31, 2026
Expiration date two under renewal option second	Aug. 31, 2036
Expiration date three under renewal option second	Aug. 31, 2046
Rent expense	$ 23,871	23,871
Option to purchase leased land, date	Aug. 1, 2018
Land leased under second amendment dated	Apr. 28, 1998
Land lease originally dated	May 25, 1966
Purchase of leased land at fair market value subject to annual fee payment	$ 9,000
Crowne Plaza Tampa Westshore [Member]
Operating Leased Assets [Line Items]
Operating lease, expiring date	Jul. 31, 2019
Rent expense	$ 651	651
Lease agreement	5 years
Commencement date of agreement	Jul. 31, 2009
Annual payment	$ 2,432
Additional renewal of agreement	5 years
Crowne Plaza Jacksonville Riverfront [Member]
Operating Leased Assets [Line Items]
Operating lease, expiring date	Sep. 18, 2012
Rent expense	$ 1,505	1,505
Lease agreement	5 years
Annual payment	$ 4,961
New operating lease annual payment	$ 6,020
Lease renewable expiration date	Sep. 18, 2017
Commercial Office Space In Williamsburg, Virginia [Member]
Operating Leased Assets [Line Items]
Area of commercial space leased | ft²	5,216
Rent expense	$ 23,871	$ 20,920
Commencement date of agreement	Sep. 1, 2009
Lease renewable expiration date	Aug. 31, 2018
Furniture, Fixtures and Equipment [Member]
Operating Leased Assets [Line Items]
Financing arrangement expiration date	2016-04
Financing arrangement expiration date	2019-03
Six Year Operating Lease Property [Member] | Savannah Hotel Property [Member]
Operating Leased Assets [Line Items]
Duration of operating lease term	6 years
Ninety Nine Year Operating Lease Property [Member] | Savannah Hotel Property [Member]
Operating Leased Assets [Line Items]
Duration of operating lease term	99 years
Operating lease, expiring date	Jul. 31, 2086
Rental income recognized during period	$ 0
Original lump sum rent payment received	$ 990

Commitments and Contingencies41

Commitments and Contingencies - Schedule of Minimum Future Lease Payments (Detail)	Mar. 31, 2016USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
For the remaining nine months ended December 31, 2016	$ 215,295
December 31, 2017	228,793
December 31, 2018	176,740
December 31, 2019	100,480
December 31, 2020	95,482
December 31, 2021 and thereafter	541,065
Total	$ 1,357,855

Equity - Additional Information

Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	Feb. 02, 2016shares	Jan. 29, 2016shares	Sep. 16, 2015shares	Jul. 17, 2015USD ($)shares	Jul. 02, 2015USD ($)	May. 01, 2015shares	Apr. 01, 2015shares	Jan. 01, 2015shares	Jun. 30, 2015USD ($)shares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Jul. 01, 2015shares
Class of Stock [Line Items]
Preferred stock, shares authorized										972,350	972,350
Common stock, shares authorized										49,000,000	49,000,000
Common stock, par value | $ / shares										$ 0.01	$ 0.01
Voting right										Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
Common stock, shares issued				435,000						14,949,651	14,490,714	3,000,000
Proceeds from the sale of common stock | $				$ 2.8	$ 19.8				$ 0.7
Common stock, shares outstanding										14,949,651	14,490,714
Common stock exchange ratio										1
Redemption of units in operating partnership								0
Operating Partnership units not owned										1,778,140	2,200,827
Sotherly Hotels LP [Member]
Class of Stock [Line Items]
Operating Partnership units outstanding										16,727,791	16,691,541
Fair market value | $										$ 9.1	$ 15
Common Stock [Member]
Class of Stock [Line Items]
Restricted shares issued										12,000
Conversion of units in Operating Partnership to shares of common stock, shares	422,687		200,000			50,000	100,000			422,687
Common stock, shares issued									98,682
Common stock, shares issued									98,682
Common Stock [Member] | Sotherly Hotels LP [Member]
Class of Stock [Line Items]
Number of issued unit in Operating Partnership	36,250	36,100
Common Stock [Member] | Executive Officer [Member]
Class of Stock [Line Items]
Non-restricted shares issued	22,000	26,350
Common Stock [Member] | Director [Member]
Class of Stock [Line Items]
Non-restricted shares issued	2,250
Restricted shares issued	12,000	9,750
Series A Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized										27,650

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)Hotelshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2015	Jul. 30, 2015
Related Party Transaction [Line Items]
Due from Chesapeake Hospitality	$ 208,726		$ 226,552
Crowne Plaza Hollywood Beach Resort [Member]
Related Party Transaction [Line Items]
Management fee of gross revenues for first full fiscal year				2.00%
Management fee of gross revenues for second full fiscal year				2.25%
Management fee of gross revenues for every year thereafter				2.50%
Percentage of ownership interest	100.00%		100.00%
Percentage of operating partnership owned					25.00%
Chesapeake Hospitality [Member]
Related Party Transaction [Line Items]
Company's outstanding common stock owned by members of Chesapeake Hospitality	11.80%
Operating Partnership units owned by members of Chesapeake Hospitality | shares	870,271
Company's common stock shares owned by members of Chesapeake Hospitality | shares	1,760,001
Due from Chesapeake Hospitality	$ 55,919		$ 0
Management fee of gross revenues for first full fiscal year	2.00%
Management fee of gross revenues for second full fiscal year	2.50%
Management fee of gross revenues for every year thereafter	3.00%
Period of incentive management fee due within end of the fiscal year	90 days
Incentive management of increase in gross operating profit	10.00%
Maximum incentive management fee of gross revenues	0.25%
Agreement term	5 years
Percentage of management fees due thereafter	2.50%
Percentage of management fee due through 2017	2.65%
Base management and administrative fees earned by related party	$ 932,386	$ 753,898
Incentive management fees earned by related party	13,698	35,349
Employee medical benefits paid	$ 1,326,154	1,118,556
Expiry date of management agreement	Aug. 30, 2017
Management fee	3.00%
Base management fees		211,259
Chesapeake Hospitality [Member] | Georgian Terrace [Member]
Related Party Transaction [Line Items]
Administrative fee per year	$ 30,000
Chesapeake Hospitality [Member] | Crowne Plaza Houston Downtown and Georgian Terrace Hotel [Member]
Related Party Transaction [Line Items]
Percentage of management fee due through 2015	2.00%
Percentage of management fee due in 2016	2.25%
Percentage of management fees due thereafter	2.50%
Chesapeake Hospitality [Member] | Aggregate Basis [Member]
Related Party Transaction [Line Items]
Number of hotels | Hotel	8
Chesapeake Hospitality [Member] | Individual Basis [Member]
Related Party Transaction [Line Items]
Number of hotels | Hotel	2
Chesapeake Hospitality [Member] | Individual Hotel Management Agreements [Member]
Related Party Transaction [Line Items]
Management fee of gross revenues for first full fiscal year	2.00%
Management fee of gross revenues for second full fiscal year	2.25%
Management fee of gross revenues for every year thereafter	2.50%
Chesapeake Hospitality [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Expiry date of master management agreement	2014-12
Chesapeake Hospitality [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Expiry date of master management agreement	2019-03
Affiliated Entity [Member] | Crowne Plaza Hollywood Beach Resort [Member]
Related Party Transaction [Line Items]
Percentage of operating partnership owned					25.00%
MHI Hospitality TRS II, LLC [Member]
Related Party Transaction [Line Items]
Asset management fee as percentage of revenue	1.50%
Asset management fee paid		105,629
Sotherly Foundation [Member]
Related Party Transaction [Line Items]
Amount loaned to related party			180,000
Loan receivable outstanding	$ 130,000		$ 160,000
Daughter of Chief Executive Officer and Her Husband [Member]
Related Party Transaction [Line Items]
Total compensation for related parties	85,521	62,972
Partnership controlled by Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Business-related air travel expense reimbursed to partnership	$ 28,802	$ 0

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Employer contribution for first 3% of employee contributions	100.00%
Employer contribution for next 2% of employee contributions	50.00%
Percentage of first specified employee contributions	3.00%
Percentage of next specified employee contributions	2.00%
Contribution for retirement plan	$ 29,231	$ 12,787

Unconsolidated Joint Venture -

Unconsolidated Joint Venture - Additional Information (Detail)	Mar. 31, 2016	Dec. 31, 2015	Jul. 30, 2015
Crowne Plaza Hollywood Beach Resort [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of direct ownership	100.00%	100.00%
Percentage of operating partnership owned			25.00%
Carlyle [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of indirect interest owned			75.00%

Unconsolidated Joint Venture 46

Unconsolidated Joint Venture - Summarized Financial Information of Investment (Detail) - Crowne Plaza Hollywood Beach Resort [Member]	3 Months Ended
	Mar. 31, 2015USD ($)
Revenue
Rooms department	$ 5,744,329
Food and beverage department	871,287
Other operating departments	426,343
Total revenue	7,041,959
Hotel operating expenses
Rooms department	952,598
Food and beverage department	637,728
Other operating departments	166,908
Indirect	2,169,747
Total hotel operating expenses	3,926,981
Depreciation and amortization	444,576
General and administrative	127,145
Total operating expenses	4,498,702
Operating income	2,543,257
Interest expense	(645,860)
Net income	$ 1,897,397

Indirect Hotel Operating Expe47

Indirect Hotel Operating Expenses - Summary of Indirect Hotel Operating Expenses (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	$ 14,135,595	$ 11,468,343
General and Administrative [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	3,142,543	2,574,104
Sales and Marketing [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	3,511,030	2,645,062
Repairs and Maintenance [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,854,619	1,606,670
Utilities [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,528,962	1,422,778
Franchise Fees [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,087,921	884,764
Management Fees, Including Incentive [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	946,083	789,246
Property Taxes [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,293,355	952,642
Insurance [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	694,202	543,386
Other [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	$ 76,880	$ 49,691

Income Taxes - Components of In

Income Taxes - Components of Income Tax Benefit (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current:
State	$ 51,390	$ 57,679
Total	51,390	57,679
Deferred:
Federal	(395,225)	(425,159)
State	(92,244)	(71,295)
Total	(487,469)	(496,454)
Income tax benefit	$ (436,079)	$ (438,775)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Benefit (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax expense	$ 37,330	$ 93,528
Effect of non-taxable REIT income	(514,263)	(518,687)
State income tax benefit	40,854	(13,616)
Income tax benefit	$ (436,079)	$ (438,775)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 5,877,844	$ 5,390,374
Accumulated net operating losses	5,100,000	4,500,000
Start-up expense related to company	$ 200,000	$ 200,000
Amortized period	15 years
Loss carryforwards, expired	2,028
Valuation allowance	$ 0

Income Per Share and Per Unit -

Income Per Share and Per Unit - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator
Net income attributable to the Company for basic computation	$ 483,095	$ 575,336
Denominator
Weighted average number of common shares outstanding for basic computation	14,792,911	10,595,801
Basic and diluted net income per share	$ 0.03	$ 0.05

Income Per Share and Per Unit52

Income Per Share and Per Unit - Computation of Basic and Diluted Earnings Per Unit (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net income	$ 545,874	$ 713,859
Basic and diluted net income per unit	$ 0.03	$ 0.05
Sotherly Hotels LP [Member]
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net income	$ 545,874	$ 713,859
Weighted average number of units outstanding	16,715,044	13,146,628
Basic and diluted net income per unit	$ 0.03	$ 0.05

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 29, 2016	Apr. 27, 2016	Apr. 11, 2016
Subsequent Event [Line Items]
Dividend paid			$ 0.085
Dividend record date		Jun. 15, 2016	Mar. 15, 2016
Dividend distributed		$ 0.09
Dividend payment date		Jul. 11, 2016
Crowne Plaza Hampton Marina [Member]
Subsequent Event [Line Items]
Expected proceeds from sale of business	$ 5.8