Lightstone Value Plus REIT III (LVVR) 10-K 26 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
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		13.4

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Investment property:
Land and improvements	$ 22,363,107	$ 22,283,209
Building and improvements	103,807,990	103,080,704
Furniture and fixtures	16,120,582	15,133,479
Construction in progress	1,642,275	130,249
Gross investment property	143,933,954	140,627,641
Less accumulated depreciation	(9,107,322)	(3,862,125)
Net investment property	134,826,632	136,765,516
Investment in unconsolidated affiliated real estate entity	17,805,991	0
Cash	45,050,023	55,064,507
Restricted escrows and deposits	1,680,056	851,441
Accounts receivable and other assets	2,111,857	2,634,675
Total Assets	201,474,559	195,316,139
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	2,972,368	2,684,346
Mortgages payable	86,902,784	86,870,343
Due to related parties	162,918	109,532
Distributions payable	694,333	583,113
Total liabilities	90,732,403	90,247,334
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, 13,625,769 and 11,656,877 shares issued and outstanding, respectively	136,258	116,569
Additional paid-in-capital	117,061,644	99,309,774
Subscription receivable	0	(105,000)
Accumulated deficit	(18,548,148)	(6,345,110)
Total Company stockholders' equity	98,649,754	92,976,233
Noncontrolling interests	12,092,402	12,092,572
Total Stockholders' Equity	110,742,156	105,068,805
Total Liabilities and Stockholders' Equity	$ 201,474,559	$ 195,316,139

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value per share	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	13,625,769	11,656,877
Common Stock, shares outstanding	13,625,769	11,656,877

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Rental revenues	$ 33,996,211	$ 22,551,234
Expenses:
Property operating expenses	20,427,484	13,111,144
Real estate taxes	1,523,036	926,424
General and administrative costs	2,385,754	2,869,290
Depreciation and amortization	5,323,428	3,184,298
Total operating expenses	29,659,702	20,091,156
Operating income	4,336,509	2,460,078
Interest expense	(5,550,820)	(2,499,238)
Loss from investment in unconsolidated affiliated real estate entity	(2,813,825)	0
Other expense, net	(143,681)	(73,862)
Net loss	(4,171,817)	(113,022)
Less: net loss/(income) attributable to noncontrolling interests	50	(7)
Net loss applicable to Company's common shares	$ (4,171,767)	$ (113,029)
Net loss per Company's common shares, basic and diluted	$ (0.31)	$ (0.01)
Weighted average number of common shares outstanding, basic and diluted	13,388,726	7,865,348

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, 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
Net (loss)/income	(4,171,817)				(4,171,767)	(50)
Distributions declared	(8,031,271)	$ 0	0	0	(8,031,271)	0
Distributions paid to noncontrolling interests	(120)	0	0	0	0	(120)
Proceeds from offering	18,944,234	$ 18,974	18,820,260	105,000	0	0
Proceeds from offering, shares		1,897,373
Selling commissions and dealer manager fees	(1,759,714)	$ 0	(1,759,714)	0	0	0
Other offering costs	17,499	0	17,499	0	0	0
Shares issued from distribution reinvestment program	1,130,386	$ 1,190	1,129,196	0	0	0
Shares issued from distribution reinvestment program, shares		118,988
Redemption and cancellation of shares	(455,846)	$ (475)	(455,371)	0	0
Redemption and cancellation of shares, shares		(47,469)
BALANCE at Dec. 31, 2017	$ 110,742,156	$ 136,258	$ 117,061,644	$ 0	$ (18,548,148)	$ 12,092,402
BALANCE, shares at Dec. 31, 2017		13,625,769

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,171,817)	$ (113,022)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss from investment in unconsolidated affiliated real estate entity	2,813,825	0
Depreciation and amortization	5,323,428	3,184,298
Amortization of deferred financing costs	452,293	463,318
Other non-cash adjustments	46,509	19,334
Changes in assets and liabilities:
Decrease/(increase) in accounts receivable and other assets	398,077	(1,350,571)
Increase in accounts payable and other accrued expenses	308,073	1,456,349
Increase in due to related parties	53,386	11,305
Net cash provided by operating activities	5,223,774	3,671,011
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(3,216,822)	(112,261,759)
Investment in unconsolidated affiliated real estate entity	(20,619,816)	0
Funding of restricted escrows	(828,616)	(721,101)
Net cash used in investing activities	(24,665,254)	(112,982,860)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgages payable	0	88,096,000
Payments on mortgages payable	(424,253)	(68,120)
Proceeds from revolving promissory notes payable - related party	0	24,200,000
Payments on revolving promissory notes payable - related party	0	(26,255,281)
Payment of loan fees and expenses	4,400	(1,569,187)
Proceeds from issuance of common stock	18,944,234	73,903,459
Payment of commissions and offering costs	(1,851,754)	(9,151,111)
Contributions from noncontrolling interests	0	11,390,870
Distributions to noncontrolling interests	(120)	(120)
Distributions to common stockholders	(6,789,665)	(2,574,371)
Redemption and cancellation of common shares	(455,846)	(343,184)
Net cash provided by financing activities	9,426,996	157,628,955
Net change in cash	(10,014,484)	48,317,106
Cash, beginning of year	55,064,507	6,747,401
Cash, end of year	45,050,023	55,064,507
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	5,067,446	1,650,513
Distributions declared, but not paid	694,333	583,113
Commissions and other offering costs accrued but not paid	0	109,540
Subscription receivable	0	105,000
Value of shares issued from distribution reinvestment program	1,130,386	1,762,881
Application of deposit to acquisition of investment property	0	869,660
Investment property acquired but not paid	$ 89,492	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Organization [Abstract]
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust III, Inc. (‘‘Lightstone REIT III’’), incorporated on October 5, 2012, in Maryland, elected to qualify and be taxed as a real estate investment trust (‘‘REIT’’) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2015. 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. 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 advisor is Lightstone Value Plus REIT III LLC (the “Advisor”), which is majority owned by David Lichtenstein. Mr. Lichtenstein also is a majority owner of the equity interests of the Company’s sponsor, The Lightstone Group, LLC (the ‘‘Sponsor’’). 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. 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 offered to sell up to 30.0 0.01 10.00 10.0 9.50 9.50 10.00 10.00 The Offering, which terminated on March 31, 2017, raised aggregate gross proceeds of approximately $ 131.7 13.4 2.0 9.00 100 12.1 12.2 4.8 126.8 On April 21, 2017, the Company’s board of directors approved the termination of the DRIP effective May 15, 2017. Previously, the Company’s stockholders had an option to elect the receipt of shares of the Company’s common stock in lieu of cash distributions under the Company’s DRIP, however, all future distributions will be in the form of cash. In addition, through May 15, 2017 (the termination date of the DRIP), the Company had issued approximately 0.3 3.2 Orchard Securities, LLC (the ‘‘Dealer Manager’’), served as the dealer manager of the Company’s public offering through its termination on March 31, 2017. The Dealer Manager As of December 31, 2017, 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 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 which occurred on March 31, 2017, 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 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 committed to make a significant equity investment in the Company of up to $ 36.0 12.0 300.0 50,000 . Through March 31, 2017 (the termination date of the Offering), the Special Limited Partner purchased an aggregate of approximately 242 12.1 As the majority owner of the Special Limited Partner, Mr. Lichtenstein is the beneficial owner of a 99 These Subordinated Participation Interests will entitle the Special Limited Partner to a portion of any regular and liquidation distributions that we make to stockholders, but only after stockholders have received a stated preferred return. Although the actual amounts are dependent upon results of operations and, therefore, cannot be determined at the present time, distributions to the Special Limited Partner, as holder of the Subordinated Participation Interests, could be substantial. 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, 2017
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, 2017, 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 The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Rental revenues which consist of hotel revenues are 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 is 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 is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are 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, are 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 are made to the purchase price allocation. The allocations are 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 are depreciated or amortized, are 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 are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is 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 is 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 are charged to expense as incurred. The Company evaluates investments in other entities for consolidation. It considers 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 the equity method, an investment is recorded initially at cost, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. The net income or loss of each investor is allocated in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of our investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity are 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. The Company capitalizes initial direct costs associated with financing activities. The costs are 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, 2017 and 2016, 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 are subject to U.S. federal and state income and franchise taxes from these activities. Organization costs were expensed as incurred as general and administrative costs. Offering costs are accounted for as a reduction against additional paid-in capital as costs are incurred and included all the costs incurred in connection with the Offering, which was terminated on March 31, 2017, including the Company’s legal, accounting, printing, mailing and filing fees, charges of the escrow agent, reimbursements to the Dealer Manager and participating broker-dealers for due diligence expenses set forth in detailed and itemized invoices, amounts to reimburse the Advisor for its portion of the salaries of the employees of its affiliates who provide services to the Advisor, and other costs in connection with oversight of such Offering and the marketing process, such as preparing supplemental sales materials, holding educational conferences and attending retail seminars conducted by the Dealer Manager or participating broker-dealers. 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 carrying amounts of approximate their fair values because of the short maturity of these instruments. As of December 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 87,603,627 $ 86,729,748 $ 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. In January 2017, the Financial Accounting Standards Board (“FASB”) 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. Upon adoption of this guidance, the Company anticipates future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. In November 2016, the FASB issued guidance that requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. This guidance will not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued 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 February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of earnings. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. 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 has evaluated each of its revenue streams under the new model. Based on its assessment, the adoption of this standard will not materially affect the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary amenities. The Company will adopt this standard beginning on January 1, 2018 using the modified retrospective approach and is evaluating disclosure requirements. 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, 2017
Business Combinations [Abstract]
Acquisitions	3. Acquisitions 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 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 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 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 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 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 Financial Information For the Years Ended December 31, 2017 2016 Rental revenue $ 26,717,362 $ 14,477,828 Net income/(loss) $ 46,051 $ (695,163) 22.5 For the Years Ended December 31, 2017 2016 Pro forma rental revenue $ 33,996,211 $ 34,445,574 Pro forma net (loss)/income (1) $ (4,441,105) 67,168 Pro forma net income/(loss) per Company's common share, basic and diluted (1) $ (0.33) $ 0.01 (1) Includes acquisition fees and acquisition-related expenses aggregating $ 2,152,938

The Cove Joint Venture

The Cove Joint Venture	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
The Cove Joint Venture	4. The Cove Joint Venture 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 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 “Cove Joint Venture”) for approximately $ 255.0 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 0.6 1.0 The Company’s interest in the Cove Joint Venture is a non-managing interest. . The Company has determined that the Cove Joint Venture is a variable interest entity (“VIE”) and, because the Company exerts significant influence over but does not control the Cove Joint Venture, it will account for its ownership interest in the Cove Joint Venture in accordance with the equity method of accounting. All distributions of earnings from the Cove 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 Cove Joint Venture will be made to the Members pursuant to the terms of the Cove Joint Venture’s operating agreement. An affiliate of Maximus is the asset manager of The Cove and receives certain fees as defined in the Property Management Agreement for the management of The Cove. The Company commenced recording its allocated portion of earnings and cash distributions beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Cove Joint Venture. The Cove is a multi-family complex consisting of 281-units, or 289,690 square feet, contained within 32 apartment buildings over 20.1 acres originally constructed in 1967 In connection with the closing of the Cove Transaction, the Cove Joint Venture simultaneously entered into a $175.0 million loan (the “Loan”) initially scheduled to mature on 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 Starting in 2013, the Cove has been undergoing an extensive refurbishment which is substantially completed. The Members have and intend to continue to use the remaining proceeds from the Loan and to invest additional capital if necessary to complete the refurbishment. The Guarantor has provided an additional guarantee of up to approximately $ 13.4 3.3 The Company has determined that the fair value of both the Loan Guarantee and the Refurbishment Guarantee are immaterial. The Cove Joint Venture Condensed Financial Information The Company’s carrying value of its interest in the Cove Joint Venture differs from its share of member’s equity reported in the condensed balance sheet of the Cove Joint Venture due to the Company’s basis of its investment in excess of the historical net book value of the Cove Joint Venture. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. (amounts in thousands) For the Period January 31, Revenue $ 12,291 Property operating expenses 4,300 General and administrative costs 249 Depreciation and amortization 8,743 Operating loss (1,001) Interest expense and other, net (8,578) Net loss $ (9,579) Company's share of net loss (22.50%) $ (2,155) Additional depreciation and amortization expense (1) (659) Company's loss from investment $ (2,814) As of (amounts in thousands) December 31, 2017 Real estate, at cost (net) (1) $ 149,727 Cash and restricted cash 2,538 Other assets 1,541 Total assets $ 153,806 Mortgage payable, net $ 173,534 Other liabilities 2,830 Members' deficit (1) (22,558) Total liabilities and members' deficit $ 153,806 1. Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

Mortgages payable, net

Mortgages payable, net	12 Months Ended
	Dec. 31, 2017
Loans Payable [Abstract]
Mortgages payable, net	5. Mortgages payable, net Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility, secured by seven properties LIBOR + 4.95% 6.20 % July 2019 $ 59,696,000 $ 59,696,000 $ 59,696,000 Promissory Note, secured by two properties 4.73% 4.73 % October 2021 26,127,572 27,907,627 28,331,880 Total mortgages payable 5.73 % $ 85,823,572 $ 87,603,627 $ 88,027,880 Less: Deferred financing costs (700,843) (1,157,537) Total mortgage payable, net $ 86,902,784 $ 86,870,343 Principal Maturities 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 445,051 $ 60,162,871 $ 486,092 $ 26,509,613 $ - $ - $ 87,603,627 Less: Deferred financing costs (700,843) Total principal maturiteis, net $ 86,902,784 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 4.73 147,806 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 $ 1.2 0.9 During the fourth quarter of 2017, the Company did not meet certain financial covenants on the non-recourse Revolving Credit Facility, secured by seven properties. The lender provided the Company a waiver for this non- compliance dated March 21, 2018 for the testing period for the quarter ending December 31, 2017.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2017
Stockholder's Equity [Abstract]
Stockholder's Equity	6 . 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 On July 11, 2014, the Company amended and restated its charter to authorize the issuance of 200,000,000 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. 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, 2017 and 2016 were $ 8.0 4.7 Distribution Payments On November 15, 2017 2.1 385,863 19 1,675,306 81 Distribution Declaration On March 15, 2018 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, 2017
Related Party Transactions [Abstract]
Related Party and Other Transactions	7. Related Party and Other Transactions The Company had or 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 received selling commissions in an amount of up to 7% of the gross proceeds in the primary offering. From the Company’s inception through March 31, 2017 (the termination date of the Offering), $8.3 million of selling commissions were incurred. Fees Amount Dealer Manager Fee The Dealer Manager received a dealer manager fee in an amount of up to 3% of gross proceeds in the primary offering. From the Company’s inception through March 31, 2017 (the termination date of the Offering), $3.9 million of dealer manager fees were incurred. Organization and Offering Expenses The Company reimbursed the Advisor for all organization and offering expenses in connection with our offering, other than the selling commissions and dealer manager fee. From the Company’s inception through the March 31, 2017 (the termination date of the Offering), $4.8 million of organization and offering expenses were incurred. Operational Stage Fees Amount Acquisition Fee The Company pays to the Advisor or its affiliates 1.0% of the contractual purchase price of each property acquired (including its pro rata share (direct or indirect) of debt attributable to such property) or 1.0% of the amount advanced for a loan or other investment (including its pro rata share (direct or indirect) of debt attributable to such investment), as applicable. ‘‘Contractual 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 ’ ff Company estimates amount advanced or indirect) 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% of the cost of any improvements that the affiliates of the Advisor may undertake. The affiliates of the Advisor may subcontract the performance of their duties to third parties. From the Company’s inception through December 31, 2017, no construction management fees have been incurred. Fees Amount Asset Management Subordinated Participation Until March 31, 2017, the date on which our initial public offering ended, and subject to the approval of our board of directors, we could have paid our Advisor annually an asset management subordinated participation by issuing a number of restricted Class B Units. No annual subordinated performance fees were issued during the Offering. Fees Amount Asset Management Fee The following description of the asset management fee applies beginning on the date on which the initial public offering ended, which was March 31, 2017. The Company will pay the Advisor or its assignees a monthly asset management fee equal to one-twelfth (1/12) of 0.75% of the Company’s average invested assets. Average invested assets means, for a specified period, the average of the aggregate book value of our assets invested, directly or indirectly, in equity interests in and loans secured by real estate, before deducting depreciation, bad debts or other non- cash reserves, computed by taking the average of such values at the end of each month during such period. 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, 2017, no property management fees or separate fees have been incurred. Operating Expenses Commencing 12 months after the commencement of the O f r’ r ‘ ’ r Additionall y ff r ff ff 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% of the amount available or outstanding under such financing. The Advisor may reallow some of or all this financing coordination fee to reimburse third parties with whom it may subcontract to procure such financing. From the Company’s inception through December 31, 2017, no financing coordination fees have been charged. 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% of the contract sales price of the property; provided however 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% annual cumulative, pre-tax, non-compounded return on their respective net investments, the Advisor will be entitled to 15.0% of the total return in excess of such 6.0% per annum; provided provided, further, For purposes of the annual subordinated performance fee, “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. From the Company’s inception through December 31, 2017, 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% of the aggregate amount of any additional liquidation distributions by the Operating Partnership will be payable to the Company (which the Company will distribute to holders of Common Shares), and the remaining 15.0% will be payable to the Special Limited Partner. 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, 2017, no liquidating 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, 2017 2016 Selling commissions and dealer manager fees $ 1,759,714 $ 7,008,694 Other offering costs $ (17,499 ) $ 770,493 Cumulatively, the Company has incurred $12.2 million in selling commissions and dealer manager fees and $4.8 million of organization and other offering costs in connection with the public offering of shares of its common stock. Revolving promissory notes payable, net – related party 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% and required quarterly interest payments through its stated maturity with the entire unpaid balance due upon maturity. The Company paid an origination fee of $100,000 to Lightstone II in connection with the Des Moines Promissory Note and pledged its ownership interest in the Hampton Inn – Des Moines as collateral. During the year ended December 31, 2016, the Company incurred interest expense of $8,333 as a result of the amortization of the remaining origination fee. The Des Moines Promissory Note had no outstanding balance as of December 31, 2015 and expired on 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% and required quarterly interest payments through its stated maturity with the entire unpaid balance due upon maturity. The Company paid an origination fee of $130,000 to Lightstone II in connection with the Durham Promissory Note and pledged its ownership interest in the Courtyard – Durham as collateral. On March 1, 2016, the Company took additional borrowings on the note of $8 million. On May 2, 2016, the Durham Promissory Note was repaid in full and has now expired. The outstanding principal balance was $2.1 million as of December 31, 2015. The Durham Promissory Note is included in revolving promissory note payable, net – related party on our consolidated balance sheet (net of debt issuance costs of $51,667 as of December 31, 2015). During the year ended December 31, 2016, the Company incurred interest expense of $151,751 (including origination fees of $43,333) on the Durham Promissory Note. Lansing Promissory Note On May 2, 2016, the Company entered into an $8.0 million Revolving Promissory Note (the “Lansing Promissory Note”) with the operating partnership of Lightstone II. The Lansing 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% and required quarterly interest payments through its stated maturity with the entire unpaid balance due upon maturity. The Company paid an origination fee of $80,000 to Lightstone II in connection with the Lansing Promissory Note and pledged its ownership interest in the Hampton Inn – Lansing as collateral. On July 13, 2016, the Lansing Promissory Note was repaid in full and terminated. During the year ended December 31, 2016, the Company incurred interest expense of $161,428, including origination fees expensed of $80,000 on the Lansing Promissory Note. 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% and required quarterly interest payments through its stated maturity with the entire unpaid balance due upon maturity. The Company paid an origination fee of $145,000 to Lightstone II in connection with the Green Bay Promissory Note and pledged its ownership interest in the SpringHill Suites – Green Bay as collateral. On July 13, 2016, the Green Bay Promissory Note was repaid in full and terminated. During the year ended December 31, 2016, the Company incurred interest expense of $284,635, including origination fees expensed of $145,000 on the Green Bay Promissory Note. 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 advanced certain organization and offering costs on behalf of the Company to the extent the Company did not have sufficient funds to pay such costs. As of December 31, 2017 and 2016, the Company owed the Advisor and its affiliated entities an aggregate of $162,918 and $109,532, respectively, which was principally for costs paid on its behalf, and is classified as due to related parties on the consolidated balance sheets. During the year ended December 31, 2016, the Company paid $36,298 to an affiliate of the Sponsor for the Sponsor’s marketing expenses related to the offering that were recorded as a reduction to APIC. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the period indicated: For the Years Ended December 31, 2017 2016 Acquisition fee (1) $ 573,750 $ 1,104,000 Asset management fees (general and administrative costs) 1,087,586 - Development Fee (general and administrative costs) 29,116 19,847 Total $ 1,690,452 $ 1,123,847 (1) The acquisition fee for the Cove Joint Venture of $573,750 was capitalized and included in investment in unconsolidated affiliated real estate entity on the consolidated balance sheets. From time to time, the Company may purchase title insurance from an agent in which its Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, before the Company purchases any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. During the year ended December 31, 2016, the Company paid approximately $154,000 to the title insurance agent.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. 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, 2017, 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 203 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, 2017
Quarterly Financial Data [Abstract]
Quarterly Financial Data	9. Quarterly Financial Data (Unaudited) 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 33,996,211 $ 7,723,875 $ 9,567,220 $ 8,984,519 $ 7,720,597 Operating income $ 4,336,509 $ 151,444 $ 1,930,882 $ 1,459,793 $ 794,390 Net loss $ (4,171,817) $ (2,097,556) $ (202,412) $ (775,229) $ (1,096,620) Less loss attributable to noncontrolling interests $ 50 $ 28 $ - $ 9 $ 13 Net loss applicable to Company's common shares $ (4,171,767) $ (2,097,528) $ (202,412) $ (775,220) $ (1,096,607) Net loss per common share, basic and diluted $ (0.31) $ (0.15) $ (0.01) $ (0.06) $ (0.09) 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)

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
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, 2017 Initial Cost (A) Gross amount at which Encumbrance (E) Land Buildings and Net Costs Land and Buildings and Total (B) Accumulated Depreciation (C) Date Acquired Depreciable Life (D) Revolving Credit Facility (1) Hampton Inn Hotel Des Moines, IA $ - $ 1,178,845 $ 9,721,155 $ 3,664,529 $ 1,241,987 $ 13,322,542 $ 14,564,529 $ (1,304,449 ) 2/4/2015 (D) Courtyard Marriott Durham, NC - 1,027,019 14,972,981 290,007 1,044,942 15,245,065 16,290,007 (1,712,122 ) 5/15/2015 (D) Hampton Inn Hotel Lansing, MI - 417,311 10,082,689 260,883 417,311 10,343,572 10,760,883 (769,389 ) 3/10/2016 (D) Courtyard Marriott Warwick, RI - 693,601 11,706,399 666,677 693,601 12,373,076 13,066,677 (719,648 ) 3/23/2016 (D) SpringHill Suites Green Bay, WI - 844,426 17,405,574 188,144 858,489 17,579,655 18,438,144 (1,255,204 ) 5/2/2016 (D) Fairfield Inn & Suites Austin, TX - 1,468,636 10,531,364 (241,618 ) 1,468,636 10,289,746 11,758,382 (620,196 ) 9/13/2016 (D) Staybridge Suites Austin, TX - 1,937,591 8,062,409 1,488,351 1,937,591 9,550,760 11,488,351 (507,186 ) 10/6/2016 (D) Unallocated 59,170,589 - - - - - - - (D) Total $ 59,170,589 $ 7,567,429 $ 82,482,571 $ 6,316,973 $ 7,662,557 $ 88,704,416 $ 96,366,973 $ (6,888,194 ) Promissory Note (2) Home2 Suites Hilton Salt Lake City, UT $ 10,850,896 $ 5,756,344 $ 12,743,656 $ 174,876 $ 5,756,344 $ 12,918,532 $ 18,674,876 $ (955,515 ) 8/2/2016 (D) Home2 Suites Hilton Seattle, WA 16,881,299 8,943,385 19,806,615 142,105 8,944,206 19,947,899 28,892,105 (1,263,613 ) 8/2/2016 (D) Total $ 27,732,195 $ 14,699,729 $ 32,550,271 $ 316,981 $ 14,700,550 $ 32,866,431 $ 47,566,981 $ (2,219,128 ) Total $ 86,902,784 $ 22,267,158 $ 115,032,842 $ 6,633,954 $ 22,363,107 $ 121,570,847 $ 143,933,954 $ (9,107,322 ) 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, Reconciliation of total real estate owned: 2017 2016 Balance at beginning of year $ 140,627,641 $ 28,140,343 Acquisitions, at cost - 110,400,000 Improvements 3,306,313 2,087,298 Balance at end of year $ 143,933,954 $ 140,627,641 (C) Reconciliation of accumulated depreciation: For the years ended December 31, Reconciliation of accumulated depreciation: 2017 2016 Balance at beginning of year $ 3,862,125 $ 731,289 Depreciation expense 5,245,197 3,130,836 Balance at end of year $ 9,107,322 $ 3,862,125 (D) Depreciation is computed based upon the following estimated lives: Buildings and improvements 39 years Furniture and fixtures 5-10 years (E) Net of debt origination costs.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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, 2017, 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
Cash and Cash Equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Rental Revenues	Rental Revenues Rental revenues which consist of hotel revenues are 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 is 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 is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are 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, are 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 are made to the purchase price allocation. The allocations are 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 are depreciated or amortized, are 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 are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is 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 is 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 are charged to expense as incurred.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company evaluates investments in other entities for consolidation. It considers 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 the equity method, an investment is recorded initially at cost, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. The net income or loss of each investor is allocated in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of our investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity are 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	Deferred Costs The Company capitalizes initial direct costs associated with financing activities. The costs are 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, 2017 and 2016, 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 are subject to U.S. federal and state income and franchise taxes from these activities.
Organization and Offering Costs	Organization and Offering Costs Organization costs were expensed as incurred as general and administrative costs. Offering costs are accounted for as a reduction against additional paid-in capital as costs are incurred and included all the costs incurred in connection with the Offering, which was terminated on March 31, 2017, including the Company’s legal, accounting, printing, mailing and filing fees, charges of the escrow agent, reimbursements to the Dealer Manager and participating broker-dealers for due diligence expenses set forth in detailed and itemized invoices, amounts to reimburse the Advisor for its portion of the salaries of the employees of its affiliates who provide services to the Advisor, and other costs in connection with oversight of such Offering and the marketing process, such as preparing supplemental sales materials, holding educational conferences and attending retail seminars conducted by the Dealer Manager or participating broker-dealers.
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.
Financial Instruments	Financial Instruments The carrying amounts of approximate their fair values because of the short maturity of these instruments. As of December 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 87,603,627 $ 86,729,748 $ 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.
New Accounting Pronouncements	New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) 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. Upon adoption of this guidance, the Company anticipates future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. In November 2016, the FASB issued guidance that requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. This guidance will not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued 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 February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of earnings. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. 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 has evaluated each of its revenue streams under the new model. Based on its assessment, the adoption of this standard will not materially affect the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary amenities. The Company will adopt this standard beginning on January 1, 2018 using the modified retrospective approach and is evaluating disclosure requirements. 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, 2017
Summary of Significant Accounting Policies [Abstract]
Schedule Of Mortgage Payable	The estimated fair value of our mortgages payable is as follows: As of December 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 87,603,627 $ 86,729,748 $ 88,027,880 $ 87,252,072

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Business Combination, Separately Recognized Transactions	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 – Lansing (acquired on March 10, 2016), Courtyard – Warwick (acquired on March 23, 2016), SpringHill Suites – Green Bay (acquired on May 2, 2016), Home2 Suites Hotel Portfolio (acquired on August 2, 2016), Fairfield Inn – Austin (acquired on September 13, 2016), Staybridge Suites – Austin (acquired on October 7, 2016) since their respective dates of acquisition for the periods indicated: For the Years Ended December 31, 2017 2016 Rental revenue $ 26,717,362 $ 14,477,828 Net income/(loss) $ 46,051 $ (695,163)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments	The following table provides unaudited pro forma results of operations for the periods indicated, as if the Company’s acquisitions of the Hampton Inn – Lansing (acquired on March 10, 2016), Courtyard – Warwick (acquired on March 23, 2016), SpringHill Suites – Green Bay (acquired on May 2, 2016), Home2 Suites Hotel Portfolio (acquired on August 2, 2016), Fairfield Inn – Austin (acquired on September 13, 2016), Staybridge Suites – Austin (acquired on October 7, 2016) and its 22.5 For the Years Ended December 31, 2017 2016 Pro forma rental revenue $ 33,996,211 $ 34,445,574 Pro forma net (loss)/income (1) $ (4,441,105) 67,168 Pro forma net income/(loss) per Company's common share, basic and diluted (1) $ (0.33) $ 0.01 (1) Includes acquisition fees and acquisition-related expenses aggregating $ 2,152,938

The Cove Joint Venture (Tables)

The Cove Joint Venture (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments Summarized Income Statement Information	The following table represents the condensed income statement for the Cove Joint Venture: (amounts in thousands) For the Period January 31, Revenue $ 12,291 Property operating expenses 4,300 General and administrative costs 249 Depreciation and amortization 8,743 Operating loss (1,001) Interest expense and other, net (8,578) Net loss $ (9,579) Company's share of net loss (22.50%) $ (2,155) Additional depreciation and amortization expense (1) (659) Company's loss from investment $ (2,814) 1.
Equity Method Investments Summarized Balance Sheet Information	As of (amounts in thousands) December 31, 2017 Real estate, at cost (net) (1) $ 149,727 Cash and restricted cash 2,538 Other assets 1,541 Total assets $ 153,806 Mortgage payable, net $ 173,534 Other liabilities 2,830 Members' deficit (1) (22,558) Total liabilities and members' deficit $ 153,806 1. Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	12 Months Ended
	Dec. 31, 2017
Loans Payable [Abstract]
Schedule of Debt	Mortgages payable, net consisted of the following: Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility, secured by seven properties LIBOR + 4.95% 6.20 % July 2019 $ 59,696,000 $ 59,696,000 $ 59,696,000 Promissory Note, secured by two properties 4.73% 4.73 % October 2021 26,127,572 27,907,627 28,331,880 Total mortgages payable 5.73 % $ 85,823,572 $ 87,603,627 $ 88,027,880 Less: Deferred financing costs (700,843) (1,157,537) Total mortgage payable, net $ 86,902,784 $ 86,870,343
Schedule of Maturities of Long-term Debt	The following table, based on the initial terms of the mortgage, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2017: 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 445,051 $ 60,162,871 $ 486,092 $ 26,509,613 $ - $ - $ 87,603,627 Less: Deferred financing costs (700,843) Total principal maturiteis, net $ 86,902,784

Related Party and Other Trans22

Related Party and Other Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Selling Commission, Dealer Manager Fees And Other Offering Costs [Abstract]
Selling Commissions Dealer Manager Fees And Other Offering Costs	The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Years Ended December 31, 2017 2016 Selling commissions and dealer manager fees $ 1,759,714 $ 7,008,694 Other offering costs $ (17,499 ) $ 770,493
Schedule of Related Party Transactions	The following table represents the fees incurred associated with the payments to the Company’s Advisor for the period indicated: For the Years Ended December 31, 2017 2016 Acquisition fee (1) $ 573,750 $ 1,104,000 Asset management fees (general and administrative costs) 1,087,586 - Development Fee (general and administrative costs) 29,116 19,847 Total $ 1,690,452 $ 1,123,847 (1) The acquisition fee for the Cove Joint Venture of $573,750 was capitalized and included in investment in unconsolidated affiliated real estate entity on the consolidated balance sheets.

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016: 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 33,996,211 $ 7,723,875 $ 9,567,220 $ 8,984,519 $ 7,720,597 Operating income $ 4,336,509 $ 151,444 $ 1,930,882 $ 1,459,793 $ 794,390 Net loss $ (4,171,817) $ (2,097,556) $ (202,412) $ (775,229) $ (1,096,620) Less loss attributable to noncontrolling interests $ 50 $ 28 $ - $ 9 $ 13 Net loss applicable to Company's common shares $ (4,171,767) $ (2,097,528) $ (202,412) $ (775,220) $ (1,096,607) Net loss per common share, basic and diluted $ (0.31) $ (0.15) $ (0.01) $ (0.06) $ (0.09) 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)

Organization (Details Textual)

Organization (Details Textual) - USD ($)	May 15, 2017	Jul. 15, 2014	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Dec. 11, 2014	Jul. 16, 2014	Dec. 31, 2017	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance, price per share				$ 10					$ 10
Issuance of common shares, value								$ 18,944,234	$ 73,903,459
General partner ownership interest								99.00%
Gross proceeds from sale of common stock								$ 18,944,234	$ 73,903,459
Common Stock, Par Value								$ 0.01	$ 0.01
Equity Method investment ,Percentage of Maximum Offering cost			12.00%
Maximum Amount of Offering			$ 300,000,000
Equity Method Investment, Aggregate Cost			36,000,000
Issuance of Subordinated Participation Interest for Each Partner			50,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs								$ 1,759,714	$ 7,008,694
Payments of Stock Issuance Costs								$ 1,851,754	$ 9,151,111
Stock Issued During Period, Shares, Dividend Reinvestment Plan	300,000
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan	$ 3,200,000
General Partner [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Contribution from advisor							$ 2,000
Number of limited partner units issued to advisor							200
Limited Partner [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Partners' Capital Account, Contributions			$ 12,100,000
Partners' Capital Account, Units, Contributed			242
Lightstone Value Plus REIT III LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares			13,400,000					20,000
Issuance of common shares, value			$ 131,700,000					$ 200,000
Shares issued, price per share								$ 10
General partner ownership interest								99.00%	99.00%
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance, price per share			$ 9
Issuance of common shares, value			$ 2,000,000
Equity Method investment ,Percentage of Maximum Offering cost			100.00%
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance		30,000,000
Shares reserved for issuance, price per share		$ 10			$ 10
Gross proceeds from sale of common stock						$ 2,000,000
Common Stock, Par Value		$ 0.01
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			$ 12,100,000
Proceeds from Contributions from Affiliates			12,200,000
Payments of Stock Issuance Costs			4,800,000
Proceeds from Issuance Initial Public Offering			$ 126,800,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance		10,000,000
Shares reserved for issuance, price per share		$ 9.50
Shares issued, price per share					$ 9.50

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Mortgages payable, Carrying Amount	$ 87,603,627	$ 88,027,880
Mortgages payable, Estimated Fair Value	$ 86,729,748	$ 87,252,072

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
General partner ownership interest	99.00%
REIT annual distribution, percent of taxable income	90.00%
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, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Rental revenue	$ 26,717,362	$ 14,477,828
Net income/(loss)	$ 46,051	$ (695,163)

Acquisitions (Details 1)

Acquisitions (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Pro forma rental revenue		$ 33,996,211	$ 34,445,574
Pro forma net (loss)/income	[1]	$ (4,441,105)	$ 67,168
Pro forma net income/(loss) per Company's common share, basic and diluted	[1]	$ (0.33)	$ 0.01
[1]	Includes acquisition fees and acquisition-related expenses aggregating $2,152,938 during the year ended December 31, 2016.

Acquisitions (Details Textual)

Acquisitions (Details Textual) - USD ($)		Oct. 07, 2016	Sep. 13, 2016	Aug. 02, 2016	May 02, 2016	Mar. 10, 2016	Mar. 23, 2016	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2017
Business Acquisition [Line Items]
Acquisition fees received by the advisor	[1]							$ 573,750	$ 1,104,000
Proceeds from revolving promissory note								$ 0	24,200,000
Business Acquisition, Percentage of Voting Interests Acquired										22.50%
Acquisition-related Costs [Member]
Business Acquisition [Line Items]
Acquisition fees received by the advisor									$ 2,152,938
Hampton Inn Des Moines [Member]
Business Acquisition [Line Items]
Cash consideration paid						$ 10,500,000
Acquisition fees received by the advisor						105,000
Purchase price allocation, land and improvements						400,000
Purchase price allocation, building and improvements						9,000,000
Purchase price allocation, furnitures and fixtures						$ 1,100,000
Acquisition fees received by the advisor as percentage of acquisition price						1.00%
Courtyard, Durham North Carolina [Member]
Business Acquisition [Line Items]
Cash consideration paid							$ 12,400,000
Acquisition fees received by the advisor							124,000
Purchase price allocation, land and improvements							700,000
Purchase price allocation, building and improvements							11,100,000
Purchase price allocation, furnitures and fixtures							$ 600,000
Acquisition fees received by the advisor as percentage of acquisition price							1.00%
SpringHill Suites - Green Bay [Member}
Business Acquisition [Line Items]
Acquisition fees received by the advisor					$ 183,000
Purchase price allocation, land and improvements					800,000
Purchase price allocation, building and improvements					15,200,000
Purchase price allocation, furnitures and fixtures					$ 2,300,000
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
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
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
Acquisition fees received by the advisor as percentage of acquisition price		1.00%
[1]	The acquisition fee for the Cove Joint Venture of $573,750 was capitalized and included in investment in unconsolidated affiliated real estate entity on the consolidated balance sheets.

The Cove Joint Venture (Details

The Cove Joint Venture (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Company's loss from investment		$ (2,813,825)	$ 0
Rp Maximus Cove LlC [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		12,291,000
Property operating expenses		4,300,000
General and administrative costs		249,000
Depreciation and amortization		8,743,000
Operating loss		(1,001,000)
Interest expense and other, net		(8,578,000)
Net loss		(9,579,000)
Company's share of net loss (22.50%)		(2,155,000)
Additional depreciation and amortization expense	[1]	(659,000)
Company's loss from investment		$ (2,814,000)
[1]	Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

The Cove Joint Venture (Detai31

The Cove Joint Venture (Details 1) $ in Thousands	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets	$ 153,806
Members' deficit	22,558	[1]
Total liabilities and members' deficit	153,806
Real Estate [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets	149,727	[1]
Cash And Restricted Cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets	2,538
Other Assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets	1,541
Mortgage Payable [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Liabilities	173,534
Other Liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Liabilities	$ 2,830
[1]	Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

The Cove Joint Venture (Detai32

The Cove Joint Venture (Details Textual) $ in Millions	1 Months Ended
	Jan. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value	$ 43.8
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.
Investment Advisory Fees	$ 0.6
Business Acquisition Fee Percentage	1.00%
Business Acquisition, Percentage of Voting Interests Acquired	22.50%
Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Maturity Date	Jan. 31, 2020
Cove Transaction [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Consideration Transferred	$ 255
Payments to Acquire Businesses, Gross	80
Proceeds from Issuance of Debt	$ 175
Business Acquisition, Percentage of Voting Interests Acquired	22.50%
Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value	$ 10.9
Parent Company [Member] | Cove Transaction [Member]
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Businesses, Gross	20
Refurbishment Guarantee [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value	13.4
Refurbishment Guarantee [Member] | Revolving Promissory Note [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value	$ 3.3

Mortgages payable, net (Details

Mortgages payable, net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Oct. 05, 2016
Long-term Debt, Gross	$ 87,603,627	$ 88,027,880
Less: Deferred financing costs	(700,843)	(1,157,537)
Total mortgage payable, net	$ 86,902,784	86,870,343
Revolving Credit Facility, secured by seven properties, Weighted Average Interest Rate	5.73%
Revolving Credit Facility, secured by seven properties, Amount Due at Maturity	$ 85,823,572
Revolving Credit Facility [Member]
Long-term Debt, Gross	$ 59,696,000	59,696,000
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	6.20%
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]
Long-term Debt, Gross	$ 27,907,627	$ 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 (Detai34

Mortgages payable, net (Details 1) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Principal maturities, Repayments of Principal in 2018	$ 445,051
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 in 2022	0
Principal maturities, Repayments of Principal Thereafter	0
Principal maturities	87,603,627	$ 88,027,880
Less: Deferred financing costs	700,843	1,157,537
Total principal maturiteis, net	$ 86,902,784	$ 86,870,343

Mortgages payable, net (Detai35

Mortgages payable, net (Details Textual) - USD ($)	Nov. 02, 2016	Oct. 05, 2016	Jul. 13, 2016	Dec. 31, 2017	Dec. 31, 2016
Long-term Debt, Gross				$ 87,603,627	$ 88,027,880
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	59,696,000
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				$ 1,200,000	$ 900,000
Debt Instrument, Periodic Payment		$ 147,806

Stockholder's Equity (Details T

Stockholder's Equity (Details Textual) - USD ($)	Mar. 15, 2018	Jan. 14, 2015	Dec. 31, 2017	Dec. 31, 2016	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	Nov. 15, 2017	Jan. 14, 2015
Distribution on per day basis		$ 0.00164383
Number of days used to calculate daily amount of distribution		365 days
Annualized rate of dividend		6.00%
Face value of share		$ 10
Distribution payment date		Mar. 15, 2015
Distribution Made to Limited Partner, Cash Distributions Declared			$ 8,000,000	$ 4,700,000
Payments of Ordinary Dividends, Common Stock			$ 6,789,665	$ 2,574,371
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution declared	Mar. 15, 2018
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			19.00%
Percentage Of Distribution Paid From Issuance Or Sale Of Under Offering			81.00%
Payments of Ordinary Dividends, Common Stock			$ 2,100,000
Net Cash Provided by (Used in) Operating Activities, Continuing Operations			385,863
Proceeds from Issuance or Sale of Equity			$ 1,675,306

Related Party and Other Trans37

Related Party and Other Transactions (Organization and Offering Stage) (Details) $ in Millions	1 Months Ended
	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Organization and offering expenses incurred	$ 4.8
Selling commissions	8.3
Dealer manager fee	$ 3.9
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%

Related Party and Other Trans38

Related Party and Other Transactions (Operational Stage) (Details)	12 Months Ended
	Dec. 31, 2017
Related Party Transaction [Line Items]
Acquisition fee, percent of property purchase price	0.60%
Acquisition fee, percent of loan advancement or other investment	1.00%
Acquisition expenses, percent of property purchase price	1.00%
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 Trans39

Related Party and Other Transactions (Liquidation/Listing Stage) (Details)	12 Months Ended
	Dec. 31, 2017$ / 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 Trans40

Related Party and Other Transactions (Selling Commissions and Dealer Manager) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Selling Commission, Dealer Manager Fees and Other Offering Costs [Line Items]
Selling commissions and dealer manager fees	$ 1,759,714	$ 7,008,694
Other offering costs	$ (17,499)	$ 770,493

Related Party and Other Trans41

Related Party and Other Transactions (Fees incurred associated with the payments) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Acquisition fee	[1]	$ 573,750	$ 1,104,000
Asset management fees (general and administrative costs)		1,087,586	0
Development Fee (general and administrative costs)		29,116	19,847
Total		$ 1,690,452	$ 1,123,847
[1]	The acquisition fee for the Cove Joint Venture of $573,750 was capitalized and included in investment in unconsolidated affiliated real estate entity on the consolidated balance sheets.

Related Party and Other Trans42

Related Party and Other Transactions (Details Textual) - USD ($)	May 02, 2016	May 15, 2015	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Mar. 02, 2016	Dec. 31, 2015	Feb. 04, 2015
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees				$ 12,200,000
Debt Related Commitment Fees and Debt Issuance Costs				4,800,000
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.
Debt Issuance Costs, Net							$ 51,667
Due to Related Parties				$ 162,918	$ 109,532
Revolving Promissory Note Durham [Member]
Related Party Transaction [Line Items]
Loan Processing Fee					43,333
Interest Expense, Related Party					151,751
Debt Instrument, Face Amount						$ 8,000,000
Sponsor [Member]
Related Party Transaction [Line Items]
General Insurance Expense					154,000
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					8,333
Debt Instrument, Fee Amount								$ 100,000
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
Due to Related Parties				$ 162,918	$ 109,532
Cove Joint Venture [Member]
Related Party Transaction [Line Items]
Acquisition Fee, Estimated Amount				$ 573,750

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2017
Franchise Agreements, Terms	The franchise agreements are for terms ranging from 15 years to 20 years, expiring between 2028 and 2034
Management Agreement,Term	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.
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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Line Items]
Total revenue	$ 7,723,875	$ 9,567,220	$ 8,984,519	$ 7,720,597	$ 8,002,767	$ 7,623,494	$ 4,953,528	$ 1,971,445	$ 33,996,211	$ 22,551,234
Operating income/(loss)	151,444	1,930,882	1,459,793	794,390	865,200	1,479,384	425,788	(310,294)	4,336,509	2,460,078
Net (loss)/income	(2,097,556)	(202,412)	(775,229)	(1,096,620)	(429,371)	580,516	137,444	(401,611)	(4,171,817)	(113,022)
Less (income)/loss attributable to noncontrolling interests	28	0	9	13	5	(14)	(8)	10	50	(7)
Net (loss)/income applicable to Company's common shares	$ (2,097,528)	$ (202,412)	$ (775,220)	$ (1,096,607)	$ (429,366)	$ 580,502	$ 137,436	$ (401,601)	$ (4,171,767)	$ (113,029)
Net (loss)/income per common share, basic and diluted	$ (0.15)	$ (0.01)	$ (0.06)	$ (0.09)	$ (0.04)	$ 0.06	$ 0.02	$ (0.08)	$ (0.31)	$ (0.01)

Schedule III Real Estate and 45

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Encumbrance	[1]	$ 86,902,784
Land	[2]	22,267,158
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	115,032,842
Net Costs Capitalized & Impairments Subsequent to Acquisition		6,633,954
Land and Improvements		22,363,107
Buildings and Improvements Including Furniture and Fixtures and CIP		121,570,847
Total		143,933,954	[3]	$ 140,627,641	$ 28,140,343
Accumulated Depreciation		(9,107,322)	[4]	$ (3,862,125)	$ (731,289)
Revolving Credit Facility [Member]
Encumbrance	[1]	59,170,589
Land	[2]	7,567,429
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	82,482,571
Net Costs Capitalized & Impairments Subsequent to Acquisition		6,316,973
Land and Improvements		7,662,557
Buildings and Improvements Including Furniture and Fixtures and CIP		88,704,416
Total	[3]	96,366,973
Accumulated Depreciation	[4]	(6,888,194)
Promissory Note [Member]
Encumbrance	[1]	27,732,195
Land	[2]	14,699,729
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	32,550,271
Net Costs Capitalized & Impairments Subsequent to Acquisition		316,981
Land and Improvements		14,700,550
Buildings and Improvements Including Furniture and Fixtures and CIP		32,866,431
Total	[3]	47,566,981
Accumulated Depreciation	[4]	(2,219,128)
Hampton Inn - Des Moines [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Land	[2]	1,178,845
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	9,721,155
Net Costs Capitalized & Impairments Subsequent to Acquisition		3,664,529
Land and Improvements		1,241,987
Buildings and Improvements Including Furniture and Fixtures and CIP		13,322,542
Total	[3]	14,564,529
Accumulated Depreciation	[4]	$ (1,304,449)
Date Acquired		Apr. 2, 2015
Depreciable Life	[5]	0 years
Courtyard - Durham [Member]
Land	[2]	$ 1,027,019
Total	[3]	16,290,007
Accumulated Depreciation	[4]	(1,712,122)
Courtyard - Durham [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	14,972,981
Net Costs Capitalized & Impairments Subsequent to Acquisition		290,007
Land and Improvements		1,044,942
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 15,245,065
Date Acquired		May 15, 2015
Depreciable Life	[5]	0 years
Hampton Inn - Lansing [Member]
Total	[3]	$ 10,760,883
Accumulated Depreciation	[4]	(769,389)
Hampton Inn - Lansing [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Land	[2]	417,311
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	10,082,689
Net Costs Capitalized & Impairments Subsequent to Acquisition		260,883
Land and Improvements		417,311
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 10,343,572
Date Acquired		Mar. 10, 2016
Depreciable Life	[5]	0 years
Courtyard - Warwick [Member]
Total	[3]	$ 13,066,677
Accumulated Depreciation	[4]	(719,648)
Courtyard - Warwick [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Land	[2]	693,601
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	11,706,399
Net Costs Capitalized & Impairments Subsequent to Acquisition		666,677
Land and Improvements		693,601
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 12,373,076
Date Acquired		Mar. 23, 2016
Depreciable Life	[5]	0 years
SpringHill Suites - Green Bay [Member]
Total	[3]	$ 18,438,144
Accumulated Depreciation	[4]	(1,255,204)
SpringHill Suites - Green Bay [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Land	[2]	844,426
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	17,405,574
Net Costs Capitalized & Impairments Subsequent to Acquisition		188,144
Land and Improvements		858,489
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 17,579,655
Date Acquired		May 2, 2016
Depreciable Life	[5]	0 years
Fairfield Inn - Austin [Member]
Total	[3]	$ 11,758,382
Accumulated Depreciation	[4]	(620,196)
Fairfield Inn - Austin [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Land	[2]	1,468,636
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	10,531,364
Net Costs Capitalized & Impairments Subsequent to Acquisition		(241,618)
Land and Improvements		1,468,636
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 10,289,746
Date Acquired		Sep. 13, 2016
Depreciable Life	[5]	0 years
Staybridge Suites - Austin [Member]
Total	[3]	$ 11,488,351
Accumulated Depreciation	[4]	(507,186)
Staybridge Suites - Austin [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	0
Land	[2]	1,937,591
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	8,062,409
Net Costs Capitalized & Impairments Subsequent to Acquisition		1,488,351
Land and Improvements		1,937,591
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 9,550,760
Date Acquired		Oct. 6, 2016
Depreciable Life	[5]	0 years
Unallocated [Member]
Total	[3]	$ 0
Accumulated Depreciation	[4]	0
Unallocated [Member] | Revolving Credit Facility [Member]
Encumbrance	[1]	59,170,589
Land	[2]	0
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	0
Net Costs Capitalized & Impairments Subsequent to Acquisition		0
Land and Improvements		0
Buildings and Improvements Including Furniture and Fixtures and CIP		$ 0
Depreciable Life	[5]	0 years
Home2 Suites - Salt Lake City [Member] | Promissory Note [Member]
Encumbrance	[1]	$ 10,850,896
Land	[2]	5,756,344
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	12,743,656
Net Costs Capitalized & Impairments Subsequent to Acquisition		174,876
Land and Improvements		5,756,344
Buildings and Improvements Including Furniture and Fixtures and CIP		12,918,532
Total	[3]	18,674,876
Accumulated Depreciation	[4]	$ (955,515)
Date Acquired		Aug. 2, 2016
Depreciable Life	[5]	0 years
Home2 Suites - Seattle [Member] | Promissory Note [Member]
Encumbrance	[1]	$ 16,881,299
Land	[2]	8,943,385
Buildings and Improvements Including Furniture and Fixtures and CIP	[2]	19,806,615
Net Costs Capitalized & Impairments Subsequent to Acquisition		142,105
Land and Improvements		8,944,206
Buildings and Improvements Including Furniture and Fixtures and CIP		19,947,899
Total	[3]	28,892,105
Accumulated Depreciation	[4]	$ (1,263,613)
Date Acquired		Aug. 2, 2016
Depreciable Life	[5]	0 years
[1]	Net of debt origination costs.
[2]	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.
[3]	Reconciliation of total real estate owned
[4]	Reconciliation of accumulated depreciation
[5]	Depreciation is computed based upon the following estimated lives:

Schedule III Real Estate and 46

Schedule III Real Estate and Accumulated Depreciation (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Balance at beginning of year	$ 140,627,641		$ 28,140,343
Acquisitions, at cost	0		110,400,000
Improvements	3,306,313		2,087,298
Balance at end of year	$ 143,933,954	[1]	$ 140,627,641
[1]	Reconciliation of total real estate owned

Schedule III Real Estate and 47

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Balance at beginning of year	$ 3,862,125		$ 731,289
Depreciation expense	5,245,197		3,130,836
Balance at end of year	$ 9,107,322	[1]	$ 3,862,125
[1]	Reconciliation of accumulated depreciation

Schedule III Real Estate and 48

Schedule III Real Estate and Accumulated Depreciation (Details 3)	12 Months Ended
	Dec. 31, 2017
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