Lightstone Value Plus REIT II (LVPR) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC
Entity Central Index Key	0001436975
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		17,400,000
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Incorporation Code	MD
Entity File Number	000-54047

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment property:
Land and improvements	$ 36,699	$ 36,689
Building and improvements	203,566	203,561
Furniture and fixtures	36,033	36,010
Construction in progress	163	77
Gross investment property	276,461	276,337
Less accumulated depreciation	(53,956)	(51,269)
Net investment property	222,505	225,068
Investments in unconsolidated affiliated entities	15,339	15,359
Cash and cash equivalents	14,701	15,348
Marketable securities, available for sale	6,859	6,902
Restricted cash	4,581	3,075
Accounts receivable and other assets	3,963	2,836
Total Assets	267,948	268,588
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	8,653	7,859
Margin loan	2,526	2,599
Mortgages payable, net	136,115	136,400
Notes payable	7,089	3,343
Due to related party	544	618
Total liabilities	154,927	150,819
Company's stockholders' equity:
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 100.0 million shares authorized, 17.4 million shares issued and outstanding	174	174
Additional paid-in-capital	147,100	147,100
Accumulated other comprehensive income	60	82
Accumulated deficit	(45,830)	(41,186)
Total Company stockholders' equity	101,504	106,170
Noncontrolling interests	11,517	11,599
Total Stockholders' Equity	113,021	117,769
Total Liabilities and Stockholders' Equity	$ 267,948	$ 268,588

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	10,000,000	100,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	17,400,000	17,400,000
Common stock, shares outstanding	17,400,000	17,400,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 7,447	$ 13,245
Expenses:
Property operating expenses	5,906	9,988
Real estate taxes	927	882
General and administrative costs	1,265	1,206
Depreciation and amortization	2,692	2,645
Operating loss	10,790	14,721
Operating (loss)/income	(3,343)	(1,476)
Interest and dividend income	70	143
Interest expense	(1,346)	(1,817)
Loss on sale of marketable securities, available for sale	0	(245)
Earnings from investments in unconsolidated affiliated entities	(83)	(516)
Other expense, net	(30)	(14)
Net loss	(4,732)	(3,925)
Less: net loss attributable to noncontrolling interests	88	74
Net loss applicable to Company's common shares	$ (4,644)	$ (3,851)
Net loss per Company's common share, basic and diluted	$ (0.27)	$ (0.22)
Weighted average number of common shares outstanding, basic and diluted	17,430	17,445

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,732)	$ (3,925)
Other comprehensive loss:
Holding loss on marketable securities, available for sale	(22)	(1,165)
Reclassification adjustment for loss included in net loss	0	245
Other comprehensive loss:	(22)	(920)
Comprehensive loss	(4,754)	(4,845)
Less: Comprehensive loss attributable to noncontrolling interests	88	74
Comprehensive loss attributable to the Company's common shares	$ (4,666)	$ (4,771)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Accumulated Deficit	Noncontrolling Interest [Member]	Total
Beginning balance at Dec. 31, 2019	$ 175	$ 147,924	$ 172	$ (19,863)	$ 12,214	$ 140,622
Beginning balance (in shares) at Dec. 31, 2019	17,512
Net loss				(3,851)	(74)	(3,925)
Other comprehensive loss			(920)			(920)
Contributions of noncontrolling interests					45	45
Distributions to noncontrolling interests					(327)	(327)
Redemption and cancellation of shares	$ (1)	(824)				(825)
Redemption and cancellation of shares (in shares)	(82)
Ending balance at Mar. 31, 2020	$ 174	147,100	(748)	(23,714)	11,858	134,670
Ending balance (in shares) at Mar. 31, 2020	17,430
Beginning balance at Dec. 31, 2020	$ 174	147,100	82	(41,186)	11,599	117,769
Beginning balance (in shares) at Dec. 31, 2020	17,430
Net loss				(4,644)	(88)	(4,732)
Other comprehensive loss			(22)			(22)
Contributions of noncontrolling interests					6	6
Ending balance at Mar. 31, 2021	$ 174	$ 147,100	$ 60	$ (45,830)	$ 11,517	$ 113,021
Ending balance (in shares) at Mar. 31, 2021	17,430

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,732)	$ (3,925)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,692	2,645
Amortization of deferred financing costs	103	103
Loss on sale of marketable securities, available for sale	0	245
Earnings from investments in unconsolidated affiliated entities	83	516
Other non-cash adjustments	46	45
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(1,157)	(240)
Increase/(decrease) in accounts payable and other accrued expenses	794	(230)
(Decrease)/increase in due to related party	(74)	4
Net cash used in operating activities	(2,245)	(837)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(125)	(2,192)
Proceeds from the sale of marketable debt securities	0	1,819
Contributions to unconsolidated affiliated entity	(68)	0
Distributions from unconsolidated affiliated entities	6	79
Net cash used in investing activities	(187)	(294)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	(52)	(48)
Payment on margin loan	(73)	(2,043)
Proceeds received from notes payable	3,746	0
Payment of loan fees and expenses	(336)	0
Redemption and cancellation of common shares	0	(824)
Distributions to noncontrolling interests	0	(327)
Contributions of noncontrolling interests	6	45
Distributions to common stockholders	0	(3,065)
Net cash provided by/(used in) financing activities	3,291	(6,262)
Net change in cash, cash equivalents and restricted cash	859	(7,393)
Cash, cash equivalents and restricted cash, beginning of year	18,423	30,216
Cash, cash equivalents and restricted cash, end of period	19,282	22,823
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	1,108	1,732
Holding loss on marketable securities, available for sale	22	920
Investment property acquired but not paid	0	613
Cash	14,701	13,806
Restricted cash	4,581	9,017
Total cash and restricted cash	$ 19,282	$ 22,823

Structure

Structure	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Structure	1. Structure Lightstone Value Plus Real Estate Investment Trust II, Inc. (‘‘Lightstone REIT II’’), is a Maryland corporation, formed on April 28, 2008, which elected to qualify as a real estate investment trust (‘‘REIT’’) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2009. Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business will be conducted through Lightstone Value Plus REIT II LP, a Delaware limited partnership (the ‘‘Operating Partnership’’). As of March 31, 2021, Lightstone REIT II held an approximately 99% general partnership interest in the Operating Partnership’s common units. 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 Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company has and will continue to seek to acquire a diverse portfolio of real estate assets and real estate-related investments, including hotels, other commercial and/or residential properties, primarily located in the United States. All such properties may be acquired and operated by the Company alone or jointly with another party. The Company may also originate or acquire mortgage loans secured by real estate. Although the Company expects that most of its investments will be of these types, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company currently has one operating segment. As of March 31, 2021, we (i) majority owned and consolidated the operating results and financial condition of 14 limited service hotels containing a total of 1,802 rooms, (ii) held an unconsolidated 48.6% membership interest in Brownmill, LLC (the “Brownmill Joint Venture”), an affiliated entity that owns two retail properties, and (iii) held an unconsolidated 50.0% membership interest in LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”), an affiliated real estate entity that owns and operates a 183-room limited service hotel located in Long Island City, New York (the “Hilton Garden Inn – Long Island City”). The Company accounts for its membership interests in the Brownmill Joint Venture and the Hilton Garden Inn Joint Venture under the equity method of accounting. As of March 31, 2021, seven of our consolidated limited service hotels are held in a joint venture (the “Joint Venture”) formed between us and Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a related party REIT also sponsored by The Lightstone Group, LLC. The Company and Lightstone I have 97.5% and 2.5% membership interests in the Joint Venture, respectively. Additionally, as of March 31, 2021, certain of our consolidated hotels also have ownership interests held by unrelated minority owners. The membership interests of Lightstone I and the unrelated minority owners are accounted for as noncontrolling interests. The Company’s advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is majority owned by David Lichtenstein. On May 20, 2008, the Advisor contributed $2 to the Operating Partnership in exchange for 200 limited partner common units in the Operating Partnership. The Advisor also owns 20,000 shares of the Company’s common stock (“Common Shares”) which were issued on May 20, 2008 for $200, or $10.00 per share. Mr. Lichtenstein also is a majority owner of the equity interests of the Lightstone Group, LLC. The Lightstone Group, LLC 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. The Advisor, pursuant to the terms of an advisory agreement, together with the Company’s board of directors (the “Board of Directors”), is primarily responsible for making investment decisions on behalf of the Company and managing its day-to-day operations. Through his ownership and control of the Lightstone Group, LLC, Mr. Lichtenstein is the indirect owner and manager of Lightstone SLP II LLC, a Delaware limited liability company (the “Associate General Partner”), which has subordinated profits interests in the Operating Partnership which were acquired for aggregate consideration of $17.7 million in connection with the Company’s Offerings. 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 does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Company’s Advisor has certain affiliates which may manage the properties the Company acquires. However, the Company also contracts with other unaffiliated third-party property managers, principally for the management of its hospitality properties. The Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares 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 Common Shares until they are listed for trading. In the event the Company does not obtain listing prior to September 27, 2024, which is the tenth anniversary of the termination of its Follow-On 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 Limited Partner On May 20, 2008, the Advisor contributed $2 to the Operating Partnership in exchange for 200 limited partner common units in the Operating Partnership. The Advisor has the right to convert limited partner common units into cash or, at the Company’s option, an equal number of Common Shares. Associate General Partner In connection with the Company’s Offerings, which concluded on September 27, 2014, the Associate General Partner contributed (i) cash of approximately $12.9 million and (ii) equity interests totaling 48.6% in the Brownmill Joint Venture, which were valued at $4.8 million, to the Operating Partnership in exchange for 177.0 Subordinated Profits Interests in the Operating Partnership with an aggregate value of $17.7 million. As the indirect majority owner of the Associate General Partner, Mr. Lichtenstein is the beneficial owner of a 99% interest in such Subordinated Profits Interests and thus receives an indirect benefit from any distributions made in respect thereof. These Subordinated Profits Interests may entitle the Associate General Partner to a portion of any regular and liquidation distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. There have been no distributions declared on the Subordinated Profits Interests for quarterly periods after March 31, 2020. Since the Company’s inception, the cumulative distributions declared and paid on the Subordinated Profits Interests were $7.9 million. Any future distributions on the Subordinated Profits Interests will always be subordinated until stockholders receive a stated preferred return, as described above. Other Noncontrolling Interests in Consolidated Subsidiaries Other noncontrolling interests consist of the (i) membership interest in the Joint Venture held by Lightstone I and (ii) membership interests held by minority owners in certain of the Company’s hotels. The Advisor and its affiliates and Associate General Partner are related parties of the Company. Certain of these entities are entitled to compensation and fees for services related to the investment, management and disposition of the Company’s assets during its acquisition, operational and liquidation stages. The compensation levels during the Company’s acquisition and operational stages are based on the cost of acquired properties/investments and the annual revenue earned from such properties/investments, and other such fees and reimbursements as outlined in each of the respective agreements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of March 31, 2021, Lightstone REIT II had a 99% general partnership interest in the common units of the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. 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, 2020. 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 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2020 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. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities. Revenue Recognition The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months 2021 2020 Revenues Room $ 7,212 $ 12,451 Food, beverage and other 235 794 Total revenues $ 7,447 $ 13,245 COVID-19 Pandemic Operations and Liquidity Update On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic leading many countries, including the United States, particularly at the individual state level, to subsequently impose various degrees of restrictions and other measures, including, but not limited to, mandatory temporary closures, quarantine guidelines, limitations on travel, and “shelter in place” rules in an effort to reduce its duration and the severity of its spread. Although the COVID-19 pandemic has continued to evolve, most of these previously imposed restrictions and other measures have now been reduced and/or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval, mass production, administration and ultimate effectiveness of vaccines, as well as the timeline to achieve a level of sufficient herd immunity amongst the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the overall health of the U.S. economy for the foreseeable future. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. As a result of the COVID-19 pandemic, room demand for the Company’s consolidated and unconsolidated hotels began to significantly decline in March 2020 and while there has been slight sequential improvement since then; room demand continues to be substantially below historical levels. Since March 2020, the COVID-19 pandemic has had a significant negative impact on the Company’s operations, financial position and cash flow and the Company currently expects that it will continue to do so for the foreseeable future. The Company cannot currently estimate if and when room demand will fully recover to pre-pandemic levels for its hotels. Additionally, the Company has an unconsolidated 48.6% membership interest in the Brownmill Joint Venture, which owns two retail properties located in New Jersey that have been subject to various restrictions. If the Brownmill Joint Venture’s retail properties are negatively impacted for an extended period because its tenants are unable to pay their rent, the Company’s equity earnings and the carrying value of its investment in the Brownmill Joint Venture could be materially and adversely impacted. In light of the past, present and potential future impact of the COVID-19 pandemic on the operating results of its hotels, the Company has taken various actions to preserve its liquidity, including the following: ● The Company implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. ● Amendments to Revolving Credit Facility – On June 2, 2020, the Company’s revolving credit facility (the “Revolving Credit Facility”) was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $2.6 million for the period from April 1, 2020 through September 30, 2020, which are now due on November 15, 2021; (ii) a 100 bps reduction in the interest rate spread to LIBOR + 2.15%, subject to a 3.00% floor, for the six-month period from September 1, 2020 through February 28, 2021; (iii) the Company pre-funding $2.5 million into a cash collateral reserve account to cover the six monthly debt service payments due from October 1, 2020 through March 1, 2021; and (iv) a waiver of all financial covenants for quarter-end periods before June 30, 2021. Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to pledge the membership interests in another hotel as additional collateral within 45 days, (ii) the Company to fund an additional $2.5 million into the cash collateral reserve account; (iii) a waiver of all financial covenants for quarter-end periods through September 30, 2021 with a phased-in gradual return to the full financial covenant requirements over the quarter-end periods beginning December 31, 2021 through March 31, 2023; (iv) an extension of the maturity date from May 17, 2021 to September 15, 2022 upon completion of the pledge of the additional collateral; (v) one additional one-year extension option at the lender’s sole discretion; and (vi) certain limitations and restrictions on asset sales and additional borrowings related to the pledged collateral. On May 13, 2021, the Company pledged the additional collateral and extended the maturity date of the Revolving Credit Facility to September 15, 2022. See Note 6 for additional information. ● In April 2020, the Company’s hotels received $3.3 million from loans provided under the federal Paycheck Protection Program (“PPP Loans”). Subsequently, during the first quarter of 2021, the Company’s hotels received an additional $3.7 million from PPP Loans. See Note 7 for additional information. ● On March 19, 2020, the Board of Directors determined to suspend regular quarterly distributions and, as a result, has not declared any distributions on the Company’s Common Shares or the Subordinated Profits Interests since the suspension. Additionally, on March 19, 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder redemption program. ● The Company had $7.2 million of funds previously held in escrow with a qualified intermediary to facilitate a potential like-kind exchange transaction in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, released to it in May 2020. ● The Hilton Garden Inn Joint Venture has obtained various amendments to its non-recourse mortgage loan secured by the Hilton Garden Inn – Long Island City. See Note 4 for additional information. The Company believes that these actions, along with its available on hand cash and cash equivalents, restricted cash and marketable securities will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these financial statements. New Accounting Pronouncements The Company has reviewed and determined that 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.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Entities	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliated Entities	3. 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 over these 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, December 31, Brownmill Various 48.58 % $ 4,937 $ 4,710 Hilton Garden Inn Joint Venture March 27, 2018 50.00 % 10,402 10,649 Total investments in unconsolidated affiliated real estate entities $ 15,339 $ 15,359 Brownmill Joint Venture During 2010 through 2012, the Company entered into various contribution agreements with Lightstone Holdings LLC (‘‘LGH’’), a wholly-owned subsidiary of the Sponsor, pursuant to which LGH contributed to the Company an aggregate 48.6% membership interest in the Brownmill Joint Venture in exchange for the Company issuing an aggregate of 48 units of Subordinated Profits Interests, at $100,000 per unit (at an aggregate total value of $4.8 million), to Lightstone SLP II LLC. As of March 31, 2021, the Company owns a 48.6% membership interest in the Brownmill Joint Venture, which is a non-managing interest. An affiliate of the Company’s Sponsor is the majority owner and manager of the Brownmill Joint Venture. Profit and cash distributions are allocated in accordance with each investor’s ownership percentage. The Company accounts for its investment in the Brownmill Joint Venture in accordance with the equity method of accounting. During the three months ended March 31, 2021, the Company made contributions to the Brownmill Joint Venture aggregating $68. During the three months ended March 31, 2021 and 2020, the Company received distributions from the Brownmill Joint Venture aggregating $6 and $35, respectively. The Brownmill Joint Venture 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 Joint Venture Financial Information The Company’s carrying value of its interest in the Brownmill Joint Venture differs from its share of member’s equity reported in the condensed balance sheet of the Brownmill Joint Venture due to the Company’s basis of its investment in excess of the historical net book value of the Brownmill Joint Venture. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. The following table represents the condensed income statements for the Brownmill Joint Venture for the periods indicated: For the Three Months 2021 2020 Revenue $ 1,050 $ 925 Property operating expenses 305 652 Depreciation and amortization 176 165 Operating income 569 108 Interest expense and other, net (166 ) (169 ) Net income/(loss) $ 403 $ (61 ) Company’s share of earnings $ 196 $ (30 ) Additional depreciation and amortization expense (1) (31 ) (31 ) Company’s earnings from investment $ 165 $ (61 ) 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. The following table represents the condensed balance sheets for Brownmill: As of As of March 31, December 31, Real estate, at cost (net) $ 14,176 $ 14,234 Cash and restricted cash 1,156 1,038 Other assets 1,448 1,279 Total assets $ 16,780 $ 16,551 Mortgage payable $ 13,773 $ 13,834 Other liabilities 777 1,018 Members’ capital 2,230 1,699 Total liabilities and members’ capital $ 16,780 $ 16,551 Hilton Garden Inn Joint Venture On March 27, 2018, the Company and Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone REIT III”), a related party REIT also sponsored by the Company’s Sponsor, acquired, through the Hilton Garden Inn Joint Venture, a 183-room, limited-service hotel located at 29-21 41 st The Company paid $12.9 million for a 50.0% membership interest in the Hilton Garden Inn Joint Venture. The Company’s membership interest in the Hilton Garden Inn Joint Venture is a co-managing interest. The Company accounts for its membership interest in the Hilton Garden Inn Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Hilton Garden Inn Joint Venture. All capital contributions and distributions of earnings from the Hilton Garden Inn Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the Hilton Garden Inn Joint Venture are made to the members pursuant to the terms of the Hilton Garden Inn Joint Venture’s operating agreement. The Company commenced recording its allocated portion of profit/loss and cash distributions beginning as of March 27, 2018 with respect to its membership interest of 50.0% in the Hilton Garden Inn Joint Venture. In light of the impact of the COVID-19 pandemic on the operating results of the Hilton Garden Inn – Long Island City, the Hilton Garden Inn Joint Venture has entered into certain amendments with respect to the Hilton Garden Inn Mortgage as discussed below. On June 2, 2020, the Hilton Garden Inn Mortgage was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $0.9 million for the period from April 1, 2020 through September 30, 2020 until March 27, 2023; (ii) a 100 bps reduction in the interest rate spread to LIBOR + 2.15%, subject to a 4.03% floor, for the six-month period from September 1, 2020 through February 28, 2021; (iii) the Hilton Garden Inn Joint Venture pre-funding $1.2 million into a cash collateral reserve account to cover the six monthly debt service payments due from October 1, 2020 through March 1, 2021; and (iv) waiver of all financial covenants for quarter-end periods before June 30, 2021. Additionally, on April 7, 2021, the Hilton Garden Inn Joint Venture and the lender further amended the terms of the Hilton Garden Inn Mortgage to provide for (i) the Hilton Garden Inn Joint Venture to make a principal paydown of $1.7 million; (ii) the Hilton Garden Inn Joint Venture to fund an additional $0.7 million into the cash collateral reserve account; (iii) a waiver of all financial covenants for quarter-end periods through September 30, 2021 with a phased-in gradual return to the full financial covenant requirements over the quarter-end periods beginning December 31, 2021 through December 31, 2022; (iv) a 11-month interest-only payment period from May 1, 2021 through March 31, 2022; and (v) certain restrictions on distributions to the members of the Hilton Garden Inn Joint Venture during the interest-only payment period. Subsequent to the Company’s acquisition of its 50.0% membership interest in the Hilton Garden Joint Venture through March 31, 2021, it has made an aggregate of $1.5 million of additional capital contributions and received aggregate distributions of $1.5 million. All of these additional capital contributions and distributions were made prior to 2021. Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statements for the Hilton Garden Inn Joint Venture for the period indicated: For the Three Months Ended March 31, For the Three Months Ended March 31, Revenues $ 1,419 $ 1,540 Property operating expenses 872 1,344 General and administrative costs 10 18 Depreciation and amortization 635 630 Operating loss (98 ) (452 ) Interest expense (397 ) (457 ) Net loss $ (495 ) $ (909 ) Company’s share of net loss (50.00%) $ (248 ) $ (455 ) The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture: As of As of March 31, 2021 December 31, Investment property, net $ 54,214 $ 54,826 Cash 2,081 885 Other assets 552 1,211 Total assets $ 56,847 $ 56,922 Mortgage payable, net $ 35,239 $ 34,988 Other liabilities 1,375 1,207 Members’ capital 20,233 20,727 Total liabilities and members’ capital $ 56,847 $ 56,922

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Marketable Securities, Fair Value Measurements and Margin Loan
Marketable Securities, Fair Value Measurements and Margin Loan	4. Marketable Securities, Fair Value Measurements and Margin Loan Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: As of March 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 81 $ - $ 3,701 Debt securities: Corporate Bonds 3,098 60 - 3,158 Total $ 6,718 $ 141 $ - $ 6,859 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 102 $ - $ 3,722 Debt securities: Corporate Bonds 3,098 82 - 3,180 Total $ 6,718 $ 184 $ - $ 6,902 When evaluating its investments in marketable debt securities 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 marketable debt security before recovery of its amortized cost basis. During the three months ended March 31, 2021 and 2020, the Company did not recognize any impairment charges on its investments in marketable debt securities. As of March 31, 2021, the Company had no investments in marketable debt securities with unrealized losses. The Company may sell certain of its investments in marketable debt securities prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. 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, 2021 and December 31, 2020, the Company’s preferred equities and corporate bonds were classified as Level 2 assets and there were no transfers between the level classifications. There were no transfers between the level classifications during the three months ended March 31, 2021. The fair values of the Company’s investments in preferred equities and corporate bonds are measured using readily available quoted prices for similar assets. 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 March 31, Due in 1 year $ - Due in 1 year through 5 years 3,158 Due in 5 year through 10 years - Due after 10 years - Total $ 3,158 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value. Margin loan 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 amount outstanding under this margin loan was $2.5 million and $2.6 million as of March 31, 2021 and December 31, 2020, respectively, and is due on demand. The margin loan bears interest at LIBOR + 0.85% (0.96% as of March 31, 2021).

Mortgages Payable, Net

Mortgages Payable, Net	3 Months Ended
	Mar. 31, 2021
Loans Payable [Abstract]
Mortgages Payable, Net	5. Mortgages payable, net Mortgages payable, net consisted of the following: Weighted Description Interest Rate as of Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% 3.36 % September 2022 $ 123,045 $ 123,045 $ 123,045 Courtyard – Paso Robles 5.49% 5.49 % November 2023 13,022 13,567 13,619 Total mortgages payable 3.57 % $ 136,067 136,612 136,664 Less: Deferred financing costs (497 ) (264 ) Total mortgages payable, net $ 136,115 $ 136,400 Revolving Credit Facility The Company, through certain subsidiaries, has a non-recourse Revolving Credit Facility with a financial institution. The Revolving Credit Facility provides the Company with a line of credit of up to $140.0 million pursuant to which it may designate properties as collateral that allow borrowings up to a 65.0% loan-to-value ratio subject to also meeting certain financial covenants, including a prescribed minimum debt yield. The Revolving Credit Facility provides for monthly interest-only payments and the entire principal balance is due upon its expiration. The Revolving Credit Facility, which was entered into on May 17, 2018, had an initial maturity date of May 17, 2021,which was subject to certain options to extend at the sole discretion of the lender. The initial interest rate on the Revolving Credit Facility was LIBOR + 3.50% until it was reduced to LIBOR + 3.15% effective March 31, 2019. On June 2, 2020, the Company and the lender agreed to certain changes to the terms of Revolving Credit Facility, including (i) the deferral of monthly debt service for payments aggregating $2.6 million for the period from April 1, 2020 through September 30, 2020, which are now due on November 15, 2021; (ii) subject to certain conditions, the interest rate spread may be reduced by 100 bps to LIBOR + 2.15%, subject to a 3.00% floor, for the six-month period beginning September 1, 2020 through February 28, 2021; (iii) the Company deposited $2.5 million into a cash collateral account (which is classified as restricted cash on the consolidated balance sheets) to be applied against the monthly debt service payments due from October 1, 2020 through March 1, 2021; and (iv) waiver of all financial covenants for periods before June 30, 2021. Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to pledge its membership interest in another hotel as additional collateral within 45 days, (ii) the Company to fund an additional $2.5 million into the cash collateral reserve account (which was included in restricted cash on the Company’s consolidated balance sheet as of March 31, 2021); (iii) a waiver of all financial covenants for quarter-end periods through September 30, 2021 with a phased-in gradual return to the full financial covenant requirements over the quarter-end periods beginning December 31, 2021 through March 31, 2023; (iv) an extension of the maturity date from May 17, 2021 to September 15, 2022 upon completion of the pledge of the additional collateral; (v) one additional one-year extension option at the lender’s sole discretion; and (vi) certain limitations and restrictions on asset sales and additional borrowings related to the pledged collateral. On May 13, 2021, the Company pledged the additional collateral and extended the maturity date of the Revolving Credit Facility to September 15, 2022. As of March 31, 2021, 12 of the Company’s hotel properties were pledged as collateral under the Revolving Credit Facility and the outstanding principal balance was $123.0 million. Additionally, no additional borrowings were available under the Revolving Credit Facility as of March 31, 2021. Courtyard – Paso Robles Mortgage Loan In connection with the Company’s acquisition of the Courtyard – Paso Robles on December 14, 2017, it assumed the Courtyard – Paso Robles Mortgage Loan. The Courtyard – Paso Robles Mortgage Loan matures in November 2023, bears interest at a fixed rate of 5.49% and requires monthly principal and interest payments of $79 through its stated maturity with a balloon payment of $13.0 million due at maturity. The Courtyard – Paso Robles Mortgage Loan had an outstanding balance of $13.6 million as of March 31, 2021. On October 28, 2020, the servicer of the Courtyard – Paso Robles Mortgage Loan agreed to waive the minimum debt yield financial covenant for all periods through June 30, 2021. Principal Maturities The following table, based on the terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of March 31, 2021, after taking into consideration the extension of the maturity of the Revolving Credit Facility: 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 148 $ 123,256 $ 13,208 $ - $ - $ - $ 136,612 Less: deferred financing costs (497 ) Total principal maturities, net $ 136,115 Pursuant to the Company’s loan agreements, escrows in the amount of $4.6 million and $3.1 million were held in restricted cash accounts as of March 31, 2021 and December 31, 2020, respectively. Such escrows will be released in accordance with the applicable loan agreements for payments of real estate taxes, debt service payments, insurance and capital improvement transactions, as required. Certain of our debt agreements also contain clauses providing for prepayment penalties.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Notes Payable	6 Notes Payable During April 2020, the Company, through various subsidiaries (each such entity, a “Borrower”), received aggregate funding of $3.3 million through loans (the “PPP Loans”) originated under the federal Paycheck Protection Program, which was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration. During the first quarter of 2021, the Borrower received an additional aggregate funding of $3.7 million of PPP Loans. The PPP Loans each have a term of five years and provide for an interest rate of 1.00%. The payment of principal and interest on the PPP Loan is deferred until the day that the forgiven amount is remitted to the lender (approximately five months after the forgiveness application is submitted to the lender, unless the Borrower appeals a denial of forgiveness) or ten months after the end of the Borrower’s covered period, whichever is earlier. Pursuant to the terms of the CARES Act, the proceeds of the PPP Loans may be used for payroll costs, mortgage interest, rent or utility costs. The promissory note for each of the PPP Loans contains customary events of default relating to, among other things, payment defaults and breach of representations and warranties or of provisions of the relevant promissory note. Under the terms of the CARES Act, each Borrower can apply for and be granted forgiveness for all or a portion of the PPP Loans. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. Although the Company intends for each Borrower to apply for loan forgiveness, no assurance can be given that any Borrower will ultimately obtain forgiveness under any relevant PPP Loan, in whole or in part. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven is applied to outstanding principal, and would be recorded as income. As of March 31, 2021 and December 31, 2020, the PPP Loans had an outstanding balance of $7.1 million and $3.3 million, respectively, and are classified as Notes Payable on the consolidated balance sheets.

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Equity	7. Equity Distributions on Common Shares On March 19, 2020, the Company’s Board of Directors determined to suspend regular quarterly distributions and, as a result, has not declared any distributions on the Company’s Common Shares since the suspension. Future distributions declared on the Company’s Common Shares, if any, will be at the discretion of the Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, revenues and other sources of income, operating and interest expenses and the Company’s ability to refinance near-term debt as well as the IRS’s annual distribution requirement that REITs distribute no less than 90% of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular level of distributions that it has previously established or may establish. Share Repurchase Program The Company’s share repurchase program may provide its stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to restrictions. On March 19, 2020, the Board of Directors amended the share repurchase program to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. On March 25, 2020, the Board of Directors determined to suspend the share repurchase program effective immediately. Effective May 10, 2021, the Board of Directors reopened the share repurchase program for redemptions submitted in connection with a stockholder’s death or hardship and set the price for all such purchases to 100% of the NAV per Share ($8.02 as of December 31, 2020). Deaths that occurred subsequent to January 1, 2020 are eligible for consideration. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for consideration. On an annual basis, the Company will not redeem in excess of 0.5% of the number of shares outstanding as of the end of the preceding year for either death or hardship redemptions, respectively. Redemption requests are expected to be processed on a quarterly basis and may be subject to pro ration if either type of redemption requests exceed the annual limitation. 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/loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

Related Party and Other Transac

Related Party and Other Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party and Other Transactions	8. Related Party Transactions The Company has various agreements, including an advisory agreement, with the Advisor to pay certain fees in exchange for services performed by the Advisor and/or its affiliated entities. Additionally, the Company’s ability to secure financing and its real estate operations are dependent upon its Advisor and its affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the Three Months 2021 2020 Asset management fees (general and administrative costs) $ 737 $ 722 Development fees (1) - 32 Total $ 737 $ 754 (1) Generally, capitalized and amortized over the estimated useful life of the associated asset. The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission. In connection with the Company’s Offering and Follow-On Offering, Lightstone SLP II LLC, an affiliate of the Company’s Sponsor, contributed (i) cash of approximately $12.9 million and (ii) equity interests in the Brownmill Joint Venture valued at $4.8 million to the Operating Partnership in exchange for 177.0 Subordinated Profits Interests in the Operating Partnership with an aggregate value of $17.7 million, which are included in noncontrolling interests in the consolidated balance sheets. These Subordinated Profit Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP II, LLC to a portion of any regular distributions made by the Operating Partnership. There have been no distributions declared on the Subordinated Profits Interests for quarterly periods after March 31, 2020. Since the Company’s inception, the cumulative distributions declared and paid on the Subordinated Profits Interests were $7.9 million. Any future distributions on the Subordinated Profits Interests will always be subordinated until stockholders receive a stated preferred return, as described above.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	9. Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, margin loan, notes payable and due to related party approximated their fair values as of March 31, 2021 and December 31, 2020 because of the short maturity of these instruments. The carrying amount and estimated fair value of our mortgages payable are as follows: As of March 31, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 136,612 $ 136,875 $ 136,664 $ 136,743 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, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2021, Lightstone REIT II had a 99% general partnership interest in the common units of the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. 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, 2020. 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 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2020 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. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities.
Revenue Recognition	Revenue Recognition The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months 2021 2020 Revenues Room $ 7,212 $ 12,451 Food, beverage and other 235 794 Total revenues $ 7,447 $ 13,245 COVID-19 Pandemic Operations and Liquidity Update On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic leading many countries, including the United States, particularly at the individual state level, to subsequently impose various degrees of restrictions and other measures, including, but not limited to, mandatory temporary closures, quarantine guidelines, limitations on travel, and “shelter in place” rules in an effort to reduce its duration and the severity of its spread. Although the COVID-19 pandemic has continued to evolve, most of these previously imposed restrictions and other measures have now been reduced and/or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval, mass production, administration and ultimate effectiveness of vaccines, as well as the timeline to achieve a level of sufficient herd immunity amongst the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the overall health of the U.S. economy for the foreseeable future. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. As a result of the COVID-19 pandemic, room demand for the Company’s consolidated and unconsolidated hotels began to significantly decline in March 2020 and while there has been slight sequential improvement since then; room demand continues to be substantially below historical levels. Since March 2020, the COVID-19 pandemic has had a significant negative impact on the Company’s operations, financial position and cash flow and the Company currently expects that it will continue to do so for the foreseeable future. The Company cannot currently estimate if and when room demand will fully recover to pre-pandemic levels for its hotels. Additionally, the Company has an unconsolidated 48.6% membership interest in the Brownmill Joint Venture, which owns two retail properties located in New Jersey that have been subject to various restrictions. If the Brownmill Joint Venture’s retail properties are negatively impacted for an extended period because its tenants are unable to pay their rent, the Company’s equity earnings and the carrying value of its investment in the Brownmill Joint Venture could be materially and adversely impacted. In light of the past, present and potential future impact of the COVID-19 pandemic on the operating results of its hotels, the Company has taken various actions to preserve its liquidity, including the following: ● The Company implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. ● Amendments to Revolving Credit Facility – On June 2, 2020, the Company’s revolving credit facility (the “Revolving Credit Facility”) was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $2.6 million for the period from April 1, 2020 through September 30, 2020, which are now due on November 15, 2021; (ii) a 100 bps reduction in the interest rate spread to LIBOR + 2.15%, subject to a 3.00% floor, for the six-month period from September 1, 2020 through February 28, 2021; (iii) the Company pre-funding $2.5 million into a cash collateral reserve account to cover the six monthly debt service payments due from October 1, 2020 through March 1, 2021; and (iv) a waiver of all financial covenants for quarter-end periods before June 30, 2021. Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to pledge the membership interests in another hotel as additional collateral within 45 days, (ii) the Company to fund an additional $2.5 million into the cash collateral reserve account; (iii) a waiver of all financial covenants for quarter-end periods through September 30, 2021 with a phased-in gradual return to the full financial covenant requirements over the quarter-end periods beginning December 31, 2021 through March 31, 2023; (iv) an extension of the maturity date from May 17, 2021 to September 15, 2022 upon completion of the pledge of the additional collateral; (v) one additional one-year extension option at the lender’s sole discretion; and (vi) certain limitations and restrictions on asset sales and additional borrowings related to the pledged collateral. On May 13, 2021, the Company pledged the additional collateral and extended the maturity date of the Revolving Credit Facility to September 15, 2022. See Note 6 for additional information. ● In April 2020, the Company’s hotels received $3.3 million from loans provided under the federal Paycheck Protection Program (“PPP Loans”). Subsequently, during the first quarter of 2021, the Company’s hotels received an additional $3.7 million from PPP Loans. See Note 7 for additional information. ● On March 19, 2020, the Board of Directors determined to suspend regular quarterly distributions and, as a result, has not declared any distributions on the Company’s Common Shares or the Subordinated Profits Interests since the suspension. Additionally, on March 19, 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder redemption program. ● The Company had $7.2 million of funds previously held in escrow with a qualified intermediary to facilitate a potential like-kind exchange transaction in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, released to it in May 2020. ● The Hilton Garden Inn Joint Venture has obtained various amendments to its non-recourse mortgage loan secured by the Hilton Garden Inn – Long Island City. See Note 4 for additional information. The Company believes that these actions, along with its available on hand cash and cash equivalents, restricted cash and marketable securities will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these financial statements.
New Accounting Pronouncements	New Accounting Pronouncements The Company has reviewed and determined that 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 Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of total revenues from hotel operations on a disaggregated basis	The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months 2021 2020 Revenues Room $ 7,212 $ 12,451 Food, beverage and other 235 794 Total revenues $ 7,447 $ 13,245

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
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, December 31, Brownmill Various 48.58 % $ 4,937 $ 4,710 Hilton Garden Inn Joint Venture March 27, 2018 50.00 % 10,402 10,649 Total investments in unconsolidated affiliated real estate entities $ 15,339 $ 15,359
Brownmill Llc [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of condensed income statements	The following table represents the condensed income statements for the Brownmill Joint Venture for the periods indicated: For the Three Months 2021 2020 Revenue $ 1,050 $ 925 Property operating expenses 305 652 Depreciation and amortization 176 165 Operating income 569 108 Interest expense and other, net (166 ) (169 ) Net income/(loss) $ 403 $ (61 ) Company’s share of earnings $ 196 $ (30 ) Additional depreciation and amortization expense (1) (31 ) (31 ) Company’s earnings from investment $ 165 $ (61 ) 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.
Schedule of condensed balance sheets	The following table represents the condensed balance sheets for Brownmill: As of As of March 31, December 31, Real estate, at cost (net) $ 14,176 $ 14,234 Cash and restricted cash 1,156 1,038 Other assets 1,448 1,279 Total assets $ 16,780 $ 16,551 Mortgage payable $ 13,773 $ 13,834 Other liabilities 777 1,018 Members’ capital 2,230 1,699 Total liabilities and members’ capital $ 16,780 $ 16,551
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of condensed income statements	The following table represents the condensed income statements for the Hilton Garden Inn Joint Venture for the period indicated: For the Three Months Ended March 31, For the Three Months Ended March 31, Revenues $ 1,419 $ 1,540 Property operating expenses 872 1,344 General and administrative costs 10 18 Depreciation and amortization 635 630 Operating loss (98 ) (452 ) Interest expense (397 ) (457 ) Net loss $ (495 ) $ (909 ) Company’s share of net loss (50.00%) $ (248 ) $ (455 )
Schedule of condensed balance sheets	The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture: As of As of March 31, 2021 December 31, Investment property, net $ 54,214 $ 54,826 Cash 2,081 885 Other assets 552 1,211 Total assets $ 56,847 $ 56,922 Mortgage payable, net $ 35,239 $ 34,988 Other liabilities 1,375 1,207 Members’ capital 20,233 20,727 Total liabilities and members’ capital $ 56,847 $ 56,922

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Marketable Securities, Fair Value Measurements and Margin Loan
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 March 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 81 $ - $ 3,701 Debt securities: Corporate Bonds 3,098 60 - 3,158 Total $ 6,718 $ 141 $ - $ 6,859 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 102 $ - $ 3,722 Debt securities: Corporate Bonds 3,098 82 - 3,180 Total $ 6,718 $ 184 $ - $ 6,902
Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates	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 March 31, Due in 1 year $ - Due in 1 year through 5 years 3,158 Due in 5 year through 10 years - Due after 10 years - Total $ 3,158

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Loans Payable [Abstract]
Schedule of Mortgages Payable	Mortgages payable, net consisted of the following: Weighted Description Interest Rate as of Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% 3.36 % September 2022 $ 123,045 $ 123,045 $ 123,045 Courtyard – Paso Robles 5.49% 5.49 % November 2023 13,022 13,567 13,619 Total mortgages payable 3.57 % $ 136,067 136,612 136,664 Less: Deferred financing costs (497 ) (264 ) Total mortgages payable, net $ 136,115 $ 136,400
Schedule of Estimated Contractual Principal Maturities	The following table, based on the terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of March 31, 2021, after taking into consideration the extension of the maturity of the Revolving Credit Facility: 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 148 $ 123,256 $ 13,208 $ - $ - $ - $ 136,612 Less: deferred financing costs (497 ) Total principal maturities, net $ 136,115

Related Party and Other Trans_2

Related Party and Other Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Asset management fees (general and administrative costs) $ 737 $ 722 Development fees (1) - 32 Total $ 737 $ 754 (1) Generally, capitalized and amortized over the estimated useful life of the associated asset.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Schedule of Mortgages payable and the related estimated fair value	The carrying amount and estimated fair value of our mortgages payable are as follows: As of March 31, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 136,612 $ 136,875 $ 136,664 $ 136,743

Structure (Details Narrative)

Structure (Details Narrative) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 27, 2018integer	May 20, 2008USD ($)integer$ / sharesshares	Mar. 31, 2021USD ($)integershares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Date of incorporation			Apr. 28, 2008
Number of limited service hotels | integer			14
Number of rooms | integer			1,802
Advisor's contribution to operating partnership		$ 2
Partnership units issued | integer		200
Sponsor's cash contribution			$ 12,900
Distributions declared for subordinated profits interests			7,900
Lightstone Value Plus Reit Ii Llc [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of common shares held | shares		20,000
Proceeds from issue of shares		$ 200
Issue price per share (in dollars per share) | $ / shares		$ 10
Lightstone Slp Llc [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Aggregate value of subordinate profits			$ 17,700
Brownmill Llc [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership interest			48.60%
Aggregate value of subordinate profits			$ 17,700
Value of ownership interest			$ 4,800
Subordinate profit interest units | shares			177
Mr. Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Beneficial ownership interest (as a percent)			99.00%
Hilton Garden Inn Joint Venture [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of rooms | integer	183		183
Ownership interest	50.00%		50.00%
Joint Venture [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership interest			48.58%
Joint Venture [Member] | Lightstone Value Plus Real Estate Investment Trust Inc [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership interest			2.50%
Brownmill Llc [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership interest			48.58%
Aggregate value of subordinate profits			$ 4,800
Subordinate profit interest units | shares			48
Number of retail properties owned | integer			2
Lightstone Reit Ii [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
General partner ownership interest			99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Revenue Recognition) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Revenue	$ 7,447	$ 13,245
Room [Member]
Revenues
Revenue	7,212	12,451
Food And Beverage [Member]
Revenues
Revenue	$ 235	$ 794

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2021	Jun. 02, 2020
Summary of Significant Accounting Policies [Line Items]
Escrow deposit		$ 7,200
Paycheck Protection Program [Member]
Summary of Significant Accounting Policies [Line Items]
Proceed from loans	$ 3,300	3,700
Revolving Credit Facility [Member]
Summary of Significant Accounting Policies [Line Items]
Debt service payments			$ 2,600
Cash collateral reserve account		$ 2,500	$ 2,500
Brownmill Llc [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership interest		48.60%
Lightstone Reit Ii [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of general partnership interest in common units of the operating partnership		99.00%

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Entities (Details - Unconsolidated Affiliated Entities) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 27, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliated entities	$ 15,339	$ 15,359
Brownmill Llc [Member]
Schedule of Equity Method Investments [Line Items]
Date of ownership	Various
Ownership %	48.58%
Investments in unconsolidated affiliated entities	$ 4,937	4,710
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Date of ownership	March 27, 2018
Ownership %	50.00%		50.00%
Investments in unconsolidated affiliated entities	$ 10,402	$ 10,649

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Entities (Details - Condensed Income Statement) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenue		$ 7,447	$ 13,245
General and administrative costs		1,265	1,206
Depreciation and amortization		2,692	2,645
Operating income		(3,343)	(1,476)
Net income/(loss)		(4,644)	(3,851)
Company's share of earnings		(83)	(516)
Brownmill Llc [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		1,050	925
Property operating expenses		305	652
Depreciation and amortization		176	165
Operating income		569	108
Interest expense and other, net		(166)	(169)
Net income/(loss)		403	(61)
Company's share of earnings		196	(30)
Additional depreciation and amortization expense	[1]	(31)	(31)
Company's earnings from investment		165	(61)
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		1,419	1,540
Property operating expenses		872	1,344
General and administrative costs		10	18
Depreciation and amortization		635	630
Operating income		(98)	(452)
Interest expense and other, net		(397)	(457)
Net income/(loss)		(495)	(909)
Company's share of earnings		$ (248)	$ (455)
[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 Unconsolidated_5

Investments in Unconsolidated Affiliated Entities (Details - Condensed Balance Sheet) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Total assets	$ 267,948	$ 268,588
Total liabilities	154,927	150,819
Members' capital	101,504	106,170
Total liabilities and members' capital	267,948	268,588
Brownmill Llc [Member]
Total assets	16,780	16,551
Members' capital	2,230	1,699
Total liabilities and members' capital	16,780	16,551
Brownmill Llc [Member] | Real Estate Investment [Member]
Total assets	14,176	14,234
Brownmill Llc [Member] | Restricted Cash And Cash Equivalents Cash And Cash Equivalents1 [Member]
Total assets	1,156	1,038
Brownmill Llc [Member] | Other Assets [Member]
Total assets	1,448	1,279
Brownmill Llc [Member] | Secured Debt [Member]
Total liabilities	13,773	13,834
Brownmill Llc [Member] | Other Liabilities [Member]
Total liabilities	777	1,018
Hilton Garden Inn Joint Venture [Member]
Total assets	56,847	56,922
Members' capital	20,233	20,727
Total liabilities and members' capital	56,847	56,922
Hilton Garden Inn Joint Venture [Member] | Real Estate Investment [Member]
Total assets	54,214	54,826
Hilton Garden Inn Joint Venture [Member] | Restricted Cash And Cash Equivalents Cash And Cash Equivalents1 [Member]
Total assets	2,081	885
Hilton Garden Inn Joint Venture [Member] | Other Assets [Member]
Total assets	552	1,211
Hilton Garden Inn Joint Venture [Member] | Secured Debt [Member]
Total liabilities	35,239	34,988
Hilton Garden Inn Joint Venture [Member] | Other Liabilities [Member]
Total liabilities	$ 1,375	$ 1,207

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Entities (Details Narrative) $ / shares in Units, $ in Thousands	Jun. 02, 2020USD ($)	Mar. 27, 2018integer	Mar. 27, 2018USD ($)	Mar. 31, 2021USD ($)integer$ / sharesshares	Mar. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Sponsorship				$ 12,900
Number Of Rooms | integer				1,802
Brownmill Llc [Member]
Schedule of Equity Method Investments [Line Items]
Equity investment, percentage ownership purchased				48.60%
Subordinated general partner participation, per unit cost | $ / shares				$ 100,000
Subordinated General Partner Participation Units | shares				48
Subordinated operating partnership				$ 4,800
Capital contribution				68
Aggregate distribution received				$ 6	$ 35
Number of retail properties owned | integer				2
Ownership interest				48.58%
Hilton Garden Inn Joint Venture Additional Contribution [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution				$ 1,500
Aggregate consideration				1,500
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution				$ 700
Aggregate consideration			$ 60,000
Number Of Rooms | integer		183		183
Ownership interest		50.00%	50.00%	50.00%
Aggregate consideration, cash			$ 25,000
Proceeds from loans			$ 35,000
Proceeds from mortgage	$ 900
Venture pre-funding	$ 1,200
Interest rate	LIBOR + 2.15%, subject to a 4.03% floor
Principal amount				$ 1,700

Marketable Securities, Fair Val

Marketable Securities, Fair Value Measurements and Margin Loan (Details - Available for sale securities) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 6,859	$ 6,902
Preferred Equities [Member]
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	3,620	3,620
Gross Unrealized Gains	81	102
Gross Unrealized Losses	0	0
Fair Value	3,701	3,722
Corporate Bond [Member]
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	3,098	3,098
Gross Unrealized Gains	60	82
Gross Unrealized Losses	0	0
Fair Value	3,158	3,180
Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	6,718	6,718
Gross Unrealized Gains	141	184
Gross Unrealized Losses	0	0
Fair Value	$ 6,859	$ 6,902

Marketable Securities, Fair V_2

Marketable Securities, Fair Value Measurements and Margin Loan (Details - Classification by contractual maturity) $ in Thousands	Mar. 31, 2021USD ($)
Marketable Securities, Fair Value Measurements and Margin Loan
Due in 1 year	$ 0
Due in 1 year through 5 years	3,158
Due in 5 year through 10 years	0
Due after 10 years	0
Total	$ 3,158

Marketable Securities, Fair V_3

Marketable Securities, Fair Value Measurements and Margin Loan (Details Narrative) - Margin Loan [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Margin loan outstanding	$ 2,500	$ 2,600
Debt Instrument, Description of Variable Rate Basis	LIBOR + 0.85%
Interest Rate	0.96%

Mortgages Payable (Details - Mo

Mortgages Payable (Details - Mortgages payable, net) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.57%
Amount due at maturity	$ 136,067
Total mortgages payable	136,612	$ 136,664
Less: Deferred financing costs	(497)	(264)
Total mortgages payable, net	$ 136,115	136,400
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 3.15% (floor of 4.00%)
Weighted Average Interest Rate	3.36%
Maturity Date	Sep. 30, 2022
Amount due at maturity	$ 123,045
Total mortgages payable	$ 123,045	123,045
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	$ 13,567	$ 13,619

Mortgages payable (Details - Pr

Mortgages payable (Details - Principal maturities) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans Payable [Abstract]
2021	$ 148
2022	123,256
2023	13,208
2024	0
2025	0
Thereafter	0
Total	136,612	$ 136,664
Less: Deferred financing costs	(497)	(264)
Total principal maturities, net	$ 136,115	$ 136,400

Mortgages Payable (Details Narr

Mortgages Payable (Details Narrative) - USD ($) $ in Thousands	Jun. 02, 2020	May 17, 2018	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Monthly principal and interest payments required			$ 79
Restricted escrows			7,200
Balloon Payment			136,067
Total mortgages payable			136,612	$ 136,664
Mortgages payable, net			136,115	136,400
Credit Agreement [Member]
Debt Instrument [Line Items]
Restricted escrows			$ 4,600	3,100
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR + 3.15% (floor of 4.00%)
Debt Instrument, Maturity Date			Sep. 30, 2022
Restricted cash			$ 2,500
Balloon Payment			123,045
Total mortgages payable			$ 123,045	123,045
Courtyard Paso Robles [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Nov. 30, 2023
Interest Rate			5.49%
Balloon Payment			$ 13,022
Total mortgages payable			$ 13,567	$ 13,619
Debt Instrument, Interest Rate, Stated Percentage			5.49%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,600	$ 140,000
Maximum percentage of loan-to-value ratio of properties designated as collateral, provided as borrowings		65.00%
Debt Instrument, Description of Variable Rate Basis	LIBOR + 2.15%, subject to a 3.00% floor
Restricted cash	$ 2,500		$ 2,500
Revolving Credit Facility [Member] | London Interbank Offered Rate L I B O R [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		Libor plus 3.50%
Debt Instrument, Maturity Date		May 17, 2021

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from notes payable	$ 3,746	$ 0
Borrower [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from notes payable	$ 3,300
Debt term	5 years
Debt interest rate	1.00%
Paycheck Protection Program [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from notes payable	$ 3,700
Notes payable	$ 7,100		$ 3,300

Equity (Details Narrative)

Equity (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Stockholders Equity Note [Line Items]
REIT annual distribution, percent of taxable income	90.00%
Share redemption program, annual limitation, percentage of weighted average shares outstanding	0.50%
Share Repurchase Program [Member]
Stockholders Equity Note [Line Items]
Share Price		$ 8.02

Related Party and Other Trans_3

Related Party and Other Transactions (Details - Fees to Related Parties) - Related Party [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)		$ 737	$ 722
Development fees (1)	[1]	0	32
Total		$ 737	$ 754
[1]	Generally, capitalized and amortized over the estimated useful life of the associated asset.

Related Party and Other Trans_4

Related Party and Other Transactions (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)shares
Lightstone Slp Llc [Member]
Distributions, annualized rate of return	7.00%
Proceeds from Limited Partnership Investments	$ 1,290
Subordinate Profit Interest Value	7,900
Brownmill [Member]
Subordinate Profit Interest Value	$ 17,700
Subordinated General Partner Participation Units | shares	177

Financial Instruments (Details

Financial Instruments (Details - Carrying amount and estimated fair value) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Mortgages payable-Carrying Amount	$ 136,612	$ 136,664
Mortgages payable-Estimated Fair Value	$ 136,875	$ 136,743