Lightstone Value Plus REIT III (LVVR) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
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 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 Common Stock, Shares Outstanding		13,100

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment property:
Land and improvements	$ 21,662	$ 21,662
Building and improvements	91,926	91,919
Furniture and fixtures	16,313	16,291
Construction in progress	44	115
Gross investment property	129,945	129,987
Less accumulated depreciation	(28,890)	(27,638)
Net investment property	101,055	102,349
Investments in unconsolidated affiliated real estate entities	23,489	23,545
Cash and cash equivalents	16,446	16,639
Marketable securities, available for sale	1,757	1,810
Accounts receivable and other assets	2,214	1,554
Total Assets	144,961	145,897
Liabilities and Stockholders’ Equity
Accounts payable and other accrued expenses	3,450	2,942
Mortgages payable, net	60,751	60,691
Notes payable	1,639	1,869
Due to related parties	302	301
Total liabilities	66,142	65,803
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, 13.1 and 13.2 million shares issued and outstanding, respectively	131	131
Additional paid-in-capital	112,330	112,581
Accumulated other comprehensive loss	(139)	(107)
Accumulated deficit	(45,595)	(44,603)
Total Company stockholders’ equity	66,727	68,002
Noncontrolling interests	12,092	12,092
Total Stockholders’ Equity	78,819	80,094
Total Liabilities and Stockholders’ Equity	$ 144,961	$ 145,897

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000	50,000
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	200,000
Common Stock, shares issued	13,100	13,200
Common Stock, shares outstanding	13,100	13,200

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 5,745	$ 3,711
Expenses:
Property operating expenses	3,772	2,665
Real estate taxes	350	369
General and administrative costs	686	634
Depreciation and amortization	1,268	1,275
Total operating expenses	6,076	4,943
Operating loss	(331)	(1,232)
Interest expense	(661)	(671)
Loss from investments in unconsolidated affiliated real estate entities	(174)	(247)
Gain on forgiveness of debt	232	0
Other (loss)/income, net	(58)	50
Net loss	(992)	(2,100)
Less: net loss attributable to noncontrolling interests	0	0
Net loss applicable to Company’s common shares	$ (992)	$ (2,100)
Net loss per Company’s common shares, basic and diluted	$ (0.08)	$ (0.16)
Weighted average number of common shares outstanding, basic and diluted	13,130	13,230

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net loss	$ (992)	$ (2,100)
Other comprehensive (loss)/income:
Holding (loss)/gain on marketable securities, available for sale	(32)	85
Reclassification adjustment for loss included in net loss	0	22
Other comprehensive (loss)/income	(32)	107
Comprehensive loss	(1,024)	(1,993)
Less: Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive loss attributable to the Company’s common shares	$ (1,024)	$ (1,993)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	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, 2020	$ 132	$ 113,205	$ (221)	$ (41,870)	$ 12,092	$ 83,338
Beginning balance, shares at Dec. 31, 2020	13,230
Net loss				(2,100)		(2,100)
Other comprehensive loss			107			107
Ending balance, value at Mar. 31, 2021	$ 132	113,205	(114)	(43,970)	12,092	81,345
Ending balance, shares at Mar. 31, 2021	13,230
Beginning balance, value at Dec. 31, 2021	$ 131	112,581	(107)	(44,603)	12,092	80,094
Beginning balance, shares at Dec. 31, 2021	13,152
Net loss				(992)		(992)
Other comprehensive loss			(32)			(32)
Redemption and cancellation of shares		(251)				(251)
Redemption and cancellation of shares, shares	(31)
Ending balance, value at Mar. 31, 2022	$ 131	$ 112,330	$ (139)	$ (45,595)	$ 12,092	$ 78,819
Ending balance, shares at Mar. 31, 2022	13,121

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (992)	$ (2,100)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Loss from investments in unconsolidated affiliated real estate entities	174	247
Depreciation and amortization	1,268	1,275
Amortization of deferred financing costs	60	30
Gain on forgiveness of debt	(232)	0
Other non-cash adjustments	51	27
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(615)	(240)
Increase in accounts payable and other accrued expenses	509	225
Increase in due to related parties	1	0
Net cash provided by/(used in) operating activities	224	(536)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(48)	(42)
Proceeds from sale of marketable securities	0	1,500
Investments in unconsolidated affiliated real estate entity	(118)	0
Net cash (used in)/provided by investing activities	(166)	1,458
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	0	(3,972)
Proceeds received from notes payable	0	1,869
Payment of loan fees and expenses	0	(16)
Redemption and cancellation of common shares	(251)	0
Net cash used in financing activities	(251)	(2,119)
Net change in cash, cash equivalents and restricted cash	(193)	(1,197)
Cash, cash equivalents and restricted cash, beginning of year	16,639	29,971
Cash, cash equivalents and restricted cash, end of period	16,446	28,774
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	755	596
Holding gain/loss on marketable securities, available for sale	32	107
The following is a summary of the Company’s cash, cash equivalents and restricted cash total as presented in our statements of cash flows for the periods presented:
Cash and cash equivalents	16,446	25,578
Restricted cash	0	3,196
Total cash, cash equivalents and restricted cash	$ 16,446	$ 28,774

Structure

Structure	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, Lightstone REIT III had a 99 Lightstone REIT III and the Operating Partnership and its subsidiaries are collectively referred to as the “Company” and the use of “we,” “our,” “us” or similar pronouns refers to Lightstone REIT III, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company has and will continue to seek to acquire a diverse portfolio of real estate assets and real estate-related investments, including hotels, other commercial and/or residential properties, primarily located in the United States. All such properties may be acquired and operated by the Company alone or jointly with another party. The Company may also originate or acquire mortgage loans secured by real estate. Although the Company expects that most of its investments will be of these types, it may make other investments. In fact, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company currently has one operating segment. As of March 31, 2022, 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% membership interest in LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) and (iii) held an unconsolidated 25.0% membership interest in Bedford Avenue Holdings LLC (the “Williamsburg Moxy Hotel Joint Venture”). The Company accounts for its unconsolidated membership interests in the Hilton Garden Inn Joint Venture and the Williamsburg Moxy Hotel Joint Venture under the equity method of accounting. 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 $ 2 200 20,000 200 10.00 222,222 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 manage the properties the Company acquires. However, the Company also contracts with other unaffiliated third-party property managers, principally for the management of its hospitality properties. The Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its Common Shares at this time. The Company does not anticipate that there would be any market for its Common Shares until they are listed for trading. In the event the Company does not begin the process of achieving a liquidity event prior to March 31, 2025, which is the eighth anniversary of the termination of its Offering, its charter requires either (a) an amendment to its charter to extend the deadline to begin the process of achieving a liquidity event, or (b) the holding of a stockholders meeting to vote on a proposal for an orderly liquidation of its portfolio. Noncontrolling Interests – Partners of the Operating Partnership Limited Partner On July 16, 2014, the Advisor contributed $2 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 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 March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus REIT III, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements have been prepared in accordance with GAAP. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and depreciable lives. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The consolidated balance sheet as of December 31, 2021 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities. Revenue The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of revenues from hotel operations For the 2022 2021 Revenues Room $ 5,598 $ 3,585 Food, beverage and other 147 126 Total revenues $ 5,745 $ 3,711 Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of March 31, 2022, Lightstone REIT III had a 99 COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, 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 (beginning late 2020 and continuing through the first quarter of 2022); overall room demand and rental rates remain below their pre-pandemic historical levels. Accordingly, the COVID-19 pandemic has negatively 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% membership interest in the Williamsburg Moxy Joint Venture, which is developing and constructing a 210-room branded hotel (the “Williamsburg Moxy Hotel”). To-date, the COVID-19 pandemic has not had any significant impact on development and construction of the Williamsburg Moxy Hotel, which is expected to open during the fourth quarter of 2022. 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 has implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. ● During 2020 and 2021, the Company obtained certain amendments to its revolving credit facility (the “Revolving Credit Facility”). See Note 5 for additional information. ● In April 2020 and during the first quarter of 2021, the Company’s hotels received an aggregate of $1.5 million and $1.9 million, respectively, from loans provided under the federal Paycheck Protection Program (“PPP Loans”). See Note 6 for additional information. ● Previously, in June 2019, the Board of Directors determined to suspend regular monthly distributions on the Company’s Common Shares and has not declared any distributions since the suspension. Additionally, in March 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder repurchase program (the “SRP”). Subsequently in May 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. ● During 2020 and 2021, the Hilton Garden Inn Joint Venture 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. 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	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) March 27, 2018 50.00 % $ 11,022 $ 11,180 Bedford Avenue Holdings LLC (the “Williamsburg Moxy Hotel Joint Venture”) August 5, 2021 25.00 % 12,467 12,365 Total investments in unconsolidated affiliated real estate entities $ 23,489 $ 23,545 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 million for the period from April 1, 2020 through September 30, 2020 until March 27, 2023; (ii) a 100 bps reduction in the interest rate spread to LIBOR + 2.15 4.03 1.2 Additionally, on April 7, 2021, the Hilton Garden Inn Joint Venture and the lender further amended the terms of the Hilton Garden Inn Mortgage to provide for (i) the Hilton Garden Inn Joint Venture to make a principal paydown of $ 1.7 0.7 The Hilton Garden Inn Joint Venture is currently in compliance with respect to all of its financial debt covenants. Subsequent to the Company’s acquisition of its 50.0 2.8 2.0 Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: Schedule of condensed income statement (amounts in thousands) For the For the Revenues $ 2,168 $ 1,419 Property operating expenses 1,428 872 General and administrative costs 10 10 Depreciation and amortization 620 635 Operating income/(loss) 110 (98 ) Interest expense (427 ) (397 ) Net loss $ (317 ) $ (495 ) Company’s share of net loss (50.00%) $ (158 ) $ (247 ) The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: Schedule of condensed balance sheet As of As of (amounts in thousands) March 31, December 31, Investment property, net $ 51,829 $ 52,415 Cash 3,610 2,841 Other assets 710 1,204 Total assets $ 56,149 $ 56,460 Mortgage payable, net $ 33,129 $ 33,115 Other liabilities 1,577 1,585 Members’ capital 21,443 21,760 Total liabilities and members’ capital $ 56,149 $ 56,460 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 $ 4.4 0.1 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. For the three months ended March 31, 2022, the Williamsburg Moxy Hotel Joint Venture incurred general and administrative costs of $ 62 16 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. As of March 31, 2022 and December 31, 2021, the outstanding principal balance of the Moxy Construction Loan was $ 29.5 0.3 18.6 0.1 47.8 In connection with the Moxy Construction Loan, the Williamsburg Moxy Hotel Joint Venture has provided certain completion and carry cost guarantees. Williamsburg Moxy Hotel Joint Venture Financial Information The following table represents the condensed balance sheet for the Williamsburg Moxy Hotel Joint Venture: Schedule of condensed balance sheet As of As of (amounts in thousands) March 31, December 31, Construction in progress $ 83,799 $ 73,000 Cash 661 101 Other assets 711 423 Total assets $ 85,171 $ 73,524 Loan payable, net $ 26,209 $ 14,844 Other liabilities 9,693 9,822 Members’ capital 49,269 48,858 Total liabilities and members’ capital $ 85,171 $ 73,524

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred equity securities $ 961 $ - $ (27 ) $ 934 Mutual funds 219 - (3 ) 216 1,180 - (30 ) 1,150 Debt securities Corporate bonds 746 - (139 ) 607 Total $ 1,926 $ - $ (169 ) $ 1,757 As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred equity securities $ 961 $ - $ (8 ) $ 953 Mutual funds 219 - (1 ) 218 1,180 - (9 ) 1,171 Debt securities Corporate bonds 746 - (107 ) 639 Total $ 1,926 $ - $ (116 ) $ 1,810 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 three months ended March 31, 2022 and 2021, the Company did not recognize any impairment charges on its investments in debt securities. As of March 31, 2022, the Company does not consider any of its investments in debt securities to be other-than-temporarily impaired. The Company may sell certain of its investments in marketable debt securities prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of March 31, 2022, the Company’s mutual funds were classified as Level 1 assets and its preferred equity securities and corporate bonds were classified as Level 2 assets. There were no transfers between the level classifications during the three months ended March 31, 2022. The fair values of the Company’s investments in mutual funds are measured using quoted prices in active markets for identical assets and its 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 marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: Schedule of estimated fair value of investments As of Due in 1 year $ - Due in 1 year through 5 years - Due in 5 year through 10 years - Due after 10 years 607 Total $ 607 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	3 Months Ended
	Mar. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgages payable, net	5. Mortgages payable, net Mortgages payable, net consists of the following: Schedule of mortgages Payable, Net Description Interest Weighted Maturity Amount As of As of Revolving Credit Facility LIBOR + 3.15% 4.00 % July 2022 $ 34,573 $ 34,573 $ 34,573 Home2 Suites Tukwila Loan LIBOR + 3.50% 3.75 % December 2026 15,006 16,210 16,210 Home2 Suites Salt Lake City Loan LIBOR + 3.50% 3.75 % December 2026 9,757 10,540 10,540 Total mortgages payable 3.89 % $ 59,336 61,323 61,323 Less: Deferred financing costs (572 ) (632 ) Total mortgage payable, net $ 60,751 $ 60,691 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 both March 31, 2022 and December 31, 2021, the Revolving Credit Facility had an outstanding principal balance of $ 34.6 Principal Maturities The following table, based on the initial terms of the mortgage, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of March 31, 2022: Schedule of principal maturities 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 34,573 $ - $ 656 $ 684 $ 25,410 $ - $ 61,323 Less: Deferred financing costs (572 ) Total principal maturities, net $ 60,751 Certain of the Company’s debt agreements also contain clauses providing for prepayment penalties. The Company is currently in compliance with respect to all of its financial debt covenants.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Notes Payable	6 Notes Payable During the first quarter of 2021, the Company, through various subsidiaries (each such entity, a “Borrower” and collectively, the “Borrowers”), received aggregate funding of $ 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. As of March 31, 2022 and December 31, 2021, the PPP Loans had outstanding balances of $ 1.6 1.9 During the three months ended March 31, 2022, the Company received notice from the SBA that $ 0.2 Previously, during the year ended December 31, 2021, the Company received notices from the SBA that PPP Loans received in April 2020 totaling $ 1.5 19 1.5

Company_s Stockholder_s Equity

Company’s Stockholder’s Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Company’s Stockholder’s Equity	7. Company’s Stockholder’s Equity Distributions on Common Shares On June 19, 2019, the Board of Directors determined to suspend regular monthly distributions on the Company’s Common Shares and as a result, no distributions have been declared since the suspension. 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% of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular level of distributions that it has previously established or may establish. Share Repurchase Program The Company’s SRP may provide its 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 estimated net asset value 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 three months ended March 31, 2022 the Company repurchased 31,239 8.05 Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period.

Due to related parties and othe

Due to related parties and other transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Due to related parties and other transactions	8. Due to related parties and other transactions The Company has various agreements, including an advisory agreement, with the Advisor to pay certain fees in exchange for services performed by the Advisor and/or its affiliated entities. Additionally, the Company’s ability to secure financing and its real estate operations are dependent upon its Advisor and its affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees and are classified as due to related parties on the consolidated balance sheets. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: Schedule of fees payments to Company's Advisor For the 2022 2021 Asset management fees (general and administrative costs) $ 302 $ 301 The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Financial Instruments	9. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, due to related parties and notes payable approximate their fair values because of the short maturity of these instruments. The carrying amount of the mortgages payable approximate fair value because the interest rates are variable and reflective of market rates.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, we are not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Revenue	Revenue The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of revenues from hotel operations For the 2022 2021 Revenues Room $ 5,598 $ 3,585 Food, beverage and other 147 126 Total revenues $ 5,745 $ 3,711
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of March 31, 2022, Lightstone REIT III had a 99
COVID-19 Pandemic Operations and Liquidity Update	COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, 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 (beginning late 2020 and continuing through the first quarter of 2022); overall room demand and rental rates remain below their pre-pandemic historical levels. Accordingly, the COVID-19 pandemic has negatively 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% membership interest in the Williamsburg Moxy Joint Venture, which is developing and constructing a 210-room branded hotel (the “Williamsburg Moxy Hotel”). To-date, the COVID-19 pandemic has not had any significant impact on development and construction of the Williamsburg Moxy Hotel, which is expected to open during the fourth quarter of 2022. 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 has implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. ● During 2020 and 2021, the Company obtained certain amendments to its revolving credit facility (the “Revolving Credit Facility”). See Note 5 for additional information. ● In April 2020 and during the first quarter of 2021, the Company’s hotels received an aggregate of $1.5 million and $1.9 million, respectively, from loans provided under the federal Paycheck Protection Program (“PPP Loans”). See Note 6 for additional information. ● Previously, in June 2019, the Board of Directors determined to suspend regular monthly distributions on the Company’s Common Shares and has not declared any distributions since the suspension. Additionally, in March 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder repurchase program (the “SRP”). Subsequently in May 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. ● During 2020 and 2021, the Hilton Garden Inn Joint Venture 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.
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)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of revenues from hotel operations	Schedule of revenues from hotel operations For the 2022 2021 Revenues Room $ 5,598 $ 3,585 Food, beverage and other 147 126 Total revenues $ 5,745 $ 3,711

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) March 27, 2018 50.00 % $ 11,022 $ 11,180 Bedford Avenue Holdings LLC (the “Williamsburg Moxy Hotel Joint Venture”) August 5, 2021 25.00 % 12,467 12,365 Total investments in unconsolidated affiliated real estate entities $ 23,489 $ 23,545
Schedule of condensed income statement	Schedule of condensed income statement (amounts in thousands) For the For the Revenues $ 2,168 $ 1,419 Property operating expenses 1,428 872 General and administrative costs 10 10 Depreciation and amortization 620 635 Operating income/(loss) 110 (98 ) Interest expense (427 ) (397 ) Net loss $ (317 ) $ (495 ) Company’s share of net loss (50.00%) $ (158 ) $ (247 )
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) March 31, December 31, Investment property, net $ 51,829 $ 52,415 Cash 3,610 2,841 Other assets 710 1,204 Total assets $ 56,149 $ 56,460 Mortgage payable, net $ 33,129 $ 33,115 Other liabilities 1,577 1,585 Members’ capital 21,443 21,760 Total liabilities and members’ capital $ 56,149 $ 56,460
Williamsburg Moxy Hotel [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of As of (amounts in thousands) March 31, December 31, Construction in progress $ 83,799 $ 73,000 Cash 661 101 Other assets 711 423 Total assets $ 85,171 $ 73,524 Loan payable, net $ 26,209 $ 14,844 Other liabilities 9,693 9,822 Members’ capital 49,269 48,858 Total liabilities and members’ capital $ 85,171 $ 73,524

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Marketable Securities And Fair Value Measurements
Schedule of available-for-sale Securities Reconciliation	Schedule of available-for-sale Securities Reconciliation As of March 31, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred equity securities $ 961 $ - $ (27 ) $ 934 Mutual funds 219 - (3 ) 216 1,180 - (30 ) 1,150 Debt securities Corporate bonds 746 - (139 ) 607 Total $ 1,926 $ - $ (169 ) $ 1,757 As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Preferred equity securities $ 961 $ - $ (8 ) $ 953 Mutual funds 219 - (1 ) 218 1,180 - (9 ) 1,171 Debt securities Corporate bonds 746 - (107 ) 639 Total $ 1,926 $ - $ (116 ) $ 1,810
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 607 Total $ 607

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	3 Months Ended
	Mar. 31, 2022
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 As of As of Revolving Credit Facility LIBOR + 3.15% 4.00 % July 2022 $ 34,573 $ 34,573 $ 34,573 Home2 Suites Tukwila Loan LIBOR + 3.50% 3.75 % December 2026 15,006 16,210 16,210 Home2 Suites Salt Lake City Loan LIBOR + 3.50% 3.75 % December 2026 9,757 10,540 10,540 Total mortgages payable 3.89 % $ 59,336 61,323 61,323 Less: Deferred financing costs (572 ) (632 ) Total mortgage payable, net $ 60,751 $ 60,691
Schedule of principal maturities	Schedule of principal maturities 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 34,573 $ - $ 656 $ 684 $ 25,410 $ - $ 61,323 Less: Deferred financing costs (572 ) Total principal maturities, net $ 60,751

Due to related parties and ot_2

Due to related parties and other transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of fees payments to Company's Advisor	Schedule of fees payments to Company's Advisor For the 2022 2021 Asset management fees (general and administrative costs) $ 302 $ 301

Structure (Details Narrative)

Structure (Details Narrative) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 16, 2014	Mar. 31, 2022	Dec. 31, 2021	Dec. 11, 2014
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Stock, Shares, Issued		13,100	13,200
Interests for consideration amount		$ 12,100
Distributions interests		$ 50
Beneficial interests		99.00%
Lichtenstein [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Stock, Shares, Issued				222,222
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
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
General Partner [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Contribution from advisor	$ 2
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
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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - (Details - Summary of total revenues) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Product Information [Line Items]
Total revenues	$ 5,745	$ 3,711
Room [Member]
Product Information [Line Items]
Total revenues	5,598	3,585
Food and Beverage [Member]
Product Information [Line Items]
Total revenues	$ 147	$ 126

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended
	Mar. 31, 2022
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 23,489	$ 23,545
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	$ 11,022	11,180
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	$ 12,467	$ 12,365

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Condensed income statements for Cove Joint Venture) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Revenues	$ 2,168	$ 1,419
Property operating expenses	1,428	872
General and administrative costs	10	10
Depreciation and amortization	620	635
Operating income/(loss)	110	(98)
Interest expense	(427)	(397)
Net loss	(317)	(495)
Company’s share of net loss (50.00%)	$ (158)	$ (247)

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Condensed balance sheets for Cove Joint Venture) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Hilton Garden Inn [Member]
Restructuring Cost and Reserve [Line Items]
Investment property, net	$ 51,829	$ 52,415
Cash	3,610	2,841
Other assets	710	1,204
Total assets	56,149	56,460
Mortgage payable, net	33,129	33,115
Other liabilities	1,577	1,585
Members’ capital	21,443	21,760
Total liabilities and members’ capital	56,149	56,460
Williamsburg Moxy Hotel [Member]
Restructuring Cost and Reserve [Line Items]
Construction in progress	83,799	73,000
Cash	661	101
Other assets	711	423
Total assets	85,171	73,524
Loan payable, net	26,209	14,844
Other liabilities	9,693	9,822
Members’ capital	49,269	48,858
Total liabilities and members’ capital	$ 85,171	$ 73,524

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities (Details Narrative) - USD ($) shares in Thousands, $ in Thousands	Aug. 05, 2021	Jun. 02, 2020	Jul. 01, 2019	Mar. 27, 2018	Mar. 27, 2018	Mar. 31, 2022	Dec. 31, 2021	Apr. 07, 2021	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
General and administrative costs						$ 62
Number of shares, issued						16
Williamsburg Moxy Hotel [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate consideration amount	$ 7,900
Additional paid in capital	$ 4,400					$ 100
Moxy Construction Loan [Member]
Restructuring Cost and Reserve [Line Items]
Outstanding principal amount						29,500	$ 18,600
Interest amount						300	$ 100
Remaining balance						47,800
Revolving Credit Facility [Member]
Restructuring Cost and Reserve [Line Items]
Floor rate		4.03%	4.00%
Cash collateral									$ 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					$ 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
Aggregate distributions paid						$ 2,000
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 ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	$ 1,180
Equity securities, Gross Unrealized Gains	0	$ 0
Equity securities, gross unrealized losses	(30)	(9)
Equity securities, Fair Value	1,150	1,171
Debt securities, Gross Unrealized Gains	0	0
Debt securities, Gross Unrealized Losses	(169)	(116)
Debt securities, Fair Value	1,757	1,810
Debt securities, Adjusted Cost	1,926
Debt securities, Adjusted Cost		1,926
Preferred Equity Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	961	961
Equity securities, Gross Unrealized Gains	0	0
Equity securities, gross unrealized losses	(27)	(8)
Equity securities, Fair Value	934	953
Mutual Fund [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	219	219
Equity securities, Gross Unrealized Gains	0	0
Equity securities, gross unrealized losses	(3)	(1)
Equity securities, Fair Value	216	218
Corporate Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Debt securities, Adjusted Cost	746	746
Debt securities, Gross Unrealized Gains	0	0
Debt securities, Gross Unrealized Losses	(139)	(107)
Debt securities, Fair Value	$ 607	$ 639

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details - Estimated fair value of marketable debt securities) $ in Thousands	Mar. 31, 2022USD ($)
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	607
Total	$ 607

Mortgages payable, net (Details

Mortgages payable, net (Details -Summary of Mortgages payable, net) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Weighted Average Interest Rate	3.89%
Amount Due at Maturity	$ 59,336
Total mortgages payable	61,323	$ 61,323
Less: Deferred financing costs	(572)	(632)
Total mortgages payable, net	$ 60,751	60,691
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Rate	LIBOR + 3.15% (floor of 4.00%)
Weighted Average Interest Rate	4.00%
Maturity Date	July 2022
Amount Due at Maturity	$ 34,573
Total mortgages payable	$ 34,573	34,573
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	$ 15,006
Total mortgages payable	$ 16,210	16,210
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	$ 9,757
Total mortgages payable	$ 10,540	$ 10,540

Mortgages payable, net (Detai_2

Mortgages payable, net (Details - Summary of principal maturities) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
2022	$ 34,573
2023
2024	656
2025	684
2026	25,410
Thereafter	0
Principal maturities	61,323	$ 61,323
Less: Deferred financing costs	(572)	(632)
Total mortgages payable, net	$ 60,751	$ 60,691

Mortgages payable, net (Detai_3

Mortgages payable, net (Details Narrative) - Revolving Credit Facility [Member] - USD ($) $ in Thousands	Jun. 02, 2020	Jul. 01, 2019	Mar. 31, 2022	Mar. 31, 2021	Jul. 13, 2016
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
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Spread on variable rate	2.15%	3.15%

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Proceeds from notes payable		$ 200
Accrued interest				$ 19
Paycheck Protection Program [Member]
Line of Credit Facility [Line Items]
Proceeds from notes payable	$ 1,900	$ 1,900	$ 1,600	1,500
Interest rate		1.00%
Notes payable				$ 1,500

Company_s Stockholder_s Equity

Company’s Stockholder’s Equity (Details Narrative) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Equity [Abstract]
Distribution Of Dividend To Shareholders	0.50%
Repurchase of common stock | shares	31,239
Average price per share of repurchase of common stock | $ / shares	$ 0.0805

Related Party and Other Transac

Related Party and Other Transactions (Details - Summary of fees incurred associated with the payments) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Advisor [Member]
Related Party Transaction [Line Items]
Asset Management Fees (general and administrative costs)	$ 302	$ 301