Lightstone Value Plus REIT II (LVPR) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Entity Registrant Name	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC
Entity Central Index Key	1,436,975
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment property:
Land and improvements	$ 43,761	$ 22,726
Building and improvements	167,473	80,392
Furniture and fixtures	33,809	17,223
Construction in progress	2,034	449
Gross investment property	247,077	120,790
Less accumulated depreciation	(9,999)	(6,111)
Net investment property	237,078	114,679
Investments in unconsolidated affiliated entity	3,419	3,504
Cash and cash equivalents	20,676	67,502
Marketable securities, available for sale	17,078	18,180
Restricted escrows and deposits	2,376	$ 988
Notes receivable from affiliate	17,798
Prepaid expenses and other assets	6,943	$ 2,840
Total Assets	305,368	207,693
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	7,759	2,868
Margin loan	6,288	5,815
Mortgages payable	115,502	23,761
Due to sponsor	204	199
Distributions payable	3,022	3,028
Total liabilities	$ 132,775	$ 35,671
Commitments and contingencies (Note 10)
Company's stockholders' equity:
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value; 100,000 shares authorized, 18,637 and 18,493 shares issued and outstanding in 2015 and 2014, respectively	$ 186	$ 185
Additional paid-in-capital	$ 159,697	158,330
Subscription receivable		(80)
Accumulated other comprehensive (loss)/income	$ (850)	252
Accumulated deficit	(7,635)	(5,503)
Total Company stockholders' equity	151,398	153,184
Noncontrolling interests	21,195	18,838
Total Stockholders' Equity	172,593	172,022
Total Liabilities and Stockholders' Equity	$ 305,368	$ 207,693

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	10,000	10,000
Preferred shares, shares issued
Preferred shares, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	18,637	18,493
Common stock, shares outstanding	18,637	18,493

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Rental revenue	$ 18,330	$ 6,408	$ 33,121	$ 9,676
Expenses:
Property operating expenses	11,317	3,790	20,490	6,086
Real estate taxes	672	248	1,215	334
General and administrative costs	1,378	544	2,679	1,015
Depreciation and amortization	2,145	931	3,894	1,495
Total operating expenses	15,512	5,513	28,278	8,930
Operating income	2,818	895	4,843	746
Interest and dividend income	$ 537	$ 327	$ 958	771
Gain on sale of marketable securities				112
Loss from investments in unconsolidated affiliated entities	$ (41)	$ (22)	$ (85)	(58)
Interest expense	(1,226)	(337)	(2,008)	(658)
Other income/(expense), net	28	(18)	246	(35)
Net income	2,116	845	3,954	878
Less: net income attributable to noncontrolling interests	(53)	(31)	(76)	(36)
Net income applicable to Company's common shares	$ 2,063	$ 814	$ 3,878	$ 842
Net income per Company's common share, basic and diluted	$ 0.11	$ 0.08	$ 0.21	$ 0.09
Weighted average number of common shares outstanding, basic and diluted	18,651	9,887	18,648	9,077

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 2,116	$ 845	$ 3,954	$ 878
Other comprehensive (loss)/income:
Unrealized (loss)/gain on available for sale securities	(811)	226	(1,102)	246
Other comprehensive (loss)/income	(811)	226	(1,102)	246
Comprehensive income	1,305	1,071	2,852	1,124
Less: Comprehensive income attributable to noncontrolling interests	(53)	(31)	(76)	(36)
Comprehensive income attributable to the Company's common shares	$ 1,252	$ 1,040	$ 2,776	$ 1,088

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Accumulated Deficit [Member]	Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2014	$ 172,022	$ 185	$ 158,330	$ (80)	$ 252	$ (5,503)	$ 18,838
BALANCE, shares at Dec. 31, 2014		18,493
Net income	3,954					$ 3,878	$ 76
Other comprehensive loss	(1,102)				$ (1,102)
Distributions declared	(6,010)					$ (6,010)
Distributions paid to noncontrolling interests	(28)						$ (28)
Contributions from noncontrolling interests	2,309						$ 2,309
Proceeds from offering	80			$ 80
Other offering costs	10		$ 10
Redemption and cancellation of shares	(365)	$ (1)	(364)
Redemption and cancellation of shares, shares		(37)
Shares issued from distribution reinvestment program	1,723	$ 2	1,721
Shares issued from distribution reinvestment program, shares		181
BALANCE at Jun. 30, 2015	$ 172,593	$ 186	$ 159,697		$ (850)	$ (7,635)	$ 21,195
BALANCE, shares at Jun. 30, 2015		18,637

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,954	$ 878
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,894	1,495
Amortization of deferred financing costs	$ 196	36
Gain on sale of marketable securities		(112)
Loss from investments in unconsolidated affiliated entities	$ 85	58
Other non-cash adjustments	(4)	1
Changes in assets and liabilities, net of acquisitions:
Increase in prepaid expenses and other assets	(477)	(777)
Increase in accounts payable and other accrued expenses	2,496	959
Increase/(decrease) in due to sponsor	5	(200)
Net cash provided by operating activities	10,149	2,338
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	$ (95,287)	(27,851)
Proceeds from sale of marketable securities		9,692
Purchase of marketable securities		$ (19,774)
Issuance of notes receivable from affiliate	$ (20,200)
Collections on notes receivable from affiliate	$ 2,402
Distributions from unconsolidated affiliated entity		$ 97
Release of restricted escrows	$ 1,276	1,211
Net cash used in investing activities	(111,809)	$ (36,625)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financings	59,280
Payment on mortgages payable	(380)	$ (248)
Payment of loan fees and expenses	(1,470)
Proceeds on margin loan, net	473	$ 4,529
Proceeds from issuance of common stock	80	33,053
Payment of commissions and offering costs	(116)	(3,746)
Contribution of noncontrolling interests	1,653	800
Redemption and cancellation of common shares	(365)	(377)
Distributions to noncontrolling interests	(28)	(11)
Distributions to common stockholders	(4,293)	(1,259)
Net cash provided by financing activities	54,834	32,741
Net change in cash and cash equivalents	(46,826)	(1,546)
Cash and cash equivalents, beginning of year	67,502	26,520
Cash and cash equivalents, end of period	$ 20,676	$ 24,974

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization [Abstract]
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Lightstone REIT II”) is a Maryland corporation formed on April 28, 2008 The Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT II LP (the “Operating Partnership”), a Delaware limited partnership formed on April 30, 2008 The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company'' and the use of ‘‘we,'' ‘‘our,'' ‘‘us'' or similar pronouns refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company's sponsor is David Lichtenstein (“Lichtenstein”), who does business as The Lightstone Group (the “Sponsor”) and majority owns the limited liability company of that name. The Company's advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is wholly owned by our Sponsor. Subject to the oversight of the Company's board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company's day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP II LLC, which has subordinated profits interests in the Operating Partnership. Mr. Lichtenstein also acts as the Company's Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT II or the Operating Partnership. The Company's registration statement on Form S-11, pursuant to which it offered to sell up to 51,000,000 10.00 6,500,000 9.50 255,000 April 24, 2009 August 15, 2012 49.8 5.0 5.2 4.5 40.1 0.3 2.9 The Company's registration statement on Form S-11 (the “Follow-On Offering”), pursuant to which it is offered to sell up to 30,000,000 10.00 2,500,000 9.50 255,000 127.5 12.9 11.0 4.0 112.5 Our DRIP Registration Statement on Form S-3D was filed and became effective under the Securities Act of 1933 on September 26, 2014. On January 19, 2015, the Board of Directors suspended the Company's DRIP effective April 15, 2015. For so long as the DRIP remains suspended, all future distributions will be in the form of cash. Effective September 27, 2012, Orchard Securities, LLC (“Orchard Securities”) became the Dealer Manager of the Company's Follow-On Offering. As of June 30, 2015, the Advisor owned 20,000 200 10.00 6.5 177.3 99 The Company's shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of its Offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation. Noncontrolling Interests The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) membership interests held by others in the Joint Venture (see Note 3) and the membership interests held by minority owners of certain of our hotels. Partners of Operating Partnership On May 20, 2008, the Advisor contributed $ 2 200 Lightstone SLP II LLC, which is wholly owned by the Company's Sponsor committed to purchase subordinated profits interests in the Operating Partnership (“Subordinated Profits Interests”) at a cost of $ 100,000 1.0 ten From our inception through the termination of the Follow-On Offering, the Company's Sponsor made cash contributions of $ 12.9 48.6 4.8 177.0 17.7

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of June 30, 2015, the Lightstone REIT II had a 99 The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust II, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Supplemental disclosure of cash flow information For the Six Months Ended June 30, 2015 2014 Cash paid for interest $ 1,480 $ 626 Distributions declared $ 6,010 $ 2,925 Commissions and other offering costs accrued but not paid $ - $ 172 Subscription receivable $ - $ 411 Value of shares issued from distribution reinvestment program $ 1,723 $ 1,236 Debt assumed for acquisition $ 32,841 $ - Non controlling interest assumed for acquisition $ 656 $ - Unrealized (loss) gain in available for sale securities $ (1,102 ) $ 246 Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Acquisitions [Abstract]
Acquisitions	3. Acquisitions On January 19, 2015, the Company's Board of Directors provided approval for the Company to form a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a real estate investment trust also sponsored by the Company's Sponsor, The Lightstone Group, and for the Joint Venture to acquire Lightstone I's membership interest in up to 11 On January 29, 2015, the Company through the Operating Partnership, entered into an agreement to form the Joint Venture with Lightstone I whereby the Company and Lightstone I have 97.5 2.5 On January 29, 2015, the Company, through the Joint Venture, completed the acquisition of 100 five 64.6 • a • a • a • a • a On January 29, 2015, the Company, through two 60.0 35.0 On February 11, 2015, the Company, through the Joint Venture, completed the acquisition of Lightstone I's (i) 100 90 24.1 11.6 12.2 11.9 0.3 The assumed debt consisted of (i) a $ 7.8 Libor 3.50 3.8 5.36 On June 10, 2015, the Company through the Joint Venture, completed the acquisition of Lightstone I's (i) 100 100 95 28.0 0.3 5 15.1 12.9 12.6 0.3 August 6, 2018 4.94 On June 30, 2015, the Company through the Joint Venture, completed the acquisition of Lightstone I's 90 7.4 0.7 10 6.1 1.3 1.2 0.1 5.56 As of June 30, 2015, the Company, through the Joint Venture, has completed the acquisition of the LVP REIT Hotels as previously approved by its Board of Directors. The aggregate purchase price for the LVP REIT Hotels was approximately $ 124.1 llion. The acquisition of the LVP REIT Hotels was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their preliminary fair values as of the dates of the acquisition. Approximately $ 21.0 86.4 16.7 The aggregate capitalization rate for the LVP REIT Hotels 9.0 Financial Information The following table provides the total amount of rental revenue and net income included in the Company's consolidated statements of operations from the Holiday Inn – Opelika (acquired April 1, 2014), the Aloft – Tucson (acquired April 8, 2014), the Hampton Inn — Ft. Myers (acquired October 1, 2014), the Aloft – Philadelphia and the Four Points by Sheraton - Philadelphia (collectively, the “Philadelphia Airport Hotels”) (both acquired December 22, 2014), the Hotel I Portfolio (acquired January 29, 2015), the Courtyard – Parsippany and the Residence Inn - Baton Rouge (both acquired February 11, 2015), the Hotel II Portfolio (acquired June 10, 2015) and the Courtyard - Baton Rouge (acquired June 30, 2015) since their respective dates of acquisition for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Rental revenue $ 13,189 $ 1,738 $ 24,270 $ 1,738 Net income (loss) $ 2,647 $ (75 ) $ 4,893 $ (75 ) The following table provides unaudited pro forma results of operations for the periods indicated, as if the Holiday Inn – Opelika, the Aloft – Tucson, the Hampton Inn — Ft. Myers, the Philadelphia Airport Hotels, the Hotel I Portfolio, the Courtyard – Parsippany, the Residence Inn - Baton Rouge, Hotel II Portfolio and the Courtyard - Baton Rouge had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed at the beginning of the earliest period presented, nor are they indicative of the future operating results of the combined company. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Pro forma rental revenue $ 21,154 $ 19,007 $ 41,112 $ 36,483 Pro forma net income $ 2,363 $ 2,970 $ 4,572 $ 5,170 Pro forma net income per Company's common share, basic and diluted $ 0.13 $ 0.30 $ 0.25 $ 0.57

Marketable Securities, Margin L

Marketable Securities, Margin Loan and Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract]
Marketable Securities, Margin Loan and Fair Value Measurements	4. Marketable Securities, Margin Loan and Fair Value Measurements Marketable Securities The following is a summary of the Company's available for sale securities as of the dates indicated: As of June 30, 2015 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities $ 17,928 $ 278 $ (1,128 ) $ 17,078 As of December 31, 2014 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities $ 17,928 $ 408 $ (156 ) $ 18,180 The Company has access to a margin loan from a financial institution that holds custody of certain of the Company's marketable securities. The margin loan is collateralized by the marketable securities in the Company's account. The amounts available to the Company under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The margin loan bears interest at Libor plus 0.85 1.03 When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. As of June 30, 2015 and December 31, 2014, the Company did not recognize any impairment charges. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2015 and December 31, 2014, all of the Company's equity securities and were classified as Level 1 assets and there were no transfers between the level classifications during the six months ended June 30, 2015.

Notes Receivable from Affiliate

Notes Receivable from Affiliate	6 Months Ended
	Jun. 30, 2015
Notes Receivable from Affiliate [Abstract]
Notes Receivable from Affiliate	5. Notes Receivable from Affiliate On February 4, 2015, the Company entered into a revolving promissory note (the “Des Moines Note Receivable”) of up to $ 10.0 8.2 The Des Moines Note Receivable has a term of one year, bears interest at a floating rate of three-month Libor 6.0 6.3 100,000 7.0 3.0 The Des Moines Note Receivable is included in notes receivable from affiliate on our consolidated balance sheet. On May 15, 2015, the Company entered into a revolving promissory note (the “Durham Note Receivable”) of up to $ 13.0 12.0 The Durham Note Receivable has a term of one year, bears interest at a floating rate of three-month Libor 6.0 6.3 130,000 10.8 2.2

Mortgages payable

Mortgages payable	6 Months Ended
	Jun. 30, 2015
Mortgages payable [Abstract]
Mortgages payable	6. Mortgages payable Mortgages payable consisted of the following: Loan Amount Outstanding Description Interest Rate Weighted Average Interest Rate as of June 30, 2015 Maturity Date Amount Due at Maturity As of June 30, 2015 As of December Promissory Note, secured by four properties 4.94 % 4.94 % August 2018 $ 21,754 $ 23,500 $ 23,761 Revolving Credit Facility, secured by seven properties LIBOR 4.95 % 5.23 % January 2018 59,280 59,280 - Courtyard - Parsippany LIBOR 3.50 % 3.68 % August 2018 7,126 7,700 - Residence Inn - Baton Rouge 5.36 % 5.36 % November 2018 3,480 3,758 - Promissory Note, secured by three properties 4.94 % 4.94 % August 2018 14,008 15,133 - Courtyard - Baton Rouge 5.56 % 5.56 % May 2017 5,873 6,131 - 5.05 % $ 111,521 $ 115,502 $ 23,761 Revolving Credit Facility On January 29, 2015, the Company, through two wholly owned subsidiaries, entered into the Revolving Credit Facility with GE Capital. The Revolving Credit Facility bears interest at Libor plus 4.95% (5.23% as of June 30, 2015) and provides a line of credit over the next three 65.0 35.0 24.3 59.3 0.7 Courtyard-Parsippany The $ 7.7 Residence Inn - Baton Rouge The $ 3.8 collateralized by the Promissory Note The $ 15.1 Courtyard - Baton Roug The $ 6.1 collateralized by the Principal Maturities The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of June 30, 2015: 2015 2016 2017 2018 2019 Thereafter Total Principal maturities $ 626 $ 1,303 $ 7,151 $ 106,422 $ - $ - $ 115,502 Debt Compliance Pursuant to the Company's debt agreements, approximately $ 2.4 1.0

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity	7. Equity Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. The following table represents the fees incurred associated with the payments to the Company's Advisor and Property Manager for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Acquisition Fees $ - $ 246 $ - $ 246 Development Fees 2 - 2 140 Asset Management Fees 495 - 879 - Total $ 497 $ 246 $ 881 $ 386 Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95 As a result, asset management fees of $ 192 327

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	9. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows and deposits, accounts receivable (included in other assets), note receivable from affiliate, accounts payable and accrued expenses and the margin loan approximated their fair values because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of June 30, 2015 As of December 31, 2014 Carrying Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 115,502 $ 115,411 $ 23,761 $ 23,548 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. On July 13, 2011, JF Capital Advisors, filed a lawsuit against The Lightstone Group, LLC, the Company, and Lightstone Value Plus Real Estate Investment Trust, Inc. in the Supreme Court of the State of New York seeking payment for services alleged to have been rendered, and to be rendered prospectively, under theories of unjust enrichment and breach of contract. The plaintiff had a limited business arrangement with The Lightstone Group, LLC; that arrangement has been terminated. We filed a motion to dismiss the action and, on January 31, 2012, the Supreme Court dismissed the complaint in its entirety, but granted the plaintiff leave to replead two The plaintiff filed an amended complaint on May 18, 2012, bringing limited claims under theories of unjust enrichment and quantum meruit. On November 21, 2012, the court dismissed this second complaint in part, leaving only $ 164 While any proceeding or litigation has an element of uncertainty, management currently believes that the likelihood of an unfavorable outcome with respect to the aforementioned legal proceedings is remote. No provision for loss has been recorded in connection therewith. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Distribution Payment On July 15, 2015, the total distribution for the three-month period ending June 30, 2015 of approximately $ 3.0 Distribution Declaration On August 14, 2015, the Board of Directors authorized and the Company declared a distribution for the three-month period ending September 30, 2015. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $ 0.00178082191 365 6.5 10.00

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of June 30, 2015, the Lightstone REIT II had a 99 The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust II, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period.
Supplemental disclosure of cash flow information	Supplemental disclosure of cash flow information For the Six Months Ended June 30, 2015 2014 Cash paid for interest $ 1,480 $ 626 Distributions declared $ 6,010 $ 2,925 Commissions and other offering costs accrued but not paid $ - $ 172 Subscription receivable $ - $ 411 Value of shares issued from distribution reinvestment program $ 1,723 $ 1,236 Debt assumed for acquisition $ 32,841 $ - Non controlling interest assumed for acquisition $ 656 $ - Unrealized (loss) gain in available for sale securities $ (1,102 ) $ 246
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. On July 9, 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Supplemental Cash Flow Information	For the Six Months Ended June 30, 2015 2014 Cash paid for interest $ 1,480 $ 626 Distributions declared $ 6,010 $ 2,925 Commissions and other offering costs accrued but not paid $ - $ 172 Subscription receivable $ - $ 411 Value of shares issued from distribution reinvestment program $ 1,723 $ 1,236 Debt assumed for acquisition $ 32,841 $ - Non controlling interest assumed for acquisition $ 656 $ - Unrealized (loss) gain in available for sale securities $ (1,102 ) $ 246

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Schedule of Revenue and Net Income Included in Consolidated Statements of Operations	For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Rental revenue $ 13,189 $ 1,738 $ 24,270 $ 1,738 Net income (loss) $ 2,647 $ (75 ) $ 4,893 $ (75 )
Schedule of Unaudited Pro Forma Results of Operations	For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Pro forma rental revenue $ 21,154 $ 19,007 $ 41,112 $ 36,483 Pro forma net income $ 2,363 $ 2,970 $ 4,572 $ 5,170 Pro forma net income per Company's common share, basic and diluted $ 0.13 $ 0.30 $ 0.25 $ 0.57

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract]
Summary of Available for Sale Securities	As of June 30, 2015 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities $ 17,928 $ 278 $ (1,128 ) $ 17,078 As of December 31, 2014 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities $ 17,928 $ 408 $ (156 ) $ 18,180

Mortgages payable (Tables)

Mortgages payable (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgages payable [Abstract]
Schedule of Mortgages Payable	Loan Amount Outstanding Description Interest Rate Weighted Average Interest Rate as of June 30, 2015 Maturity Date Amount Due at Maturity As of June 30, 2015 As of December Promissory Note, secured by four properties 4.94 % 4.94 % August 2018 $ 21,754 $ 23,500 $ 23,761 Revolving Credit Facility, secured by seven properties LIBOR 4.95 % 5.23 % January 2018 59,280 59,280 - Courtyard - Parsippany LIBOR 3.50 % 3.68 % August 2018 7,126 7,700 - Residence Inn - Baton Rouge 5.36 % 5.36 % November 2018 3,480 3,758 - Promissory Note, secured by three properties 4.94 % 4.94 % August 2018 14,008 15,133 - Courtyard - Baton Rouge 5.56 % 5.56 % May 2017 5,873 6,131 - 5.05 % $ 111,521 $ 115,502 $ 23,761
Schedule of Estimated Contractual Principal Maturities	2015 2016 2017 2018 2019 Thereafter Total Principal maturities $ 626 $ 1,303 $ 7,151 $ 106,422 $ - $ - $ 115,502

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Fees to Related Parties	For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Acquisition Fees $ - $ 246 $ - $ 246 Development Fees 2 - 2 140 Asset Management Fees 495 - 879 - Total $ 497 $ 246 $ 881 $ 386

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Summary of Estimated Fair Value of Debt	As of June 30, 2015 As of December 31, 2014 Carrying Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 115,502 $ 115,411 $ 23,761 $ 23,548

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	1 Months Ended			6 Months Ended	12 Months Ended	25 Months Ended	40 Months Ended	60 Months Ended	85 Months Ended
	Sep. 27, 2012$ / sharesshares	Apr. 24, 2009$ / sharesshares	May. 20, 2008USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2012USD ($)$ / shares	Sep. 27, 2014USD ($)shares	Aug. 15, 2012USD ($)shares	Sep. 27, 2014USD ($)	Jun. 30, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Sep. 30, 2009USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Date of incorporation				Apr. 28, 2008
Lightstone REIT, partnership formation date				Apr. 30, 2008
Common stock, shares authorized | shares				100,000,000					100,000,000	100,000,000
Proceeds from offering				$ 80
Subscription receivable										$ 80	$ 6,500
Gross proceeds from issuance of equity								$ 177,300
General partner ownership interest				99.00%				99.00%
Advisor's contribution to operating partnership			$ 2
Partnership units issued			200
Brownmill, LLC [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Sponsor's cash contribution									$ 12,900
Ownership interest				48.60%					48.60%
Value of ownership interest				$ 4,800					$ 4,800
Subordinate profit interest units | shares									177
Aggregate value of subordinate profits									$ 17,700
for each $1.0 million in subscriptions up to ten percent of its primary offering proceeds on a semi-annual basis [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Subordinate General Partner Unit Value					$ 1,000
Subordinated general partner participation, per unit cost | $ / shares					$ 100,000
Percentage of subscriptions					10.00%
Advisory Services [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Stock issued during period, per share | $ / shares			$ 10
Stock issued during period for services, shares | shares			20,000
Stock issued during period for services, value			$ 200
Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, price per share | $ / shares	$ 10	$ 10
Shares reserved for issuance | shares	30,000,000
Initial Public Offering Starting Date				Apr. 24, 2009
Initial public offer expiration date				Aug. 15, 2012
Proceeds from offering, shares | shares						12,900,000	5,000,000
Proceeds from offering						$ 127,500
Gross proceeds from issuance of equity							$ 49,800
Selling commissions and dealer manager fees						11,000	5,200
Payment for organization and other offering expenses						4,000	4,500
Net proceeds from issuance initial public offering						$ 112,500	$ 40,100
Public Offering [Member] | Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Shares reserved for issuance | shares		51,000,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, price per share | $ / shares	$ 9.50	$ 9.50
Shares reserved for issuance | shares	2,500,000	6,500,000
Proceeds from offering, shares | shares							300,000
Proceeds form issuance of equity, share-based compensation plan							$ 2,900
Restricted Share Award [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock authorized and reserved for issuance under plan | shares	255,000	255,000

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Narrative) (Details)	6 Months Ended	60 Months Ended
	Jun. 30, 2015	Sep. 27, 2014
Summary of Significant Accounting Policies [Abstract]
Percentage general partnership interest in common units operating partnership	99.00%	99.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Summary of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Summary of Significant Accounting Policies [Abstract]
Cash paid for interest	$ 1,480	$ 626
Distributions declared	$ 6,010	2,925
Commissions and other offering costs accrued but not paid		172
Subscription receivable		411
Value of shares issued from distribution reinvestment program	$ 1,723	$ 1,236
Debt assumed for acquisition	32,841
Non controlling interest assumed for acquisition	656
Unrealized (loss) gain in available for sale securities	$ (1,102)	$ 246

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - Long-term Debt, Type [Domain] - Related Party [Domain] $ in Millions	Jun. 10, 2015USD ($)	Feb. 11, 2015USD ($)	Jan. 29, 2015USD ($)item	Jun. 30, 2015USD ($)	Jan. 19, 2015item
Business Combination, Separately Recognized Transactions [Line Items]
Number of service hotels approved for acquisition | item					11
Membership percentage in joint venture by Company			97.50%
Number of wholly owned subsidiaries | item			2
Cash paid	$ 12.6	$ 11.9		$ 1.2
Courtyard-Parsippany [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Variable interest rate basis		Libor		LIBOR
Interest rate, Libor plus		3.50%		3.50%
Debt assumed		$ 7.8		$ 7.7
Maturity Date				Aug. 31, 2018
Residence Inn - Baton Rouge [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Debt assumed		$ 3.8		$ 3.8
Interest Rate		5.36%		5.36%
Maturity Date				Nov. 30, 2018
Fairfield Inn & Suites by Marriott Marriott, located in Jonesboro, Arkansas [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Amount of noncontrolling interest ownership by noncontrolling owners	$ 0.3
Noncontrolling interest, ownership percentage by noncontrolling owners	5.00%
Holiday Inn Express - Auburn ,the Aloft - Rogers and the Fairfield Inn - Jonesboro [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Interest rate, Libor plus	4.94%
Maturity Date	Aug. 6, 2018
Courtyard - Baton Rouge [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Debt assumed				$ 6.1
Interest Rate				5.56%
Amount of noncontrolling interest ownership by noncontrolling owners				$ 0.7
Noncontrolling interest, ownership percentage by noncontrolling owners				10.00%
Maturity Date				May 31, 2017
LVP REIT Hotels [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Purchase consideration				$ 124.1
Purchase price allocation, land and improvements				21
Purchase price allocation, building and improvements				86.4
Purchase price allocation, furnitures and fixtures				$ 16.7
Asset capitalization rate				9.00%
Joint venture [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Purchase consideration	$ 28	$ 24.1
Cash paid	12.9	12.2
Debt assumed	$ 15.1	$ 11.6
Joint venture [Member] | Hotel Portfolio [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Purchase consideration			$ 64.6
Number of limited service hotels | item			5
Business acquisition, percentage of voting interests acquired			100.00%
Joint venture [Member] | Courtyard-Parsippany [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business acquisition, percentage of voting interests acquired		100.00%
Joint venture [Member] | Residence Inn - Baton Rouge [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business acquisition, percentage of voting interests acquired		90.00%
Joint venture [Member] | Holiday Inn - Auburn [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Joint venture [Member] | Starwood Hotel Group Aloft Hotel Located in Rogers,Arkansas [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Joint venture [Member] | Fairfield Inn & Suites by Marriott Marriott, located in Jonesboro, Arkansas [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business acquisition, percentage of voting interests acquired	95.00%
Joint venture [Member] | Courtyard - Baton Rouge [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Purchase consideration				$ 7.4
Business acquisition, percentage of voting interests acquired				90.00%
Cash paid				$ 1.3
Debt assumed				6.1
Lightstone I [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Cash paid	$ 0.3	$ 0.3		$ 0.1
Membership percentage in joint venture by other party			2.50%
Revolving Credit Facility [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Number of wholly owned subsidiaries | item			2
Variable interest rate basis				LIBOR
Interest rate, Libor plus				4.95%
Debt instrument, borrowing period			3 years
Amount allowed for borrowings as percentage of loan to value ratio of properties			65.00%
Initial loan received			$ 35
Remaining borrowing capacity available			24.3	$ 0.7
Maturity Date				Jan. 29, 2018
Revolving Credit Facility [Member] | GE Capital Markets Inc [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Amount of credit facility			$ 60

Acquisitions (Amounts of Revenu

Acquisitions (Amounts of Revenue and Net Income Included in Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Rental revenue	$ 13,189	$ 1,738	$ 24,270	$ 1,738
Net income (loss)	$ 2,647	$ (75)	$ 4,893	$ (75)

Acquisitions (Unaudited Pro For

Acquisitions (Unaudited Pro Forma Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma rental revenue	$ 21,154	$ 19,007	$ 41,112	$ 36,483
Pro forma net income	$ 2,363	$ 2,970	$ 4,572	$ 5,170
Pro forma net income per Company's common share, basic and diluted	$ 0.13	$ 0.30	$ 0.25	$ 0.57

Marketable Securities, Margin32

Marketable Securities, Margin Loan and Fair Value Measurements (Summary of Available for Sale Securities) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 17,078	$ 18,180
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	17,928	17,928
Gross Unrealized Gains	278	408
Gross Unrealized Losses	(1,128)	(156)
Fair Value	$ 17,078	$ 18,180

Marketable Securities, Margin33

Marketable Securities, Margin Loan and Fair Value Measurements (Narrative) (Details) - Jun. 30, 2015 - Margin Loan [Member]	Total
Debt Instrument [Line Items]
Interest rate, Libor plus	0.85%
Libor	1.03%

Notes Receivable from Affilia34

Notes Receivable from Affiliate (Details) - USD ($) $ in Thousands	May. 15, 2015	Feb. 04, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Notes Receivable from Affiliate [Line Items]
Amount of note receivable funded to related party			$ (2,402)
Outstanding principal balance			$ 17,798
Revolving Promissory Note - Des Moines [Member] | Lightstone III [Member]
Notes Receivable from Affiliate [Line Items]
Maximum borrowing capacity		$ 10,000
Amount of note receivable funded to related party		$ 8,200
Variable interest rate basis		three-month Libor
Interest rate margin		6.00%
Interest Rate			6.30%
Origination fee		$ 100,000
Remaining borrowing capacity available			$ 3,000
Outstanding principal balance			$ 7,000
Revolving Promissory Note - Durham [Member] | Lightstone III [Member]
Notes Receivable from Affiliate [Line Items]
Maximum borrowing capacity	$ 13,000
Amount of note receivable funded to related party	$ 12,000
Variable interest rate basis	three-month Libor
Interest rate margin	6.00%
Interest Rate			6.30%
Origination fee	$ 130,000
Remaining borrowing capacity available			$ 2,200
Outstanding principal balance			$ 10,800

Mortgages payable (Schedule of

Mortgages payable (Schedule of Mortgages Payable) (Details) - USD ($) $ in Thousands	Feb. 11, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted Average Interest Rate		5.05%
Amount Due at Maturity		$ 111,521
Loan Amount Outstanding		$ 115,502	$ 23,761
Promissory Note, secured by four properties [Member]
Debt Instrument [Line Items]
Interest Rate		4.94%
Weighted Average Interest Rate		4.94%
Maturity Date		Aug. 31, 2018
Amount Due at Maturity		$ 21,754
Loan Amount Outstanding		$ 23,500	$ 23,761
Promissory Note, secured by three properties
Debt Instrument [Line Items]
Interest Rate		4.94%
Weighted Average Interest Rate		4.94%
Maturity Date		Aug. 31, 2018
Amount Due at Maturity		$ 14,008
Loan Amount Outstanding		$ 15,133
Revolving Credit Facility, secured by seven properties [Member]
Debt Instrument [Line Items]
Variable interest rate basis		LIBOR
Interest rate, Libor plus		4.95%
Weighted Average Interest Rate		5.23%
Maturity Date		Jan. 29, 2018
Amount Due at Maturity		$ 59,280
Loan Amount Outstanding		$ 59,280
Courtyard-Parsippany [Member]
Debt Instrument [Line Items]
Variable interest rate basis	Libor	LIBOR
Interest rate, Libor plus	3.50%	3.50%
Weighted Average Interest Rate		3.68%
Maturity Date		Aug. 31, 2018
Amount Due at Maturity		$ 7,126
Loan Amount Outstanding		$ 7,700
Residence Inn - Baton Rouge [Member]
Debt Instrument [Line Items]
Interest Rate	5.36%	5.36%
Weighted Average Interest Rate		5.36%
Maturity Date		Nov. 30, 2018
Amount Due at Maturity		$ 3,480
Loan Amount Outstanding		$ 3,758
Courtyard - Baton Rouge [Member]
Debt Instrument [Line Items]
Interest Rate		5.56%
Weighted Average Interest Rate		5.56%
Maturity Date		May 31, 2017
Amount Due at Maturity		$ 5,873
Loan Amount Outstanding		$ 6,131

Mortgages payable (Narrative) (

Mortgages payable (Narrative) (Details) $ in Thousands	Jan. 29, 2015USD ($)item	Jun. 30, 2015USD ($)	Feb. 11, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Number of wholly owned subsidiaries | item	2
Restricted escrows		$ 2,376		$ 988
Courtyard-Parsippany [Member]
Debt Instrument [Line Items]
Debt assumed		7,700	$ 7,800
Residence Inn - Baton Rouge [Member]
Debt Instrument [Line Items]
Debt assumed		3,800	$ 3,800
Courtyard Baton Rouge [Member]
Debt Instrument [Line Items]
Debt assumed		6,100
Revolving Credit Facility, secured by seven properties [Member]
Debt Instrument [Line Items]
Number of wholly owned subsidiaries | item	2
Term of credit facility	3 years
Amount allowed for borrowings as percentage of loan to value ratio of properties	65.00%
Loan received	$ 35,000
Remaining borrowing capacity available	24,300	700
Outstanding principal balance	$ 59,300
Promissory Note, secured by four properties [Member]
Debt Instrument [Line Items]
Restricted escrows		2,400		$ 1,000
Secured Promissory Note Two [Member]
Debt Instrument [Line Items]
Debt assumed		$ 15,100

Mortgages payable (Contractual

Mortgages payable (Contractual Principal Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgages payable [Abstract]
2,015	$ 626
2,016	1,303
2,017	7,151
2,018	$ 106,422
2,019
Thereafter
Total	$ 115,502	$ 23,761

Related Party Transactions (Amo

Related Party Transactions (Amount Recorded in Pursuant to Related Party Arrangment) (Details) - Related Party [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Acquisition Fees		$ 246		$ 246
Development Fees	$ 2		$ 2	$ 140
Asset Management Fees	495		879
Total	$ 497	$ 246	$ 881	$ 386

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015
Related Party Transaction [Line Items]
Percentage of average invested assets allocated to asset management fees			0.95%
Asset management fees waived	$ 192	$ 327

Financial Instruments (Details)

Financial Instruments (Details) - Mortgage payable [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Carrying Amount	$ 115,502	$ 23,761
Estimated Fair Value	$ 115,411	$ 23,548

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jan. 31, 2012item	Nov. 21, 2012USD ($)
Commitments and Contingencies [Abstract]
Number of claims filed	2
Potential damages | $		$ 164

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	Aug. 14, 2015	Jul. 15, 2015
Subsequent Event [Line Items]
Distribution payment		$ 3,000,000
Distribution on per day basis	$ 0.00178082191
Number of days used to calculate daily amount of distribution	365 days
Annualized rate of dividend	6.50%
Share price	$ 10