Lightstone Value Plus REIT III (LVVR) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2019	Nov. 11, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust III, Inc.
Entity Central Index Key	0001563756
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13.4

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Investment property:
Land and improvements	$ 21,652,773	$ 22,446,179
Building and improvements	91,539,219	106,017,613
Furniture and fixtures	15,859,985	17,801,356
Construction in progress	72,919	792,307
Gross investment property	129,124,896	147,057,455
Less accumulated depreciation	(16,299,875)	(14,639,315)
Net investment property	112,825,021	132,418,140
Investments in unconsolidated affiliated real estate entities	27,164,167	29,983,987
Cash and cash equivalents	5,763,164	9,965,724
Marketable securities, available for sale	2,942,177	3,708,223
Restricted cash	2,308,616	1,672,957
Accounts receivable and other assets	2,000,461	2,178,388
Assets held for sale	18,161,890	0
Total Assets	171,165,496	179,927,419
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	3,339,841	3,529,293
Mortgages payable, net	78,322,724	79,336,807
Due to related parties	1,221,038	157,114
Distributions payable	0	685,449
Liabilities held for sale	592,064	0
Total liabilities	83,475,667	83,708,663
Commitments and Contingencies
Company's stockholders' equity:
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 200.0 million shares authorized, 13.4 million and 13.5 million shares issued and outstanding, respectively	133,605	134,515
Additional paid-in-capital	114,492,790	115,380,181
Accumulated other comprehensive loss	(197,684)	(450,285)
Accumulated deficit	(38,830,989)	(30,937,879)
Total Company stockholders' equity	75,597,722	84,126,532
Noncontrolling interests	12,092,107	12,092,224
Total Stockholders' Equity	87,689,829	96,218,756
Total Liabilities and Stockholders' Equity	$ 171,165,496	$ 179,927,419

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
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	200,000,000	200,000,000
Common Stock, shares issued	13,400,000	13,500,000
Common Stock, shares outstanding	13,400,000	13,500,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 9,551,687	$ 9,641,938	$ 25,512,858	$ 26,595,909
Expenses:
Property operating expenses	5,658,940	5,547,031	15,895,145	15,924,816
Real estate taxes	403,449	416,958	1,216,465	1,186,885
General and administrative costs	716,778	695,435	2,176,177	2,118,404
Depreciation and amortization	1,510,221	1,422,276	4,405,768	4,179,166
Total operating expenses	8,289,388	8,081,700	23,693,555	23,409,271
Operating income	1,262,299	1,560,238	1,819,303	3,186,638
Interest expense	(1,078,220)	(1,197,745)	(3,499,890)	(3,999,401)
Loss from investments in unconsolidated affiliated real estate entities	(391,548)	(670,179)	(2,339,928)	(1,914,788)
Other income, net	51,380	169,278	108,996	756,916
Net loss	(156,089)	(138,408)	(3,911,519)	(1,970,635)
Less: net (income)/loss attributable to noncontrolling interests		(1)	50	20
Net loss applicable to Company's common shares	$ (156,089)	$ (138,409)	$ (3,911,469)	$ (1,970,615)
Net loss per Company's common shares, basic and diluted	$ (0.01)	$ (0.01)	$ (0.29)	$ (0.15)
Weighted average number of common shares outstanding, basic and diluted	13,365,427	13,519,833	13,381,006	13,561,919

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (156,089)	$ (138,408)	$ (3,911,519)	$ (1,970,635)
Other comprehensive income/(loss):
Holding gain/(loss) on marketable securities, available for sale	1,053	27,901	214,245	(139,898)
Reclassification adjustment for loss included in net loss			38,359
Other comprehensive income/(loss)	1,053	27,901	252,604	(139,898)
Comprehensive loss	(155,036)	(110,507)	(3,658,915)	(2,110,533)
Less: Comprehensive loss/(income) attributable to noncontrolling interests		(1)	50	20
Comprehensive loss attributable to the Company's common shares	$ (155,036)	$ (110,508)	$ (3,658,865)	$ (2,110,513)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total Noncontrolling Interests [Member]	Total
BALANCE at Dec. 31, 2017	$ 136,258	$ 117,061,644		$ (18,548,148)	$ 12,092,402	$ 110,742,156
BALANCE (in shares) at Dec. 31, 2017	13,625,769
Net loss				(1,970,615)	(20)	(1,970,635)
Other comprehensive (loss)/income			$ (139,896)		(2)	(139,898)
Distributions declared				(6,082,205)		(6,082,205)
Distributions paid to noncontrolling interests					(90)	(90)
Redemption and cancellation of shares	$ (1,205)	(1,154,756)				(1,155,961)
Redemption and cancellation of shares (in shares)	(120,474)
BALANCE at Sep. 30, 2018	$ 135,053	115,906,888	(139,896)	(26,600,968)	12,092,290	101,393,367
BALANCE (in shares) at Sep. 30, 2018	13,505,295
BALANCE at Jun. 30, 2018	$ 135,561	116,385,857	(167,799)	(24,419,878)	12,092,321	104,026,062
BALANCE (in shares) at Jun. 30, 2018	13,556,124
Net loss				(138,409)	1	(138,408)
Other comprehensive (loss)/income			27,903		(2)	27,901
Distributions declared				(2,042,681)		(2,042,681)
Distributions paid to noncontrolling interests					(30)	(30)
Redemption and cancellation of shares	$ (508)	(478,969)				(479,477)
Redemption and cancellation of shares (in shares)	(50,829)
BALANCE at Sep. 30, 2018	$ 135,053	115,906,888	(139,896)	(26,600,968)	12,092,290	101,393,367
BALANCE (in shares) at Sep. 30, 2018	13,505,295
BALANCE at Dec. 31, 2018	$ 134,515	115,380,181	(450,285)	(30,937,879)	12,092,224	96,218,756
BALANCE (in shares) at Dec. 31, 2018	13,451,431
Net loss				(3,911,469)	(50)	(3,911,519)
Other comprehensive (loss)/income			252,601		3	252,604
Distributions declared				(3,981,641)		(3,981,641)
Distributions paid to noncontrolling interests					(70)	(70)
Redemption and cancellation of shares	$ (910)	(887,391)				(888,301)
Redemption and cancellation of shares (in shares)	(90,982)
BALANCE at Sep. 30, 2019	$ 133,605	114,492,790	(197,684)	(38,830,989)	12,092,107	87,689,829
BALANCE (in shares) at Sep. 30, 2019	13,360,449
BALANCE at Jun. 30, 2019	$ 133,804	114,688,187	(198,737)	(38,674,900)	12,092,117	88,040,471
BALANCE (in shares) at Jun. 30, 2019	13,380,362
Net loss				(156,089)		(156,089)
Other comprehensive (loss)/income			1,053			1,053
Distributions paid to noncontrolling interests					(10)	(10)
Redemption and cancellation of shares	$ (199)	(195,397)				(195,596)
Redemption and cancellation of shares (in shares)	(19,913)
BALANCE at Sep. 30, 2019	$ 133,605	$ 114,492,790	$ (197,684)	$ (38,830,989)	$ 12,092,107	$ 87,689,829
BALANCE (in shares) at Sep. 30, 2019	13,360,449

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Annual distribution (in dollars per share)	$ 0.15	$ 0.30	$ 0.45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,911,519)	$ (1,970,635)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss from investments in unconsolidated affiliated real estate entities	2,339,928	1,914,788
Depreciation and amortization	4,405,768	4,179,166
Amortization of deferred financing costs	236,915	357,593
Other non-cash adjustments	83,690	49,508
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(140,622)	(1,286,200)
Increase in accounts payable and other accrued expenses	393,797	561,425
Increase in due to related parties	1,063,924	(12,282)
Net cash provided by operating activities	4,471,881	3,793,363
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(2,692,505)	(2,094,188)
Purchase of marketable securities	(38,574)	(5,990,267)
Proceeds from sale of marketable securities	1,018,865
Investment in unconsolidated affiliated real estate entities	(246,692)	(15,001,108)
Distributions from unconsolidated affiliated real estate entities	726,584	330,000
Net cash used in investing activities	(1,232,322)	(22,755,563)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	(920,380)	(7,867,485)
Payment of loan fees and expenses	(330,619)	(60,002)
Distributions to noncontrolling interests	(70)	(90)
Distributions to common stockholders	(4,667,090)	(6,110,513)
Redemption and cancellation of common shares	(888,301)	(1,155,961)
Cash used in financing activities	(6,806,460)	(15,194,051)
Net change in cash, cash equivalents and restricted cash	(3,566,901)	(34,156,251)
Cash, cash equivalents and restricted cash, beginning of year	11,638,681	46,730,079
Cash, cash equivalents and restricted cash, end of period	8,071,780	12,573,828
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	3,283,324	3,729,934
Distributions declared, but not paid		666,025
Investment property acquired but not paid	570,900	149,212
Assets classified as held for sale	18,161,890
Liabilities classified as held for sale	592,064
Holding gain/loss on marketable securities, available for sale	252,604	139,898
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:
Cash and cash equivalents	5,763,164	10,842,438
Restricted cash	2,308,616	1,731,390
Total cash, cash equivalents and restricted cash	$ 11,638,681	$ 46,730,079

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust III, Inc. (‘‘Lightstone REIT III’’), incorporated in Maryland on October 5, 2012, elected to qualify and be taxed as a real estate investment trust (‘‘REIT’’) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2015. The Lightstone REIT III 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 III LP, a Delaware limited partnership (the ‘‘Operating Partnership’’). Lightstone REIT III 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 III, 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 make other investments. In fact, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company’s advisor is Lightstone Value Plus REIT III LLC (the “Advisor”), which is majority owned by David Lichtenstein. Mr. Lichtenstein also is a majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone Group, LLC served as the Company’s sponsor (the ‘‘Sponsor’’) during its public offering which terminated on March 31, 2017. Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company’s day-to-day operations. Through his ownership and control of the The Lightstone Group, LLC, Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP III LLC, a Delaware limited liability company (the “Special Limited Partner”), which has subordinated participation interests in the Operating Partnership (“Subordinated Participation Interests”). Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT III or the Operating Partnership. The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Sponsor has various majority owned and controlled affiliated property managers, which may manage certain of 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 registration statement on Form S-11 (the “Offering”), pursuant to which it offered to sell up to 30.0 million shares of its common stock, par value $0.01 per share (which may be referred to herein as “shares of common stock” or as “Common Shares”) at an initial price of $10.00 per share, subject to certain volume and other discounts (the “Primary Offering”) (exclusive of 10.0 million shares of common stock which were available pursuant to our distribution reinvestment program (the “DRIP”) at an initial purchase price of $9.50 per share) was declared effective on July 15, 2014 by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933. The Offering, which terminated on March 31, 2017, raised aggregate gross proceeds of approximately $131.7 million from the sale of approximately 13.4 million shares of common stock (including $2.0 million in Common Shares at a purchase price of $9.00 per Common Share to an entity 100% owned by David Lichtenstein, who also owns a majority interest in the Company’s Sponsor). After including the purchase of an aggregate of $12.1 million of Subordinated Participation Interests in the Operating Partnership by the Special Limited Partner and allowing for the payment of approximately $12.2 million in selling commissions and dealer manager fees and $4.8 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $126.8 million. On April 21, 2017, the Company’s Board of Directors approved the termination of the DRIP effective May 15, 2017. Previously, the Company’s stockholders had an option to elect the receipt of shares of the Company’s common stock in lieu of cash distributions under the Company’s DRIP. As a result, all subsequent distributions have been in the form of cash. In addition, through May 15, 2017 (the termination date of the DRIP), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $3.2 million of additional proceeds under the Offering. As of September 30, 2019, our Advisor owned 20,000 shares of common stock which were issued on December 24, 2012 for $200,000 or $10.00 per share. The Company’s shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares of common stock at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not begin the process of achieving a liquidity event prior to the eighth anniversary of the termination of its Offering which occurred on March 31, 2017, its charter requires either (a) an amendment to its charter to extend the deadline to begin the process of achieving a liquidity event, or (b) the holding of a stockholders meeting to vote on a proposal for an orderly liquidation of its portfolio. Noncontrolling Interests Partners of Operating Partnership On July 16, 2014, the Advisor contributed $2,000 to the Operating Partnership in exchange for 200 limited partner units in the Operating Partnership. The limited partner has the right to convert operating partnership units into cash or, at the option of the Company, an equal number of common shares of the Company, as allowed by the limited partnership agreement. Lightstone REIT III invested the proceeds received from the Offering and the Advisor in the Operating Partnership, and as a result, held an approximately 99% general partnership interest as of both September 30, 2019 and December 31, 2018 in the Operating Partnership’s common units. Special Limited Partner In connection with the Company’s Offering, which terminated on March 31, 2017, the Special Limited Partner purchased from the Operating Partnership an aggregate of approximately 242 Subordinated Participation Interests for consideration of $12.1 million. The Subordinated Participation Interests were each purchased for $50,000 in consideration and may be entitled to receive liquidation distributions upon the liquidation of Lightstone REIT III. As the majority owner of the Special Limited Partner, Mr. Lichtenstein is the beneficial owner of a 99% interest in such Subordinated Participation Interests and will thus receive an indirect benefit from any distributions made in respect thereof. These Subordinated Participation Interests will entitle the Special Limited Partner to a portion of any regular and liquidation distributions that the Company makes to stockholders, but only after stockholders have received a stated preferred return. Although the actual amounts are dependent upon results of operations and, therefore, cannot be determined at the present time, distributions to the Special Limited Partner, as holder of the Subordinated Participation Interests, could be substantial. The Advisor and its affiliates and the Special Limited Partner are related parties of the Company. Certain of these entities have and/or will receive compensation for services related to the Offering (which was completed on March 31, 2017) and will continue to receive compensation and services for the investment, management and disposition of our assets. These entities have and/or will receive compensation during the offering, acquisition, operational and liquidation stages. The compensation levels during the offering stage were based on percentages of the offering proceeds raised and the compensation levels during the acquisition and operational stages are based the cost of acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements. See Note 7 for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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, 2018. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust III, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. 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 depreciable lives. 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, 2018 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities. Revenue The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended For the Nine Months Ended September 30, September 30, Revenues 2019 2018 2019 2018 Room $ 9,148,423 $ 9,311,724 $ 24,414,976 $ 25,644,693 Food, beverage and other 403,264 330,214 1,097,882 951,216 Total revenues $ 9,551,687 $ 9,641,938 $ 25,512,858 $ 26,595,909 Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of September 30, 2019, Lightstone REIT III had an approximate 99% general partnership interest in the common units of the Operating Partnership. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board issued an accounting standards update (“ASU”) that amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases will continue to recognize lease expense in a manner similar to current accounting. The standard became effective for the Company on January 1, 2019. The Company elected the following package of practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Company did not recognize any right-of-use assets or lease liabilities upon adoption of the standard. The Company does not have any material leases such as ground leases or building leases or any material leases with a term greater than one year. From time to time the Company will enter into immaterial leases for miscellaneous office equipment such as copiers. The resulting right-of-use assets or lease liabilities would be immaterial in the aggregate and are recognized in the period they are incurred as lease expense. The adoption of this standard did not have a material effect on our consolidated financial position or our results of operations. New Accounting Pronouncements 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. Held for Sale During the third quarter of 2019, one of the Company’s limited service hotels, a SpringHill Suites by Marriott hotel located in Green Bay, Wisconsin (the “SpringHill Suites – Green Bay”) met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of September 30, 2019 (see Note 11).

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	9 Months Ended
	Sep. 30, 2019
Investments in Unconsolidated Affiliated Real Estate Entities
Investments in Unconsolidated Affiliated Real Estate Entities	3. Investments in Unconsolidated Affiliated Real Estate 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 real estate entities is as follows: As of Entity Date of Ownership Ownership % September 30, 2019 December 31, 2018 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 14,931,244 $ 17,214,909 LVP LIC Hotel JV LLC (the "Hilton Garden Inn Joint Venture") March 27, 2018 50.00 % 12,232,923 12,769,078 Total investments in unconsolidated affiliated real estate entities $ 27,164,167 $ 29,983,987 The Cove Joint Venture On January 31, 2017, the Company, through its wholly owned subsidiary, REIT III COVE LLC along with LSG Cove LLC, an affiliate of the Sponsor and a related party, REIT IV COVE LLC, a wholly owned subsidiary of Lightstone Real Estate Income Trust, Inc. (“Lightstone IV”), a real estate investment trust also sponsored by the Sponsor and a related party and Maximus Cove Investor LLC (“Maximus”), an unrelated third party, completed the acquisition of all of RP Cove, L.L.C’s membership interest in RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) for aggregate consideration of approximately $255.0 million (the “Cove Transaction”). The Cove Joint Venture owns and operates The Cove at Tiburon (“the Cove”), a 281-unit, luxury waterfront multifamily residential property located in Tiburon, California. Prior to entering into The Cove Transaction, Maximus previously owned a separate noncontrolling interest in the Cove Joint Venture. The Company paid approximately $20.0 million for a 22.5% membership interest in the Cove Joint Venture. The Company’s ownership interest in the Cove Joint Venture is a non-managing interest. The Company has determined that the Cove Joint Venture is a variable interest entity but the Company is not the primary beneficiary. The Company accounts for its ownership interest in the Cove Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Cove Joint Venture. All capital contributions and distributions of earnings from the Cove 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 Cove Joint Venture are made to the members pursuant to the terms of the Cove Joint Venture’s operating agreement. An affiliate of Maximus is the asset manager of the Cove and receives certain fees as defined in the Property Management Agreement for the management of the Cove. The Company commenced recording its allocated portion of profit/loss and cash distributions beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Cove Joint Venture. Subsequent to the Company’s acquisition of its membership interest in the Cove Joint Venture through September 30, 2019, it has made an aggregate of $2.3 million (including $0.1 million during the nine months ended September 30, 2019) of additional capital contributions and received aggregate distributions of $0.3 million (all in the nine months ended September 30, 2019). In connection with the closing of the Cove Transaction, the Cove Joint Venture simultaneously entered into a $175.0 million loan (the “Loan”) which was initially scheduled to mature on January 31, 2020. The Loan required monthly interest payments through its maturity date. The Loan bore interest at Libor plus 3.85%. The Loan was collateralized by the Cove and an affiliate of the Company’s Sponsor (the “Guarantor”) had guaranteed the Cove Joint Venture’s obligation to pay the outstanding balance of the Loan up to approximately $43.8 million (the “Loan Guarantee”). The members had agreed to reimburse the Guarantor for any balance that may become due under the Loan Guarantee, of which the Company’s share was up to approximately $10.9 million. On May 8, 2019, the Cove Joint Venture entered into loans aggregating $180.0 million (the “Cove Loans”). The Cove Loans mature in five years and require monthly interest payments through their maturity dates. The Cove Loans bear interest at a weighted average of LIBOR (with a floor of 2.0%) plus 2.15% and are collateralized by the Cove. The Cove Joint Venture used the proceeds from the Cove Loans to fully repay the Loan. In connection with the refinancing, the Cove Joint Venture incurred a loss on the early extinguishment of debt of approximately $1.5 million during the second quarter of 2019, of which the Company's proportionate share was approximately $0.3 million. The Cove Joint Venture Financial Information The Company’s carrying value of its interest in the Cove Joint Venture differs from its share of member’s equity reported in the condensed balance sheet of the Cove Joint Venture due to the Company’s basis of its investment in excess of the historical net book value of the Cove Joint Venture. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. The following table represents the unaudited condensed income statements for the Cove Joint Venture: For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (amounts in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues $ 4,227 $ 3,672 $ 11,912 $ 10,905 Property operating expenses 1,297 1,239 3,774 3,660 General and administrative costs 17 41 83 136 Depreciation and amortization 2,884 2,420 8,620 7,214 Operating loss 29 (28) (565) (105) Loss on debt extinguishment — — (1,526) — Interest expense and other, net (2,019) (2,833) (7,470) (8,145) Net loss $ (1,990) $ (2,861) $ (9,561) $ (8,250) Company's share of net loss (22.50%) $ (448) $ (644) $ (2,151) $ (1,856) Adjustment to depreciation and amortization expense (1) (10) (10) (30) (87) Company's loss from investment $ (458) $ (654) $ (2,181) $ (1,943) The following table represents the unaudited condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) September 30, 2019 December 31, 2018 Real estate, at cost (net) $ 140,738 $ 148,441 Cash and restricted cash 3,093 2,138 Other assets 1,722 1,810 Total assets $ 145,553 $ 152,389 Mortgage payable, net $ 178,254 $ 174,098 Other liabilities 1,800 2,776 Members' deficit (1) (34,501) (24,485) Total liabilities and members' deficit $ 145,553 $ 152,389 1) The adjustment to depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture. Hilton Garden Inn Joint Venture On March 27, 2018, the Company and its Sponsor’s other public program, Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone REIT II”), acquired, through LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) a 183-room, limited-service hotel located at 29-21 41 st Avenue, Long Island City, New York (the “Hilton Garden Inn - Long Island City”) from an unrelated third party, for aggregate consideration of approximately $60.0 million, which consisted of $25.0 million of cash and $35.0 million of proceeds from a loan from a financial institution, excluding closing and other related transaction costs. The Company and Lightstone REIT II each have 50.0% joint venture ownership interests, respectively, in the Hilton Garden Inn Joint Venture. The Company paid approximately $12.9 million for a 50.0% membership interest in the Hilton Garden Inn Joint Venture. The Company’s ownership interest in the Hilton Garden Inn Joint Venture is a co-managing interest. The Company accounts for its ownership interest in the Hilton Garden Inn Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Hilton Garden Inn Joint Venture. All capital contributions and distributions of earnings from the Hilton Garden Inn Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the Hilton Garden Inn Joint Venture are made to the members pursuant to the terms of the Hilton Garden Inn Joint Venture’s operating agreement. The Company commenced recording its allocated portion of profit/loss and cash distributions beginning as of March 27, 2018 with respect to its membership interest of 50.0% in the Hilton Garden Inn Joint Venture. Subsequent to the Company’s acquisition of its membership interest in the Hilton Garden Joint Venture through September 30, 2019, it has made an aggregate of $0.7 million (including $0.1 million during the nine months ended September 30, 2019) of additional capital contributions and received aggregate distributions of $1.0 million (including $0.4 million during the nine months ended September 30, 2019). Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: For the For the For the For the Period Three Months Three Months Nine Months March 27, 2018 Ended Ended Ended through September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues $ 3,016 $ 2,856 $ 8,110 $ 6,040 Property operating expenses 1,750 1,754 5,020 3,725 General and administrative costs 1 13 (21) 15 Depreciation and amortization 629 639 1,898 1,274 Operating income/(loss) 636 450 1,213 1,026 Interest expense (505) (482) (1,531) (970) Net income/(loss) $ 131 $ (32) $ (318) $ 56 Company's share of net income/(loss) (50.00%) $ 66 $ (16) $ (159) $ 28 The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: As of As of September 30, 2019 December 31, 2018 Investment property, net $ 57,145 $ 58,799 Cash 1,016 554 Other assets 1,232 1,218 Total assets $ 59,393 $ 60,571 Mortgage payable, net $ 34,807 $ 34,766 Other liabilities 720 867 Members' capital 23,866 24,938 Total liabilities and members' capital $ 59,393 $ 60,571

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Marketable Securities and Fair Value Measurements
Marketable Securities and Fair Value Measurements	4. Marketable Securities and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: As of September 30, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 3,139,864 $ 25,743 $ (223,430) $ 2,942,177 As of December 31, 2018 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 4,158,515 $ — $ (450,292) $ 3,708,223 When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s amortized cost basis. As of September 30, 2019, the Company did not recognize any impairment charges. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of September 30, 2019 and December 31, 2018, all of the Company’s debt securities and were classified as Level 2 assets and there were no transfers between the level classifications during the nine months ended September 30, 2019. The fair values of the Company’s investments in Corporate Bonds are measured using readily available quoted prices for similar assets. The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of September 30, 2019 Due in 1 year $ 221,352 Due in 1 year through 5 years 2,198,000 Due in 5 year through 10 years — Due after 10 years 522,825 Total $ 2,942,177 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

Mortgages payable, net

Mortgages payable, net	9 Months Ended
	Sep. 30, 2019
Mortgages payable, net
Mortgage payable, net	5. Mortgages payable, net Mortgages payable, net consists of the following: Weighted Average Interest Rate Interest as of Maturity Amount Due As of As of Description Rate September 30, 2019 Date at Maturity September 30, 2019 December 31, 2018 Revolving Credit Facility, secured by seven properties LIBOR + 3.50 % 5.79 % July 2022 $ 50,439,814 $ 51,586,214 $ 52,159,414 Promissory Note, secured by two properties 4.73 % 4.73 % October 2021 26,127,572 27,115,396 27,462,575 Total mortgages payable 5.42 % $ 76,567,386 78,701,610 79,621,989 Less: Deferred financing costs (378,886) (285,182) Total mortgage payable, net $ 78,322,724 $ 79,336,807 Revolving Credit Facility The Company, through certain subsidiaries, has a nonrecourse revolving credit facility (the “Revolving Credit Facility”) with a financial institution. The Revolving Credit Facility provides the Company with a line of credit of up to $60.0 million pursuant to which it may designate properties as collateral that allow borrowings up to a 65.0% loan-to-value ratio subject to also meeting certain financial covenants, including a prescribed minimum debt yield. The Revolving Credit Facility provides for monthly interest-only payments and the entire principal balance is due upon its expiration. The Revolving Credit Facility, which was entered into on July 13, 2016, had an initial maturity date of July 13, 2019, subject to two one-year options to extend at the sole discretion of the lender. The initial interest rate on the Revolving Credit Facility was Libor plus 4.95% until it was reduced to Libor plus 3.50% effective June 18, 2018. On July 11, 2019, the Company and the lender amended the Revolving Credit Facility to extend the initial maturity date for 60 days to provide additional time to finalize the terms of a long-term extension. In connection with this amendment, the interest rate on the Revolving Credit Facility was reduced from Libor plus 3.50% to Libor plus 3.15%, effective July 1, 2019 and the requirements under the minimum debt yield ratio were modified effective as of March 31, 2019. On August 22, 2019, the Company and the lender further amended the Revolving Credit Facility to extend the maturity date to July 13, 2022, subject to two, one-year options to extend at the sole discretion of the lender. In connection with this amendment, the Company (i) made a principal paydown of approximately $0.6 million on August 22, 2019, (ii) is required to make an additional principal paydown of approximately $0.6 million by January 1, 2020, (iii) may not make any further draws under the Revolving Credit Facility on the properties currently pledged as collateral through January 31, 2020 and (iv) subject to certain conditions, may be required to make an additional principal paydown of approximately $0.6 million by April 1, 2020. As of September 30, 2019, the Company had pledged seven of its hotel properties as collateral under the Revolving Credit Facility and the outstanding principal balance was approximately $51.6 million. Subsequently, on October 24, 2019, the Company sold the SpringHill Suites - Green Bay and at closing made a required principal paydown of approximately $12.0 million under the Revolving Credit Facility to reduce the outstanding principal balance to approximately $39.6 million. See Note 11 for additional information. Principal Maturities The following table, based on the initial terms of the mortgage, sets forth their aggregate estimated contractual principal maturities, including the required principal paydown of approximately $12.0 million under the Revolving Credit Facility made on October 24, 2019 in connection with the disposition of the SpringHill Suites – Green Bay, as of September 30, 2019: 2019 2020 2021 2022 2023 Thereafter Total Principal maturities $ 12,144,691 $ 1,632,492 $ 26,509,613 $ 38,414,814 $ — $ — $ 78,701,610 Less: Deferred financing costs (378,886) Total principal maturiteis, net $ 78,322,724 Debt Compliance Pursuant to the Company’s debt agreements, approximately $2.3 million and $1.7 million was held in restricted cash accounts as of September 30, 2019 and December 31, 2018, respectively. Such escrows are subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Certain of our debt agreements contain clauses providing for prepayment penalties and requiring the maintenance of certain ratios including debt service coverage and fixed leverage charge ratio. The Company is currently in compliance with respect to all of its financial debt covenants.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2019
Earnings per Share
Earnings per Share	6. Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing earnings attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Related Party Transactions	7. Related Party Transactions Due to related parties and other transactions In addition to certain agreements with the Sponsor (see Note 1), the Company has agreements with the Advisor to pay certain fees in exchange for services performed by the Advisor and/or its affiliated entities. Additionally, the Company’s ability to secure financing and its real estate operations are dependent upon its Advisor and its affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the For the Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Acquisition Fees (1) $ — $ — $ — $ 300,000 Development Fees (2) — — 4,954 51,419 Asset Management Fees (general and administrative costs) 460,009 447,135 1,370,791 1,271,867 Total $ 460,009 $ 447,135 $ 1,375,745 $ 1,623,286 (1) Acquisition fees of $300,000 were capitalized and are reflected in the carrying value of our investment in the Hilton Garden Inn Joint Venture which is included in investments in unconsolidated affiliated real estate entities on the consolidated balance sheets. (2) Generally, capitalized and amortized over the estimated useful life of the associated asset.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2019
Financial Instruments
Financial Instruments	8. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable and other assets, accounts payable and other accrued expenses and due to/from related parties approximated their fair values because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of September 30, 2019 As of December 31, 2018 Estimated Estimated Carrying Fair Carrying Fair Amount Value Amount Value Mortgages payable $ 78,701,610 $ 78,517,803 $ 79,621,989 $ 78,692,677 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies.
Commitments and Contingencies	9. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, we are not a party to any material pending legal proceedings.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2019
Distributions
Distributions	10. Distributions On June 19, 2019, our Board of Directors determined to suspend regular monthly distributions. Previously, distributions in an amount equal to a 6.0% annualized rate were declared on a monthly basis beginning on January 14, 2015 through June 30, 2019 and were paid on or about the 15th day following each month end. Future distributions declared will be at the discretion of the Board of Directors based on their analysis of our performance over the previous periods and expectations of performance for future periods and may differ from the amount of the distribution determined for this period. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, current revenues, operating and interest expenses and our ability to refinance near-term debt. In addition, the Company currently intends to continue to comply with the REIT distribution requirement that it annually distribute no less than 90% of its taxable income. The Company cannot assure that regular distributions will continue to be made or that it will maintain any particular level of distributions that it has established or may establish.

Held for Sale

Held for Sale	9 Months Ended
	Sep. 30, 2019
Held for Sale
Held for Sale	11. Held for Sale On August 19, 2019, certain wholly owned subsidiaries (collectively, the “Green Bay Sellers”) of the Operating Partnership and MCR Hospitality Fund REIT LLC (the “Green Bay Buyer”), an unaffiliated third party, entered into a purchase and sale agreement (the “SpringHill Suites – Green Bay Agreement”) pursuant to which the Green Bay Sellers would dispose of the SpringHill Suites – Green Bay to the Green Bay Buyer for an aggregate contractual sales price of $19.6 million. As of September 30, 2019, the SpringHill Suites – Green Bay met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of September 30, 2019. On October 24, 2019, pursuant to the terms of the SpringHill Suites – Green Bay Agreement, the Green Bay Sellers completed the disposition of the SpringHill Suites – Green Bay to the Green Bay Buyer for an aggregate contractual sales price of $19.6 million. Approximately $12.0 million of the proceeds were used towards the repayment the Company’s Revolving Credit Facility (See Note 5). The following summary presents the major components of assets and liabilities held for sale, as of the date indicated. As of September 30, 2019 Net investment property $ 17,921,900 Other assets 239,990 Total assets held for sale $ 18,161,890 Accounts payable and accrued expenses $ 592,064 Total liabilities held for sale $ 592,064

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Revenue	Revenue The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended For the Nine Months Ended September 30, September 30, Revenues 2019 2018 2019 2018 Room $ 9,148,423 $ 9,311,724 $ 24,414,976 $ 25,644,693 Food, beverage and other 403,264 330,214 1,097,882 951,216 Total revenues $ 9,551,687 $ 9,641,938 $ 25,512,858 $ 26,595,909
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of September 30, 2019, Lightstone REIT III had an approximate 99% general partnership interest in the common units of the Operating Partnership. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board issued an accounting standards update (“ASU”) that amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases will continue to recognize lease expense in a manner similar to current accounting. The standard became effective for the Company on January 1, 2019. The Company elected the following package of practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Company did not recognize any right-of-use assets or lease liabilities upon adoption of the standard. The Company does not have any material leases such as ground leases or building leases or any material leases with a term greater than one year. From time to time the Company will enter into immaterial leases for miscellaneous office equipment such as copiers. The resulting right-of-use assets or lease liabilities would be immaterial in the aggregate and are recognized in the period they are incurred as lease expense. The adoption of this standard did not have a material effect on our consolidated financial position or our results of operations.
New Accounting Pronouncements	New Accounting Pronouncements 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.
Held for Sale	Held for Sale During the third quarter of 2019, one of the Company’s limited service hotels, a SpringHill Suites by Marriott hotel located in Green Bay, Wisconsin (the “SpringHill Suites – Green Bay”) met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of September 30, 2019 (see Note 11).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Revenues From Hotel Operations	The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended For the Nine Months Ended September 30, September 30, Revenues 2019 2018 2019 2018 Room $ 9,148,423 $ 9,311,724 $ 24,414,976 $ 25,644,693 Food, beverage and other 403,264 330,214 1,097,882 951,216 Total revenues $ 9,551,687 $ 9,641,938 $ 25,512,858 $ 26,595,909
Schedule Of Mortgage Payable	As of September 30, 2019 As of December 31, 2018 Estimated Estimated Carrying Fair Carrying Fair Amount Value Amount Value Mortgages payable $ 78,701,610 $ 78,517,803 $ 79,621,989 $ 78,692,677

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Investment in Unconsolidated Affiliated Entity	A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership Ownership % September 30, 2019 December 31, 2018 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 14,931,244 $ 17,214,909 LVP LIC Hotel JV LLC (the "Hilton Garden Inn Joint Venture") March 27, 2018 50.00 % 12,232,923 12,769,078 Total investments in unconsolidated affiliated real estate entities $ 27,164,167 $ 29,983,987
RP Maximus Cove LLC [Member]
Condensed Income Statement	The following table represents the unaudited condensed income statements for the Cove Joint Venture: For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (amounts in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues $ 4,227 $ 3,672 $ 11,912 $ 10,905 Property operating expenses 1,297 1,239 3,774 3,660 General and administrative costs 17 41 83 136 Depreciation and amortization 2,884 2,420 8,620 7,214 Operating loss 29 (28) (565) (105) Loss on debt extinguishment — — (1,526) — Interest expense and other, net (2,019) (2,833) (7,470) (8,145) Net loss $ (1,990) $ (2,861) $ (9,561) $ (8,250) Company's share of net loss (22.50%) $ (448) $ (644) $ (2,151) $ (1,856) Adjustment to depreciation and amortization expense (1) (10) (10) (30) (87) Company's loss from investment $ (458) $ (654) $ (2,181) $ (1,943)
Condensed Balance Sheet	The following table represents the unaudited condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) September 30, 2019 December 31, 2018 Real estate, at cost (net) $ 140,738 $ 148,441 Cash and restricted cash 3,093 2,138 Other assets 1,722 1,810 Total assets $ 145,553 $ 152,389 Mortgage payable, net $ 178,254 $ 174,098 Other liabilities 1,800 2,776 Members' deficit (1) (34,501) (24,485) Total liabilities and members' deficit $ 145,553 $ 152,389 1) The adjustment to depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.
Hilton Garden Inn [Member]
Condensed Income Statement	The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: For the For the For the For the Period Three Months Three Months Nine Months March 27, 2018 Ended Ended Ended through September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues $ 3,016 $ 2,856 $ 8,110 $ 6,040 Property operating expenses 1,750 1,754 5,020 3,725 General and administrative costs 1 13 (21) 15 Depreciation and amortization 629 639 1,898 1,274 Operating income/(loss) 636 450 1,213 1,026 Interest expense (505) (482) (1,531) (970) Net income/(loss) $ 131 $ (32) $ (318) $ 56 Company's share of net income/(loss) (50.00%) $ 66 $ (16) $ (159) $ 28
Condensed Balance Sheet	The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: As of As of September 30, 2019 December 31, 2018 Investment property, net $ 57,145 $ 58,799 Cash 1,016 554 Other assets 1,232 1,218 Total assets $ 59,393 $ 60,571 Mortgage payable, net $ 34,807 $ 34,766 Other liabilities 720 867 Members' capital 23,866 24,938 Total liabilities and members' capital $ 59,393 $ 60,571

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Marketable Securities and Fair Value Measurements
Schedule of Available-for-sale Securities Reconciliation	The following is a summary of the Company’s available for sale securities as of the dates indicated: As of September 30, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 3,139,864 $ 25,743 $ (223,430) $ 2,942,177 As of December 31, 2018 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 4,158,515 $ — $ (450,292) $ 3,708,223
Available-for-sale Securities	The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of September 30, 2019 Due in 1 year $ 221,352 Due in 1 year through 5 years 2,198,000 Due in 5 year through 10 years — Due after 10 years 522,825 Total $ 2,942,177

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	9 Months Ended
	Sep. 30, 2019
Mortgages payable, net
Mortgages Payable, Net	Mortgages payable, net consists of the following: Weighted Average Interest Rate Interest as of Maturity Amount Due As of As of Description Rate September 30, 2019 Date at Maturity September 30, 2019 December 31, 2018 Revolving Credit Facility, secured by seven properties LIBOR + 3.50 % 5.79 % July 2022 $ 50,439,814 $ 51,586,214 $ 52,159,414 Promissory Note, secured by two properties 4.73 % 4.73 % October 2021 26,127,572 27,115,396 27,462,575 Total mortgages payable 5.42 % $ 76,567,386 78,701,610 79,621,989 Less: Deferred financing costs (378,886) (285,182) Total mortgage payable, net $ 78,322,724 $ 79,336,807
Schedule of Maturities of Long-term Debt	The following table, based on the initial terms of the mortgage, sets forth their aggregate estimated contractual principal maturities, including the required principal paydown of approximately $12.0 million under the Revolving Credit Facility made on October 24, 2019 in connection with the disposition of the SpringHill Suites – Green Bay, as of September 30, 2019: 2019 2020 2021 2022 2023 Thereafter Total Principal maturities $ 12,144,691 $ 1,632,492 $ 26,509,613 $ 38,414,814 $ — $ — $ 78,701,610 Less: Deferred financing costs (378,886) Total principal maturiteis, net $ 78,322,724

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Schedule of Related Party Transactions	The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the For the Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Acquisition Fees (1) $ — $ — $ — $ 300,000 Development Fees (2) — — 4,954 51,419 Asset Management Fees (general and administrative costs) 460,009 447,135 1,370,791 1,271,867 Total $ 460,009 $ 447,135 $ 1,375,745 $ 1,623,286 (1) Acquisition fees of $300,000 were capitalized and are reflected in the carrying value of our investment in the Hilton Garden Inn Joint Venture which is included in investments in unconsolidated affiliated real estate entities on the consolidated balance sheets. (2) Generally, capitalized and amortized over the estimated useful life of the associated asset. (2)

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Financial Instruments
Schedule Of Mortgage Payable	As of September 30, 2019 As of December 31, 2018 Estimated Estimated Carrying Fair Carrying Fair Amount Value Amount Value Mortgages payable $ 78,701,610 $ 78,517,803 $ 79,621,989 $ 78,692,677

Held for Sale (Tables)

Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2019
Held for Sale
Summary of major components of assets and liabilities held for sale	The following summary presents the major components of assets and liabilities held for sale, as of the date indicated. As of September 30, 2019 Net investment property $ 17,921,900 Other assets 239,990 Total assets held for sale $ 18,161,890 Accounts payable and accrued expenses $ 592,064 Total liabilities held for sale $ 592,064

Organization (Details)

Organization (Details) - USD ($)	May 15, 2017	Mar. 31, 2017	Jul. 16, 2014	Mar. 31, 2017	Sep. 30, 2019	Dec. 31, 2018	Jul. 15, 2014
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common Stock, Par Value					$ 0.01	$ 0.01	$ 0.01
Issuance of Subordinated Participation Interest for Each Partner		$ 50,000		$ 50,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan	300,000
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan	$ 3,200,000
Lightstone REIT III [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
General partner ownership interest					99.00%	99.00%
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance							30,000,000
Shares reserved for issuance, price per share							$ 10
Proceeds from Contributions from Affiliates		12,200,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		12,100,000
Payments of Stock Issuance Costs		4,800,000
Proceeds from Issuance Initial Public Offering		$ 126,800,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance							10,000,000
Shares issued, price per share							$ 9.50
Lightstone Value Plus REIT III LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares		13,400,000			20,000
Issuance of common shares, value		$ 131,700,000			$ 200,000
Shares issued, price per share					$ 10
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance, price per share		$ 9		$ 9
Issuance of common shares, value		$ 2,000,000
Equity Method investment ,Percentage of Maximum Offering cost		100.00%
General Partner [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Contribution from advisor			$ 2,000
Number of limited partner units issued to advisor			200
Limited Partner [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Partners' Capital Account, Contributions				$ 12,100,000
Partners' Capital Account, Units, Contributed				242

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of total revenues from hotel operations on a disaggregated basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total revenues	$ 9,551,687	$ 9,641,938	$ 25,512,858	$ 26,595,909
Room [Member]
Total revenues	9,148,423	9,311,724	24,414,976	25,644,693
Food, beverage and other [Member]
Total revenues	$ 403,264	$ 330,214	$ 1,097,882	$ 951,216

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Lightstone REIT III [Member]
Accounting Policies [Line Items]
General partner ownership interest	99.00%	99.00%

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities - Summary of investments in the unconsolidated affiliated real estate entities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 27,164,167	$ 29,983,987
RP Maximus Cove LLC [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jan. 31, 2017
Ownership Percentage	22.50%
Total investments in unconsolidated affiliated real estate entities	$ 14,931,244	17,214,909
LVP LIC Hotel JV LLC [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Date of Acquisition Agreement	Mar. 27, 2018
Ownership Percentage	50.00%
Total investments in unconsolidated affiliated real estate entities	$ 12,232,923	$ 12,769,078

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities - Summary of unaudited condensed income statements for the Cove Joint Venture (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Company's loss from investment	$ (391,548)	$ (670,179)	$ (2,339,928)	$ (1,914,788)
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	3,016,000	2,856,000	8,110,000	6,040,000
Property operating expenses	1,750,000	1,754,000	5,020,000	3,725,000
General and administrative costs	1,000	13,000	(21,000)	15,000
Depreciation and amortization	629,000	639,000	1,898,000	1,274,000
Operating income/(loss)	636,000	450,000	1,213,000	1,026,000
Interest expense and other, net	(505,000)	(482,000)	(1,531,000)	(970,000)
Net income/(loss)	131,000	(32,000)	(318,000)	56,000
Company's share of net income/(loss) (50.00%)	66,000	(16,000)	(159,000)	28,000
RP Maximus Cove LLC [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	4,227,000	3,672,000	11,912,000	10,905,000
Property operating expenses	1,297,000	1,239,000	3,774,000	3,660,000
General and administrative costs	17,000	41,000	83,000	136,000
Depreciation and amortization	2,884,000	2,420,000	8,620,000	7,214,000
Operating income/(loss)	29,000	(28,000)	(565,000)	(105,000)
Loss on debt extinguishment			(1,526,000)
Interest expense and other, net	(2,019,000)	(2,833,000)	(7,470,000)	(8,145,000)
Net income/(loss)	(1,990,000)	(2,861,000)	(9,561,000)	(8,250,000)
Company's share of net income/(loss) (50.00%)	(448,000)	(644,000)	(2,151,000)	(1,856,000)
Additional depreciation and amortization expense	(10,000)	(10,000)	(30,000)	(87,000)
Company's loss from investment	$ (458,000)	$ (654,000)	$ (2,181,000)	$ (1,943,000)

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities - Summary of unaudited condensed balance sheets for the Cove Joint Venture (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Members' capital (deficit)		$ 23,866	$ 24,938
Total liabilities and members' deficit		59,393	60,571
Real Estate [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		57,145	58,799
Cash and restricted cash [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		1,016	554
Other Assets [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		1,232	1,218
Total assets [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		59,393	60,571
Mortgage payable [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Other liabilities		34,807	34,766
Other Liabilities [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Other liabilities		720	867
RP Maximus Cove LLC [Member]
Schedule of Equity Method Investments [Line Items]
Members' capital (deficit)	[1]	(34,501)	(24,485)
Total liabilities and members' deficit		145,553	152,389
RP Maximus Cove LLC [Member] | Real Estate [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		140,738	148,441
RP Maximus Cove LLC [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		3,093	2,138
RP Maximus Cove LLC [Member] | Other Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		1,722	1,810
RP Maximus Cove LLC [Member] | Total assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		145,553	152,389
RP Maximus Cove LLC [Member] | Mortgage payable [Member]
Schedule of Equity Method Investments [Line Items]
Other liabilities		178,254	174,098
RP Maximus Cove LLC [Member] | Other Liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Other liabilities		$ 1,800	$ 2,776
[1]	The adjustment to depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities - Additional Information (Details) - USD ($)	Oct. 01, 2019	May 08, 2019	Jan. 31, 2017	Sep. 30, 2019	Sep. 30, 2019	Mar. 27, 2019	Dec. 31, 2018	Mar. 27, 2018
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Term		5 years
Guarantor Obligations, Current Carrying Value			$ 43,800,000
Debt Instrument, Description of Variable Rate Basis			The Loan bore interest at Libor plus 3.85%.
Additional Paid in Capital				$ 114,492,790	$ 114,492,790		$ 115,380,181
Joint Venture Investment Property Description			The Cove Joint Venture owns and operates The Cove at Tiburon ("the Cove"), a 281-unit, luxury waterfront multifamily residential property located in Tiburon, California. Prior to entering into The Cove Transaction, Maximus previously owned a separate noncontrolling interest in the Cove Joint Venture.
Cove Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Face amount		$ 180,000,000
Debt Instrument, Description of Variable Rate Basis		LIBOR (with a floor of 2.0%) plus 2.15%
Additional Paid in Capital	$ 2,300,000			100,000	100,000
Debt Instrument, Interest Rate, Stated Percentage		2.00%
Aggregate distributions received					300,000
Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value			$ 10,900,000
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate purchase price						$ 60,000,000
Offering funds used in acquisition						25,000,000
Proceeds from Issuance of Debt						35,000,000
Business Acquisition, Percentage of Voting Interests Acquired								50.00%
Hilton Garden Inn [Member] | Cove Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Offering funds used in acquisition						$ 12,900,000
Cove Transaction [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate purchase price			255,000,000
Cove Transaction [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Offering funds used in acquisition			$ 20,000,000
Business Acquisition, Percentage of Voting Interests Acquired			22.50%
Loan [Member]
Schedule of Equity Method Investments [Line Items]
Face amount			$ 175,000,000
Debt Instrument, Maturity Date			Jan. 31, 2020
Loss on debt extinguishment				300,000
Loan [Member] | Cove Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Loss on debt extinguishment				1,500,000
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Additional Paid in Capital	700,000			$ 100,000	100,000
Aggregate distributions received	$ 1,000,000				$ 400,000

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements - Summary of the Company's available for sale securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt securities, Fair Value	$ 2,942,177	$ 3,708,223
Corporate Bonds [Member]
Debt securities, Adjusted Cost	3,139,864	4,158,515
Debt securities, Gross Unrealized Gains	25,743	0
Debt securities, Gross Unrealized Losses	(223,430)	(450,292)
Debt securities, Fair Value	$ 2,942,177	$ 3,708,223

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements - Estimated fair value of our investments in marketable debt securities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Marketable Securities and Fair Value Measurements
Due in 1 year	$ 221,352
Due in 1 year through 5 years	2,198,000
Due in 5 year through 10 years	0
Due after 10 years	522,825
Total	$ 2,942,177	$ 3,708,223

Mortgages payable, net - Summar

Mortgages payable, net - Summary of Mortgages payable, net (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Total mortgages payable	$ 78,701,610	$ 79,621,989
Less: Deferred financing costs	(378,886)	(285,182)
Total mortgages payable, net	$ 78,322,724	79,336,807
Weighted Average Interest Rate	5.42%
Amount Due at Maturity	$ 76,567,386
Revolving Credit Facility [Member]
Total mortgages payable	$ 51,586,214	52,159,414
Interest Rate	LIBOR + 3.50
Weighted Average Interest Rate	5.79%
Maturity Date	July 2022
Amount Due at Maturity	$ 50,439,814
Promissory Note [Member]
Total mortgages payable	$ 27,115,396	$ 27,462,575
Interest Rate	4.73%
Weighted Average Interest Rate	4.73%
Maturity Date	October 2021
Amount Due at Maturity	$ 26,127,572

Mortgages payable, net - Summ_2

Mortgages payable, net - Summary of principal maturities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Mortgages payable, net
2019	$ 12,144,691
2020	1,632,492
2021	26,509,613
2022	38,414,814
2023	0
Thereafter	0
Principal maturities	78,701,610	$ 79,621,989
Less: Deferred financing costs	(378,886)	(285,182)
Total mortgages payable, net	$ 78,322,724	$ 79,336,807

Mortgages payable, net - Additi

Mortgages payable, net - Additional Information (Details) $ in Millions	Apr. 01, 2020USD ($)	Jan. 01, 2020USD ($)	Oct. 24, 2019USD ($)	Aug. 22, 2019USD ($)	Jul. 11, 2019	Jul. 01, 2019	Jun. 18, 2018	Jul. 13, 2016USD ($)Options	Sep. 30, 2019USD ($)property	Dec. 31, 2018USD ($)
Number of Hotel Properties Pledged as Collateral | property									7
Period of extend the initial maturity date					60 days
Revolving Credit Facility [Member]
Escrow Deposits Related to Debt Compliance									$ 2.3	$ 1.7
Line of Credit Facility, Maximum Borrowing Capacity								$ 60
Line Of Credit Facility Current Borrowing Capacity Percentage								65.00%
Number of options to extend | Options								2
Extension term								1 year
Principal paydown				$ 0.6
Outstanding principal balance									$ 51.6
Revolving Credit Facility [Member] | Subsequent Event [Member]
Principal paydown			$ 12
Outstanding principal balance			$ 39.6
Revolving Credit Facility [Member] | Forecast [Member]
Principal paydown	$ 0.6	$ 0.6
Revolving Credit Facility [Member] | Libor [Member]
Spread on variable rate					3.50%	3.15%	3.50%	4.95%

Related Party Transactions - Su

Related Party Transactions - Summary of fees incurred associated with the payments (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Acquisition Fees	[1]				$ 300,000
Development Fees	[2]			$ 4,954	51,419
Advisor [Member]
Related Party Transaction [Line Items]
Asset Management Fees (general and administrative costs)		$ 460,009,000	$ 447,135,000	1,370,791	1,271,867
Total		$ 460,009,000	$ 447,135,000	$ 1,375,745	$ 1,623,286
[1]	Acquisition fees of $300,000 were capitalized and are reflected in the carrying value of our investment in the Hilton Garden Inn Joint Venture which is included in investments in unconsolidated affiliated real estate entities on the consolidated balance sheets.
[2]	(2)   Generally, capitalized and amortized over the estimated useful life of the associated asset.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Sep. 30, 2019USD ($)
Hilton Garden Inn Joint Venture [Member]
Related Party Transaction [Line Items]
Business Acquisition, Transaction Costs	$ 300,000

Financial Instruments - Summary

Financial Instruments - Summary of estimated fair value of our mortgages payable (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Financial Instruments
Mortgages payable, Carrying Amount	$ 78,701,610	$ 79,621,989
Mortgages payable, Estimated Fair Value	$ 78,517,803	$ 78,692,677

Distributions - Additional Info

Distributions - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019
Distributions
Annualized rate (as a percent)	6.00%

Held for Sale - Major component

Held for Sale - Major components of assets and liabilities held for sale (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Major components of assets and liabilities held for sale
Total assets held for sale	$ 18,161,890	$ 0
Total liabilities held for sale	592,064	$ 0
SpringHill Suites - Green Bay Agreement [Member] | Held for sale [Member]
Major components of assets and liabilities held for sale
Net investment property	17,921,900
Other assets	239,990
Total assets held for sale	18,161,890
Accounts payable and accrued expenses	592,064
Total liabilities held for sale	$ 592,064

Held for Sale - Additional Info

Held for Sale - Additional Information (Details) - USD ($) $ in Millions	Oct. 24, 2019	Aug. 22, 2019	Aug. 19, 2019
Revolving Credit Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of revolving credit facility		$ 0.6
Revolving Credit Facility [Member] | Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of revolving credit facility	$ 12
SpringHill Suites - Green Bay Agreement [Member] | Held for sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate contractual sales price			$ 19.6