Lightstone Value Plus REIT III (LVVR) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 15, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		12.9

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Investment property:
Land and improvements	$ 22,283,209	$ 2,205,864
Building and improvements	103,080,704	22,258,087
Furniture and fixtures	15,133,479	2,501,282
Construction in progress	130,249	1,175,110
Gross investment property	140,627,641	28,140,343
Less accumulated depreciation	(3,862,125)	(731,289)
Net investment property	136,765,516	27,409,054
Cash	55,064,507	6,747,401
Deposits	851,441	1,000,000
Accounts receivable and other assets	2,634,675	459,105
Total Assets	195,316,139	35,615,560
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	2,684,346	1,285,160
Mortgages payable	86,870,343	0
Revolving promissory notes payable, net - related party	0	2,003,614
Due to related parties	109,532	1,159,314
Distributions payable	583,113	188,253
Total liabilities	90,247,334	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, 11,656,877 and 4,009,656 shares issued and outstanding, respectively	116,569	40,097
Additional paid-in-capital	99,309,774	32,081,648
Subscription receivable	(105,000)	(344,371)
Accumulated deficit	(6,345,110)	(1,499,970)
Total Company stockholders' equity	92,976,233	30,277,404
Noncontrolling interests	12,092,572	701,815
Total Stockholders' Equity	105,068,805	30,979,219
Total Liabilities and Stockholders' Equity	$ 195,316,139	$ 35,615,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	11,656,877	4,009,656
Common Stock, shares outstanding	11,656,877	4,009,656

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenues	$ 22,551,234	$ 6,203,341
Expenses:
Property operating expenses	13,111,144	3,685,843
Real estate taxes	926,424	251,400
General and administrative costs	2,869,290	946,228
Depreciation and amortization	3,184,298	746,492
Total operating expenses	20,091,156	5,629,963
Operating income	2,460,078	573,378
Interest expense	(2,499,238)	(904,302)
Other expense, net	(73,862)	(9,306)
Net loss	(113,022)	(340,230)
Less: net (income)/loss attributable to noncontrolling interests	(7)	44
Net loss applicable to Company's common shares	$ (113,029)	$ (340,186)
Net loss per Company's common shares, basic and diluted	$ (0.01)	$ (0.20)
Weighted average number of common shares outstanding, basic and diluted	7,865,348	1,675,534

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Shares [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	$ 0	$ (145,196)	$ 1,975
BALANCE, shares at Dec. 31, 2014		286,674
Net (loss)/income	(340,230)	$ 0	0	0	(340,186)	(44)
Distributions declared	(1,014,588)	0	0	0	(1,014,588)	0
Distributions paid to noncontrolling interests	(116)	0	0	0	0	(116)
Contributions from noncontrolling interests	700,000	0	0	0	0	700,000
Proceeds from offering	36,240,503	$ 36,887	36,547,987	(344,371)	0	0
Proceeds from offering, shares		3,688,657
Selling commissions and dealer manager fees	(3,377,887)	$ 0	(3,377,887)	0	0	0
Other offering costs	(1,870,078)	0	(1,870,078)	0	0	0
Shares issued from distribution reinvestment program	326,089	$ 343	325,746	0	0	0
Shares issued from distribution reinvestment program, Shares		34,325
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 (loss)/income	(113,022)	$ 0	0	0	(113,029)	7
Distributions declared	(4,732,111)	0	0	0	(4,732,111)	0
Distributions paid to noncontrolling interests	(120)	0	0	0	0	(120)
Contributions from noncontrolling interests	11,390,870	0	0	0	0	11,390,870
Proceeds from offering	73,903,459	$ 74,951	73,589,137	239,371	0	0
Proceeds from offering, shares		7,495,057
Selling commissions and dealer manager fees	(7,008,694)	$ 0	(7,008,694)	0	0	0
Other offering costs	(770,493)	0	(770,493)	0	0	0
Shares issued from distribution reinvestment program	1,762,881	$ 1,865	1,761,016	0	0	0
Shares issued from distribution reinvestment program, Shares		186,522
Redemption and cancellation of shares	(343,184)	$ (344)	(342,840)	0	0	0
Redemption and cancellation of shares, shares		(34,358)
BALANCE at Dec. 31, 2016	$ 105,068,805	$ 116,569	$ 99,309,774	$ (105,000)	$ (6,345,110)	$ 12,092,572
BALANCE, shares at Dec. 31, 2016		11,656,877

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (113,022)	$ (340,230)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,184,298	746,492
Amortization of deferred financing costs	463,318	178,333
Other non-cash adjustments	19,334	13,029
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(1,350,571)	(175,260)
Increase in accounts payable and other accrued expenses	1,456,349	271,992
Increase in due to related parties	11,305	3,561
Net cash provided by operating activities	3,671,011	697,917
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(112,261,759)	(27,211,839)
Funding of restricted escrows	(721,101)	(1,000,000)
Net cash used in investing activities	(112,982,860)	(28,211,839)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgages payable	88,096,000	0
Payments on mortgages payable	(68,120)	0
Proceeds from revolving promissory notes payable - related party	24,200,000	20,200,000
Payments on revolving promissory notes payable - related party	(26,255,281)	(18,144,719)
Payment of loan fees and expenses	(1,569,187)	(230,000)
Proceeds from issuance of common stock	73,903,459	36,240,503
Payment of commissions and offering costs	(9,151,111)	(5,042,125)
Proceeds from noncontrolling interests	11,390,870	0
Distributions to noncontrolling interests	(120)	(116)
Distributions to common stockholders	(2,574,371)	(500,246)
Redemption and cancellation of common shares	(343,184)	0
Net cash provided by financing activities	157,628,955	32,523,297
Net change in cash	48,317,106	5,009,375
Cash, beginning of year	6,747,401	1,738,026
Cash, end of year	55,064,507	6,747,401
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	1,650,513	719,741
Distributions declared, but not paid	583,113	188,253
Commissions and other offering costs accrued but not paid	109,540	420,377
Subscription receivable	105,000	344,371
Value of shares issued from distribution reinvestment program	1,762,881	326,089
Application of deposit to acquisition of investment property	869,660	500,000
Contribution of non-controlling interest received as offset to due to affiliate	0	700,000
Investment property acquired but not paid	$ 0	$ 296,040

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization [Abstract]
Organization	Organization Lightstone Value Plus Real Estate Investment Trust III, Inc. (‘‘Lightstone REIT III’’), incorporated on October 5, 2012 Through December 31, 2016, t he Company has acquired nine wholly-owned hotels and it will continue to seek to acquire additional hotels and other commercial real estate assets 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. 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. Offering and Structure Our sponsor David Lichtenstein (“Lichtenstein”), who does business as the Lightstone Group (the “Sponsor”) and majority owns the limited liability company of that name with a diversified portfolio of over 120 10,000 250,000 1.5 31 4.6 Our advisor is Lightstone Value Plus REIT III LLC (the “Advisor”), which is majority owned by our Sponsor. Our Advisor, together with our board of directors (the “Board of Directors”), is and will continue to be primarily responsible for making investment decisions and managing our day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP III LLC, which has subordinated participation interests in the Operating Partnership. 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. We do not have and will not have any employees that are not also employed by our Sponsor or its affiliates. We depend substantially on our Advisor, which generally has responsibility for our day-to-day operations. Under the terms of the advisory agreement, the Advisor also undertakes to use its reasonable best efforts to present to us investment opportunities consistent with our investment policies and objectives as adopted by our Board of Directors. Orchard Securities, LLC (the ‘‘Dealer Manager’’), a broker-dealer registered with FINRA, serves as the dealer manager of the Company’s public offering. The Dealer Manager Our Sponsor has various majority owned and controlled affiliated property managers, which may manage certain of the properties we acquire. However, we also contract with other unaffiliated third-party property managers, principally for the management of our hospitality properties. Our registration statement on Form S-11 (the “Offering”), pursuant to which we are offering to sell up to 30.0 0.01 10.00 10.0 9.50 As of December 31, 2016, we had received aggregate gross proceeds of approximately $ 112.8 11.5 2.0 9.00 The Company initially expected to offer the Common Shares offered in its Primary Offering over a two-year period, or until July 15, 2016. However, because the Company had not sold all the Common Shares offered in its Primary Offering within two years, the Company will continue the Primary Offering for an additional year, until July 15, 2017, provided that the Offering will be terminated if all 30.0 As of December 31, 2016, our Advisor owned 20,000 200,000 10.00 As of December 11, 2014, we had reached the minimum offering under our Offering by receiving subscriptions of our Common Shares, representing gross offering proceeds of approximately $ 2.0 112.8 Our shares of common stock are not currently listed on a national securities exchange. We may seek to list our shares of common stock for trading on a national securities exchange only if a majority of our independent directors believe listing would be in the best interest of our stockholders. We do not intend to list our shares of common stock at this time. We do not anticipate that there would be any market for our shares of common stock until they are listed for trading. In the event we do not begin the process of achieving a liquidity event prior to the eighth anniversary of the termination of our Offering, our charter requires either (a) an amendment to our 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 our portfolio. Noncontrolling Interests Partners of Operating Partnership On July 16, 2014, our Advisor contributed $ 2,000 200 Lightstone REIT III invested the proceeds received from the Offering and its Advisor in the Operating Partnership, and as a result, held a 99 Special Limited Partner 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 (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. Through December 31, 2016, the Special Limited Partner has purchased an aggregate of approximately 242 12.1 228 11.4 Related Parties Our Advisor and its affiliates and the Special Limited Partner are related parties of the Company. Certain of these entities have or will receive compensation for services related to the Offering 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 our offering, acquisition and operational stages are based on percentages of the offering proceeds sold, 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 6 – Related Party Transactions for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which Lightstone REIT III exercises financial and operating control). As of December 31, 2016, the Company had a 99 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and 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. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method. Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Accounting for Acquisitions When the Company makes an investment in real estate, the fair value of the real estate acquired will be allocated to the acquired tangible assets, consisting of land, building and improvements, furniture and fixtures and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, acquired in-place leases, and the value of tenant relationships, based in each case on their fair values. Purchase accounting will be applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions will be expensed as incurred and recorded in general and administrative costs in the consolidated statements of operations. Transaction costs incurred related to the Company’s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, will be capitalized as part of the cost of the investment. Upon the acquisition of real estate operating properties, the Company will estimate the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. Based on these estimates, the Company will evaluate the existence of goodwill or a gain from a bargain purchase and will allocate the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation. The allocations will be finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. Carrying Value of Assets The amounts to be capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets will be depreciated or amortized, will be determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets may be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation Management will evaluate the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets will be tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss will be recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company will evaluate the long-lived assets for potential impairment on an annual basis and record an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value will be based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, may be substantial. Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture and fixtures. Maintenance and repairs will be charged to expense as incurred. We will evaluate investments in other entities for consolidation. We will consider the percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining if the investment qualifies for consolidation. Under Under the cost method of accounting, the investment will be recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity will be recorded as interest income. On a quarterly basis, we will assess whether the value of our investments in unconsolidated entities has been impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If we determine that a decline in the value of a partially owned entity is other than temporary, we will record an impairment charge. We will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan. The Company elected to qualify and be taxed as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2015. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90 The Company engages in certain activities through taxable REIT subsidiaries ("TRSs"). When the Company purchases a hotel it establishes a TRS and enters into an operating lease agreement for the hotel. As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2016 and 2015, we had no material uncertain income tax positions. Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income. Additionally, even if the Company qualifies as a REIT, it may still be subject to some U.S. federal, state and local taxes on its income and property and to U.S. federal income taxes and excise taxes on its undistributed income. To maintain our qualification as a REIT, we may engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we will be subject to U.S. federal and state income and franchise taxes from these activities. Selling Commission, Dealer Manager Fees and Organization and Offering Costs Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses 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. Any organization costs are expensed as general and administrative costs. Through December 31, 2016, the Company has incurred approximately $ 10.4 4.8 15.2 The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash. Net earnings per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Diluted earnings per share takes into account the effect of any dilutive instruments. The Company had no potentially dilutive securities outstanding during the periods presented. The carrying amounts of cash, accounts receivable (included in other assets) and accounts payable and other accrued expenses approximate their fair values because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of December 31, 2016 Estimated Fair Carrying Amount Value Mortgages payable $ 88,027,880 $ 87,252,072 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates. As of December 31, 2015, the estimated fair value of our revolving promissory notes payable – related party approximated its carrying value ($ 2.1 In January 2017, the issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. In January 2017, FASB issued guidance that amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force meetings. The SEC guidance that specifically relates to our consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue and leases. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The adoption this guidance did not have a material effect on the Company's consolidated financial statements. In August 2016, the issued FASB an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. This guidance will not have a material impact on the Company’s consolidated financial statements. 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 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 In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions 2015 Acquisitions: 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 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 Courtyard – Durham On May 15, 2015, the Company completed the acquisition of a 146-room select service hotel located in Durham, North Carolina (the “Courtyard – Durham”) from an unrelated third party, for an aggregate purchase price of $ 16.0 1.0 0.2 4.0 12.0 13.0 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 2016 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 portfolio 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 an 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 Staybridge Suites – Austin On October 7, 2016, the Company completed the acquisition of an 80-room select service hotel located in Austin, Texas (the “Staybridge Suites – Austin”) from an unrelated third party, for an aggregate purchase price of approximately $ 10.0 1.0 100,000 The acquisition of the Staybridge Suites – 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 Staybridge Suites – Austin has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 1.9 6.7 1.4 The capitalization rate for the acquisition of the Staybridge Suites – Austin was approximately 9.4 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, Courtyard – Durham, Hampton Inn – Lansing, Courtyard – Warwick, SpringHill Suites – Green Bay, Home2 Suites Hotel Portfolio, Fairfield Inn – Austin and Staybridge Suites – Austin since their respective dates of acquisition for the period indicated: For the Years Ended December 31, 2016 2015 Rental revenue $ 22,551,234 $ 6,203,341 Net income $ 618,623 $ 4,244 The following table provides unaudited pro forma results of operations for the periods indicated, as if the Hampton Inn – Des Moines, Courtyard – Durham, Hampton Inn – Lansing, Courtyard – Warwick, SpringHill Suites – Green Bay, Home2 Suites Hotel Portfolio, Fairfield Inn – Austin and Staybridge Suites – Austin 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 Years Ended December 31, 2016 2015 Pro forma rental revenue $ 34,445,574 $ 30,832,283 Pro forma net income (1) $ 1,247,195 $ 4,686,920 Pro forma net income per Company's common share, basic and diluted (1) $ 0.16 $ 2.80 (1) Includes acquisition fees and acquisition-related expenses aggregating $ 2,152,938 597,327

Mortgages payable, net

Mortgages payable, net	12 Months Ended
	Dec. 31, 2016
Loans Payable [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	4. Mortgages payable, net Weighted Average Interest Rate as of As of As of Interest December 31, Maturity Amount Due December 31, December 31, Description Rate 2016 Date at Maturity 2016 2015 Revolving Credit Facility, secured by seven properties LIBOR + 4.95% 5.95 % July 2019 $ 59,696,000 $ 59,696,000 - Promissory Note, secured by two properties 4.73% 4.73 % October 2021 26,127,572 $ 28,331,880 Total mortgages payable 5.56 % $ 85,823,572 $ 88,027,880 $ - Less: Deferred financing costs (1,157,537) Total mortgage payable, net $ 86,870,343 $ - Principal Maturities 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 424,252 $ 445,052 $ 60,162,871 $ 486,092 $ 26,509,613 $ - $ 88,027,880 Less: Deferred financing costs (1,157,537) Total principal maturiteis, net $ 86,870,343 On July 13, 2016, the Company, through certain subsidiaries, entered into a $ 60.0 Libor plus 4.95% 65.0 45.4 14.3 59.7 0.3 On October 5, 2016, the Company entered into a promissory note (the “Promissory Note”) for $ 28.4 4.73 The Promissory Note is cross-collateralized by two hotel properties (Home2 Suites – Tukwila and Home2 Suites – Salt Lake City) Debt Compliance Pursuant to the Company’s debt agreements, approximately $ 0.9

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2016
Stockholder's Equity [Abstract]
Stockholder's Equity	5 . Stockholder’s Equity Preferred Stock The Company’s charter authorizes its board of directors to designate and issue one or more classes or series of preferred stock without approval of the stockholders of Common Shares. On July 11, 2014, the Company amended and restated its charter to authorize the issuance of 50,000,000 Common Shares All of the common stock being offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the restrictions on ownership and transfer of stock contained in the Company’s charter and except as may otherwise be specified in the charter, the holders of Common Shares are entitled to one vote per Common Share on all matters submitted to a stockholder vote, including the election of the Company’s directors. There is no cumulative voting in the election of directors. Therefore, the holders of a majority of outstanding Common Shares can elect the Company’s entire board of directors. Except as the Company’s charter may provide with respect to any series of preferred stock that the Company may issue in the future, the holders of Common Shares will possess exclusive voting power. Holders of the Company’s Common Shares will be entitled to receive such distributions as authorized from time to time by the Company’s board of directors and declared out of legally available funds, subject to any preferential rights of any preferred stock that the Company issues in the future. In any liquidation, each outstanding Common Share entitles its holder to share (based on the percentage of Common Shares held) in the assets that remain after the Company pays its liabilities and any preferential distributions owed to preferred stockholders. Holders of Common Shares do not have preemptive rights, which means that there is no automatic option to purchase any new Common Shares that the Company issues, nor do holders of Common Shares have any preference, conversion, exchange, sinking fund or redemption rights. Holders of Common Shares will not have appraisal rights unless the board of directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to a particular transaction or all transactions occurring after the date of such determination in connection with which holders of such Common Shares would otherwise be entitled to exercise appraisal rights. Common Shares will be nonassessable by the Company upon its receipt of the consideration for which the board of directors authorized its issuance. On July 11, 2014, the Company amended and restated its charter to authorize the issuance of 200,000,000 Distributions U.S. federal income tax law requires that a REIT distribute annually at least 90 Distributions are at the discretion of our Board of Directors. We may pay such distributions from the sale of shares of our common stock or borrowings if we do not generate sufficient cash flow from our operations to fund distributions. Our ability to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish. We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. “Return of capital” refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, but only to the extent of a stockholder’s adjusted tax basis in our shares, although such distributions might not reduce stockholders’ aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes. On January 14, 2015 0.00164383 365 6.0 10.00 March 15, 2015 Total distributions declared during the years ended December 31, 2016 and 2015 were $ 4.7 1.0 Distribution Payments On November 15, 2016 1.7 79,794 9.50 793,928 48 101,569 6 758,041 46 Distribution Declaration On March 27, 2017, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending June 30, 2017. The distributions will be calculated based on shareholders of record at a rate of $ 0.00164383 365 6.0 10.00 The amount of distributions to be paid to our stockholders in the future will be determined by our Board of Directors and are dependent on a number of factors, including funds available for payment of distributions, our financial condition, capital expenditure requirements and annual distribution requirements needed to maintain our status as a REIT under the Code.

Related Party and Other Transac

Related Party and Other Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party and Other Transactions	6. Related Party and Other Transactions The Company has agreements with the Dealer Manager, the Advisor and its affiliates and the Special Limited Partner pursuant to which is has and/or will pay certain fees and liquidation distributions in exchange for services performed or consideration given by these entities and other affiliated entities. The following table summarizes all the compensation and fees the Company may pay to the Dealer Manager, the Advisor and its affiliates, including amounts to reimburse their costs in providing services. The Special Limited Partner has committed to contribute to the Operating Partnership cash or interests in real property in exchange for Subordinated Participation Interests in the Operating Partnership that may entitle the Special Limited Partner to subordinated distribution as described in the table below. Organization and Offering Stage Fees Amount Selling Commissions The Dealer Manager receives selling commissions in an amount of up to 7 21.0 30.0 7.0 2.0 1.0 3.0 1.0 10.0 7.1 Fees Amount Dealer Manager Fee The Dealer Manager receives a dealer manager fee in an amount of up to 3 9.0 30.0 3.3 Organization and Offering Expenses The Company reimburses the Advisor for all organization and offering expenses in connection with our offering, other than the selling commissions and dealer manager fee. The Company expects that such organization and offering expenses, other than selling commissions and dealer manager fee, will amount to approximately 2.0 15.0 4.8 Operational Stage Fees Amount Acquisition Fee The Company pays to the Advisor or its affiliates 1.0 1.0 1.4 ‘‘Contract purchase price’’ or the ‘‘amount advanced for a loan or other investment’’ means the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property, the amount of funds advanced with respect to a mortgage, or the amount actually paid or allocated in respect of the purchase of other real estate-related assets, in each case inclusive of any indebtedness assumed or incurred in respect of such asset but exclusive of acquisition fees and acquisition expenses. Fees Amount Acquisition Expenses The Company reimburses the Advisor for expenses actually incurred related to selecting or acquiring assets on the Company’s behalf, regardless of whether the Company actually acquires the related assets. In addition, the Company pays third parties, or reimburses the Advisor or its affiliates, for any investment-related expenses due to third parties, including, but not limited to legal fees and expenses, travel and communications expenses, cost of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses and title insurance premiums, regardless of whether the Company acquires the related assets. The Company estimates that total acquisition expenses (including those paid to third parties, as described above) will be approximately 0.6 0.6 5 5 Construction Management Fee The Company expects to engage affiliates of the Advisor to provide construction management services for some of its properties. The Company will pay a construction management fee in an amount of up to 5 Fees Amount Asset Management Subordinated Participation The following description of the asset management subordinated participation will apply until the date on which the initial public offering has ended and the Company has invested substantially all the net proceeds therefrom. Within 30 days after the end of each calendar quarter (subject to the approval of the Company’s board of directors), the Company, as the general partner of the Operating Partnership, will pay an asset management subordinated participation by issuing a number of operating partnership units designated as Class B units of the Operating Partnership (‘‘Class B Units’’) to the Advisor equal to: (i) the cost of the Company’s assets multiplied by 0.1875%; divided by (ii) the value of one Common Share as of the last day of such calendar quarter, which is equal initially to $9.00 (the primary offering price minus selling commissions and dealer manager fees). The fair value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition (described below) to be probable. The Advisor will be entitled to receive distributions on the vested and unvested Class B Units it receives in connection with its asset management subordinated participation at the same rate as distributions received on the Common Shares; such distributions will be in addition to the incentive fees and distributions the Advisor and its affiliates may receive from the Company, which consist of the annual subordinated performance fee payable to the Advisor and the liquidation distributions payable to the Special Limited Partner. Class B Units are subject to forfeiture until such time as: (a) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the ‘‘economic hurdle’’; (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Common Shares on a national securities exchange; (ii) a transaction to which the Company or the Operating Partnership shall be a party, as a result of which OP Units or Common Shares shall be exchanged for or converted into the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause; and (c) the Advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company’s independent directors after the economic hurdle described above has been met. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated for any reason other than a termination without cause. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated without cause by an affirmative vote of a majority of the Company’s board of directors before the economic hurdle described above has been met. From the Company’s inception through December 31, 2016, there has been no asset management subordinated participation approved by the Company’s board of directors. Fees Amount Asset Management Fee The following description of the asset management fee will apply beginning on the date on which the initial public offering has ended and the Company has invested substantially all the net proceeds therefrom. The Company will pay the Advisor or its assignees a monthly asset management fee equal to one-twelfth (1/12) of 0.75 Property Management Fees Property management fees with respect to properties managed by affiliates of the Advisor are payable monthly in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of property managers in such area. The affiliates of the Advisor may subcontract the performance of their duties to third parties. The Company reimburses the affiliates of the Advisor for costs and expenses, which may include personnel costs for on-site personnel providing direct services for the properties and for roving maintenance personnel to the extent needed at the properties from time to time, and the cost of travel and entertainment, printing and stationery, advertising, marketing, signage, long distance phone calls and other expenses that are directly related to the management of specific properties. Notwithstanding the foregoing, the Company will not reimburse the affiliates of the Advisor for their general overhead costs or, other than as set forth above, for the wages and salaries and other employee-related expenses of their employees. In addition, the Company will pay the affiliates of the Advisor a separate fee for the one- time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. From the Company’s inception through December 31, 2016, no property management fees or separate fees have been incurred. Operating Expenses Commencing 12 months after the commencement of the Offering, the Company reimburses the Advisor’s costs of providing administrative services at the end of each fiscal quarter, subject to the limitation that the Company will not reimburse the Advisor (except in limited circumstances) for any amount by which the total operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (i) 2 25 Additionally, the Company reimburses the Advisor or its affiliates for personnel costs in connection with other services; however, the Company will not reimburse the Advisor for (a) services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, or (b) the salaries and benefits of the named executive officers. From the Company’s inception through December 31, 2016, none of these costs have been reimbursed. Fees Amount Financing Coordination Fee If the Advisor provides services in connection with the financing of an asset, assumption of a loan in connection with the acquisition of an asset or origination or refinancing of any loan on an asset, the Company will pay the Advisor or its assignees a financing coordination fee equal to 0.75 Liquidation/Listing Stage Fees Amount Real Estate Disposition Commissions For substantial services in connection with the sale of a property, the Company will pay to the Advisor or any of its affiliates a real estate disposition commission in an amount equal to the lesser of (a) one-half of a real estate commission that is reasonable, customary and competitive in light of the size, type and location of the property and (b) 2.0 provided however 6.0 Annual Subordinated Performance Fee The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of the annual return to holders of Common Shares, payable annually in arrears, such that for any year in which holders of Common Shares receive payment of a 6.0 15.0 provided 10.0 provided, further, For purposes of the annual subordinated performance fee, “net investment” means $ 10.00 From the Company’s inception through December 31, 2016, no annual subordinated performance fees have been incurred. Fees Amount Liquidation Distributions to the Special Limited Partner Distributions from the Operating Partnership in connection with its liquidation initially will be made to the Company (which the Company will distribute to holders of Common Shares), until holders of Common Shares have received liquidation distributions from the Operating Partnership equal to their respective net investments plus a cumulative, pre-tax, non-compounded annual return of 6.0% on their respective net investments. Thereafter, the Special Limited Partner will be entitled to receive liquidation distributions from the Operating Partnership until it has received liquidation distributions from the Operating Partnership equal to its net investment plus cumulative, pre-tax, non-compounded annual return of 6.0% on its net investment. Thereafter, 85.0 15.0 With respect to holders of Common Shares, “net investment” means $10.00 per Common Share, less a pro rata share of any proceeds received from the sale, other disposition or refinancing of assets. With respect to the Special Limited Partner, “net investment” means the value of all contributions of cash or property the Special Limited Partner has made to the Operating Partnership in consideration for its subordinated participation interests, measured as of the respective times of contribution, less a pro rata share of any proceeds received from the sale, other disposition or refinancing of assets. From the Company’s inception through December 31, 2016, no liquidation distributions have been made. The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Years Ended December 31, 2016 2015 Selling commissions and dealer manager fees $ 7,008,694 $ 3,377,887 Other offering costs $ 770,493 $ 1,870,078 Since commencement of its Offering through December 31, 2016, the Company has incurred $ 10.4 4.8 No amounts were paid to the affiliates of the Advisor for property management services for the years ended December 31, 2016 and 2015. Revolving promissory notes payable, net – related party With the Company's acquisitions of the Hampton Inn – Des Moines, the Courtyard – Durham, the Hampton Inn – Lansing and the SpringHill Suites – Green Bay, the Company entered into various related party promissory notes payable. See Note 3 for details. Des Moines Promissory Note On February 4, 2015, the Company entered into the Des Moines Promissory Note with the operating partnership of Lightstone II. The Des Moines Promissory Note had a term of one year, bore interest at a floating rate of three-month Libor plus 6.0% 100,000 During the year ended December 31, 2015, the Company incurred interest expense of $ 421,651 91,667 8,333 February 4, 2016 Durham Promissory Note On May 15, 2015, the Company entered into the Durham Promissory Note with the operating partnership of Lightstone II. The Durham Promissory Note had a term of one year, bore interest at a floating rate of three-month Libor plus 6.0 130,000 On March 1, 2016, the Company took additional borrowings on the note of $ 8 2.1 51,667 During the year ended December 31, 2015, the Company incurred interest expense of $ 482,651 86,667 151,751 43,333 Lansing Promissory Note On May 2, 2016, the Company entered into an $ 8.0 6.0 80,000 During the year ended December 31, 2016, the Company incurred interest expense of $ 161,428 80,000 Green Bay Promissory Note On May 2, 2016, the Company entered into the Green Bay Promissory Note with the operating partnership Lightstone II. The Green Bay Promissory Note had a term of one year (with an option for an additional year), bore interest at a floating rate of three-month Libor plus 6.0 145,000 During the year ended December 31, 2016, the Company incurred interest expense of $ 284,635 145,000 Due to related parties and other transactions In addition to certain agreements with the Sponsor (see Note 1) and Dealer Manager, 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, 2016 and 2015, the Company owed the Advisor and its affiliated entities an aggregate of $ 109,532 1.2 36,298 403,589 During the years ended December 1.1 269,000 During the years ended December 31, 201 6 19,847 0 From time to time, the Company may purchase title insurance from an agent in which its Sponsor owns a 50 154,000 21,000

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Management Agreements The Company’s hotels operate pursuant to management agreements with various third-party management companies. The management companies perform management functions including, but not limited to, hiring and supervising employees, establishing room prices, establishing administrative policies and procedures, managing expenditures and arranging and supervising public relations and advertising. The Management Agreements are for terms ranging from 1 year to 10 years however, the agreements can be cancelled for any reason by the Company after giving sixty days notice after the one year anniversary of the commencement of the agreements. The Management Agreements provide for the payment of a base management fee equal to 3 3.5 Franchise Agreements As of December 31, 2016, the Company’s hotels operated pursuant to franchise agreements. Under the franchise agreements, the Company generally pays a fee equal to 3 5.5 2.0 2.5 marketing fund charge are The franchise agreements are for terms ranging from 15 years to 20 years, expiring between 2028 and 2034. Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Quarterly Financial Data	8. Quarterly Financial Data (Unaudited) 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 22,551,234 $ 8,002,767 $ 7,623,494 $ 4,953,528 $ 1,971,445 Operating income/(loss) $ 2,460,078 $ 865,200 $ 1,479,384 $ 425,788 $ (310,294) Net (loss)/income $ (113,022) $ (429,371) $ 580,516 $ 137,444 $ (401,611) Less (income)/loss attributable to noncontrolling interests $ (7) $ 5 $ (14) $ (8) $ 10 Net (loss)/income applicable to Company's common shares $ (113,029) $ (429,366) $ 580,502 $ 137,436 $ (401,601) Net (loss)/income per common share, basic and diluted $ (0.01) $ (0.04) $ 0.06 $ 0.02 $ (0.08) 2015 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 6,203,341 $ 1,860,740 $ 2,168,262 $ 1,620,917 $ 553,422 Operating income/(loss) $ 573,378 $ 196,459 $ 450,803 $ 46,076 $ (119,960) Net (loss)/income $ (340,230) $ (31,724) $ 122,075 $ (213,953) $ (216,628) Less loss/(income) attributable to noncontrolling interests 44 (4) (25) 39 34 Net (loss)/income applicable to Company's common shares $ (340,186) $ (31,728) $ 122,050 $ (213,914) $ (216,594) Net (loss)/income per common share, basic and diluted $ (0.20) $ (0.01) $ 0.06 $ (0.19) $ (0.41)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events The Cove Transaction On January 31, 2017, the Company, through a subsidiary of the Operating Partnership, REIT III COVE LLC (“REIT III Cove”) and REIT IV COVE LLC (“REIT IV Cove”), 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, collectively, the “Assignees”, entered into an Assignment and Assumption Agreement (the “Assignment”) with another of the Lightstone IV’s wholly owned subsidiaries, REIT COVE LLC (the “Assignor”). Under the terms of the Assignment, the Assignees were assigned the rights and obligations of the Assignor with respect to that certain Sale and Purchase Agreement (the “Purchase Agreement”), dated September 29, 2016, made between the Assignor, as the purchaser, LSG Cove LLC (“LSG Cove”), an affiliate of the Sponsor and a related party and Maximus Cove Investor LLC (“Maximus”), an unrelated third party (collectively, the “Buyer”) and an unrelated third party, RP Cove, L.L.C (the “Seller”), pursuant to which the Buyer will acquire the Seller’s membership interest in RP Maximus Cove, L.L.C. (the “Joint Venture”) for approximately $255.0 million. The Joint Venture owns and operates The Cove at Tiburon (“The Cove”), a 281-unit, luxury waterfront multifamily rental property located in Tiburon, California. Prior to entering into the Cove Transaction, Maximus previously owned a separate noncontrolling interest in the Joint Venture. On January 31, 2017, REIT IV Cove, REIT III Cove, LSG Cove, and Maximus (the “Members”) completed the Cove Transaction for aggregate consideration of approximately $ 255.0 80 175 20.0 22.5 The Company’s interest in the Joint Venture is a non-managing interest, because the Company exerts significant influence over but does not control the Joint Venture, it will account for its ownership interest in the Joint Venture in accordance with the equity method of accounting. All distributions of earnings from the Joint Venture will be made on a pro rata basis in proportion to each Members’ equity interest percentage. Any distributions in excess of earnings from the Joint venture will be made to the Members pursuant to the terms of the 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 will commence recording its allocated portion of profit and cash distributions beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Joint Venture. In connection with the closing of the Cove Transaction, the Joint Venture simultaneously entered into a $ 175.0 January 31, 2020 The Loan bears interest at Libor plus 3.85% through its initial maturity and Libor plus 4.15% during each of the extension periods. 43.8 10.9 The Cove is a multi-family complex consisting of 281-units, or 289,690 over 20.1 81.5 4.47 Starting in 2013, approximately $ 38 97 13.4 3.3

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation December 31, 2016 Gross amount at which Initial Cost (A) carried at end of period Buildings and Net Costs Buildings and Improvements Capitalized & Improvements Including Impairments Including Furniture and Subsequent to Land and Furniture and Accumulated Depreciable Encumbrance Land Fixtures and CIP Acquisition Improvements Fixtures and CIP Total (B) Depreciation (C) Date Acquired Life (D) Revolving Credit Facility(1): Hampton Inn - Des Moines $ - $ 1,178,845 $ 9,721,155 $ 2,852,032 $ 1,194,896 $ 12,557,136 $ 13,752,032 $ (770,739) 2/4/2015 (D) Des Moines, Iowa Courtyard - Durham - 1,027,019 14,972,981 94,997 1,027,019 15,067,978 16,094,997 (1,057,464) 5/15/2015 (D) Durham, North Carolina Hampton Inn - Lansing - 417,311 10,082,689 222,278 417,311 10,304,967 10,722,278 (345,498) 3/10/2016 (D) Lansing, Michigan Courtyard - Warwick - 693,601 11,706,399 134,296 693,601 11,840,695 12,534,296 (288,752) 3/23/2016 (D) Warwick, Rhode Island SpringHill Suites - Green Bay - 844,426 17,405,574 17,976 844,426 17,423,550 18,267,976 (497,126) 5/2/2016 (D) Green Bay, Wisconsin Fairfield Inn - Austin - 1,468,636 10,531,364 - 1,468,636 10,531,364 12,000,000 (157,414) 9/13/2016 (D) Austin, Texas Staybridge Suites - Austin - 1,937,591 8,062,409 6,062 1,937,591 8,068,471 10,006,062 (100,968) 10/6/2016 (D) Austin, Texas Unallocated 58,817,791 - - - - - - - Total 58,817,791 7,567,429 82,482,571 3,327,641 7,583,480 85,794,161 93,377,641 (3,217,961) Promissory Note(2): Home2 Suites - Salt Lake City 10,973,622 5,756,344 12,743,656 - 5,756,344 12,743,656 18,500,000 (280,430) 8/2/2016 (D) Salt Lake City, Utah Home2 Suites - Seattle 17,078,930 8,943,385 19,806,615 - 8,943,385 19,806,615 28,750,000 (363,734) 8/2/2016 (D) Seattle, Washington Total 28,052,552 14,699,729 32,550,271 - 14,699,729 32,550,271 47,250,000 (644,164) Total $ 86,870,343 $ 22,267,158 $ 115,032,842 $ 3,327,641 $ 22,283,209 $ 118,344,432 $ 140,627,641 $ (3,862,125) Check - - - - - - Notes: (1) - The Company's Revolving Credit Facility is cross-collateralized by seven hotels. (2) - The Company's Promissory Note is cross-collateralized by two hotels, each of which has an allocated loan amount. Notes to Schedule III: (A) The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) Reconciliation of total real estate owned: For the years ended December 31, 2016 2015 Balance at beginning of year $ 28,140,343 $ - Acquisitions, at cost 110,400,000 26,900,000 Improvements 2,087,298 1,240,343 Balance at end of year $ 140,627,641 $ 28,140,343 (C) Reconciliation of accumulated depreciation: For the years ended December 31, 2016 2015 Balance at beginning of year $ 731,289 $ - Depreciation expense 3,130,836 731,289 Balance at end of year $ 3,862,125 $ 731,289 (D) Depreciation is computed based upon the following estimated lives: Buildings and improvements 39 years Furniture and fixtures 5-10 years

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which Lightstone REIT III exercises financial and operating control). As of December 31, 2016, the Company had a 99 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and 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. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.
Revenue	Revenue Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services.
Investments in Real Estate	Investments in Real Estate Accounting for Acquisitions When the Company makes an investment in real estate, the fair value of the real estate acquired will be allocated to the acquired tangible assets, consisting of land, building and improvements, furniture and fixtures and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, acquired in-place leases, and the value of tenant relationships, based in each case on their fair values. Purchase accounting will be applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions will be expensed as incurred and recorded in general and administrative costs in the consolidated statements of operations. Transaction costs incurred related to the Company’s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, will be capitalized as part of the cost of the investment. Upon the acquisition of real estate operating properties, the Company will estimate the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. Based on these estimates, the Company will evaluate the existence of goodwill or a gain from a bargain purchase and will allocate the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation. The allocations will be finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. Carrying Value of Assets The amounts to be capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets will be depreciated or amortized, will be determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets may be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation Management will evaluate the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets will be tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss will be recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company will evaluate the long-lived assets for potential impairment on an annual basis and record an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value will be based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, may be substantial.
Depreciation and Amortization	Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture and fixtures. Maintenance and repairs will be charged to expense as incurred.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We will evaluate investments in other entities for consolidation. We will consider the percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining if the investment qualifies for consolidation. Under Under the cost method of accounting, the investment will be recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity will be recorded as interest income. On a quarterly basis, we will assess whether the value of our investments in unconsolidated entities has been impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If we determine that a decline in the value of a partially owned entity is other than temporary, we will record an impairment charge.
Deferred Costs	We will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan.
Income Taxes	Income Taxes The Company elected to qualify and be taxed as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2015. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90 The Company engages in certain activities through taxable REIT subsidiaries ("TRSs"). When the Company purchases a hotel it establishes a TRS and enters into an operating lease agreement for the hotel. As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2016 and 2015, we had no material uncertain income tax positions. Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income. Additionally, even if the Company qualifies as a REIT, it may still be subject to some U.S. federal, state and local taxes on its income and property and to U.S. federal income taxes and excise taxes on its undistributed income. To maintain our qualification as a REIT, we may engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we will be subject to U.S. federal and state income and franchise taxes from these activities.
Selling Commission, Dealer Manager Fees and Organization and Offering Costs	Selling Commission, Dealer Manager Fees and Organization and Offering Costs Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses 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. Any organization costs are expensed as general and administrative costs. Through December 31, 2016, the Company has incurred approximately $ 10.4 4.8 15.2
Concentration of Risk	Concentration of Risk The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash.
Basic and Diluted Net Earnings per Common Share	Basic and Diluted Net Earnings per Common Share Net earnings per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Diluted earnings per share takes into account the effect of any dilutive instruments. The Company had no potentially dilutive securities outstanding during the periods presented.
Financial Instruments	Financial Instruments The carrying amounts of cash, accounts receivable (included in other assets) and accounts payable and other accrued expenses approximate their fair values because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of December 31, 2016 Estimated Fair Carrying Amount Value Mortgages payable $ 88,027,880 $ 87,252,072 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates. As of December 31, 2015, the estimated fair value of our revolving promissory notes payable – related party approximated its carrying value ($ 2.1
New Accounting Pronouncements	New Accounting Pronouncements In January 2017, the issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. In January 2017, FASB issued guidance that amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force meetings. The SEC guidance that specifically relates to our consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue and leases. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The adoption this guidance did not have a material effect on the Company's consolidated financial statements. In August 2016, the issued FASB an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. This guidance will not have a material impact on the Company’s consolidated financial statements. 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 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 In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Schedule Of Mortgage Payable [Table Text Block]	The estimated fair value of our mortgages payable is as follows: As of December 31, 2016 Estimated Fair Carrying Amount Value Mortgages payable $ 88,027,880 $ 87,252,072

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 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 included in the Company’s consolidated statements of operations from the Hampton Inn – Des Moines, Courtyard – Durham, Hampton Inn – Lansing, Courtyard – Warwick, SpringHill Suites – Green Bay, Home2 Suites Hotel Portfolio, Fairfield Inn – Austin and Staybridge Suites – Austin since their respective dates of acquisition for the period indicated: For the Years Ended December 31, 2016 2015 Rental revenue $ 22,551,234 $ 6,203,341 Net income $ 618,623 $ 4,244
Schedule of Pro Forma Results of Operations	The following table provides unaudited pro forma results of operations for the periods indicated, as if the Hampton Inn – Des Moines, Courtyard – Durham, Hampton Inn – Lansing, Courtyard – Warwick, SpringHill Suites – Green Bay, Home2 Suites Hotel Portfolio, Fairfield Inn – Austin and Staybridge Suites – Austin 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 Years Ended December 31, 2016 2015 Pro forma rental revenue $ 34,445,574 $ 30,832,283 Pro forma net income (1) $ 1,247,195 $ 4,686,920 Pro forma net income per Company's common share, basic and diluted (1) $ 0.16 $ 2.80 (1) Includes acquisition fees and acquisition-related expenses aggregating $ 2,152,938 597,327

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	12 Months Ended
	Dec. 31, 2016
Loans Payable [Abstract]
Schedule of Debt [Table Text Block]	Mortgages payable, net consisted of the following: Weighted Average Interest Rate as of As of As of Interest December 31, Maturity Amount Due December 31, December 31, Description Rate 2016 Date at Maturity 2016 2015 Revolving Credit Facility, secured by seven properties LIBOR + 4.95% 5.95 % July 2019 $ 59,696,000 $ 59,696,000 - Promissory Note, secured by two properties 4.73% 4.73 % October 2021 26,127,572 $ 28,331,880 Total mortgages payable 5.56 % $ 85,823,572 $ 88,027,880 $ - Less: Deferred financing costs (1,157,537) Total mortgage payable, net $ 86,870,343 $ -
Schedule of Maturities of Long-term Debt [Table Text Block]	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 December 31, 2016: 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 424,252 $ 445,052 $ 60,162,871 $ 486,092 $ 26,509,613 $ - $ 88,027,880 Less: Deferred financing costs (1,157,537) Total principal maturiteis, net $ 86,870,343

Related Party and Other Trans21

Related Party and Other Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Selling Commission, Dealer Manager Fees And Other Offering Costs [Abstract]
Selling Commissions Dealer Manager Fees And Other Offering Costs [Text Block]	The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Years Ended December 31, 2016 2015 Selling commissions and dealer manager fees $ 7,008,694 $ 3,377,887 Other offering costs $ 770,493 $ 1,870,078

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Data	The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2016 and 2015: 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 22,551,234 $ 8,002,767 $ 7,623,494 $ 4,953,528 $ 1,971,445 Operating income/(loss) $ 2,460,078 $ 865,200 $ 1,479,384 $ 425,788 $ (310,294) Net (loss)/income $ (113,022) $ (429,371) $ 580,516 $ 137,444 $ (401,611) Less (income)/loss attributable to noncontrolling interests $ (7) $ 5 $ (14) $ (8) $ 10 Net (loss)/income applicable to Company's common shares $ (113,029) $ (429,366) $ 580,502 $ 137,436 $ (401,601) Net (loss)/income per common share, basic and diluted $ (0.01) $ (0.04) $ 0.06 $ 0.02 $ (0.08) 2015 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 6,203,341 $ 1,860,740 $ 2,168,262 $ 1,620,917 $ 553,422 Operating income/(loss) $ 573,378 $ 196,459 $ 450,803 $ 46,076 $ (119,960) Net (loss)/income $ (340,230) $ (31,724) $ 122,075 $ (213,953) $ (216,628) Less loss/(income) attributable to noncontrolling interests 44 (4) (25) 39 34 Net (loss)/income applicable to Company's common shares $ (340,186) $ (31,728) $ 122,050 $ (213,914) $ (216,594) Net (loss)/income per common share, basic and diluted $ (0.20) $ (0.01) $ 0.06 $ (0.19) $ (0.41)

Organization (Details Textual)

Organization (Details Textual)	Jul. 15, 2014$ / sharesshares	Dec. 11, 2014USD ($)	Jul. 16, 2014USD ($)shares	Dec. 31, 2016USD ($)ft²$ / sharesshares	Dec. 31, 2015USD ($)$ / shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation				Oct. 5, 2012
Issuance of common shares, value				$ 73,903,459	$ 36,240,503
Gross proceeds from sale of common stock				$ 73,903,459	$ 36,240,503
Common Stock, Par Value | $ / shares				$ 0.01	$ 0.01
Partners' Capital Account, Contributions				$ 11,400,000
Partners' Capital Account, Units, Contributed | shares				228
Equity Method investment ,Percentage of Maximum Offering cost				12.00%
Maximum Amount of Offering				$ 300,000,000
Equity Method Investment, Aggregate Cost				$ 36,000,000
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 Partners obligation will continue until the earlier of: (i) the termination of the Offering; (ii) the Special Limited Partners purchase of an aggregate of $36.0 million of Subordinated Participation Interests and (iii) the receipt of gross offering proceeds of $300.0 million.
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 | shares			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 | shares				242
The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of properties				120
Lightstone Value Plus REIT III LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares | shares				20,000
Issuance of common shares, value				$ 200,000
Shares issued, price per share | $ / shares				$ 10
General partner ownership interest				99.00%	99.00%
Residential [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Multifamily units				10,000
Office [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Real estate area | ft²				250,000
Industrial [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Real estate area | ft²				1,500,000
Hotel [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of properties				31
Retail [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Real estate area | ft²				4,600,000
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance | shares	30,000,000			30,000,000
Shares reserved for issuance, price per share | $ / shares	$ 10
Issuance of common shares, shares | shares				11,500,000
Gross proceeds from sale of common stock		$ 2,000,000		$ 112,800,000
Common Stock, Par Value | $ / shares	$ 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 | $ / shares				$ 9
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance | shares	10,000,000
Shares reserved for issuance, price per share | $ / shares	$ 9.50

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Mortgages payable, Carrying Amount	$ 88,027,880	$ 0
Mortgages payable, Estimated Fair Value	$ 87,252,072

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Line Items]
Organization and offering expenses incurred	$ 4,800,000
REIT annual distribution, percent of taxable income	90.00%
Notes Payable, Related Parties		$ 2,100,000
Selling commissions and dealer manager fees	$ 10,400,000
Debt Related Commitment Fees and Debt Issuance Costs	4,800,000
Prepaid Expenses and Other Current Assets [Member]
Accounting Policies [Line Items]
Notes Payable, Related Parties	$ 51,667
Lightstone Value Plus REIT III LLC [Member]
Accounting Policies [Line Items]
General partner ownership interest	99.00%	99.00%

Acquisitions (Details)

Acquisitions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Rental revenue	$ 22,551,234	$ 6,203,341
Net income	$ 618,623	$ 4,244

Acquisitions (Details 1)

Acquisitions (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Pro forma rental revenue		$ 34,445,574	$ 30,832,283
Pro forma net income	[1]	$ 1,247,195	$ 4,686,920
Pro forma net income per Company's common share, basic and diluted	[1]	$ 0.16	$ 2.80
[1]	Includes acquisition fees and acquisition-related expenses aggregating $2,152,938 and $597,327 during the years ended December 31, 2016 and 2015.

Acquisitions (Details Textual)

Acquisitions (Details Textual) - USD ($)	Oct. 07, 2016	Sep. 13, 2016	Aug. 02, 2016	May 02, 2016	Mar. 10, 2016	May 15, 2015	Feb. 04, 2015	Mar. 23, 2016	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Acquisition fees received by the advisor									$ 2,152,938	$ 597,327
Proceeds from revolving promissory note									$ 24,200,000	$ 20,200,000
Hampton Inn Des Moines [Member]
Business Acquisition [Line Items]
Cash consideration paid					$ 10,500,000		$ 10,900,000
Acquisition fees received by the advisor					105,000		100,000
Proceeds from offering							2,700,000
Purchase price allocation, land and improvements					400,000		1,200,000
Purchase price allocation, building and improvements					9,000,000		9,200,000
Purchase price allocation, furnitures and fixtures					$ 1,100,000		$ 500,000
Asset Capitalization Rate					12.00%
Acquisition fees received by the advisor as percentage of acquisition price					1.00%		1.00%
Hampton Inn Des Moines [Member] | Des Moines Promissory Note [Member]
Business Acquisition [Line Items]
Proceeds from revolving promissory note							$ 8,200,000
Debt Instrument, Face Amount							$ 10,000,000
Courtyard, Durham North Carolina [Member]
Business Acquisition [Line Items]
Cash consideration paid						$ 16,000,000		$ 12,400,000
Acquisition fees received by the advisor						200,000		124,000
Proceeds from offering						4,000,000
Purchase price allocation, land and improvements						1,000,000		700,000
Purchase price allocation, building and improvements						13,100,000		11,100,000
Purchase price allocation, furnitures and fixtures						$ 1,900,000		$ 600,000
Asset Capitalization Rate								8.30%
Acquisition fees received by the advisor as percentage of acquisition price						1.00%		1.00%
Courtyard, Durham North Carolina [Member] | Durham Promissory Note [Member]
Business Acquisition [Line Items]
Proceeds from revolving promissory note						$ 12,000,000
Debt Instrument, Face Amount						$ 13,000,000
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 Combination, Consideration Transferred				$ 18,300,000
Proceeds from Issuance Initial Public Offering				$ 8,100,000
Business Acquisition, Effective Date of Acquisition				May 2, 2016
SpringHill Suites - Green Bay [Member} | Green Bay Promissory Note [Member]
Business Acquisition [Line Items]
Proceeds from revolving promissory note				$ 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%
Staybridge Suites - Austin [Member]
Business Acquisition [Line Items]
Cash consideration paid	$ 10,000,000
Acquisition fees received by the advisor	100,000
Purchase price allocation, land and improvements	1,900,000
Purchase price allocation, building and improvements	6,700,000
Purchase price allocation, furnitures and fixtures	$ 1,400,000
Asset Capitalization Rate	9.40%
Acquisition fees received by the advisor as percentage of acquisition price	1.00%

Mortgages payable, net (Details

Mortgages payable, net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Oct. 05, 2016	Dec. 31, 2015
Revolving Credit Facility	$ 88,027,880		$ 0
Less: Deferred financing costs	(1,157,537)
Total mortgage payable, net	$ 86,870,343		0
Revolving Credit Facility, secured by seven properties, Weighted Average Interest Rate	5.56%
Revolving Credit Facility, secured by seven properties, Amount Due at Maturity	$ 85,823,572
Revolving Credit Facility [Member]
Revolving Credit Facility	$ 59,696,000		$ 0
Revolving Credit Facility, secured by seven properties, Interest Rate	LIBOR + 4.95%
Revolving Credit Facility, secured by seven properties, Interest Rate		4.73%
Revolving Credit Facility, secured by seven properties, Weighted Average Interest Rate	5.95%
Revolving Credit Facility, secured by seven properties, Maturity Date	July 2,019
Revolving Credit Facility, secured by seven properties, Amount Due at Maturity	$ 59,696,000
Promissory Note [Member]
Revolving Credit Facility	$ 28,331,880
Revolving Credit Facility, secured by seven properties, Interest Rate	4.73%
Revolving Credit Facility, secured by seven properties, Weighted Average Interest Rate	4.73%
Revolving Credit Facility, secured by seven properties, Maturity Date	October 2,021
Revolving Credit Facility, secured by seven properties, Amount Due at Maturity	$ 26,127,572

Mortgages payable, net (Detai30

Mortgages payable, net (Details 1) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Principal maturities, Repayments of Principal in 2017	$ 424,252
Principal maturities, Repayments of Principal in 2018	445,052
Principal maturities, Repayments of Principal in 2019	60,162,871
Principal maturities, Repayments of Principal in 2020	486,092
Principal maturities, Repayments of Principal in 2021	26,509,613
Principal maturities, Repayments of Principal Thereafter	0
Principal maturities	88,027,880	$ 0
Less: Deferred financing costs	1,157,537
Total principal maturiteis, net	$ 86,870,343	$ 0

Mortgages payable, net (Detai31

Mortgages payable, net (Details Textual) - USD ($)	Nov. 02, 2016	Jul. 13, 2016	Dec. 31, 2016	Oct. 05, 2016	Dec. 31, 2015
Long-term Debt, Gross			$ 88,027,880		$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 60,000,000
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	$ 14,300,000	$ 45,400,000
Long-term Debt, Gross			59,696,000		$ 0
Line of Credit Facility, Remaining Borrowing Capacity			300,000
Debt Instrument, Face Amount				$ 28,400,000
Debt Instrument, Interest Rate, Stated Percentage				4.73%
Escrow Deposits Related to Debt Compliance			$ 900,000

Stockholder's Equity (Details T

Stockholder's Equity (Details Textual) - USD ($)	Jan. 14, 2015	Mar. 31, 2017	Mar. 27, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 11, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, shares authorized				50,000,000	50,000,000	50,000,000
Common Stock, shares authorized				200,000,000	200,000,000	200,000,000
REIT annual distribution, percent of taxable income				90.00%
Distribution declared	Jan. 14, 2015	Nov. 15, 2016
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 payment date	Mar. 15, 2015
Distribution Made to Limited Partner, Cash Distributions Declared				$ 4,700,000	$ 1,000,000
Payments of Ordinary Dividends, Common Stock				2,574,371	500,246
Net Cash Provided by (Used in) Operating Activities, Continuing Operations				3,671,011	697,917
Stock Issued During Period, Value, Dividend Reinvestment Plan				$ 1,762,881	$ 326,089
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution declared		Mar. 31, 2017
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
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Distribution Paid From Operations Proceeds				48.00%
Percentage Of Distribution Paid From Issuance Or Sale Of Under Offering				6.00%
Payments of Ordinary Dividends, Common Stock				$ 1,700,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan				79,794
Shares Issued, Price Per Share				$ 9.50
Net Cash Provided by (Used in) Operating Activities, Continuing Operations				$ 793,928
Proceeds from Issuance or Sale of Equity, Total				101,569
Stock Issued During Period, Value, Dividend Reinvestment Plan				$ 758,041
Percentage Of Distribution Paid From Issuance Of Common Stock Through DRIP				46.00%
Percentage Of Issue Price On Current Offering Price Per share				95.00%

Related Party and Other Trans33

Related Party and Other Transactions (Organization and Offering Stage) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Jul. 15, 2014
Related Party Transaction [Line Items]
Organization and offering expenses incurred	$ 4.8
Selling commissions	7.1
Dealer manager fee	3.3
Stock Offering [Member]
Related Party Transaction [Line Items]
Expected selling commissions	$ 21
Shares reserved for issuance	30	30
Expected dealer manager fee	$ 9
Stock Offering [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Shares reserved for issuance	30
Dealer Manager [Member] | Stock Offering [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	7.00%
Dealer manager fee, percent of gross proceeds	3.00%
Participating broker-dealer or registered representative [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Dealer manager fee, percent of gross proceeds	10.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	7.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Fifth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	1.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Fourth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	1.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Time of Sale of Stock [Member] | Fifth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	2.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Time of Sale of Stock [Member] | Fourth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	3.00%
Advisor [Member] | Stock Offering [Member]
Related Party Transaction [Line Items]
Organization and offering expenses, percent of gross proceeds	2.00%
Advisor [Member] | Stock Offering [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Organization and offering expenses, percent of gross proceeds	15.00%

Related Party and Other Trans34

Related Party and Other Transactions (Operational Stage) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Acquisition fee, percent of property purchase price	1.00%
Acquisition fee, percent of loan advancement or other investment	1.00%
Estimated acquisition fee	$ 1.4
Acquisition expenses, percent of property purchase price	0.60%
Acquisition expenses, percent of loan advancement or other investment.	0.60%
Acquisition fees, financing coordination fees and acquisition expenses, percent of property purchase price	5.00%
Acquisition fees, financing coordination fees and acquisition expenses, percent of loan advancement or other investment	5.00%
Construction management fee, percent	5.00%
Minimum percentage of average invested assets	2.00%
Minimum percentage of net income	25.00%
Financing coordination fee, percent	0.75%
Asset management fee, percent of average invested assets	0.75%

Related Party and Other Trans35

Related Party and Other Transactions (Liquidation/Listing Stage) (Details)	12 Months Ended
	Dec. 31, 2016$ / shares
Real estate disposition commission, percent of contract sales price of the property	2.00%
Real estate commission, percent	6.00%
Annual cumulative, pre-tax, non-compounded return on net investments, percent	6.00%
Annual subordinated performance fee after cumulative return, percent	15.00%
Annual subordinated performance fee, maximum percentage of aggregate return payable	10.00%
Net investment per share	$ 10
Liquidation distributions, percent payable to company	85.00%
Liquidation distributions, percent payable to Special Limited Partner	15.00%

Related Party and Other Trans36

Related Party and Other Transactions (Selling Commissions and Dealer Manager) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Selling Commission, Dealer Manager Fees and Other Offering Costs [Line Items]
Selling commissions and dealer manager fees	$ 7,008,694	$ 3,377,887
Other offering costs	$ 770,493	$ 1,870,078

Related Party and Other Trans37

Related Party and Other Transactions (Details Textual) - USD ($)	May 02, 2016	May 15, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 02, 2016	Feb. 04, 2015
Related Party Transaction [Line Items]
Business Combination, Acquisition Related Costs			$ 2,152,938	$ 597,327
Selling commissions and dealer manager fees			10,400,000
Debt Related Commitment Fees and Debt Issuance Costs			4,800,000
Notes Payable, Related Parties				2,100,000
Debt Issuance Costs, Net				51,667
Due to Related Parties			109,532	1,159,314
Payments For Advisior Development Fees			19,847	0
Revolving Promissory Note Durham [Member]
Related Party Transaction [Line Items]
Loan Processing Fee			43,333	86,667
Interest Expense, Related Party			151,751	482,651
Debt Instrument, Face Amount					$ 8,000,000
Advisor [Member]
Related Party Transaction [Line Items]
Business Combination, Acquisition Related Costs			1,100,000	269,000
Sponsor [Member]
Related Party Transaction [Line Items]
General Insurance Expense			$ 154,000	21,000
Sponsor [Member] | Partnership Interest [Member]
Related Party Transaction [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest			50.00%
Light stone Ii [Member] | Des Moines Promissory Note [Member]
Related Party Transaction [Line Items]
Interest Expense, Debt				421,651
Debt Related Commitment Fees and Debt Issuance Costs				91,667
Debt Instrument, Fee Amount						$ 100,000
Amortization of Debt Issuance Costs			$ 8,333
Debt Instrument, Maturity Date			Feb. 4, 2016
Debt Instrument, Description of Variable Rate Basis			at a floating rate of three-month Libor plus 6.0%
Debt Instrument, Term		1 year
Light stone Ii [Member] | Revolving Promissory Note Durham [Member]
Related Party Transaction [Line Items]
Debt Instrument, Basis Spread on Variable Rate		6.00%
Debt Instrument, Fee Amount		$ 130,000
Debt Instrument, Description of Variable Rate Basis			at a floating rate of three-month Libor plus 6.0%
Debt Instrument, Term			1 year
Notes Payable, Related Parties				2,100,000
Light stone Ii [Member] | Lansing Promissory Note [Member]
Related Party Transaction [Line Items]
Loan Processing Fee			$ 80,000
Interest Expense, Related Party			161,428
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Payments of Debt Issuance Costs	$ 80,000
Light stone Ii [Member] | Green Bay Promissory Note [Member]
Related Party Transaction [Line Items]
Loan Processing Fee			145,000
Interest Expense, Related Party			284,635
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Payments of Debt Issuance Costs	$ 145,000
Advisors And Affiliated Entities [Member]
Related Party Transaction [Line Items]
Debt Related Commitment Fees and Debt Issuance Costs			36,298	403,589
Due to Related Parties			$ 109,532	$ 1,200,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2016
Franchise Agreements, Terms	The franchise agreements are for terms ranging from 15 years to 20 years, expiring between 2028 and 2034.
Minimum [Member]
Percentage Of Management Fees On Gross Revenue	3.00%
Property Management Fee, Percent Fee	3.00%
Maximum [Member]
Percentage Of Management Fees On Gross Revenue	3.50%
Property Management Fee, Percent Fee	5.50%
Marketing Fund Charge [Member] | Minimum [Member]
Property Management Fee, Percent Fee	2.00%
Marketing Fund Charge [Member] | Maximum [Member]
Property Management Fee, Percent Fee	2.50%

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Line Items]
Total revenue	$ 8,002,767	$ 7,623,494	$ 4,953,528	$ 1,971,445	$ 1,860,740	$ 2,168,262	$ 1,620,917	$ 553,422	$ 22,551,234	$ 6,203,341
Operating income/(loss)	865,200	1,479,384	425,788	(310,294)	196,459	450,803	46,076	(119,960)	2,460,078	573,378
Net (loss)/income	(429,371)	580,516	137,444	(401,611)	(31,724)	122,075	(213,953)	(216,628)	(113,022)	(340,230)
Less (income)/loss attributable to noncontrolling interests	5	(14)	(8)	10	(4)	(25)	39	34	(7)	44
Net (loss)/income applicable to Company's common shares	$ (429,366)	$ 580,502	$ 137,436	$ (401,601)	$ (31,728)	$ 122,050	$ (213,914)	$ (216,594)	$ (113,029)	$ (340,186)
Net (loss)/income per common share, basic and diluted	$ (0.04)	$ 0.06	$ 0.02	$ (0.08)	$ (0.01)	$ 0.06	$ (0.19)	$ (0.41)	$ (0.01)	$ (0.20)

Subsequent Events (Details Text

Subsequent Events (Details Textual) - 1 months ended Jan. 31, 2017 - Subsequent Event [Member] $ in Millions	USD ($)$ / ft²	ft²	a	Total
Subsequent Event [Line Items]
Percentage Of Acquisition				81.50%
Guarantor Obligations, Current Carrying Value	$ 43.8
Area of Land		289,690	20.1
Average Rental Price Per Square Foot | $ / ft²	4.47
Investment In Real Estate Property	$ 38
Percenatage Of Completion				97.00%
Refurbishment Guarantee [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value	13.4
Parent Company [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value	10.9
Cove Transaction [Member]
Subsequent Event [Line Items]
Aggregate purchase price	255
Offering funds used in acquisition	80
Proceeds from Issuance of Debt	175
Business Acquisition, Percentage of Voting Interests Acquired				22.50%
Cove Transaction [Member] | Parent Company [Member]
Subsequent Event [Line Items]
Offering funds used in acquisition	20
Revolving Promissory Note [Member] | Refurbishment Guarantee [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value	3.3
Loan [Member]
Subsequent Event [Line Items]
Face amount	$ 175
Debt Instrument, Maturity Date	Jan. 31, 2020
Debt Instrument, Description of Variable Rate Basis	The Loan bears interest at Libor plus 3.85% through its initial maturity and Libor plus 4.15% during each of the extension periods.

Schedule III Real Estate and 41

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Encumbrance	[1]	$ 86,870,343
Land	[1]	22,267,158
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	115,032,842
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	3,327,641
Land and Improvements	[1]	22,283,209
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	118,344,432
Total		140,627,641	[1],[2]	$ 28,140,343	$ 0
Accumulated Depreciation		(3,862,125)	[1],[3]	$ (731,289)	$ 0
Revolving Credit Facility [Member]
Encumbrance	[4]	58,817,791
Land		7,567,429
Buildings and Improvements Including Furniture and Fixtures and CIP		82,482,571
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	3,327,641
Land and Improvements	[4]	7,583,480
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	85,794,161
Total	[2],[4]	93,377,641
Accumulated Depreciation	[3],[4]	(3,217,961)
Promissory Note [Member]
Encumbrance	[1]	28,052,552
Land	[1]	14,699,729
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	32,550,271
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	0
Land and Improvements	[1]	14,699,729
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	32,550,271
Total	[1],[2]	47,250,000
Accumulated Depreciation	[3]	(644,164)
Hampton Inn - Des Moines [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	0
Land	[4]	1,178,845
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	9,721,155
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	2,852,032
Land and Improvements	[4]	1,194,896
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	12,557,136
Total	[2],[4]	13,752,032
Accumulated Depreciation	[3],[4]	$ (770,739)
Date Acquired	[4]	Feb. 4, 2015
Depreciable Life	[4],[5]
Courtyard - Durham [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 0
Land	[4]	1,027,019
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	14,972,981
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	94,997
Land and Improvements	[4]	1,027,019
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	15,067,978
Total	[2],[4]	16,094,997
Accumulated Depreciation	[3],[4]	$ (1,057,464)
Date Acquired	[4]	May 15, 2015
Depreciable Life	[4],[5]
Hampton Inn - Lansing [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 0
Land	[4]	417,311
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	10,082,689
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	222,278
Land and Improvements	[4]	417,311
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	10,304,967
Total	[2],[4]	10,722,278
Accumulated Depreciation	[3],[4]	$ (345,498)
Date Acquired	[4]	Mar. 10, 2016
Depreciable Life	[4],[5]
Courtyard - Warwick [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 0
Land	[4]	693,601
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	11,706,399
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	134,296
Land and Improvements	[4]	693,601
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	11,840,695
Total	[2],[4]	12,534,296
Accumulated Depreciation	[3],[4]	$ (288,752)
Date Acquired	[4]	Mar. 23, 2016
Depreciable Life	[4],[5]
SpringHill Suites - Green Bay [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 0
Land	[4]	844,426
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	17,405,574
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	17,976
Land and Improvements	[4]	844,426
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	17,423,550
Total	[2],[4]	18,267,976
Accumulated Depreciation	[3],[4]	$ (497,126)
Date Acquired	[4]	May 2, 2016
Depreciable Life	[4],[5]
Fairfield Inn - Austin [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 0
Land	[4]	1,468,636
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	10,531,364
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	0
Land and Improvements	[4]	1,468,636
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	10,531,364
Total	[2],[4]	12,000,000
Accumulated Depreciation	[3],[4]	$ (157,414)
Date Acquired	[4]	Sep. 13, 2016
Depreciable Life	[4],[5]
Staybridge Suites - Austin [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 0
Land	[4]	1,937,591
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	8,062,409
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	6,062
Land and Improvements	[4]	1,937,591
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	8,068,471
Total	[2],[4]	10,006,062
Accumulated Depreciation	[3],[4]	$ (100,968)
Date Acquired	[4]	Oct. 6, 2016
Depreciable Life	[4],[5]
Unallocated [Member] | Revolving Credit Facility [Member]
Encumbrance	[4]	$ 58,817,791
Land	[4]	0
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	0
Net Costs Capitalized & Impairments Subsequent to Acquisition	[4]	0
Land and Improvements	[4]	0
Buildings and Improvements Including Furniture and Fixtures and CIP	[4]	0
Total	[2],[4]	0
Accumulated Depreciation	[3],[4]	0
Home2 Suites - Salt Lake City [Member] | Promissory Note [Member]
Encumbrance	[1]	10,973,622
Land	[1]	5,756,344
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	12,743,656
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	0
Land and Improvements	[1]	5,756,344
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	12,743,656
Total	[1],[2]	18,500,000
Accumulated Depreciation	[1],[3]	$ (280,430)
Date Acquired	[4]	Aug. 2, 2016
Depreciable Life	[1],[4],[5]
Home2 Suites - Seattle [Member] | Promissory Note [Member]
Encumbrance	[1]	$ 17,078,930
Land	[1]	8,943,385
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	19,806,615
Net Costs Capitalized & Impairments Subsequent to Acquisition	[1]	0
Land and Improvements	[1]	8,943,385
Buildings and Improvements Including Furniture and Fixtures and CIP	[1]	19,806,615
Total	[1],[2]	28,750,000
Accumulated Depreciation	[1],[3]	$ (363,734)
Date Acquired	[4]	Aug. 2, 2016
Depreciable Life	[1],[4],[5]
[1]	The Company's Promissory Note is cross-collateralized by two hotels, each of which has an allocated loan amount.
[2]	Reconciliation of total real estate owned.
[3]	Reconciliation of accumulated depreciation.
[4]	The Company's Revolving Credit Facility is cross-collateralized by seven hotels.
[5]	Depreciation is computed based upon the following estimated lives.

Schedule III Real Estate and 42

Schedule III Real Estate and Accumulated Depreciation (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015
Balance at beginning of year	$ 28,140,343		$ 0
Acquisitions, at cost	110,400,000		26,900,000
Improvements	2,087,298		1,240,343
Balance at end of year	$ 140,627,641	[1],[2]	$ 28,140,343
[1]	Reconciliation of total real estate owned.
[2]	The Company's Promissory Note is cross-collateralized by two hotels, each of which has an allocated loan amount.

Schedule III Real Estate and 43

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015
Balance at beginning of year	$ 731,289		$ 0
Depreciation expense	3,130,836		731,289
Balance at end of year	$ 3,862,125	[1],[2]	$ 731,289
[1]	Reconciliation of accumulated depreciation.
[2]	The Company's Promissory Note is cross-collateralized by two hotels, each of which has an allocated loan amount.

Schedule III Real Estate and 44

Schedule III Real Estate and Accumulated Depreciation (Details 3)	12 Months Ended
	Dec. 31, 2016
Building and Building Improvements [Member]
Life Used for Depreciation	39 years
Furniture and Fixtures [Member] | Minimum [Member]
Life Used for Depreciation	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Life Used for Depreciation	10 years