Lightstone Value Plus REIT II (LVPR) 10-K 20 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 15, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		18.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment property:
Land and improvements	$ 44,137	$ 43,907
Building and improvements	174,234	170,136
Furniture and fixtures	38,827	36,036
Construction in progress	675	3,567
Gross investment property	257,873	253,646
Less accumulated depreciation	(25,430)	(14,959)
Net investment property	232,443	238,687
Investment in unconsolidated affiliated entity	5,836	6,021
Cash and cash equivalents	43,179	37,381
Marketable securities, available for sale	8,738	15,464
Restricted escrows and deposits	3,488	7,243
Notes receivable from related party	0	2,055
Accounts receivable and other assets	4,189	4,173
Total Assets	297,873	311,024
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	6,581	7,218
Margin loan	3,854	7,577
Mortgages payable, net	127,140	128,392
Due to related party	418	403
Distributions payable	3,248	3,279
Total liabilities	141,241	146,869
Commitments and contingencies (Note 12)
Company's stockholders' equity:
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 100,000 shares authorized, 18,411 and 18,586 shares issued and outstanding in 2016 and 2015, respectively	184	186
Additional paid-in-capital	157,259	158,966
Accumulated other comprehensive loss	(1,456)	(2,464)
Accumulated deficit	(19,552)	(12,529)
Total Company stockholders' equity	136,435	144,159
Noncontrolling interests	20,197	19,996
Total Stockholders' Equity	156,632	164,155
Total Liabilities and Stockholders' Equity	$ 297,873	$ 311,024

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	10,000	10,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	18,411	18,586
Common stock, shares outstanding	18,411	18,586

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues	$ 83,421	$ 71,368	$ 23,566
Expenses:
Property operating expenses	52,625	46,052	14,692
Real estate taxes	3,043	2,667	857
General and administrative costs	4,667	4,878	2,903
Depreciation and amortization	10,496	8,867	3,446
Total operating expenses	70,831	62,464	21,898
Operating income	12,590	8,904	1,668
Interest and dividend income	1,324	2,082	1,443
Bargain purchase gain	0	0	2,790
Interest expense	(7,887)	(5,664)	(1,325)
Other income, net	108	271	75
Income/(loss) from investments in unconsolidated affiliated entities	107	(136)	(111)
Net income	6,242	5,457	4,540
Less: net income attributable to noncontrolling interests	(297)	(144)	(68)
Net income applicable to Company's common shares	$ 5,945	$ 5,313	$ 4,472
Net income per Company's common share, basic and diluted	$ 0.32	$ 0.29	$ 0.35
Weighted average number of common shares outstanding, basic and diluted	18,496	18,629	12,608

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 6,242	$ 5,457	$ 4,540
Other comprehensive income/(loss):
Holding gain/(loss) on available for sale securities	1,071	(2,716)	(147)
Reclassification adjustment for gains included in net income	(63)	0	0
Other comprehensive income/(loss)	1,008	(2,716)	(147)
Comprehensive income	7,250	2,741	4,393
Less: Comprehensive income attributable to noncontrolling interests	(297)	(144)	(68)
Comprehensive income attributable to the Company's common shares	$ 6,953	$ 2,597	$ 4,325

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ 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, 2013	$ 67,025	$ 76	$ 60,755	$ (25)	$ 399	$ (1,781)	$ 7,601
BALANCE, shares at Dec. 31, 2013		7,643
Net income	4,540	$ 0	0	0	0	4,472	68
Other comprehensive income (loss)	(147)	0	0	0	(147)	0	0
Distributions declared	(8,194)	0	0	0	0	(8,194)	0
Distributions paid to noncontrolling interests	(131)	0	0	0	0	0	(131)
Contributions from noncontrolling interests	11,300	0	0	0	0	0	11,300
Proceeds from offering	104,592	$ 107	104,540	(55)	0	0	0
Proceeds from offering, shares		10,579
Selling commissions and dealer manager fees	(8,934)	$ 0	(8,934)	0	0	0	0
Other offering costs	(611)	0	(611)	0	0	0	0
Redemption and cancellation of shares	(676)	$ (1)	(675)	0	0	0	0
Redemption and cancellation of shares, shares		(72)
Shares issued from distribution reinvestment program	3,258	$ 3	3,255	0	0	0	0
Shares issued from distribution reinvestment program, shares		343
Notes receivable issued to noncontrolling interests	0	$ 0	0	0	0	0	0
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	5,457	$ 0	0	0	0	5,313	144
Other comprehensive income (loss)	(2,716)	0	0	0	(2,716)	0	0
Distributions declared	(12,339)	0	0	0	0	(12,339)	0
Distributions paid to noncontrolling interests	(641)	0	0	0	0	0	(641)
Contributions from noncontrolling interests	2,284	0	0	0	0	0	2,284
Proceeds from offering	80	$ 0	0	80	0	0	0
Proceeds from offering, shares		0
Other offering costs	10	$ 0	10	0	0	0	0
Redemption and cancellation of shares	(858)	$ (1)	(857)	0	0	0	0
Redemption and cancellation of shares, shares		(89)
Shares issued from distribution reinvestment program	1,723	$ 2	1,721	0	0	0	0
Shares issued from distribution reinvestment program, shares		182
Acquisition of noncontrolling interest in a subsidiary	(867)	$ 0	(238)	0	0	0	(629)
BALANCE at Dec. 31, 2015	164,155	$ 186	158,966	0	(2,464)	(12,529)	19,996
BALANCE, shares at Dec. 31, 2015		18,586
Net income	6,242	$ 0	0	0	0	5,945	297
Other comprehensive income (loss)	1,008	0	0	0	1,008	0	0
Distributions declared	(12,968)	0	0	0	0	(12,968)	0
Distributions paid to noncontrolling interests	(106)	0	0	0	0	0	(106)
Contributions from noncontrolling interests	10	0	0	0	0	0	10
Redemption and cancellation of shares	(1,709)	$ (2)	(1,707)	0	0	0	0
Redemption and cancellation of shares, shares		(175)
BALANCE at Dec. 31, 2016	$ 156,632	$ 184	$ 157,259	$ 0	$ (1,456)	$ (19,552)	$ 20,197
BALANCE, shares at Dec. 31, 2016		18,411

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,242	$ 5,457	$ 4,540
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,496	8,867	3,446
Amortization of deferred financing costs	665	516	72
Bargain purchase gain	0	0	(2,790)
(Income)/loss from investments in unconsolidated affiliated entities	(107)	136	111
Other non-cash adjustments	252	72	(110)
Changes in assets and liabilities:
Decrease/(increase) in accounts receivable and other assets	(169)	673	(1,912)
Decrease/(increase) in accounts payable and other accrued expenses	(80)	1,086	902
Increase in due to related party	15	204	92
Net cash provided by operating activities	17,314	17,011	4,351
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	(4,747)	(99,440)	(60,615)
Purchase of marketable securities, net of margin loan	0	0	(19,774)
Purchase of noncontrolling interest in a subsidiary	0	(867)	0
Proceeds from sale of marketable securities	7,573	0	9,692
Purchase of restricted escrow	0	(2,442)	0
Issuance of notes receivable from related party	(24,200)	(20,200)	0
Collections on note receivable from related party	26,255	18,145	0
Release/(funding) of restricted escrows	3,755	(3,243)	1,306
Contributions to unconsolidated affiliated entity	0	(2,653)	0
Distributions from unconsolidated affiliated entities	291	0	219
Net cash provided by/(used in) investing activities	8,927	(110,700)	(69,172)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financings	0	74,230	0
Payment on mortgages payable	(1,917)	(1,008)	(499)
Payment of loan fees and expenses	0	(1,691)	0
(Payments)/proceeds on margin loan, net	(3,723)	1,762	3,909
Proceeds from issuance of common stock	0	80	104,592
Payment of commissions and offering costs	0	(116)	(9,612)
Redemption and cancellation of common shares	(1,709)	(858)	(676)
Contribution from noncontrolling interests	10	2,175	11,300
Distributions to noncontrolling interests	(106)	(641)	(131)
Distributions to common stockholders	(12,998)	(10,365)	(3,080)
Net cash (used in)/provided by financing activities	(20,443)	63,568	105,803
Net change in cash and cash equivalents	5,798	(30,121)	40,982
Cash and cash equivalents, beginning of year	37,381	67,502	26,520
Cash and cash equivalents, end of year	$ 43,179	$ 37,381	$ 67,502

Organization

Organization	12 Months Ended
	Dec. 31, 2016
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, which has qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since its taxable year ending December 31, 2009. The Lightstone REIT II was formed primarily for the purpose of engaging in the business of investing in and owning commercial, residential and hospitality properties, as well as other real estate-related investments, located principally in North America. 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. Offering and Structure Our sponsor David Lichtenstein (“Lichtenstein”), who does business as the Lightstone Group (the “Sponsor”) and majority owns the limited liability company of that name with a diversified portfolio of over 120 properties containing approximately 10,000 multifamily units, approximately 250,000 square feet of office space, 1.5 million square feet of industrial space, 31 hotels and 4.6 million square feet of retail space. The residential, office, industrial, hotel and retail properties are located in 26 states. Based in New York and supported by a regional office in New Jersey, our Sponsor employs approximately 397 staff and professionals. Our advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is wholly owned by our Sponsor. Our Advisor, together with our Board of Directors, is and will continue to be primarily responsible for making investment decisions and managing our day-to-day operations. Mr. Lichtenstein also acts as our Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT II or the Operating Partnership. We do not have and will not have any employees that are not also employed by our Sponsor or its affiliates. We depend substantially on our Advisor, which generally has responsibility for our day-to-day operations. Under the terms of an advisory agreement, the Advisor also undertakes to use its commercially reasonable best efforts to present to us investment opportunities consistent with our investment policies and objectives as adopted by our Board of Directors. Our Advisor has affiliated property managers (our “Property Managers”) that are related parties, which may manage certain of the properties we acquire. We also use other unaffiliated third-party property managers, principally for the management of our hospitality properties. On April 24, 2009, we commenced an initial public offering (the “Offering”) to sell a maximum of 51.0 10.00 6.5 75,000 255,000 The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $ 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 offered to sell up to 30.0 10.00 2,500,000 9.50 255,000 127.5 12.9 11.0 4.0 112.5 The Company’s 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. As of December 31, 2016, 5.9 Effective September 27, 2012, Orchard Securities, LLC (“Orchard Securities”) became the Dealer Manager of the Company’s Follow-On Offering, which terminated on September 27, 2014. As of December 31, 2016, 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 Interest – Partners of Operating Partnership 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 a joint venture (the “Joint Venture”) formed between the Company and Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a related party REIT also sponsored by the Company’s Sponsor, (see Note 3) and (iii) the membership interests held by minority owners of certain of our hotels. During 2015, the Company paid an aggregate of $ 0.9 On May 20, 2008, the Advisor contributed $ 2 200 Lightstone SLP II LLC, which is wholly owned by the Sponsor, committed to purchase subordinated profits interests in our Operating Partnership (“Subordinated Profits Interests”) at a cost of $ 100,000 1.0 From the Company’s inception through the termination of the Follow-On Offering, our Sponsor contributed cash of approximately $ 12.9 48.6 4.8 177.0 17.7 Operations - Operating Partnership Activity The Operating Partnership commenced its operations on October 1, 2009. Since then we have acquired and/or intend to continue to acquire and operate commercial, residential and hospitality properties, and make real estate-related investments, principally in North America through its Operating Partnership. Our current holdings consist of retail (primarily multi-tenanted shopping centers) and lodging properties. All of our properties have been and will continue to be acquired and operated by us alone or jointly with others. In addition, we may invest up to 20% of our net assets in collateralized debt obligations, commercial mortgage-backed securities (“CMBS”) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which we may acquire directly. Related Parties The Advisor and its affiliates and Lightstone SLP II, LLC are related parties. Certain of these entities have or will receive compensation and fees for services related to the Company’s offerings and will continue to receive compensation and fees for services provided for the investment and management of the Company’s assets. These entities have and/or will receive fees during the Company’s offering stage (which was completed on September 27, 2014), acquisition, operational and liquidation stages. The compensation levels during the offering, acquisition and operational stages are based on percentages of the offering proceeds raised, the cost of acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements. See Note 11 for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT II exercises financial and operating control). As of December 31, 2016, the Company had a 99 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 and investments in other real estate entities, depreciable lives of long-lived assets 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. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds. Year Ended December 31, 2016 2015 2014 Supplemental disclosure of cash flow information: Cash paid for interest $ 7,155 $ 4,683 $ 1,255 Distributions declared $ 12,968 $ 12,339 $ 8,194 Noncash commissions and other offering costs in accounts payable and other accrued expenses $ - $ - $ 126 Subscription receivable $ - $ - $ 55 Value of shares issued from distribution reinvestment program $ - $ 1,723 $ 3,258 Debt assumed for acquisition $ - $ 32,841 $ - Non controlling interest assumed for acquisition $ - $ 656 $ - Unrealized (loss)/gain in available for sale securities $ 1,071 $ (2,716) $ (147) Purchase of loan receivable $ - $ 547 $ - Non-cash purchase of investment property $ - $ 521 $ - Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company’s available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company’s total assets to be made at the Company’s discretion, subject to compliance with any REIT or other restrictions. Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. Accounting for Acquisitions When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operations. Transaction costs incurred related to the Company’s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment. Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered. The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms. Carrying Value of Assets The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2016 and 2015, the Company did not recognize any impairment charges. Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture and fixtures. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. 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. Unamortized deferred financing costs are included as a direct deduction from the related debt in the consolidated balance sheets.. The Company evaluates its investments in other entities for consolidation. The percentage interest in the joint venture, evaluation of control and whether a variable interest entity (“VIE”) exists are all considered in determining if the investment qualifies for consolidation. The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions. The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of the Company’s investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations. On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Management’s estimate of fair value for each investment is based on a number of assumptions that are subject to economic and market uncertainties. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the fair values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2016 and 2015. We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90 have a material adverse effect on The Company engages in certain activities through taxable REIT subsidiaries ("TRSs"). When the Company purchases a hotel it establishes a TRS and enters into an operating lease agreement for the hotel. As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2016, the Company had no material uncertain income tax positions. Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income. The carrying amounts of cash and cash equivalents, restricted escrows and deposits, prepaid expenses and other assets, accounts payable and other accrued expenses, margin loan, due to related party, and distributions payable approximated their fair values as of December 31, 2016 and 2015 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of December 31, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 127,907 $ 128,052 $ 129,824 $ 130,255 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates. Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital (“APIC”) as costs are incurred. From the commencement of the Offering through the termination of the Follow-On Offering (September 27, 2014), the Company incurred approximately $ 16.3 8.5 24.8 The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders’ equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately. The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The Company has not granted any stock-based incentive awards. Basic and Diluted Net Earnings per Common 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. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2017, FASB issued guidance that amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force meetings. The SEC guidance that specifically relates to our consolidated financial statement was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance on revenue. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The adoption this guidance did not have a material effect on the Company's consolidated financial statements. In August 2016, the issued FASB an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued an accounting standards update that generally requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income. The new guidance must be applied using a modified-retrospective approach and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. If the Company had adopted this standard during the year ended December 31, 2016, it would have resulted in an increase/(decrease) to net incomeof approximately $ 1.0 2.7 0.1 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 was effective for the Company beginning January 1, 2016. The Company adopted this standard during the quarter ended March 31, 2016. As a result of adopting this standard on a retrospective basis, approximately $ 1.4 In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. Certain prior period amounts may have been reclassified to conform to the current year presentation.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
Acquisitions [Abstract]
Acquisitions	3 Acquisitions LVP REIT Hotels On January 19, 2015, the Company’s Board of Directors provided approval for the Company to form the Joint Venture and for the Joint Venture to acquire Lightstone I’s membership interest in up to 11 select service hotels (the “LVP REIT Hotels”). The Company’s Advisor elected to waive the acquisition fee associated with this transaction. 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 Subsequently, on January 29, 2015, the Company, through the Joint Venture, completed the acquisition of 100.0 64.6 63.0 1.6 · a Courtyard by Marriott located in Willoughby, Ohio (the “Courtyard – Willoughby”); · a Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa (the “Fairfield Inn – Des Moines”); · a SpringHill Suites by Marriott located in West Des Moines, Iowa (the SpringHill Suites – Des Moines”); · a Hampton Inn located in Miami, Florida (the “Hampton Inn – Miami”); and · a Hampton Inn & Suites located in Fort Lauderdale, Florida (the “Hampton Inn & Suites – Fort Lauderdale”). On January 29, 2015, the Company, through two wholly owned subsidiaries, entered into a $ 60.0 4.95 65.0 35.0 On February 11, 2015, the Company, through the Joint Venture, completed the acquisition of Lightstone I’s (i) 100.0 90.0 24.1 0.3 10 11.6 12.2 11.9 0.3 The assumed debt consisted of (i) a $ 7.8 3.50 3.8 5.36 On June 10, 2015, the Company through the Joint Venture, completed the acquisition of Lightstone I’s (i) 100.0 100.0 95.0 28.0 0.7 5 15.1 12.9 12.6 0.3 4.94 On June 30, 2015, the Company through the Joint Venture, completed the acquisition of Lightstone I’s 90.0 7.4 0.7 10.0 6.1 1.3 1.2 0.1 5.56 As a result, the Company, through the Joint Venture, has completed the acquisition of all of the LVP REIT Hotels. The aggregate purchase price for the LVP REIT Hotels was approximately $ 124.1 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 fair values as of the dates of the acquisition. Approximately $ 21.0 86.4 16.7 Holiday Inn - Opelika On April 1, 2014, the Company completed the acquisition of an 87-room select service hotel located in Opelika, Alabama (the “Holiday Inn — Opelika”), from an unrelated third party. The Holiday Inn — Opelika operates as a “Holiday Inn Express Hotel & Suites” pursuant to a 15-year franchise agreement with the International Hotel Group. The aggregate purchase price for the Holiday Inn — Opelika was approximately $ 6.9 0.95 66 The acquisition of the Holiday Inn — Opelika 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 of the Holiday Inn — Opelika has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition. Approximately $ 1.0 5.3 0.6 Aloft - Tucson On April 8, 2014, the Company completed the acquisition of a 154-room select service hotel located in Tucson, Arizona (the “Aloft — Tucson”), from an unrelated third party. The Aloft — Tucson operates as an “Aloft” pursuant to a 20-year franchise agreement with Sheraton LLC, or Starwood. The aggregate purchase price for the Aloft - Tucson was approximately $ 19.0 0.95 19.0 181 The acquisition of the Aloft — Tucson 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 of the Aloft — Tucson has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition. Approximately $ 1.9 14.7 2.4 Hampton Inn – Fort Myers Beach On October 2, 2014, the Company completed the acquisition of a 120-room select service hotel located in Fort Myers, Florida (the “Hampton Inn – Fort Myers Beach”) from an unrelated third party. The Hampton Inn – Fort Myers Beach operates as a “Hampton Inn & Suites” pursuant to a 15-year franchise agreement with Hampton Inn Franchise LLC. The aggregate purchase price for the Hampton Inn – Fort Myers Beach was approximately $ 9.4 0.95 0.1 The acquisition of the Hampton Inn – Fort Myers Beach 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 of the Hampton Inn – Fort Myers Beach has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition. Approximately $ 3.0 5.1 1.3 Philadelphia Airport Hotel Portfolio On December 17, 2014, the Company completed the portfolio acquisition of the Aloft Philadelphia Airport (the “Aloft - Philadelphia”), a 136-room select service hotel, the Four Points by Sheraton Philadelphia Airport (the “Four Points by Sheraton - Philadelphia”), a 177-room select service hotel and a land parcel adjacent the Four Points by Sheraton Philadelphia (the “Land Parcel” and collectively, the “Philadelphia Airport Hotel Portfolio”) from an unrelated third party. The Aloft Philadelphia operates as an “Aloft” pursuant to a 20-year franchise agreement with Starwood and the Four Points by Sheraton Philadelphia operates as a “Four Points by Sheraton” pursuant to a 20-year franchise agreement with Starwood. The aggregate purchase price for the Philadelphia Airport Hotel Portfolio was approximately $ 22.6 0.3 0.95 0.2 25.4 22.6 2.8 The acquisition of the Philadelphia Airport Hotel Portfolio 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 of the Philadelphia Hotel Portfolio has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 7.9 15.5 2.0 Financial Information For the Years Ended December 31, 2016 2015 2014 Rental revenue $ 63,819 $ 52,395 $ 6,416 Net income (1) $ 8,283 $ 8,043 $ 2,596 Note (1) Includes the approximately $2.8 million bargain purchase gain recorded in the year ended December 31, 2014 in connection with the acquisition of the Philadelphia Airport Hotel Portfolio. For the Years Ended December 31, 2015 2014 Pro forma rental revenue $ 79,359 $ 74,411 Pro forma net income per Company's common share (2) $ 6,007 $ 3,119 Pro forma net income per Company's common share, basic and diluted (2) $ 0.32 $ 0.25 Note (2) Excludes the approximately $ 2.8

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Entity	12 Months Ended
	Dec. 31, 2016
Investments in Unconsolidated Affiliated Entities [Abstract]
Investments in Unconsolidated Affiliated Entities	4. Investments in Unconsolidated Affiliated Entity The entity listed below is partially owned by the Company. The Company accounts for this investment under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary of this entity. As of Entity Date of Ownership Ownership % December 31, 2016 December 31, 2015 Brownmill LLC ("Brownmill") Various 48.58 % $ 5,836 $ 6,021 Brownmill During 2010, 2011 and 2012, the Company entered into five separate contribution agreements with Lightstone Holdings LLC (‘‘LGH’’), a wholly-owned subsidiary of the Company’s Sponsor, pursuant to which LGH contributed to the Company an approximate aggregate 48.6 34.4 5.6 8.6 48 33 6 9 100,000 4.8 3.3 0.6 0.9 The aggregate fair value of the Company’s 48.6% interest in Brownmill, based on estimated fair values as of the effective dates of the applicable contributions, was approximately $ 15.5 4.8 10.7 As a result of these contributions in exchange for Subordinated Profit Interests, as of December 31, 2016, the Company owns a 48.6 595 450 292 219 During the year ended December 31, 2015, Brownmill refinanced its mortgage payable. In connection with the refinancing, Brownmill made a principal payment of approximately $ 5.5 2.7 Brownmill owns two retail properties known as Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhaull, New Jersey, which collectively, are referred to as the “Brownmill Properties.” Brownmill Condensed Financial Information The Company’s carrying value of its interest in Brownmill differs from its share of member’s equity reported in the condensed balance sheet of Brownmill due to the Company’s basis of its investment in excess of the historical net book value of Brownmill. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. For the Year Ended For the Year Ended For the Year Ended December 31, 2016 December 31, 2015 December 31, 2014 Revenue $ 3,596 $ 3,644 $ 3,600 Property operating expenses 1,592 1,596 1,458 Depreciation and amortization 846 904 842 Operating income 1,158 1,144 1,300 Interest expense and other, net (590) (1,018) (1,094) Net income $ 568 $ 126 $ 206 Company's share of net income $ 276 $ 61 $ 100 Additional depreciation and amortization expense (1) (169) (197) (211) Company's income/(loss) from investment $ 107 $ (136) $ (111) 1. Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill. As of As of December 31, 2016 December 31, 2015 Real estate, at cost (net) $ 15,273 $ 15,651 Cash and restricted cash 1,412 1,080 Other assets 1,269 1,482 Total assets $ 17,954 $ 18,213 Mortgage payable $ 14,519 $ 14,700 Other liabilities 482 527 Members' deficiency 2,953 2,986 Total liabilities and members' deficiency $ 17,954 $ 18,213

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract]
Marketable Securities and Fair Value Measurements	5. Marketable Securities and Fair Value Measurements Marketable Securities: As of December 31, 2016 Gross Unrealized Adjusted Cost Gross Unrealized Gains Losses Fair Value Equity Securities $ 10,194 $ - $ (1,456) $ 8,738 As of December 31, 2015 Gross Unrealized Adjusted Cost Gross Unrealized Gains Losses Fair Value Equity Securities $ 17,928 $ 63 $ (2,527) $ 15,464 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 1.62 During the year ended December 31, 2016, the Company sold equity securities with a cost basis of approximately $ 7.8 7.6 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 December 31, 2016 and 2015, 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 December 31, 2016 and 2015 all of the Company’s equity securities were classified as Level 1 assets and there were no transfers between the level classifications. The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

Notes Receivable from Related P

Notes Receivable from Related Party	12 Months Ended
	Dec. 31, 2016
Notes Receivable from Related Party [Abstract]
Notes Receivable from Related Party	6. Notes Receivable from Related Party The Company had entered into various revolving promissory notes (collectively, the “Notes Receivable from Related Party”) with the operating partnership of Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone III”), a REIT also sponsored by the Company’s Sponsor as discussed below. During the years ended December 31, 2016 and 2015, the Company recorded interest income (included in interest and dividend income in the consolidated statements of operations) of $ 606 277 904 178 Des Moines Note Receivable On February 4, 20 1 10.0 8.2 The Des Moines Note Receivable had a term of one year, bore interest at a floating rate of three-month Libor plus 6.0 100 Durham Note Receivable 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 had a term of one year, bore interest at a floating rate of three-month Libor plus 6.0 130 2.1 10.9 8.0 10.1 Lansing Note Receivable On May 2, 2016, the Company entered into a revolving promissory note (the “Lansing Note Receivable”) of up to $ 8.0 6.0 6.0 80 Green Bay Note Receivable On May 2, 2016, the Company entered into a revolving promissory note (the “Green Bay Note Receivable”) of up to $ 14.5 10.2 6.0 145

Mortgages payable

Mortgages payable	12 Months Ended
	Dec. 31, 2016
Mortgages payable [Abstract]
Mortgages payable	7. Mortgages Payable Weighted Average Interest Rate as of As of As of Interest December 31, Maturity Amount Due December 31, December 31, Description Rate 2016 Date at Maturity 2016 2015 Promissory Note, secured by four properties 4.94% 4.94 % August 2018 $ 21,754 $ 22,688 $ 23,236 Revolving Loan, secured by nine properties LIBOR + 4.95% 5.68 % January 2018 73,616 73,616 74,230 Courtyard - Parsippany LIBOR + 3.50% 3.98 % August 2018 7,126 7,431 7,612 Residence Inn - Baton Rouge 5.36% 5.36 % November 2018 3,480 3,640 3,720 Promissory Note, secured by three properties 4.94% 4.94 % August 2018 14,008 14,610 14,962 Courtyard - Baton Rouge 5.56% 5.56 % May 2017 5,873 5,922 6,064 Total mortgages payable 5.35 % $ 125,857 $ 127,907 $ 129,824 Less: Deferred financing costs (767) (1,432) Total mortgages payable, net $ 127,140 $ 128,392 Promissory Note On July 29, 2013, the Company, through certain subsidiaries, entered into a promissory note (the “Promissory Note”) with Barclays Bank PLC (“Barclays”) for approximately $ 24.4 five 4.94 142 The Promissory Note is cross-collateralized by four hotel properties consisting of the SpringHill Suites - Peabody, the TownePlace Suites - Metairie and the Arkansas Hotel Portfolio. Revolving Credit Facility On January 29, 2015, the Company, through two Libor plus 4.95 three 65.0 35.0 24.2 75.0 15.0 Courtyard-Parsippany The $ 7.8 Libor plus 3.50 Residence Inn - Baton Rouge The $ 3.8 5.36 Promissory Note The $ 15.1 4.94 Courtyard - Baton Rouge The $ 6.1 5.56 Principal Maturities Remainder of 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 7,152 $ 120,755 $ - $ - $ - $ - $ 127,907 Less: Deferred financing costs (767) Total principal maturiteis, net 127,140 Debt Compliance Pursuant to the Company’s debt agreements, approximately $ 3.5 2.2 Additionally, the Company’s mortgage loan (outstanding principal balance of $ 5.9 73.6

Selling Commission, Dealer Mana

Selling Commission, Dealer Manager Fees and Other Offering Costs	12 Months Ended
	Dec. 31, 2016
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract]
Selling Commission, Dealer Manager Fees and Other Offering Costs	8. Selling Commission, Dealer Manager Fees and Other Offering Costs Selling commissions and dealer manager fees were paid to the Dealer Manager, pursuant to various agreements, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees were accounted for as a reduction against additional paid-in capital (“APIC”) as costs were incurred. Any organizational costs were accounted for as general and administrative costs. Since commencement of its Offering through the termination of the Follow-On Offering (September 27, 2014), the Company incurred approximately $ 16.3 8.5 8.9 0.6

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholder’s Equity	9. Stockholder’s Equity Preferred Shares Shares of preferred stock may be issued in the future in one or more series as authorized by the Company’s Board of Directors. Prior to the issuance of shares of any series, the Board of Directors is required by the Company’s charter to fix the number of shares to be included in each series and the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Because the Company’s Board of Directors has the power to establish the preferences, powers and rights of each series of preferred stock, it may provide the holders of any series of preferred stock with preferences, powers and rights, voting or otherwise, senior to the rights of holders of our common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of the Company’s common stock. To date, the Company had no outstanding preferred shares. Common Shares All of the common stock offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of its charter regarding the restriction on the ownership and transfer of shares of our stock, holders of the Company’s common stock will be entitled to receive distributions if authorized by the Board of Directors and to share ratably in the Company’s assets available for distribution to the stockholders in the event of a liquidation, dissolution or winding-up. Each outstanding share of the Company’s common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding common stock can elect all of the directors then standing for election, and the holders of the remaining common stock will not be able to elect any directors. Holders of the Company’s common stock have no conversion, sinking fund, redemption or exchange rights, and have no preemptive rights to subscribe for any of its securities. Maryland law provides that a stockholder has appraisal rights in connection with some transactions. However, the Company’s charter provides that the holders of its stock do not have appraisal rights unless a majority of the Board of Directors determines that such rights shall apply. Shares of the Company’s common stock have equal dividend, distribution, liquidation and other rights. Under its charter, the Company cannot make any material changes to its business form or operations without the approval of stockholders holding at least a majority of the shares of our stock entitled to vote on the matter. These include (1) amendment of its charter, (2) its liquidation or dissolution, (3) its reorganization, and (4) its merger, consolidation or the sale or other disposition of its assets. Share exchanges in which the Company is the acquirer, however, do not require stockholder approval. Distributions U.S. federal income tax law requires that a REIT distribute annually at least 90 Distributions are at the discretion of our Board of Directors. We commenced regular quarterly distributions beginning with the fourth quarter of 2009. We may fund future distributions from borrowings if we do not generated sufficient cash flow from our operations to fund distributions. Our ability to continue to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular quarterly distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish. We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. “Return of capital” refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, although such distributions might not reduce stockholders’ aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes. On March 30, 2009, our Board of Directors declared an annualized distribution rate for each quarterly period commencing 30 days subsequent to us achieving the minimum offering of 500,000 0.00178082191 365 6.5 10.00 At the beginning of October 2009, we achieved our minimum offering of 500,000 On September 25, 2015, the Board of Directors resolved that future distributions declared to shareholders of record on the close of business on the last day of the quarter during the applicable quarter would be targeted to be paid at a rate of $ 0.0019178 365 7.0 10.00 6.5 Total distributions declared during the years ended December 31, 2016, 2015 and 2014 were $ 13.0 12.3 8.2 On February 28, 2017, our Board of Directors declared a special distribution (the “Catch-Up Distribution”) representing the difference between the Revised Annualized Distribution Rate and the Initial Annualized Distribution Rate for the period from October 1, 2009 through September 30, 2015. This distribution was calculated based on stockholders of record each day during the applicable period at a rate of $ 0.000136986 365 0.5 10.00 2.1 On March 17, 2017, our Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2017 at the Revised Annualized Distribution Rate payable to stockholders of record on the close of business on the last day of the quarter, which will be paid on or about April 15, 2017. Our stockholders have the option to elect the receipt of shares of common stock in lieu of cash under our DRIP. 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. The amount of distributions to be paid to our stockholders in the future will be determined by our Board of Directors and are dependent on a number of factors, including funds available for payment of distributions, our financial condition, capital expenditure requirements and annual distribution requirements needed to maintain our status as a REIT under the Code.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interests [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership (ii) membership interests held by others in the Joint Venture (see Note 3) and (iii) the membership interests held by minority owners of certain of our hotels. The units include Subordinated Profits Interests, limited partner units, and Common Units. With respect to the units in the Operating Partnership, the noncontrolling interest in the Company’s consolidated balance sheets as of December 31, 2016 and 2015 include (i) the 200 177 During 2015, the Company paid an aggregate $ 0.6 100.0 S hare Description See Note 1 for a discussion of rights related to the Subordinated Profits Interests. The limited partner and Common Units of the Operating Partnership have similar rights as those of the Company’s stockholders including distribution rights.

Related Party and Other Transac

Related Party and Other Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party and Other Transactions	11. Related Party and Other Transactions The Company has agreements with the Dealer Manager, Advisor and Property Managers to pay certain fees, as follows, in exchange for services performed by these entities and other related party entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Managers and their affiliates to perform such services as provided in these agreements. Fees Amount Selling Commission The Dealer Manager was paid up to 7 11.2 Dealer Management Fee The Dealer Manager was paid up to 3 5.1 Reimbursement of Offering Expenses The Company sold Subordinated Profits Interests to Lightstone SLP II LLC for $ 12.9 48.6 4.8 177.0 17.7 Fees Amount Acquisition Fee The Advisor will be paid an acquisition fee equal to 0.95 Property Management – Residential/Retail/ Hospitality The Property Managers will be paid a monthly management fee of up to 5 Property Management Office/Industrial The Property Managers will be paid monthly property management and leasing fees of up to 4.5 Asset Management Fee The Advisor or its affiliates will be paid an asset management fee of 0.95 Reimbursement of Other expenses For any year in which the Company qualifies as a REIT, the Advisor must reimburse the Company for the amounts, if any, by which the total operating expenses, the sum of the advisor asset management fee plus other operating expenses paid during the previous fiscal year exceed the greater of 2 25 The Advisor or its affiliates will be reimbursed for expenses that may include costs of goods and services, administrative services and non-supervisory services performed directly for the Company by independent parties. Lightstone SLP II, LLC has purchased Subordinated Profits Interests in the Operating Partnership. These Subordinated Profits Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, may entitle Lightstone SLP II, LLC to a portion of any regular distributions made by the Operating Partnership. There were no distributions paid through December 31, 2016. However, in connection with the Board of Directors declaration of the Catch-Up Distribution on February 28, 2017, it also declared that distributions be brought current through December 31, 2016 on the Subordinated Profits Interests at a 7% annualized rate of return which amounted to approximately $4.2 million and 7 The Subordinated Profits Interests may also entitle Lightstone SLP II, LLC to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net sale proceeds upon the liquidation of the Company and, therefore, cannot be determined at the present time. Liquidating distributions to Lightstone SLP II, LLC will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return, as described below: Liquidating Stage Distributions Amount of Distribution 7% Stockholder Return Threshold Once stockholders have received liquidation distributions, and a cumulative non-compounded 7% return per year on their initial net investment, Lightstone SLP, LLC will receive available distributions until it has received an amount equal to its initial purchase price of the Subordinated Profits Interests plus a cumulative non-compounded return of 7 Returns in Excess of 7% Once stockholders have received liquidation distributions, and a cumulative non-compounded return of 7% per year on their initial net investment, 70 30 12 Returns in Excess of 12% After stockholders and Lightstone SLP II, LLC have received liquidation distributions, and a cumulative non-compounded return of 12% per year on their initial net investment, 60 40 Operating Stage Distributions Amount of Distribution 7% stockholder Return Threshold Once a cumulative non-compounded return of 7 7 10 Returns in excess of 7% Once a cumulative non-compounded return of 7% per year is realized by stockholders on their net investment, 70 30 12 Returns in Excess of 12% After the 12 60 40 In addition to certain related party payments that were made to the Dealer Manager, the Company also has agreements with the Advisor and its affiliates to perform such services as provided in these agreements. For the Years Ended December 31, 2016 2015 2014 Acquisition fees $ - $ - $ 547 Asset management fees 2,389 2,032 - Development fees 59 20 140 Total $ 2,448 $ 2,052 $ 687 Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95 0.8 As of December 31, 2016, the Company owns a 48.6 Other Related Party Transactions From time to time, the Company purchases title insurance from an agent in which our Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, prior to the purchase by the Company of any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. During the year ended December 31, 2014 the Company paid approximately $ 44

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Management Agreements The Company’s hotels operate pursuant to management agreements with various third-party management companies. The management companies perform management functions including, but not limited to, hiring and supervising employees, establishing room prices, establishing administrative policies and procedures, managing expenditures and arranging and supervising public relations and advertising. The Management Agreements are for terms ranging from 1 10 The Management Agreements provide for the payment of a base management fee equal to 3 3.5 Franchise Agreements As of December 31, 2016, the Company’s hotels operated pursuant to franchise agreements. Under the franchise agreements, the Company generally pays a fee equal to 5 1.5 3.5 The franchise agreements are for terms ranging from 15 20 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. Effective January 4, 2017, the litigation was settled in its entirety for an insignificant amount and this matter has now been fully disposed of. 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.

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Quarterly Financial Data	13. Quarterly Financial Data (Unaudited) 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 83,421 $ 19,986 $ 22,195 $ 21,351 $ 19,889 Operating income $ 12,590 $ 2,328 $ 4,003 $ 3,924 $ 2,335 Net income $ 6,242 $ 580 $ 2,265 $ 2,396 $ 1,001 Less (income)/loss attributable to noncontrolling interests (297) (114) (111) (75) 3 Net income applicable to Company's common shares $ 5,945 $ 466 $ 2,154 $ 2,321 $ 1,004 Net income per common share, basic and diluted $ 0.32 $ 0.03 $ 0.12 $ 0.13 $ 0.05 2015 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 71,368 $ 18,560 $ 19,687 $ 18,330 $ 14,791 Operating income $ 8,904 $ 1,482 $ 2,579 $ 2,818 $ 2,025 Net income $ 5,457 $ 248 $ 1,255 $ 2,116 $ 1,838 Less income attributable to noncontrolling interests (144) (15) (53) (53) (23) Net income applicable to Company's common shares $ 5,313 $ 233 $ 1,202 $ 2,063 $ 1,815 Net income per common share, basic and diluted $ 0.29 $ 0.01 $ 0.06 $ 0.11 $ 0.10

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
Schedule III Real Estate and Accumulated Depreciation [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation December 31, 2016 Gross amount at which Initial Cost (A) carried at end of period Net Costs Buildings and Capitalized & Buildings and Improvements Impairments Improvements and Furniture Subsequent to Land and and Furniture Accumulated Depreciable Encumbrance Land and Fixtures Acquisition Improvements and Fixtures Total (B) Depreciation (C) Date Acquired Life (D) Fairfield Inn East Rutherford, NJ $ - $ 2,945 $ 8,743 $ 5,493 $ 3,067 $ 14,114 $ 17,181 $ (2,700) 12/31/2012 (D) Hampton Inn Hotel Ft. Myers Beach, FL - 3,028 6,397 783 3,028 7,180 10,208 (780) 10/2/2014 (D) Vacant Lot Philadelphia, PA - 2,000 - - 2,000 - 2,000 - 12/17/2014 (D) Courtyard Marriott Parsippany, NJ 7,377 2,690 14,310 574 2,836 14,738 17,574 (1,416) 2/11/2015 (D) Marriott Residence Inn Baton Rouge, LA 3,599 2,190 4,849 137 2,198 4,978 7,176 (599) 2/11/2015 (D) Marriott Courtyard Baton Rouge, LA 5,900 2,061 5,281 111 2,061 5,392 7,453 (461) 6/30/2015 (D) Total $ 16,876 $ 14,914 $ 39,580 $ 7,098 $ 15,190 $ 46,402 $ 61,592 $ (5,956) Promissory Note (1) TownePlace Suites Hotel Harahan, LA $ 8,779 $ 1,800 $ 10,484 $ 2,063 $ 1,804 $ 12,543 $ 14,347 $ (2,623) 1/19/2011 (D) SpringHill Suites Hotel Peabody, MA 7,536 2,126 10,624 3,141 2,168 13,723 15,891 (3,672) 7/13/2012 (D) TownePlace Suites Hotel Johnson, AR 2,774 990 4,710 1,061 990 5,771 6,761 (1,041) 6/18/2013 (D) TownePlace Suites Hotel Little Rock, AR 3,486 1,037 5,220 1,008 1,045 6,220 7,265 (1,084) 6/18/2013 (D) Total $ 22,575 $ 5,953 $ 31,038 $ 7,273 $ 6,007 $ 38,257 $ 44,264 $ (8,420) Revolving Credit Facility (2) Holiday Inn Express Hotel Opelika, AL $ - $ 999 $ 5,871 $ 152 $ 999 $ 6,023 $ 7,022 $ (649) 4/1/2014 (D) Aloft Tucson University Hotel Tucson, AZ - 1,860 17,140 82 1,860 17,222 19,082 (2,046) 4/8/2014 (D) Aloft Philadelphia Airport Hotel Philadelphia, PA - 2,595 11,805 1,691 2,595 13,496 16,091 (1,021) 12/17/2014 (D) Four Points by Sheraton Hotel Philadelphia, PA - 3,267 5,733 2,913 3,278 8,635 11,913 (711) 12/17/2014 (D) Courtyard Marriott Willoughby, OH - 1,177 10,823 138 1,180 10,958 12,138 (1,039) 1/29/2015 (D) Fairfield Inn & Suites Des Moines, IA - 1,648 6,852 182 1,662 7,020 8,682 (744) 1/29/2015 (D) SpringHill Suites Des Moines, IA - 1,495 7,905 152 1,512 8,040 9,552 (793) 1/29/2015 (D) Hampton Inn Hotel Miami, FL - 3,571 15,629 1,558 3,571 17,187 20,758 (1,078) 1/29/2015 (D) Hampton Inn Hotel Ft Lauderdale, FL - 2,383 13,117 1,499 2,383 14,616 16,999 (960) 1/29/2015 (D) Unallocated 73,175 - - - - - - - (D) Total $ 73,175 $ 18,995 $ 94,875 $ 8,367 $ 19,040 $ 103,197 $ 122,237 $ (9,041) Promissory Note (3) Holiday Inn Express Hotel Auburn, AL $ 3,920 $ 817 $ 7,241 $ 49 $ 817 $ 7,290 $ 8,107 $ (674) 6/10/2015 (D) Aloft - Rogers Rogers, AR 7,618 1,383 12,917 934 1,383 13,851 15,234 (942) 6/10/2015 (D) Fairfield Inn & Suites Jonesboro, AR 2,976 1,613 3,987 839 1,700 4,739 6,439 (397) 6/10/2015 (D) Total $ 14,514 $ 3,813 $ 24,145 $ 1,822 $ 3,900 $ 25,880 $ 29,780 $ (2,013) Grand Total $ 127,140 $ 43,675 $ 189,638 $ 24,560 $ 44,137 $ 213,736 $ 257,873 $ (25,430) Notes: (1) - The Company's first Promissory Note is cross-collateralized by four hotels, each of which has an allocated loan amount. (2) - The Company's Revolving Credit Facility is cross-collateralized by nine hotels. (3) - The Company's second Promissory Note is cross-collateralized by three hotels, each of which has an allocated loan amount. Notes to Schedule III: (A) The initial cost to the Company represents the original purchase price of the property, including (i) bargain purchase gains recorded in connection with the acquisition and (ii) amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) Reconciliation of total real estate owned: 2016 2015 2014 Balance at beginning of year $ 253,646 $ 120,790 $ 56,757 Acquisitions, at cost - 123,939 57,905 Acquisitions, bargain purchase gain - - 2,790 Improvements 4,227 8,917 3,338 Balance at end of year $ 257,873 $ 253,646 $ 120,790 (C) Reconciliation of accumulated depreciation: For the years ended December 31, 2016 2015 2014 Balance at beginning of year $ 14,959 $ 6,111 $ 2,670 Depreciation expense 10,471 8,848 3,441 Balance at end of year $ 25,430 $ 14,959 $ 6,111 (D) Depreciation is computed based upon the following estimated lives: Buildings and improvements 15-39 years Tenant improvements and equipment 5-10 years

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT II exercises financial and operating control). As of December 31, 2016, the Company had a 99 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 and investments in other real estate entities, depreciable lives of long-lived assets 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. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.
Cash and Cash Equivalents	The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds. Year Ended December 31, 2016 2015 2014 Supplemental disclosure of cash flow information: Cash paid for interest $ 7,155 $ 4,683 $ 1,255 Distributions declared $ 12,968 $ 12,339 $ 8,194 Noncash commissions and other offering costs in accounts payable and other accrued expenses $ - $ - $ 126 Subscription receivable $ - $ - $ 55 Value of shares issued from distribution reinvestment program $ - $ 1,723 $ 3,258 Debt assumed for acquisition $ - $ 32,841 $ - Non controlling interest assumed for acquisition $ - $ 656 $ - Unrealized (loss)/gain in available for sale securities $ 1,071 $ (2,716) $ (147) Purchase of loan receivable $ - $ 547 $ - Non-cash purchase of investment property $ - $ 521 $ -
Marketable Securities	Marketable Securities Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company’s available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company’s total assets to be made at the Company’s discretion, subject to compliance with any REIT or other restrictions.
Revenue Recognition	Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services.
Accounts Receivable	Accounts Receivable The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable.
Investment in Real Estate	Investment in Real Estate Accounting for Acquisitions When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operations. Transaction costs incurred related to the Company’s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment. Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered. The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms. Carrying Value of Assets The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2016 and 2015, the Company did not recognize any impairment charges.
Depreciation and Amortization	Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture and fixtures. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.
Deferred Costs	Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. 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. Unamortized deferred financing costs are included as a direct deduction from the related debt in the consolidated balance sheets..
Investments in Unconsolidated Affiliated Entities	Investments in Unconsolidated Affiliated Entities The Company evaluates its investments in other entities for consolidation. The percentage interest in the joint venture, evaluation of control and whether a variable interest entity (“VIE”) exists are all considered in determining if the investment qualifies for consolidation. The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions. The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of the Company’s investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations. On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Management’s estimate of fair value for each investment is based on a number of assumptions that are subject to economic and market uncertainties. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the fair values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2016 and 2015.
Income Taxes	We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90 have a material adverse effect on The Company engages in certain activities through taxable REIT subsidiaries ("TRSs"). When the Company purchases a hotel it establishes a TRS and enters into an operating lease agreement for the hotel. As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2016, the Company had no material uncertain income tax positions. Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, restricted escrows and deposits, prepaid expenses and other assets, accounts payable and other accrued expenses, margin loan, due to related party, and distributions payable approximated their fair values as of December 31, 2016 and 2015 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of December 31, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 127,907 $ 128,052 $ 129,824 $ 130,255 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates.
Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs	Selling Commissions, Dealer Manager Fees and Organization and Other Offering Costs Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital (“APIC”) as costs are incurred. From the commencement of the Offering through the termination of the Follow-On Offering (September 27, 2014), the Company incurred approximately $ 16.3 8.5 24.8
Accounting for Derivative Financial Investments and Hedging Activities	Accounting for Derivative Financial Investments and Hedging Activities. The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders’ equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.
Concentration of Risk	Concentration of Risk The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Share-based Compensation, Option and Incentive Plans Policy	Stock-Based Compensation The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The Company has not granted any stock-based incentive awards.
Basic and Diluted Net Earnings per Common Share	Basic and Diluted Net Earnings per Common 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.
New Accounting Pronouncements	New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2017, FASB issued guidance that amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force meetings. The SEC guidance that specifically relates to our consolidated financial statement was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance on revenue. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The adoption this guidance did not have a material effect on the Company's consolidated financial statements. In August 2016, the issued FASB an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued an accounting standards update that generally requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income. The new guidance must be applied using a modified-retrospective approach and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. If the Company had adopted this standard during the year ended December 31, 2016, it would have resulted in an increase/(decrease) to net incomeof approximately $ 1.0 2.7 0.1 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 was effective for the Company beginning January 1, 2016. The Company adopted this standard during the quarter ended March 31, 2016. As a result of adopting this standard on a retrospective basis, approximately $ 1.4 In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Supplemental Cash Flow Information	Year Ended December 31, 2016 2015 2014 Supplemental disclosure of cash flow information: Cash paid for interest $ 7,155 $ 4,683 $ 1,255 Distributions declared $ 12,968 $ 12,339 $ 8,194 Noncash commissions and other offering costs in accounts payable and other accrued expenses $ - $ - $ 126 Subscription receivable $ - $ - $ 55 Value of shares issued from distribution reinvestment program $ - $ 1,723 $ 3,258 Debt assumed for acquisition $ - $ 32,841 $ - Non controlling interest assumed for acquisition $ - $ 656 $ - Unrealized (loss)/gain in available for sale securities $ 1,071 $ (2,716) $ (147) Purchase of loan receivable $ - $ 547 $ - Non-cash purchase of investment property $ - $ 521 $ -
Summary of Estimated Fair Value of Debt	The estimated fair value of our mortgages payable is as follows: As of December 31, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 127,907 $ 128,052 $ 129,824 $ 130,255

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2016
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Information Acquistion Date Actual	For the Years Ended December 31, 2016 2015 2014 Rental revenue $ 63,819 $ 52,395 $ 6,416 Net income (1) $ 8,283 $ 8,043 $ 2,596 Note (1) Includes the approximately $2.8 million bargain purchase gain recorded in the year ended December 31, 2014 in connection with the acquisition of the Philadelphia Airport Hotel Portfolio.
Business Acquisition, Pro Forma Information	The following table provides unaudited pro forma results of operations for the periods indicated, as if the LVP REIT Hotels, the Holiday Inn – Opelika, the Aloft – Tucson, the Hampton Inn — Fort Myers Beach and the Philadelphia Airport Hotel Portfolio 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 on the dates indicated, nor are they indicative of the future operating results of the combined company. For the Years Ended December 31, 2015 2014 Pro forma rental revenue $ 79,359 $ 74,411 Pro forma net income per Company's common share (2) $ 6,007 $ 3,119 Pro forma net income per Company's common share, basic and diluted (2) $ 0.32 $ 0.25 Note (2) Excludes the approximately $ 2.8

Investments in Unconsolidated25

Investments in Unconsolidated Affiliated Entity (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Summary of Investments in Unconsolidated Entities	A summary of the Company’s investment in the unconsolidated affiliated entity is as follows: As of Entity Date of Ownership Ownership % December 31, 2016 December 31, 2015 Brownmill LLC ("Brownmill") Various 48.58 % $ 5,836 $ 6,021
Brownmill, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Unaudited Condensed Income Statements of Affiliated Entities	The following table represents the unaudited condensed income statements for Brownmill for the periods indicated: For the Year Ended For the Year Ended For the Year Ended December 31, 2016 December 31, 2015 December 31, 2014 Revenue $ 3,596 $ 3,644 $ 3,600 Property operating expenses 1,592 1,596 1,458 Depreciation and amortization 846 904 842 Operating income 1,158 1,144 1,300 Interest expense and other, net (590) (1,018) (1,094) Net income $ 568 $ 126 $ 206 Company's share of net income $ 276 $ 61 $ 100 Additional depreciation and amortization expense (1) (169) (197) (211) Company's income/(loss) from investment $ 107 $ (136) $ (111) 1. Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.
Unaudited Condensed Balance Sheets of Affiliated Entities	The following table represents the unaudited condensed balance sheets for Brownmill: As of As of December 31, 2016 December 31, 2015 Real estate, at cost (net) $ 15,273 $ 15,651 Cash and restricted cash 1,412 1,080 Other assets 1,269 1,482 Total assets $ 17,954 $ 18,213 Mortgage payable $ 14,519 $ 14,700 Other liabilities 482 527 Members' deficiency 2,953 2,986 Total liabilities and members' deficiency $ 17,954 $ 18,213

Marketable Securities and Fai26

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract]
Summary of Available for Sale Securities	The following is a summary of the Company’s available for sale securities as of the dates indicated: As of December 31, 2016 Gross Unrealized Adjusted Cost Gross Unrealized Gains Losses Fair Value Equity Securities $ 10,194 $ - $ (1,456) $ 8,738 As of December 31, 2015 Gross Unrealized Adjusted Cost Gross Unrealized Gains Losses Fair Value Equity Securities $ 17,928 $ 63 $ (2,527) $ 15,464

Mortgages payable (Tables)

Mortgages payable (Tables)	12 Months Ended
	Dec. 31, 2016
Mortgages payable [Abstract]
Schedule of Mortgages Payable	Mortgages payable consisted of the following: Weighted Average Interest Rate as of As of As of Interest December 31, Maturity Amount Due December 31, December 31, Description Rate 2016 Date at Maturity 2016 2015 Promissory Note, secured by four properties 4.94% 4.94 % August 2018 $ 21,754 $ 22,688 $ 23,236 Revolving Loan, secured by nine properties LIBOR + 4.95% 5.68 % January 2018 73,616 73,616 74,230 Courtyard - Parsippany LIBOR + 3.50% 3.98 % August 2018 7,126 7,431 7,612 Residence Inn - Baton Rouge 5.36% 5.36 % November 2018 3,480 3,640 3,720 Promissory Note, secured by three properties 4.94% 4.94 % August 2018 14,008 14,610 14,962 Courtyard - Baton Rouge 5.56% 5.56 % May 2017 5,873 5,922 6,064 Total mortgages payable 5.35 % $ 125,857 $ 127,907 $ 129,824 Less: Deferred financing costs (767) (1,432) Total mortgages payable, net $ 127,140 $ 128,392
Schedule of Estimated Contractual 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 December 31, 2016: Remainder of 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 7,152 $ 120,755 $ - $ - $ - $ - $ 127,907 Less: Deferred financing costs (767) Total principal maturiteis, net 127,140

Related Party and Other Trans28

Related Party and Other Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Fees to Related Parties	The following table represents the fees incurred associated with the payments to the Company’s Advisor and its affiliates for the periods: For the Years Ended December 31, 2016 2015 2014 Acquisition fees $ - $ - $ 547 Asset management fees 2,389 2,032 - Development fees 59 20 140 Total $ 2,448 $ 2,052 $ 687

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Data	The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2016 and 2015: 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 83,421 $ 19,986 $ 22,195 $ 21,351 $ 19,889 Operating income $ 12,590 $ 2,328 $ 4,003 $ 3,924 $ 2,335 Net income $ 6,242 $ 580 $ 2,265 $ 2,396 $ 1,001 Less (income)/loss attributable to noncontrolling interests (297) (114) (111) (75) 3 Net income applicable to Company's common shares $ 5,945 $ 466 $ 2,154 $ 2,321 $ 1,004 Net income per common share, basic and diluted $ 0.32 $ 0.03 $ 0.12 $ 0.13 $ 0.05 2015 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 71,368 $ 18,560 $ 19,687 $ 18,330 $ 14,791 Operating income $ 8,904 $ 1,482 $ 2,579 $ 2,818 $ 2,025 Net income $ 5,457 $ 248 $ 1,255 $ 2,116 $ 1,838 Less income attributable to noncontrolling interests (144) (15) (53) (53) (23) Net income applicable to Company's common shares $ 5,313 $ 233 $ 1,202 $ 2,063 $ 1,815 Net income per common share, basic and diluted $ 0.29 $ 0.01 $ 0.06 $ 0.11 $ 0.10

Organization (Details Textual)

Organization (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended						25 Months Ended	36 Months Ended	40 Months Ended	77 Months Ended
	Sep. 27, 2012$ / sharesshares	Apr. 24, 2009$ / sharesshares	May 20, 2008USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2012USD ($)shares	Dec. 31, 2011USD ($)shares	Dec. 31, 2010USD ($)shares	Sep. 27, 2014USD ($)shares	Dec. 31, 2012USD ($)$ / sharesshares	Aug. 15, 2012USD ($)shares	Sep. 27, 2014USD ($)	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 authorized and reserved for issuance under plan | shares		75,000
Proceeds from offering					$ 80	$ 104,592
Subscription receivable														$ 6,500
Gross proceeds from issuance of equity										$ 177,300
Selling commissions and dealer manager fees						8,934							$ 16,300
General partner ownership interest				99.00%						99.00%
Payment for remaining membership interests				$ 0	867	$ 0
Advisor's contribution to operating partnership			$ 2
Partnership units issued			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
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
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, price per share | $ / shares	$ 9.50
Shares reserved for issuance | shares	2,500,000	6,500,000		5,900,000
Proceeds from offering, shares | shares												300,000
Proceeds form issuance of equity, share-based compensation plan												$ 2,900
Brownmill, LLC [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Subordinated general partner participation, per unit cost | $ / shares											$ 100,000
Sponsor's cash contribution				$ 12,900
Ownership interest				48.60%
Value of ownership interest				$ 4,800
Subordinate profit interest units | shares				177			9	6	33		48
Aggregate value of subordinate profits				$ 17,700			$ 900	$ 600	$ 3,300		$ 4,800
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
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
Corporate Joint Venture [Member] | Hotel Portfolio [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Payment for remaining membership interests					$ 900
Ownership interest					100.00%
Maximum [Member] | Public Offering [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Shares reserved for issuance | shares		51,000,000
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 Accoun31

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 7,155	$ 4,683	$ 1,255
Distributions declared	12,968	12,339	8,194
Noncash commissions and other offering costs in accounts payable and other accrued expenses	0	0	126
Subscription receivable	0	0	55
Value of shares issued from distribution reinvestment program	0	1,723	3,258
Debt assumed for acquisition	0	32,841	0
Non controlling interest assumed for acquisition	0	656	0
Unrealized (loss)/gain in available for sale securities	1,071	(2,716)	(147)
Purchase of loan receivable	0	547	0
Non-cash purchase of investment property	$ 0	$ 521	$ 0

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies [Line Items]
Mortgages payable-Carrying Amount	$ 127,140	$ 128,392
Mortgages payable-Estimated Fair Value	$ 128,052	$ 130,255

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended			25 Months Ended	77 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 27, 2014	Sep. 27, 2014
Summary of Significant Accounting Policies [Line Items]
Percentage general partnership interest in common units operating partnership	99.00%			99.00%
REIT annual distribution, percent of taxable income	90.00%
Selling commissions and dealer manager fees			$ 8,934		$ 16,300
Aggregate offering costs					24,800
Adjustments to Additional Paid in Capital, Other		$ (10)	611		$ 8,500
Effect of New Accounting Pronouncement or Change in Accounting Principle	$ 1,000	(2,700)	$ (100)
Secured Debt	127,140	$ 128,392
Reclassification out of Accumulated Other Comprehensive Income [Member]
Summary of Significant Accounting Policies [Line Items]
Secured Debt	$ 1,400

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Rental revenue		$ 63,819	$ 52,395	$ 6,416
Net income	[1]	$ 8,283	$ 8,043	$ 2,596
[1]	Includes the approximately $2.8 million bargain purchase gain recorded in the year ended December 31, 2014 in connection with the acquisition of the Philadelphia Airport Hotel Portfolio.

Acquisitions (Details 1)

Acquisitions (Details 1) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma rental revenue		$ 79,359	$ 74,411
Pro forma net income per Company's common share	[1]	$ 6,007	$ 3,119
Pro forma net income per Company's common share, basic and diluted	[1]	$ 0.32	$ 0.25
[1]	Excludes the approximately $2.8 million bargain purchase gain recorded in the year ended December 31, 2014 in connection with the acquisition of the Philadelphia Airport Hotel Portfolio.

Acquisitions (Details Textual)

Acquisitions (Details Textual) - USD ($) $ in Thousands

Jun. 10, 2015

Feb. 11, 2015

Jan. 29, 2015

Oct. 02, 2014

Apr. 08, 2014

Apr. 02, 2014

Jun. 30, 2015

Dec. 17, 2014

Sep. 30, 2015

Dec. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Business Combination, Separately Recognized Transactions [Line Items]

Membership percentage in joint venture by Company

97.50%

Acquisition fees received by the advisor as percentage of acquisition price

0.95%

Bargain purchase gain

$ 0

$ 0

$ 2,790

Parent [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Cash paid

$ 12,600

$ 11,900

$ 1,200

Holiday Inn - Opelika [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Cash paid

$ 6,900

Acquisition fees received by the advisor as percentage of acquisition price

0.95%

Acquisition fees received by the advisor

$ 66

Purchase price allocation, land and improvements

1,000

Purchase price allocation, building and improvements

5,300

Purchase price allocation, furnitures and fixtures

$ 600

Aloft - Tucson [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Cash paid

$ 19,000

Acquisition fees received by the advisor as percentage of acquisition price

0.95%

Acquisition fees received by the advisor

$ 181

Purchase price allocation, land and improvements

19,000

Purchase price allocation, building and improvements

14,700

Purchase price allocation, furnitures and fixtures

$ 2,400

Hampton Inn - Fort Myers Beach [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Cash paid

$ 9,400

Acquisition fees received by the advisor as percentage of acquisition price

0.95%

Acquisition fees received by the advisor

$ 100

Purchase price allocation, land and improvements

3,000

Purchase price allocation, building and improvements

5,100

Purchase price allocation, furnitures and fixtures

$ 1,300

Philadelphia Airport Hotel Portfolio [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Cash paid

$ 22,600

Contingent consideration

$ 300

Acquisition fees received by the advisor as percentage of acquisition price

0.95%

Acquisition fees received by the advisor

$ 200

Fair value of assets acquired

25,400

Purchase price allocation, land and improvements

7,900

Purchase price allocation, building and improvements

15,500

Purchase price allocation, furnitures and fixtures

$ 2,000

Bargain purchase gain

$ 2,800

$ 2,800

Hotel Portfolio [Member] | Parent [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Purchase consideration

$ 63,000

Courtyard-Parsippany [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Maturity Date

Aug. 1, 2018

Aug. 31, 2018

Interest rate, Libor plus

3.50%

Debt assumed

$ 7,800

$ 7,800

Residence Inn - Baton Rouge [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Maturity Date

Nov. 30, 2018

Debt assumed

$ 3,800

$ 3,800

Interest Rate

5.36%

5.36%

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

$ 700

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]

Maturity Date

Aug. 31, 2018

Interest rate, Libor plus

4.94%

Courtyard - Baton Rouge [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Amount of noncontrolling interest ownership by noncontrolling owners

$ 700

Maturity Date

May 31, 2017

May 31, 2017

Debt assumed

$ 6,100

Interest Rate

5.56%

5.56%

Noncontrolling interest, ownership percentage by noncontrolling owners

10.00%

LVP REIT Hotels [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Purchase consideration

$ 24,100

$ 124,100

Purchase price allocation, land and improvements

21,000

Purchase price allocation, building and improvements

86,400

Purchase price allocation, furnitures and fixtures

$ 16,700

LVP REIT Hotels [Member] | Total Noncontrolling Interests [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Purchase consideration

$ 300

Business acquisition, percentage of voting interests acquired

10.00%

Joint venture [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Purchase consideration

$ 28,000

Cash paid

12,900

$ 12,200

Debt assumed

$ 15,100

$ 11,600

Joint venture [Member] | Hotel Portfolio [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Purchase consideration

$ 64,600

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

$ 7,400

Business acquisition, percentage of voting interests acquired

90.00%

Cash paid

$ 1,300

Debt assumed

6,100

Lightstone I [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Cash paid

$ 300

$ 300

$ 100

Membership percentage in joint venture by other party

2.50%

Lightstone I [Member] | Hotel Portfolio [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Purchase consideration

$ 1,600

Revolving Credit Facility [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Amount of credit facility

$ 75,000

Maturity Date

Jan. 31, 2018

Amount allowed for borrowings as percentage of loan to value ratio of properties

65.00%

Initial loan received

$ 35,000

$ 15,000

Revolving Credit Facility [Member] | Joint venture [Member] | Hotel Portfolio [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Amount allowed for borrowings as percentage of loan to value ratio of properties

65.00%

Initial loan received

$ 35,000

Revolving Credit Facility [Member] | GE Capital Markets Inc [Member]

Business Combination, Separately Recognized Transactions [Line Items]

Amount of credit facility

$ 60,000

Interest rate, Libor plus

4.95%

Investments in Unconsolidated37

Investments in Unconsolidated Affiliated Entity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 5,836	$ 6,021
Brownmill, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Various
Ownership %	48.60%
Equity Method Investments	$ 5,836	$ 6,021

Investments in Unconsolidated38

Investments in Unconsolidated Affiliated Entity (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Company's income/(loss) from investment		$ 107	$ (136)	$ (111)
Brownmill, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		3,596	3,644	3,600
Property operating expenses		1,592	1,596	1,458
Depreciation and amortization		846	904	842
Operating income		1,158	1,144	1,300
Interest expense and other, net		(590)	(1,018)	(1,094)
Net income		568	126	206
Brownmill, LLC [Member] | Parent [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of net income		276	61	100
Additional depreciation and amortization expense	[1]	(169)	(197)	(211)
Company's income/(loss) from investment		$ 107	$ (136)	$ (111)
[1]	Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.

Investments in Unconsolidated39

Investments in Unconsolidated Affiliated Entity (Details 2) - Brownmill, LLC [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Equity method investment, assets	$ 17,954	$ 18,213
Members' deficiency	2,953	2,986
Total liabilities and members' deficiency	17,954	18,213
Real estate, at cost (net) [Member]
Equity method investment, assets	15,273	15,651
Cash and restricted cash [Member]
Equity method investment, assets	1,412	1,080
Other assets [Member]
Equity method investment, assets	1,269	1,482
Mortgage payable [Member]
Equity method investment, liabilities	14,519	14,700
Other liabilities [Member]
Equity method investment, liabilities	$ 482	$ 527

Investments in Unconsolidated40

Investments in Unconsolidated Affiliated Entity (Details Textual) - Brownmill, LLC [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended						36 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Equity investment, percentage ownership purchased				8.60%	5.60%	34.40%	48.60%
Subordinated general partner participation, per unit cost							$ 100,000
Distribution to members	$ 595	$ 0	$ 450
Distribution Received from real estate partnership	$ 292	0	$ 219
Subordinated General Partner Participation Units	177			9	6	33	48
Subordinate Profit Interest Value	$ 17,700			$ 900	$ 600	$ 3,300	$ 4,800
Equity Method Investment, Ownership Percentage	48.60%
Debt Instrument, Periodic Payment, Principal		5,500
Repayments of Related Party Debt		$ 2,700
Estimate of Fair Value, Fair Value Disclosure [Member]
Schedule of Equity Method Investments [Line Items]
Capital contributions	$ 15,500
Estimate of Fair Value, Fair Value Disclosure [Member] | Equity [Member]
Schedule of Equity Method Investments [Line Items]
Capital contributions	4,800
Estimate of Fair Value, Fair Value Disclosure [Member] | Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Capital contributions	$ 10,700

Marketable Securities and Fai41

Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 8,738	$ 15,464
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	10,194	17,928
Gross Unrealized Gains	0	63
Gross Unrealized Losses	(1,456)	(2,527)
Fair Value	$ 8,738	$ 15,464

Marketable Securities and Fai42

Marketable Securities and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Stock Issued During Period, Value, New Issues		$ 80	$ 104,592
Equity Securities [Member]
Debt Instrument [Line Items]
Stock Issued During Period, Value, New Issues	$ 7,800
Proceeds from Issuance or Sale of Equity	7,600
Gain (Loss) on Sale of Securities, Net	$ (200)
Margin Loan [Member]
Debt Instrument [Line Items]
Libor	1.62%
Interest rate, Libor plus	0.85%

Notes Receivable from Related43

Notes Receivable from Related Party (Details Textual) - USD ($) $ in Thousands	May 02, 2016	May 15, 2015	Feb. 04, 2015	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Notes Receivable from Affiliate [Line Items]
Amount of note receivable funded to related party					$ 24,200	$ 20,200	$ 0
Outstanding principal balance					0	2,055
Proceeds from Collection of Long-term Loans to Related Parties					$ 26,255	18,145	$ 0
Des Moines Note Receivable [Member]
Notes Receivable from Affiliate [Line Items]
Debt instrument, borrowing period					1 year
Interest rate margin					6.00%
Debt Instrument Origination Fee Amount					$ 100
Lightstone III [Member]
Notes Receivable from Affiliate [Line Items]
Debt Instrument Origination Fee Amount					277	178
Interest Income, Related Party					$ 606	904
Lightstone III [Member] | Des Moines Note Receivable [Member]
Notes Receivable from Affiliate [Line Items]
Maximum borrowing capacity			$ 10,000
Amount of note receivable funded to related party			$ 8,200
Lightstone III [Member] | Lansing Note Receivable [Member]
Notes Receivable from Affiliate [Line Items]
Maximum borrowing capacity	$ 8,000
Amount of note receivable funded to related party	$ 6,000
Debt instrument, borrowing period	1 year
Interest rate margin	6.00%
Debt Instrument Origination Fee Amount	$ 80
Lightstone III [Member] | Green Bay Note Receivable [Member]
Notes Receivable from Affiliate [Line Items]
Maximum borrowing capacity	14,500
Amount of note receivable funded to related party	$ 10,200
Debt instrument, borrowing period	1 year
Interest rate margin	6.00%
Debt Instrument Origination Fee Amount	$ 145
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		$ 8,000
Debt instrument, borrowing period					1 year
Interest rate margin					6.00%
Debt Instrument Origination Fee Amount					$ 130
Outstanding principal balance						2,100
Remaining borrowing capacity available						$ 10,900
Proceeds from Collection of Long-term Loans to Related Parties	$ 10,100

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	Feb. 11, 2015	Jan. 29, 2015	Jun. 30, 2015	Jul. 29, 2013	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted Average Interest Rate					5.35%
Amount Due at Maturity					$ 125,857
Total mortgages payable					127,907	$ 129,824
Less: Deferred financing costs					(767)	(1,432)
Total mortgages payable, net					$ 127,140	128,392
Promissory Note, secured by four properties [Member]
Debt Instrument [Line Items]
Interest Rate				4.94%	4.94%
Weighted Average Interest Rate					4.94%
Maturity Date				Aug. 6, 2018	Aug. 31, 2018
Amount Due at Maturity					$ 21,754
Total mortgages payable, net					$ 22,688	23,236
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
Total mortgages payable, net					$ 14,610	14,962
Revolving Loan, secured by nine properties [Member]
Debt Instrument [Line Items]
Variable interest rate basis		Libor plus 4.95			LIBOR + 4.95
Weighted Average Interest Rate					5.68%
Maturity Date					Jan. 31, 2018
Amount Due at Maturity					$ 73,616
Total mortgages payable, net					$ 73,616	74,230
Courtyard-Parsippany [Member]
Debt Instrument [Line Items]
Variable interest rate basis					LIBOR + 3.50
Weighted Average Interest Rate					3.98%
Maturity Date	Aug. 1, 2018				Aug. 31, 2018
Amount Due at Maturity					$ 7,126
Total mortgages payable, net					$ 7,431	7,612
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
Total mortgages payable, net					$ 3,640	3,720
Courtyard - Baton Rouge [Member]
Debt Instrument [Line Items]
Interest Rate			5.56%		5.56%
Weighted Average Interest Rate					5.56%
Maturity Date			May 31, 2017		May 31, 2017
Amount Due at Maturity					$ 5,873
Total mortgages payable, net					$ 5,922	$ 6,064

Mortgages payable (Details 1)

Mortgages payable (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2,017	$ 7,152
2,018	120,755
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	127,907	$ 129,824
Less: Deferred financing costs	(767)	(1,432)
Total principal maturiteis, net	$ 127,140	$ 128,392

Mortgages payable (Details Text

Mortgages payable (Details Textual) - USD ($) $ in Thousands	Feb. 11, 2015	Jan. 29, 2015	Jun. 30, 2015	Jul. 29, 2013	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Restricted escrows						$ 3,488	$ 7,243
Secured Debt						127,140	128,392
Promissory Note, secured by four properties [Member]
Debt Instrument [Line Items]
Debt assumed				$ 24,400
Term of credit facility				5 years
Restricted escrows						$ 3,500	2,200
Monthly payments				$ 142
Interest Rate				4.94%		4.94%
Maturity Date				Aug. 6, 2018		Aug. 31, 2018
Secured Debt						$ 22,688	23,236
Secured Promissory Note Two [Member]
Debt Instrument [Line Items]
Debt assumed						$ 15,100
Interest Rate						4.94%
Maturity Date						Aug. 31, 2018
Secured Debt						$ 14,610	14,962
Revolving Loan, secured by nine properties [Member]
Debt Instrument [Line Items]
Number of wholly owned subsidiaries		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			$ 15,000
Remaining borrowing capacity available			$ 24,200
Amount of credit facility					$ 75,000
Outstanding principal balance						$ 73,600
Maturity Date						Jan. 31, 2018
Variable interest rate basis		Libor plus 4.95				LIBOR + 4.95
Secured Debt						$ 73,616	74,230
Courtyard-Parsippany [Member]
Debt Instrument [Line Items]
Debt assumed	$ 7,800					$ 7,800
Maturity Date	Aug. 1, 2018					Aug. 31, 2018
Variable interest rate basis						LIBOR + 3.50
Secured Debt						$ 7,431	7,612
Residence Inn - Baton Rouge [Member]
Debt Instrument [Line Items]
Debt assumed	$ 3,800					$ 3,800
Interest Rate	5.36%					5.36%
Maturity Date						Nov. 30, 2018
Secured Debt						$ 3,640	3,720
Courtyard Baton Rouge [Member]
Debt Instrument [Line Items]
Debt assumed						$ 6,100
Interest Rate			5.56%			5.56%
Maturity Date			May 31, 2017			May 31, 2017
Secured Debt						$ 5,922	$ 6,064

Selling Commission, Dealer Ma47

Selling Commission, Dealer Manager Fees and Other Offering Costs (Details Textual) - USD ($) $ in Thousands	12 Months Ended		77 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 27, 2014
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		$ 8,934	$ 16,300
Adjustments to Additional Paid in Capital, Other	$ (10)	$ 611	$ 8,500

Stockholder's Equity (Details T

Stockholder's Equity (Details Textual) - USD ($)	1 Months Ended				12 Months Ended
	Feb. 28, 2017	Sep. 25, 2015	Oct. 31, 2009	Mar. 30, 2009	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders Equity Note [Line Items]
REIT annual distribution, percent of taxable income					90.00%
Minimum number of shares issued in offering required to trigger distribution payments			500,000	500,000
Distribution Rate Per Day		$ 0.0019178		$ 0.00178082191
Number Of Days Used To Calculate Dividend Per Day		365 days		365 days
Annualized Distribution Rate		6.50%		6.50%
Share Price		$ 10		$ 10
Dividends, Cash					$ 12,968,000	$ 12,339,000	$ 8,194,000
Annualized Rate		7.00%
Dividends Payable					$ 3,248,000	$ 3,279,000
Subsequent Event [Member]
Stockholders Equity Note [Line Items]
Distribution Rate Per Day	$ 0.000136986
Number Of Days Used To Calculate Dividend Per Day	365 days
Annualized Distribution Rate	0.50%
Share Price	$ 10
Dividends Payable	$ 2,100,000

Noncontrolling Interests (Detai

Noncontrolling Interests (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Limited partner units issued	200
Payments to Acquire Equity Method Investments	$ 0	$ 867	$ 0
Lightstone SLP II, LLC [Member]
Noncontrolling Interest [Line Items]
Subordinated profits interests units	177
Corporate Joint Venture [Member]
Noncontrolling Interest [Line Items]
Equity Method Investment, Ownership Percentage		100.00%

Related Party and Other Trans50

Related Party and Other Transactions (Details) - USD ($) $ in Millions	12 Months Ended				36 Months Ended
	Dec. 31, 2016	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012
Related Party Transaction [Line Items]
Acquisition fees received by the advisor as percentage of acquisition price	0.95%
Maximum percentage of gross revenues allocated to management fees for residential, hospitality and retail properties	5.00%
Asset Management Fees, Percentage Of Average Invested Assets	0.95%
Asset management fees, payout terms	payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter.
Minimum percentage of other operating expenses required to be reimbursed	2.00%
Minimum percentage of net income required to be reimbursed	25.00%
Maximum percentage of gross revenues allocated to management fees for office and industrial properties	4.50%
Brownmill, LLC [Member]
Related Party Transaction [Line Items]
Proceeds from subordinated profit interest sold	$ 12.9
Equity Method Investment, Ownership Percentage	48.60%
Equity Method Investment, Quoted Market Value	$ 4.8
Subordinated General Partner Participation Units	177	9	6	33	48
Subordinate Profit Interest Value	$ 17.7	$ 0.9	$ 0.6	$ 3.3	$ 4.8
Selling Commission [Member]
Related Party Transaction [Line Items]
Maximum percentage of gross offering proceeds paid to the dealer manager	7.00%
Fees and commissions	$ 11.2
Dealer Management Fee [Member]
Related Party Transaction [Line Items]
Maximum percentage of gross offering proceeds paid to the dealer manager	3.00%
Fees and commissions	$ 5.1

Related Party and Other Trans51

Related Party and Other Transactions (Details 1) - $ / shares	Dec. 31, 2016	Sep. 25, 2015	Mar. 30, 2009
Related Party Transaction [Line Items]
Share price		$ 10	$ 10
Liquidating Stage Distribution, 7% Stockholder Return Threshold [Member]
Related Party Transaction [Line Items]
Distribution due, cumulative rate of return	7.00%
Liquidating Stage Distribution, In Excess of 7% Stockholder Return Threshold [Member]
Related Party Transaction [Line Items]
Distribution due, cumulative rate of return	12.00%
Liquidating Stage Distribution, In Excess of 7% Stockholder Return Threshold [Member] | Stockholder [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	70.00%
Liquidating Stage Distribution, In Excess of 7% Stockholder Return Threshold [Member] | Lightstone SLP II, LLC [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	30.00%
Liquidating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member] | Stockholder [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	60.00%
Liquidating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member] | Lightstone SLP II, LLC [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	40.00%
Operating Stage Distribution, 7% Stockholder Return Threshold [Member]
Related Party Transaction [Line Items]
Stockholders' return threshold, percent	7.00%
Distribution due, cumulative rate of return	7.00%
Share price	$ 10
Operating Stage Distribution, In Excess of 7% Stockholder Return Threshold [Member]
Related Party Transaction [Line Items]
Distribution due, cumulative rate of return	12.00%
Operating Stage Distribution, In Excess of 7% Stockholder Return Threshold [Member] | Stockholder [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	70.00%
Operating Stage Distribution, In Excess of 7% Stockholder Return Threshold [Member] | Lightstone SLP II, LLC [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	30.00%
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Related Party Transaction [Line Items]
Distribution due, cumulative rate of return	12.00%
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member] | Stockholder [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	60.00%
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member] | Lightstone SLP II, LLC [Member]
Related Party Transaction [Line Items]
Percent of additional distributions payable to related party	40.00%

Related Party and Other Trans52

Related Party and Other Transactions (Details 2) - Related Party [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Acquisition fees	$ 0	$ 0	$ 547
Asset management fees	2,389	2,032	0
Development fees	59	20	140
Total	$ 2,448	$ 2,052	$ 687

Related Party and Other Trans53

Related Party and Other Transactions (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Related Party Transaction [Line Items]
Percentage of average invested assets allocated to asset management fees	0.95%
Asset management fees waived		$ 800
Payments for agency fees		$ 44
Brownmill, LLC [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	48.60%
Lightstone SLP II, LLC [Member]
Related Party Transaction [Line Items]
Distributions, annualized rate of return	7.00%
Proceeds from Limited Partnership Investments	$ 4,200

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	1 Months Ended	12 Months Ended
	Jan. 31, 2012	Dec. 31, 2016
Commitments And Contingencies [Line Items]
Number of claims filed	2
Franchise Fee Percentage		5.00%
Minimum [Member]
Commitments And Contingencies [Line Items]
Management Agreement Term		1 year
Marketing Fund Charge Percent		1.50%
Franchise Agreement Term		15 years
Property Management Fee, Percent Fee		3.00%
Maximum [Member]
Commitments And Contingencies [Line Items]
Management Agreement Term		10 years
Marketing Fund Charge Percent		3.50%
Franchise Agreement Term		20 years
Property Management Fee, Percent Fee		3.50%

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information [Line Items]
Total revenue	$ 19,986	$ 22,195	$ 21,351	$ 19,889	$ 18,560	$ 19,687	$ 18,330	$ 14,791	$ 83,421	$ 71,368	$ 23,566
Operating income	2,328	4,003	3,924	2,335	1,482	2,579	2,818	2,025	12,590	8,904	1,668
Net income	580	2,265	2,396	1,001	248	1,255	2,116	1,838	6,242	5,457	4,540
Less (income)/loss attributable to noncontrolling interests	(114)	(111)	(75)	3	(15)	(53)	(53)	(23)	297	144	68
Net income applicable to Company's common shares	$ 466	$ 2,154	$ 2,321	$ 1,004	$ 233	$ 1,202	$ 2,063	$ 1,815	$ 5,945	$ 5,313	$ 4,472
Net income per common share, basic and diluted	$ 0.03	$ 0.12	$ 0.13	$ 0.05	$ 0.01	$ 0.06	$ 0.11	$ 0.10	$ 0.32	$ 0.29	$ 0.35

Schedule III Real Estate and 56

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Initial Cost
Encumbrance		$ 127,140
Land		43,675
Buildings and Improvements and Furniture and Fixtures		189,638
Net Costs Capitalized & Impairments Subsequent to Acquisition		24,560
Gross amount at which carried at end of period
Land and Improvements		44,137
Buildings and Improvements and Furniture and Fixtures		213,736
Total		257,873	$ 253,646	$ 120,790	$ 56,757
Accumulated Depreciation		(25,430)	$ (14,959)	$ (6,111)	$ (2,670)
Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	73,175
Land	[1]	18,995
Buildings and Improvements and Furniture and Fixtures	[1]	94,875
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	8,367
Gross amount at which carried at end of period
Land and Improvements	[1]	19,040
Buildings and Improvements and Furniture and Fixtures	[1]	103,197
Total	[1]	122,237
Accumulated Depreciation	[1]	(9,041)
Promissory Note One [Member]
Initial Cost
Encumbrance	[2]	22,575
Land	[2]	5,953
Buildings and Improvements and Furniture and Fixtures	[2]	31,038
Net Costs Capitalized & Impairments Subsequent to Acquisition	[2]	7,273
Gross amount at which carried at end of period
Land and Improvements	[2]	6,007
Buildings and Improvements and Furniture and Fixtures	[2]	38,257
Total	[2]	44,264
Accumulated Depreciation	[2]	(8,420)
Promissory Note Two [Member]
Initial Cost
Encumbrance	[3]	14,514
Land	[3]	3,813
Buildings and Improvements and Furniture and Fixtures	[3]	24,145
Net Costs Capitalized & Impairments Subsequent to Acquisition	[3]	1,822
Gross amount at which carried at end of period
Land and Improvements	[3]	3,900
Buildings and Improvements and Furniture and Fixtures	[3]	25,880
Total	[3]	29,780
Accumulated Depreciation	[3]	(2,013)
Hampton Inn Hotel Ft. Myers Beach, FL [Member]
Initial Cost
Encumbrance		0
Land		3,028
Buildings and Improvements and Furniture and Fixtures		6,397
Net Costs Capitalized & Impairments Subsequent to Acquisition		783
Gross amount at which carried at end of period
Land and Improvements		3,028
Buildings and Improvements and Furniture and Fixtures		7,180
Total		10,208
Accumulated Depreciation		$ (780)
Date Acquired		Oct. 2, 2014
Holiday Inn Express Hotel Opelika, AL [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	999
Buildings and Improvements and Furniture and Fixtures	[1]	5,871
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	152
Gross amount at which carried at end of period
Land and Improvements	[1]	999
Buildings and Improvements and Furniture and Fixtures	[1]	6,023
Total	[1]	7,022
Accumulated Depreciation	[1]	$ (649)
Date Acquired	[1]	Apr. 1, 2014
Vacant Lot Philadelphia, PA [Member]
Initial Cost
Encumbrance		$ 0
Land		2,000
Buildings and Improvements and Furniture and Fixtures		0
Net Costs Capitalized & Impairments Subsequent to Acquisition		0
Gross amount at which carried at end of period
Land and Improvements		2,000
Buildings and Improvements and Furniture and Fixtures		0
Total		2,000
Accumulated Depreciation		$ 0
Date Acquired		Dec. 17, 2014
Holiday Inn Express Hotel Auburn, AL [Member] | Promissory Note Two [Member]
Initial Cost
Encumbrance	[3]	$ 3,920
Land	[3]	817
Buildings and Improvements and Furniture and Fixtures	[3]	7,241
Net Costs Capitalized & Impairments Subsequent to Acquisition	[3]	49
Gross amount at which carried at end of period
Land and Improvements	[3]	817
Buildings and Improvements and Furniture and Fixtures	[3]	7,290
Total	[3]	8,107
Accumulated Depreciation	[3]	$ (674)
Date Acquired	[3]	Jun. 10, 2015
Aloft Philadelphia Airport Hotel Philadelphia, PA [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	2,595
Buildings and Improvements and Furniture and Fixtures	[1]	11,805
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	1,691
Gross amount at which carried at end of period
Land and Improvements	[1]	2,595
Buildings and Improvements and Furniture and Fixtures	[1]	13,496
Total	[1]	16,091
Accumulated Depreciation	[1]	$ (1,021)
Date Acquired	[1]	Dec. 17, 2014
Four Points by Sheraton Hotel Philadelphia, PA [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	3,267
Buildings and Improvements and Furniture and Fixtures	[1]	5,733
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	2,913
Gross amount at which carried at end of period
Land and Improvements	[1]	3,278
Buildings and Improvements and Furniture and Fixtures	[1]	8,635
Total	[1]	11,913
Accumulated Depreciation	[1]	$ (711)
Date Acquired	[1]	Dec. 17, 2014
Aloft Tucson University Hotel Tucson, AZ [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	1,860
Buildings and Improvements and Furniture and Fixtures	[1]	17,140
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	82
Gross amount at which carried at end of period
Land and Improvements	[1]	1,860
Buildings and Improvements and Furniture and Fixtures	[1]	17,222
Total	[1]	19,082
Accumulated Depreciation	[1]	$ (2,046)
Date Acquired	[1]	Apr. 8, 2014
Aloft - Rogers Rogers, AR [Member] | Promissory Note Two [Member]
Initial Cost
Encumbrance	[3]	$ 7,618
Land	[3]	1,383
Buildings and Improvements and Furniture and Fixtures	[3]	12,917
Net Costs Capitalized & Impairments Subsequent to Acquisition	[3]	934
Gross amount at which carried at end of period
Land and Improvements	[3]	1,383
Buildings and Improvements and Furniture and Fixtures	[3]	13,851
Total	[3]	15,234
Accumulated Depreciation	[3]	$ (942)
Date Acquired	[3]	Jun. 10, 2015
Fairfield Inn & Suites Jonesboro, AR [Member] | Promissory Note Two [Member]
Initial Cost
Encumbrance	[3]	$ 2,976
Land	[3]	1,613
Buildings and Improvements and Furniture and Fixtures	[3]	3,987
Net Costs Capitalized & Impairments Subsequent to Acquisition	[3]	839
Gross amount at which carried at end of period
Land and Improvements	[3]	1,700
Buildings and Improvements and Furniture and Fixtures	[3]	4,739
Total	[3]	6,439
Accumulated Depreciation	[3]	$ (397)
Date Acquired	[3]	Jun. 10, 2015
Fairfield Inn East Rutherford, NJ [Member]
Initial Cost
Encumbrance		$ 0
Land		2,945
Buildings and Improvements and Furniture and Fixtures		8,743
Net Costs Capitalized & Impairments Subsequent to Acquisition		5,493
Gross amount at which carried at end of period
Land and Improvements		3,067
Buildings and Improvements and Furniture and Fixtures		14,114
Total		17,181
Accumulated Depreciation		$ (2,700)
Date Acquired		Dec. 31, 2012
Courtyard Marriott Parsippany, NJ [Member]
Initial Cost
Encumbrance		$ 7,377
Land		2,690
Buildings and Improvements and Furniture and Fixtures		14,310
Net Costs Capitalized & Impairments Subsequent to Acquisition		574
Gross amount at which carried at end of period
Land and Improvements		2,836
Buildings and Improvements and Furniture and Fixtures		14,738
Total		17,574
Accumulated Depreciation		$ (1,416)
Date Acquired		Feb. 11, 2015
Marriott Residence Inn Baton Rouge, LA [Member]
Initial Cost
Encumbrance		$ 3,599
Land		2,190
Buildings and Improvements and Furniture and Fixtures		4,849
Net Costs Capitalized & Impairments Subsequent to Acquisition		137
Gross amount at which carried at end of period
Land and Improvements		2,198
Buildings and Improvements and Furniture and Fixtures		4,978
Total		7,176
Accumulated Depreciation		$ (599)
Date Acquired		Feb. 11, 2015
Marriott Courtyard Baton Rouge, LA [Member]
Initial Cost
Encumbrance		$ 5,900
Land		2,061
Buildings and Improvements and Furniture and Fixtures		5,281
Net Costs Capitalized & Impairments Subsequent to Acquisition		111
Gross amount at which carried at end of period
Land and Improvements		2,061
Buildings and Improvements and Furniture and Fixtures		5,392
Total		7,453
Accumulated Depreciation		$ (461)
Date Acquired		Jun. 30, 2015
Consolidated Total [Member]
Initial Cost
Encumbrance		$ 16,876
Land		14,914
Buildings and Improvements and Furniture and Fixtures		39,580
Net Costs Capitalized & Impairments Subsequent to Acquisition		7,098
Gross amount at which carried at end of period
Land and Improvements		15,190
Buildings and Improvements and Furniture and Fixtures		46,402
Total		61,592
Accumulated Depreciation		(5,956)
TownePlace Suites Hotel Harahan, LA [Member] | Promissory Note One [Member]
Initial Cost
Encumbrance	[2]	8,779
Land	[2]	1,800
Buildings and Improvements and Furniture and Fixtures	[2]	10,484
Net Costs Capitalized & Impairments Subsequent to Acquisition	[2]	2,063
Gross amount at which carried at end of period
Land and Improvements	[2]	1,804
Buildings and Improvements and Furniture and Fixtures	[2]	12,543
Total	[2]	14,347
Accumulated Depreciation	[2]	$ (2,623)
Date Acquired	[2]	Jan. 19, 2011
SpringHill Suites Hotel Peabody, MA [Member] | Promissory Note One [Member]
Initial Cost
Encumbrance	[2]	$ 7,536
Land	[2]	2,126
Buildings and Improvements and Furniture and Fixtures	[2]	10,624
Net Costs Capitalized & Impairments Subsequent to Acquisition	[2]	3,141
Gross amount at which carried at end of period
Land and Improvements	[2]	2,168
Buildings and Improvements and Furniture and Fixtures	[2]	13,723
Total	[2]	15,891
Accumulated Depreciation	[2]	$ (3,672)
Date Acquired	[2]	Jul. 13, 2012
TownePlace Suites Hotel Johnson, AR [Member] | Promissory Note One [Member]
Initial Cost
Encumbrance	[2]	$ 2,774
Land	[2]	990
Buildings and Improvements and Furniture and Fixtures	[2]	4,710
Net Costs Capitalized & Impairments Subsequent to Acquisition	[2]	1,061
Gross amount at which carried at end of period
Land and Improvements	[2]	990
Buildings and Improvements and Furniture and Fixtures	[2]	5,771
Total	[2]	6,761
Accumulated Depreciation	[2]	$ (1,041)
Date Acquired	[2]	Jun. 18, 2013
TownePlace Suites Hotel Little Rock, AR [Member] | Promissory Note One [Member]
Initial Cost
Encumbrance	[2]	$ 3,486
Land	[2]	1,037
Buildings and Improvements and Furniture and Fixtures	[2]	5,220
Net Costs Capitalized & Impairments Subsequent to Acquisition	[2]	1,008
Gross amount at which carried at end of period
Land and Improvements	[2]	1,045
Buildings and Improvements and Furniture and Fixtures	[2]	6,220
Total	[2]	7,265
Accumulated Depreciation	[2]	$ (1,084)
Date Acquired	[2]	Jun. 18, 2013
Courtyard Marriott Willoughby, OH [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	1,177
Buildings and Improvements and Furniture and Fixtures	[1]	10,823
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	138
Gross amount at which carried at end of period
Land and Improvements	[1]	1,180
Buildings and Improvements and Furniture and Fixtures	[1]	10,958
Total	[1]	12,138
Accumulated Depreciation	[1]	$ (1,039)
Date Acquired	[1]	Jan. 29, 2015
Fairfield Inn And Suites Des Moines, IA [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	1,648
Buildings and Improvements and Furniture and Fixtures	[1]	6,852
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	182
Gross amount at which carried at end of period
Land and Improvements	[1]	1,662
Buildings and Improvements and Furniture and Fixtures	[1]	7,020
Total	[1]	8,682
Accumulated Depreciation	[1]	$ (744)
Date Acquired	[1]	Jan. 29, 2015
SpringHill Suites Des Moines, IA [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	1,495
Buildings and Improvements and Furniture and Fixtures	[1]	7,905
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	152
Gross amount at which carried at end of period
Land and Improvements	[1]	1,512
Buildings and Improvements and Furniture and Fixtures	[1]	8,040
Total	[1]	9,552
Accumulated Depreciation	[1]	$ (793)
Date Acquired	[1]	Jan. 29, 2015
Hampton Inn Hotel Miami, FL [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	3,571
Buildings and Improvements and Furniture and Fixtures	[1]	15,629
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	1,558
Gross amount at which carried at end of period
Land and Improvements	[1]	3,571
Buildings and Improvements and Furniture and Fixtures	[1]	17,187
Total	[1]	20,758
Accumulated Depreciation	[1]	$ (1,078)
Date Acquired	[1]	Jan. 29, 2015
Hampton Inn Hotel Ft Lauderdale, FL [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 0
Land	[1]	2,383
Buildings and Improvements and Furniture and Fixtures	[1]	13,117
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	1,499
Gross amount at which carried at end of period
Land and Improvements	[1]	2,383
Buildings and Improvements and Furniture and Fixtures	[1]	14,616
Total	[1]	16,999
Accumulated Depreciation	[1]	$ (960)
Date Acquired	[1]	Jan. 29, 2015
Unallocated [Member] | Revolving Credit Facility [Member]
Initial Cost
Encumbrance	[1]	$ 73,175
Land	[1]	0
Buildings and Improvements and Furniture and Fixtures	[1]	0
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	0
Gross amount at which carried at end of period
Land and Improvements	[1]	0
Buildings and Improvements and Furniture and Fixtures	[1]	0
Total	[1]	0
Accumulated Depreciation	[1]	$ 0
[1]	The Company's Revolving Credit Facility is cross-collateralized by nine hotels.
[2]	The Company's first Promissory Note is cross-collateralized by four hotels, each of which has an allocated loan amount.
[3]	The Company's second Promissory Note is cross-collateralized by three hotels, each of which has an allocated loan amount.

Schedule III Real Estate and 57

Schedule III Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance at beginning of year	$ 253,646	$ 120,790	$ 56,757
Acquisitions, at cost	0	123,939	57,905
Acquisitions, bargain purchase gain	0	0	2,790
Improvements	4,227	8,917	3,338
Balance at end of year	$ 257,873	$ 253,646	$ 120,790

Schedule III Real Estate and 58

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance at beginning of year	$ 14,959	$ 6,111	$ 2,670
Depreciation expense	10,471	8,848	3,441
Balance at end of year	$ 25,430	$ 14,959	$ 6,111

Schedule III Real Estate and 59

Schedule III Real Estate and Accumulated Depreciation (Details 3)	12 Months Ended
	Dec. 31, 2016
Buildings and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Buildings and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Tenant improvements and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Tenant improvements and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years