Lightstone Value Plus REIT III (LVVR) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust III, Inc.
Entity Central Index Key	1,563,756
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2.9

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Investment property:
Land and improvements	$ 2,205,864
Building and improvements	22,258,087
Furniture and fixtures	2,447,649
Construction in progress	28,438
Gross investment property	26,940,038
Less accumulated depreciation	(488,627)
Net investment property	26,451,411
Cash	$ 4,405,736	$ 1,738,026
Deposits		500,000
Prepaid expenses and other assets	$ 616,918	182,078
Total Assets	31,474,065	2,420,104
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	1,043,139	$ 169,608
Revolving promissory notes payable - affiliate	11,962,291
Due to affiliate	1,135,107	$ 1,934,970
Distributions payable	109,640
Total liabilities	$ 14,250,177	$ 2,104,578
Commitments and Contingencies
Company's stockholders' equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value; 200,000,000 shares authorized, 2,376,940 and 286,674 shares issued and outstanding, respectively	$ 23,769	$ 2,867
Additional paid-in-capital	17,762,905	$ 455,880
Subscription receivable	(265,700)
Accumulated deficit	(998,927)	$ (145,196)
Total Company stockholders' equity	16,522,047	313,551
Noncontrolling interests	701,841	1,975
Total Stockholders' Equity	17,223,888	315,526
Total Liabilities and Stockholders' Equity	$ 31,474,065	$ 2,420,104

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	2,376,940	286,674
Common stock, shares outstanding	2,376,940	286,674

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenues	$ 2,168,262		$ 4,342,601
Expenses:
Property operating expenses	1,271,186		2,517,715
Real estate taxes	74,289		170,842
General and administrative costs	124,824	$ 22,867	778,093	$ 24,729
Depreciation and amortization	247,160		499,032
Total operating expenses	1,717,459	$ 22,867	3,965,682	$ 24,729
Operating income/(loss)	450,803	$ (22,867)	376,919	$ (24,729)
Interest expense	(330,198)		(682,431)
Other income/(expense), net	1,470		(2,994)
Net income/(loss)	122,075	$ (22,867)	(308,506)	$ (24,729)
Less: net (income)/loss attributable to noncontrolling interests	(25)	4	48	4
Net income/(loss) applicable to Company's common shares	$ 122,050	$ (22,863)	$ (308,458)	$ (24,725)
Net income/(loss) per Company's common shares, basic and diluted	$ 0.06	$ (1.14)	$ (0.26)	$ (1.24)
Weighted average number of common shares outstanding, basic and diluted	1,887,861	20,000	1,194,195	20,000

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]	Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2014	$ 315,526	$ 2,867	$ 455,880		$ (145,196)	$ 1,975
BALANCE, shares at Dec. 31, 2014		286,674
Net loss	(308,506)				(308,458)	$ (48)
Distributions declared	(545,273)				$ (545,273)
Distributions paid to noncontrolling interests	(86)					$ (86)
Contributions from noncontrolling interests	700,000					$ 700,000
Proceeds from offering	20,289,271	$ 20,746	$ 20,534,225	$ (265,700)
Proceeds from offering, shares		2,074,648
Selling commissions and dealer manager fees	(1,877,367)		(1,877,367)
Other offering costs	(1,498,048)		(1,498,048)
Shares issued from distribution reinvestment program	148,371	$ 156	148,215
Shares issued from distribution reinvestment program, shares		15,618
BALANCE at Sep. 30, 2015	$ 17,223,888	$ 23,769	$ 17,762,905	$ (265,700)	$ (998,927)	$ 701,841
BALANCE, shares at Sep. 30, 2015		2,376,940

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (308,506)	$ (24,729)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Depreciation and amortization	499,032
Amortization of deferred financing costs	120,833
Other non-cash adjustments	6,564
Changes in assets and liabilities:
Increase in prepaid expenses and other assets	(212,642)
Increase in accounts payable and other accrued expenses	472,510	$ 22,500
Increase in due to affiliate	1,695
Net cash provided by/(used in) operating activities	579,486	$ (2,229)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(26,307,573)
Cash used in investing activities	(26,307,573)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving promissory notes payable - affiliate	20,200,000
Payments on revolving promissory notes payable - affiliate	(8,237,709)
Payment of loan fees and expenses	(230,000)
Proceeds from issuance of common stock	20,289,271
Payment of commissions and offering costs	$ (3,338,417)
Proceeds from noncontrolling interests		$ 2,000
Distributions to noncontrolling interests	$ (86)
Distributions to common stockholders	(287,262)
Net cash provided by financing activities	28,395,797	$ 2,000
Net change in cash	2,667,710	(229)
Cash, beginning of year	1,738,026	198,726
Cash, end of period	4,405,736	$ 198,497
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	549,295
Distributions declared, but not paid	109,640
Commissions and other offering costs accrued but not paid	273,876
Subscription receivable	265,700
Value of shares issued from distribution reinvestment program	148,371
Application of deposit to acquisition of investment property	500,000
Contribution of non-controlling interest received as offset to due to affiliate	$ 700,000

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization [Abstract]
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust III, Inc. (‘‘Lightstone REIT III''), incorporated on October 5, 2012 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 such pronoun used. Lightstone REIT III sold 20,000 10.00 Lightstone REIT III invested the proceeds received from the Advisor in the Operating Partnership, and as a result, held a 99 The Company's registration statement on Form S-11 (the “Offering”), pursuant to which it is offering to sell up to 30,000,000 par value $ 0.01 10.00 10,000,000 9.50 22.9 2.4 2.0 9.00 The Company has no employees. The Company has retained the Advisor to manage its affairs on a day-to-day basis. Beacon Property Management Limited Liability Company and Paragon Retail Property Management LLC (the ‘‘Property Managers'') may serve as property managers. Orchard Securities, LLC (the ‘‘Dealer Manager''), a third party not affiliated with the Company, the Sponsor or the Advisor, serves as the dealer manager of the Company's public offering. The Advisor and Property Managers are affiliates of the Sponsor. These related parties receive compensation and fees for services related to the investment and management of the Company's assets. These entities receive fees during the Company's offering, acquisition, operational and liquidation stages. (See Note 6 for a summary of related-party fees.) Noncontrolling Interests Partners of Operating Partnership On July 16, 2014, the Advisor contributed $ 2,000 200 Lightstone SLP III LLC (the ‘‘Special Limited Partner''), a Delaware limited liability company of which Mr. Lichtenstein is the majority owner, is a special limited partner in the Operating Partnership and has committed to purchase up to $ 15.0 50,000 125.0 14 700,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies [Abstract]
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, 2014. 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, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership 99 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. New Accounting Pronouncements In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. In August 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The SEC staff noted that this update did not address situations where a company has debt issuance costs related to line-of-credit arrangements. As a result, the FASB issued an additional update which states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

Acquisitions and debt

Acquisitions and debt	9 Months Ended
	Sep. 30, 2015
Acquisitions and debt [Abstract]
Acquisitions and debt	3. Acquisitions and Debt Hampton Inn – Des Moines On February 4, 2015, the Company completed the acquisition of a 120-room select service hotel located in Des Moines, Iowa (the “Hampton Inn – Des Moines”) from an unrelated third party, for an aggregate purchase price of approximately $ 10.9 1.0 0.1 2.7 8.2 10.0 The Des Moines Promissory Note was entered into on February 4, 2015, has a term of one 6.0 6.3 100,000 5.1 outstanding principal balance and remaining availability under the Des Moines Promissory Note was approximately $ 3.1 6.9 The acquisition of the Hampton Inn – Des Moines was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition of the Hampton Inn – Des Moines has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 1.2 9.2 0.5 The capitalization rate for the acquisition of the Hampton Inn — Des Moines was approximately 11.3 Courtyard – Durham On May 15, 2015, the Company completed the acquisition of a 146-room select service hotel located in Durham, North Carolina 16.0 1.0 0.2 4.0 12.0 13.0 The Durham Promissory Note was entered into on May 15, 2015, has a term of one 6.0 6.3 130,000 3.1 he outstanding principal balance and remaining availability under the Durham Promissory Note was $ 8.9 4.1 The acquisition of the Courtyard – Durham was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition of the Courtyard – Durham has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 1.0 13.1 1.9 The capitalization rate for the acquisition of the Courtyard – Durham was approximately 7.3 Financial Information The following table provides the total amount of rental revenue and net income included in the Company's consolidated statements of operations from the Hampton Inn — Des Moines and the Courtyard – Durham since their respective dates of acquisition for the period indicated: For the Three Months Ended September 30, 2015 For the Nine Months Ended September 30, 2015 Rental revenue $ 2,168,262 $ 4,342,601 Net income/(loss) $ 224,413 $ (113,823 ) The following table provides unaudited pro forma results of operations for the period indicated, as if the Hampton Inn — Des Moines and the Courtyard – Durham had been acquired at the beginning of each period. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the date indicated, nor are they indicative of the future operating results of the combined company. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Pro forma rental revenue $ 2,168,262 $ 1,879,068 $ 6,357,305 $ 5,637,203 Pro forma net income/(loss) (1) $ 122,050 $ 178,693 $ (87,352 ) $ 579,942 Pro forma net income/(loss) per Company's common share, basic and diluted (1) $ 0.06 $ 8.93 $ (0.07 ) $ 29.00 (1) Includes acquisition related expenses of $ 554,490

Selling Commissions, Dealer Man

Selling Commissions, Dealer Manager Fees and Other Offering Costs	9 Months Ended
	Sep. 30, 2015
Selling Commissions, Dealer Manager Fees and Other Offering Costs [Abstract]
Selling Commissions, Dealer Manager Fees and Other Offering Costs	4. Selling Commissions, Dealer Manager Fees and Other Offering Costs Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering costs such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital (“APIC”) as costs are incurred. Organizational costs are expensed as general and administrative costs. The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Selling commissions and dealer manager fees $ 809,752 $ - $ 1,877,367 $ - Other offering costs $ 524,175 $ - $ 1,498,048 $ - Since the Company's inception through September 30, 2015, it has incurred approximately $ 1.9 3.6

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings per Share [Abstract]
Earnings per Share	5. 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, 2015
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions The Company has agreements with the Advisor and the Property Managers to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. For the nine months ended September 30, 2015, the Company paid the Advisor acquisition fees of $ 269,000 The Advisor will advance the organization and offering costs to the extent that the Company does not have the funds to pay such expenses. The related liability of approximately $ 1.0 0.8

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	7. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, restricted escrows, accounts receivable (included in other assets), accounts payable and accrued expenses approximated their fair values because of the short maturity of these instruments. As of September 30, 2015, the estimated fair value of the Des Moines Promissory Note and the Durham Promissory Note approximated their carrying values because of their floating interest rates.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. 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, 2015
Distributions [Abstract]
Distributions	9. Distributions Distribution Payments On August 15, 2015, September 15, 2015 and October 15, 2015, the Company paid the distributions for the months ending July 31, 2015, August 31, 2015 and September 30, 2015, respectively, of $ 285,530 12,374 9.50 167,976 59 117,554 41 On November 13, 2015 0.00164383 365 6.0 10.00

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Summary of Significant 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 III and the Operating Partnership 99 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.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. In August 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The SEC staff noted that this update did not address situations where a company has debt issuance costs related to line-of-credit arrangements. As a result, the FASB issued an additional update which states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

Acquisitions and debt (Tables)

Acquisitions and debt (Tables)	9 Months Ended
	Sep. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Schedule of Revenue and Net Income Included in Consolidated Statements of Operations	For the Three Months Ended September 30, 2015 For the Nine Months Ended September 30, 2015 Rental revenue $ 2,168,262 $ 4,342,601 Net income/(loss) $ 224,413 $ (113,823 )
Schedule of Pro Forma Results of Operations	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Pro forma rental revenue $ 2,168,262 $ 1,879,068 $ 6,357,305 $ 5,637,203 Pro forma net income/(loss) (1) $ 122,050 $ 178,693 $ (87,352 ) $ 579,942 Pro forma net income/(loss) per Company's common share, basic and diluted (1) $ 0.06 $ 8.93 $ (0.07 ) $ 29.00 (1) Includes acquisition related expenses of $ 554,490

Selling Commissions, Dealer M18

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Tables)	9 Months Ended
	Sep. 30, 2015
Selling Commissions, Dealer Manager Fees and Other Offering Costs [Abstract]
Summary of Selling Commissions, Dealer Manager Fees and Other Offering Costs	For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Selling commissions and dealer manager fees $ 809,752 $ - $ 1,877,367 $ - Other offering costs $ 524,175 $ - $ 1,498,048 $ -

Organization (Details)

Organization (Details) - USD ($)	Jul. 15, 2014	Jul. 31, 2015	Jul. 16, 2014	Dec. 24, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation					Oct. 5, 2012
Common stock, par value					$ 0.01		$ 0.01	$ 0.01
Issuance of common shares, value					$ 20,289,271
Gross proceeds from sale of common stock					$ 20,289,271
Advisor [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Partners' capital account contributions			$ 2,000
Partners' capital account contributions, units			200
Special Limited Partner [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Price per unit that the Special Limited Partner has committed to purchase					$ 50,000
Amount in subscriptions accepted required for the Special Limited Partner to purchase one unit					$ 15,000,000		$ 15,000,000
Threshhold gross proceeds from equity issuance					$ 125,000,000		125,000,000
Partners' capital account contributions		$ 700,000
Partners' capital account contributions, units		14
Lightstone Value Plus REIT III LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares				20,000
Shares issued, price per share				$ 10
General partner ownership interest					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
Common stock, par value	$ 0.01
Gross proceeds from sale of common stock							$ 22,900,000
Issuance of common shares, shares							2,400,000
Stock Offering [Member] | Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, value							$ 2,000,000
Shares issued, price per share					$ 9		$ 9
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance	10,000,000
Shares reserved for issuance, price per share	$ 9.50

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2015
Lightstone Value Plus REIT III LLC [Member]
Accounting Policies [Line Items]
General partner ownership interest	99.00%

Acquisitions and debt (Narrativ

Acquisitions and debt (Narrative) (Details) - USD ($)	May. 15, 2015	Feb. 04, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition fees received by the advisor			$ 554,490
Proceeds from revolving promissory note			20,200,000
Repayment of promissory note			8,237,709
Revolving promissory note			$ 11,962,291
Hampton Inn - Des Moines [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Cash consideration paid		$ 10,900,000
Acquisition fees received by the advisor as percentage of acquisition price		1.00%
Acquisition fees received by the advisor		$ 100,000
Proceeds from offering		2,700,000
Purchase price allocation, land and improvements		1,200,000
Purchase price allocation, building and improvements		9,200,000
Purchase price allocation, furnitures and fixtures		$ 500,000
Asset capitalization rate		11.30%
Hampton Inn - Des Moines [Member] | Des Moines Promissory Note [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Proceeds from revolving promissory note		$ 8,200,000
Debt instrument, face amount		$ 10,000,000
Debt Instrument, Term		1 year
Interest rate, Libor plus		6.00%
Interest rate at end of period			6.30%
Origination fee		$ 100,000
Repayment of promissory note			$ 5,100,000
Revolving promissory note			3,100,000
Remaining availability under promissory note			$ 6,900,000
Courtyard, Durham North Carolina [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Cash consideration paid	$ 16,000,000
Acquisition fees received by the advisor as percentage of acquisition price	1.00%
Acquisition fees received by the advisor	$ 200,000
Proceeds from offering	4,000,000
Purchase price allocation, land and improvements	1,000,000
Purchase price allocation, building and improvements	13,100,000
Purchase price allocation, furnitures and fixtures	$ 1,900,000
Asset capitalization rate	7.30%
Courtyard, Durham North Carolina [Member] | Durham Promissory Note [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Proceeds from revolving promissory note	$ 12,000,000
Debt instrument, face amount	$ 13,000,000
Debt Instrument, Term	1 year
Interest rate, Libor plus	6.00%
Interest rate at end of period			6.30%
Origination fee	$ 130,000
Repayment of promissory note			$ 3,100,000
Revolving promissory note			8,900,000
Remaining availability under promissory note			$ 4,100,000

Acquisitions and debt (Amounts

Acquisitions and debt (Amounts of Revenue and Net Income Included in Consolidated Statements of Operations) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Rental revenue	$ 2,168,262	$ 4,342,601
Net loss	$ 224,413	$ (113,823)

Acquisitions and debt (Pro Form

Acquisitions and debt (Pro Forma Results of Operations) (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Acquisitions and debt [Abstract]
Pro forma rental revenue		$ 2,168,262	$ 1,879,068	$ 6,357,305	$ 5,637,203
Pro forma net income/(loss)	[1]	$ 122,050	$ 178,693	$ (87,352)	$ 579,942
Pro forma net income/(loss) per Company's common share, basic and diluted	[1]	$ 0.06	$ 8.93	$ (0.07)	$ 29
Acquisition related expenses				$ 554,490
[1]	Includes acquisition related expenses of $554,490 for the nine months ended September 30, 2015, in connection with the acquisition of the Hampton Inn-Des Moines and the Courtyard-Durham.

Selling Commissions, Dealer M24

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details) - USD ($)	3 Months Ended		9 Months Ended		38 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Selling Commissions, Dealer Manager Fees and Other Offering Costs [Abstract]
Selling commissions and dealer manager fees	$ 809,752		$ 1,877,367		$ 1,900,000
Other offering costs	$ 524,175		$ 1,498,048		$ 3,600,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Acquisition fee		$ 554,490
Related liability for organization and offering costs is included in Due to affiliate	$ 1,135,107	1,135,107	$ 1,934,970
Reimbursement for Organization and Offering Costs	800,000	800,000
Related Party [Member]
Related Party Transaction [Line Items]
Acquisition fee		269,000
Related liability for organization and offering costs is included in Due to affiliate	$ 1,000,000	$ 1,000,000

Distributions (Details)

Distributions (Details) - USD ($)	Nov. 13, 2015	Oct. 15, 2015	Sep. 30, 2015	Sep. 30, 2014
Subsequent Events [Line Items]
Distribution paid			$ 287,262
Proceeds from offering			20,289,271
Value of common stock issued pursuant to Distribution Reinvestment Program			$ 148,371
Subsequent event [Member]
Subsequent Events [Line Items]
Distribution paid		$ 285,530
Shares of common stock issued pursuant to Distribution Reinvestment Program		12,374
Discounted price per share		$ 9.50
Proceeds from offering		$ 167,976
Percentage of distribution paid from offering proceeds		59.00%
Value of common stock issued pursuant to Distribution Reinvestment Program		$ 117,554
Percentage of distribution paid from the issuance of common stock through the Company's DRIP		41.00%
Distribution declared	Nov. 13, 2015
Distribution on per day basis	$ 0.00164383
Number of days used to calculate daily amount of distribution	365 days
Annualized rate of dividend	6.00%
Face value of share	$ 10