Lightstone Value Plus REIT III (LVVR) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10.8

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Investment property:
Land and improvements	$ 21,852,141	$ 2,205,864
Building and improvements	94,809,805	22,258,087
Furniture and fixtures	13,602,631	2,501,282
Construction in progress	178,126	1,175,110
Gross investment property	130,442,703	28,140,343
Less accumulated depreciation	(2,548,265)	(731,289)
Net investment property	127,894,438	27,409,054
Cash	10,638,136	6,747,401
Deposits	590,340	1,000,000
Prepaid expenses and other assets	3,019,959	459,105
Total Assets	142,142,873	35,615,560
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	3,395,121	1,285,160
Mortgage payable	44,524,725	0
Revolving promissory notes payable, net - related party	0	2,003,614
Due to related parties	0	1,159,314
Distributions payable	487,809	188,253
Total liabilities	48,407,655	4,636,341
Commitments and Contingencies
Company's stockholders' equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 200,000,000 shares authorized, 10,136,990 and 4,009,656 shares issued and outstanding, respectively	101,370	40,097
Additional paid-in-capital	85,914,308	32,081,648
Subscription receivable	(110,862)	(344,371)
Accumulated deficit	(4,262,205)	(1,499,970)
Total Company stockholders' equity	81,642,611	30,277,404
Noncontrolling interests	12,092,607	701,815
Total Stockholders' Equity	93,735,218	30,979,219
Total Liabilities and Stockholders' Equity	$ 142,142,873	$ 35,615,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
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	10,136,990	4,009,656
Common Stock, shares outstanding	10,136,990	4,009,656

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues	$ 7,623,494	$ 2,168,262	$ 14,548,467	$ 4,342,601
Expenses:
Property operating expenses	4,081,502	1,271,186	8,183,140	2,517,715
Real estate taxes	261,822	74,289	579,077	170,842
General and administrative costs	841,658	124,824	2,340,492	778,093
Depreciation and amortization	959,128	247,160	1,850,880	499,032
Total operating expenses	6,144,110	1,717,459	12,953,589	3,965,682
Operating income	1,479,384	450,803	1,594,878	376,919
Interest expense	(874,809)	(330,198)	(1,252,246)	(682,431)
Other (expense)/income, net	(24,059)	1,470	(26,283)	(2,994)
Net income/(loss)	580,516	122,075	316,349	(308,506)
Less: net (income)/loss attributable to noncontrolling interests	(14)	(25)	(12)	48
Net income/(loss) applicable to Company's common shares	$ 580,502	$ 122,050	$ 316,337	$ (308,458)
Net income/(loss) per Company's common shares, basic and diluted	$ 0.06	$ 0.06	$ 0.05	$ (0.26)
Weighted average number of common shares outstanding, basic and diluted	8,963,369	1,887,861	6,833,481	1,194,195

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]	Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2015	$ 30,979,219	$ 40,097	$ 32,081,648	$ (344,371)	$ (1,499,970)	$ 701,815
BALANCE (shares) at Dec. 31, 2015		4,009,656
Net income	316,349	$ 0	0	0	316,337	12
Distributions declared	(3,078,572)	0	0	0	(3,078,572)	0
Distributions paid to noncontrolling interests	(90)	0	0	0	0	(90)
Contributions from noncontrolling interests	11,390,870	0	0	0	0	11,390,870
Proceeds from offering	59,333,430	$ 60,346	59,039,575	233,509	0	0
Proceeds from offering (shares)		6,034,597
Selling commissions and dealer manager fees	(5,589,904)	$ 0	(5,589,904)	0	0	0
Other offering costs	(478,963)	0	(478,963)	0	0	0
Shares issued from distribution reinvestment program	1,043,898	$ 1,108	1,042,790	0	0	0
Shares issued from distribution reinvestment program (shares)		110,839
Redemption and cancellation of shares	(181,019)	$ (181)	(180,838)	0	0	0
Redemption and cancellation of shares (shares)		(18,102)
BALANCE at Sep. 30, 2016	$ 93,735,218	$ 101,370	$ 85,914,308	$ (110,862)	$ (4,262,205)	$ 12,092,607
BALANCE (shares) at Sep. 30, 2016		10,136,990

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 316,349	$ (308,506)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	1,850,880	499,032
Amortization of deferred financing costs	353,510	120,833
Other non-cash adjustments	8,023	6,564
Changes in assets and liabilities:
Increase in prepaid expenses and other assets	(1,511,176)	(212,642)
Increase in accounts payable and other accrued expenses	1,961,853	472,510
(Decrease)/increase in due to related parties	(102,356)	1,695
Net cash provided by operating activities	2,877,083	579,486
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(102,115,026)	(26,307,573)
Refundable escrow deposits	(460,000)	0
Cash used in investing activities	(102,575,026)	(26,307,573)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving promissory notes payable - related party	24,200,000	20,200,000
Proceeds from mortgage payable	45,370,000	0
Payments on revolving promissory notes payable - related party	(26,255,281)	(8,237,709)
Payment of loan fees and expenses	(1,397,118)	(230,000)
Proceeds from issuance of common stock	59,333,430	20,289,271
Payment of commissions and offering costs	(7,136,996)	(3,338,417)
Contribution of noncontrolling interests	11,390,870	0
Distributions to noncontrolling interests	(90)	(86)
Distributions to common stockholders	(1,735,118)	(287,262)
Redemption and cancellation of common shares	(181,019)	0
Net cash provided by financing activities	103,588,678	28,395,797
Net change in cash	3,890,735	2,667,710
Cash, beginning of year	6,747,401	1,738,026
Cash, end of period	10,638,136	4,405,736
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	686,053	549,295
Distributions declared, but not paid	487,809	109,640
Commissions and other offering costs accrued but not paid	413,336	273,876
Subscription receivable	110,862	265,700
Value of shares issued from distribution reinvestment program	1,043,898	148,371
Application of deposit to acquisition of investment property	869,660	500,000
Contribution of non-controlling interest received as offset to due to related party	0	700,000
Investment property acquired but not paid	$ 81,627	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization [Abstract]
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust III, Inc. (‘‘Lightstone REIT III’’), incorporated on October 5, 2012 elected to qualify to be taxed 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 0.01 10.00 10,000,000 95 9.50 10.00 98.2 10.1 2.0 9.00 100 30.0 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’’), both affiliates of the Sponsor, may serve as property managers and/or the Company may utilize third-party 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. In addition to the Property Managers, the Advisor is also an affiliate of the Sponsor. These related parties receive compensation and fees for services related to the investment and management of the Company’s assets. 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 make a significant equity investment in the Company of up to $ 36.0 12.0 300.0 50,000 36.0 300.0 Through September 30, 2016, the Special Limited Partner has purchased an aggregate of approximately 242 12.1 228 11.4

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
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, 2015. 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. 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. 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, 2016, Lightstone REIT III had a 99 Certain prior period amounts may have been reclassified to conform to the current year presentation. In September 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update to simplify the accounting for adjustments made to provisional amounts during the measurement period of a business combination. The amendment requires the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective with earlier application permitted for financial statements that have not been issued. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. 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. The Company adopted this standard during the quarter ended March 31, 2016. As a result of adopting this standard on a retrospective basis, $ 51,667

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisitions	3. Acquisitions Hampton Inn – Lansing On March 10, 2016, the Company completed the acquisition of an 86-room select service hotel located in Lansing, Michigan (the “Hampton Inn – Lansing”) from an unrelated third party, for an aggregate purchase price of approximately $ 10.5 1.0 105,000 The acquisition of the Hampton Inn – Lansing 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 – Lansing has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 0.4 9.0 1.1 The capitalization rate for the acquisition of the Hampton Inn — Lansing was approximately 12.0 Courtyard – Warwick On March 23, 2016, the Company completed the acquisition of a 92-room select service hotel located in Warwick, Rhode Island (the “Courtyard – Warwick”) from an unrelated third party, for an aggregate purchase price of $ 12.4 1.0 124,000 The acquisition of the Courtyard – Warwick 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 – Warwick has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 0.7 11.1 0.6 The capitalization rate for the acquisition of the Courtyard – Warwick was approximately 8.3 SpringHill Suites – Green Bay On May 2, 2016 18.3 1.0 183,000 8.1 10.2 14.5 The acquisition of the SpringHill Suites – Green Bay 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 SpringHill Suites – Green Bay has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 0.8 15.2 2.3 The capitalization rate for the acquisition of the SpringHill Suites – Green Bay was approximately 9.8 Home2 Suites Hotel Portfolio On August 2, 2016, the Company completed the acquisition of a 139-room select service hotel located in Tukwila, Washington (the “Home2 Suites – Tukwila”) and a 125-room select service hotel located in Salt Lake City, Utah (the “Home2 Suites – Salt Lake” and collectively the “Home2 Suites Hotel Portfolio”) from an unrelated third party, for an aggregate purchase price of approximately $ 47.3 1.0 473,000 The acquisition of the Home2 Suites Hotel Portfolio 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 Home2 Suites Hotel Portfolio has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 16.2 26.4 4.7 The capitalization rate for the acquisition of the Home2 Suites Hotel Portfolio was approximately 8.4 Fairfield Inn– Austin On September 13, 2016, the Company completed the acquisition of a 84-room select service hotel located in Austin, Texas (the “Fairfield Inn– Austin”) from an unrelated third party, for an aggregate purchase price of approximately $ 12.0 1.0 120,000 The acquisition of the Fairfield Inn– Austin 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 Fairfield Inn– Austin has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 1.5 9.0 1.5 The capitalization rate for the acquisition of the Fairfield Inn– Austin was approximately 8.7 The following table provides the total amount of rental revenue and net income/(loss) included in the Company’s consolidated statements of operations from the Hampton Inn — Lansing, the Courtyard – Warwick, the SpringHill Suites – Green Bay, the Home2 Suites Hotel Portfolio, the Fairfield Inn– Austin, the Hampton Inn — Des Moines (acquired February 4, 2015) and the Courtyard – Durham (acquired May 15, 2015) since their respective dates of acquisition for the period indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Rental revenue $ 7,623,494 $ 2,168,262 $ 14,548,467 $ 4,342,601 Net income/(loss) $ 1,037,723 $ 224,413 1,520,557 $ (113,823) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Pro forma rental revenue $ 8,969,829 $ 7,512,949 $ 24,274,503 $ 20,509,619 Pro forma net income (1) $ 676,200 $ 839,908 $ 881,857 $ 2,062,517 Pro forma net income per Company's common share, basic and diluted (1) $ 0.08 $ 0.44 $ 0.13 $ 1.73 (1) Includes acquisition related expenses of $ 661,283 1,860,549 44,918 554,489

Mortgage payable, net

Mortgage payable, net	9 Months Ended
	Sep. 30, 2016
Loans Payable [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure	Mortgage payable, net Description Interest Weighted Maturity Amount Due As of As of Revolving Credit Facility, secured by five properties LIBOR + 4.95% 5.65 % July 2019 45,370,000 45,370,000 - Less: Deferred financing costs (845,275) Total mortgage payable, net $ 44,524,725 $ - Principal Maturities Remainder of 2016 2017 2018 2019 2020 Thereafter Total Principal maturities $ - $ - $ - $ 45,370,000 $ - $ - $ 45,370,000 Less: Deferred financing costs (845,275) Total principal maturiteis, net $ 44,524,725 On July 13, 2016, the Company, through certain subsidiaries, entered into a $ 60.0 Libor plus 4.95% 65.0 45.4 14.6 Approximately $ 14.4 Debt Compliance The Revolving Credit Facility requires 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.

Selling Commissions, Dealer Man

Selling Commissions, Dealer Manager Fees and Other Offering Costs	9 Months Ended
	Sep. 30, 2016
Selling Commission, Dealer Manager Fees And Other Offering Costs [Abstract]
Selling Commissions, Dealer Manager Fees and Other Offering Costs	5. 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. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Selling commissions and dealer manager fees $ 2,861,775 $ 809,752 $ 5,589,904 $ 1,877,367 Other offering costs $ (12,524) $ 524,175 $ 478,963 $ 1,498,048 Since the Company’s inception through September 30, 2016, it has incurred approximately $ 9.0 4.5

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
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, 2016
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Revolving promissory notes payable, net – related party Des Moines Promissory Note During the three and nine months ended September 30, 2015, the Company incurred interest of $ 98,750 289,658 100,000 10.0 Durham Promissory Note On May 15, 2015, the Company entered into a $ 13.0 three-month 6.0 130,000 On May 2, 2016, the Durham Promissory Note was repaid in full and has now expired. The outstanding principal balance was $ 2.1 51,667 During the nine months ended September 30, 2016, the Company incurred interest expense of $ 151,751 43,433 173,748 271,940 54,167 Lansing Promissory Note On May 2, 2016, the Company entered into an $ 8.0 6.0 6.0 80,000 During the three and nine months ended September 30, 2016, the Company incurred interest expense of $ 81,483 161,428 80,000 Green Bay Promissory Note On May 2, 2016, the Company entered into a Green Bay Promissory Note with the operating partnership Lightstone II, of which $ 10.2 6.0 145,000 During the three and nine months ended September 30, 2016, the Company incurred interest expense of $ 147,228 248,635 145,000 Due to related parties and other transactions In addition to certain agreements with the Sponsor (see Note 1) and Dealer Manager (see Note 5), 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. Furthermore, the Advisor has and is expected to continue to advance certain organization and offering costs on behalf of the Company to the extent the Company does not have sufficient funds to pay such costs. As of December 31, 2015, the Company owed the Advisor and its affiliated entities an aggregate of approximately $ 1.2 88,010 36,298 1.3 83,728 During the three and nine months ended September 30, 2016, the Company paid the Advisor acquisition fees of approximately $ 593,000 1.0 0 269,000 From time to time, the Company may purchase title insurance from an agency in which its Sponsor owns a 50 104,648 143,768 0 20,870

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2016
Financial Instruments, Owned, at Fair Value [Abstract]
Financial Instruments	Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, deposits, accounts receivable (included in prepaid expenses and other assets), accounts payable and accrued expenses and due to/from related parties approximated their fair values because of the short maturity of these instruments. As of September 30, 2016, the estimated fair value of the mortgage payable approximated its carrying value ($ 45.4

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies [Abstract]
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, 2016
Distributions [Abstract]
Distributions	10. Distributions Distribution Payments On August 14, 2016 1,356,109 68,153 9.50 708,655 52 647,455 48 Distribution Declaration On November 14, 2016 0.00164383 365 6.0 10.00

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Home2 Suites Promissory Note On October 5, 2016, the Company, entered into a promissory note (the “Home2 Suites Promissory Note”) for approximately $ 28.4 4.73 Acquisition of Staybridge Suites Located in Austin, Texas (the “Staybridge – Austin”) On October 7, 2016, the Company completed the acquisition of an 80-room select service hotel located Austin, Texas, (the “Staybridge – Austin”) from an unrelated third party, for an aggregate purchase price of approximately $ 10.0 1.0 100,000 10.0

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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 and its subsidiaries (over which the Company exercises financial and operating control). As of September 30, 2016, Lightstone REIT III had a 99
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.
New Accounting Pronouncements	New Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update to simplify the accounting for adjustments made to provisional amounts during the measurement period of a business combination. The amendment requires the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective with earlier application permitted for financial statements that have not been issued. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. 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. The Company adopted this standard during the quarter ended March 31, 2016. As a result of adopting this standard on a retrospective basis, $ 51,667

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Revenue and Net Income Included in Consolidated Statements of Operations	Financial Information The following table provides the total amount of rental revenue and net income/(loss) included in the Company’s consolidated statements of operations from the Hampton Inn — Lansing, the Courtyard – Warwick, the SpringHill Suites – Green Bay, the Home2 Suites Hotel Portfolio, the Fairfield Inn– Austin, the Hampton Inn — Des Moines (acquired February 4, 2015) and the Courtyard – Durham (acquired May 15, 2015) since their respective dates of acquisition for the period indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Rental revenue $ 7,623,494 $ 2,168,262 $ 14,548,467 $ 4,342,601 Net income/(loss) $ 1,037,723 $ 224,413 1,520,557 $ (113,823)
Schedule of Pro Forma Results of Operations	The following table provides unaudited pro forma results of operations for the period indicated, as if the Hampton Inn — Lansing, the Courtyard – Warwick, the SpringHill Suites – Green Bay, the Home2 Suites Hotel Portfolio, the Fairfield Inn– Austin 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, 2016 2015 2016 2015 Pro forma rental revenue $ 8,969,829 $ 7,512,949 $ 24,274,503 $ 20,509,619 Pro forma net income (1) $ 676,200 $ 839,908 $ 881,857 $ 2,062,517 Pro forma net income per Company's common share, basic and diluted (1) $ 0.08 $ 0.44 $ 0.13 $ 1.73 (1) Includes acquisition related expenses of $ 661,283 1,860,549 44,918 554,489

Mortgage payable, net (Tables)

Mortgage payable, net (Tables)	9 Months Ended
	Sep. 30, 2016
Loans Payable [Abstract]
Schedule of Debt	Mortgages payable, net consisted of the following: Description Interest Weighted Maturity Amount Due As of As of Revolving Credit Facility, secured by five properties LIBOR + 4.95% 5.65 % July 2019 45,370,000 45,370,000 - Less: Deferred financing costs (845,275) Total mortgage payable, net $ 44,524,725 $ -
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 balloon payments due at maturity, as of September 30, 2016: Remainder of 2016 2017 2018 2019 2020 Thereafter Total Principal maturities $ - $ - $ - $ 45,370,000 $ - $ - $ 45,370,000 Less: Deferred financing costs (845,275) Total principal maturiteis, net $ 44,524,725

Selling Commissions, Dealer M21

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Tables)	9 Months Ended
	Sep. 30, 2016
Selling Commission, Dealer Manager Fees And Other Offering Costs [Abstract]
Summary of Selling Commission, Dealer Manager Fees and Other Offering Costs	The following table represents the selling commissions and dealer manager fees and other offering costs for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Selling commissions and dealer manager fees $ 2,861,775 $ 809,752 $ 5,589,904 $ 1,877,367 Other offering costs $ (12,524) $ 524,175 $ 478,963 $ 1,498,048

Organization (Details Textual)

Organization (Details Textual) - USD ($)	1 Months Ended		9 Months Ended
	Jul. 16, 2014	Dec. 24, 2012	Sep. 30, 2016	Sep. 30, 2015	Jul. 25, 2016	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation			Oct. 5, 2012
Issuance of common shares, value			$ 59,333,430
Shares issued, price per share					$ 10
Gross proceeds from sale of common stock			59,333,430	$ 20,289,271
Amount in subscriptions accepted required for the Special Limited Partner to purchase one unit			$ 36,000,000
Common Stock, Par Value			$ 0.01			$ 0.01
Equity Method investment ,Percentage of Maximum Offering cost			12.00%
Maximum Amount of Offering			$ 300,000,000
Equity Method Investment, Description of Principal Activities			(i) $10.00 minus our then current estimated NAV per Common Share, multiplied by (ii) the number of our Common Shares outstanding. The Operating Partnership will issue one Subordinated Participation Interest for each $50,000 in cash or interests in real property of equivalent value that the Special Limited Partner contributes. The Special Limited Partner’s obligation will continue until the earlier of: (i) the termination of the Offering; (ii) the Special Limited Partner’s purchase of an aggregate of $36.0 million of Subordinated Participation Interests and (iii) the receipt of gross offering proceeds of $300.0 million. The Special Limited Partner may elect to purchase the Subordinated Participation Interests for cash or may contribute interests in real property of equivalent value.
Proceeds from Issuance of Limited partner Interest			$ 11,400,000
Limited Partners' Capital Account, Units Issued			228
Issuance of Subordinated Participation Interest for Each Partner			$ 50,000
Maximum Number Share issued in Primary offering			30,000,000
Adjusted Offering Price			$ 9.50
Discounted Price Percentage			95.00%
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]
Amount in subscriptions accepted required for the Special Limited Partner to purchase one unit			$ 36,000,000
Threshhold Gross Proceeds From Equity Issuance			300,000,000
Partners' Capital Account, Contributions			$ 12,100,000
Partners' Capital Account, Units, Contributed			242
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%
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity Method Investment, Ownership Percentage			100.00%
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
Issuance of common shares, shares			10,100,000
Gross proceeds from sale of common stock			$ 98,200,000
Common Stock, Par Value			$ 0.01
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
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance			10,000,000

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Line Items]
Notes Payable, Total	$ 0	$ 2,003,614
Prepaid Expenses and Other Current Assets [Member]
Accounting Policies [Line Items]
Notes Payable, Total		$ 51,667
Lightstone Value Plus REIT III LLC [Member]
Accounting Policies [Line Items]
General partner ownership interest	99.00%

Acquisitions (Details)

Acquisitions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Rental revenue	$ 7,623,494	$ 2,168,262	$ 14,548,467	$ 4,342,601
Net income/(loss)	$ 1,037,723	$ 224,413	$ 1,520,557	$ (113,823)

Acquisitions (Details 1)

Acquisitions (Details 1) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Pro forma rental revenue		$ 8,969,829	$ 7,512,949	$ 24,274,503	$ 20,509,619
Pro forma net income	[1]	$ 676,200	$ 839,908	$ 881,857	$ 2,062,517
Pro forma net income/(loss) per Company's common share, basic and diluted	[1]	$ 0.08	$ 0.44	$ 0.13	$ 1.73
[1]	Includes acquisition related expenses of $661,283 and $1,860,549 for the three and nine months ended September 30, 2016 in connection with the acquisition of the Hampton Inn — Lansing, the Courtyard – Warwick, the SpringHill Suites – Green Bay, Home2 Suites Hotel Portfolio and the Fairfield Inn– Austin and acquisition related expenses of $44,918 and $554,489 for the three and nine months ended September 30, 2015, in connection with the acquisition of the Hampton Inn - Des Moines and the Courtyard - Durham.

Acquisitions (Details Textual)

Acquisitions (Details Textual) - USD ($)	Sep. 13, 2016	Mar. 10, 2016	Aug. 02, 2016	May 02, 2016	Mar. 23, 2016	Sep. 30, 2016	Jun. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Acquisition fees received by the advisor						$ 661,283	$ 44,918	$ 554,489	$ 1,860,549
Proceeds from Notes Payable									$ 24,200,000	$ 20,200,000
Hampton Inn Des Moines [Member]
Business Acquisition [Line Items]
Cash consideration paid		$ 10,500,000
Acquisition fees received by the advisor		105,000
Purchase price allocation, land and improvements		400,000
Purchase price allocation, building and improvements		9,000,000
Purchase price allocation, furnitures and fixtures		$ 1,100,000
Asset Capitalization Rate		12.00%
Acquisition fees received by the advisor as percentage of acquisition price		1.00%
Courtyard, Durham North Carolina [Member]
Business Acquisition [Line Items]
Cash consideration paid					$ 12,400,000
Acquisition fees received by the advisor					124,000
Purchase price allocation, land and improvements					700,000
Purchase price allocation, building and improvements					11,100,000
Purchase price allocation, furnitures and fixtures					$ 600,000
Asset Capitalization Rate					8.30%
Acquisition fees received by the advisor as percentage of acquisition price					1.00%
SpringHill Suites - Green Bay [Member]
Business Acquisition [Line Items]
Acquisition fees received by the advisor				$ 183,000
Purchase price allocation, land and improvements				800,000
Purchase price allocation, building and improvements				15,200,000
Purchase price allocation, furnitures and fixtures				$ 2,300,000
Asset Capitalization Rate				9.80%
Acquisition fees received by the advisor as percentage of acquisition price				1.00%
Business Acquisition, Effective Date of Acquisition				May 2, 2016
Business Combination, Consideration Transferred				$ 18,300,000
Proceeds from Issuance Initial Public Offering				8,100,000
SpringHill Suites - Green Bay [Member] | Green Bay Promissory Note [Member]
Business Acquisition [Line Items]
Proceeds from Notes Payable				10,200,000
Accounts Payable				$ 14,500,000
Home2 Suites Hotel Portfolio [Member]
Business Acquisition [Line Items]
Cash consideration paid			$ 47,300,000
Acquisition fees received by the advisor			473,000
Purchase price allocation, land and improvements			16,200,000
Purchase price allocation, building and improvements			26,400,000
Purchase price allocation, furnitures and fixtures			$ 4,700,000
Asset Capitalization Rate			8.40%
Acquisition fees received by the advisor as percentage of acquisition price			1.00%
Fairfield Inn- Austin [Member]
Business Acquisition [Line Items]
Cash consideration paid	$ 12,000,000
Acquisition fees received by the advisor	120,000
Purchase price allocation, land and improvements	1,500,000
Purchase price allocation, building and improvements	9,000,000
Purchase price allocation, furnitures and fixtures	$ 1,500,000
Asset Capitalization Rate	8.70%
Acquisition fees received by the advisor as percentage of acquisition price	1.00%

Mortgage payable, net (Details)

Mortgage payable, net (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Revolving Credit Facility	$ 45,370,000
Less: Deferred financing costs	(845,275)
Total mortgage payable, net	$ 44,524,725
Revolving Credit Facility [Member]
Revolving Credit Facility, secured by five properties , Interest Rate	LIBOR + 4.95%
Revolving Credit Facility, secured by five properties , Weighted Average Interest Rate	5.65%
Revolving Credit Facility, secured by five properties , Maturity Date	July 2,019
Revolving Credit Facility, secured by five properties , Amount Due at Maturity	$ 45,370,000
Revolving Credit Facility	45,370,000	$ 0
Less: Deferred financing costs	(845,275)
Total mortgage payable, net	$ 44,524,725	$ 0

Mortgage payable, net (Details

Mortgage payable, net (Details 1)	Sep. 30, 2016USD ($)
Principal maturities , Remainder of 2016	$ 0
Principal maturities , Repayments of Principal in 2017	0
Principal maturities , Repayments of Principal in 2018	0
Principal maturities , Repayments of Principal in 2019	45,370,000
Principal maturities , Repayments of Principal in 2020	0
Principal maturities , Repayments of Principal Thereafter	0
Principal maturities	45,370,000
Less: Deferred financing costs	(845,275)
Total mortgage payable, net	$ 44,524,725

Mortgage payable, net (Detail29

Mortgage payable, net (Details Textual) - Revolving Credit Facility [Member] $ in Millions	Jul. 13, 2016USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 60
Line of Credit Facility, Interest Rate Description	Libor plus 4.95%
Line Of Credit Facility Current Borrowing Capacity Percentage	65.00%
Proceeds from Lines of Credit	$ 45.4
Line of Credit Facility, Remaining Borrowing Capacity	14.6
Repayments of Long-term Debt	$ 14.4

Selling Commissions, Dealer M30

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Selling Commission, Dealer Manager Fees and Other Offering Costs [Line Items]
Selling commissions and dealer manager fees	$ 2,861,775	$ 809,752	$ 5,589,904	$ 1,877,367
Other offering costs	$ (12,524)	$ 524,175	$ 478,963	$ 1,498,048

Selling Commissions, Dealer M31

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Selling Commission, Dealer Manager Fees and Other Offering Costs [Line Items]
Selling commissions and dealer manager fees	$ 9
Debt Related Commitment Fees and Debt Issuance Costs	$ 4.5

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	May 15, 2015	May 02, 2016	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Business Combination, Acquisition Related Costs			$ 661,283		$ 44,918	$ 554,489	$ 1,860,549
Due to Related Parties			0				0		$ 1,159,314
Debt Related Commitment Fees and Debt Issuance Costs							4,500,000
Revolving Promissory Note Durham [Member]
Related Party Transaction [Line Items]
Loan Processing Fee							43,433
Interest Expense, Related Party							151,751
Des Moines Promissory Note [Member]
Related Party Transaction [Line Items]
Loan Processing Fee				$ 100,000			54,167	$ 10,000,000
Interest Expense, Debt				98,750				289,658
Lansing Promissory Note [Member]
Related Party Transaction [Line Items]
Loan Processing Fee							80,000
Green Bay Promissory Note [Member]
Related Party Transaction [Line Items]
Loan Processing Fee							145,000
Advisor [Member]
Related Party Transaction [Line Items]
Business Combination, Acquisition Related Costs			593,000	0			1,000,000	269,000
Sponsor [Member]
Related Party Transaction [Line Items]
General Insurance Expense			104,648	0			$ 143,768	20,870
Sponsor [Member] | Partnership Interest [Member]
Related Party Transaction [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest							50.00%
Lightstone II [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Debt Instrument, Term	1 year
Lightstone II [Member] | Revolving Promissory Note Durham [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 13,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Payments of Debt Issuance Costs	$ 130,000
Notes Payable, Related Parties									2,100,000
Interest Expense, Related Party				$ 173,748				271,940
Debt Instrument, Term	1 year
Debt Instrument, Description of Variable Rate Basis	three-month
Debt Issuance Costs, Net									51,667
Lightstone II [Member] | Lansing Promissory Note [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 8,000,000	6,000,000				$ 6,000,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Payments of Debt Issuance Costs		$ 80,000
Interest Expense, Related Party			81,483				161,428
Lightstone II [Member] | Green Bay Promissory Note [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,200,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Payments of Debt Issuance Costs		$ 145,000
Interest Expense, Related Party			$ 147,228				248,635
Advisors And Affiliated Entities [Member]
Related Party Transaction [Line Items]
Due to Related Parties									$ 1,200,000
Debt Related Commitment Fees and Debt Issuance Costs							88,010
Noninterest Expense Offering Cost							36,298	$ 83,728
Repayments of Related Party Debt							$ 1,300,000

Financial Instruments (Details

Financial Instruments (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Mortgage payable	$ 44,524,725	$ 0

Distributions (Details Textual)

Distributions (Details Textual) - USD ($)	Nov. 14, 2016	Sep. 30, 2016	Sep. 30, 2015	Jul. 25, 2016
Distributions [Line Items]
Distribution paid		$ 1,735,118	$ 287,262
Discounted price per share				$ 10
Value of common stock issued pursuant to Distribution Reinvestment Program		1,043,898
Distribution declared	Aug. 14, 2016
Net Cash Provided by (Used in) Operating Activities, Continuing Operations		2,877,083	$ 579,486
Subsequent Event [Member]
Distributions [Line Items]
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
Distribution declared	Nov. 14, 2016
Dividend Paid [Member]
Distributions [Line Items]
Distribution paid		$ 1,356,109
Shares of common stock issued pursuant to Distribution Reinvestment Program		68,153
Discounted price per share		$ 9.50
Value of common stock issued pursuant to Distribution Reinvestment Program		$ 647,455
Percentage Of Distribution Paid From Issuance Of Common Stock Through DRIP		48.00%
Net Cash Provided by (Used in) Operating Activities, Continuing Operations		$ 708,655
Percentage Of Distribution Paid From Operations Proceeds		52.00%

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	Oct. 07, 2016	Oct. 05, 2016
Lightstone II [Member] | Home 2 Suites Hotel Portfolio [Member]
Subsequent Event [Line Items]
Aggregate purchase price	$ 100,000
Proceeds from Issuance Initial Public Offering	$ 10,000,000
Business Acquisition Fee, Percentage	1.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses and Interest in Affiliates	$ 10,000,000
Subsequent Event [Member] | Home 2 Suites Hotel Portfolio [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount		$ 28,400,000
Debt Instrument, Interest Rate, Stated Percentage		4.73%