Lightstone Value Plus REIT III (LVVR) 10-K 28 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-55619
Entity Registrant Name	LIGHTSTONE VALUE PLUS REIT 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 13,000
Entity Common Stock, Shares Outstanding		12,900
Auditor Name	EISNERAMPER LLP
Auditor Location	Iselin, New Jersey
Auditor Firm ID	274

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment property:
Land and improvements	$ 21,662,328	$ 21,662,328
Building and improvements	91,918,908	91,764,252
Furniture and fixtures	16,291,226	16,214,763
Construction in progress	115,161	10,900
Gross investment property	129,987,623	129,652,243
Less accumulated depreciation	(27,637,727)	(22,588,429)
Net investment property	102,349,896	107,063,814
Investments in unconsolidated affiliated real estate entities	23,544,937	10,663,655
Cash and cash equivalents	16,639,004	26,998,685
Marketable securities, available for sale	1,810,359	3,226,853
Restricted cash	0	2,972,561
Accounts receivable and other assets	1,553,212	1,352,047
Total Assets	145,897,408	152,277,615
Liabilities and Stockholders’ Equity
Accounts payable and other accrued expenses	2,941,776	2,442,210
Mortgages payable, net	60,691,217	64,754,449
Notes payable	1,868,966	1,450,230
Due to related parties	301,422	292,447
Total liabilities	65,803,381	68,939,336
Company’s stockholders’ equity:
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 200.0 million shares authorized, 13.2 million shares issued and outstanding	131,521	132,298
Additional paid-in-capital	112,580,709	113,205,240
Accumulated other comprehensive loss	(106,874)	(221,217)
Accumulated deficit	(44,603,383)	(41,870,122)
Total Company stockholders’ equity	68,001,973	71,246,199
Noncontrolling interests	12,092,054	12,092,080
Total Stockholders’ Equity	80,094,027	83,338,279
Total Liabilities and Stockholders’ Equity	$ 145,897,408	$ 152,277,615

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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, par value per share	$ 0.01	$ 0.01
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 - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 21,777,773	$ 14,174,688
Expenses:
Property operating expenses	13,797,766	11,165,916
Real estate taxes	1,390,260	1,502,599
General and administrative costs	2,461,992	2,482,859
Depreciation and amortization	5,113,576	5,101,313
Total operating expenses	22,763,594	20,252,687
Operating loss	(985,821)	(6,077,999)
Interest expense	(2,946,222)	(2,999,219)
Gain on disposition of investment in unconsolidated affiliated real estate entity	0	7,996,967
Gain on forgiveness of debt	1,469,541	0
Earnings from investments in unconsolidated affiliated real estate entities	(333,478)	(2,102,472)
Other income, net	62,691	295,948
Net loss	(2,733,289)	(2,886,775)
Less: net loss attributable to noncontrolling interests	28	30
Net loss applicable to Company’s common shares	$ (2,733,261)	$ (2,886,745)
Net loss per Company’s common shares, basic and diluted	$ (0.21)	$ (0.22)
Weighted average number of common shares outstanding, basic and diluted	13,215,471	13,233,527

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net loss	$ (2,733,289)	$ (2,886,775)
Other comprehensive income/(loss):
Holding gain/(loss) on marketable securities, available for sale	91,840	(161,209)
Reclassification adjustment for loss included in net loss	22,505	18,666
Other comprehensive income/(loss)	114,345	(142,543)
Comprehensive loss	(2,618,944)	(3,029,318)
Less: Comprehensive loss attributable to noncontrolling interests	26	32
Comprehensive loss attributable to the Company’s common shares	$ (2,618,918)	$ (3,029,286)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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
Beginning balance, shares at Dec. 31, 2019	13,310,227
Net loss				(2,886,745)	(30)	(2,886,775)
Other comprehensive income			(142,541)		(2)	(142,543)
Redemption and cancellation of shares	$ (804)	(796,893)				(797,697)
Redemption and cancellation of shares (in shares)	(80,436)
Ending balance, value at Dec. 31, 2020	$ 132,298	113,205,240	(221,217)	(41,870,122)	12,092,080	83,338,279
Ending balance, shares at Dec. 31, 2020	13,229,791
Net loss				(2,733,261)	(28)	(2,733,289)
Other comprehensive income			114,343		2	114,345
Redemption and cancellation of shares	$ (777)	(624,531)				(625,308)
Redemption and cancellation of shares (in shares)	(77,678)
Ending balance, value at Dec. 31, 2021	$ 131,521	$ 112,580,709	$ (106,874)	$ (44,603,383)	$ 12,092,054	$ 80,094,027
Ending balance, shares at Dec. 31, 2021	13,152,113

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,733,289)	$ (2,886,775)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Loss from investments in unconsolidated affiliated real estate entities	333,478	2,102,472
Depreciation and amortization	5,113,576	5,101,313
Amortization of deferred financing costs	124,233	172,464
Gain on forgiveness of debt	(1,469,541)	0
Gain on disposition of investment in unconsolidated affiliated entity	0	(7,996,967)
Other non-cash adjustments	95,124	46,678
Changes in assets and liabilities:
(Increase)/decrease in accounts receivable and other assets	(328,873)	140,839
Increase/(decrease) in accounts payable and other accrued expenses	518,877	(286,548)
Increase/(decrease) in due to related parties	8,975	(158,890)
Net cash provided by/(used in) operating activities	1,662,560	(3,765,414)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(335,381)	(401,301)
Proceeds from sale of marketable securities	1,500,000	1,472,255
Purchase of marketable securities	(854)	(1,630,977)
Proceeds from disposition of investment in unconsolidated affiliated real estate entity	0	21,989,574
Investments in unconsolidated affiliated real estate entities	(13,714,760)	(873,325)
Distribution from unconsolidated affiliated real estate entities	500,000	44,000
Net cash (used in)/provided by investing activities	(12,050,995)	20,600,226
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financing	26,750,000	0
Payments on mortgages payable	(30,351,094)	(1,059,292)
Proceeds received from notes payable	1,868,966	1,450,230
Payment of loan fees and expenses	(586,371)	0
Redemption and cancellation of common shares	(625,308)	(797,697)
Net cash used in financing activities	(2,943,807)	(406,759)
Net change in cash, cash equivalents and restricted cash	(13,332,242)	16,428,053
Cash, cash equivalents and restricted cash, beginning of year	29,971,246	13,543,193
Cash, cash equivalents and restricted cash, end of year	16,639,004	29,971,246
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	2,763,364	2,061,213
Forgiveness of debt	1,469,541	0
Holding gain/loss on marketable securities, available for sale	$ 114,345	$ 142,543

Structure

Structure	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Structure	1. Structure Lightstone Value Plus REIT III, Inc. (‘‘Lightstone REIT III’’), which was formerly known as Lightstone Value Plus Real Estate Investment Trust III, Inc. before September 16, 2021, 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 December 31, 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 such pronoun 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 December 31, 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, (ii) held 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 Mr. Lichtenstein also is a majority owner of the equity interests of the Lightstone Group, LLC. 222,222 9.00 242 12.1 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 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. 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, including booster shots, 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. Furthermore, as a result of the COVID-19 pandemic, room demand and rental rates for the Company’s consolidated and unconsolidated hotels significantly declined starting in March 2020 at the onset of the pandemic; and while these metrics have improved since then (late 2020 and continuing throughout 2021); room demand and rental rates remain below their pre-pandemic historical levels. Accordingly, the COVID-19 pandemic has negative impacted the Company’s operations, financial position and cash flow; and while the severity of the impact has lessened, the Company currently expects it will continue to experience a negative impact for the foreseeable future. The Company cannot currently estimate if and when room demand and rental rates will return to historical pre-pandemic levels for its hotels. The Company also has a 25 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 the following: ● 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 0.7 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 0.7 See Note 5 for additional information. ● Paycheck Protection Program Loans – In April 2020 and during the first quarter of 2021, the Company’s hotels received an aggregate of $ 1.5 1.9 ● 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 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 and marketable securities, as well as its intention to seek to extend the Revolving Credit Facility to July 13, 2023 pursuant to the lender’s first extension option, as discussed in Note 5, will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these consolidated financial statements. Noncontrolling Interests – Partners of the Operating Partnership Limited Partner On July 16, 2014, the Advisor contributed $2,000 to the Operating Partnership in exchange for 200 limited partner units in the Operating Partnership. The Advisor has the right to convert limited partner units into cash or, at the Company’s option, an equal number of its Common Shares. 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 242 Subordinated Participation Interests for consideration of $ 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 December 31, 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. See Note 8 – Related Party Transactions for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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 Lightstone REIT III exercises financial and operating control). As of December 31, 2021, the Company had a 99 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary are accounted for using the equity method. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, debt service payments 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. 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: Schedule of cash, cash equivalents, and Restricted Cash December 31, 2021 2020 Cash and cash equivalents $ 16,639,004 $ 26,998,685 Restricted cash - 2,972,561 Total cash, cash equivalents and restricted cash $ 16,639,004 $ 29,971,246 Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale. Marketable debt securities are recorded at fair value and unrealized holding gains or losses are reported as a component of accumulated other comprehensive income. The Company’s marketable equity securities are recorded at fair value and unrealized holding gains and losses are recognized on the consolidated statements of operations. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a debt security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. 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 contractual 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 hotels. 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 contractual 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 contractual liabilities are not significant. The Company notes no significant judgments regarding the recognition of room, food and beverage or other revenues. Schedule of revenues from hotel operations For the Revenues 2021 2020 Room $ 21,167,268 $ 13,646,285 Food, beverage and other 610,505 528,403 Total revenues $ 21,777,773 $ 14,174,688 Accounts Receivable The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. Investments in Real Estate Accounting for Asset Acquisitions When the Company makes an investment in real estate assets, the cost of real estate assets acquired in an asset acquisition are allocated to the acquired tangible assets, consisting of land, building and improvements, furniture and fixtures and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, acquired in-place leases, and the value of tenant relationships, based in each case on their relative fair values, at the date of acquisition, based on evaluation of information including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Carrying Value of Assets The amounts to be capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets may be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation The Company evaluates its investments in real estate assets for potential impairment whenever events or changes in circumstances indicate that the undiscounted projected cash flows are less than the carrying amount for a particular property. The Company evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. No single indicator would necessarily result in the Company preparing an estimate to determine if an individual property’s future undiscounted cash flows are less than its carrying value. The Company uses judgment to determine if the severity of any single indicator, or the fact there are a number of indicators of less severity that when combined, would result in an indication that a property requires an estimate of the undiscounted cash flows to determine if an impairment has occurred. Relevant facts and circumstances include, among others, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The estimated cash flows used for the impairment analysis are subjective and require the Company to use its judgment and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition, and recent sales data for comparable properties. An impairment loss is recognized only if the carrying amount of a property is not recoverable and exceeds its fair value. Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. The Company generally uses estimated useful lives of up to 39 years for buildings and improvements and five to 10 years for furniture and fixtures. Maintenance and repairs are charged to expense as incurred. Investments in Unconsolidated Entities The Company evaluates all investments in other entities for consolidation. The Company considers its percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining whether or not the investment qualifies for consolidation or if it should be accounted for as an unconsolidated investment under the equity method of accounting. If an investment qualifies for the equity method of accounting, the Company’s investment is recorded initially at cost, and subsequently adjusted for equity in net income or loss and cash contributions and distributions. The net income or loss of an unconsolidated investment is allocated to its investors in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences, if any, between the carrying amount of the Company’s investment in the respective joint venture and our share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the statements of operations as income or loss from investments in unconsolidated affiliated real estate entities. The Company reviews investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable . An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If the Company determines that a decline in the value of a partially owned entity is other than temporary, it will record an impairment charge. Deferred Costs The Company capitalizes initial direct costs associated with financing activities. The costs are capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan. Income Taxes The Company elected to qualify as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2015. If the Company remains qualified as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at regular corporate rates, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. The Company engages in certain activities through taxable REIT subsidiaries (“TRSs”), including when it acquires a hotel it usually establishes a TRS and enters into an operating lease agreement for the hotel. As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2021 and 2020, the Company had no material uncertain income tax positions. Additionally, even if the Company continues to qualify as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income, if any. Concentration of Risk The Company maintains its cash and cash equivalents in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash. Basic and Diluted Net Earnings per Common Share Net earnings per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, due to/from related parties and notes payable approximate their fair values because of the short maturity of these instruments. T he estimated fair value approximated their carrying value 61.3 The estimated fair value of our mortgages payable as of December 31, 2020 is as follows: Schedule of mortgage payables Carrying Estimated Fair Mortgages payable $ 64,924,427 $ 64,823,777 The fair value of our mortgages payable as of December 31, 2020 was determined by discounting the future contractual interest and principal payments by market interest rates. 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	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entities	3. Investments in Unconsolidated Affiliated Real Estate Entities The entities 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 over these entities. A summary of the Company’s investments in unconsolidated affiliated real estate entities is as follows: Schedule of investments in the unconsolidated affiliated real estate As of Entity Date of Ownership Ownership December 31, December 31, LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) March 27, 2018 50.00 % $ 11,180,136 $ 10,663,655 Bedford Avenue Holdings LLC (the “Williamsburg Moxy Hotel Joint Venture”) August 5, 2021 25.00 % 12,364,801 - Total investments in unconsolidated affiliated real estate entities $ 23,544,937 $ 10,663,655 Hilton Garden Inn Joint Venture On March 27, 2018, the Company and Lightstone Value Plus REIT II, Inc. (“Lightstone REIT II”), a REIT also sponsored by the Company’s Sponsor and a related party, 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 50.0 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 2.15 4.03 1.2 Additionally, on April 7, 2021, the Hilton Garden Inn Joint Venture and the lender further amended 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 (amounts in thousands) for the Hilton Garden Inn Joint Venture for the period indicated: Schedule of condensed income statement (amounts in thousands) For the For the Revenues $ 7,545 $ 3,662 Property operating expenses 4,306 3,259 General and administrative costs 34 37 Depreciation and amortization 2,496 2,527 Operating income/(loss) 709 (2,161 ) Interest expense and other, net (1,755 ) (1,728 ) Gain on forgiveness of debt 381 - Net loss $ (665 ) $ (3,889 ) Company’s share of net loss (50.00%) $ (333 ) $ (1,945 ) The following table represents the condensed balance sheet (amounts in thousands) for the Hilton Garden Inn Joint Venture: Schedule of condensed balance sheet As of As of (amounts in thousands) December 31, December 31, Investment property, net $ 52,415 $ 54,826 Cash 2,841 885 Other assets 1,204 1,211 Total assets $ 56,460 $ 56,922 Mortgage payable, net $ 33,115 $ 34,988 Other liabilities 1,585 1,207 Members’ capital 21,760 20,727 Total liabilities and members’ capital $ 56,460 $ 56,922 Williamsburg Moxy Hotel Joint Venture On August 5, 2021, the Company formed the Williamsburg Moxy Hotel Joint Venture with Lightstone Value Plus REIT IV, Inc. (“Lightstone REIT IV”), a REIT also sponsored by the Company’s Sponsor and a related party, pursuant to which the Company acquired 25% of Lightstone REIT IV’s membership interest in Bedford Avenue Holdings LLC for aggregate consideration of $ 7.9 Subsequent to its initial acquisition, the Company made additional capital contributions to the Williamsburg Moxy Hotel Joint Venture of $ 4.3 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 (the “Williamsburg Moxy Hotel”). As a result, the Company and Lightstone REIT IV have 25% and 75% membership interests, respectively, in the Williamsburg Moxy Hotel Joint Venture. The Company has determined that the Williamsburg Moxy Hotel Joint Venture is a variable interest entity and the Company is not the primary beneficiary, as it was determined that REIT IV is the primary beneficiary. The Company accounts for its membership interest in the Williamsburg Moxy Hotel Joint Venture in accordance with the equity method because it exerts significant influence over but does not control the Williamsburg Moxy Hotel Joint Venture. All capital contributions and distributions of earnings from the Williamsburg Moxy Hotel Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the Williamsburg Moxy Hotel Joint Venture are made to the members pursuant to the terms of the Williamsburg Moxy Hotel Joint Venture’s operating agreement. The Williamsburg Moxy Hotel is currently under construction and expected to open during the fourth quarter of 2022. Therefore, the Williamsburg Moxy Hotel Joint Venture had no operating results from August 5, 2021 (date of acquisition) Moxy Construction Loan On August 5, 2021, the Williamsburg Moxy Hotel Joint Venture entered into a recourse construction loan facility for up to $77.0 million (the “Moxy Construction Loan”) scheduled to mature on February 5, 2024, with two, six-month extension options, subject to the satisfaction of certain conditions. The Moxy Construction Loan bears interest at LIBOR plus 9.00%, subject to a 9.50% floor, with monthly interest-only payments based on a rate of 7.50% with the accrued and unpaid interest added to the outstanding loan balance and due at maturity. The Moxy Construction Loan is collateralized by the Williamsburg Moxy Hotel. The Williamsburg Moxy Hotel Joint Venture received initial proceeds of $16.0 million under the Moxy Construction Loan and repaid a previously outstanding mortgage loan of $ 16.0 As of December 31, 2021, the outstanding principal balance of the Moxy Construction Loan was $ 18.6 0.1 3.7 on the Williamsburg Moxy Hotel Joint Venture’s condensed balance sheet , 58.6 In connection with the Moxy Construction Loan, the Williamsburg Moxy Hotel Joint Venture has provided certain completion and carry cost guarantees. Additionally, financing fees of $ 0.1 Williamsburg Moxy Hotel Joint Venture Financial Information The following table represents the condensed balance sheet (amounts in thousands) for the Williamsburg Moxy Hotel Joint Venture: Schedule of condensed balance sheet As of (amounts in thousands) December 31, Construction in progress $ 73,000 Cash 101 Other assets 423 Total assets $ 73,524 Loans payable, net $ 14,844 Other liabilities 9,822 Members’ capital 48,858 Total liabilities and members’ capital $ 73,524 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 REIT IV, 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 The Company accounted for its 22.5 0.7 0.2 earnings from investments in unconsolidated affiliated real estate entities 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 0.1 0.1 8.0

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 2021 Marketable Securities Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Equity securitie Preferred equity securities $ 960,848 $ - $ (8,096 ) $ 952,752 Mutual funds 219,060 - (828 ) 218,232 1,179,908 - (8,924 ) 1,170,984 Debt securities Corporate bonds 746,255 - (106,880 ) 639,375 Total $ 1,926,163 $ - $ (115,804 ) $ 1,810,359 As of December 31, 2020 Marketable Securities Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 as the unrealized losses were caused primarily by financial market volatility. 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 years ended December 31, 2021 and 2020, the Company did not recognize any impairment charges on its investments in debt securities. As of December 31, 2021, the Company does not consider any of its investments in debt securities to be other-than-temporarily impaired. 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 December 31, 2021, the Company’s mutual funds were classified as Level 1 assets and the Company’s preferred equity securities and corporate bonds were classified as Level 2 assets. There were no transfers between the level classifications during the year ended December 31, 2021. The fair values of the Company’s investments in mutual funds are measured using quoted prices in active markets for identical assets and preferred equity securities and corporate bonds are measured using readily available quoted prices for these securities; however, the markets for these securities are not active. The following table summarizes the estimated fair value of our investments in 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 - Due in 5 year through 10 years - Due after 10 years 639,375 Total $ 639,375 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	12 Months Ended
	Dec. 31, 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 consisted of the following: Schedule of mortgages Payable, Net Description Interest Weighted Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% (floor of 4.00%) 3.86 % July 2022 $ 34,573,333 $ 34,573,333 $ 38,414,814 Home2 Suites Promissory Note Repaid in full - 26,509,613 Home2 Suites Tukwila Loan LIBOR + 3.50% (floor of 3.75%) 3.75 % December 2026 15,005,534 16,210,000 - Home2 Suites Salt Lake City Loan LIBOR + 3.50% (floor of 3.75%) 3.75 % December 2026 9,756,837 10,540,000 - Total mortgages payable 3.81 % $ 59,335,704 61,323,333 64,924,427 Less: Deferred financing costs (632,116 ) (169,978 ) Total mortgage payable, net $ 60,691,217 $ 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, bears interest at LIBOR + 3.15 4.00 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 2.15 3.00 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 0.7 As of December 31, 2021, the Revolving Credit Facility had an outstanding principal balance of $ 34.6 Home2 Suites Financings On October 5, 2016, the Company entered into a non-recourse promissory note (the “Home2 Suites Promissory Note”) for $ 28.4 4.73 On December 6, 2021, the Company entered into a non-recourse loan facility providing for up to $ 19.1 16.2 2.9 0.1 On December 6, 2021, the Company entered into a non-recourse loan facility providing for up to $ 12.5 10.5 2.0 0.1 On December 6, 2021, the Company repaid the Home2 Suites Promissory Note (outstanding principal balance of $ 26.0 Principal Mortgage 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 December 31, 2021: Schedule of principal maturities 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 34,573,333 $ 52,333 $ 657,787 $ 685,707 $ 25,354,173 $ - $ 61,323,333 Less: Deferred financing costs (632,116 ) Total principal maturities, net $ 60,691,217 Debt Compliance Pursuant to the Company’s debt agreements, $ 3.0

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Notes Payable	6 Notes Payable In 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 each Borrower will ultimately obtain forgiveness under its PPP Loan, in whole or in part. In the event all or any portion of a PPP Loan is forgiven, the amount forgiven will be applied to outstanding principal and recorded as income. The PPP Loans are subject to audit by the SBA for up to six years after the date the loans are forgiven. During the year ended December 31, 2021, the Company received notices from the SBA that all of the PPP Loans received in April 2020 totaling $ 1.5 19,311 1.5 1.9 1.5

Stockholder_s Equity

Stockholder’s Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholder’s Equity	7. Stockholder’s Equity Preferred Stock The Company’s charter authorizes its board of directors to designate and issue one or more classes or series of preferred stock without approval of the stockholders of Common Shares. On July 11, 2014, the Company amended and restated its charter to authorize the issuance of 50,000,000 no Common Shares On July 11, 2014, the Company amended and restated its charter to authorize the issuance of 200,000,000 All of the common stock offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the restrictions on ownership and transfer of stock contained in the Company’s charter and except as may otherwise be specified in the charter, the holders of Common Shares are entitled to one vote per Common Share on all matters submitted to a stockholder vote, including the election of the Company’s directors. There is no cumulative voting in the election of directors. Therefore, the holders of a majority of outstanding Common Shares can elect the Company’s entire board of directors. Except as the Company’s charter may provide with respect to any series of preferred stock that the Company may issue in the future, the holders of Common Shares will possess exclusive voting power. Holders of the Company’s Common Shares are entitled to receive such distributions as authorized from time to time by the Company’s Board of Directors and declared out of legally available funds, subject to any preferential rights of any preferred stock that the Company issues in the future. In any liquidation, each outstanding Common Share entitles its holder to share (based on the percentage of Common Shares held) in the assets that remain after the Company pays its liabilities and any preferential distributions owed to preferred stockholders. Holders of Common Shares do not have preemptive rights, which means that there is no automatic option to purchase any new Common Shares that the Company issues, nor do holders of Common Shares have any preference, conversion, exchange, sinking fund or redemption rights. Holders of Common Shares do not have appraisal rights unless the Board of Directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to a particular transaction or all transactions occurring after the date of such determination in connection with which holders of such Common Shares would otherwise be entitled to exercise appraisal rights. Common Shares are nonassessable by the Company upon its receipt of the consideration for which the Board of Directors authorized its issuance. Distributions on Common Shares On June 19, 2019, the Board of Directors determined to suspend regular monthly distributions. Previously, distributions in an amount equal to a 6.0 There were no Future distributions declared, 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 Share Repurchase Program The Company’s SRP may provide its eligible stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to restrictions and applicable law. 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. 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 the Company’s current NAV per Share, as determined by the Board of Directors and reported by the Company from time to time. Deaths that occurred subsequent to January 1, 2020 were eligible for consideration, subject to certain conditions. 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 the above noted date, the Board of Directors established that on an annual basis, the Company would not redeem in excess of 0.5 For the period from January 1 through March 18, 2020, the Company repurchased 80,436 9.92 77,678 8.05

Related Party and Other Transac

Related Party and Other Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party and Other Transactions	8. Related Party and Other Transactions The Company has agreements with the Advisor and its affiliates and the Special Limited Partner pursuant to which is has and/or will pay certain fees and liquidation distributions in exchange for services performed or consideration given by these entities and other affiliated entities. The following table summarizes all the compensation and fees the Company paid or may pay to the Advisor and its affiliates, including amounts to reimburse their costs in providing services. The Special Limited Partner has made contributions to the Operating Partnership in exchange for Subordinated Participation Interests in the Operating Partnership that may entitle the Special Limited Partner to subordinated distributions as described in the table below. Operational and Development Stages Fees Amount Acquisition Fee The Company pays to the Advisor or its affiliates 1.0 1.0 ‘‘Contractual purchase price’’ or the ‘‘amount advanced for a loan or other investment’’ means the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property, the amount of funds advanced with respect to a mortgage, or the amount actually paid or allocated in respect of the purchase of other real estate-related assets, in each case inclusive of any indebtedness assumed or incurred in respect of such asset but exclusive of acquisition fees and acquisition expenses. Acquisition Expenses The Company reimburses the Advisor for expenses actually incurred related to selecting or acquiring assets on the Company’s behalf, regardless of whether or not the Company acquires the related assets. In addition, the Company pays third parties, or reimburses the Advisor or its affiliates, for any investment-related expenses due to third parties, including, but not limited to legal fees and expenses, travel and communications expenses, cost of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses and title insurance premiums, regardless of whether or not the Company acquires the related assets. In no event will the total of all acquisition fees, financing coordination fees and acquisition expenses (including those paid to third parties, as described above) payable with respect to a particular investment be unreasonable or exceed 5 5 Construction Management Fee The Company may engage affiliates of the Advisor to provide construction management services for some of its properties. The Company will pay a construction management fee in an amount of up to 5 Asset Management Fee The Company pays the Advisor or its assignees a monthly asset management fee equal to one-twelfth (1⁄12) of 0.75 Fees Amount Property Management Fees Property management fees with respect to properties managed by affiliates of the Advisor are payable monthly in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of property managers in such area. The affiliates of the Advisor may subcontract the performance of their duties to third parties. The Company reimburses the affiliates of the Advisor for costs and expenses, which may include personnel costs for on-site personnel providing direct services for the properties and for roving maintenance personnel to the extent needed at the properties from time to time, and the cost of travel and entertainment, printing and stationery, advertising, marketing, signage, long distance phone calls and other expenses that are directly related to the management of specific properties. Notwithstanding the foregoing, the Company will not reimburse the affiliates of the Advisor for their general overhead costs or, other than as set forth above, for the wages and salaries and other employee-related expenses of their employees. In addition, the Company pays the affiliates of the Advisor a separate fee for the one- time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. From the Company’s inception through December 31, 2021, no property management fees or separate fees have been incurred. Operating Expenses The Company may reimburse the Advisor’s costs of providing administrative services at the end of each fiscal quarter, subject to the limitation that the Company will not reimburse the Advisor (except in limited circumstances) for any amount by which the total operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (i) 2 25 Additionally, the Company reimburses the Advisor or its affiliates for personnel costs in connection with other services; however, the Company will not reimburse the Advisor for (a) services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, or (b) the salaries and benefits of the named executive officers. Financing Coordination Fee If the Advisor provides services in connection with the financing of an asset, assumption of a loan in connection with the acquisition of an asset or origination or refinancing of any loan on an asset, the Company may pay the Advisor or its assignees a financing coordination fee equal to 0.75 Liquidation/Listing Stage Real Estate Disposition Commissions For substantial services in connection with the sale of a property, the Company will pay to the Advisor or any of its affiliates a real estate disposition commission in an amount equal to the lesser of (a) one-half of a real estate commission that is reasonable, customary and competitive in light of the size, type and location of the property and (b) 2.0 provided however 6.0 Annual Subordinated Performance Fee The Company may pay the Advisor an annual subordinated performance fee calculated on the basis of the annual return to holders of Common Shares, payable annually in arrears, such that for any year in which holders of Common Shares receive payment of a 6.0 15.0 provided 10.0 provided, further, For purposes of the annual subordinated performance fee, “net investment” means $10.00 per Common Share, less a pro rata share of any proceeds received from the sale, other disposition or refinancing of assets. From the Company’s inception through December 31, 2021, no annual subordinated performance fees have been incurred. Fees Amount Liquidation Distributions to the Special Limited Partner Distributions from the Operating Partnership in connection with its liquidation initially will be made to the Company (which the Company will distribute to holders of Common Shares), until holders of Common Shares have received liquidation distributions from the Operating Partnership equal to their respective net investments plus a cumulative, pre-tax, non-compounded annual return of 6.0% on their respective net investments. Thereafter, the Special Limited Partner will be entitled to receive liquidation distributions from the Operating Partnership until it has received liquidation distributions from the Operating Partnership equal to its net investment plus cumulative, pre-tax, non-compounded annual return of 6.0% on its net investment. Thereafter, 85.0 15.0 With respect to holders of Common Shares, “net investment” means $ 10.00 From the Company’s inception through December 31, 2021, no liquidating distributions have been made. Due to related parties and other transactions In addition to certain agreements with the Sponsor (see Note 1), 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. 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. Affiliates of the Company’s Advisor may also perform fee-based construction management services for both its development and redevelopment activities and tenant construction projects. These fees will be considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred . 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 2021 2020 Finance fees (1) $ 144,375 $ - Disposition fees (general and administrative costs) - 39,200 Asset management fees (general and administrative costs) 1,204,422 1,256,459 Total $ 1,348,797 $ 1,295,659 (1) A finance fee of $144,375 paid to the Advisor in connection with arranging the Williamsburg Moxy Hotel Joint Venture’s construction loan was capitalized and included in investment in unconsolidated affiliated real estate entities on the consolidated balance sheets. 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Management Agreements The Company’s hotels operate pursuant to management agreements (the “Management Agreements”) with various third-party management companies. The management companies perform management functions including, but not limited to, hiring and supervising employees, establishing room prices, establishing administrative policies and procedures, managing expenditures and arranging and supervising public relations and advertising. The Management Agreements are for initial terms ranging from 1 10 The Management Agreements provide for the payment of a base management fee equal to 3 3.5 Franchise Agreements As of December 31, 2021, the Company’s hotels operated pursuant to various franchise agreements. Under the franchise agreements, the Company generally pays a fee equal to 3 5.5 2.0 2.5 The franchise agreements are generally for initial terms ranging from 15 20 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which Lightstone REIT III exercises financial and operating control). As of December 31, 2021, the Company had a 99 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary are accounted for using the equity method.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, debt service payments 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. 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: Schedule of cash, cash equivalents, and Restricted Cash December 31, 2021 2020 Cash and cash equivalents $ 16,639,004 $ 26,998,685 Restricted cash - 2,972,561 Total cash, cash equivalents and restricted cash $ 16,639,004 $ 29,971,246
Marketable Securities	Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale. Marketable debt securities are recorded at fair value and unrealized holding gains or losses are reported as a component of accumulated other comprehensive income. The Company’s marketable equity securities are recorded at fair value and unrealized holding gains and losses are recognized on the consolidated statements of operations. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a debt security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
Revenues	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 contractual 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 hotels. 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 contractual 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 contractual liabilities are not significant. The Company notes no significant judgments regarding the recognition of room, food and beverage or other revenues. Schedule of revenues from hotel operations For the Revenues 2021 2020 Room $ 21,167,268 $ 13,646,285 Food, beverage and other 610,505 528,403 Total revenues $ 21,777,773 $ 14,174,688
Accounts Receivable	Accounts Receivable The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable.
Investments in Real Estate	Investments in Real Estate Accounting for Asset Acquisitions When the Company makes an investment in real estate assets, the cost of real estate assets acquired in an asset acquisition are allocated to the acquired tangible assets, consisting of land, building and improvements, furniture and fixtures and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, acquired in-place leases, and the value of tenant relationships, based in each case on their relative fair values, at the date of acquisition, based on evaluation of information including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other relevant market data. Fees incurred related to asset acquisitions are capitalized as part of the cost of the investment. Carrying Value of Assets The amounts to be capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets may be significant based upon the assumptions made in calculating these estimates. Impairment Evaluation The Company evaluates its investments in real estate assets for potential impairment whenever events or changes in circumstances indicate that the undiscounted projected cash flows are less than the carrying amount for a particular property. The Company evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. No single indicator would necessarily result in the Company preparing an estimate to determine if an individual property’s future undiscounted cash flows are less than its carrying value. The Company uses judgment to determine if the severity of any single indicator, or the fact there are a number of indicators of less severity that when combined, would result in an indication that a property requires an estimate of the undiscounted cash flows to determine if an impairment has occurred. Relevant facts and circumstances include, among others, significant underperformance relative to historical or projected future operating results and significant negative industry or economic trends. The estimated cash flows used for the impairment analysis are subjective and require the Company to use its judgment and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition, and recent sales data for comparable properties. An impairment loss is recognized only if the carrying amount of a property is not recoverable and exceeds its fair value.
Depreciation and Amortization	Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. The Company generally uses estimated useful lives of up to 39 years for buildings and improvements and five to 10 years for furniture and fixtures. Maintenance and repairs are charged to expense as incurred.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company evaluates all investments in other entities for consolidation. The Company considers its percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining whether or not the investment qualifies for consolidation or if it should be accounted for as an unconsolidated investment under the equity method of accounting. If an investment qualifies for the equity method of accounting, the Company’s investment is recorded initially at cost, and subsequently adjusted for equity in net income or loss and cash contributions and distributions. The net income or loss of an unconsolidated investment is allocated to its investors in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences, if any, between the carrying amount of the Company’s investment in the respective joint venture and our share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the statements of operations as income or loss from investments in unconsolidated affiliated real estate entities. The Company reviews investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable . An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If the Company determines that a decline in the value of a partially owned entity is other than temporary, it will record an impairment charge.
Deferred Costs	Deferred Costs The Company capitalizes initial direct costs associated with financing activities. The costs are capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan.
Income Taxes	Income Taxes The Company elected to qualify as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2015. If the Company remains qualified as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at regular corporate rates, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. The Company engages in certain activities through taxable REIT subsidiaries (“TRSs”), including when it acquires a hotel it usually establishes a TRS and enters into an operating lease agreement for the hotel. As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2021 and 2020, the Company had no material uncertain income tax positions. Additionally, even if the Company continues to qualify as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income, if any.
Concentration of Risk	Concentration of Risk The Company maintains its cash and cash equivalents in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash.
Basic and Diluted Net Earnings per Common Share	Basic and Diluted Net Earnings per Common Share Net earnings per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding.
Financial Instruments	Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, due to/from related parties and notes payable approximate their fair values because of the short maturity of these instruments. T he estimated fair value approximated their carrying value 61.3 The estimated fair value of our mortgages payable as of December 31, 2020 is as follows: Schedule of mortgage payables Carrying Estimated Fair Mortgages payable $ 64,924,427 $ 64,823,777 The fair value of our mortgages payable as of December 31, 2020 was determined by discounting the future contractual interest and principal payments by market interest rates.
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)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of cash, cash equivalents, and Restricted Cash	Schedule of cash, cash equivalents, and Restricted Cash December 31, 2021 2020 Cash and cash equivalents $ 16,639,004 $ 26,998,685 Restricted cash - 2,972,561 Total cash, cash equivalents and restricted cash $ 16,639,004 $ 29,971,246
Schedule of revenues from hotel operations	Schedule of revenues from hotel operations For the Revenues 2021 2020 Room $ 21,167,268 $ 13,646,285 Food, beverage and other 610,505 528,403 Total revenues $ 21,777,773 $ 14,174,688
Schedule of mortgage payables	Schedule of mortgage payables Carrying Estimated Fair Mortgages payable $ 64,924,427 $ 64,823,777

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Schedule of investments in the unconsolidated affiliated real estate	Schedule of investments in the unconsolidated affiliated real estate As of Entity Date of Ownership Ownership December 31, December 31, LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) March 27, 2018 50.00 % $ 11,180,136 $ 10,663,655 Bedford Avenue Holdings LLC (the “Williamsburg Moxy Hotel Joint Venture”) August 5, 2021 25.00 % 12,364,801 - Total investments in unconsolidated affiliated real estate entities $ 23,544,937 $ 10,663,655
Schedule of condensed income statement	Schedule of condensed income statement (amounts in thousands) For the For the Revenues $ 7,545 $ 3,662 Property operating expenses 4,306 3,259 General and administrative costs 34 37 Depreciation and amortization 2,496 2,527 Operating income/(loss) 709 (2,161 ) Interest expense and other, net (1,755 ) (1,728 ) Gain on forgiveness of debt 381 - Net loss $ (665 ) $ (3,889 ) Company’s share of net loss (50.00%) $ (333 ) $ (1,945 )
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of (amounts in thousands) December 31, Construction in progress $ 73,000 Cash 101 Other assets 423 Total assets $ 73,524 Loans payable, net $ 14,844 Other liabilities 9,822 Members’ capital 48,858 Total liabilities and members’ capital $ 73,524
Hilton Garden Inn [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of As of (amounts in thousands) December 31, December 31, Investment property, net $ 52,415 $ 54,826 Cash 2,841 885 Other assets 1,204 1,211 Total assets $ 56,460 $ 56,922 Mortgage payable, net $ 33,115 $ 34,988 Other liabilities 1,585 1,207 Members’ capital 21,760 20,727 Total liabilities and members’ capital $ 56,460 $ 56,922

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Marketable Securities And Fair Value Measurements
Schedule of available-for-sale Securities Reconciliation	Schedule of available-for-sale Securities Reconciliation As of December 31, 2021 Marketable Securities Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Equity securitie Preferred equity securities $ 960,848 $ - $ (8,096 ) $ 952,752 Mutual funds 219,060 - (828 ) 218,232 1,179,908 - (8,924 ) 1,170,984 Debt securities Corporate bonds 746,255 - (106,880 ) 639,375 Total $ 1,926,163 $ - $ (115,804 ) $ 1,810,359 As of December 31, 2020 Marketable Securities Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 - Due in 5 year through 10 years - Due after 10 years 639,375 Total $ 639,375

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	12 Months Ended
	Dec. 31, 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 Description Interest Weighted Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% (floor of 4.00%) 3.86 % July 2022 $ 34,573,333 $ 34,573,333 $ 38,414,814 Home2 Suites Promissory Note Repaid in full - 26,509,613 Home2 Suites Tukwila Loan LIBOR + 3.50% (floor of 3.75%) 3.75 % December 2026 15,005,534 16,210,000 - Home2 Suites Salt Lake City Loan LIBOR + 3.50% (floor of 3.75%) 3.75 % December 2026 9,756,837 10,540,000 - Total mortgages payable 3.81 % $ 59,335,704 61,323,333 64,924,427 Less: Deferred financing costs (632,116 ) (169,978 ) Total mortgage payable, net $ 60,691,217 $ 64,754,449
Schedule of principal maturities	Schedule of principal maturities 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 34,573,333 $ 52,333 $ 657,787 $ 685,707 $ 25,354,173 $ - $ 61,323,333 Less: Deferred financing costs (632,116 ) Total principal maturities, net $ 60,691,217

Related Party and Other Trans_2

Related Party and Other Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of fees payments to Company's Advisor	Schedule of fees payments to Company's Advisor For the 2021 2020 Finance fees (1) $ 144,375 $ - Disposition fees (general and administrative costs) - 39,200 Asset management fees (general and administrative costs) 1,204,422 1,256,459 Total $ 1,348,797 $ 1,295,659

Structure (Details Narrative)

Structure (Details Narrative) - USD ($)	Jun. 02, 2020	Mar. 31, 2021	Apr. 30, 2020	Jul. 16, 2014	Dec. 31, 2021	Dec. 31, 2020	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
Interests for consideration amount					$ 12,100,000
Distributions interests					$ 50,000
Beneficial interests					99.00%
Revolving Credit Facility [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal amount debt service	$ 800,000
Cash collateral	700,000	$ 700,000
Principal paydown amount	600,000	$ 3,800,000
Bifurcated amount	$ 300,000
P P P Loan [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Aggregate amont			$ 1,500,000
Loans			$ 1,900,000
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
Number of limited partner units issued to advisor				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
Company Owned By David Lichtenstein [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares reserved for issuance, price per share							$ 9
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%
Williamsburg Moxy Hotel [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest					25.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details - Cash, cash equivalents, and restricted cash) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 16,639,004	$ 26,998,685
Restricted cash	0	2,972,561
Total cash, cash equivalents and restricted cash	$ 16,639,004	$ 29,971,246

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - (Details - Summary of total revenues) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Total revenues	$ 21,777,773	$ 14,174,688
Room [Member]
Product Information [Line Items]
Total revenues	21,167,268	13,646,285
Food and Beverage [Member]
Product Information [Line Items]
Total revenues	$ 610,505	$ 528,403

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details - Mortgages payable) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Mortgages payable, Carrying Amount	$ 61,323,333	$ 64,924,427
Mortgages payable, Estimated Fair Value		$ 64,823,777

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Fair value mortogages payable	$ 61,300
Lightstone Reit Iii [Member]
General partner ownership interest	99.00%

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Real estate entities) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 23,544,937	$ 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	$ 11,180,136	10,663,655
Bedford Avenue Holdings L L C [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Date of Acquisition Agreement	Aug. 5, 2021
Ownership Percentage	25.00%
Total investments in unconsolidated affiliated real estate entities	$ 12,364,801	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Condensed income statements for Cove Joint Venture) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Revenues	$ 7,545	$ 3,662
Property operating expenses	4,306	3,259
General and administrative costs	34	37
Depreciation and amortization	2,496	2,527
Operating income/(loss)	709	(2,161)
Interest expense and other, net	(1,755)	(1,728)
Gain on forgiveness of debt	381	0
Net loss	(665)	(3,889)
Company’s share of net loss (50.00%)	$ 333	$ 1,945

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Condensed balance sheets for Cove Joint Venture) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Construction in progress	$ 73,000
Cash	101
Other assets	423
Total assets	73,524
Loans payable, net	14,844
Other liabilities	9,822
Members’ capital	48,858
Total liabilities and members’ capital	73,524
Hilton Garden Inn [Member]
Restructuring Cost and Reserve [Line Items]
Investment property, net	52,415	$ 54,826
Cash	2,841	885
Other assets	1,204	1,211
Total assets	56,460	56,922
Mortgage payable, net	33,115	34,988
Other liabilities	1,585	1,207
Members’ capital	21,760	20,727
Total liabilities and members’ capital	$ 56,460	$ 56,922

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities (Details Narrative) - USD ($) $ in Thousands	Aug. 05, 2021	Jun. 02, 2020	Feb. 12, 2020	Jul. 01, 2019	Mar. 27, 2018	Mar. 27, 2018	Dec. 31, 2021	Dec. 31, 2020	Apr. 07, 2021	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Financing fee							$ 100
Additional proceeds			$ 100
Investment amount			$ 100					$ 8,000
Interest rate			22.50%
Williamsburg Moxy Hotel [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate consideration amount	$ 7,900
Additional paid in capital	4,300
Moxy Construction Loan [Member]
Restructuring Cost and Reserve [Line Items]
Outstanding principal amount							18,600
Mortagage loans	$ 16,000
Interest amount							100
Deferred financing fees							3,700
Remaining balance							58,600
Cove Investor L L C [Member]
Restructuring Cost and Reserve [Line Items]
Aggragate consideration amount			$ 255,000
Transaction amount			$ 20,000
Membership interests			22.50%
Cove Tiburon [Member]
Restructuring Cost and Reserve [Line Items]
Membership interests			22.50%
Cove Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Membership interests			22.50%
Additional proceeds			$ 700
Investment amount			$ 200
L S G Cove L L C [Member]
Restructuring Cost and Reserve [Line Items]
Membership interests			22.50%
Aggregate redemption price			$ 87,600
Proceeds of amount			21,900
Disposition gain losses			$ 7,900
Revolving Credit Facility [Member]
Restructuring Cost and Reserve [Line Items]
Floor rate		4.03%		4.00%
Cash collateral		$ 700								$ 700
Outstanding principal amount							$ 34,600			$ 3,800
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Restructuring Cost and Reserve [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.15%		3.15%
Hilton Garden Inn [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate purchase price		$ 900				$ 60,000
Offering funds used in acquisition						12,900
Proceeds from Issuance of Debt						$ 35,000
Membership interest					50.00%	50.00%
Cash collateral		$ 1,200							$ 700
Outstanding principal amount									$ 1,700
Membership intersts							50.00%
Aggregate amont							$ 2,800
Additional capital contributions							1,300
Aggregate distributions paid							2,000
Aggregate distributions recieved							$ 500
Hilton Garden Inn [Member] | Reportable Legal Entities [Member]
Restructuring Cost and Reserve [Line Items]
Offering funds used in acquisition						$ 25,000
Business Acquisition Percent age Of Voting Interest Acquired					50.00%

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details - Available for Sale Securities) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	$ 1,179,908
Equity securities, Gross Unrealized Gains	0
Equity securities, gross unrealized losses	(8,924)
Equity securities, Fair Value	1,170,984
Debt securities, Gross Unrealized Gains	0	$ 10,297
Debt securities, Gross Unrealized Losses	(115,804)	(231,258)
Debt securities, Fair Value		3,226,853
Debt securities, Adjusted Cost	1,926,163
Debt securities, Fair Value	1,810,359
Debt securities, Adjusted Cost	3,447,814
Preferred Equity Securities [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	960,848
Equity securities, Gross Unrealized Gains	0
Equity securities, gross unrealized losses	(8,096)
Equity securities, Fair Value	952,752
Mutual Fund [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	219,060	218,206
Equity securities, Gross Unrealized Gains	0	258
Equity securities, gross unrealized losses	(828)	0
Equity securities, Fair Value	218,232	218,464
Corporate Bonds [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Debt securities, Adjusted Cost	746,255
Debt securities, Gross Unrealized Gains	0	10,039
Debt securities, Gross Unrealized Losses	(106,880)	(231,258)
Debt securities, Fair Value	$ 639,375	3,008,389
Debt securities, Adjusted Cost		$ 3,229,608

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details - Estimated fair value of marketable debt securities)	Dec. 31, 2021USD ($)
Marketable Securities And Fair Value Measurements
Due in 1 year	$ 0
Due in 1 year through 5 years	0
Due in 5 year through 10 years	0
Due after 10 years	639,375
Total	$ 639,375

Mortgages payable, net (Details

Mortgages payable, net (Details -Summary of Mortgages payable, net) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Weighted Average Interest Rate	3.81%
Amount Due at Maturity	$ 59,335,704
Total mortgages payable	61,323,333	$ 64,924,427
Less: Deferred financing costs	(632,116)	(169,978)
Total mortgages payable, net	$ 60,691,217	64,754,449
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Rate	LIBOR + 3.15% (floor of 4.00%)
Weighted Average Interest Rate	3.86%
Maturity Date	July 2022
Amount Due at Maturity	$ 34,573,333
Total mortgages payable	$ 34,573,333	38,414,814
Home 2 Suites Promissory Note [Member]
Line of Credit Facility [Line Items]
Maturity Date	Repaid in full
Total mortgages payable	$ 0	26,509,613
Home 2 Suites Tukwila Loan [Member]
Line of Credit Facility [Line Items]
Interest Rate	LIBOR + 3.50% (floor of 3.75%)
Weighted Average Interest Rate	3.75%
Maturity Date	December 2026
Amount Due at Maturity	$ 15,005,534
Total mortgages payable	$ 16,210,000	0
Home 2 Suites Salt Lake City Loan [Member]
Line of Credit Facility [Line Items]
Interest Rate	LIBOR + 3.50% (floor of 3.75%)
Weighted Average Interest Rate	3.75%
Maturity Date	December 2026
Amount Due at Maturity	$ 9,756,837
Total mortgages payable	$ 10,540,000	$ 0

Mortgages payable, net (Detai_2

Mortgages payable, net (Details - Summary of principal maturities) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
2022	$ 34,573,333
2023	52,333
2024	657,787
2025	685,707
2026	25,354,173
Thereafter	0
Principal maturities	61,323,333	$ 64,924,427
Less: Deferred financing costs	(632,116)	(169,978)
Total mortgages payable, net	$ 60,691,217	$ 64,754,449

Mortgages Payable, Net (Detai_3

Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands	Dec. 06, 2021	Jun. 02, 2020	Jul. 01, 2019	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Oct. 05, 2016	Jul. 13, 2016
Line of Credit Facility [Line Items]
Restricted escrow accounts						$ 3,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 60,000
Line Of Credit Facility Current Borrowing Capacity Percentage								65.00%
Floor rate		4.03%	4.00%
Debt Instrument, Periodic Payment		$ 800
Floor rate		3.00%
Cash collateral reserves		$ 800
Principal paydown amounts		600
Bifurcated principal amount		300
Principal amount				$ 34,600	$ 3,800
Cash collateral		$ 700			$ 700
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Spread on variable rate		2.15%	3.15%
Promissory Note [Member]
Line of Credit Facility [Line Items]
Principal amount							$ 28,400
Debt Instrument, Interest Rate, Stated Percentage							4.73%
Home 2 Tukwila Loan [Member]
Line of Credit Facility [Line Items]
Principal amount	$ 100
Non resource loan	19,100
Closing amount	16,200
Avaliable amount to be drawn	2,900
Home 2 Salt Lake City Loan [Member]
Line of Credit Facility [Line Items]
Principal amount	100
Non resource loan	12,500
Closing amount	10,500
Avaliable amount to be drawn	2,000
Home 2 Suites Tukwila Loan [Member]
Line of Credit Facility [Line Items]
Principal amount	$ 26,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2020	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Proceeds from notes payable			$ 1,868,966	$ 1,450,230
Proceeds from notes payable			19,311
Gain on forgiveness of debt			1,500,000
Paycheck Protection Program [Member]
Line of Credit Facility [Line Items]
Proceeds from notes payable	$ 1,500,000	$ 1,900,000	$ 1,500,000
Interest rate			1.00%
Notes payable			$ 1,900,000	$ 1,500,000

Stockholder_s Equity (Details N

Stockholder’s Equity (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 18, 2020	Dec. 31, 2021	Dec. 31, 2020	Jan. 14, 2015	Jul. 11, 2014
Equity [Abstract]
Preferred Stock, Shares Authorized		50,000,000	50,000,000		50,000,000
Preferred Stock, shares outstanding		0	0
Common Stock, Shares Authorized		200,000,000	200,000,000		200,000,000
Annualized rate of dividend				6.00%
Distribution Made to Limited Partner, Cash Distributions Declared		$ 0	$ 0
Annual distribution taxable income		90.00%
Distribution Of Dividend To Shareholders		0.50%
Repurchase of common stock	80,436	77,678
Average price per share of repurchase of common stock	$ 9.92	$ 8.05

Related Party and Other Trans_3

Related Party and Other Transactions (Details - Summary of fees incurred associated with the payments) - Advisor [Member] - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Finance fees	[1]	$ 144,375	$ 0
Disposition fees (general and administrative costs)		0	39,200
Asset Management Fees (general and administrative costs)		1,204,422	1,256,459
Total		$ 1,348,797	$ 1,295,659
[1]	A finance fee of $144,375 paid to the Advisor in connection with arranging the Williamsburg Moxy Hotel Joint Venture’s construction loan was capitalized and included in investment in unconsolidated affiliated real estate entities on the consolidated balance sheets.

Related Party and Other Trans_4

Related Party and Other Transactions (Details Narrative)	12 Months Ended
	Dec. 31, 2021$ / shares
Related Party Transactions [Abstract]
Acquisition Fee Percent Of Loan Advancement Or Other Investment	1.00%
Acquisition Expenses Percent Of Property Purchase Price	1.00%
Acquisition Fees Financing Coordination Fees And Acquisition Expenses Percent Of Property Purchase Price	5.00%
Acquisition Fees Financing Coordination Fees And Acquisition Expenses Percent Of Loan Advancement Or Other Investment	5.00%
Construction Management Fee Percent	5.00%
Asset Management Fee Percent Of Average Invested Assets	0.75%
Minimum Percentage Of Average Invested Assets	2.00%
Minimum Percentage Of NetIncome	25.00%
Financing Coordination Fee Percent	0.75%
Real estate disposition commission, percent of contract sales price of the property	2.00%
Real Estate Commission Percent	6.00%
Annual cumulative, pre-tax, non-compounded return on net investments, percent	6.00%
Annual subordinated performance fee after cumulative return, percent	15.00%
Annual subordinated performance fee, maximum percentage of aggregate return payable	10.00%
Liquidation Distributions Percent Payable To Company	85.00%
Liquidation Distributions Percent Payable To Special Limited Partner	15.00%
Net Investment Per Share	$ 10

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Minimum [Member]
Loss Contingencies [Line Items]
Management Agreement Term	1 year
Percentage Of Management Fees On Gross Revenue	3.00%
Property Management Fee, Percent Fee	3.00%
Franchise Agreement Term	15 years
Minimum [Member] | Marketing Fund Charge [Member]
Loss Contingencies [Line Items]
Property Management Fee, Percent Fee	2.00%
Maximum [Member]
Loss Contingencies [Line Items]
Management Agreement Term	10 years
Percentage Of Management Fees On Gross Revenue	3.50%
Property Management Fee, Percent Fee	5.50%
Franchise Agreement Term	20 years
Maximum [Member] | Marketing Fund Charge [Member]
Loss Contingencies [Line Items]
Property Management Fee, Percent Fee	2.50%