Lightstone Value Plus REIT II (LVPR) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
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
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 Common Stock, Shares Outstanding		17,000,000

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment property:
Land and improvements	$ 26,150	$ 32,208
Building and improvements	146,028	177,550
Furniture and fixtures	28,699	33,037
Construction in progress	141	125
Gross investment property	201,018	242,920
Less accumulated depreciation	(57,003)	(62,835)
Net investment property	144,015	180,085
Investments in unconsolidated affiliated entities	13,581	13,793
Cash and cash equivalents	41,095	42,233
Marketable securities, available for sale	9,136	4,193
Restricted cash	476	333
Accounts receivable and other assets	4,640	4,805
Total Assets	212,943	245,442
Liabilities and Stockholders’ Equity
Accounts payable and other accrued expenses	7,011	7,977
Mortgage payable, net	101,679	118,180
Distributions payable	1,279
Due to related party	378	462
Total Liabilities	110,347	126,619
Company’s stockholders’ equity:
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding
Common stock, $0.01 par value; 100.0 million shares authorized, 17.0 and 17.1 million shares issued and outstanding, respectively	169	171
Additional paid-in-capital	143,387	144,971
Accumulated other comprehensive income		7
Accumulated deficit	(51,884)	(37,663)
Total Company stockholders’ equity	91,672	107,486
Noncontrolling interests	10,924	11,337
Total Stockholders’ Equity	102,596	118,823
Total Liabilities and Stockholders’ Equity	$ 212,943	$ 245,442

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	17,000	17,100
Common stock, shares outstanding	17,000	17,100

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 12,592	$ 13,461	$ 41,920	$ 41,690
Expenses:
Property operating expenses	9,028	9,696	29,541	29,292
Real estate taxes	637	620	1,773	2,110
General and administrative costs	962	1,325	3,400	3,874
Depreciation and amortization	1,498	1,878	5,167	6,069
Impairment charge			5,000
Total expenses	12,125	13,519	44,881	41,345
Interest expense	(2,373)	(1,732)	(7,291)	(4,591)
Gain on forgiveness of debt		2,622		3,474
(Loss)/gain on sale of investment property, net	(225)	843	114	8,524
Earnings from investments in unconsolidated affiliated entities	211	3,082	(83)	3,291
Other income/(expense), net	497	163	(299)	(232)
Net (loss)/income	(1,423)	4,920	(10,520)	10,811
Less: net loss/(income) attributable to noncontrolling interests	(15)	(56)	144	(55)
Net (loss)/income applicable to Company’s common shares	$ (1,438)	$ 4,864	$ (10,376)	$ 10,756
Net (loss)/income per Company's common share, basic	$ (0.08)	$ 0.28	$ (0.61)	$ 0.62
Net (loss)/income per Company's common share, diluted	$ (0.08)	$ 0.28	$ (0.61)	$ 0.62
Weighted average number of common shares outstanding, basic	17,036	17,207	17,101	17,247
Weighted average number of common shares outstanding, diluted	17,036	17,207	17,101	17,247

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net (loss)/income	$ (1,423)	$ 4,920	$ (10,520)	$ 10,811
Other comprehensive loss:
Holding loss on marketable securities, available for sale			(7)
Comprehensive (loss)/income	(1,423)	4,920	(10,527)	10,811
Less: Comprehensive loss/(income) attributable to noncontrolling interests	(15)	(56)	144	(55)
Comprehensive (loss)/income attributable to the Company’s common shares	$ (1,438)	$ 4,864	$ (10,383)	$ 10,756

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - 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, 2021		$ 173	$ 146,308		$ (46,506)	$ 11,493	$ 111,468
Beginning balance, shares at Dec. 31, 2021		17,331
Net loss					10,756	55	10,811
Distributions to noncontrolling interests						(77)	(77)
Redemption and cancellation of shares		$ (1)	(1,198)				(1,199)
Redemption and cancellation of shares, shares		(136)
Ending balance, value at Sep. 30, 2022		$ 172	145,110		(35,750)	11,471	121,003
Ending balance, shares at Sep. 30, 2022		17,195
Beginning balance, value at Jun. 30, 2022		$ 172	145,545		(40,614)	11,434	116,537
Beginning balance, shares at Jun. 30, 2022		17,241
Net loss					4,864	56	4,920
Distributions to noncontrolling interests						(19)	(19)
Redemption and cancellation of shares			(435)				(435)
Redemption and cancellation of shares, shares		(46)
Ending balance, value at Sep. 30, 2022		$ 172	145,110		(35,750)	11,471	121,003
Ending balance, shares at Sep. 30, 2022		17,195
Beginning balance, value at Dec. 31, 2022		$ 171	144,971	7	(37,663)	11,337	118,823
Beginning balance, shares at Dec. 31, 2022		17,172
Net loss					(10,376)	(144)	(10,520)
Other comprehensive loss				(7)			(7)
Contributions of noncontrolling interests						4	4
Distributions to noncontrolling interests						(273)	(273)
Redemption and cancellation of shares		$ (2)	(1,584)				(1,586)
Redemption and cancellation of shares, shares		(158)
Distributions declared	[1]				(3,845)		(3,845)
Ending balance, value at Sep. 30, 2023		$ 169	143,387		(51,884)	10,924	102,596
Ending balance, shares at Sep. 30, 2023		17,014
Beginning balance, value at Jun. 30, 2023		$ 170	144,210		(49,167)	11,182	106,395
Beginning balance, shares at Jun. 30, 2023		17,096
Net loss					(1,438)	15	(1,423)
Distributions to noncontrolling interests						(273)	(273)
Redemption and cancellation of shares		$ (1)	(823)				(824)
Redemption and cancellation of shares, shares		(82)
Distributions declared	[2]				(1,279)		(1,279)
Ending balance, value at Sep. 30, 2023		$ 169	$ 143,387		$ (51,884)	$ 10,924	$ 102,596
Ending balance, shares at Sep. 30, 2023		17,014
[1]Distributions per share were $0.225.[2]Distributions per share were $0.075.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (10,520)	$ 10,811
Adjustments to reconcile net (loss)/income to cash (used in)/provided by operating activities:
Depreciation and amortization	5,167	6,069
Impairment charge	5,000
Amortization of deferred financing costs	305	236
Gain on sale of investment property, net	(114)	(8,524)
Gain on forgiveness of debt		(3,474)
Earnings from investments in unconsolidated affiliated entities	83	(3,291)
Other non-cash adjustments	380	796
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(433)	(1,227)
(Decrease)/increase in accounts payable and other accrued expenses	(626)	609
Decrease in due to related party	(84)	(77)
Cash (used in)/provided by operating activities	(842)	1,928
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(782)	(481)
Proceeds from the sale of marketable securities	3,436	3,015
Purchases of marketable securities	(8,511)
Proceeds from sale of investment property, net of closing costs	26,803	36,744
Contributions to unconsolidated affiliated entities	(445)
Distributions from unconsolidated affiliated entities	574	7,002
Cash provided by investing activities	21,075	46,280
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	(16,667)	(17,979)
Payment on margin loan		(2,292)
Payment of loan fees and expenses	(140)	(406)
Redemption and cancellation of common shares	(1,586)	(1,199)
Distributions paid to noncontrolling interests	(273)	(77)
Distributions paid to common stockholders	(2,566)
Contributions of noncontrolling interests	4
Cash used in financing activities	(21,228)	(21,953)
Change in cash, cash equivalents and restricted cash	(995)	26,255
Cash, cash equivalents and restricted cash, beginning of year	42,566	16,959
Cash, cash equivalents and restricted cash, end of period	41,571	43,214
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	6,981	4,252
Cash paid for income taxes	1,400	189
Distributions declared but not paid	1,279
Holding loss on marketable securities, available for sale	7
Cash and cash equivalents	41,095	43,025
Restricted cash	476	189
Total cash, cash equivalents and restricted cash	$ 41,571	$ 43,214

Business and Structure

Business and Structure	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Structure	1. Business and Structure Lightstone Value Plus REIT II, Inc. (“Lightstone REIT II”), is a Maryland corporation formed on April 28, 2008, which elected to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2009. Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business will be conducted through Lightstone Value Plus REIT II LP, a Delaware limited partnership (the “Operating Partnership”). As of September 30, 2023, 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 in these consolidated financial statements refers to Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. Through the Operating Partnership, the Company owns and operates commercial properties and makes real estate-related investments. Since its inception, the Company has primarily acquired and operated commercial hospitality properties, principally consisting of limited-service-hotels all located in the United States. However, its commercial holdings may also consist of full-service hotels, and to a lesser extent, retail (primarily multi-tenanted shopping centers), industrial and office properties. The Company’s real estate investments are held by it alone or jointly with other parties. In addition, the Company may invest up to 20% of its net assets in collateralized debt obligations, commercial mortgage-backed securities (“CMBS”) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly. Although most of its investments are these types, the Company may invest in whatever types of real estate or real estate-related investments that it believes are in its best interests. The Company evaluates all of its real estate investments as one operating segment. The Company currently intends to hold its investments until such time as it determines that a sale or other disposition appears to be advantageous to achieve its investment objectives or until it appears that the objectives will not be met. As of September 30, 2023, the Company (i) majority owned and consolidated the operating results and financial condition of 10 limited service hotels containing a total of 1,352 rooms, (ii) held an unconsolidated 48.6% The Brownmill Joint Venture owns Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhaull, New Jersey. The Hilton Garden Inn Joint Venture owns a 183-room, limited-service hotel (the “Hilton Garden Inn – Long Island City) located in the Long Island City neighborhood in the Queens borough of New York City. Both the Brownmill Joint Venture and the Hilton Garden Inn Joint Venture are between the Company and related parties. As of September 30, 2023, five of the Company’s consolidated limited service hotels are held in LVP Holdco JV LLC (the “Hotel Joint Venture”), a joint venture formed between the Company and Lightstone Value Plus REIT I, Inc. (“Lightstone REIT I”), a related party REIT also sponsored by The Lightstone Group, LLC. The Company and Lightstone REIT I have 97.5% and 2.5% membership interests in the Hotel Joint Venture, respectively. Additionally, as of September 30, 2023, one of the Company’s consolidated hotels also has ownership interests held by unrelated minority owners. The membership interests of Lightstone REIT I and the unrelated minority owners are accounted for as noncontrolling interests. The Company’s advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is majority owned by David Lichtenstein. On May 20, 2008, the Advisor contributed $ 2 20,000 200 10.00 17.7 The Company has no employees. The Company’s Advisor and its affiliates perform a full range of real estate services for it, including asset management, accounting, legal, and property management, as well as investor relations services. The Company is dependent on the Advisor and its affiliates for services that are essential to it, including asset management and acquisition, disposition and financing activities, and other general administrative responsibilities. If the Advisor and its affiliates are unable to provide these services to the Company, it would be required to provide the services itself or obtain the services from other parties. The Company also uses 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. On January 17, 2023, the Company’s stockholders approved an amendment and restatement to the Company’s charter pursuant to which the Company is no longer required to either (a) amend its charter to extend the deadline to begin the process of achieving a liquidity event, or (b) hold a stockholders meeting to vote on a proposal for an orderly liquidation of its portfolio. 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, 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% interest in such Subordinated Profits Interests and thus receives an indirect benefit from any distributions made in respect thereof. These Subordinated Profits Interests may entitle the Associate General Partner to a portion of any regular distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. There have been no distributions declared on the Subordinated Profits Interests for any periods after December 31, 2019. Since the Company’s inception through September 30, 2023, the cumulative distributions declared and paid on the Subordinated Profits Interests were $7.9 million. Any future distributions on the Subordinated Profits Interests will always be subordinated until stockholders receive a stated preferred return. The Subordinated Profits Interests may also entitle the Associate General Partner 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 the Associate General Partner will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return. 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 REIT I and (ii) membership interests held by minority owners in one of the Company’s hotels. Related Parties The Company’s Sponsor, Advisor and its affiliates, including the Associate General Partner, are related parties of the Company as well as the other public REITs also sponsored and/or advised by these entities. Certain of these entities are entitled to compensation and reimbursement for services and costs incurred 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 expense reimbursements as outlined in each of the respective agreements. See Note 8 for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 its Operating Partnership and its subsidiaries, over which the Company exercises financial and operating control. As of September 30, 2023, Lightstone REIT II had a 99% general partnership interest in the common units of the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on accounting principles generally accepted in the United States of America (“GAAP”), and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus REIT II, Inc. and Subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of investment properties and investments in other unconsolidated 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. The consolidated balance sheet as of December 31, 2022 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Income Taxes The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2009. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. To qualify or maintain our qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, it is subject to U.S. federal and state income and franchise taxes from these activities. The Company’s income tax benefits and expense are included in other income/(expense), net on its consolidated statements of operations. During the three and nine months ended September 30, 2023, the Company recorded income tax expense of $ 0.1 1.5 9 39 As of September 30, 2023 and December 31, 2022, the Company had no Revenues The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of revenues from hotel operations For the For the Revenues 2023 2022 2023 2022 Room $ 11,892 $ 12,830 $ 39,765 $ 39,853 Food, beverage and other 700 631 2,155 1,837 Total revenues $ 12,592 $ 13,461 $ 41,920 $ 41,690 Gain on Forgiveness of Debt During the three and nine months ended September 30, 2022, notice was received from the U.S. Small Business Administration that $ 2.6 3.5 Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard replaces the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables and held to maturity debt securities, entities are required to use a new forward looking expected loss model that generally will result in the earlier recognition of allowances for losses. The Company has adopted this standard effective January 1, 2023, noting that it did not have a material impact on the Company’s financial statements or related disclosures. Concentration of Risk As of September 30, 2023 and December 31, 2022, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents. Current Environment The Company’s operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, its business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility and uncertainty as a result of recent banking failures, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession. The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges and other changes in economic conditions may adversely affect the Company’s results of operations and financial performance.

Disposition Activities

Disposition Activities	9 Months Ended
	Sep. 30, 2023
Disposition Activities
Disposition Activities	3. Disposition Activities Impairment Charge and Disposition of Florida Hotels On May 8, 2023, the Hotel Joint Venture, which the Company majority owns and consolidates, through its subsidiaries (collectively, the “Sellers”), and Vista Acquisitions Inc. (the “Florida Hotels Buyer”), an unaffiliated third party, entered into a purchase and sale agreement, as amended, (the “Florida Hotels Agreement”) pursuant to which the Sellers would dispose of (i) a 126-room limited service hotel located in Miami, Florida (the “Hampton Inn - Miami”), and (ii) a 104-room limited service hotel located in Fort Lauderdale, Florida (the “Hampton Inn & Suites - Fort Lauderdale,” and collectively the “Florida Hotels”) to the Florida Hotels Buyer for an aggregate contractual sales price of $ 28.0 During the second quarter of 2023, the Company recorded a non-cash impairment charge of $ 5.0 27.1 On July 18, 2023 and July 21, 2023, the Sellers completed the disposition of the Florida Hotels to the Florida Hotels Buyer pursuant to the terms of the Florida Hotels Agreement. In connection with these transactions, the Sellers used an aggregate of $ 16.7 0.2 Additionally, as a result of the sale of the Florida Hotels, the number of remaining hotels owned by the Hotel Joint Venture was reduced to five. See Note 1, Note 5 and Note 6 for additional information. Additionally, during the first quarter of 2023 the Company recognized a gain on the sale of investment property of $0.3 million which related to the sale of one of its hotels in 2017. Disposition of the Courtyard – Paso Robles On March 22, 2022, the Company completed the disposition of a 130-room limited service hotel located in Paso Robles, California (the “Courtyard – Paso Robles”) to an unaffiliated third party for a contractual sales price of $ 32.3 13.4 14.1 17.8 7.7 Disposition of the TownePlace Suites - Little Rock On July 14, 2022, the Company completed the disposition of a 92-room limited service hotel located in Little Rock, Arkansas (the “TownePlace Suites - Little Rock”) to an unaffiliated third party for a contractual sales price of $ 5.9 4.6 1.2 0.8 The dispositions of the Florida Hotels, the Courtyard – Paso Robles and the TownePlace Suites - Little Rock did not qualify to be reported as discontinued operations since these dispositions did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of the Florida Hotels, the Courtyard – Paso Robles and the TownePlace Suites - Little Rock are reflected in the Company’s results from continuing operations for all periods presented through their respective dates of disposition.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Entities	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliated Entities	4. Investments in Unconsolidated Affiliated Entities The entities listed below are partially owned by the Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control over these entities. A summary of the Company’s investments in the unconsolidated affiliated entities is as follows: Schedule of investments in the unconsolidated affiliated real estate As of Entity Date of Ownership % September 30, December 31, Brownmill Joint Venture Various 48.6 % $ 4,099 $ 4,204 Hilton Garden Inn Joint Venture March 27, 2018 50.0 % 9,482 9,589 Total investments in unconsolidated affiliated real estate entities $ 13,581 $ 13,793 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 and a related party, pursuant to which LGH contributed to the Company an aggregate 48.6% membership interest in the Brownmill Joint Venture in exchange for the Company issuing an aggregate of 48 units of Subordinated Profits Interests, at $ 100,000 As of September 30, 2023, the Company owns a 48.6% 0.4 5.5 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 sheets 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 statements of operations for the Brownmill Joint Venture for the periods indicated: Schedule of condensed income statement For the For the 2023 2022 2023 2022 Revenue $ 935 $ 1,015 $ 2,876 $ 3,163 Property operating expenses 367 389 1,044 1,256 Depreciation and amortization 186 197 560 629 Operating income 382 429 1,272 1,278 Gain on disposition of real estate (1) - 5,816 - 5,816 Interest expense and other, net (144 ) (166 ) (466 ) (473 ) Net income $ 238 $ 6,079 $ 806 $ 6,621 Company’s share of earnings (48.6%) $ 116 $ 2,953 $ 392 $ 3,216 Additional depreciation and amortization (2) (21 ) (233 ) (62 ) (295 ) Company’s earnings from investment $ 95 $ 2,720 $ 330 $ 2,921 (1) On August 12, 2022, The Brownmill Joint Venture recognized a gain on disposition of real estate of $5.8 million in connection with the sale of an outparcel of land and the buildings and improvements thereon at Browntown Shopping Center for a contractual sales price of $10.5 million. (2) Additional depreciation and amortization relates to the amortization of the difference between the cost of the 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 as of the dates indicated: Schedule of condensed balance sheet As of As of September 30, December 31, Investment property, net $ 12,598 $ 12,860 Cash and restricted cash 1,352 1,422 Other assets 1,320 1,283 Total assets $ 15,270 $ 15,565 Mortgage payable $ 13,143 $ 13,341 Other liabilities 653 662 Members’ capital 1,474 1,562 Total liabilities and members’ capital $ 15,270 $ 15,565 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 newly formed Hilton Garden Inn Joint Venture, the Hilton Garden Inn - Long Island City from an unrelated third party, for aggregate consideration of $ 60.0 25.0 35.0 12.9 50.0% Except as discussed below, the Hilton Garden Inn Mortgage bore interest at LIBOR plus 3.15%, subject to a 5.03% floor On June 2, 2020, the Hilton Garden Inn Mortgage was amended to provide for the deferral of the six monthly debt service payments aggregating $ 0.9 On March 27, 2023, the Hilton Garden Inn Joint Venture and the lender amended the Hilton Garden Inn Mortgage to extend the maturity date for 90 days, through June 25, 2023, to provide additional time to finalize the terms of a long-term extension. Subsequently, on May 31, 2023, the Hilton Garden Inn Mortgage was further amended to provide for (i) an extension of the maturity date for an additional five years, (ii) the interest rate to be adjusted to SOFR plus 3.25% May 31, 2028 3.0 Additionally, the Hilton Garden Inn Joint Venture is required to fund an aggregate of $1.3 million, through monthly payments of $37 from May 31, 2023 through June 1, 2026, into a cash collateral reserve account which may be drawn upon for specified capital expenditures. The Company and Lightstone REIT III each have a 50.0% co-managing membership interest in the Hilton Garden Inn Joint Venture. The Company accounts for its membership interest in the Hilton Garden Inn Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Hilton Garden Inn Joint Venture. All capital contributions and distributions of earnings from the Hilton Garden Inn Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the Hilton Garden Inn Joint Venture are made to the members pursuant to the terms of the Hilton Garden Inn Joint Venture’s operating agreement. The Company commenced recording its allocated portion of profit/loss and cash distributions beginning as of March 27, 2018 with respect to its membership interest of 50.0% The Hilton Garden Inn Joint Venture is currently in compliance with respect to all of its financial debt covenants. During the nine months ended September 30, 2023, the Company made aggregate capital contributions to the Hilton Garden Inn Joint Venture of $ 0.4 0.1 1.5 Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed statements of operations for the Hilton Garden Inn Joint Venture for the periods indicated: Schedule of condensed income statement For the For the For the For the 2022 Revenues $ 3,482 $ 3,130 $ 8,626 $ 8,208 Property operating expenses 2,002 1,844 5,416 4,790 General and administrative costs 7 2 139 18 Depreciation and amortization 613 609 1,818 1,835 Operating income 860 675 1,253 1,565 Gain on forgiveness of debt - 516 - 516 Interest expense (627 ) (466 ) (2,078 ) (1,341 ) Net income/(loss) $ 233 $ 725 $ (825 ) $ 740 Company’s share of earnings from investment (50.0%) $ 116 $ 362 $ (413 ) $ 370 The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture as of the dates indicated: Schedule of condensed balance sheet As of As of September 30, December 31, Investment property, net $ 48,590 $ 50,254 Cash 1,257 1,231 Other assets 1,888 1,276 Total assets $ 51,735 $ 52,761 Mortgage payable, net $ 32,250 $ 32,233 Other liabilities 1,091 1,920 Members’ capital 18,394 18,608 Total liabilities and members’ capital $ 51,735 $ 52,761

Marketable Securities, Fair Val

Marketable Securities, Fair Value Measurements and Margin Loan	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities, Fair Value Measurements and Margin Loan	5. 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: Schedule of available-for-sale securities reconciliation As of September 30, 2023 Adjusted Gross Gross Fair Marketable Securities Equity securities $ 9,582 $ - $ (446 ) $ 9,136 As of December 31, 2022 Adjusted Gross Gross Fair Marketable Securities Equity securities $ 3,620 $ - $ (321 ) $ 3,299 Debt securities United States Treasury Bills 887 7 - 894 Total $ 4,507 $ 7 $ (321 ) $ 4,193 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 September 30, 2023 and December 31, 2022, the Company’s United States Treasury Bills were classified as Level 1 assets and the Company’s equity securities were classified as Level 2 assets. There were no transfers between the level classifications during the nine months ended September 30, 2023. The fair values of the Company’s equity securities are measured using readily available quoted prices for these securities; however, the markets for these securities are not active. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, distributions payable and due to related party approximated their fair values as of September 30, 2023 and December 31, 2022 because of the short maturity of these instruments. As of September 30, 2023 and December 31, 2022, the estimated fair value our mortgage payable approximated its carrying value because of the floating interest rate. Nonrecurring Fair Value Measurements During the second quarter of 2023 the Company recorded a non-cash impairment charge of $ 5.0 27.1 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. No SOFR plus 0.85%

Mortgage payable, net

Mortgage payable, net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Mortgage payable, net	6. Mortgage payable, net Mortgage payable, net consisted of the following: Schedule of mortgages payable, net Description Interest Weighted Maturity Amount Due As of As of Revolving Credit Facility SOFR plus 3.45% 8.25% September 2026 $ 101,818 $ 101,818 $ 118,485 Less: Deferred financing costs (139 ) (305 ) Total mortgages payable, net $ 101,679 $ 118,180 SOFR as of September 30, 2023 was 5.32% 4.64% Revolving Credit Facility The Company has a nonrecourse Revolving Credit Facility with a financial institution pursuant to which it may designate its hotel properties as collateral and borrow up a maximum 65% The Revolving Credit Facility was scheduled to mature on September 15, 2023 but its maturity was further extended until the Revolving Credit Facility was amended and restated on October 23, 2023, at which time the following key terms were adjusted: ● The Revolving Credit Facility’s maturity date was extended by three years to September 15, 2026 ● The maximum borrowing amount under the Revolving Credit Facility was reduced from $140.0 million to $ 106.0 101.8 ● The interest rate was changed from AMERIBOR plus 3.15%, subject to a 4.00% floor, to SOFR plus 3.45%, subject to a 6.45% floor; ● Phased increases to the prescribed minimum financial ratios throughout the term of the Revolving Credit Facility; ● The Company deposited $4.0 million into a cash collateral reserve account, of which all or a portion may be applied by the lender as a principal paydown if necessary to achieve the prescribed minimum financial ratios for the quarterly period ended December 31, 2023. Excess funds remaining in the cash collateral reserve account, if any, will be released to the Company. On September 6, 2022, in connection with a previous extension of the maturity of the Revolving Credit Facility to September 15, 2023 LIBOR plus 3.15%, subject to a 4.00% floor, to AMERIBOR plus 3.15%, subject to a 4.00% floor In connection with any disposition of any hotel pledged under the Revolving Credit Facility, the Company is required to make a principal paydown on its outstanding balance in exchange for the hotel’s release from the designated collateral pool. In connection with the disposition of the TownePlace Suites – Little Rock on July 14, 2022, a required principal paydown of $ 4.6 123.1 118.5 16.7 118.5 101.8 As of September 30, 2023, the Company’s 10 majority-owned and consolidated hotel properties were all pledged as collateral under the Revolving Credit Facility and the outstanding principal balance was $101.8 million. Additionally, no additional borrowings were available under the Revolving Credit Facility as of September 30, 2023. As of September 30, 2023, the Company was in compliance with respect to all of its financial debt covenants.

Company_s Stockholder_s Equity

Company’s Stockholder’s Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Company’s Stockholder’s Equity	7. Company’s Stockholder’s Equity Distributions on Common Shares On August 14, 2023, the Board of Directors authorized and the Company declared a Common Share distribution of $ 0.075 0.30 3% 10.00 1.3 On November 13, 2023, the Board of Directors authorized and the Company declared a Common Share distribution of $ 0.075 0.30 3% 10.00 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. SRP The Company’s share repurchase program (the “SRP”) may provide 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 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 estimated net asset value per share of common stock, 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 nine months ended September 30, 2023, the Company repurchased 157,931 10.04 136,298 8.80 Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income/loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Parties	8. Related Parties The Company’s Sponsor, Advisor and their affiliates, including the Special Limited Partner, are related parties of the Company as well as other public REITs also sponsored and/or advised by these entities. Pursuant to the terms of various agreements, certain of these entities are entitled to compensation and reimbursement of costs incurred for services related to the investment, development, management and disposition of the Company’s assets. The compensation is generally based on the cost of acquired properties/investments and the annual revenue earned from such properties/investments, and other such fees and expense reimbursements as outlined in each of the respective agreements. Additionally, the Company’s ability to secure financing and its real estate operations are dependent upon its Advisor and its affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: Schedule of fees payments to company's advisor For the For the 2023 2022 2023 2022 Asset management fees (general and administrative costs) $ 580 $ 663 $ 1,896 $ 2,081 The advisory agreement has a one year term and is renewable for an unlimited number of successive one year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission. Subordinated Profits Interests In connection with the Company’s Offerings, the Associate General Partner, an affiliate of the Company’s Sponsor, contributed an aggregate of $17.7 million consisting of (i) cash of $ 12.9 4.8 17.7 These Subordinated Profit Interests, for which the aggregate consideration of $ 17.7 7% These Subordinated Profits Interests may entitle the Associate General Partner to a portion of any regular distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. There have been no distributions declared on the Subordinated Profits Interests for any periods after December 31, 2019. Since the Company’s inception through September 30, 2023, 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 its Operating Partnership and its subsidiaries, over which the Company exercises financial and operating control. As of September 30, 2023, Lightstone REIT II had a 99% general partnership interest in the common units of the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on accounting principles generally accepted in the United States of America (“GAAP”), and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus REIT II, Inc. and Subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of investment properties and investments in other unconsolidated 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. The consolidated balance sheet as of December 31, 2022 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2009. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. To qualify or maintain our qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, it is subject to U.S. federal and state income and franchise taxes from these activities. The Company’s income tax benefits and expense are included in other income/(expense), net on its consolidated statements of operations. During the three and nine months ended September 30, 2023, the Company recorded income tax expense of $ 0.1 1.5 9 39 As of September 30, 2023 and December 31, 2022, the Company had no
Revenues	Revenues The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of revenues from hotel operations For the For the Revenues 2023 2022 2023 2022 Room $ 11,892 $ 12,830 $ 39,765 $ 39,853 Food, beverage and other 700 631 2,155 1,837 Total revenues $ 12,592 $ 13,461 $ 41,920 $ 41,690
Gain on Forgiveness of Debt	Gain on Forgiveness of Debt During the three and nine months ended September 30, 2022, notice was received from the U.S. Small Business Administration that $ 2.6 3.5
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard replaces the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables and held to maturity debt securities, entities are required to use a new forward looking expected loss model that generally will result in the earlier recognition of allowances for losses. The Company has adopted this standard effective January 1, 2023, noting that it did not have a material impact on the Company’s financial statements or related disclosures.
Concentration of Risk	Concentration of Risk As of September 30, 2023 and December 31, 2022, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents.
Current Environment	Current Environment The Company’s operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, its business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility and uncertainty as a result of recent banking failures, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession. The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges and other changes in economic conditions may adversely affect the Company’s results of operations and financial performance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of revenues from hotel operations	Schedule of revenues from hotel operations For the For the Revenues 2023 2022 2023 2022 Room $ 11,892 $ 12,830 $ 39,765 $ 39,853 Food, beverage and other 700 631 2,155 1,837 Total revenues $ 12,592 $ 13,461 $ 41,920 $ 41,690

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Schedule of investments in the unconsolidated affiliated real estate	Schedule of investments in the unconsolidated affiliated real estate As of Entity Date of Ownership % September 30, December 31, Brownmill Joint Venture Various 48.6 % $ 4,099 $ 4,204 Hilton Garden Inn Joint Venture March 27, 2018 50.0 % 9,482 9,589 Total investments in unconsolidated affiliated real estate entities $ 13,581 $ 13,793
Schedule of condensed income statement	Schedule of condensed income statement For the For the For the For the 2022 Revenues $ 3,482 $ 3,130 $ 8,626 $ 8,208 Property operating expenses 2,002 1,844 5,416 4,790 General and administrative costs 7 2 139 18 Depreciation and amortization 613 609 1,818 1,835 Operating income 860 675 1,253 1,565 Gain on forgiveness of debt - 516 - 516 Interest expense (627 ) (466 ) (2,078 ) (1,341 ) Net income/(loss) $ 233 $ 725 $ (825 ) $ 740 Company’s share of earnings from investment (50.0%) $ 116 $ 362 $ (413 ) $ 370
Brownmill Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of condensed income statement	Schedule of condensed income statement For the For the 2023 2022 2023 2022 Revenue $ 935 $ 1,015 $ 2,876 $ 3,163 Property operating expenses 367 389 1,044 1,256 Depreciation and amortization 186 197 560 629 Operating income 382 429 1,272 1,278 Gain on disposition of real estate (1) - 5,816 - 5,816 Interest expense and other, net (144 ) (166 ) (466 ) (473 ) Net income $ 238 $ 6,079 $ 806 $ 6,621 Company’s share of earnings (48.6%) $ 116 $ 2,953 $ 392 $ 3,216 Additional depreciation and amortization (2) (21 ) (233 ) (62 ) (295 ) Company’s earnings from investment $ 95 $ 2,720 $ 330 $ 2,921 (1) On August 12, 2022, The Brownmill Joint Venture recognized a gain on disposition of real estate of $5.8 million in connection with the sale of an outparcel of land and the buildings and improvements thereon at Browntown Shopping Center for a contractual sales price of $10.5 million. (2) Additional depreciation and amortization relates to the amortization of the difference between the cost of the 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 sheet	Schedule of condensed balance sheet As of As of September 30, December 31, Investment property, net $ 12,598 $ 12,860 Cash and restricted cash 1,352 1,422 Other assets 1,320 1,283 Total assets $ 15,270 $ 15,565 Mortgage payable $ 13,143 $ 13,341 Other liabilities 653 662 Members’ capital 1,474 1,562 Total liabilities and members’ capital $ 15,270 $ 15,565
Hilton Garden Inn Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of As of September 30, December 31, Investment property, net $ 48,590 $ 50,254 Cash 1,257 1,231 Other assets 1,888 1,276 Total assets $ 51,735 $ 52,761 Mortgage payable, net $ 32,250 $ 32,233 Other liabilities 1,091 1,920 Members’ capital 18,394 18,608 Total liabilities and members’ capital $ 51,735 $ 52,761

Marketable Securities, Fair V_2

Marketable Securities, Fair Value Measurements and Margin Loan (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of available-for-sale securities reconciliation	Schedule of available-for-sale securities reconciliation As of September 30, 2023 Adjusted Gross Gross Fair Marketable Securities Equity securities $ 9,582 $ - $ (446 ) $ 9,136 As of December 31, 2022 Adjusted Gross Gross Fair Marketable Securities Equity securities $ 3,620 $ - $ (321 ) $ 3,299 Debt securities United States Treasury Bills 887 7 - 894 Total $ 4,507 $ 7 $ (321 ) $ 4,193

Mortgage payable, net (Tables)

Mortgage payable, net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of mortgages payable, net	Schedule of mortgages payable, net Description Interest Weighted Maturity Amount Due As of As of Revolving Credit Facility SOFR plus 3.45% 8.25% September 2026 $ 101,818 $ 101,818 $ 118,485 Less: Deferred financing costs (139 ) (305 ) Total mortgages payable, net $ 101,679 $ 118,180

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of fees payments to company's advisor	Schedule of fees payments to company's advisor For the For the 2023 2022 2023 2022 Asset management fees (general and administrative costs) $ 580 $ 663 $ 1,896 $ 2,081

Business and Structure (Details

Business and Structure (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			9 Months Ended
	May 20, 2020	Sep. 27, 2014	May 20, 2008	Sep. 30, 2023	May 20, 2018
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Business acquired assets				$ 17,700
Cash				12,900
Equity interests					48.60%
Noncontrolling interests				$ 17,700	$ 4,800
Lightstone Value Plus Reit II Llc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Issuance of common shares, shares	20,000
Issuance of common shares, value	$ 200
Shares issued, price per share	$ 10
General Partner [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Contribution from advisor			$ 2
Limited Partner [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Partners capital account, contributions		$ 177
Partners capital account units, contributed		17,700
Brownmill Joint Venture [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest				48.60%
Lightstone Reit Iii [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partner ownership interest				99%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Product Information [Line Items]
Total revenues	$ 12,592	$ 13,461	$ 41,920	$ 41,690
Occupancy [Member]
Product Information [Line Items]
Total revenues	11,892	12,830	39,765	39,853
Food and Beverage [Member]
Product Information [Line Items]
Total revenues	$ 700	$ 631	$ 2,155	$ 1,837

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Income tax expense	$ 100	$ 9	$ 1,500	$ 39
Uncertain income tax positions	$ 0		$ 0		$ 0
Proceed from loans		$ 2,600		$ 3,500

Disposition Activities (Details

Disposition Activities (Details Narrative) - USD ($) $ in Thousands			1 Months Ended			3 Months Ended		9 Months Ended
	May 08, 2023	Jul. 14, 2022	Jul. 21, 2023	Jul. 18, 2023	Mar. 22, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual sales price	$ 28,000	$ 5,900			$ 3,230
Non-cash impairment charge								$ 5,000
Sale of investment property						$ 800
Principal amount		4,600	$ 16,700	$ 16,700
Payments for Loans					13,400
Issuance costs					14,100
Working capital		$ 1,200			$ 17,800
Hampton Inn Suites [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal amount				$ 16,700
Fort Lauderdale And Hampton Inn [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Recognized loss on the sale of investment			$ 200
Florida Hotel Portfolio [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of investment property								$ 27,100
Paso Robles [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of investment property							$ 7,700

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Entities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 13,581	$ 13,793
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Business acquisition, date of acquisition agreement	Mar. 27, 2018
Brownmill Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.60%
Total investments in unconsolidated affiliated real estate entities	$ 4,099	4,204
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%
Total investments in unconsolidated affiliated real estate entities	$ 9,482	$ 9,589

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Entities (Details 1) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Revenue		$ 12,592	$ 13,461	$ 41,920	$ 41,690
Depreciation and amortization		1,498	1,878	5,167	6,069
Gain on disposition of real estate		(225)	843	114	8,524
Net income		(1,438)	4,864	(10,376)	10,756
Brownmill Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Revenue		935	1,015	2,876	3,163
Property operating expenses		367	389	1,044	1,256
Depreciation and amortization		186	197	560	629
Operating income		382	429	1,272	1,278
Gain on disposition of real estate	[1]		5,816		5,816
Interest expense and other, net		(144)	(166)	(466)	(473)
Net income		238	6,079	806	6,621
Company’s share of earnings (48.6%)		116	2,953	392	3,216
Additional depreciation and amortization	[2]	(21)	(233)	(62)	(295)
Company’s earnings from investment		$ 95	$ 2,720	$ 330	$ 2,921
[1]On August 12, 2022, The Brownmill Joint Venture recognized a gain on disposition of real estate of $5.8 million in connection with the sale of an outparcel of land and the buildings and improvements thereon at Browntown Shopping Center for a contractual sales price of $10.5 million.[2]Additional depreciation and amortization relates to the amortization of the difference between the cost of the interest in the Brownmill Joint Venture and the amount of the underlying equity in net assets of the Brownmill Joint Venture.

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Entities (Details 2) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Cash and restricted cash	$ 12,900
Total assets	212,943	$ 245,442
Members’ capital	91,672	107,486
Total liabilities and members’ capital	212,943	245,442
Brownmill Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Investment property, net	12,598	12,860
Cash and restricted cash	1,352	1,422
Other assets	1,320	1,283
Total assets	15,270	15,565
Mortgage payable	13,143	13,341
Other liabilities	653	662
Members’ capital	1,474	1,562
Total liabilities and members’ capital	$ 15,270	$ 15,565

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Entities (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Revenues	$ 12,592	$ 13,461	$ 41,920	$ 41,690
General and administrative costs	962	1,325	3,400	3,874
Depreciation and amortization	1,498	1,878	5,167	6,069
Net income/(loss)	(1,438)	4,864	(10,376)	10,756
Hilton Garden Inn Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	3,482	3,130	8,626	8,208
Property operating expenses	2,002	1,844	5,416	4,790
General and administrative costs	7	2	139	18
Depreciation and amortization	613	609	1,818	1,835
Operating income	860	675	1,253	1,565
Gain on forgiveness of debt		516		516
Interest expense	(627)	(466)	(2,078)	(1,341)
Net income/(loss)	233	725	(825)	740
Company’s share of earnings from investment (50.0%)	$ 116	$ 362	$ (413)	$ 370

Investments in Unconsolidated_7

Investments in Unconsolidated Affiliated Entities (Details 4) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Investment property, net	$ 201,018	$ 242,920
Cash	12,900
Total assets	212,943	245,442
Members’ capital	91,672	107,486
Total liabilities and members’ capital	212,943	245,442
Hilton Garden Inn Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Investment property, net	48,590	50,254
Cash	1,257	1,231
Other assets	1,888	1,276
Total assets	51,735	52,761
Mortgage payable, net	32,250	32,233
Other liabilities	1,091	1,920
Members’ capital	18,394	18,608
Total liabilities and members’ capital	$ 51,735	$ 52,761

Investments in Unconsolidated_8

Investments in Unconsolidated Affiliated Entities (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended	9 Months Ended
	Mar. 27, 2023	Mar. 27, 2018	Sep. 30, 2020	Sep. 30, 2023	Sep. 30, 2022
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, basis for effective rate	SOFR plus 3.25%
Proceeds from mortgage			$ 900
Maturity date	May 31, 2028
Principal paydown	$ 3,000
Capital expenditures description	Additionally, the Hilton Garden Inn Joint Venture is required to fund an aggregate of $1.3 million, through monthly payments of $37 from May 31, 2023 through June 1, 2026, into a cash collateral reserve account which may be drawn upon for specified capital expenditures.
Brownmill Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of interest in corporate unit				$ 100,000
Business acquisition percentage of voting interest acquired				48.60%
Proceeds from equity method investment, distribution, return of capital				$ 400	$ 5,500
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from equity method investment, distribution, return of capital				$ 100	$ 1,500
Aggregate purchase price		$ 60,000
Offering funds used in acquisition		25,000
Proceeds from issuance of debt		35,000
Venture pre-funding		$ 12,900
Business acquisition percentage of voting interest acquired		50%		50%
Debt instrument, interest rate, basis for effective rate		LIBOR plus 3.15%, subject to a 5.03% floor
Payments to acquire interest in joint venture				$ 400

Marketable Securities, Fair V_3

Marketable Securities, Fair Value Measurements and Margin Loan (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Equity securities, Adjusted Cost		$ 4,507
Equity securities, Gross Unrealized Gains		7
Equity securities, gross unrealized losses		(321)
Equity securities, Fair Value		4,193
Debt Securities [Member]
Marketable Securities [Line Items]
Equity securities, Adjusted Cost		887
Equity securities, Gross Unrealized Gains		7
Equity securities, gross unrealized losses
Equity securities, Fair Value		894
Equity Securities [Member]
Marketable Securities [Line Items]
Equity securities, Adjusted Cost	$ 9,582	3,620
Equity securities, Gross Unrealized Gains
Equity securities, gross unrealized losses	(446)	(321)
Equity securities, Fair Value	$ 9,136	$ 3,299

Marketable Securities, Fair V_4

Marketable Securities, Fair Value Measurements and Margin Loan (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Impairment charge		$ 5,000
Sale of investment property	$ 800
Margin loan		$ 0	$ 0
Debt Instrument, Interest Rate Terms		SOFR plus 0.85%
Florida Hotel [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of investment property		$ 27,100

Mortgage payable, net (Details)

Mortgage payable, net (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 06, 2022	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Interest Rate		SOFR plus 0.85%
Total mortgages payable		$ 101,818	$ 118,485
Less: Deferred financing costs		(139)	(305)
Total mortgages payable, net		$ 101,679	$ 118,180
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Rate		SOFR plus 3.45% (floor of 6.45%)
Weighted Average Interest Rate		8.25%
Maturity Date		September 2026
Amount Due at Maturity		$ 101,818
Maturity date	Sep. 15, 2023	Sep. 15, 2026
Maximum borrowing capacity		$ 106,000
Remaining borrowing capacity		$ 101,800

Mortgage payable, net (Details

Mortgage payable, net (Details Narrative) - USD ($) $ in Thousands			1 Months Ended		9 Months Ended
	Sep. 06, 2022	Jul. 14, 2022	Jul. 21, 2023	Jul. 18, 2023	Sep. 30, 2023	Dec. 31, 2022	Jul. 13, 2016
Debt Instrument [Line Items]
Principal amount		$ 4,600	$ 16,700	$ 16,700
Outstanding balance		$ 118,500	$ 101,800	$ 118,500
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity percentage							65%
Maturity date	Sep. 15, 2023				Sep. 15, 2026
Basis for effective rate, description	LIBOR plus 3.15%, subject to a 4.00% floor, to AMERIBOR plus 3.15%, subject to a 4.00% floor
Face amount					$ 123,100
Secured Overnight Financing Rate [Member]
Debt Instrument [Line Items]
Interest rate					5.32%
Ameribor Unsecured Overnight Rate [Member]
Debt Instrument [Line Items]
Interest rate						4.64%

Company_s Stockholder_s Equity

Company’s Stockholder’s Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Nov. 13, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common share distribution per share			$ 0.075
Annual distributions paid per share			$ 0.30
Annualized distribution rate		3%	3%
Share Price		$ 10	$ 10
Distribution paid in cash		$ 1,300
Share redemption program, annual limitation, percentage of weighted average shares outstanding			0.50%
Repurchase of shares			157,931	136,298
Weighted average price per share			$ 10.04	$ 8.80
Board of Directors Chairman [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common share distribution per share	$ 0.075
Annual distributions paid per share	$ 0.30
Annualized distribution rate	3%
Share Price	$ 10

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Advisor [Member]
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)	$ 580	$ 663	$ 1,896	$ 2,081

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	May 20, 2018
Related Party Transactions [Abstract]
Cash	$ 12,900
Equity interests	4,800
Noncontrolling interests	17,700	$ 4,800
Aggregate consideration	$ 17,700
Interest rate	7%
Distributions declared and paid	$ 7,900

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	9 Months Ended
	Sep. 30, 2023
Loss Contingencies [Line Items]
Franchise Fee Percentage	5%
Minimum [Member]
Loss Contingencies [Line Items]
Management Agreement Term	1 year
Property Management Fee, Percent Fee	3%
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