Lightstone Value Plus REIT III (LVVR) 10-K 27 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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			$ 0
Entity Common Stock, Shares Outstanding		12,700,000
Documents Incorporated by Reference [Text Block]	None.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	274
Auditor Name	EISNERAMPER LLP
Auditor Location	West Palm Beach, Florida

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment property:
Land and improvements	$ 21,722	$ 21,711
Building and improvements	92,493	91,987
Furniture and fixtures	16,960	16,463
Construction in progress	27	47
Gross investment property	131,202	130,208
Less: accumulated depreciation	(36,479)	(32,438)
Net investment property	94,723	97,770
Investments in unconsolidated affiliated real estate entities	20,240	21,755
Cash and cash equivalents	3,848	18,391
Marketable securities, available for sale	7,196	3,314
Accounts receivable and other assets	1,971	1,585
Total Assets	127,978	142,815
Liabilities and Stockholders’ Equity
Accounts payable and other accrued expenses	2,511	2,960
Mortgages payable, net	57,161	60,814
Distributions payable	970
Due to related parties	363	302
Total Liabilities	61,005	64,076
Company’s stockholders’ equity:
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding
Common stock, $0.01 par value; 200.0 million shares authorized, 12.9 million and 13.0 million shares issued and outstanding, respectively	129	130
Additional paid-in-capital	110,462	111,585
Accumulated other comprehensive loss	(166)	(250)
Accumulated deficit	(55,544)	(44,818)
Total Company stockholders’ equity	54,881	66,647
Noncontrolling interests	12,092	12,092
Total Stockholders’ Equity	66,973	78,739
Total Liabilities and Stockholders’ Equity	$ 127,978	$ 142,815

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	12,900,000	13,000,000
Common Stock, shares outstanding	12,900,000	13,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 29,088	$ 28,311
Expenses:
Property operating expenses	20,015	18,141
Real estate taxes	1,172	1,272
General and administrative costs	2,606	2,621
Depreciation and amortization	4,105	4,865
Total expenses	27,898	26,899
Interest expense	(5,361)	(3,415)
Gain on forgiveness of debt		1,893
Earnings from investments in unconsolidated affiliated real estate entities	(3,308)	3
Other income/(expense), net	641	(108)
Net loss	(6,838)	(215)
Less: net loss attributable to noncontrolling interests
Net loss applicable to Company’s common shares	$ (6,838)	$ (215)
Net (loss)/income per Company's common share, basic	$ (0.53)	$ (0.02)
Net (loss)/income per Company's common share, diluted	$ (0.53)	$ (0.02)
Weighted average number of common shares outstanding, basic	12,967	13,080
Weighted average number of common shares outstanding, diluted	12,967	13,080

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net loss	$ (6,838)	$ (215)
Other comprehensive income/(loss):
Holding gain/(loss) on marketable securities, available for sale	84	(143)
Other comprehensive income/(loss)	84	(143)
Comprehensive loss	(6,754)	(358)
Less: Comprehensive loss attributable to noncontrolling interests
Comprehensive loss attributable to the Company’s common shares	$ (6,754)	$ (358)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 2021		$ 131	$ 112,581	$ (107)	$ (44,603)	$ 12,092	$ 80,094
Beginning balance, shares at Dec. 31, 2021		13,153
Net loss					(215)		(215)
Other comprehensive income				(143)			(143)
Redemption and cancellation of shares		$ (1)	(996)				(997)
Redemption and cancellation of shares, shares		(110)
Ending balance, value at Dec. 31, 2022		$ 130	111,585	(250)	(44,818)	12,092	78,739
Ending balance, shares at Dec. 31, 2022		13,043
Net loss					(6,838)		(6,838)
Other comprehensive income				84			84
Distributions declared	[1]				(3,888)		(3,888)
Redemption and cancellation of shares		$ (1)	(1,123)				(1,124)
Redemption and cancellation of shares, shares		(111)
Ending balance, value at Dec. 31, 2023		$ 129	$ 110,462	$ (166)	$ (55,544)	$ 12,092	$ 66,973
Ending balance, shares at Dec. 31, 2023		12,932
[1]Distributions per shares were $0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,838)	$ (215)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Earnings from investments in unconsolidated affiliated real estate entities	3,308	(3)
Depreciation and amortization	4,105	4,865
Amortization of deferred financing costs	270	238
Gain on forgiveness of debt		(1,893)
Other non-cash adjustments	105	186
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(570)	(152)
(Decrease)/increase in accounts payable and other accrued expenses	(450)	44
Increase in due to related parties	61	1
Cash (used in)/provided by operating activities	(9)	3,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(994)	(312)
Proceeds from sale of marketable securities	7,828
Purchase of marketable securities	(11,606)	(1,688)
Investments in unconsolidated affiliated real estate entities	(2,090)	(293)
Distribution from unconsolidated affiliated real estate entities	298	2,086
Cash used in investing activities	(6,564)	(207)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgages payable	(3,729)
Payment of loan fees and expenses	(194)	(115)
Distribution paid to Company’s common stockholders	(2,918)
Redemption and cancellation of common shares	(1,124)	(997)
Cash used in financing activities	(7,965)	(1,112)
Change in cash, cash equivalents and restricted cash	(14,538)	1,752
Cash, cash equivalents and restricted cash, beginning of year	18,391	16,639
Cash, cash equivalents and restricted cash, end of year	3,853	18,391
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	5,041	3,797
Cash paid for tax	326	185
Distributions declared, but not paid	970
Holding gain/loss on marketable securities, available for sale	84	143
Cash and cash equivalents	3,848	18,391
Restricted cash (included in accounts receivable and other assets)	5
Total cash, cash equivalents and restricted cash	$ 3,853	$ 18,391

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ (6,838)	$ (215)

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business and Structure

Business and Structure	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Structure	1. Business and Structure Lightstone Value Plus REIT III, Inc. (“Lightstone REIT III”), 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 United States (the “U.S.”) federal income tax purposes beginning with the taxable year ended December 31, 2015. 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, 2023, 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 in these consolidated financial statements refers to Lightstone REIT III, its Operating Partnership or the Company as required by the context in which such pronoun is used. Through the Operating Partnership, the Company owns, operates and develops commercial properties and makes real estate-related investments. Since its inception, the Company has primarily acquired, developed and operated commercial hospitality properties, principally consisting of limited service hotels and one full service hotel all located in the U.S. Although the Company has historically acquired hotels, it has and may continue to purchase other types of real estate. Assets other than hotels may include, without limitation, office buildings, shopping centers, business and industrial parks, manufacturing facilities, single-tenant properties, multifamily properties, student housing properties, warehouses and distribution facilities and medical/life sciences office buildings. The Company’s real estate investments are held by it alone or jointly with other parties. In addition, the Company may invest up to 20% of its net assets in collateralized debt obligations, commercial mortgage-backed securities (“CMBS”) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly. Although most of its investments are these types, the Company may invest in whatever types of real estate or real estate-related investments that it believes are in its best interests. The Company evaluates all of its real estate investments as one operating segment. The Company currently intends to hold its investments until such time as it determines that a sale or other disposition appears to be advantageous to achieve its investment objectives or until it appears that the objectives will not be met. As of December 31, 2023, the Company (i) wholly 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% membership interest in LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”), which owns one limited service hotel, and (iii) held an unconsolidated 25% membership interest in Bedford Avenue Holdings LLC (the “Williamsburg Moxy Hotel Joint Venture”), which owns one full service hotel. 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 Hilton Garden Inn Joint Venture owns a 183-room, limited service hotel (the “Hilton Garden Inn – Long Island City) located in the Long Island City neighborhood in the Queens borough of New York City. The Williamsburg Moxy Hotel Joint Venture developed, constructed and owns a 216-room branded hotel (the “Williamsburg Moxy Hotel”) located in the Williamsburg neighborhood in the Brooklyn borough of New York City, which opened on March 7, 2023. Both the Hilton Garden Inn Joint Venture and the Williamsburg Moxy Hotel Joint Venture are between the Company and related parties. 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 $50,000 12.1 The Company has no employees. The Company is dependent on the Advisor and certain affiliates of the Sponsor for performing a full range of services that are essential to it, including asset management, property management (excluding its hospitality properties, which are each managed by an unrelated third party property manager) and acquisition, disposition and financing activities, and other general administrative responsibilities, such as tax, accounting, legal, information technology and investor relations services. If the Advisor and its affiliates are unable to provide these services to the Company, it would be required to provide the services itself or obtain the services from other parties. 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 active market for its Common Shares until they are listed for trading. On January 17, 2023, the Company’s stockholders approved an amendment and restatement to the Company’s charter pursuant to which the Company is no longer required to either (a) amend its charter to extend the deadline to begin the process of achieving a liquidity event, or (b) hold 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, the Special Limited Partner purchased from the Operating Partnership an aggregate of 242 Subordinated Participation Interests at a cost of $50,000 per unit, or aggregate consideration of $12.1 million. As the indirect majority owner of the Special Limited Partner, Mr. Lichtenstein is the beneficial owner of a 99% interest in such Subordinated Participation Interests and will thus receive an indirect benefit from any distributions made in respect thereof. These Subordinated Participation Interests may entitle the Special Limited Partner to a portion of any regular distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. However, from inception through December 31, 2023, there have been no distributions declared on the Subordinated Participation Interests. Any future distributions on the Subordinated Participation Interests will always be subordinated until stockholders receive a stated preferred return. The Subordinated Participation Interests may also entitle the Special Limited Partner to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net proceeds available for distribution upon the Company’s liquidation and, therefore, cannot be determined at the present time. Liquidating distributions to the Special Limited Partner will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return. Related Parties The Company’s Advisor and certain affiliates of the Sponsor, including the Special Limited Partner, are related parties of the Company as well as the other public REITs also sponsored and/or advised by these entities. Pursuant to the terms of various agreements, these entities are entitled to compensation and reimbursement for services and costs incurred for services related to the investment, development, management and disposition of the Company’s assets. The compensation is generally 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 7 – Related Party Transactions for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 investment property and investments in other unconsolidated real estate entities and depreciable lives of long-lived assets. 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 unconsolidated 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. Interest Rate Cap Contracts The Company utilizes derivative financial instruments to reduce interest rate risk. The Company does not hold or issue derivative financial instruments for trading purposes. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments are recorded in other income/(expense), net on the consolidated statements of operations. Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale. 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. The Company may be exposed to credit losses through its available-for-sale debt securities. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit and non-credit related factors. Any difference between the fair value of the debt security and the amortized cost basis not attributable to credit related factors are reported in other comprehensive income. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. When evaluating the investments for impairment at each reporting period, the Company reviews factors such as the extent of the unrealized loss, current and future economic market conditions and the economic and financial condition of the issuer and any changes thereto. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. 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 the 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 2023 2022 Revenues Room $ 28,197 $ 27,525 Food, beverage and other 891 786 Total revenues $ 29,088 $ 28,311 Accounts Receivable Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. 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, which is primarily at 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, geographic or economic trends. The undiscounted projected 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. There were no 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 5 to 10 years 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. 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 earnings and cash contributions and distributions. The earnings of an unconsolidated investment are 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 earnings from investments in unconsolidated real estate entities. The Company reviews investments in unconsolidated entities for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. An investment in an unconsolidated entity 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. Tax Status and Income Taxes The Company elected to be taxed and qualify as a REIT commencing with the taxable year ended December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, 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. 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 its income and property and to U.S. federal income taxes and excise taxes on its undistributed income, if any. To maintain its qualification as a REIT, the Company engages in certain activities through a taxable REIT subsidiary (“TRS”), including when it acquires a hotel it usually establishes a new TRS and enters into an operating lease agreement for the hotel. As such, the Company is subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2023 and 2022, the Company had no Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and other assets, accounts payable and other accrued expenses, due to related parties approximate their fair values because of the short maturity of these instruments. The estimated fair value of the Company’s mortgages payable as of both December 31, 2023 and 2022 approximated their carrying values because they bear interest at floating rates. Concentration of Risk As of December 31, 2023 and 2022, the Company had cash deposited in certain financial institutions in excess of U.S. federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents. 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. Current Environment The Company’s operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, its business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility and uncertainty as a result of recent banking failures, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession. The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges and other changes in economic conditions may adversely affect the Company’s results of operations and financial performance. New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard replaces the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables and held to maturity debt securities, entities are required to use a new forward looking expected loss model that generally will result in the earlier recognition of allowances for losses. The Company has adopted this standard effective January 1, 2023, noting that it did not have a material impact on its consolidated financial statements. In November 2023, the FASB issued an accounting standards update which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss, as well as the title and position of the CODM. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the guidance and the impact it may have on the consolidated financial statements. In December 2023, the FASB issued an accounting standards update which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the guidance and the impact it may have on the consolidated financial statements. 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, 2023
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, Hilton Garden Inn Joint Venture March 27, 2018 50.00 % $ 9,405 $ 9,604 Williamsburg Moxy Hotel Joint Venture August 5, 2021 25.00 % 10,835 12,151 Total investments in unconsolidated affiliated real estate entities $ 20,240 $ 21,755 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 newly formed Hilton Garden Inn Joint Venture, the Hilton Garden Inn – Long Island City from an unrelated third party, for aggregate consideration of $ 60.0 25.0 35.0 12.9 50% Except as discussed below, the Hilton Garden Inn Mortgage bore interest at LIBOR plus 3.15%, subject to a 5.03% floor, initially provided for monthly interest-only payments for the first 30 months of its term with principal and interest payments pursuant to a 25-year amortization schedule thereafter, and the remaining unpaid balance due in full at its maturity on March 27, 2023. On June 2, 2020, the Hilton Garden Inn Mortgage was amended to provide for the deferral of six monthly debt service payments aggregating $ 0.9 On March 27, 2023, the Hilton Garden Inn Joint Venture and the lender amended the Hilton Garden Inn Mortgage to extend the maturity date for 90 days, through June 25, 2023, to provide additional time to finalize the terms of a long-term extension. Subsequently, on May 31, 2023, the Hilton Garden Inn Mortgage was further amended to provide for (i) an extension of the maturity date for an additional five years, (ii) the interest rate to be adjusted to SOFR plus 3.25%, subject to a 6.41% floor, interest-only payments for the first two years of its extended term with principal and interest payments pursuant to a 300-month amortization schedule thereafter and the remaining unpaid balance due in full at its maturity date of May 31, 2028, (iii) the ability to draw up to an additional $ 3.0 1.3 $37 The Company and Lightstone REIT II each have a 50% As of December 31, 2023, the Hilton Garden Inn Joint Venture is in compliance with respect to all of its financial covenants. During the year ended December 31, 2023, the Company made capital contributions to the Hilton Garden Inn Joint Venture of $ 0.4 0.3 2.0 Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed statement of operations for the Hilton Garden Inn Joint Venture: Schedule of condensed income statement For the For the Revenues $ 12,417 $ 11,353 Property operating expenses 7,571 6,646 General and administrative costs 139 21 Depreciation and amortization 2,429 2,443 Operating income 2,278 2,243 Interest expense and other, net (2,972 ) (1,997 ) Gain on forgiveness of debt - 516 Net (loss)/income $ (694 ) $ 762 Company’s share of net (loss)/income (50.0%) $ (347 ) $ 381 The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: Schedule of condensed balance sheet As of As of December 31, December 31, Investment property, net $ 48,001 $ 50,254 Cash 1,741 1,231 Other assets 1,816 1,276 Total assets $ 51,558 $ 52,761 Mortgage payable, net $ 32,273 $ 32,233 Other liabilities 1,075 1,920 Members’ capital 18,210 18,608 Total liabilities and members’ capital $ 51,558 $ 52,761 Williamsburg Moxy Hotel Joint Venture On August 5, 2021, the Company formed a joint venture with Lightstone Value Plus REIT IV, Inc. (“Lightstone REIT IV”), a related party REIT also sponsored by the Company’s Sponsor, pursuant to which the Company acquired 25% of Lightstone REIT IV’s membership interest in Bedford Avenue Holdings LLC, which effective on that date became the Williamsburg Moxy Hotel Joint Venture, for aggregate consideration of $ 7.9 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 Lightstone REIT IV is the primary beneficiary. Therefore, 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. On August 5, 2021, the Williamsburg Moxy Hotel Joint Venture entered into a development agreement (the “Development Agreement”) with an affiliate of the Sponsor (the “Williamsburg Moxy Developer”) pursuant to which the Williamsburg Moxy Developer was paid a development fee equal to 3% of hard and soft costs, as defined in the Development Agreement, incurred in connection with the development and construction of the Williamsburg Moxy Hotel. Additionally on August 5, 2021, the Williamsburg Moxy Hotel Joint Venture obtained construction financing for the Williamsburg Moxy Hotel as discussed below. Furthermore, certain affiliates of the Sponsor are reimbursed for various development and development-related costs attributable to the Williamsburg Moxy Hotel. The Williamsburg Moxy Hotel was substantially completed and opened for business on March 7, 2023. In connection with the opening of the hotel, including its food and beverage venues, the Williamsburg Moxy Hotel Joint Venture incurred pre-opening costs of $ 2.3 1.5 An adjacent land owner previously filed a claim questioning the Williamsburg Moxy Hotel Joint Venture’s right to develop and construct the Williamsburg Moxy Hotel without his consent. On November 3, 2023, the Williamsburg Moxy Hotel Joint Venture acquired additional building rights at a contractual purchase price of $ 3.1 During the years ended December 31, 2023 and 2022, the Company made capital contributions to the Williamsburg Moxy Joint Venture of $ 1.6 0.3 0.1 Moxy Construction Loan On August 5, 2021, the Williamsburg Moxy Hotel Joint Venture entered into a recourse construction loan facility with a financial institution for up to $77.0 million (the “Moxy Construction Loan”) to fund the development, construction and certain pre-opening costs associated with the Williamsburg Moxy Hotel. The Moxy Construction Loan which was scheduled to initially mature on February 5, 2024, has been further extended to May 4, 2024, and has two remaining extension options to August 5, 2024 and February 5, 2025, respectively, subject to the satisfaction of certain conditions. The Moxy Construction Loan is collateralized by the Williamsburg Moxy Hotel. The Moxy Construction Loan provided for a replacement benchmark rate in connection with the phase-out of LIBOR and effective after June 30, 2023, the Moxy Construction Loan’s interest rate converted from LIBOR plus 9.00%, with a floor of 9.50%, to SOFR plus 9.11%, with a floor of 9.61%. The Moxy Construction Loan requires monthly interest-only payments based on a rate of 7.50% and the excess added to the outstanding loan balance due at maturity. SOFR as of December 31, 2023 was 5.35%. LIBOR as of December 31, 2022 was 4.39%. As of December 31, 2023 and 2022, the outstanding principal balance of the Moxy Construction Loan was $ 83.8 6.9 0.1 65.6 1.7 2.0 14.46% 3.0 In connection with the Moxy Construction Loan, the Williamsburg Moxy Hotel Joint Venture has provided certain completion and carry cost guarantees. Furthermore, in connection with the Moxy Construction Loan, the Williamsburg Moxy Hotel Joint Venture paid $3.7 million of loan fees and expenses and accrued $0.8 million of loan exit fees which are now due at the extended maturity date of May 4, 2024 and are included in other liabilities on the balance sheets as of both December 31, 2023 and 2022. The Williamsburg Moxy Hotel Joint Venture currently expects to refinance the Moxy Construction Loan (outstanding principal balance of $83.8 million as of December 31, 2023) on or before its extended maturity date of May 4, 2024; however, there can be no assurances that it will be successful in such endeavors. If the Williamsburg Moxy Hotel Joint Venture is unable to refinance the Moxy Construction Loan on or before its extended maturity date of May 4, 2024, it will then seek to exercise the two remaining extension options. Williamsburg Moxy Hotel Joint Venture Financial Information The following table represents the condensed statement of operations for the Williamsburg Moxy Joint Venture: Schedule of condensed income statement For the For the Revenues $ 23,336 $ - Property operating expenses 18,820 - Pre-opening costs 2,339 1,505 General and administrative costs 253 8 Depreciation and amortization 2,905 - Operating loss (981 ) (1,513 ) Interest expense (10,860 ) - Net loss $ (11,841 ) $ (1,513 ) Company’s share of net loss (25.00%) $ (2,961 ) $ (378 ) The following table represents the condensed balance sheets for the Williamsburg Moxy Hotel Joint Venture: Schedule of condensed balance sheet As of As of December 31, December 31, Investment property, net $ 126,603 $ 114,615 Cash 3,453 752 Other assets 2,385 2,346 Total assets $ 132,441 $ 117,713 Loans payable, net $ 83,666 $ 63,631 Other liabilities 6,023 6,064 Members’ capital 42,752 48,018 Total liabilities and members’ capital $ 132,441 $ 117,713

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
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, 2023 Adjusted Cost Gross Gross Fair Value Marketable Securities Equity securities Preferred Equity Securities $ 3,456 $ 14 $ (4 ) $ 3,466 Mutual Funds 3,150 - - 3,150 6,606 14 (4 ) 6,616 Debt securities Corporate Bonds 746 - (166 ) 580 Total $ 7,352 $ 14 $ (170 ) $ 7,196 As of December 31, 2022 Adjusted Gross Unrealized Gains Gross Fair Value Marketable Securities Equity securities Preferred Equity Securities $ 961 $ - $ (45 ) $ 916 Mutual Funds 222 - (5 ) 217 1,183 - (50 ) 1,133 Debt securities Corporate Bonds 746 - (263 ) 483 U.S.Treasury Bills 1,685 13 - 1,698 2,431 13 (263 ) 2,181 Total $ 3,614 $ 13 $ (313 ) $ 3,314 As of December 31, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale debt securities as the Company has not identified any unrealized losses for these investments attributable to credit factors. The Company’s unrealized loss on investments in corporate bonds was primarily caused by recent rising interest rates. The Company does not intend to sell the investment and it is not more likely than not that the Company will be required to sell the investment before recovery of its amortized cost basis. 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. Derivative Financial Instruments On December 1, 2023, the Company entered into an interest rate cap contract at a cost of $44 with an unrelated financial institution in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to this financial instrument. Management believes the risk of loss due to non-performance to be minimal. The Company is accounting for the interest rate cap contract as an economic hedge, marking the contract to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the interest rate cap contract in the consolidated statements of operations. For the year ended December 31, 2023, the Company recorded an unrealized loss of $ 34 The interest rate cap contract has a notional amount of $ 30.8 July 13, 2024 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. The Company’s mutual funds and U.S. Treasury Bills were classified as Level 1 assets and the Company’s preferred equity securities, corporate bonds and interest rate cap contract were classified as Level 2 assets. There were no transfers between the level classifications during the years ended December 31, 2023 and 2022. The fair values of the Company’s investments in mutual funds and U.S. Treasury Bills 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 fair value of the Company’s interest rate cap contract is measured using other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. 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 580 Total $ 580 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, 2023
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 AMERIBOR + 3.15% 8.26% July 2024 $ 30,844 $ 30,844 $ 34,573 Home2 Suites Tukwila Loan AMERIBOR + 3.50% 8.68% December 2026 15,006 16,210 16,210 Home2 Suites Salt Lake City Loan AMERIBOR + 3.50% 8.68% December 2026 9,757 10,540 10,540 Total mortgages payable 8.46% $ 55,607 57,594 61,323 Less: Deferred financing costs (433 ) (509 ) Total mortgage payable, net $ 57,161 $ 60,814 AMERIBOR as of December 31, 2023 and 2022 was 5.43% 4.64% Revolving Credit Facility The Company has a non-recourse revolving credit facility (the “Revolving Credit Facility”) with a financial institution. The Revolving Credit Facility provides it with a line of credit of up to $ 60 65% On March 31, 2021, the Company’s Revolving Credit Facility was amended providing for (i) it to make a principal paydown of $ 3.8 0.7 Subject to certain conditions as noted above, the two one-year extension options were exercised on July 13, 2022 and July 13, 2023 at which times, the maturity dates of the Revolving Credit Facility were further extended to July 13, 2023 and July 13, 2024, respectively. In connection with the exercise of the first extension option on July 13, 2022, the interest rate on the Revolving Credit Facility was prospectively changed to AMERIBOR plus 3.15% 4.00% 1.5 30.8 On December 1, 2023, the Company entered into an interest rate cap contract at a cost of $44 with an unrelated financial institution in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on the Revolving Credit Facility. The interest rate cap contract has a notional amount of $ 30.8 As of December 31, 2023, the Company was in compliance with respect to all of its financial debt covenants. As of December 31, 2023 and 2022, the Revolving Credit Facility had an outstanding principal balance of $ 30.8 34.6 Home2 Suites Financings 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 3.50% 3.75% 3.50% 3.75% 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 3.50% 3.75% 3.50% 3.75% The Home2 Suites Tukwila Loan and the Home2 Suites Salt Lake City Loan are cross-collateralized. 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, 2023: Schedule of principal maturities 2024 2025 2026 2027 2028 Thereafter Total Principal maturities $ 31,500 $ 684 $ 25,410 $ - $ - $ - $ 57,594 Less: Deferred financing costs (433 ) Total principal maturities, net $ 57,161 Debt Compliance 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 covenants.

Stockholder_s Equity

Stockholder’s Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholder’s Equity	6. Stockholder’s Equity Preferred Stock The Company’s charter authorizes its board of directors to designate and issue one or more classes or series of preferred stock without approval of the stockholders of Common Shares. On July 11, 2014, the Company amended and restated its charter to authorize the issuance of 50,000,000 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 There were no 3% 10.00 3.9 On March 18, 2024, the Board of Directors determined to suspend regular quarterly distributions. 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% SRP The Company’s share repurchase program (the “SRP”) may provide 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 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 and hardship, respectively, and set the price for all such purchases to the Company’s current estimated net asset value per share of common stock, 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 year ended December 31, 2023, the Company repurchased 111,434 10.09 110,093 9.06 Noncontrolling Interests See Notes 1 and 7 for additional information on Noncontrolling Interests and the distribution rights related to the Subordinated Participation Interests, respectively.

Related Party and Other Transac

Related Party and Other Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party and Other Transactions	7. Related Party and Other Transactions The Company’s Sponsor, Advisor and their affiliates, including the Special Limited Partner, are related parties of the Company as well as other public REITs also sponsored and/or advised by these entities. Pursuant to the terms of various agreements, certain of these entities are entitled to compensation and reimbursement of costs incurred for services related to the investment, development, management and disposition of our assets. The compensation is generally 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. The following table summarizes all the compensation and fees the Company paid or may pay to these related parties, including amounts to reimburse their costs in providing services. Additionally, the Special Limited Partner has made contributions to the Operating Partnership in exchange it issuing Subordinated Participation Interests in the Operating Partnership to the Special Limited Partners that may entitle it 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% 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 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. Fees Amount 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, 2023, 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 Fees Amount Real Estate Disposition Commissions For substantial services in connection with the sale of a property, the Company will pay to the Advisor or any of its affiliates a real estate disposition commission in an amount equal to the lesser of (a) one-half of a real estate commission that is reasonable, customary and competitive in light of the size, type and location of the property and (b) 2.0% provided however 6.0% Fees Amount 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, 2023, no annual subordinated performance fees have been incurred. 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, 2023, no liquidating distributions have been made. Subordinated Participation Interests In connection with our Offering, the Special Limited Partner purchased 242 Subordinated Participation Interests in the Operating Partnership at a cost of $ 50,000 12.1 These Subordinated Participation Interests may entitle the Special limited Partner to a portion of any regular distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. However, from the Company’s inception through December 31, 2023, there have been no distributions declared on the Subordinated Participation Interests. Any future distributions on the Subordinated Participation Interests will always be subordinated until stockholders receive a stated preferred return. The Subordinated Participation Interests may also entitle the Special Limited Partner to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net proceeds available for distribution upon the Company’s liquidation and, therefore, cannot be determined at the present time. Liquidating distributions to the Special Limited Partner will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return. Due to related parties and other transactions Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, non-interest bearing, due on demand and are classified as due to related parties on the consolidated balance sheets. Certain affiliates of the Company’s Sponsor 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 Year Ended 2023 2022 Asset management fees (general and administrative costs) $ 1,401 $ 1,207 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 certain affiliates of the Sponsor 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 certain affiliates of the Sponsor 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 certain affiliates of the Sponsor a disposition commission.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. 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 one year to 10 The Management Agreements provide for the payment of a base management fee equal to 3% 3.5% Franchise Agreements As of December 31, 2023, 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. See Note 3 for additional information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 investment property and investments in other unconsolidated real estate entities and depreciable lives of long-lived assets. 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 unconsolidated 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.
Interest Rate Cap Contracts	Interest Rate Cap Contracts The Company utilizes derivative financial instruments to reduce interest rate risk. The Company does not hold or issue derivative financial instruments for trading purposes. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments are recorded in other income/(expense), net on the consolidated statements of operations.
Marketable Securities	Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale. 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. The Company may be exposed to credit losses through its available-for-sale debt securities. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit and non-credit related factors. Any difference between the fair value of the debt security and the amortized cost basis not attributable to credit related factors are reported in other comprehensive income. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. When evaluating the investments for impairment at each reporting period, the Company reviews factors such as the extent of the unrealized loss, current and future economic market conditions and the economic and financial condition of the issuer and any changes thereto. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold.
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 the 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 2023 2022 Revenues Room $ 28,197 $ 27,525 Food, beverage and other 891 786 Total revenues $ 29,088 $ 28,311
Accounts Receivable	Accounts Receivable Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
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, which is primarily at 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, geographic or economic trends. The undiscounted projected 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. There were no
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 5 to 10 years
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.
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 earnings and cash contributions and distributions. The earnings of an unconsolidated investment are 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 earnings from investments in unconsolidated real estate entities. The Company reviews investments in unconsolidated entities for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. An investment in an unconsolidated entity 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.
Tax Status and Income Taxes	Tax Status and Income Taxes The Company elected to be taxed and qualify as a REIT commencing with the taxable year ended December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, 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. 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 its income and property and to U.S. federal income taxes and excise taxes on its undistributed income, if any. To maintain its qualification as a REIT, the Company engages in certain activities through a taxable REIT subsidiary (“TRS”), including when it acquires a hotel it usually establishes a new TRS and enters into an operating lease agreement for the hotel. As such, the Company is subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2023 and 2022, the Company had no
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and other assets, accounts payable and other accrued expenses, due to related parties approximate their fair values because of the short maturity of these instruments. The estimated fair value of the Company’s mortgages payable as of both December 31, 2023 and 2022 approximated their carrying values because they bear interest at floating rates.
Concentration of Risk	Concentration of Risk As of December 31, 2023 and 2022, the Company had cash deposited in certain financial institutions in excess of U.S. federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents.
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.
Current Environment	Current Environment The Company’s operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, its business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility and uncertainty as a result of recent banking failures, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession. The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges and other changes in economic conditions may adversely affect the Company’s results of operations and financial performance.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard replaces the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables and held to maturity debt securities, entities are required to use a new forward looking expected loss model that generally will result in the earlier recognition of allowances for losses. The Company has adopted this standard effective January 1, 2023, noting that it did not have a material impact on its consolidated financial statements. In November 2023, the FASB issued an accounting standards update which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss, as well as the title and position of the CODM. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the guidance and the impact it may have on the consolidated financial statements. In December 2023, the FASB issued an accounting standards update which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the guidance and the impact it may have on the consolidated financial statements. 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, 2023
Accounting Policies [Abstract]
Schedule of revenues from hotel operations	Schedule of revenues from hotel operations For the 2023 2022 Revenues Room $ 28,197 $ 27,525 Food, beverage and other 891 786 Total revenues $ 29,088 $ 28,311

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2023
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, Hilton Garden Inn Joint Venture March 27, 2018 50.00 % $ 9,405 $ 9,604 Williamsburg Moxy Hotel Joint Venture August 5, 2021 25.00 % 10,835 12,151 Total investments in unconsolidated affiliated real estate entities $ 20,240 $ 21,755
Hilton Garden Inn Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of condensed income statement	Schedule of condensed income statement For the For the Revenues $ 12,417 $ 11,353 Property operating expenses 7,571 6,646 General and administrative costs 139 21 Depreciation and amortization 2,429 2,443 Operating income 2,278 2,243 Interest expense and other, net (2,972 ) (1,997 ) Gain on forgiveness of debt - 516 Net (loss)/income $ (694 ) $ 762 Company’s share of net (loss)/income (50.0%) $ (347 ) $ 381
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of As of December 31, December 31, Investment property, net $ 48,001 $ 50,254 Cash 1,741 1,231 Other assets 1,816 1,276 Total assets $ 51,558 $ 52,761 Mortgage payable, net $ 32,273 $ 32,233 Other liabilities 1,075 1,920 Members’ capital 18,210 18,608 Total liabilities and members’ capital $ 51,558 $ 52,761
Williamsburg Moxy Joint Venture [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of condensed income statement	Schedule of condensed income statement For the For the Revenues $ 23,336 $ - Property operating expenses 18,820 - Pre-opening costs 2,339 1,505 General and administrative costs 253 8 Depreciation and amortization 2,905 - Operating loss (981 ) (1,513 ) Interest expense (10,860 ) - Net loss $ (11,841 ) $ (1,513 ) Company’s share of net loss (25.00%) $ (2,961 ) $ (378 )
Schedule of condensed balance sheet	Schedule of condensed balance sheet As of As of December 31, December 31, Investment property, net $ 126,603 $ 114,615 Cash 3,453 752 Other assets 2,385 2,346 Total assets $ 132,441 $ 117,713 Loans payable, net $ 83,666 $ 63,631 Other liabilities 6,023 6,064 Members’ capital 42,752 48,018 Total liabilities and members’ capital $ 132,441 $ 117,713

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Marketable Securities And Fair Value Measurements
Schedule of available-for-sale securities reconciliation	Schedule of available-for-sale securities reconciliation As of December 31, 2023 Adjusted Cost Gross Gross Fair Value Marketable Securities Equity securities Preferred Equity Securities $ 3,456 $ 14 $ (4 ) $ 3,466 Mutual Funds 3,150 - - 3,150 6,606 14 (4 ) 6,616 Debt securities Corporate Bonds 746 - (166 ) 580 Total $ 7,352 $ 14 $ (170 ) $ 7,196
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 580 Total $ 580

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2023
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 AMERIBOR + 3.15% 8.26% July 2024 $ 30,844 $ 30,844 $ 34,573 Home2 Suites Tukwila Loan AMERIBOR + 3.50% 8.68% December 2026 15,006 16,210 16,210 Home2 Suites Salt Lake City Loan AMERIBOR + 3.50% 8.68% December 2026 9,757 10,540 10,540 Total mortgages payable 8.46% $ 55,607 57,594 61,323 Less: Deferred financing costs (433 ) (509 ) Total mortgage payable, net $ 57,161 $ 60,814
Schedule of principal maturities	Schedule of principal maturities 2024 2025 2026 2027 2028 Thereafter Total Principal maturities $ 31,500 $ 684 $ 25,410 $ - $ - $ - $ 57,594 Less: Deferred financing costs (433 ) Total principal maturities, net $ 57,161

Related Party and Other Trans_2

Related Party and Other Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of fees payments to company's advisor	Schedule of fees payments to company's advisor For the Year Ended 2023 2022 Asset management fees (general and administrative costs) $ 1,401 $ 1,207

Business and Structure (Details

Business and Structure (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 16, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 11, 2014
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common Stock, Shares, Issued		12,900,000	13,000,000
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		$ 50,000
Consideration amount		$ 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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Information [Line Items]
Total revenues	$ 29,088	$ 28,311
Room [Member]
Product Information [Line Items]
Total revenues	28,197	27,525
Food and Beverage [Member]
Product Information [Line Items]
Total revenues	$ 891	$ 786

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Impairment losses	$ 0	$ 0
Uncertain income tax positions	$ 0	$ 0
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	up to 39 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 to 10 years
Lightstone REIT III [Member]
Property, Plant and Equipment [Line Items]
General partner ownership interest	99%

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 20,240	$ 21,755
Hilton Garden Inn [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Mar. 27, 2018
Ownership Percentage	50%
Total investments in unconsolidated affiliated real estate entities	$ 9,405	9,604
Williamsburg Moxy [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Aug. 05, 2021
Ownership Percentage	25%
Total investments in unconsolidated affiliated real estate entities	$ 10,835	$ 12,151

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Revenues	$ 29,088	$ 28,311
Property operating expenses	27,898	26,899
Hilton Garden Inn [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	12,417	11,353
Property operating expenses	7,571	6,646
General and administrative costs	139	21
Depreciation and amortization	2,429	2,443
Operating income	2,278	2,243
Interest expense and other, net	(2,972)	(1,997)
Gain on forgiveness of debt		516
Net (loss)/income	(694)	762
Company’s share of net (loss)/income (50.0%)	$ (347)	$ 381

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities (Details 2) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Cash	$ 3,848	$ 18,391
Hilton Garden Inn [Member]
Restructuring Cost and Reserve [Line Items]
Investment property, net	48,001	50,254
Cash	1,741	1,231
Other assets	1,816	1,276
Total assets	51,558	52,761
Mortgage payable, net	32,273	32,233
Other liabilities	1,075	1,920
Members’ capital	18,210	18,608
Total liabilities and members’ capital	$ 51,558	$ 52,761

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Revenues	$ 29,088	$ 28,311
Property operating expenses	27,898	26,899
Depreciation and amortization	4,105	4,865
Interest expense	5,361	3,415
Williamsburg Moxy [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	23,336
Property operating expenses	18,820
Pre-opening costs	2,339	1,505
General and administrative costs	253	8
Depreciation and amortization	2,905
Operating loss	(981)	(1,513)
Interest expense	(10,860)
Net loss	(11,841)	(1,513)
Company’s share of net loss (25.00%)	$ (2,961)	$ (378)

Investments in Unconsolidated_7

Investments in Unconsolidated Affiliated Real Estate Entities (Details 4) - Williamsburg Moxy [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Investment property, net	$ 126,603	$ 114,615
Cash	3,453	752
Other assets	2,385	2,346
Total assets	132,441	117,713
Loans payable, net	83,666	63,631
Other liabilities	6,023	6,064
Members’ capital	42,752	48,018
Total liabilities and members’ capital	$ 132,441	$ 117,713

Investments in Unconsolidated_8

Investments in Unconsolidated Affiliated Real Estate Entities (Details Narrative) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Aug. 05, 2021	Jun. 02, 2020	Mar. 27, 2018	Dec. 31, 2023	Dec. 31, 2022	Jun. 01, 2026	Mar. 27, 2023
Williamsburg Moxy Hotel [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate distributions recieved				$ 100
Aggregate consideration amount	$ 7,900
Pre-opening costs				2,300	$ 1,500
Contractual purchase price				3,100
Capital contributions				1,600	300
Moxy Construction Loan [Member]
Restructuring Cost and Reserve [Line Items]
Outstanding principal amount				83,800	65,600
Interest amount				6,900	1,700
Deferred financing fees				$ 100	$ 2,000
Interest rate				14.46%
Remaining balance				$ 3,000
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
Outstanding principal amount						$ 1,300	$ 3,000
Cash collateral						$ 37
Membership intersts				50%
Aggregate distributions paid				$ 400
Distributions amount				300
Aggregate distributions recieved				$ 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%

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	$ 6,606	$ 1,183
Equity securities, Gross Unrealized Gains	14
Equity securities, gross unrealized losses	(4)	(50)
Equity securities, Fair Value	6,616	1,133
Debt securities, Adjusted Cost	7,352	3,614
Debt securities, Gross Unrealized Gains	14	13
Debt securities, Gross Unrealized Losses	(170)	(313)
Debt securities, Fair Value	7,196	3,314
Preferred Equity Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	3,456	961
Equity securities, Gross Unrealized Gains	14
Equity securities, gross unrealized losses	(4)	(45)
Equity securities, Fair Value	3,466	916
Mutual Fund [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, Adjusted Cost	3,150	222
Equity securities, Gross Unrealized Gains
Equity securities, gross unrealized losses		(5)
Equity securities, Fair Value	3,150	217
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
Debt securities, Gross Unrealized Losses	(166)	(263)
Debt securities, Fair Value	$ 580	483
US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Debt securities, Adjusted Cost		1,685
Debt securities, Gross Unrealized Gains		13
Debt securities, Gross Unrealized Losses
Debt securities, Fair Value		1,698
Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Debt securities, Adjusted Cost		2,431
Debt securities, Gross Unrealized Gains		13
Debt securities, Gross Unrealized Losses		(263)
Debt securities, Fair Value		$ 2,181

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements (Details 1) $ in Thousands	Dec. 31, 2023 USD ($)
Marketable Securities And Fair Value Measurements
Due in 1 year
Due in 1 year through 5 years
Due in 5 year through 10 years
Due after 10 years	580
Total	$ 580

Marketable Securities and Fai_5

Marketable Securities and Fair Value Measurements (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Marketable Securities And Fair Value Measurements
Unrealized loss	$ 34
Notional amount	$ 30,800
Maturity date	Jul. 13, 2024

Mortgages Payable, Net (Details

Mortgages Payable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Weighted Average Interest Rate	8.46%
Amount Due at Maturity	$ 55,607
Total mortgages payable	57,594	$ 61,323
Less: Deferred financing costs	(433)	(509)
Total mortgages payable, net	$ 57,161	60,814
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Rate	AMERIBOR + 3.15% (floor of 4.00%)
Weighted Average Interest Rate	8.26%
Maturity Date	July 2024
Amount Due at Maturity	$ 30,844
Total mortgages payable	$ 30,844	34,573
Home 2 Suites Tukwila Loan [Member]
Line of Credit Facility [Line Items]
Interest Rate	AMERIBOR + 3.50% (floor of 3.75%)
Weighted Average Interest Rate	8.68%
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	AMERIBOR + 3.50% (floor of 3.75%)
Weighted Average Interest Rate	8.68%
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 1) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
2024	$ 31,500
2025	684
2026	25,410
2027
2028
Thereafter
Principal maturities	57,594	$ 61,323
Less: Deferred financing costs	(433)	(509)
Total principal maturities, net	$ 57,161	$ 60,814

Mortgages Payable, Net (Detai_3

Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands			12 Months Ended
	Jul. 13, 2023	Dec. 06, 2021	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2021
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 60,000
Line Of Credit Facility Current Borrowing Capacity Percentage			65%
Principal amount			$ 30,800	$ 34,600	$ 3,800
Cash collateral					$ 700
Principal paydown amounts			$ 1,500
Home 2 Tukwila Loan [Member]
Debt Instrument [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]
Debt Instrument [Line Items]
Principal amount		100
Non resource loan		12,500
Closing amount		10,500
Avaliable amount to be drawn		$ 2,000
AMERIBOR [Member]
Debt Instrument [Line Items]
Interest rate			5.43%	4.64%
AMERIBOR [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount	$ 30,800
Spread on variable rate	3.15%
Floor rate	4%
AMERIBOR [Member] | Home 2 Tukwila Loan [Member]
Debt Instrument [Line Items]
Spread on variable rate		3.50%
Floor rate		3.75%
AMERIBOR [Member] | Home 2 Salt Lake City Loan [Member]
Debt Instrument [Line Items]
Spread on variable rate		3.50%
Floor rate		3.75%
LIBOR [Member] | Home 2 Tukwila Loan [Member]
Debt Instrument [Line Items]
Spread on variable rate		3.50%
Floor rate		3.75%
LIBOR [Member] | Home 2 Salt Lake City Loan [Member]
Debt Instrument [Line Items]
Spread on variable rate		3.50%
Floor rate		3.75%

Stockholder_s Equity (Details N

Stockholder’s Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 22, 2023	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
Distributions declared	$ 3,900	$ 0
Annualized rate of dividend			3%
Share Price			$ 10
Annual distribution taxable income	90%
Distribution Of Dividend To Shareholders	0.50%
Repurchase of common stock	111,434	110,093
Average price per share of repurchase of common stock	$ 10.09	$ 9.06

Related Party and Other Trans_3

Related Party and Other Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Advisor [Member]
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)	$ 1,401	$ 1,207

Related Party and Other Trans_4

Related Party and Other Transactions (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares
Related Party Transactions [Abstract]
Acquisition Fee Percent Of Loan Advancement Or Other Investment	1%
Acquisition Expenses Percent Of Property Purchase Price	1%
Acquisition Fees Financing Coordination Fees And Acquisition Expenses Percent Of Property Purchase Price	5%
Acquisition Fees Financing Coordination Fees And Acquisition Expenses Percent Of Loan Advancement Or Other Investment	5%
Construction Management Fee Percent	5%
Asset Management Fee Percent Of Average Invested Assets	0.75%
Minimum Percentage Of Average Invested Assets	2%
Minimum Percentage Of NetIncome	25%
Financing Coordination Fee Percent	0.75%
Real estate disposition commission, percent of contract sales price of the property	2%
Real Estate Commission Percent	6%
Annual cumulative, pre-tax, non-compounded return on net investments, percent	6%
Annual subordinated performance fee after cumulative return, percent	15%
Annual subordinated performance fee, maximum percentage of aggregate return payable	10%
Liquidation Distributions Percent Payable To Company	85%
Liquidation Distributions Percent Payable To Special Limited Partner	15%
Net Investment Per Share	$ 10
Operating Partnership, per unit	$ 50,000
Operating Partnership, value | $	$ 12,100

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	12 Months Ended
	Dec. 31, 2023
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%
Minimum [Member]
Loss Contingencies [Line Items]
Percentage Of Management Fees On Gross Revenue	3%
Property Management Fee, Percent Fee	3%
Franchise Agreement Term	15 years
Minimum [Member] | Marketing Fund Charge [Member]
Loss Contingencies [Line Items]
Property Management Fee, Percent Fee	2%