Lightstone Value Plus REIT III (LVVR) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust III, Inc.
Entity Central Index Key	1,563,756
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investment property:
Land and improvements	$ 22,369,156	$ 22,363,107
Building and improvements	105,524,793	103,807,990
Furniture and fixtures	17,056,560	16,120,582
Construction in progress	316,996	1,642,275
Gross investment property	145,267,505	143,933,954
Less accumulated depreciation	(10,439,041)	(9,107,322)
Net investment property	134,828,464	134,826,632
Investments in unconsolidated affiliated real estate entities	30,648,900	17,805,991
Cash	28,480,784	45,050,023
Restricted cash	1,391,734	1,680,056
Accounts receivable and other assets	2,640,762	2,111,857
Total Assets	197,990,644	201,474,559
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	3,660,500	2,972,368
Mortgages payable	86,845,438	86,902,784
Due to related parties	514,154	162,918
Distributions payable	692,102	694,333
Total liabilities	91,712,194	90,732,403
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, 13,581,976 and 13,625,769 shares issued and outstanding, respectively	135,820	136,258
Additional paid-in-capital	116,633,887	117,061,644
Accumulated deficit	(22,583,603)	(18,548,148)
Total Company stockholders' equity	94,186,104	98,649,754
Noncontrolling interests	12,092,346	12,092,402
Total Stockholders' Equity	106,278,450	110,742,156
Total Liabilities and Stockholders' Equity	$ 197,990,644	$ 201,474,559

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	13,581,976	13,625,769
Common Stock, shares outstanding	13,581,976	13,625,769

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 7,586,298	$ 7,720,597
Expenses:
Property operating expenses	4,973,389	4,798,384
Real estate taxes	373,765	363,147
General and administrative costs	732,338	439,713
Depreciation and amortization	1,351,277	1,324,963
Total operating expenses	7,430,769	6,926,207
Operating income	155,529	794,390
Interest expense	(1,447,513)	(1,345,311)
Loss from investments in unconsolidated affiliated real estate entities	(737,328)	(512,707)
Other income/(expense), net	5,037	(32,992)
Net loss	(2,024,275)	(1,096,620)
Less: net loss attributable to noncontrolling interests	26	13
Net loss applicable to Company's common shares	$ (2,024,249)	$ (1,096,607)
Net loss per Company's common shares, basic and diluted	$ (0.15)	$ (0.09)
Weighted average number of common shares outstanding, basic and diluted	13,600,864	12,591,058

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2017	$ 110,742,156	$ 136,258	$ 117,061,644	$ (18,548,148)	$ 12,092,402
BALANCE (in shares) at Dec. 31, 2017		13,625,769
Net loss	(2,024,275)	$ 0	0	(2,024,249)	(26)
Distributions declared	(2,011,206)	0	0	(2,011,206)	0
Distributions paid to noncontrolling interests	(30)	0	0	0	(30)
Redemption and cancellation of shares	(428,195)	$ (438)	(427,757)	0	0
Redemption and cancellation of shares (in shares)		(43,793)
BALANCE at Mar. 31, 2018	$ 106,278,450	$ 135,820	$ 116,633,887	$ (22,583,603)	$ 12,092,346
BALANCE (in shares) at Mar. 31, 2018		13,581,976

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,024,275)	$ (1,096,620)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss from investments in unconsolidated affiliated real estate entities	737,328	512,707
Depreciation and amortization	1,351,277	1,324,963
Amortization of deferred financing costs	116,455	112,615
Other non-cash adjustments	187	28,501
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(548,650)	(338,311)
Increase in accounts payable and other accrued expenses	422,694	602,800
Increase in due to related parties	351,236	101,526
Net cash provided by operating activities	406,252	1,248,181
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(1,068,112)	(830,851)
Investment in unconsolidated affiliated real estate entities	(13,580,237)	(20,610,595)
Cash used in investing activities	(14,648,349)	(21,441,446)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgage payable	(113,800)	(108,763)
(Payment)/refund of loan fees and expenses	(60,002)	4,400
Proceeds from issuance of common stock	0	18,413,803
Payment of commissions and offering costs	0	(1,594,342)
Distributions to noncontrolling interests	(30)	(30)
Distributions to common stockholders	(2,013,437)	(956,022)
Redemption and cancellation of common shares	(428,195)	(42,519)
Net cash (used in)/provided by financing activities	(2,615,464)	15,716,527
Net change in cash and restricted cash	(16,857,561)	(4,476,738)
Cash and restricted cash, beginning of year	46,730,079	55,915,948
Cash and restricted cash, end of period	29,872,518	51,439,210
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	1,304,187	1,220,426
Distributions declared, but not paid	692,102	672,541
Commissions and other offering costs accrued but not paid	0	320,926
Subscription receivable	0	425,406
Value of shares issued from distribution reinvestment program	0	816,948
Investment property acquired but not paid	$ 354,930	$ 23,760

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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 to be taxed as a real estate investment trust (‘‘REIT’’) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2015. The Company has and expects to continue to seek to acquire hotels and other commercial real estate assets primarily located in the United States. All such properties may be acquired and operated by the Company alone or jointly with another party. The Company may also originate or acquire mortgage loans secured by real estate. The Lightstone REIT III is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business will be conducted through Lightstone Value Plus REIT III LP, a Delaware limited partnership (the ‘‘Operating Partnership’’). Lightstone REIT III and the Operating Partnership are collectively referred to as the “Company” and the use of “we,” “our,” “us” or similar pronouns refers to Lightstone REIT III, its Operating Partnership or the Company as required by the context in such pronoun used. Lightstone REIT III sold 20,000 10.00 Lightstone REIT III invested the proceeds received from the Advisor in the Operating Partnership, and as a result, held a 99 The Company’s registration statement on Form S-11 (the “Offering”), pursuant to which it offered to sell up to 30,000,000 par value $ 0.01 10,000,000 95 9.50 10.00 10.00 The Offering, which terminated on March 31, 2017, raised aggregate gross proceeds of approximately $ 131.7 13.4 2.0 100 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 The Company has no employees. The Company has retained the Advisor to manage its affairs on a day-to-day basis. Beacon Property Management Limited Liability Company and Paragon Retail Property Management LLC (the ‘‘Property Managers’’), both affiliates of the Sponsor, may serve as property managers and/or the Company may utilize third-party property managers. Orchard Securities, LLC (the ‘‘Dealer Manager’’), a third-party not affiliated with the Company, the Sponsor or the Advisor, served as the dealer manager of the Offering until their termination on March 31, 2017, as a result of the termination of the Offering. In addition to the Property Managers, the Advisor is also an affiliate of the Sponsor. These related parties receive compensation and fees for services related to the investment and management of the Company’s assets. Noncontrolling Interests Partners of Operating Partnership On July 16, 2014, the Advisor contributed $ 2,000 200 Lightstone SLP III LLC (the ‘‘Special Limited Partner’’), a Delaware limited liability company of which Mr. Lichtenstein is the majority owner, is a special limited partner in the Operating Partnership which committed to make a significant equity investment (the “Contribution Agreement”) 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust III, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities. The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership 99 All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Effective January 1, 2018 the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) that 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. The Company adopted this standard using the retrospective transition method. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: Three Months Ended March 31, 2018 2017 Cash $ 28,480,784 $ 50,503,801 Restricted cash 1,391,734 935,409 Total cash, cash equivalents and restricted cash $ 29,872,518 $ 51,439,210 Effective January 1, 2018, the Company adopted guidance issued by the FASB 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. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. 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. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the previous revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Additionally, the sale of real estate will be required to follow the new model. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have an impact on the amount and timing of revenue recognition for revenues from rooms and food, beverage and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of accumulated deficit. The Company also considered and determined that presenting revenue disaggregated by rooms and food, beverage and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed. See Note 3. 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. The Company intends to adopt the standard on January 1, 2019 and apply certain practical expedients available to us upon adoption. The Company is continuing to evaluate the impact this guidance will have on its consolidated financial statements when adopted. 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.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Revenues	3. Revenues Revenues consist of amounts derived from hotel operations, including occupied hotel rooms and sales of food, beverage and other ancillary services and are presented on a disaggregated basis below. Revenues are recorded net of any sales or occupancy tax collected from our guests. Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The Company's contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from our hotel. The Company participates in frequent guest programs sponsored by the brand owners of our hotels whereby the brand owner allows guests to earn loyalty points during their hotel stay. The Company recognizes revenue at the amount earned that it will receive from the brand owner when a guest redeems their loyalty points by staying at one of the Company’s hotels. Revenue from food, beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized when these goods or services are provided to the customer and the Company’s contract performance obligations have been fulfilled Some contracts for rooms, food, beverage or other services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The contract liabilities are not significant. The Company notes no significant judgements regarding the recognition of room, food and beverage or other revenues. The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended March 31, Revenues 2018 2017 Room $ 7,292,767 $ 7,450,752 Food, beverage and other 293,531 269,845 Total revenues $ 7,586,298 $ 7,720,597

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entities	4. Investments in Unconsolidated Affiliated Real Estate Entities The entities listed below are partially owned by the Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary of these entities. As of Entity Date of Ownership Ownership % March 31, 2018 December 31, 2017 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 17,405,021 $ 17,805,991 LVP LIC Hotel JV LLC (the "Hilton Garden Inn Joint Venture") March 27, 2018 50.00 % 13,243,879 - Total investments in unconsolidated affiliated real estate entities $ 30,648,900 $ 17,805,991 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, 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 “Members”), completed the acquisition of all of RP Cove, L.L.C’s membership interest in RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) for aggregate consideration of approximately $ 255.0 80.0 175.0 The Cove Joint Venture owns and operates The Cove at Tiburon (“the Cove”), 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, located in Tiburon, California. In connection with the acquisition, the Company paid the Advisor an acquisition fee of $ 0.6 1.0 The Company paid approximately $ 20.0 22.5 0.4 In connection with the closing of the Cove Transaction, the Cove Joint Venture simultaneously entered into a $ 175.0 January 31, 2020 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 Three Months Ended For the Period January 31, Revenues $ 3,596 $ 2,074 Property operating expenses 1,228 633 General and administrative costs 48 126 Depreciation and amortization 2,396 1,584 Operating loss (76) (269) Interest expense and other, net (2,571) (1,477) Net loss $ (2,647) $ (1,746) Company's share of net loss (22.50%) $ (595) $ (393) Additional depreciation and amortization expense (1) (180) (120) Company's loss from investment $ (775) $ (513) As of As of (amounts in thousands) March 31, 2018 December 31, 2017 Real estate, at cost (net) $ 149,033 $ 149,727 Cash and restricted cash 2,178 2,538 Other assets 1,667 1,541 Total assets $ 152,878 $ 153,806 Mortgage payable, net $ 173,472 $ 173,534 Other liabilities 2,678 2,830 Members' deficit (1) (23,272) (22,558) Total liabilities and members' deficit $ 152,878 $ 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. Hilton Garden Inn Joint Venture On March 27, 2018, the Company and its Sponsor’s other public program, Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone REIT II”), acquired, through LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) a 183-room, limited-service hotel located at 29-21 41 st 60.0 25.0 35.0 50.0 In connection with the acquisition, the Company accrued an acquisition fee of $ 0.3 1.0 The Company paid approximately $ 12.9 50.0 Hilton Garden Inn Joint Venture Financial Information (amounts in thousands) For the Period March 27, Revenues $ 169 Property operating expenses 69 Operating income 100 Interest expense (24) Net income $ 76 Company's share of net income (50.00%) $ 38 As of (amounts in thousands) March 31, 2018 Investment property, net $ 60,327 Cash 28 Other assets 491 Total assets $ 60,846 Mortgage payable, net $ 34,724 Other liabilities 234 Members' capital 25,888 Total liabilities and members' capital $ 60,846

Mortgage payable, net

Mortgage payable, net	3 Months Ended
	Mar. 31, 2018
Loans Payable [Abstract]
Mortgage payable, net	5. Mortgage payable, net Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility, secured by seven properties LIBOR + 4.95% 6.71 % 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 27,793,827 27,907,627 Total mortgages payable 6.08 % $ 85,823,572 $ 87,489,827 $ 87,603,627 Less: Deferred financing costs (644,389) (700,843) Total mortgage payable, net $ 86,845,438 $ 86,902,784 Principal Maturities 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 331,251 $ 60,162,871 $ 486,092 $ 26,509,613 $ - $ - $ 87,489,827 Less: Deferred financing costs (644,389) Total principal maturiteis, net $ 86,845,438 Debt Compliance Pursuant to the Company’s debt agreements, approximately $ 1.4 1.2 During the first quarter of 2018, the Company did not meet certain financial covenants on the non-recourse Revolving Credit Facility, secured by seven properties. On May 14, 2018, the lender provided a waiver with respect to these financial covenants for the testing period for the quarter ending March 31, 2018 in exchange for a modified paydown of the non-recourse Revolving Credit Facility. The Company may either pay the cash amount required per the terms of the non-recourse Revolving Credit Facility of $ 7.4 4.0 3.4 60 days

Selling Commissions, Dealer Man

Selling Commissions, Dealer Manager Fees and Other Offering Costs	3 Months Ended
	Mar. 31, 2018
Selling Commission, Dealer Manager Fees And Other Offering Costs [Abstract]
Selling Commissions, Dealer Manager Fees and Other Offering Costs	Selling Commissions, Dealer Manager Fees and Other Offering Costs During our Offering, selling commissions and dealer manager fees were paid to the Dealer Manager or soliciting dealers, as applicable, pursuant to various agreements, and other third-party offering costs such as registration fees, due diligence fees, marketing costs, and professional fees were accounted for as a reduction against additional paid-in capital as costs were incurred. Any organizational costs were accounted for as general and administrative costs. During the three months ended March 31, 2017, we incurred approximately $ 1.7 0.1 From our inception through March 31, 2017 (the termination date of the Offering), we incurred approximately $ 12.2 4.8

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	7. Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing earnings attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Due to related parties and other transactions In addition to certain agreements with the Sponsor (see Note 1) and Dealer Manager (see Note 6), 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. For the Three Months Ended March 31, 2018 2017 Acquisition fees (1) $ 300,000 $ 573,750 Development fees (2) 51,419 - Asset management fees (general and administrative costs) 386,340 2,046 Total $ 737,759 $ 575,796 (1) Acquisition fees of $ 300,000 573,750 (2) Generally, capitalized and amortized over the estimated useful life of the associated asset.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Financial Instruments, Owned, at Fair Value [Abstract]
Financial Instruments	9. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable and other assets, accounts payable and other accrued expenses and due to/from related parties approximated their fair values because of the short maturity of these instruments. As of March 31, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 87,489,827 $ 86,340,974 $ 87,603,627 $ 86,729,748 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, we are not a party to any material pending legal proceedings.

Distributions

Distributions	3 Months Ended
	Mar. 31, 2018
Distributions [Abstract]
Distributions	11. Distributions Distribution Payments On February 15, 2018, March 15, 2018 and April 14, 2018, the Company paid distributions for the months ended January 31, 2018, February 28, 2018 and March 31, 2018, respectively, totaling $ 2.0 Distribution Declaration On May 11, 2018, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending September 30, 2018. The distributions will be calculated based on shareholders of record each day during the month at a rate of $ 0.00164383 365 6.0 10.00

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership 99 All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
Recently Adopted Accounting Pronouncements	Effective January 1, 2018 the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) that 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. The Company adopted this standard using the retrospective transition method. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: Three Months Ended March 31, 2018 2017 Cash $ 28,480,784 $ 50,503,801 Restricted cash 1,391,734 935,409 Total cash, cash equivalents and restricted cash $ 29,872,518 $ 51,439,210 Effective January 1, 2018, the Company adopted guidance issued by the FASB 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. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. 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. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the previous revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Additionally, the sale of real estate will be required to follow the new model. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have an impact on the amount and timing of revenue recognition for revenues from rooms and food, beverage and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of accumulated deficit. The Company also considered and determined that presenting revenue disaggregated by rooms and food, beverage and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed. See Note 3.
New Accounting Pronouncements	New Accounting Pronouncements 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. The Company intends to adopt the standard on January 1, 2019 and apply certain practical expedients available to us upon adoption. The Company is continuing to evaluate the impact this guidance will have on its consolidated financial statements when adopted. 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 Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule Of Cash and Cash Equivalents, And Restricted Cash	The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: Three Months Ended March 31, 2018 2017 Cash $ 28,480,784 $ 50,503,801 Restricted cash 1,391,734 935,409 Total cash, cash equivalents and restricted cash $ 29,872,518 $ 51,439,210

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Revenues From Hotel Operations	The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended March 31, Revenues 2018 2017 Room $ 7,292,767 $ 7,450,752 Food, beverage and other 293,531 269,845 Total revenues $ 7,586,298 $ 7,720,597

Investments in Unconsolidated21

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Investment in Unconsolidated Affiliated Entity	A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership Ownership % March 31, 2018 December 31, 2017 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 17,405,021 $ 17,805,991 LVP LIC Hotel JV LLC (the "Hilton Garden Inn Joint Venture") March 27, 2018 50.00 % 13,243,879 - Total investments in unconsolidated affiliated real estate entities $ 30,648,900 $ 17,805,991
RP Maximus Cove LLC [Member]
Condensed Income Statement	The following table represents the condensed income statements for the Cove Joint Venture: (amounts in thousands) For the Three Months Ended For the Period January 31, Revenues $ 3,596 $ 2,074 Property operating expenses 1,228 633 General and administrative costs 48 126 Depreciation and amortization 2,396 1,584 Operating loss (76) (269) Interest expense and other, net (2,571) (1,477) Net loss $ (2,647) $ (1,746) Company's share of net loss (22.50%) $ (595) $ (393) Additional depreciation and amortization expense (1) (180) (120) Company's loss from investment $ (775) $ (513)
Condensed Balance Sheet	The following table represents the condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) March 31, 2018 December 31, 2017 Real estate, at cost (net) $ 149,033 $ 149,727 Cash and restricted cash 2,178 2,538 Other assets 1,667 1,541 Total assets $ 152,878 $ 153,806 Mortgage payable, net $ 173,472 $ 173,534 Other liabilities 2,678 2,830 Members' deficit (1) (23,272) (22,558) Total liabilities and members' deficit $ 152,878 $ 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.
Hilton Garden Inn [Member]
Condensed Income Statement	The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: (amounts in thousands) For the Period March 27, Revenues $ 169 Property operating expenses 69 Operating income 100 Interest expense (24) Net income $ 76 Company's share of net income (50.00%) $ 38
Condensed Balance Sheet	The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: As of (amounts in thousands) March 31, 2018 Investment property, net $ 60,327 Cash 28 Other assets 491 Total assets $ 60,846 Mortgage payable, net $ 34,724 Other liabilities 234 Members' capital 25,888 Total liabilities and members' capital $ 60,846

Mortgage payable, net (Tables)

Mortgage payable, net (Tables)	3 Months Ended
	Mar. 31, 2018
Loans Payable [Abstract]
Mortgages Payable, Net	Mortgages payable, net consists 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% 6.71 % 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 27,793,827 27,907,627 Total mortgages payable 6.08 % $ 85,823,572 $ 87,489,827 $ 87,603,627 Less: Deferred financing costs (644,389) (700,843) Total mortgage payable, net $ 86,845,438 $ 86,902,784
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 March 31, 2018: 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 331,251 $ 60,162,871 $ 486,092 $ 26,509,613 $ - $ - $ 87,489,827 Less: Deferred financing costs (644,389) Total principal maturiteis, net $ 86,845,438

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the Three Months Ended March 31, 2018 2017 Acquisition fees (1) $ 300,000 $ 573,750 Development fees (2) 51,419 - Asset management fees (general and administrative costs) 386,340 2,046 Total $ 737,759 $ 575,796 (1) Acquisition fees of $ 300,000 573,750 (2) Generally, capitalized and amortized over the estimated useful life of the associated asset.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Financial Instruments, Owned, at Fair Value [Abstract]
Schedule Of Mortgage Payable	The estimated fair value of our mortgages payable is as follows: As of March 31, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 87,489,827 $ 86,340,974 $ 87,603,627 $ 86,729,748

Organization (Details Textual)

Organization (Details Textual) - USD ($)	May 15, 2017	Mar. 31, 2017	Jul. 16, 2014	Dec. 24, 2012	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Jul. 15, 2014
Organization Consolidation And Presentation Of Financial Statements [Line Items]
General partner ownership interest					99.00%
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				$ 36,000,000
Issuance of Subordinated Participation Interest for Each Partner		50,000				50,000
Payments of Stock Issuance Costs					$ 0	$ 1,594,342
Stock Issued During Period, Shares, Dividend Reinvestment Plan	300,000
Distribution Reinvestment Offered Discounted Percentage											95.00%
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan	$ 3,200,000
Common Stock, Shares Authorized					200,000,000		200,000,000
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]
Shares reserved for issuance, price per share				$ 10
Issuance of common shares, shares				20,000		13,400,000
Issuance of common shares, value						$ 131,700,000
Shares issued, price per share				$ 10
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance, price per share				$ 10
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, price per share								$ 10	$ 10	$ 10
Proceeds from Contributions from Affiliates		$ 12,200,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		12,100,000
Payments of Stock Issuance Costs		4,800,000
Proceeds from Issuance Initial Public Offering		$ 126,800,000
Common Stock, Shares Authorized					30,000,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance											10,000,000
Shares issued, price per share										$ 9.50

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash	$ 28,480,784	$ 45,050,023	$ 50,503,801
Restricted cash	1,391,734	1,680,056	935,409
Total cash, cash equivalents and restricted cash	$ 29,872,518	$ 46,730,079	$ 51,439,210	$ 55,915,948

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Line Items]
General partner ownership interest	99.00%

Revenues (Details)

Revenues (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Room	$ 7,292,767	$ 7,450,752
Food, beverage and other	293,531	269,845
Total revenues	$ 7,586,298	$ 7,720,597

Investments in Unconsolidated29

Investments in Unconsolidated Affiliated Real Estate Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 30,648,900	$ 17,805,991
RP Maximus Cove LLC [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jan. 31, 2017
Equity Method Investment, Ownership Percentage	22.50%
Equity Method Investments	$ 17,405,021	17,805,991
Lvp Lic Hotel Jv Llc [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Date of Acquisition Agreement	Mar. 27, 2018
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investments	$ 13,243,879	$ 0

Investments in Unconsolidated30

Investments in Unconsolidated Affiliated Real Estate Entities (Details 1) - USD ($)		Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Company's loss from investment				$ (737,328)	$ (512,707)
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		$ 169
Property operating expenses		69
Operating income (loss)		100
Interest expense and other, net		(24)
Net income (loss)		76
Company's share of net income (loss)		$ 38
RP Maximus Cove LLC [Member]
Schedule of Equity Method Investments [Line Items]
Revenue			$ 2,074	3,596
Property operating expenses			633	1,228
General and administrative costs			126	48
Depreciation and amortization			1,584	2,396
Operating income (loss)			(269)	(76)
Interest expense and other, net			(1,477)	(2,571)
Net income (loss)			(1,746)	(2,647)
Company's share of net income (loss)			(393)	(595)
Additional depreciation and amortization expense	[1]		(120)	(180)
Company's loss from investment			$ (513)	$ (775)
[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.

Investments in Unconsolidated31

Investments in Unconsolidated Affiliated Real Estate Entities (Details 2) - USD ($)		Mar. 31, 2018	Dec. 31, 2017
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Members' deficit		$ 25,888
Total liabilities and members' deficit		60,846
Cash and restricted cash [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		28
Other Assets [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		491
Other Liabilities [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Liabilities		234
Mortgage payable [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Liabilities		34,724
Total assets [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		60,846
Investment property, net [Member] | Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		60,327
RP Maximus Cove LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		152,878	$ 153,806
Members' deficit	[1]	(23,272)	(22,558)
Total liabilities and members' deficit		152,878	153,806
RP Maximus Cove LLC [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		2,178	2,538
RP Maximus Cove LLC [Member] | Other Assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		1,667	1,541
RP Maximus Cove LLC [Member] | Other Liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Liabilities		2,678	2,830
RP Maximus Cove LLC [Member] | Real Estate [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Assets		149,033	149,727
RP Maximus Cove LLC [Member] | Mortgage payable [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Liabilities		$ 173,472	$ 173,534
[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.

Investments in Unconsolidated32

Investments in Unconsolidated Affiliated Real Estate Entities (Details Textual) - USD ($)	1 Months Ended
	Mar. 27, 2018	Jan. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value		$ 43,800,000
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.
Additional Paid in Capital			$ 116,633,887	$ 117,061,644
Refurbishment Guarantee [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value		$ 13,400,000
Parent Company [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value		10,900,000
Cove Transaction [Member]
Subsequent Event [Line Items]
Aggregate purchase price		255,000,000
Offering funds used in acquisition		80,000,000
Proceeds from Issuance of Debt		175,000,000
Investment Advisory Fees		$ 600,000
Business Acquisition Fee Percentage		1.00%
Joint Venture Investment Property Description		The Cove Joint Venture owns and operates The Cove at Tiburon (the Cove), 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, located in Tiburon, California.
Cove Transaction [Member] | Parent Company [Member]
Subsequent Event [Line Items]
Offering funds used in acquisition		$ 20,000,000
Business Acquisition, Percentage of Voting Interests Acquired		22.50%
Additional Paid in Capital			$ 400,000
Hilton Garden Inn [Member]
Subsequent Event [Line Items]
Aggregate purchase price	$ 60,000,000
Offering funds used in acquisition	25,000,000
Proceeds from Issuance of Debt	$ 35,000,000
Business Acquisition, Percentage of Voting Interests Acquired	50.00%
Investment Advisory Fees	$ 300,000
Business Acquisition Fee Percentage	1.00%
Hilton Garden Inn [Member] | Parent Company [Member]
Subsequent Event [Line Items]
Offering funds used in acquisition	$ 12,900,000
Business Acquisition, Percentage of Voting Interests Acquired	50.00%
Revolving Promissory Note [Member] | Refurbishment Guarantee [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Current Carrying Value		$ 3,300,000
Loan [Member]
Subsequent Event [Line Items]
Face amount		$ 175,000,000
Debt Instrument, Maturity Date		Jan. 31, 2020

Mortgage payable, net (Details)

Mortgage payable, net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Long-term Debt, Gross	$ 87,489,827	$ 87,603,627
Less: Deferred financing costs	(644,389)	(700,843)
Total mortgage payable, net	$ 86,845,438	86,902,784
Weighted Average Interest Rate	6.08%
Amount Due at Maturity	$ 85,823,572
Revolving Credit Facility [Member]
Long-term Debt, Gross	$ 59,696,000	59,696,000
Interest Rate	LIBOR + 4.95%
Weighted Average Interest Rate	6.71%
Maturity Date	July 2,019
Amount Due at Maturity	$ 59,696,000
Promissory Note [Member]
Long-term Debt, Gross	$ 27,793,827	$ 27,907,627
Interest Rate	4.73%
Weighted Average Interest Rate	4.73%
Maturity Date	October 2,021
Amount Due at Maturity	$ 26,127,572

Mortgage payable, net (Details

Mortgage payable, net (Details 1) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Principal maturities, Repayments of Principal in 2018	$ 331,251
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	87,489,827	$ 87,603,627
Less: Deferred financing costs	(644,389)	(700,843)
Total principal maturities, net	$ 86,845,438	$ 86,902,784

Mortgages payable, net (Details

Mortgages payable, net (Details Textual) - USD ($) $ in Millions	May 14, 2018	Mar. 31, 2018	Dec. 31, 2017
Subsequent Event [Member]
Revolving credit facility term payments	$ 7.4
Revolving credit facility cash payment	4
Revolving Credit Facility [Member]
Escrow Deposits Related to Debt Compliance		$ 1.4	$ 1.2
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument, Collateral Amount	$ 3.4
Debt Instrument, Payment Terms	60 days

Selling Commissions, Dealer M36

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees	$ 12.2	$ 1.7
Debt Related Commitment Fees and Debt Issuance Costs	$ 4.8	$ 0.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Development fees	[1]	$ 51,419	$ 0
Advisor [Member]
Related Party Transaction [Line Items]
Acquisition fees	[2]	300,000	573,750
Asset management fees (general and administrative costs)		386,340	2,046
Total		$ 737,759	$ 575,796
[1]	Generally, capitalized and amortized over the estimated useful life of the associated asset.
[2]	Acquisition fees of $300,000 and $573,750 were capitalized and are reflected in the carrying value of our investments in the Hilton Garden Inn Joint Venture and the Cove Joint Venture, respectively, which are included in investments in unconsolidated affiliated real estate entities on the consolidated balance sheets.

Related Party Transactions (D38

Related Party Transactions (Details Textual) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Capitalized Acquisition Related Costs	$ 300,000	$ 573,750

Financial Instruments (Details)

Financial Instruments (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Mortgages payable, Carrying Amount	$ 87,489,827	$ 87,603,627
Mortgages payable, Estimated Fair Value	$ 86,340,974	$ 86,729,748

Distributions (Details Textual)

Distributions (Details Textual) - USD ($)	May 11, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Distributions [Line Items]
Distribution paid					$ 2,013,437	$ 956,022
Subsequent Event [Member]
Distributions [Line Items]
Distribution on per day basis	$ 0.00164383
Number of days used to calculate daily amount of distribution	365 days
Annualized rate of dividend	6.00%
Face value of share	$ 10
Dividend Paid [Member]
Distributions [Line Items]
Distribution paid		$ 2,000,000	$ 2,000,000	$ 2,000,000