Cover
Cover - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-54047 | ||
Entity Registrant Name | LIGHTSTONE VALUE PLUS REIT II, INC. | ||
Entity Central Index Key | 0001436975 | ||
Entity Tax Identification Number | 83-0511223 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 1985 Cedar Bridge Avenue | ||
Entity Address, Address Line Two | Suite 1 | ||
Entity Address, City or Town | Lakewood | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08701 | ||
City Area Code | 732 | ||
Local Phone Number | 367-0129 | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 17,200 | ||
Auditor Name | EISNERAMPER LLP | ||
Auditor Location | New Jersey | ||
Auditor Firm ID | 274 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment property: | ||
Land and improvements | $ 36,709 | $ 36,689 |
Building and improvements | 203,660 | 203,561 |
Furniture and fixtures | 36,313 | 36,010 |
Construction in progress | 119 | 77 |
Gross investment property | 276,801 | 276,337 |
Less accumulated depreciation | (61,626) | (51,269) |
Net investment property | 215,175 | 225,068 |
Investments in unconsolidated affiliated entities | 17,958 | 15,359 |
Cash and cash equivalents | 15,126 | 15,348 |
Marketable securities, available for sale | 6,777 | 6,902 |
Restricted cash | 1,833 | 3,075 |
Accounts receivable and other assets | 3,867 | 2,836 |
Total Assets | 260,736 | 268,588 |
Liabilities and Stockholders’ Equity | ||
Accounts payable and other accrued expenses | 6,525 | 7,859 |
Margin loan | 2,292 | 2,599 |
Mortgages payable, net | 136,167 | 136,400 |
Notes payable | 3,746 | 3,343 |
Due to related party | 538 | 618 |
Total liabilities | 149,268 | 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, 17.3 million and 17.4 million shares issued and outstanding, respectively | 173 | 174 |
Additional paid-in-capital | 146,308 | 147,100 |
Accumulated other comprehensive income | 0 | 82 |
Accumulated deficit | (46,506) | (41,186) |
Total Company stockholders’ equity | 99,975 | 106,170 |
Noncontrolling interests | 11,493 | 11,599 |
Total Stockholders’ Equity | 111,468 | 117,769 |
Total Liabilities and Stockholders’ Equity | $ 260,736 | $ 268,588 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
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 | 17,300 | 17,400 |
Common stock, shares outstanding | 17,300 | 17,400 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 47,991 | $ 30,903 |
Expenses: | ||
Property operating expenses | 32,522 | 25,766 |
Real estate taxes | 3,198 | 3,579 |
General and administrative costs | 4,803 | 4,652 |
Depreciation and amortization | 10,383 | 10,748 |
Total operating expenses | 50,906 | 44,745 |
Operating loss | (2,915) | (13,842) |
Interest and dividend income | 272 | 513 |
Interest expense | (6,015) | (6,123) |
Loss on sale of marketable securities, available for sale | 0 | (292) |
Earnings from investments in unconsolidated affiliated entities | 44 | (2,053) |
Other (expense)/income, net | (172) | 77 |
Gain on forgiveness of debt | 3,387 | 0 |
Net loss | (5,399) | (21,720) |
Less: net loss attributable to noncontrolling interests | 79 | 397 |
Net loss applicable to Company’s common shares | $ (5,320) | $ (21,323) |
Net loss per Company’s common share, basic and diluted | $ (0.31) | $ (1.22) |
Weighted average number of common shares outstanding, basic and diluted | 17,407 | 17,433 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net loss | $ (5,399) | $ (21,720) |
Other comprehensive loss: | ||
Holding loss on available for sale securities | (82) | (382) |
Reclassification adjustment for loss included in net loss | 0 | 292 |
Other comprehensive loss | (82) | (90) |
Comprehensive loss | (5,481) | (21,810) |
Less: Comprehensive loss attributable to noncontrolling interests | 79 | 397 |
Comprehensive loss attributable to the Company’s common shares | $ (5,402) | $ (21,413) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 175 | $ 147,924 | $ 172 | $ (19,863) | $ 12,214 | $ 140,622 |
Beginning balance, shares at Dec. 31, 2019 | 17,512 | |||||
Net loss | (21,323) | (397) | (21,720) | |||
Other comprehensive loss | (90) | (90) | ||||
Contributions of noncontrolling interests | 110 | 110 | ||||
Distributions to noncontrolling interests | (328) | (328) | ||||
Redemption and cancellation of shares | $ (1) | (824) | (825) | |||
Redemption and cancellation of shares (in shares) | (82) | |||||
Ending balance, value at Dec. 31, 2020 | $ 174 | 147,100 | 82 | (41,186) | 11,599 | 117,769 |
Ending balance, shares at Dec. 31, 2020 | 17,430 | |||||
Net loss | (5,320) | (79) | (5,399) | |||
Other comprehensive loss | (82) | (82) | ||||
Contributions of noncontrolling interests | 78 | 78 | ||||
Distributions to noncontrolling interests | (105) | (105) | ||||
Redemption and cancellation of shares | $ (1) | (792) | (793) | |||
Redemption and cancellation of shares (in shares) | (99) | |||||
Ending balance, value at Dec. 31, 2021 | $ 173 | $ 146,308 | $ (46,506) | $ 11,493 | $ 111,468 | |
Ending balance, shares at Dec. 31, 2021 | 17,331 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (5,399) | $ (21,720) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 10,383 | 10,748 |
Amortization of deferred financing costs | 369 | 411 |
Loss on sale of marketable securities, available for sale | 0 | 292 |
Unrealized loss on marketable equity securities | 44 | 0 |
Gain on forgiveness of debt | (3,387) | 0 |
Earnings from investments in unconsolidated affiliated entities | (44) | 2,053 |
Other non-cash adjustments | 181 | 6 |
Changes in assets and liabilities: | ||
(Increase)/decrease in accounts receivable and other assets | (1,194) | 935 |
(Decrease)/increase in accounts payable and other accrued expenses | (1,289) | 1,405 |
(Decrease)/increase in due to related party | (80) | 31 |
Net cash used in operating activities | (416) | (5,839) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property | (510) | (3,548) |
Purchase of marketable securities | 0 | (3,620) |
Proceeds from sale of marketable securities | 0 | 5,329 |
Investments in unconsolidated affiliated entities | (3,325) | (1,187) |
Distributions from unconsolidated affiliated entities | 770 | 169 |
Net cash used in investing activities | (3,065) | (2,857) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on mortgages payable | (200) | (187) |
Payments on margin loan, net | (307) | (2,145) |
Payment of loan fees and expenses | (402) | 0 |
Proceeds from notes payable | 3,746 | 3,343 |
Redemption and cancellation of common shares | (793) | (825) |
Contribution of noncontrolling interests | 78 | 110 |
Distributions to noncontrolling interests | (105) | (328) |
Distributions to common stockholders | 0 | (3,065) |
Net cash provided by/(used in) financing activities | 2,017 | (3,097) |
Net change in cash, cash equivalents and restricted cash | (1,464) | (11,793) |
Cash, cash equivalents and restricted cash, beginning of year | 18,423 | 30,216 |
Cash, cash equivalents and restricted cash, end of year | $ 16,959 | $ 18,423 |
Structure
Structure | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Structure | 1. Structure Lightstone Value Plus REIT II, Inc. (“Lightstone REIT II”), which was formerly known as Lightstone Value Plus Real Estate Investment Trust II, Inc. before September 16, 2021, is a Maryland corporation formed on April 28, 2008 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 December 31, 2021, Lightstone REIT II held an approximately 99 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 December 31, 2021, we (i) majority owned and consolidated the operating results and financial condition of 14 1,804 48.6 50.0 As of December 31, 2021, seven of the Company’s consolidated limited service hotels are held in a joint venture (the “Joint Venture”) formed between us and Lightstone Value Plus REIT, Inc. (“Lightstone REIT I”), a related party REIT also sponsored by The Lightstone Group, LLC. The Company and Lightstone I have 97.5% and 2.5 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 $ 2 200 20,000 200 10.00 Mr. Lichtenstein also is a majority owner of the equity interests of the Lightstone Group, LLC. 17.7 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. COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, including booster shots, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the 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. Furthermore, as a result of the COVID-19 pandemic, room demand and rental rates for the Company’s consolidated and unconsolidated hotels significantly declined starting in March 2020 at the onset of the pandemic; and while these metrics have improved since then (late 2020 and continuing throughout 2021); room demand and rental rates remain below their pre-pandemic historical levels. Accordingly, the COVID-19 pandemic has negatively impacted the Company’s operations, financial position and cash flow; and while the severity of the impact has lessened, the Company currently expects it will continue to experience a negative impact for the foreseeable future. The Company cannot currently estimate if and when room demand and rental rates will return to historical pre-pandemic levels for its hotels. Additionally, the Company has an unconsolidated 48.6 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 2.5 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 See Note 5 for additional information. ● In April 2020 and during the first quarter of 2021, the Company’s consolidated hotels received an aggregate of $ 3.3 3.7 ● On March 19, 2020, the Board of Directors suspended regular quarterly distributions and, as a result, no distributions have been declared 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 repurchase program (the “SRP”). Subsequently on May 10, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions, for redemptions submitted in connection with a stockholder’s death or hardship. See Note 7 for additional information. ● 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 3 for additional information. The Company believes that these actions, along with its available on hand cash and cash equivalents, restricted cash and marketable securities, as well as its intention to seek to extend the Revolving Credit Facility to September 15, 2023 pursuant to the lender’s extension option, as discussed in Note 4, will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these consolidated financial statements. Noncontrolling Interests – Partners of the Operating Partnership 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 $ 12.9 48.6 4.8 177.0 17.7 As the indirect majority owner of the Associate General Partner, Mr. Lichtenstein is the beneficial owner of a 99 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 were no distributions declared on the Subordinated Profits Interests during the years ended December 31, 2021 and December 31, 2020. Since the Company’s inception through December 31, 2021, the cumulative distributions declared and paid on the Subordinated Profits Interests were $ 7.9 See Note 8 for additional information with respect to the Subordinated Profits Interests. 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. See Note 8 for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT II exercises financial and operating control). As of December 31, 2021, Lightstone REIT II had a 99 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities and depreciable lives of long-lived assets. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary are accounted for using the equity method. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, debt service payments 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. 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: Summary of supplemental cash flow information Year Ended 2021 2020 Cash and cash equivalents $ 15,126 $ 15,348 Restricted cash 1,833 3,075 Total cash, cash equivale nts and restricted cash $ 16,959 $ 18,423 Supplemental disclosure of cash flow information: Cash paid for interest $ 8,091 $ 3,282 Holding loss on available for sale securities $ 82 $ 90 Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale. Marketable debt securities are recorded at fair value and unrealized holding gains or losses are reported as a component of accumulated other comprehensive income. The Company’s marketable equity securities are recorded at fair value and unrealized holding gains and losses are recognized on the consolidated statements of operations. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a debt security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Revenue Recognition 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 judgments regarding the recognition of room, food and beverage or other revenues. The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of total revenues from hotel operations on a disaggregated basis For the Revenues 2021 2020 Room $ 45,803 $ 29,341 Food, beverage and other 2,188 1,562 Total revenues $ 47,991 $ 30,903 Accounts Receivable The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. Investment in Real Estate Accounting for Asset Acquisitions When the Company makes an investment in real estate assets, the cost of real estate assets acquired in an asset acquisition are allocated to the acquired tangible assets, consisting of land, building and improvements, furniture and fixtures and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, acquired in-place leases, and the value of tenant relationships, based in each case on their relative fair values, at the date of acquisition, based on evaluation of information and estimates available at that date, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Accounting for Business Combinations Upon the acquisition of real estate operating properties that meet the definition of a business, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. Based on these estimates, the Company evaluates the existence of goodwill or a gain from a bargain purchase and allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. Fees incurred related to the acquisition of real estate operating properties that meet the definition of a business are expensed as incurred within general and administrative costs within the consolidated statements of operations. Carrying Value of Assets The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation The Company evaluates its investments in real estate assets for potential impairment whenever events or changes in circumstances indicate that the undiscounted projected cash flows are less than the carrying amount for a particular property. The Company evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. No single indicator would necessarily result in the Company preparing an estimate to determine if an individual property’s future undiscounted cash flows are less than its carrying value. The Company uses judgment to determine if the severity of any single indicator, or the fact there are a number of indicators of less severity that when combined, would result in an indication that a property requires an estimate of the undiscounted cash flows to determine if an impairment has occurred. Relevant facts and circumstances include, among others, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The estimated cash flows used for the impairment analysis are subjective and require the Company to use its judgment and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition, and recent sales data for comparable properties. An impairment loss is recognized only if the carrying amount of a property is not recoverable and exceeds its fair value. Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to 39 5 10 Deferred Costs Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are included as a direct deduction from the related debt in the consolidated balance sheets. Investments in Unconsolidated Entities The Company evaluates all investments in other entities for consolidation. The Company considers its percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining whether or not the investment qualifies for consolidation or if it should be accounted for as an unconsolidated investment under the equity method of accounting. If an investment qualifies for the equity method of accounting, the Company’s investment is recorded initially at cost, and subsequently adjusted for equity in net income or loss and cash contributions and distributions. The net income or loss of an unconsolidated investment is allocated to its investors in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences, if any, between the carrying amount of the Company’s investment in the respective joint venture and our share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the statements of operations as earnings from investments in unconsolidated entities. The Company reviews investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If the Company determines that a decline in the value of a partially owned entity is other than temporary, it will record an impairment charge. The Company believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2021 and 2020. Income Taxes The Company elected to qualify and be taxed as a REIT commencing with the taxable year ending December 31, 2009. As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90 The Company engages in certain activities through taxable REIT subsidiaries (“TRSs”), including when it acquires a hotel it usually establishes a TRS which then enters into an operating lease agreement for the hotel. As such, the Company is subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2021 and 2020, the Company had no Fair Value of 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, due to related party, and distributions payable approximated their fair values as of December 31, 2021 and 2020 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: Summary of estimated fair value of mortgages payable As of As of Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 136,464 $ 136,592 $ 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. Accounting for Derivative Financial Investments and Hedging Activities. The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet. Concentration of Risk The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Basic and Diluted Net Earnings per Common Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of Common Shares outstanding during the applicable period. New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this standard will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliated Entities | 12 Months Ended |
Dec. 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 unconsolidated affiliated entities is as follows: Summary of investments in unconsolidated entities As of Entity Date of Ownership Ownership % December 31, December 31, Brownmill Various 48.6 % $ 6,793 $ 4,710 Hilton Garden Inn Joint Venture March 27, 2018 50.0 % 11,165 10,649 Total investments in unconsolidated affiliated real estate entities $ 17,958 $ 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 48 100,000 4.8 As of December 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 year ended December 31, 2021, the Company made aggregate capital contributions of $ 2.0 0.3 0.3 0.1 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. 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 because the basis of the Company’s investment is in excess of the historical net book value of the Brownmill Joint Venture. The Company’s additional basis, which has been allocated to depreciable assets, is being recognized on a straight-line basis over the estimated useful lives of the appropriate assets. The following table represents the condensed income statements for the Brownmill Joint Venture for the periods indicated: Schedule of condensed income statements For the For the Revenues $ 3,919 $ 3,387 Property operating expenses 1,467 2,040 Depreciation and amortization 767 672 Operating income 1,685 675 Interest expense and other, net (655 ) (641 ) Net income $ 1,030 $ 34 Company’s share of earnings (48.6%) $ 501 $ 16 Additional depreciation and amortization expense (1) (124 ) (124 ) Company’s earnings from investment $ 377 $ (108 ) 1. Additional depreciation and amortization expense is attributable to the difference between the Company’s cost of its interest in the Brownmill Joint Venture and the amount of the underlying equity in net assets of the Brownmill Joint Venture. The following table represents the condensed balance sheets for the Brownmill Joint Venture: Schedule of condensed balance sheets As of As of December 31, 2021 December 31, 2020 Real estate, at cost (net) $ 17,830 $ 14,234 Cash and restricted cash 1,152 1,038 Other assets 1,518 1,279 Total assets $ 20,500 $ 16,551 Mortgage payable $ 13,594 $ 13,834 Other liabilities 666 1,018 Members’ capital 6,240 1,699 Total liabilities and members’ capital $ 20,500 $ 16,551 Hilton Garden Inn Joint Venture On March 27, 2018, the Company and Lightstone Value Plus REIT 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 60.0 25.0 35.0 Hilton Garden Inn Mortgage”) , excluding closing and other related transaction costs. The Company and Lightstone REIT III each have a 50.0% membership interest in the Hilton Garden Inn Joint Venture. The Company paid $ 12.9 50.0 50.0 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 LIBOR plus 2.15%, subject to a 4.03% floor 1.2 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 0.7 Subsequent to the Company’s acquisition of its 50.0% membership interest in the Hilton Garden Joint Venture through December 31, 2021, it has made an aggregate of $ 2.8 1.3 2.0 0.5 Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statements for the Hilton Garden Inn Joint Venture for the periods indicated: Schedule of condensed income statements For the Year Ended For the Revenues $ 7,545 $ 3,662 Property operating expenses 4,306 3,259 General and administrative costs 34 37 Depreciation and amortization 2,496 2,527 Operating income/(loss) 709 (2,161 ) Interest expense and other, net (1,755 ) (1,728 ) Gain on forgiveness of debt 381 - Net loss $ (665 ) $ (3,889 ) Company’s share of net loss (50.0%) $ (333 ) $ (1,945 ) The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture: Schedule of condensed balance sheets As of As of December 31, December 31, Investment property, net $ 52,415 $ 54,826 Cash 2,841 885 Other assets 1,204 1,211 Total assets $ 56,460 $ 56,922 Mortgage payable, net $ 33,115 $ 34,988 Other liabilities 1,585 1,207 Members’ capital 21,760 20,727 Total liabilities and members’ capital $ 56,460 $ 56,922 |
Marketable Securities, Fair Val
Marketable Securities, Fair Value Measurements and Margin Loan Marketable Securities: | 12 Months Ended |
Dec. 31, 2021 | |
Marketable Securities Fair Value Measurements And Margin Loan Marketable Securities | |
Marketable Securities, Fair Value Measurements and Margin Loan Marketable Securities: | 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: Summary of Available for Sale Securities As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred Equity Securities $ 6,718 $ 59 $ - $ 6,777 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred Equities Securities $ 3,620 $ 102 $ - $ 3,722 Debt securities Corporate Bonds 3,098 82 - 3,180 Total $ 6,718 $ 184 $ - $ 6,902 Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2021 and 2020, all of the Company’s marketable securities were classified as Level 2 assets and there were no transfers between the level classifications during the year ended December 31, 2021. The fair values of the Company’s preferred equity securities and corporate bonds are measured using readily available quoted prices for these securities; however, the markets for these securities are not active. 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 $ 2.3 2.6 LIBOR plus 0.85% 0.96 |
Mortgages Payable, Net
Mortgages Payable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Mortgages Payable, Net | 5. Mortgages Payable, Net Mortgages payable, net consisted of the following: Schedule of Mortgages Payable Interest Weighted Maturity Amount Due at As of As of Description Rate 2021 Date Maturity 2021 2020 Revolving Credit Facility LIBOR plus 3.15% (floor of 4.00%) 3.84 % September 2022 $ 123,045 $ 123,045 $ 123,045 Courtyard – Paso Robles 5.49 5.49 % November 2023 13,022 13,419 13,619 Total mortgages payable 4.00 % $ 136,067 136,464 136,664 Less: Deferred financing costs (297 ) (264 ) Total mortgages payable, net $ 136,167 $ 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 a line of credit of up to $ 140.0 65.0 LIBOR plus 3.15%, subject to a 4.00% floor On June 2, 2020, the Revolving Credit Facility was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 2.6 LIBOR plus 2.15%, subject to a 3.00% floor 2.5 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 May 17, 2021 As of December 31, 2021, 13 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 December 31, 2021. Although the Revolving Credit Facility is scheduled to mature on September 15, 2022, the Company currently intends to seek to extend the Revolving Credit Facility to September 15, 2023 pursuant to the lender’s extension option. 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 was scheduled to mature in November 2023, bore interest at a fixed rate of 5.49 79 13.0 Principal Mortgage Maturities The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2021: Schedule of Estimated Contractual Principal Maturities 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 123,256 $ 13,208 $ - $ - $ - $ - $ 136,464 Less: deferred financing costs (297 ) Total principal maturities, net $ 136,167 Pursuant to the Company’s loan agreements, escrows in the amount of $ 1.8 3.1 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 6 Notes Payable In April 2020, the Company, through various subsidiaries (each such entity, a “Borrower” and collectively, the “Borrowers”), received aggregate funding of $ 3.3 3.7 The PPP Loans each have a term of 5 1.00 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 each Borrower will ultimately obtain forgiveness under its PPP Loan, in whole or in part. In the event all or any portion of a PPP Loan is forgiven, the amount forgiven will be applied to outstanding principal and recorded as income. The PPP Loans are subject to audit by the SBA for up to six years after the date the loans are forgiven. During the year ended December 31, 2021, the Company received notices from the SBA that all of the PPP Loans received in April 2020 totaling $ 3.3 0.1 3.4 3.7 3.3 |
Stockholder_s Equity
Stockholder’s Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholder’s Equity | 7. Stockholder’s Equity Preferred Shares Shares of preferred stock may be issued in the future in one or more series as authorized by the Company’s Board of Directors. Prior to the issuance of shares of any series, the Board of Directors is required by the Company’s charter to fix the number of shares to be included in each series and the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Because the Company’s Board of Directors has the power to establish the preferences, powers and rights of each series of preferred stock, it may provide the holders of any series of preferred stock with preferences, powers and rights, voting or otherwise, senior to the rights of holders of our Common Shares. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of the Company’s Common Shares. To date, the Company had no outstanding preferred shares. Common Shares All of the Common Shares offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of its charter regarding the restriction on the ownership and transfer of shares of our stock, holders of the Company’s Common Shares will be entitled to receive distributions if authorized by the Board of Directors and to share ratably in the Company’s assets available for distribution to the stockholders in the event of a liquidation, dissolution or winding-up. Each outstanding share of the Company’s Common Shares entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding Common Shares can elect all of the directors then standing for election, and the holders of the remaining Common Shares will not be able to elect any directors. Holders of the Company’s Common Shares have no conversion, sinking fund, redemption or exchange rights, and have no pre-emptive rights to subscribe for any of its securities. Maryland law provides that a stockholder has appraisal rights in connection with some transactions. However, the Company’s charter provides that the holders of its stock do not have appraisal rights unless a majority of the Board of Directors determines that such rights shall apply. Shares of the Company’s Common Shares have equal dividend, distribution, liquidation and other rights. Under its charter, the Company cannot make any material changes to its business form or operations without the approval of stockholders holding at least a majority of the shares of our stock entitled to vote on the matter. These include (1) amendment of its charter, (2) its liquidation or dissolution, (3) its reorganization, and (4) its merger, consolidation or the sale or other disposition of its assets. Share exchanges in which the Company is the acquirer, however, do not require stockholder approval. Distributions on Common Shares The Company’s Board of Directors commenced declaring and the Company began paying regular quarterly distributions on its Common Shares at the pro rata equivalent of an annual distribution of $ 0.65 6.5 10.00 0.70 7.0 10.00 0.5 10.00 On March 19, 2020, the Board of Directors determined to suspend regular quarterly distributions. As a result, there were no distributions declared during the years ended December 31, 2021 and 2020. Future distributions declared, 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 SRP may provide its eligible stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to restrictions and applicable law. On March 19, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. Effective May 10, 2021, the Board of Directors reopened the SRP to allow, subject to various conditions as set forth below, for redemptions submitted in connection with a stockholder’s death or hardship and set the price for all such purchases to the Company’s current NAV per Share, as determined by the Board of Directors and reported by the Company from time to time. Deaths that occurred subsequent to January 1, 2020 were eligible for consideration, subject to certain conditions. 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 the above noted date, the Board of Directors established that on an annual basis, the Company would not redeem in excess of 0.5 For the year ended December 31, 2021 the Company repurchased 98,866 8.02 82,413 10.00 Noncontrolling Interests See Note 1 and Note 8 for a discussion of Noncontrolling Interests and the rights related to the Subordinated Profits Interests, respectively. |
Related Party and Other Transac
Related Party and Other Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party and Other Transactions | 8. Related Party and Other Transactions The Company has agreements with the Advisor and its affiliates to pay certain fees, as follows, in exchange for services performed by these entities and other related party entities. The Company’s ability to secure financing and real estate operations are dependent upon its Advisor and affiliates to perform such services as provided in these agreements. Fees Amount Acquisition Fee The Advisor is paid an acquisition fee equal to 0.95 Property Management – Residential/Retail/Hospitality Either third party or affiliated property managers are paid a monthly management fee of up to 5 Property Management – Office/Industrial The property managers are paid monthly property management and leasing fees of up to 4.5 Asset Management Fee The Advisor or its affiliates are paid an asset management fee of 0.95 payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter. Reimbursement of Other expenses For any year in which the Company qualifies as a REIT, the Advisor must reimburse the Company for the amounts, if any, by which the total operating expenses, the sum of the advisor asset management fee plus other operating expenses paid during the previous fiscal year exceed the greater of 2 25 The Advisor or its affiliates are reimbursed for expenses that may include costs of goods and services, administrative services and non-supervisory services performed directly for the Company by independent parties. Subordinated Profits Interests In connection with the Company’s Offerings which concluded on September 27, 2014, Lightstone SLP II, LLC acquired 177.0 17.7 7 4.2 7.0 There were no distributions declared on the Subordinated Profits Interests during the years ended December 31, 2021 and 2020. Since the Company’s inception through December 31, 2021, the cumulative distributions declared and paid on the Subordinated Profits Interests were $ 7.9 The Subordinated Profits Interests may also entitle Lightstone SLP II, LLC to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net sale proceeds upon the liquidation of the Company and, therefore, cannot be determined at the present time. Liquidating distributions to Lightstone SLP II, LLC will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return, as described below: Liquidating Stage Distributions Amount of Distribution 7% Stockholder Return Threshold Once stockholders have received liquidation distributions, and a cumulative non-compounded 7 7 Returns in Excess of 7% Once stockholders have received liquidation distributions, and a cumulative non-compounded return of 7 70 30 12 Returns in Excess of 12% After stockholders and Lightstone SLP II, LLC have received liquidation distributions, and a cumulative non-compounded return of 12 60 40 Operating Stage Distributions Amount of Distribution 7% stockholder Return Threshold Once a cumulative non-compounded return of 7 7 10 Returns in excess of 7% Once a cumulative non-compounded return of 7 70 30 12 Returns in Excess of 12% After the 12 60 40 The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: Schedule of fees to related parties For the 2021 2020 Development fees (1) $ - $ 32 Asset management fees (general and administrative costs) 2,954 2,929 Total $ 2,954 $ 2,961 (1) Generally, capitalized and amortized over the estimated useful life of the associated asset. 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 $ 12.9 4.8 177.0 17.7 The Company did not incur any fees to affiliates of its Advisor for property management services during the years ended December 31, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Management Agreements The Company’s hotels operate pursuant to management agreements (the “Management Agreements”) with various third-party property management companies. The property management companies perform management functions including, but not limited to, hiring and supervising employees, establishing room prices, establishing administrative policies and procedures, managing expenditures and arranging and supervising public relations and advertising. The Management Agreements are for terms ranging from 1 10 The Management Agreements provide for the payment of a base management fee equal to 3 3.5 Franchise Agreements As of December 31, 2021, the Company’s hotels operated pursuant to various franchise agreements. Under the franchise agreements, the Company generally pays a fee equal to 5 1.5 3.5 The franchise agreements are generally for initial terms ranging from 15 20 Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events On February 10, 2022, the Company, through subsidiaries, entered into a purchase and sale agreement (the “Courtyard – Paso Robles Agreement”) to sell the Courtyard – Paso Robles, to PHG Acquisitions, LLC, an unaffiliated third party, for a contractual sales price of $ 32.3 On March 22, 2022, the sale of the Courtyard – Paso Robles was completed pursuant to the terms of the Courtyard – Paso Robles Agreement. In connection with the transaction, the Company also defeased the Courtyard – Paso Robles Mortgage Loan with an outstanding principal balance of $13.4 million at a total cost of $14.1 million and its net proceeds after closing and other costs, pro rations and working capital adjustments were $17.7 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT II exercises financial and operating control). As of December 31, 2021, Lightstone REIT II had a 99 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities and depreciable lives of long-lived assets. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary are accounted for using the equity method. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, debt service payments 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. 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: Summary of supplemental cash flow information Year Ended 2021 2020 Cash and cash equivalents $ 15,126 $ 15,348 Restricted cash 1,833 3,075 Total cash, cash equivale nts and restricted cash $ 16,959 $ 18,423 Supplemental disclosure of cash flow information: Cash paid for interest $ 8,091 $ 3,282 Holding loss on available for sale securities $ 82 $ 90 |
Marketable Securities | Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale. Marketable debt securities are recorded at fair value and unrealized holding gains or losses are reported as a component of accumulated other comprehensive income. The Company’s marketable equity securities are recorded at fair value and unrealized holding gains and losses are recognized on the consolidated statements of operations. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a debt security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. |
Revenue Recognition | Revenue Recognition 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 judgments regarding the recognition of room, food and beverage or other revenues. The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of total revenues from hotel operations on a disaggregated basis For the Revenues 2021 2020 Room $ 45,803 $ 29,341 Food, beverage and other 2,188 1,562 Total revenues $ 47,991 $ 30,903 |
Accounts Receivable | Accounts Receivable The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. |
Investment in Real Estate | Investment in Real Estate Accounting for Asset Acquisitions When the Company makes an investment in real estate assets, the cost of real estate assets acquired in an asset acquisition are allocated to the acquired tangible assets, consisting of land, building and improvements, furniture and fixtures and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, acquired in-place leases, and the value of tenant relationships, based in each case on their relative fair values, at the date of acquisition, based on evaluation of information and estimates available at that date, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Accounting for Business Combinations Upon the acquisition of real estate operating properties that meet the definition of a business, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. Based on these estimates, the Company evaluates the existence of goodwill or a gain from a bargain purchase and allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. Fees incurred related to the acquisition of real estate operating properties that meet the definition of a business are expensed as incurred within general and administrative costs within the consolidated statements of operations. Carrying Value of Assets The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation The Company evaluates its investments in real estate assets for potential impairment whenever events or changes in circumstances indicate that the undiscounted projected cash flows are less than the carrying amount for a particular property. The Company evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. No single indicator would necessarily result in the Company preparing an estimate to determine if an individual property’s future undiscounted cash flows are less than its carrying value. The Company uses judgment to determine if the severity of any single indicator, or the fact there are a number of indicators of less severity that when combined, would result in an indication that a property requires an estimate of the undiscounted cash flows to determine if an impairment has occurred. Relevant facts and circumstances include, among others, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The estimated cash flows used for the impairment analysis are subjective and require the Company to use its judgment and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition, and recent sales data for comparable properties. An impairment loss is recognized only if the carrying amount of a property is not recoverable and exceeds its fair value. |
Depreciation and Amortization | Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to 39 5 10 |
Deferred Costs | Deferred Costs Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are included as a direct deduction from the related debt in the consolidated balance sheets. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The Company evaluates all investments in other entities for consolidation. The Company considers its percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining whether or not the investment qualifies for consolidation or if it should be accounted for as an unconsolidated investment under the equity method of accounting. If an investment qualifies for the equity method of accounting, the Company’s investment is recorded initially at cost, and subsequently adjusted for equity in net income or loss and cash contributions and distributions. The net income or loss of an unconsolidated investment is allocated to its investors in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences, if any, between the carrying amount of the Company’s investment in the respective joint venture and our share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the statements of operations as earnings from investments in unconsolidated entities. The Company reviews investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If the Company determines that a decline in the value of a partially owned entity is other than temporary, it will record an impairment charge. The Company believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2021 and 2020. |
Income Taxes | Income Taxes The Company elected to qualify and be taxed as a REIT commencing with the taxable year ending December 31, 2009. As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90 The Company engages in certain activities through taxable REIT subsidiaries (“TRSs”), including when it acquires a hotel it usually establishes a TRS which then enters into an operating lease agreement for the hotel. As such, the Company is subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2021 and 2020, the Company had no |
Fair Value of Financial Instruments | Fair Value of 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, due to related party, and distributions payable approximated their fair values as of December 31, 2021 and 2020 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: Summary of estimated fair value of mortgages payable As of As of Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 136,464 $ 136,592 $ 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. |
Accounting for Derivative Financial Investments and Hedging Activities. | Accounting for Derivative Financial Investments and Hedging Activities. The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet. |
Concentration of Risk | Concentration of Risk The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Basic and Diluted Net Earnings per Common Share | Basic and Diluted Net Earnings per Common Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of Common Shares outstanding during the applicable period. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this standard will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. |
Reclassifications | Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of supplemental cash flow information | Summary of supplemental cash flow information Year Ended 2021 2020 Cash and cash equivalents $ 15,126 $ 15,348 Restricted cash 1,833 3,075 Total cash, cash equivale nts and restricted cash $ 16,959 $ 18,423 Supplemental disclosure of cash flow information: Cash paid for interest $ 8,091 $ 3,282 Holding loss on available for sale securities $ 82 $ 90 |
Schedule of total revenues from hotel operations on a disaggregated basis | Schedule of total revenues from hotel operations on a disaggregated basis For the Revenues 2021 2020 Room $ 45,803 $ 29,341 Food, beverage and other 2,188 1,562 Total revenues $ 47,991 $ 30,903 |
Summary of estimated fair value of mortgages payable | Summary of estimated fair value of mortgages payable As of As of Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 136,464 $ 136,592 $ 136,664 $ 136,743 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliated Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Summary of investments in unconsolidated entities | Summary of investments in unconsolidated entities As of Entity Date of Ownership Ownership % December 31, December 31, Brownmill Various 48.6 % $ 6,793 $ 4,710 Hilton Garden Inn Joint Venture March 27, 2018 50.0 % 11,165 10,649 Total investments in unconsolidated affiliated real estate entities $ 17,958 $ 15,359 |
Brownmill Llc [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of condensed income statements | Schedule of condensed income statements For the For the Revenues $ 3,919 $ 3,387 Property operating expenses 1,467 2,040 Depreciation and amortization 767 672 Operating income 1,685 675 Interest expense and other, net (655 ) (641 ) Net income $ 1,030 $ 34 Company’s share of earnings (48.6%) $ 501 $ 16 Additional depreciation and amortization expense (1) (124 ) (124 ) Company’s earnings from investment $ 377 $ (108 ) 1. Additional depreciation and amortization expense is attributable to the difference between the Company’s cost of its interest in the Brownmill Joint Venture and the amount of the underlying equity in net assets of the Brownmill Joint Venture. |
Schedule of condensed balance sheets | Schedule of condensed balance sheets As of As of December 31, 2021 December 31, 2020 Real estate, at cost (net) $ 17,830 $ 14,234 Cash and restricted cash 1,152 1,038 Other assets 1,518 1,279 Total assets $ 20,500 $ 16,551 Mortgage payable $ 13,594 $ 13,834 Other liabilities 666 1,018 Members’ capital 6,240 1,699 Total liabilities and members’ capital $ 20,500 $ 16,551 |
Hilton Garden Inn Joint Venture [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of condensed income statements | Schedule of condensed income statements For the Year Ended For the Revenues $ 7,545 $ 3,662 Property operating expenses 4,306 3,259 General and administrative costs 34 37 Depreciation and amortization 2,496 2,527 Operating income/(loss) 709 (2,161 ) Interest expense and other, net (1,755 ) (1,728 ) Gain on forgiveness of debt 381 - Net loss $ (665 ) $ (3,889 ) Company’s share of net loss (50.0%) $ (333 ) $ (1,945 ) |
Schedule of condensed balance sheets | Schedule of condensed balance sheets As of As of December 31, December 31, Investment property, net $ 52,415 $ 54,826 Cash 2,841 885 Other assets 1,204 1,211 Total assets $ 56,460 $ 56,922 Mortgage payable, net $ 33,115 $ 34,988 Other liabilities 1,585 1,207 Members’ capital 21,760 20,727 Total liabilities and members’ capital $ 56,460 $ 56,922 |
Marketable Securities, Fair V_2
Marketable Securities, Fair Value Measurements and Margin Loan Marketable Securities: (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Marketable Securities Fair Value Measurements And Margin Loan Marketable Securities | |
Summary of Available for Sale Securities | Summary of Available for Sale Securities As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred Equity Securities $ 6,718 $ 59 $ - $ 6,777 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred Equities Securities $ 3,620 $ 102 $ - $ 3,722 Debt securities Corporate Bonds 3,098 82 - 3,180 Total $ 6,718 $ 184 $ - $ 6,902 |
Mortgages Payable, Net (Tables)
Mortgages Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable | Schedule of Mortgages Payable Interest Weighted Maturity Amount Due at As of As of Description Rate 2021 Date Maturity 2021 2020 Revolving Credit Facility LIBOR plus 3.15% (floor of 4.00%) 3.84 % September 2022 $ 123,045 $ 123,045 $ 123,045 Courtyard – Paso Robles 5.49 5.49 % November 2023 13,022 13,419 13,619 Total mortgages payable 4.00 % $ 136,067 136,464 136,664 Less: Deferred financing costs (297 ) (264 ) Total mortgages payable, net $ 136,167 $ 136,400 |
Schedule of Estimated Contractual Principal Maturities | Schedule of Estimated Contractual Principal Maturities 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 123,256 $ 13,208 $ - $ - $ - $ - $ 136,464 Less: deferred financing costs (297 ) Total principal maturities, net $ 136,167 |
Related Party and Other Trans_2
Related Party and Other Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of fees to related parties | Schedule of fees to related parties For the 2021 2020 Development fees (1) $ - $ 32 Asset management fees (general and administrative costs) 2,954 2,929 Total $ 2,954 $ 2,961 (1) Generally, capitalized and amortized over the estimated useful life of the associated asset. |
Structure (Details Narrative)
Structure (Details Narrative) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | May 20, 2008USD ($)integer$ / sharesshares | Dec. 31, 2021USD ($)integershares | Mar. 31, 2021USD ($) | Jun. 02, 2020USD ($) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Date of incorporation | Apr. 28, 2008 | |||||
Number of limited service hotels | integer | 14 | |||||
Number of rooms | integer | 1,804 | |||||
Advisor's contribution to operating partnership | $ 2 | |||||
Partnership units issued | integer | 200 | |||||
Proceed from loans | $ 3,300 | |||||
Sponsor's cash contribution | 12,900 | |||||
Distributions declared for subordinated profits interests | $ 7,900 | |||||
Paycheck Protection Program [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Proceed from loans | $ 3,700 | $ 3,300 | ||||
Revolving Credit Facility [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Debt service payments | $ 2,600 | |||||
Cash collateral reserve account | $ 2,500 | $ 2,500 | ||||
Brownmill Joint Venture [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Ownership interest | 50.00% | |||||
Brownmill Llc [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [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 | |||||
Lightstone Value Plus Real Estate Investment Trust Inc [Member] | Joint Venture [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Ownership interest | 2.50% | |||||
Lightstone Value Plus Reit Ii Llc [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [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] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Aggregate value of subordinate profits | $ 17,700 | |||||
Mr. Lichtenstein [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Beneficial ownership interest (as a percent) | 99.00% | |||||
Lightstone Reit Ii [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
General partner ownership interest | 99.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details - Supplemental disclosure of cash flow information) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 15,126 | $ 15,348 | |
Restricted cash | 1,833 | 3,075 | |
Total cash, cash equivalents and restricted cash | 16,959 | 18,423 | $ 30,216 |
Cash paid for interest | 8,091 | 3,282 | |
Holding loss on available for sale securities | $ 82 | $ 90 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details - Revenue Recognition) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||
Revenue | $ 47,991 | $ 30,903 |
Room [Member] | ||
Product Information [Line Items] | ||
Revenue | 45,803 | 29,341 |
Food and Beverage [Member] | ||
Product Information [Line Items] | ||
Revenue | $ 2,188 | $ 1,562 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details - Fair Value of Financial Instruments) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Mortgages payable-Carrying Amount | $ 136,464 | $ 136,664 |
Mortgages payable-Estimated Fair Value | $ 136,592 | $ 136,743 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Real Estate Investment Trust Mandated Annual Distributions Percentage Taxable Income | 90.00% | |
Uncertain income tax positions | $ 0 | $ 0 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 39 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | |
Lightstone Reit [Member] | ||
Property, Plant and Equipment [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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 27, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated affiliated entities | $ 17,958 | $ 15,359 | |
Brownmill Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Date of ownership | Various | ||
Ownership % | 48.60% | ||
Investments in unconsolidated affiliated entities | $ 6,793 | 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 | $ 11,165 | $ 10,649 |
Schedule of condensed income st
Schedule of condensed income statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 47,991 | $ 30,903 | |
Depreciation and amortization | 10,383 | 10,748 | |
Operating income | (2,915) | (13,842) | |
Interest expense and other, net | (100) | ||
Net income | (5,320) | (21,323) | |
Company’s share of earnings (48.6%) | 44 | (2,053) | |
Brownmill Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 3,919 | 3,387 | |
Property operating expenses | 1,467 | 2,040 | |
Depreciation and amortization | 767 | 672 | |
Operating income | 1,685 | 675 | |
Interest expense and other, net | (655) | (641) | |
Net income | 1,030 | 34 | |
Company’s share of earnings (48.6%) | 501 | 16 | |
Additional depreciation and amortization expense | [1] | (124) | (124) |
Company’s earnings from investment | $ 377 | $ (108) | |
[1] | Additional depreciation and amortization expense is attributable to the difference between the Company’s cost of its interest in the Brownmill Joint Venture and the amount of the underlying equity in net assets of the Brownmill Joint Venture. |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliated Entities (Details - Condensed Balance Sheet) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 260,736 | $ 268,588 |
Total liabilities | 149,268 | 150,819 |
Members' capital | 99,975 | 106,170 |
Total liabilities and members' capital | 260,736 | 268,588 |
Brownmill Llc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 20,500 | 16,551 |
Members' capital | 6,240 | 1,699 |
Total liabilities and members' capital | 20,500 | 16,551 |
Brownmill Llc [Member] | Real Estate Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 17,830 | 14,234 |
Brownmill Llc [Member] | Restricted Cash And Cash Equivalents Cash And Cash Equivalents1 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,152 | 1,038 |
Brownmill Llc [Member] | Other Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,518 | 1,279 |
Brownmill Llc [Member] | Secured Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | 13,594 | 13,834 |
Brownmill Llc [Member] | Other Liabilities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | 666 | 1,018 |
Hilton Garden Inn Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 56,460 | 56,922 |
Members' capital | 21,760 | 20,727 |
Total liabilities and members' capital | 56,460 | 56,922 |
Hilton Garden Inn Joint Venture [Member] | Real Estate Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 52,415 | 54,826 |
Hilton Garden Inn Joint Venture [Member] | Restricted Cash And Cash Equivalents Cash And Cash Equivalents1 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 2,841 | 885 |
Hilton Garden Inn Joint Venture [Member] | Other Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,204 | 1,211 |
Hilton Garden Inn Joint Venture [Member] | Secured Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | 33,115 | 34,988 |
Hilton Garden Inn Joint Venture [Member] | Other Liabilities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | $ 1,585 | $ 1,207 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliated Entities (Details - Condensed Income Statement) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 47,991 | $ 30,903 |
General and administrative costs | 4,803 | 4,652 |
Depreciation and amortization | 10,383 | 10,748 |
Operating income/(loss) | (2,915) | (13,842) |
Interest expense and other, net | (100) | |
Net loss | (5,320) | (21,323) |
Company’s share of net loss (50.0%) | 44 | (2,053) |
Hilton Garden Inn Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 7,545 | 3,662 |
Property operating expenses | 4,306 | 3,259 |
General and administrative costs | 34 | 37 |
Depreciation and amortization | 2,496 | 2,527 |
Operating income/(loss) | 709 | (2,161) |
Interest expense and other, net | (1,755) | (1,728) |
Gain on forgiveness of debt | 381 | 0 |
Net loss | (665) | (3,889) |
Company’s share of net loss (50.0%) | $ (333) | $ (1,945) |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliated Entities (Details Narrative) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 02, 2020 | Mar. 27, 2018 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||||
Distributions received | $ 300 | $ 100 | |||
Sponsorship | 12,900 | ||||
Aggregate distribution received | $ 1,300 | ||||
Brownmill Llc [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investment, percentage ownership purchased | 48.60% | ||||
Subordinated General Partner Participation Units | 48 | ||||
Subordinated general partner participation, per unit cost | $ 100,000 | ||||
Subordinated operating partnership | $ 4,800 | ||||
Aggregate distribution received | $ 2,000 | $ 300 | |||
Ownership interest | 48.60% | 48.60% | |||
Hilton Garden Inn Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Aggregate consideration | $ 60,000 | ||||
Aggregate consideration, cash | 25,000 | ||||
Proceeds from loans | $ 35,000 | ||||
Ownership interest | 50.00% | 50.00% | 50.00% | ||
Proceeds from mortgage | $ 900 | ||||
Interest rate | LIBOR plus 2.15%, subject to a 4.03% floor | ||||
Venture pre-funding | $ 1,200 | ||||
Principal amount | $ 1,700 | $ 1,700 | |||
Capital contribution | 700 | ||||
Hilton Garden Inn Joint Venture Additional Contribution [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Aggregate distribution received | $ 500 | ||||
Capital contribution | 2,000 | ||||
Aggregate distribution received | $ 2,800 |
Marketable Securities, Fair V_3
Marketable Securities, Fair Value Measurements and Margin Loan (Details - Available for sale securities) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Fair Value | $ 6,777 | $ 6,902 |
Preferred Equities [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Adjusted Cost | 6,718 | 3,620 |
Gross Unrealized Gains | 59 | 102 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 6,777 | 3,722 |
Corporate Bond Securities [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Adjusted Cost | 3,098 | |
Gross Unrealized Gains | 82 | |
Gross Unrealized Losses | 0 | |
Fair Value | 3,180 | |
Debt Securities [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Adjusted Cost | 6,718 | |
Gross Unrealized Gains | 184 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 6,902 |
Marketable Securities, Fair V_4
Marketable Securities, Fair Value Measurements and Margin Loan Marketable Securities: (Details Narrative) - Margin Loan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Margin loan outstanding | $ 2,300 | $ 2,600 |
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 0.85% | |
Interest Rate | 0.96% |
Mortgages Payable (Details - Mo
Mortgages Payable (Details - Mortgages payable, net) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.00% | |
Amount due at maturity | $ 136,067 | |
Total mortgages payable | 136,464 | $ 136,664 |
Less: Deferred financing costs | (297) | (264) |
Total mortgages payable, net | $ 136,167 | 136,400 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 3.15% (floor of 4.00%) | |
Debt, Weighted Average Interest Rate | 3.84% | |
Amount due at maturity | $ 123,045 | |
Total mortgages payable | $ 123,045 | 123,045 |
Courtyard Paso Robles [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.49% | |
Amount due at maturity | $ 13,022 | |
Total mortgages payable | $ 13,419 | $ 13,619 |
Debt Instrument, Interest Rate, Stated Percentage | 5.49% |
Mortgages payable (Details - Pr
Mortgages payable (Details - Principal maturities) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 123,256 | |
2022 | 13,208 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 136,464 | $ 136,664 |
Less: Deferred financing costs | (297) | (264) |
Total principal maturities, net | $ 136,167 | $ 136,400 |
Mortgages Payable, Net (Details
Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands | Jun. 02, 2020 | May 17, 2018 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 14, 2017 |
Line of Credit Facility [Line Items] | |||||
Monthly principal and interest payments required | $ 79 | ||||
Courtyard Paso Robles [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest Rate | 5.49% | ||||
Balloon Payment | $ 13,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [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 plus 2.15%, subject to a 3.00% floor | ||||
Restricted cash | $ 2,500 | $ 2,500 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 3.15%, subject to a 4.00% floor | ||||
Debt Instrument, Maturity Date | May 17, 2021 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Proceeds from notes payable | $ 3,746 | $ 3,343 | ||
Loans received | 3,300 | |||
Accrued Interest | 100 | |||
Gain on forgiveness of debt | 3,400 | |||
Notes payable | 3,700 | $ 3,300 | ||
Borrower [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from notes payable | $ 3,300 | |||
Debt term | 5 years | |||
Debt interest rate | 1.00% | |||
Paycheck Protection Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from notes payable | $ 3,700 | |||
Loans received | $ 3,700 | $ 3,300 |
Stockholder_s Equity (Details N
Stockholder’s Equity (Details Narrative) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 18, 2020 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2021 | Mar. 31, 2017 | |
Equity [Abstract] | |||||
Annual distributions paid per share | $ 0.70 | $ 0.65 | |||
Annualized Distribution Rate | 7.00% | 6.50% | 0.50% | ||
Share Price | $ 10 | $ 10 | $ 10 | ||
Share redemption program, annual limitation, percentage of weighted average shares outstanding | 0.50% | ||||
Repurchase of shares | 82,413 | 98,866 | |||
Price per share | $ 10 | $ 8.02 |
Related Party and Other Trans_3
Related Party and Other Transactions (Details - Fees to Related Parties) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Related Party Transactions [Abstract] | |||
Business Development | [1] | $ 0 | $ 32 |
Asset management fees (general and administrative costs) | 2,954 | 2,929 | |
Total | $ 2,954 | $ 2,961 | |
[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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 15, 2015 | Sep. 27, 2014 | Mar. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2015 | Sep. 30, 2015 |
Related Party Transaction [Line Items] | |||||||
Acquisition Fees And Expenses Percentage Of Purchase Price | 0.95% | ||||||
Property Management Fees, Residential Hospitality Retail Properties, Maximum Percentage Gross Revenues | 5.00% | ||||||
Property Management Fees, Office Industrial Properties, Maximum Percentage Gross Revenues | 4.50% | ||||||
Asset Management Fees, Percentage Of Average Invested Assets | 0.95% | ||||||
Asset Management Fees Payout Terms | payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter. | ||||||
Minimum Percentage Of Other Operating Expenses For Reimbursement | 2.00% | ||||||
Minimum Percentage Of Net Income For Reimbursement | 25.00% | ||||||
Share Price | $ 10 | $ 10 | $ 10 | ||||
Lightstone Slp Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Subordinate Profit Interest Value | $ 17,700 | ||||||
Brownmill Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Subordinated General Partner Participation Units | 177 | ||||||
Subordinate Profit Interest Value | $ 17,700 | ||||||
Value of ownership interest | $ 4,800 | ||||||
Liquidating Stage Distribution One [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stockholder Return Threshold, Percent | 7.00% | ||||||
Distribution Due Cumulative Rate Of Return | 7.00% | ||||||
Liquidating Stage Distribution One [Member] | Receivables from Stockholder [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Distribution Due Cumulative Rate Of Return | 7.00% | ||||||
Additional Distributions Percent Payable To Related Party | 7.00% | ||||||
Liquidating Stage Distribution Two [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stockholder Return Threshold, Percent | 12.00% | ||||||
Distribution Due Cumulative Rate Of Return | 7.00% | ||||||
Liquidating Stage Distribution Two [Member] | Receivables from Stockholder [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 70.00% | ||||||
Liquidating Stage Distribution Two [Member] | Lightstone Slp Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 30.00% | ||||||
Operating Stage Distribution Two [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stockholder Return Threshold, Percent | 7.00% | ||||||
Additional Distributions Percent Payable To Related Party | 70.00% | ||||||
Operating Stage Distribution Two [Member] | Receivables from Stockholder [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 12.00% | ||||||
Operating Stage Distribution Two [Member] | Lightstone Slp Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 30.00% | ||||||
Liquidating Stage Distribution Three [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stockholder Return Threshold, Percent | 12.00% | ||||||
Liquidating Stage Distribution Three [Member] | Receivables from Stockholder [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 60.00% | ||||||
Liquidating Stage Distribution Three [Member] | Lightstone Slp Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 40.00% | ||||||
Operating Stage Distribution Three [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stockholder Return Threshold, Percent | 12.00% | ||||||
Additional Distributions Percent Payable To Related Party | 60.00% | ||||||
Operating Stage Distribution Three [Member] | Lightstone Slp Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional Distributions Percent Payable To Related Party | 40.00% | ||||||
Operating Stage Distribution One [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Share Price | $ 10 | ||||||
Lightstone Slp Llc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Subordinated General Partner Participation Units | 177 | ||||||
Subordinate Profit Interest Value | $ 17,700 | $ 7,900 | |||||
Distributions, annualized rate of return | 7.00% | 7.00% | |||||
Proceeds from Limited Partnership Investments | $ 4,200 | $ 12,900 | |||||
Brownmill [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Subordinated General Partner Participation Units | 177 | ||||||
Subordinate Profit Interest Value | $ 17,700 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |
Franchise Fee Percentage | 5.00% |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Management Agreement Term | 1 year |
Property Management Fee, Percent Fee | 3.00% |
Marketing Fund Charge Percent | 1.50% |
Franchise Agreement Term | 15 years |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Management Agreement Term | 10 years |
Property Management Fee, Percent Fee | 3.50% |
Marketing Fund Charge Percent | 3.50% |
Franchise Agreement Term | 20 years |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) $ in Thousands | Feb. 10, 2022 | Mar. 21, 2022 |
Subsequent Event [Line Items] | ||
Contractual sales price | $ 3,230 | |
Subsequent event, description | the sale of the Courtyard – Paso Robles was completed pursuant to the terms of the Courtyard – Paso Robles Agreement. In connection with the transaction, the Company also defeased the Courtyard – Paso Robles Mortgage Loan with an outstanding principal balance of $13.4 million at a total cost of $14.1 million and its net proceeds after closing and other costs, pro rations and working capital adjustments were $17.7 million. |