Lightstone Value Plus REIT II (LVPR) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	May 15, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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 Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		18.1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investment property:
Land and improvements	$ 40,443	$ 40,411
Building and improvements	214,952	214,518
Furniture and fixtures	36,359	36,268
Construction in progress	213	329
Gross investment property	291,967	291,526
Less accumulated depreciation	(29,823)	(26,982)
Net investment property	262,144	264,544
Investment in unconsolidated affiliated entities	18,328	5,140
Cash and cash equivalents	28,733	44,449
Marketable securities, available for sale	9,757	9,778
Restricted cash	5,361	5,724
Accounts receivable and other assets	6,631	5,337
Total Assets	330,954	334,972
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	9,026	7,790
Margin loan	6,422	6,642
Mortgages payable, net	143,773	143,781
Due to related party	776	957
Distributions payable	3,131	3,211
Total liabilities	163,128	162,381
Commitments and contingencies
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, 18,140 and 18,199, shares issued and outstanding, respectively	181	182
Additional paid-in-capital	154,587	155,162
Accumulated other comprehensive loss	(232)	(211)
Accumulated (deficit)/surplus	(2,115)	1,771
Total Company stockholders' equity	152,421	156,904
Noncontrolling interests	15,405	15,687
Total Stockholders' Equity	167,826	172,591
Total Liabilities and Stockholders' Equity	$ 330,954	$ 334,972

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	18,140	18,199
Common stock, shares outstanding	18,140	18,199

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 19,364	$ 20,606
Expenses:
Property operating expenses	12,749	12,848
Real estate taxes	901	726
General and administrative costs	1,390	1,411
Depreciation and amortization	2,850	2,697
Total operating expenses	17,890	17,682
Operating income	1,474	2,924
Interest and dividend income	132	142
Interest expense	(2,392)	(1,973)
Loss on sale of marketable securities, available for sale	0	(307)
Earnings from investment in unconsolidated affiliated entities	59	56
Other expense, net	(10)	(27)
Net (loss)/income	(737)	815
Less: net income attributable to noncontrolling interests	(18)	(42)
Net (loss)/income applicable to Company's common shares	$ (755)	$ 773
Net (loss)/income per Company's common share, basic and diluted	$ (0.04)	$ 0.04
Weighted average number of common shares outstanding, basic and diluted	18,162	18,373

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net (loss)/income	$ (737)	$ 815
Other comprehensive (loss)/income:
Holding (loss)/gain on marketable securities, available for sale	(21)	443
Reclassification adjustment for loss included in net income	0	307
Other comprehensive (loss)/income	(21)	750
Comprehensive (loss)/income	(758)	1,565
Less: Comprehensive income attributable to noncontrolling interests	(18)	(42)
Comprehensive (loss)/income attributable to the Company's common shares	$ (776)	$ 1,523

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2017	$ 172,591	$ 182	$ 155,162	$ (211)	$ 1,771	$ 15,687
BALANCE (in shares) at Dec. 31, 2017		18,199
Net (loss)/income	(737)	$ 0	0	0	(755)	18
Other comprehensive loss	(21)	0	0	(21)	0	0
Distributions declared	(3,131)	0	0	0	(3,131)	0
Contributions of noncontrolling interests	13	0	0	0	0	13
Distributions to noncontrolling interests	(313)	0	0	0	0	(313)
Redemption and cancellation of shares	(576)	$ (1)	(575)	0	0	0
Redemption and cancellation of shares (in shares)		(59)
BALANCE at Mar. 31, 2018	$ 167,826	$ 181	$ 154,587	$ (232)	$ (2,115)	$ 15,405
BALANCE (in shares) at Mar. 31, 2018		18,140

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (737)	$ 815
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	2,850	2,697
Amortization of deferred financing costs	99	166
Earnings from investment in unconsolidated affiliated entities	(59)	(56)
Loss on sale of marketable securities, available for sale	0	307
Other non-cash adjustments	35	(35)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(1,336)	(760)
Increase in accounts payable and other accrued expenses	1,197	972
Decrease in due to related party	(466)	(3)
Net cash provided by operating activities	1,583	4,103
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(405)	(1,099)
Purchase of marketable securities	0	(3,556)
Proceeds from sale of marketable securities	0	3,504
Investments in unconsolidated affiliated entities	(12,906)	0
Distributions from unconsolidated affiliated entities	62	49
Net cash used in investing activities	(13,249)	(1,102)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	(95)	(346)
Payment of loan fees and expenses	(11)	0
Payment on margin loan	(220)	(75)
Redemption and cancellation of common shares	(576)	(647)
Distributions to noncontrolling interests	(313)	(4,170)
Contributions of noncontrolling interests	13	0
Distributions to common stockholders	(3,211)	(5,388)
Net cash used in financing activities	(4,413)	(10,626)
Net change in cash, cash equivalents and restricted cash	(16,079)	(7,625)
Cash and cash equivalents and restricted cash, beginning of year	50,173	46,667
Cash and cash equivalents and restricted cash, end of period	34,094	39,042
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	2,079	1,795
Distributions declared	3,131	5,313
Unrealized (loss)/gain on marketable securities, available for sale	(21)	443
Accrual of acquisition fee	285
Non cash purchase of investment property	$ 36	$ 64

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Organization [Abstract]
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Lightstone REIT II”) is a Maryland corporation formed on April 28, 2008 The Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT II LP (the “Operating Partnership”), a Delaware limited partnership formed on April 30, 2008 99 The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company is managed by Lightstone Value Plus REIT II LLC (the “Advisor”), an affiliate of The Lightstone Group, Inc. under the terms and conditions of an advisory agreement. The Lightstone Group, Inc. previously served as the Company’s sponsor (the “Sponsor”) during its initial public offering (the “Offering”) and follow-on offering (the “Follow-on Offering”, and collectively, “the Offerings”), which terminated on August 15, 2012 and September 27, 2014, respectively. Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company’s day-to-day operations. Through his ownership and control of The Lightstone Group, Inc., Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP II LLC, which has subordinated profits interests in the Operating Partnership. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT II or the Operating Partnership. The Company’s 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 August 15, 2022, the tenth anniversary of the termination of its initial public offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation. Noncontrolling Interests The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership, (ii) membership interests held by Lightstone Value Plus Real Estate Investment Trust, Inc., a REIT also sponsored by the Company’s Sponsor, in a joint venture (“the Joint Venture”), and (iii) the membership interests held by minority owners of certain of the Company’s hotels. Partners of Operating Partnership On May 20, 2008, the Advisor contributed $ 2 200 Lightstone SLP II LLC, which is wholly owned by the Company’s Sponsor, committed to purchase subordinated profits interests in the Operating Partnership (“Subordinated Profits Interests”) at a cost of $ 100,000 1.0 12.9 48.6 4.8 177.0 17.7

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of March 31, 2018, the Lightstone REIT II had a 99 The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The consolidated balance sheet as of December 31, 2017 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Effective January 1, 2018 the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) that that requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard using the retrospective transition method As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. Three Months Ended March 31, 2018 2017 Cash and cash equivalents $ 28,733 $ 35,432 Restricted cash 5,361 3,610 Total cash, cash equivalents and restricted cash $ 34,094 $ 39,042 Effective January 1, 2018 the Company adopted guidance issued by the FASB that that 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. Since all of the Company’s marketable securities, available for sale, are debt securities this guidance had no impact on the Company’s consolidated financial statements. Effective January 1, 2018, the Company adopted guidance issued by the FASB 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. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. The Company anticipates future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the previous revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Additionally, the sale of real estate will be required to follow the new model. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have an impact on the amount and timing of revenue recognition for revenues from rooms and food, beverage and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of accumulated surplus. The Company also considered and determined that presenting revenue disaggregated by rooms and food, beverage and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed. See Note New Accounting Pronouncements In February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of earnings. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. The Company intends to adopt the standard on January 1, 2019 and apply certain practical expedients available to us upon adoption. The Company is continuing to evaluate the impact this guidance will have on its consolidated financial statements when adopted. 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

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	3. Revenues Revenues consist of amounts derived from hotel operations, including occupied hotel rooms and sales of food, beverage and other ancillary services and are presented on a disaggregated basis below. Revenues are recorded net of any sales or occupancy tax collected from our guests. Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The Company's contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from our hotel. The Company participates in frequent guest programs sponsored by the brand owners of our hotels whereby the brand owner allows guests to earn loyalty points during their hotel stay. The Company recognizes revenue at the amount earned that it will receive from the brand owner when a guest redeems their loyalty points by staying at one of the Company’s hotels. Revenue from food, beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized when these goods or services are provided to the customer and the Company’s contract performance obligations have been fulfilled Some contracts for rooms, food, beverage or other services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The contract liabilities are not significant. The Company notes no significant judgements regarding the recognition of room, food and beverage or other revenues. hotel operations on a disaggregated basis For the Three Months 2018 2017 Revenues Room $ 18,247 $ 19,714 Food, beverage and other 1,117 892 Total revenues $ 19,364 $ 20,606

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Entities	3 Months Ended
	Mar. 31, 2018
Investments in Unconsolidated Affiliated Entities [Abstract]
Investments in Unconsolidated Affiliated Entities	Investments in Unconsolidated Affiliated Entities The entities listed below are partially owned by the Company. The Company accounts for these investments 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 these entities. As of Entity Date of Ownership Ownership % March 31, 2018 December 31, 2017 Brownmill Various 48.58 % $ 5,099 $ 5,140 Hilton Garden Inn Joint Venture March 27, 2018 50.00 % 13,229 - Total investments in unconsolidated affiliated real estate entities $ 18,328 $ 5,140 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 As of March 31, 2018, the Company owns a 48.6 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 Three Months Ended 2018 2017 Revenue $ 961 $ 893 Property operating expenses 461 430 Depreciation and amortization 178 215 Operating income 322 248 Interest expense and other, net (212) (59) Net income $ 110 $ 189 Company's share of net income $ 53 $ 92 Additional depreciation and amortization expense (1) (32) (36) Company's earnings from investment $ 21 $ 56 1) As of As of March 31, 2018 December 31, 2017 Real estate, at cost (net) $ 14,562 $ 14,697 Cash and restricted cash 762 727 Other assets 1,451 1,388 Total assets $ 16,775 $ 16,812 Mortgage payable $ 14,432 $ 14,485 Other liabilities 557 523 Members' capital 1,786 1,804 Total liabilities and members' capital $ 16,775 $ 16,812 Hilton Garden Inn Joint Venture On March 27, 2018, the Company and its Sponsor’s other public program, Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone REIT III”), acquired, through LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) a 183-room, limited-service hotel located at 29-21 41 st 60.0 25.0 35.0 50.0 In connection with the acquisition, the Company accrued an acquisition fee of $ 0.3 0.95 The Company paid approximately $ 12.9 Hilton Garden Inn Joint Venture Financial Information For the Period Revenues $ 169 Property operating expenses 69 Operating income 100 Interest expense (24) Net income $ 76 Company's share of net income $ 38 As of March 31, 2018 Investment property, net $ 60,327 Cash 28 Other assets 491 Total assets $ 60,846 Mortgage payable, net $ 34,724 Other liabilities 234 Members' capital 25,888 Total liabilities and members' capital $ 60,846

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract]
Marketable Securities and Fair Value Measurements	Marketable Securities and Fair Value Measurements Marketable Securities As of March 31, 2018 Adjusted Gross Gross Fair Debt securities: Corporate Bonds and Preferred Securities $ 9,989 $ - $ (232) $ 9,757 As of December 31, 2017 Adjusted Gross Gross Fair Debt securities: Corporate Bonds and Preferred Securities $ 9,989 $ - $ (211) $ 9,778 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 March 31, 2018 and December 31, 2017, 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 March 31, 2018 and December 31, 2017, all of the Company’s debt securities and were classified as Level 1 assets and there were no transfers between the level classifications during the three months ended March 31, 2018. The fair values of the Company’s investments in Corporate Bonds and Preferred Securities are measured using readily available quoted prices for similar assets. As of Due in 1 year $ - Due in 1 year through 5 years 5,010 Due in 5 year through 10 years - Due after 10 years 4,747 Total $ 9,757 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value. 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 2.73

Mortgages payable, net

Mortgages payable, net	3 Months Ended
	Mar. 31, 2018
Mortgages payable [Abstract]
Mortgages payable, net	. Mortgages payable, net Weighted Description Interest as of Maturity Amount Due As of As of Promissory Note, secured by two properties 4.94% 4.94 % August 2018 $ 6,546 $ 6,607 $ 6,653 Revolving Loan, secured by nine properties LIBOR + 4.95% 6.71 % May 2018 73,616 73,616 73,616 Courtyard - Parsippany LIBOR + 3.50% 5.10 % August 2018 7,126 7,191 7,240 Hyatt – New Orleans LIBOR + 3.75% (subject to a 5.14% floor) 5.36 % December 2020 18,000 18,000 18,000 Residence Inn – Needham LIBOR + 3.75% (subject to a 5.18% floor) 5.36 % December 2020 25,000 25,000 25,000 Courtyard – Paso Robles 5.49% 5.49 % November 2023 13,022 14,000 14,000 Total mortgages payable 6.03 % $ 143,310 $ 144,414 $ 144,509 Less: Deferred financing costs (641) (728) Total mortgages payable, net $ 143,773 $ 143,781 Principal Maturities Remainder of 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 87,429 $ 179 $ 43,187 $ 200 $ 211 $ 13,208 $ 144,414 Less: deferred financing costs (641) Total principal maturiteis, net $ 143,773 Additionally, the non-recourse Revolving Loan (outstanding principal balance of $ 73.6 as of March 31, 2018) that was initially scheduled to mature in January 2018, which had been further extended to April 2018, and then again further extended through May 28, 2018 and the Company is currently working with the lender on refinancing the Revolving Loan. In addition, the Company’s recourse mortgage loans secured by the Courtyard Parsippany (outstanding principal balance 7.2 of March 31, 2018) and the Springhill Suites Peabody and the TownePlace Suites – Little Rock (outstanding principal balance of $ 6.6 Restricted escrows Pursuant to the Company’s loan agreements, escrows in the amount of $ 5.4 5.2 Debt Compliance Certain of our debt agreements also contain clauses providing for prepayment penalties and require the maintenance of certain ratios, including debt service coverage and fixed leverage charge ratio. As of March 31, 2018, the Company is in compliance with respect to all of its financial debt covenants other than the debt associated with the Revolving Loan, secured by nine properties as discussed below. During the first quarter of 2018, the Company did not meet certain financial covenants on the non-recourse Revolving Loan, secured by nine properties. On May 14, 2018, the lender provided a waiver with respect to these financial covenants for the testing period ending March 31, 2018

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Equity	Equity Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other related party entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. For the Three Months Ended March 31, 2018 2017 Acquisition Fees (1) $ 285 $ - Asset Management Fees (general and administrative costs) 687 604 Total $ 972 $ 604 (1) The acquisition fee for the Hilton Garden Inn Joint Venture of $ 285

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Financial Instruments [Abstract]
Financial Instruments	Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and accrued expenses, margin loan, due to related party, and distributions payable approximated their fair values because of the short maturity of these instruments. As of March 31, 2018 As of December 31, 2017 Carrying Estimated Carrying Estimated Mortgages payable $ 144,414 $ 144,526 $ 144,509 $ 144,942 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distribution Payments On April 15, 2018, the distribution for the three-month period ending March 31, 2018 of $ 3.1 Distribution Declaration On May 11, 2018, the Board of Directors authorized and the Company declared a distribution for the three-month period ending June 30, 2018. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $ 0.0019178 365 7.0 10.00

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of March 31, 2018, the Lightstone REIT II had a 99 The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The consolidated balance sheet as of December 31, 2017 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2018 the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) that that requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard using the retrospective transition method As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. Three Months Ended March 31, 2018 2017 Cash and cash equivalents $ 28,733 $ 35,432 Restricted cash 5,361 3,610 Total cash, cash equivalents and restricted cash $ 34,094 $ 39,042 Effective January 1, 2018 the Company adopted guidance issued by the FASB that that 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. Since all of the Company’s marketable securities, available for sale, are debt securities this guidance had no impact on the Company’s consolidated financial statements. Effective January 1, 2018, the Company adopted guidance issued by the FASB 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. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. The Company anticipates future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the previous revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Additionally, the sale of real estate will be required to follow the new model. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have an impact on the amount and timing of revenue recognition for revenues from rooms and food, beverage and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of accumulated surplus. The Company also considered and determined that presenting revenue disaggregated by rooms and food, beverage and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed. See Note New Accounting Pronouncements In February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of earnings. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. The Company intends to adopt the standard on January 1, 2019 and apply certain practical expedients available to us upon adoption. The Company is continuing to evaluate the impact this guidance will have on its consolidated financial statements when adopted. 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.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: Three Months Ended March 31, 2018 2017 Cash and cash equivalents $ 28,733 $ 35,432 Restricted cash 5,361 3,610 Total cash, cash equivalents and restricted cash $ 34,094 $ 39,042

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table represents the total revenues from hotel operations on a disaggregated basis For the Three Months 2018 2017 Revenues Room $ 18,247 $ 19,714 Food, beverage and other 1,117 892 Total revenues $ 19,364 $ 20,606

Investments in Unconsolidated22

Investments in Unconsolidated Affiliated Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Summary of Investments in Unconsolidated Entities	A summary of the Company’s investments in the unconsolidated affiliated entities is as follows: As of Entity Date of Ownership Ownership % March 31, 2018 December 31, 2017 Brownmill Various 48.58 % $ 5,099 $ 5,140 Hilton Garden Inn Joint Venture March 27, 2018 50.00 % 13,229 - Total investments in unconsolidated affiliated real estate entities $ 18,328 $ 5,140
Brownmill, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Unaudited Condensed Income Statements of Affiliated Entities	The following table represents the condensed income statements for Brownmill for the periods indicated: For the Three Months Ended 2018 2017 Revenue $ 961 $ 893 Property operating expenses 461 430 Depreciation and amortization 178 215 Operating income 322 248 Interest expense and other, net (212) (59) Net income $ 110 $ 189 Company's share of net income $ 53 $ 92 Additional depreciation and amortization expense (1) (32) (36) Company's earnings from investment $ 21 $ 56
Unaudited Condensed Balance Sheets of Affiliated Entities	The following table represents the condensed balance sheets for Brownmill: As of As of March 31, 2018 December 31, 2017 Real estate, at cost (net) $ 14,562 $ 14,697 Cash and restricted cash 762 727 Other assets 1,451 1,388 Total assets $ 16,775 $ 16,812 Mortgage payable $ 14,432 $ 14,485 Other liabilities 557 523 Members' capital 1,786 1,804 Total liabilities and members' capital $ 16,775 $ 16,812
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Unaudited Condensed Income Statements of Affiliated Entities	The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: For the Period Revenues $ 169 Property operating expenses 69 Operating income 100 Interest expense (24) Net income $ 76 Company's share of net income $ 38
Unaudited Condensed Balance Sheets of Affiliated Entities	The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: As of March 31, 2018 Investment property, net $ 60,327 Cash 28 Other assets 491 Total assets $ 60,846 Mortgage payable, net $ 34,724 Other liabilities 234 Members' capital 25,888 Total liabilities and members' capital $ 60,846

Marketable Securities and Fai23

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract]
Summary of Available for Sale Securities	As of March 31, 2018 Adjusted Gross Gross Fair Debt securities: Corporate Bonds and Preferred Securities $ 9,989 $ - $ (232) $ 9,757 As of December 31, 2017 Adjusted Gross Gross Fair Debt securities: Corporate Bonds and Preferred Securities $ 9,989 $ - $ (211) $ 9,778
Summary of Marketable Debt Securities	The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of Due in 1 year $ - Due in 1 year through 5 years 5,010 Due in 5 year through 10 years - Due after 10 years 4,747 Total $ 9,757

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	3 Months Ended
	Mar. 31, 2018
Mortgages payable [Abstract]
Schedule of Mortgages Payable	Mortgages payable, net consisted of the following: Weighted Description Interest as of Maturity Amount Due As of As of Promissory Note, secured by two properties 4.94% 4.94 % August 2018 $ 6,546 $ 6,607 $ 6,653 Revolving Loan, secured by nine properties LIBOR + 4.95% 6.71 % May 2018 73,616 73,616 73,616 Courtyard - Parsippany LIBOR + 3.50% 5.10 % August 2018 7,126 7,191 7,240 Hyatt – New Orleans LIBOR + 3.75% (subject to a 5.14% floor) 5.36 % December 2020 18,000 18,000 18,000 Residence Inn – Needham LIBOR + 3.75% (subject to a 5.18% floor) 5.36 % December 2020 25,000 25,000 25,000 Courtyard – Paso Robles 5.49% 5.49 % November 2023 13,022 14,000 14,000 Total mortgages payable 6.03 % $ 143,310 $ 144,414 $ 144,509 Less: Deferred financing costs (641) (728) Total mortgages payable, net $ 143,773 $ 143,781
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 March 31, 2018: Remainder of 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 87,429 $ 179 $ 43,187 $ 200 $ 211 $ 13,208 $ 144,414 Less: deferred financing costs (641) Total principal maturiteis, net $ 143,773

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
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 for the periods indicated: For the Three Months Ended March 31, 2018 2017 Acquisition Fees (1) $ 285 $ - Asset Management Fees (general and administrative costs) 687 604 Total $ 972 $ 604 (1) The acquisition fee for the Hilton Garden Inn Joint Venture of $ 285

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Financial Instruments [Abstract]
Summary of Estimated Fair Value of Debt	The estimated fair value of our mortgages payable is as follows: As of March 31, 2018 As of December 31, 2017 Carrying Estimated Carrying Estimated Mortgages payable $ 144,414 $ 144,526 $ 144,509 $ 144,942

Organization (Details Textual)

Organization (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended			36 Months Ended
	May 20, 2008USD ($)	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2012USD ($)shares	Dec. 31, 2011USD ($)shares	Dec. 31, 2010USD ($)shares	Dec. 31, 2012USD ($)$ / sharesshares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Date of incorporation		Apr. 28, 2008
Lightstone REIT, partnership formation date		Apr. 30, 2008
General partner ownership interest		99.00%
Advisor's contribution to operating partnership	$ 2
Partnership units issued	200
Brownmill, LLC [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Subordinated general partner participation, per unit cost | $ / shares						$ 100,000
Sponsor's cash contribution		$ 12,900
Ownership interest		48.58%
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

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 28,733	$ 44,449	$ 35,432
Restricted cash	5,361	5,724	3,610
Total cash, cash equivalents and restricted cash	$ 34,094	$ 50,173	$ 39,042	$ 46,667

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Line Items]
Percentage general partnership interest in common units operating partnership	99.00%

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Room	$ 18,247	$ 19,714
Food, beverage and other	1,117	892
Total revenues	$ 19,364	$ 20,606

Investments in Unconsolidated31

Investments in Unconsolidated Affiliated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 27, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 18,328		$ 5,140
Brownmill, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Various
Ownership %	48.58%
Equity Method Investments	$ 5,099		5,140
Hilton Garden Inn Joint Venture
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Mar. 27, 2018
Ownership %	50.00%	50.00%
Equity Method Investments	$ 13,229	$ 12,900	$ 0

Investments in Unconsolidated32

Investments in Unconsolidated Affiliated Entities (Details 1) - USD ($) $ in Thousands		Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Company's share of net income (loss)			$ 59	$ 56
Brownmill, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Revenue			961	893
Property operating expenses			461	430
Depreciation and amortization			178	215
Operating income			322	248
Interest expense and other, net			(212)	(59)
Net income			110	189
Company's share of net income (loss)			53	92
Additional depreciation and amortization expense	[1]		(32)	(36)
Company's earnings from investment			$ 21	$ 56
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		$ 169
Property operating expenses		69
Operating income		100
Interest expense and other, net		(24)
Net income		76
Company's share of net income (loss)		$ 38
[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 Unconsolidated33

Investments in Unconsolidated Affiliated Entities (Details 2) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Brownmill, LLC [Member]
Equity method investment, assets	$ 16,775	$ 16,812
Members' capital	1,786	1,804
Total liabilities and members' capital	16,775	16,812
Brownmill, LLC [Member] | Real estate, at cost (net) [Member]
Equity method investment, assets	14,562	14,697
Brownmill, LLC [Member] | Cash and restricted cash [Member]
Equity method investment, assets	762	727
Brownmill, LLC [Member] | Other assets [Member]
Equity method investment, assets	1,451	1,388
Brownmill, LLC [Member] | Mortgage payable [Member]
Equity method investment, liabilities	14,432	14,485
Brownmill, LLC [Member] | Other liabilities [Member]
Equity method investment, liabilities	557	$ 523
Hilton Garden Inn Joint Venture [Member]
Equity method investment, assets	60,846
Members' capital	25,888
Total liabilities and members' capital	60,846
Hilton Garden Inn Joint Venture [Member] | Real estate, at cost (net) [Member]
Equity method investment, assets	60,327
Hilton Garden Inn Joint Venture [Member] | Cash and restricted cash [Member]
Equity method investment, assets	28
Hilton Garden Inn Joint Venture [Member] | Other assets [Member]
Equity method investment, assets	491
Hilton Garden Inn Joint Venture [Member] | Mortgage payable [Member]
Equity method investment, liabilities	34,724
Hilton Garden Inn Joint Venture [Member] | Other liabilities [Member]
Equity method investment, liabilities	$ 234

Investments in Unconsolidated34

Investments in Unconsolidated Affiliated Entities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended			36 Months Ended
	Mar. 27, 2018	Mar. 31, 2018	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 18,328					$ 5,140
Brownmill, LLC [Member]
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
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		48.58%
Equity Method Investments		$ 5,099					5,140
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Business Combination, Consideration Transferred	$ 60,000
Payments to Acquire Businesses, Net of Cash Acquired	25,000
Payments for (Proceeds from) Businesses and Interest in Affiliates	$ 35,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	0.95%
Equity Method Investments	$ 12,900	$ 13,229					$ 0
Accrued Acquision Expense	$ 300

Marketable Securities and Fai35

Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 9,989	$ 9,989
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(232)	(211)
Fair Value	$ 9,757	$ 9,778

Marketable Securities and Fai36

Marketable Securities and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Due in 1 year	$ 0
Due in 1 year through 5 years	5,010
Due in 5 year through 10 years	0
Due after 10 years	4,747
Total	$ 9,757	$ 9,778

Marketable Securities and Fai37

Marketable Securities and Fair Value Measurements (Details Textual)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Loans Receivable, Description of Variable Rate Basis		Libor plus 0.85%
Margin Loan [Member]
Debt Instrument [Line Items]
Libor	2.73%
Interest rate, Libor plus	0.85%

Mortgages payable, net (Details

Mortgages payable, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.03%
Amount Due at Maturity	$ 143,310
Total mortgages payable	144,414	$ 144,509
Less: Deferred financing costs	(641)	(728)
Total mortgages payable, net	$ 143,773	143,781
Promissory Note, secured by two properties [Member]
Debt Instrument [Line Items]
Interest Rate	4.94%
Weighted Average Interest Rate	4.94%
Maturity Date	Aug. 31, 2018
Amount Due at Maturity	$ 6,546
Total mortgages payable	$ 6,607
Total mortgages payable, net		6,653
Revolving Loan, secured by nine properties [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 4.95
Weighted Average Interest Rate	6.71%
Maturity Date	May 31, 2018
Amount Due at Maturity	$ 73,616
Total mortgages payable	73,616
Total mortgages payable, net	$ 73,600	73,616
Courtyard-Parsippany [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 3.50
Weighted Average Interest Rate	5.10%
Maturity Date	Aug. 31, 2018
Amount Due at Maturity	$ 7,126
Total mortgages payable	7,191
Total mortgages payable, net	$ 7,200	7,240
Hyatt - New Orleans [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 3.75% (subject to a 5.14% floor)
Weighted Average Interest Rate	5.36%
Maturity Date	Dec. 31, 2020
Amount Due at Maturity	$ 18,000
Total mortgages payable	$ 18,000
Total mortgages payable, net		18,000
Residence Inn - Needham [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 3.75% (subject to a 5.18% floor)
Weighted Average Interest Rate	5.36%
Maturity Date	Dec. 31, 2020
Amount Due at Maturity	$ 25,000
Total mortgages payable	$ 25,000
Total mortgages payable, net		25,000
Courtyard - Paso Robles [Member]
Debt Instrument [Line Items]
Interest Rate	5.49%
Weighted Average Interest Rate	5.49%
Maturity Date	Nov. 30, 2023
Amount Due at Maturity	$ 13,022
Total mortgages payable	$ 14,000
Total mortgages payable, net		$ 14,000

Mortgages payable, net (Detai39

Mortgages payable, net (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2,018	$ 87,429
2,019	179
2,020	43,187
2,021	200
2,022	211
Thereafter	13,208
Total	144,414	$ 144,509
Less: Deferred financing costs	(641)	(728)
Total principal maturiteis, net	$ 143,773	$ 143,781

Mortgages payable, net (Detai40

Mortgages payable, net (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Secured Debt	$ 143,773	$ 143,781
Credit Agreement [Member]
Debt Instrument [Line Items]
Restricted escrows	5,400	5,200
Revolving Loan, secured by nine properties [Member]
Debt Instrument [Line Items]
Secured Debt	73,600	73,616
Courtyard-Parsippany [Member]
Debt Instrument [Line Items]
Secured Debt	7,200	$ 7,240
Springhill Suites Peabody and Towne Place Suites Little Rock [Member]
Debt Instrument [Line Items]
Secured Debt	$ 6,600

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Acquisition Fees	[1]	$ 285	$ 0
Asset Management Fees (general and administrative costs)		687	604
Total		$ 972	$ 604
[1]	The acquisition fee for the Hilton Garden Inn Joint Venture of $285 was capitalized and included in investment in unconsolidated affiliated entities on the consolidated balance sheets.

Related Party Transactions (D42

Related Party Transactions (Details Textual) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Related Party [Member]
Related Party Transaction [Line Items]
Business Combination, Acquisition Related Costs	[1]	$ 285	$ 0
[1]	The acquisition fee for the Hilton Garden Inn Joint Venture of $285 was capitalized and included in investment in unconsolidated affiliated entities on the consolidated balance sheets.

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Carrying Amount	$ 144,414	$ 144,509
Mortgages payable [Member]
Debt Instrument [Line Items]
Carrying Amount	144,414	144,509
Estimated Fair Value	$ 144,526	$ 144,942

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	May 11, 2018	Mar. 31, 2018
Subsequent Event [Line Items]
Distribution payment		$ 3,100,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution on per day basis	$ 0.0019178
Number of days used to calculate daily amount of distribution	365 days
Annualized rate of dividend	7.00%
Share price	$ 10