Lightstone Value Plus REIT III (LVVR) 10-Q 12 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-55619
Entity Registrant Name	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST III, INC.
Entity Central Index Key	0001563756
Entity Tax Identification Number	46-1140492
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1985 Cedar Bridge Avenue
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Lakewood
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08701
City Area Code	(732)
Local Phone Number	367-0129
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,200,000

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investment property:
Land and improvements	$ 21,662,328	$ 21,662,328
Building and improvements	91,818,354	91,764,252
Furniture and fixtures	16,229,692	16,214,763
Construction in progress	21,781	10,900
Gross investment property	129,732,155	129,652,243
Less accumulated depreciation	(25,108,155)	(22,588,429)
Net investment property	104,624,000	107,063,814
Investments in unconsolidated affiliated real estate entities	11,097,533	10,663,655
Cash and cash equivalents	25,291,129	26,998,685
Marketable securities, available for sale	1,831,093	3,226,853
Restricted cash	2,831,342	2,972,561
Accounts receivable and other assets	2,178,797	1,352,047
Total Assets	147,853,894	152,277,615
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	3,094,044	2,442,210
Mortgages payable, net	60,704,916	64,754,449
Notes payable	2,872,846	1,450,230
Due to related parties	292,691	292,447
Total liabilities	66,964,497	68,939,336
Company's stockholders' equity:
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding
Common stock, $0.01 par value; 200.0 million shares authorized, 13.2 million shares issued and outstanding	132,298	132,298
Additional paid-in-capital	113,205,240	113,205,240
Accumulated other comprehensive loss	(94,613)	(221,217)
Accumulated deficit	(44,445,579)	(41,870,122)
Total Company stockholders' equity	68,797,346	71,246,199
Noncontrolling interests	12,092,051	12,092,080
Total Stockholders' Equity	80,889,397	83,338,279
Total Liabilities and Stockholders' Equity	$ 147,853,894	$ 152,277,615

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
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, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	13,200,000	13,200,000
Common Stock, shares outstanding	13,200,000	13,200,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 5,358,698	$ 2,350,514	$ 9,069,243	$ 7,626,914
Expenses:
Property operating expenses	3,224,730	1,993,907	5,890,211	6,003,087
Real estate taxes	374,004	378,241	743,304	754,358
General and administrative costs	557,479	593,086	1,191,089	1,291,784
Depreciation and amortization	1,276,718	1,272,778	2,551,866	2,544,860
Total operating expenses	5,432,931	4,238,012	10,376,470	10,594,089
Operating loss	(74,233)	(1,887,498)	(1,307,227)	(2,967,175)
Interest expense	(708,158)	(771,996)	(1,378,323)	(1,611,823)
Loss from investments in unconsolidated affiliated real estate entities	(168,027)	(511,129)	(415,371)	(1,123,942)
Gain on forgiveness of debt	451,513		451,513
Gain on disposition of investement in unconsolidated affiliated real estate entity				7,876,639
Other income, net	23,821	90,874	73,920	187,664
Net (loss)/income	(475,084)	(3,079,749)	(2,575,488)	2,361,363
Less: net loss/(income) attributable to noncontrolling interests	4	40	31	(42)
Net (loss)/income applicable to Company's common shares	$ (475,080)	$ (3,079,709)	$ (2,575,457)	$ 2,361,321
Net (loss)/income per Company's common shares, basic and diluted	$ (0.04)	$ (0.23)	$ (0.19)	$ 0.18
Weighted average number of common shares outstanding, basic and diluted	13,229,791	13,229,791	13,229,791	13,237,304

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net (loss)/income	$ (475,084)	$ (3,079,749)	$ (2,575,488)	$ 2,361,363
Other comprehensive income/(loss)
Holding gain/(loss) on marketable securities, available for sale	19,539	147,768	104,101	(357,119)
Reclassification adjustment for loss included in net loss			22,505
Comprehensive (loss)/income	(455,545)	(2,931,981)	(2,448,882)	2,004,244
Less: Comprehensive (income)/loss  attributable to noncontrolling interests	(3)	38	(29)	(36)
Comprehensive (loss)/income attributable to the Company's common shares	$ (455,548)	$ (2,931,943)	$ (2,448,911)	$ 2,004,208

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 133,102	$ 114,002,133	$ (78,676)	$ (38,983,377)	$ 12,092,112	$ 87,165,294
BALANCE (in shares) at Dec. 31, 2019	13,310,227
Net loss				2,361,321	42	2,361,363
Other comprehensive income			(357,113)		(6)	(357,119)
Redemption and cancellation of shares	$ (804)	(796,893)				(797,697)
Redemption and cancellation of shares (in shares)	(80,436)
Ending balance, value at Jun. 30, 2020	$ 132,298	113,205,240	(435,789)	(36,622,056)	12,092,148	88,371,841
BALANCE (in shares) at Jun. 30, 2020	13,229,791
Beginning balance, value at Mar. 31, 2020	$ 132,298	113,205,240	(583,555)	(33,542,347)	12,092,186	91,303,822
BALANCE (in shares) at Mar. 31, 2020	13,229,791
Net loss				(3,079,709)	(40)	(3,079,749)
Other comprehensive income			147,766		2	147,768
Ending balance, value at Jun. 30, 2020	$ 132,298	113,205,240	(435,789)	(36,622,056)	12,092,148	88,371,841
BALANCE (in shares) at Jun. 30, 2020	13,229,791
Beginning balance, value at Dec. 31, 2020	$ 132,298	113,205,240	(221,217)	(41,870,122)	12,092,080	83,338,279
BALANCE (in shares) at Dec. 31, 2020	13,229,791
Net loss				(2,575,457)	(31)	(2,575,488)
Other comprehensive income			126,604		2	126,606
Ending balance, value at Jun. 30, 2021	$ 132,298	113,205,240	(94,613)	(44,445,579)	12,092,051	80,889,397
BALANCE (in shares) at Jun. 30, 2021	13,229,791
Beginning balance, value at Mar. 31, 2021	$ 132,298	113,205,240	(114,151)	(43,970,499)	12,092,054	81,344,942
BALANCE (in shares) at Mar. 31, 2021	13,229,791
Net loss				(475,080)	(4)	(475,084)
Other comprehensive income			19,538		1	19,539
Ending balance, value at Jun. 30, 2021	$ 132,298	$ 113,205,240	$ (94,613)	$ (44,445,579)	$ 12,092,051	$ 80,889,397
BALANCE (in shares) at Jun. 30, 2021	13,229,791

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (2,575,488)	$ 2,361,363
Adjustments to reconcile net (loss)/income to net cash used in operating activities:
Loss from investments in unconsolidated affiliated real estate entities	415,371	1,123,942
Depreciation and amortization	2,551,866	2,544,860
Amortization of deferred financing costs	62,898	90,464
Gain on forgiveness of debt	(451,513)
Gain on disposition of investment in unconsolidated affiliated entity		(7,876,639)
Other non-cash adjustments	27,687	18,773
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(863,854)	(865,594)
Increase in accounts payable and other accrued expenses	656,998	67,855
Increase/(decrease) in due to related parties	244	(152,891)
Net cash used in operating activities	(175,791)	(2,687,867)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(79,912)	(150,137)
Purchase of marketable securities	(357)	(75,290)
Proceeds from sale of marketable securities	1,500,000
Investment in unconsolidated affiliated real estate entities	(1,349,249)	(820,500)
Distribution from unconsolidated affiliated real estate entity	500,000	44,000
Proceeds from disposition of unconsolidated affiliated real estate entity		21,869,246
Net cash provided by investing activities	570,482	20,867,319
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	(4,096,932)	(526,730)
Proceeds received from notes payable	1,868,966	1,450,230
Payment of loan fees and expenses	(15,500)
Redemption and cancellation of common shares		(797,697)
Net cash (used in)/provided by financing activities	(2,243,466)	125,803
Net change in cash, cash equivalents and restricted cash	(1,848,775)	18,305,255
Cash, cash equivalents and restricted cash, beginning of year	29,971,246	13,543,193
Cash, cash equivalents and restricted cash, end of period	28,122,471	31,848,448
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	1,286,609	1,127,863
Forgiveness of debt	451,513
Investment property acquired but not paid		98,179
Holding loss/gain on marketable securities, available for sale	126,606	357,119
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:
Cash and cash equivalents	25,291,129	28,754,921
Restricted cash	2,831,342	3,093,527
Total cash, cash equivalents and restricted cash	$ 28,122,471	$ 31,848,448

Structure

Structure	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Structure	1. Structure Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone REIT III”), is a Maryland corporation, formed on October 5, 2012, which elected to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2015. 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”). As of June 30, 2021, Lightstone REIT III held an approximately 99 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 which such pronoun is used. The Company has and will continue to seek to acquire a diverse portfolio of real estate assets and real estate-related investments, including hotels, other commercial and/or residential properties, 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. Although the Company expects that most of its investments will be of these types, it may make other investments. In fact, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company currently has one operating segment. As of June 30, 2021, the Company (i) majority owned and consolidated the operating results and financial condition of eight limited service hotels containing a total of 872 rooms and an unconsolidated 50.0 The Company’s advisor is Lightstone Value Plus REIT III LLC (the “Advisor”), which is majority owned by David Lichtenstein. On July 16, 2014, the Advisor contributed $ 2,000 200 20,000 200,000 10.00 222,222 The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Company’s Advisor has certain affiliates which may manage the properties the Company acquires. However, the Company also contracts with other unaffiliated third-party property managers, principally for the management of its hospitality properties. The Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its Common Shares at this time. The Company does not anticipate that there would be any market for its Common Shares until they are listed for trading. In the event the Company does not begin the process of achieving a liquidity event prior to March 31, 2025, which is the eighth anniversary of the termination of its Offering, its charter requires either (a) an amendment to its 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 its portfolio. Noncontrolling Interests – Partners of the Operating Partnership Limited Partner On July 16, 2014, the Advisor contributed $ 2,000 200 Special Limited Partner In connection with the Company’s Offering, which terminated on March 31, 2017, the Special Limited Partner purchased from the Operating Partnership an aggregate of approximately 242 12.1 50,000 As the majority owner of the Special Limited Partner, Mr. Lichtenstein is the beneficial owner of a 99 These Subordinated Participation Interests entitle the Special Limited Partner to a portion of any regular and liquidation distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. From the Company’s inception through June 30, 2021, no distributions have been declared or paid on the Subordinated Participation Interests. The Advisor and its affiliates and the Special Limited Partner are related parties of the Company. Certain of these entities are entitled to compensation for services related to the investment, management and disposition of our assets during the Company’s acquisition, operational and liquidation stages. The compensation levels during the acquisition and operational stages are based on the cost of acquired properties/investments and the annual revenue earned from such properties/investments, and other such fees and expense reimbursements as outlined in each of the respective agreements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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, 2020. 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 presentation 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 (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements have been prepared in accordance with 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. The consolidated balance sheet as of December 31, 2020 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. 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. Revenue The following table represents the total revenues from hotel operations on a disaggregated basis Schedule of revenues from hotel operations For the Three Months Ended For the Six Months Ended Revenues 2021 2020 2021 2020 Room $ 5,215,358 $ 2,282,954 $ 8,800,118 $ 7,329,771 Food, beverage and other 143,340 67,560 269,125 297,143 Total revenues $ 5,358,698 $ 2,350,514 $ 9,069,243 $ 7,626,914 Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of June 30, 2021, Lightstone REIT III had an approximate 99 COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. As a result of the COVID-19 pandemic, room demand for the Company’s consolidated and unconsolidated hotels began to significantly decline in March 2020 and while there has been sequential improvement since then; room demand continues to be below historical levels. Since March 2020, the COVID-19 pandemic has had a significant negative impact on the Company's operations, financial position and cash flow and the Company currently expects that it will continue to do so for the foreseeable future. The Company cannot currently estimate if and when room demand will return to pre-pandemic levels for its hotels. In light of the past, present and potential future impact of the COVID-19 pandemic on the operating results of its hotels, the Company has taken various actions to preserve its liquidity, including, but not limited to, those described below: · The Company implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. · Amendments to Revolving Credit Facility – On June 2, 2020, the Company’s revolving credit facility (the “Revolving Credit Facility”) was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 0.8 0.6 0.3 Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to make another principal paydown of $3.8 million, (ii) the Company to fund an additional $ 0.7 See Note 5 for additional information. · In April 2020 and March 2021, the Company’s hotels received $ 1.5 1.9 0.5 · On June 19, 2019, the Board of Directors had previously determined to suspend regular monthly distributions and, as a result, has not declared any distributions on the Company’s Common Shares since the suspension. Additionally, on March 19, 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder repurchase program (the “SRP”). Subsequently on May 10, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions, for redemptions submitted in connection with a stockholder’s death or hardship. See Note 7 for additional information. · The Company had $5.2 million of funds previously held in escrow with a qualified intermediary to facilitate a potential like-kind exchange transaction in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, released to it in May 2020. · The Hilton Garden Inn Joint Venture has obtained various amendments to its non-recourse mortgage loan secured by the Hilton Garden Inn – Long Island City. See Note 3 for additional information. The Company believes that these actions, along with its available cash on hand, restricted cash and marketable securities will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these financial statements. New Accounting Pronouncements 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.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entities	3. Investments in Unconsolidated Affiliated Real Estate Entities The entity below is partially owned by the Company. The Company accounts for this investment under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control over this entity. A summary of the Company’s investment in the unconsolidated affiliated real estate entity is as follows: Schedule of investments in the unconsolidated affiliated real estate As of Entity Date Acquired Ownership % June 30, December 31, LVP LIC Hotel JV LLC (the "Hilton Garden Inn Joint Venture") March 27, 2018 50 % $ 11,097,533 $ 10,663,655 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 the Hilton Garden Inn Joint Venture, a 183-room, limited-service hotel located at 29-21 41 st 60.0 25.0 35.0 The Company paid $ 12.9 50.0 50.0 In light of the impact of the COVID-19 pandemic on the operating results of the Hilton Garden Inn – Long Island City, the Hilton Garden Inn Joint Venture has entered into certain amendments with respect the Hilton Garden Inn Mortgage as discussed below. On June 2, 2020, the Hilton Garden Inn Mortgage was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 0.9 LIBOR + 2.15%, subject to a 4.03% 1.2 Additionally, on April 7, 2021, the Hilton Garden Inn Joint Venture and the lender further amended the terms of the Hilton Garden Inn Mortgage to provide for (i) the Hilton Garden Inn Joint Venture to make a principal paydown of $ 1.7 0.7 Subsequent to the Company’s acquisition of its 50.0 2.8 1.3 2.0 0.5 Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: Schedule of condensed income statement (amounts in thousands) For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended Revenues $ 1,764 $ 680 $ 3,183 $ 2,220 Property operating expenses 1,037 617 1,909 1,961 General and administrative costs 8 11 18 29 Depreciation and amortization 621 614 1,256 1,245 Operating income/(loss) 98 (562 ) - (1,015 ) Interest expense (434 ) (460 ) (831 ) (917 ) Net loss $ (336 ) $ (1,022 ) $ (831 ) $ (1,932 ) Company's share of net loss (50.00%) $ (168 ) $ (511 ) $ (415 ) $ (966 ) The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: Schedule of condensed balance sheet As of As of (amounts in thousands) June 30, December 31, Investment property, net $ 53,629 $ 54,826 Cash 1,661 885 Other assets 1,185 1,211 Total assets $ 56,475 $ 56,922 Loans payable, net $ 33,462 $ 34,988 Other liabilities 1,399 1,207 Members' capital 21,614 20,727 Total liabilities and members' capital $ 56,475 $ 56,922 The Cove Joint Venture On January 31, 2017, the Company, through its wholly owned subsidiary, REIT III COVE LLC along with LSG Cove LLC, an affiliate of the Sponsor and a related party, REIT IV COVE LLC, 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 and Maximus Cove Investor LLC (“Maximus”), an unrelated third party, 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 $ 255.0 20.0 22.5 The Cove Joint Venture owned and operated The Cove at Tiburon (“the Cove”), a 281-unit, luxury waterfront multifamily residential property located in Tiburon, California from January 31, 2017 through February 12, 2020. As discussed below, the Company disposed of its 22.5% membership interest in the Cove Joint Venture on February 12, 2020. The Company accounted for its 22.5% membership interest in the Cove Joint Venture in accordance with the equity method of accounting. For the period from January 1, 2020 through February 12, 2020, the Company’s share of the Cove Joint Venture’s loss of $0.7 million was $0.2 million, which is included in the loss from investments in unconsolidated affiliated real estate entities on the consolidated statements of operations. On February 12, 2020, REIT IV Cove LLC, LSG Cove LLC and REIT III COVE LLC each redeemed their respective membership interests in the Cove Joint Venture for an aggregate redemption price of $ 87.6 22.5 21.9 7.9 As a result of the redemption of the Company’s 22.5% membership interest in the Cove Joint Venture on February 12, 2020, it no longer has an ownership interest in the Cove Joint Venture. During August 2020, the Company received $ 0.1 8.0

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Marketable Securities And Fair Value Measurements
Marketable Securities and Fair Value Measurements	4. Marketable Securities and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: Schedule of available-for-sale Securities Reconciliation As of June 30, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Mutual funds $ 218,563 $ 47 $ - $ 218,610 Debt securities: Corporate Bonds 1,707,096 11,660 (106,273 ) 1,612,483 Total $ 1,925,659 $ 11,707 $ (106,273 ) $ 1,831,093 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Mutual funds $ 218,206 $ 258 $ - $ 218,464 Debt securities: Corporate Bonds 3,229,608 10,039 (231,258 ) 3,008,389 Total $ 3,447,814 $ 10,297 $ (231,258 ) $ 3,226,853 The Company considers the declines in market value of its investments in debt securities to be temporary in nature. When evaluating its investments in debt securities for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the debt security before recovery of its amortized cost basis. During the six months ended June 30, 2021 and 2020, the Company did not recognize any impairment charges on its investments in debt securities. As of June 30, 2021, the Company does not consider any of its investments in debt securities to be other-than-temporarily impaired. The Company may sell certain of its investments in marketable debt securities prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2021 and December 31, 2020, the Company’s equity securities were classified as Level 1 assets and the Company’s debt securities were classified as Level 2 assets. There were no transfers between the level classifications during the during the six months ended June 30, 2021. The fair values of the Company’s investments in equity securities are measured using quoted prices in active markets for identical assets and debt securities are measured using readily available quoted prices for similar assets. The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: Schedule of estimated fair value of investments As of Due in 1 year $ - Due in 1 year through 5 years 972,508 Due in 5 year through 10 years - Due after 10 years 639,975 Total $ 1,612,483 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

Mortgages payable, net

Mortgages payable, net	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgages payable, net	5. Mortgages payable, net Mortgages payable, net consists of the following: Schedule of mortgages Payable, Net Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% (floor of 4.00%) 3.72 % July 2022 $ 34,573,333 $ 34,573,333 $ 38,414,814 Promissory Note, secured by two properties 4.73 4.73 % October 2021 26,127,572 26,254,162 26,509,613 Total mortgages payable 4.16 % $ 60,700,905 60,827,495 64,924,427 Less: Deferred financing costs (122,579 ) (169,978 ) Total mortgage payable, net $ 60,704,916 $ 64,754,449 Revolving Credit Facility The Company, through certain subsidiaries, has a non-recourse Revolving Credit Facility with a financial institution. The Revolving Credit Facility provides the Company with a line of credit of up to $ 60.0 65.0 The Revolving Credit Facility, which was entered into on July 13, 2016, had an initial maturity date of July 13, 2019, subject to two one-year options to extend at the sole discretion of the lender. The initial interest rate on the Revolving Credit Facility was LIBOR+ 4.95% until it was reduced to LIBOR + 3.50% effective June 18, 2018. On July 11, 2019, the Company and the lender amended the Revolving Credit Facility to extend the initial maturity date for 60 days to provide additional time to finalize the terms of a long-term extension. In connection with this amendment, the interest rate on the Revolving Credit Facility was reduced from LIBOR + 3.50% to LIBOR + 3.15%, subject to a 4.00% floor, effective July 1, 2019 and the requirements under the minimum debt yield ratio were modified effective as of March 31, 2019. On August 22, 2019, the Company and the lender further amended the Revolving Credit Facility to extend the maturity date to July 13, 2022, subject to two, one-year options to extend at the sole discretion of the lender. In connection with this amendment, the Company made principal paydowns of $ 0.6 0.6 On June 2, 2020, the Company’s Revolving Credit Facility was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $0.8 million for the period from April 1, 2020 through September 30, 2020 until July 13, 2022; (ii) a 100 bps reduction in the interest rate spread to LIBOR + 2.15%, subject to a 3.00% floor, for the six-month period from September 1, 2020 through February 28, 2021; (iii) the Company pre-funding $0.8 million into a cash collateral reserve account (of which $0.3 million was included in restricted cash on the Company’s consolidated balance sheet as of December 31, 2020) to cover the six monthly debt service payments due from October 1, 2020 through March 1, 2021; and (iv) a waiver of all financial covenants for quarter-end periods before June 30, 2021. Additionally, a principal paydown of $0.6 million, which was previously due on April 1, 2020 was bifurcated into two separate principal paydowns, each one $0.3 million, which were made in June 2020 and September 2020. Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to make another principal paydown of $ 3.8 0.7 As of June 30, 2021, the Revolving Credit Facility had an outstanding principal balance of $ 34.6 Home2 Suites Promissory Note On October 5, 2016, the Company entered into a non-recourse promissory note (the “Home2 Suites Promissory Note”) for $28.4 million. The Promissory Note has a term of five years, bears interest at 4.73 147,806 26.1 Although the Company is current with respect to the payment of debt service on its nonrecourse Home2 Suites Promissory Note, it has not met the required minimum debt service coverage ratio for all of the quarterly periods beginning with the third quarter of 2020 because of the negative impact of the COVID-19 pandemic on the operating performance of these two hotels. As a result, the lender may elect to retain any excess cash flow from these two hotels. If the lender elects to retain any excess cash flow from these two hotels, the Company does not believe it would have a material effect on its liquidity or financial condition as the Company intends to refinance the Home2Suites Promissory Note on or before its maturity date. Principal Maturities 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 June 30, 2021: Schedule of principal maturities 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 26,254,162 $ 34,573,333 $ - $ - $ - $ - $ 60,827,495 Less: Deferred financing costs (122,579 ) Total principal maturities, net $ 60,704,916 Pursuant to the Company’s debt agreements, $ 2.8 3.0

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Notes Payable	6 Notes Payable During April 2020, the Company, through various subsidiaries (each such entity, a “Borrower” and collectively, the “Borrowers”), received aggregate funding of $ 1.5 1.9 The PPP Loans each have a term of five years and provide for an interest rate of 1.00 The promissory note for each of the PPP Loans contains customary events of default relating to, among other things, payment defaults and breach of representations and warranties or of provisions of the relevant promissory note. Under the terms of the CARES Act, each Borrower can apply for and be granted forgiveness for all or a portion of the PPP Loans. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. Although the Company intends for each Borrower to apply for loan forgiveness, no assurance can be given that all of the Borrowers will ultimately obtain forgiveness under any relevant PPP Loan, in whole or in part. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven will be applied to outstanding principal and recorded as income. During the second quarter of 2021 notice was received from the SBA that $0.5 million of PPP Loans and related accrued interest had been legally forgiven and therefore, the Company recognized a gain on forgiveness of debt for that amount on its consolidated statements of operations during the second quarter of 2021. As of June 30, 2021 and December 31, 2020, the PPP Loans had an outstanding balance of $ 2.9 1.5

Company_s Stockholder_s Equity

Company’s Stockholder’s Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Company’s Stockholder’s Equity	7. Company’s Stockholder’s Equity Distributions on Common Shares On June 19, 2019, the Board of Directors determined to suspend regular monthly distributions on the Company’s Common Shares and as a result, no distributions have been declared since the suspension. Previously, distributions on the Company’s Common Shares in an amount equal to a 6.0 10.00 Future distributions declared on the Company’s Common Shares, if any, will be at the discretion of the Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, revenues and other sources of income, operating and interest expenses and the Company’s ability to refinance near-term debt as well as the IRS’s annual distribution requirement that REITs distribute no less than 90% of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular level of distributions that it has previously established or may establish. Share Repurchase Program The Company’s SRP may provide its stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to restrictions. On March 19, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. On March 25, 2020, the Board of Directors determined to suspend the SRP effective immediately. Effective May 10, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions as set forth below, for redemptions submitted in connection with a stockholder’s death or hardship and set the price for all such purchases to 100% of the NAV per Share ($ 8.05 Deaths that occurred subsequent to January 1, 2020 are eligible for consideration. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for consideration. On an annual basis, the Company will not redeem in excess of 0.5 Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period.

Due to related parties and othe

Due to related parties and other transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Due to related parties and other transactions	8. Due to related parties and other transactions The Company has various agreements, including an advisory agreement, 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. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: Schedule of fees payments to Company's Advisor For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Asset management fees (general and administrative costs) $ 301,063 $ 299,597 $ 602,057 $ 655,415 Disposition fees (general and administrative costs) - 39,200 - 39,200 Total $ 301,063 $ 338,797 $ 602,057 $ 694,615 The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	9. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, due to related parties and notes payable approximate their fair values because of the short maturity of these instruments. The carrying amount and estimated fair value of our mortgages payable are as follows: Schedule of Mortgages payable and the related estimated fair value As of June 30, 2021 As of December 31, 2020 Carrying Estimated Fair Carrying Estimated Fair Mortgages payable $ 60,827,495 $ 60,839,600 $ 64,924,427 $ 64,823,777 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	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [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 of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On July 30, 2021, the Company formed a joint venture (the “Williamsburg Moxy Hotel Joint Venture”) with Lightstone Real Estate Income Trust Inc. (’‘Lightstone Income Trust’’), a real estate investment trust also sponsored by the Company’s Sponsor, pursuant to which the Company acquired 25% of the Lightstone Income Trust’s membership interest in the Bedford Avenue Holdings LLC for aggregate consideration of $7.9 million. Bedford Avenue Holdings LLC previously acquired four adjacent parcels of land located at 353-361 Bedford Avenue in Brooklyn, New York, on which it is developing and constructing a 210-room branded hotel. As a result, the Company and Lightstone Income Trust have 25% and 75% membership interests, respectively, in the Williamsburg Moxy Hotel Joint Venture. Additional, on August 5, 2021, Williamsburg Moxy Hotel Joint Venture entered into a recourse construction loan facility for up to $77.0 million (the “Williamsburg Construction Loan”) scheduled to mature on February 5, 2024, with two, six-month extension options, subject to certain conditions. The Williamsburg Construction Loan bears interest at LIBOR plus 9.00%, subject to a 9.50% floor, with monthly interest-only payments based on LIBOR plus 7.50% with the accrued and unpaid interest due at maturity. The Williamsburg Construction Loan is collateralized by the Williamsburg Moxy Hotel. The Williamsburg Moxy Hotel Joint Venture received initial proceeds of $16.0 million under the Williamsburg Construction Loan and repaid the Williamsburg Mortgage ($16.0 million) in full. As a result, the Williamsburg Construction Loan has remaining availability of $61.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Revenue	Revenue The following table represents the total revenues from hotel operations on a disaggregated basis Schedule of revenues from hotel operations For the Three Months Ended For the Six Months Ended Revenues 2021 2020 2021 2020 Room $ 5,215,358 $ 2,282,954 $ 8,800,118 $ 7,329,771 Food, beverage and other 143,340 67,560 269,125 297,143 Total revenues $ 5,358,698 $ 2,350,514 $ 9,069,243 $ 7,626,914
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of June 30, 2021, Lightstone REIT III had an approximate 99
COVID-19 Pandemic Operations and Liquidity Update	COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. As a result of the COVID-19 pandemic, room demand for the Company’s consolidated and unconsolidated hotels began to significantly decline in March 2020 and while there has been sequential improvement since then; room demand continues to be below historical levels. Since March 2020, the COVID-19 pandemic has had a significant negative impact on the Company's operations, financial position and cash flow and the Company currently expects that it will continue to do so for the foreseeable future. The Company cannot currently estimate if and when room demand will return to pre-pandemic levels for its hotels. In light of the past, present and potential future impact of the COVID-19 pandemic on the operating results of its hotels, the Company has taken various actions to preserve its liquidity, including, but not limited to, those described below: · The Company implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. · Amendments to Revolving Credit Facility – On June 2, 2020, the Company’s revolving credit facility (the “Revolving Credit Facility”) was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 0.8 0.6 0.3 Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to make another principal paydown of $3.8 million, (ii) the Company to fund an additional $ 0.7 See Note 5 for additional information. · In April 2020 and March 2021, the Company’s hotels received $ 1.5 1.9 0.5 · On June 19, 2019, the Board of Directors had previously determined to suspend regular monthly distributions and, as a result, has not declared any distributions on the Company’s Common Shares since the suspension. Additionally, on March 19, 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder repurchase program (the “SRP”). Subsequently on May 10, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions, for redemptions submitted in connection with a stockholder’s death or hardship. See Note 7 for additional information. · The Company had $5.2 million of funds previously held in escrow with a qualified intermediary to facilitate a potential like-kind exchange transaction in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, released to it in May 2020. · The Hilton Garden Inn Joint Venture has obtained various amendments to its non-recourse mortgage loan secured by the Hilton Garden Inn – Long Island City. See Note 3 for additional information. The Company believes that these actions, along with its available cash on hand, restricted cash and marketable securities will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these financial statements.
New Accounting Pronouncements	New Accounting Pronouncements 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 Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of revenues from hotel operations	Schedule of revenues from hotel operations For the Three Months Ended For the Six Months Ended Revenues 2021 2020 2021 2020 Room $ 5,215,358 $ 2,282,954 $ 8,800,118 $ 7,329,771 Food, beverage and other 143,340 67,560 269,125 297,143 Total revenues $ 5,358,698 $ 2,350,514 $ 9,069,243 $ 7,626,914

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in the unconsolidated affiliated real estate	Schedule of investments in the unconsolidated affiliated real estate As of Entity Date Acquired Ownership % June 30, December 31, LVP LIC Hotel JV LLC (the "Hilton Garden Inn Joint Venture") March 27, 2018 50 % $ 11,097,533 $ 10,663,655 Hilton Garden Inn Joint Venture
Schedule of condensed income statement	Schedule of condensed income statement (amounts in thousands) For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended Revenues $ 1,764 $ 680 $ 3,183 $ 2,220 Property operating expenses 1,037 617 1,909 1,961 General and administrative costs 8 11 18 29 Depreciation and amortization 621 614 1,256 1,245 Operating income/(loss) 98 (562 ) - (1,015 ) Interest expense (434 ) (460 ) (831 ) (917 ) Net loss $ (336 ) $ (1,022 ) $ (831 ) $ (1,932 ) Company's share of net loss (50.00%) $ (168 ) $ (511 ) $ (415 ) $ (966 )
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of As of (amounts in thousands) June 30, December 31, Investment property, net $ 53,629 $ 54,826 Cash 1,661 885 Other assets 1,185 1,211 Total assets $ 56,475 $ 56,922 Loans payable, net $ 33,462 $ 34,988 Other liabilities 1,399 1,207 Members' capital 21,614 20,727 Total liabilities and members' capital $ 56,475 $ 56,922

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Marketable Securities And Fair Value Measurements
Schedule of available-for-sale Securities Reconciliation	Schedule of available-for-sale Securities Reconciliation As of June 30, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Mutual funds $ 218,563 $ 47 $ - $ 218,610 Debt securities: Corporate Bonds 1,707,096 11,660 (106,273 ) 1,612,483 Total $ 1,925,659 $ 11,707 $ (106,273 ) $ 1,831,093 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Mutual funds $ 218,206 $ 258 $ - $ 218,464 Debt securities: Corporate Bonds 3,229,608 10,039 (231,258 ) 3,008,389 Total $ 3,447,814 $ 10,297 $ (231,258 ) $ 3,226,853
Schedule of estimated fair value of investments	Schedule of estimated fair value of investments As of Due in 1 year $ - Due in 1 year through 5 years 972,508 Due in 5 year through 10 years - Due after 10 years 639,975 Total $ 1,612,483

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of mortgages Payable, Net	Schedule of mortgages Payable, Net Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% (floor of 4.00%) 3.72 % July 2022 $ 34,573,333 $ 34,573,333 $ 38,414,814 Promissory Note, secured by two properties 4.73 4.73 % October 2021 26,127,572 26,254,162 26,509,613 Total mortgages payable 4.16 % $ 60,700,905 60,827,495 64,924,427 Less: Deferred financing costs (122,579 ) (169,978 ) Total mortgage payable, net $ 60,704,916 $ 64,754,449 Revolving Credit Facility
Schedule of principal maturities	Schedule of principal maturities 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 26,254,162 $ 34,573,333 $ - $ - $ - $ - $ 60,827,495 Less: Deferred financing costs (122,579 ) Total principal maturities, net $ 60,704,916

Due to related parties and ot_2

Due to related parties and other transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of fees payments to Company's Advisor	Schedule of fees payments to Company's Advisor For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Asset management fees (general and administrative costs) $ 301,063 $ 299,597 $ 602,057 $ 655,415 Disposition fees (general and administrative costs) - 39,200 - 39,200 Total $ 301,063 $ 338,797 $ 602,057 $ 694,615

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Mortgages payable and the related estimated fair value	Schedule of Mortgages payable and the related estimated fair value As of June 30, 2021 As of December 31, 2020 Carrying Estimated Fair Carrying Estimated Fair Mortgages payable $ 60,827,495 $ 60,839,600 $ 64,924,427 $ 64,823,777

Structure (Details Narrative)

Structure (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended
	Jul. 16, 2014	Jul. 16, 2014	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2017	Dec. 11, 2014
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Stock, Shares, Issued			13,200,000	13,200,000
Issuance of Subordinated Participation Interest for Each Partner					$ 50,000
Lichtenstein [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Stock, Shares, Issued						222,222
General Partner [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Contribution from advisor	$ 2,000	$ 2,000
Number of limited partner units issued to advisor	200	200
Limited Partner [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Partners' Capital Account, Units, Contributed			242
Partners' Capital Account, Contributions			$ 12,100,000
Hilton Garden Inn [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest			50.00%
Lightstone Value Plus Reit Iii Llc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Issuance of common shares, shares			20,000
Issuance of common shares, value			$ 200,000
Shares issued, price per share			$ 10
Lightstone Reit Iii [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partner ownership interest			99.00%
Rp Maximus Cove Llc [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
General partner ownership interest			99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - (Details - Summary of total revenues) - USD ($)	Apr. 02, 2020	Mar. 31, 2021	Apr. 30, 2020	Aug. 22, 2019	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 02, 2020
Product Information [Line Items]
Total revenues					$ 5,358,698			$ 2,350,514	$ 9,069,243	$ 7,626,914
Escrow deposit					500,000				500,000
Rp Maximus Cove Llc [Member]
Product Information [Line Items]
Proceed from loans		$ 1,900,000	$ 1,500,000
Revolving Credit Facility [Member]
Product Information [Line Items]
Debt service payments											$ 800,000
Principal paydown	$ 600,000			$ 600,000		$ 3,800,000	$ 600,000		300,000
Cash collateral reserve account					700,000				700,000
Occupancy [Member]
Product Information [Line Items]
Total revenues					5,215,358			2,282,954	8,800,118	7,329,771
Food and Beverage [Member]
Product Information [Line Items]
Total revenues					$ 143,340			$ 67,560	$ 269,125	$ 297,143

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2021
Lightstone Reit Iii [Member]
Business Acquisition [Line Items]
General partner ownership interest	99.00%

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Real estate entities) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 11,097,533	$ 10,663,655
Lvp Lic Hotel Jv Llc [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Date of Acquisition Agreement	Mar. 27, 2018
Ownership Percentage	50.00%
Total investments in unconsolidated affiliated real estate entities	$ 11,097,533	$ 10,663,655

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Condensed income statements for Cove Joint Venture) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Acquired Indefinite-lived Intangible Assets [Line Items]
Revenues	$ 5,358,698	$ 2,350,514	$ 9,069,243	$ 7,626,914
General and administrative costs	557,479	593,086	1,191,089	1,291,784
Depreciation and amortization	1,276,718	1,272,778	2,551,866	2,544,860
Operating income/(loss)	(74,233)	(1,887,498)	(1,307,227)	(2,967,175)
Net loss	(475,080)	(3,079,709)	(2,575,457)	2,361,321
Company's share of net loss (50.00%)	(475,084)	(3,079,749)	(2,575,488)	2,361,363
Hilton Garden Inn [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Revenues	1,764,000	680,000	3,183,000	2,220,000
Property operating expenses	1,037,000	617,000	1,909,000	1,961,000
General and administrative costs	8,000	11,000	18,000	29,000
Depreciation and amortization	621,000	614,000	1,256,000	1,245,000
Operating income/(loss)	98,000	(562,000)		(1,015,000)
Interest expense	(434,000)	(460,000)	(831,000)	(917,000)
Net loss	(336,000)	(1,022,000)	(831,000)	(1,932,000)
Company's share of net loss (50.00%)	$ (168,000)	$ (511,000)	$ (415,000)	$ (966,000)

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Condensed balance sheets for Cove Joint Venture - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Acquired Indefinite-lived Intangible Assets [Line Items]
Investment property, net	$ 129,732,155	$ 129,652,243
Total assets	147,853,894	152,277,615
Members' capital	68,797,346	71,246,199
Total liabilities and members' capital	147,853,894	152,277,615
Hilton Garden Inn [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Investment property, net	53,629,000	54,826,000
Cash	1,661,000	885,000
Other assets	1,185,000	1,211,000
Total assets	56,475,000	56,922,000
Loans payable, net	33,462,000	34,988,000
Other liabilities	1,399,000	1,207,000
Members' capital	21,614,000	20,727,000
Total liabilities and members' capital	$ 56,475,000	$ 56,922,000

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities (Details Narrative) - USD ($)	Apr. 07, 2021	Jun. 02, 2020	Feb. 12, 2020	Aug. 31, 2020	Mar. 27, 2018	Mar. 27, 2018	Jan. 31, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Joint Venture Investment Property Description							The Cove Joint Venture owned and operated The Cove at Tiburon (“the Cove”), a 281-unit, luxury waterfront multifamily residential property located in Tiburon, California from January 31, 2017 through February 12, 2020. As discussed below, the Company disposed of its 22.5% membership interest in the Cove Joint Venture on February 12, 2020.
Proceeds from Divestiture of Interest in Joint Venture			$ 21,900,000
Gain on disposition of investment in unconsolidated affiliated entity											$ 7,876,639
Refurbishment Guarantee [Member]
Schedule of Equity Method Investments [Line Items]
Redemption of Joint Venture, Amount			87,600,000
Gain on disposition of investment in unconsolidated affiliated entity			$ 7,900,000
Refurbishment Guarantee [Member] | Revolving Promissory Note [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition Percent age Of Voting Interest Acquired			22.50%
Hilton Garden Inn Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from mortgage		$ 900,000
Debt Instrument, Interest Rate, Basis for Effective Rate		LIBOR + 2.15%, subject to a 4.03%
Venture pre-funding		$ 1,200,000
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate purchase price					$ 60,000,000
Offering funds used in acquisition					12,900,000
Proceeds from Issuance of Debt					$ 35,000,000
Business Acquisition, Percentage of Voting Interests Acquired					50.00%	50.00%
Business Acquisition Percent age Of Voting Interest Acquired										50.00%
Principal paydown	$ 1,700,000
Cash collateral	$ 700,000
Payments to Acquire Interest in Joint Venture								1,300,000		$ 2,800,000
Proceeds from Equity Method Investment, Distribution, Return of Capital								$ 500,000		$ 2,000,000
Hilton Garden Inn [Member] | Reportable Legal Entities [Member]
Schedule of Equity Method Investments [Line Items]
Offering funds used in acquisition					$ 25,000,000
Business Acquisition Percent age Of Voting Interest Acquired						50.00%
Cove Transaction [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate purchase price							$ 255,000,000
Offering funds used in acquisition							$ 20,000,000
Voting Interests							22.50%
Rp Maximus Cove Llc [Member] | Reportable Legal Entities [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Distribution, Return of Capital				$ 100,000
Gain on disposition of investment in unconsolidated affiliated entity				$ 8,000,000

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details - Available for Sale Securities) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, Fair Value	$ 1,612,483
Marketable securities, Adjusted cost	1,925,659	$ 3,447,814
Marketable securities, Gross Unrealized Gain	11,707	10,297
Marketable securities, Gross Unrealized Loss	(106,273)	(231,258)
Marketable securities, Fair Value	1,831,093	3,226,853
Mutual Fund [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, Adjusted Cost	218,563	218,206
Equity securities, Gross Unrealized Gains	47	258
Equity securities, gross unrealized losses
Equity securities, Fair Value	218,610	218,464
Corporate Bonds [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, Adjusted Cost	1,707,096	3,229,608
Debt securities, Gross Unrealized Gains	11,660	10,039
Debt securities, Gross Unrealized Losses	(106,273)	(231,258)
Debt securities, Fair Value	$ 1,612,483	$ 3,008,389

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details - Estimated fair value of marketable debt securities)	Jun. 30, 2021USD ($)
Marketable Securities And Fair Value Measurements
Due in 1 year
Due in 1 year through 5 years	972,508
Due in 5 year through 10 years
Due after 10 years	639,975
Total	$ 1,612,483

Mortgages payable, net (Details

Mortgages payable, net (Details -Summary of Mortgages payable, net) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Oct. 05, 2016
Obligation with Joint and Several Liability Arrangement [Line Items]
Weighted Average Interest Rate	4.16%
Total mortgages payable	$ 60,827,495	$ 64,924,427
Amount Due at Maturity	60,700,905
Less: Deferred financing costs	(122,579)	(169,978)
Total mortgages payable, net	$ 60,704,916	64,754,449
Revolving Credit Facility [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Interest Rate	LIBOR + 3.15% (floor of 4.00%)
Weighted Average Interest Rate	3.72%
Maturity Date	July 2022
Total mortgages payable	$ 34,573,333	38,414,814
Amount Due at Maturity	$ 34,573,333
Interest Rate			4.73%
Total mortgages payable, net			$ 26,100,000
Promissory Note [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Weighted Average Interest Rate	4.73%
Maturity Date	October 2021
Total mortgages payable	$ 26,127,572	$ 26,509,613
Amount Due at Maturity	$ 26,254,162
Interest Rate	473.00%

Mortgages payable, net (Detai_2

Mortgages payable, net (Details - Summary of principal maturities) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
2021	$ 26,254,162
2022	34,573,333
2023	0
2024	0
2025	0
Thereafter	0
Principal maturities	60,827,495	$ 64,924,427
Less: Deferred financing costs	(122,579)	(169,978)
Total mortgages payable, net	$ 60,704,916	$ 64,754,449

Mortgages payable, net (Detai_3

Mortgages payable, net (Details Narrative) - USD ($)	Apr. 02, 2020	Oct. 05, 2016	Aug. 22, 2019	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Feb. 28, 2021	Jul. 13, 2016
Obligation with Joint and Several Liability Arrangement [Line Items]
Debt Instrument, Face Amount					$ 3,000,000	$ 2,800,000
Long-term Debt					64,754,449	60,704,916
Revolving Credit Facility [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 60,000,000
Line Of Credit Facility Current Borrowing Capacity Percentage								65.00%
Principal paydown	$ 600,000		$ 600,000	$ 3,800,000	$ 600,000	300,000
Cash collateral				$ 700,000
Debt Instrument, Face Amount						$ 34,600,000
Debt Instrument, Interest Rate, Stated Percentage		4.73%
Debt Instrument, Periodic Payment		$ 147,806
Long-term Debt		$ 26,100,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Debt Instrument, Interest Rate, Basis for Effective Rate							On June 2, 2020, the Company’s Revolving Credit Facility was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $0.8 million for the period from April 1, 2020 through September 30, 2020 until July 13, 2022; (ii) a 100 bps reduction in the interest rate spread to LIBOR + 2.15%, subject to a 3.00% floor, for the six-month period from September 1, 2020 through February 28, 2021; (iii) the Company pre-funding $0.8 million into a cash collateral reserve account (of which $0.3 million was included in restricted cash on the Company’s consolidated balance sheet as of December 31, 2020) to cover the six monthly debt service payments due from October 1, 2020 through March 1, 2021; and (iv) a waiver of all financial covenants for quarter-end periods before June 30, 2021. Additionally, a principal paydown of $0.6 million, which was previously due on April 1, 2020 was bifurcated into two separate principal paydowns, each one $0.3 million, which were made in June 2020 and September 2020.
Revolving Credit Facility [Member] | Forecast [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Principal paydown	$ 600,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Proceeds from notes payable	$ 1,868,966	$ 1,450,230
Notes payable	2,872,846		$ 1,450,230
Borrower [Member]
Line of Credit Facility [Line Items]
Proceeds from notes payable	1,900,000
Rp Maximus Cove Llc [Member]
Line of Credit Facility [Line Items]
Proceeds from notes payable	$ 1,500,000
Interest rate	1.00%
Notes payable	$ 2,900,000		$ 1,500,000

Company_s Stockholder_s Equity

Company’s Stockholder’s Equity (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jan. 14, 2015
Equity, Class of Treasury Stock [Line Items]
Annualized rate of dividend			6.00%
Share Price			$ 10
Share redemption program, annual limitation, percentage of weighted average shares outstanding	0.50%
Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Share Price		$ 8.05

Due to related parties and ot_3

Due to related parties and other transactions (Details - Summary of fees incurred associated with the payments) - Advisor [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)	$ 301,063	$ 299,597	$ 602,057	$ 655,415
Disposition fees (general and administrative costs)		39,200		39,200
Total	$ 301,063	$ 338,797	$ 602,057	$ 694,615

Financial Instruments (Details

Financial Instruments (Details - Carrying amount and estimated fair value) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Mortgages payable-Carrying Amount	$ 60,827,495	$ 64,924,427
Mortgages payable-Estimated Fair Value	$ 60,839,600	$ 64,823,777