Moody National REIT II (MNRTII) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019	Dec. 31, 2018
Entity Registrant Name	Moody National REIT II, Inc.
Entity Central Index Key	0001615222
Document Type	10-Q
Trading Symbol	MNRTII
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Reporting Company	true
Entity Emerging Growth	true
Entity Ex Transition Period	true
Share Price	$ 23.32		$ 23.32
Entity Common Stock, Shares Outstanding		11,676,890
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Class A Shares [Member]
Entity Common Stock, Shares Outstanding		11,182,483
Class I Shares [Member]
Entity Common Stock, Shares Outstanding		111,822
Class T Shares [Member]
Entity Common Stock, Shares Outstanding		382,585

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investment in hotel properties, net	$ 390,961	$ 393,140
Cash and cash equivalents	8,593	8,990
Restricted cash	6,419	10,204
Investment in marketable securities	6,835
Accounts receivable, net of allowance of $33 as of March 31, 2019 and December 31, 2018	1,152	711
Note receivable from related party	6,750	6,750
Prepaid expenses and other assets	3,693	3,014
Deferred franchise costs, net of accumulated amortization of $153 and $132 at March 31, 2019 and December 31, 2018, respectively	913	934
Due from related parties	1,161	1,159
Total Assets	426,477	424,902
Liabilities:
Note payable, net of unamortized debt issuance costs of $3,136 and $3,463 as of March 31, 2019 and December 31, 2018	220,771	227,174
Accounts payable and accrued expenses	6,501	8,089
Dividends payable	1,797	1,744
Operating partnership distributions payable	47	47
Total Liabilities	229,116	237,054
Special Limited Partnership Interests	1	1
Stockholders' equity:
Preferred stock, $0.01 par value per share; 100,000 shares authorized; no shares issued and outstanding
Common stock, $0.01 par value per share; 1,000,000 shares authorized, 11,380 and 10,636 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	114	106
Additional paid-in capital	254,339	237,216
Accumulated deficit	(62,077)	(54,674)
Total stockholders' equity	192,376	182,648
Noncontrolling interests in Operating Partnership	4,984	5,199
Total Equity	197,360	187,847
Total Liabilities and Equity	$ 426,477	$ 424,902

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 33	$ 33
Accumulated amortization, deferred franchise costs	153	132
Unamortized debt issuance costs, note payable	$ 3,136	$ 3,463
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	100,000	100,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	1,000,000	1,000,000
Common stock, issued	11,380	10,636
Common stock, outstanding	11,380	10,636

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue
Total hotel revenue	$ 18,456	$ 18,547
Interest and dividend income	329	419
Total revenue	18,785	18,966
Expenses
Hotel operating expenses	12,115	11,767
Property taxes, insurance and other	1,369	1,296
Depreciation and amortization	3,174	2,922
Corporate general and administrative	1,622	2,041
Total expenses	18,280	18,026
Operating income	505	940
Other expenses
Interest expense and amortization of debt issuance costs	3,086	4,335
Unrealized loss on change in fair value of investment in marketable securities	159
Total other expenses	3,245	4,335
Loss before income taxes	(2,740)	(3,395)
Income tax expense (benefit)	50	(321)
Net loss	(2,790)	(3,074)
Loss attributable to noncontrolling interests in Operating Partnership	78	107
Net loss attributable to common stockholders	$ (2,712)	$ (2,967)
Per-share information - basic and diluted:
Net loss attributable to common stockholders (in dollars per share)	$ (0.25)	$ (0.34)
Dividends declared (in dollars per share)	$ 0.43	$ 0.43
Weighted average common shares outstanding (in shares)	10,953	8,797
Room [Member]
Revenue
Total hotel revenue	$ 17,315	$ 17,347
Other Hotel [Member]
Revenue
Total hotel revenue	$ 1,141	$ 1,200

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (unaudited) - 3 months ended Mar. 31, 2019 - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Noncontrolling Interests in Operating Partnership [Member]	Total
Balance at beginning at Dec. 31, 2018		$ 106	$ 237,216	$ (54,674)	$ 5,199	$ 187,847
Balance at beginning (in shares) at Dec. 31, 2018		10,636
Balance at beginning (in units) at Dec. 31, 2018					316
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net of offering costs		$ 8	18,575			18,583
Issuance of common stock, net of offering costs (in shares)		811
Redemption of common stock		$ (1)	(2,637)			(2,638)
Redemption of common stock (in shares)		(115)
Issuance of common stock pursuant to dividend reinvestment plan		$ 1	1,120			1,121
Issuance of common stock pursuant to dividend reinvestment plan (in shares)		48
Stock-based compensation			65			65
Net loss				(2,712)	$ (78)	(2,790)
Dividends and distributions declared				(4,691)	(137)	(4,828)
Balance at end at Mar. 31, 2019		$ 114	$ 254,339	$ (62,077)	$ 4,984	$ 197,360
Balance at end (in shares) at Mar. 31, 2019		11,380
Balance at end (in units) at Mar. 31, 2019					316

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (2,790)	$ (3,074)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,174	2,922
Amortization of debt issuance costs	327	576
Deferred income tax		(330)
Unrealized loss on change in fair value of investment in marketable securities	159
Stock-based compensation	65	128
Changes in operating assets and liabilities
Accounts receivable	(441)	(104)
Prepaid expenses and other assets	(679)	(728)
Accounts payable and accrued expenses	(1,588)	(1,017)
Due from related parties	(229)	42
Net cash used in operating activities	(2,002)	(1,585)
Cash flows from investing activities
Repayment of note receivable from related party		4,500
Investment in marketable securities	(6,994)
Improvements and additions to hotel properties	(974)	(2,146)
Net cash (used in) provided by investing activities	(7,968)	2,354
Cash flows from financing activities
Proceeds from issuance of common stock	18,810	6,247
Redemptions of common stock	(2,638)	(51)
Offering costs paid		(1,160)
Dividends paid	(3,517)	(3,218)
Operating partnership distributions paid	(137)	(137)
Repayment of notes payable	(6,730)	(5,077)
Net cash provided by (used in) financing activities	5,788	(3,396)
Net change in cash and cash equivalents and restricted cash	(4,182)	(2,627)
Cash and cash equivalents and restricted cash at beginning of period	19,194	21,735
Cash and cash equivalents and restricted cash at end of period	15,012	19,108
Supplemental Disclosure of Cash Flow Activity
Interest paid	2,763	3,833
Supplemental Disclosure of Non-Cash Financing Activity
Increase (decrease) in accrued offering costs due to related party	227	(396)
Issuance of common stock from dividend reinvestment plan	1,121	634
Dividends payable	1,797	1,535
Operating partnership distributions payable	$ 47	$ 47

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization As discussed in Note 6, “Equity,” Moody National REIT II, Inc. (the “Company”) was initially capitalized by Moody National REIT Sponsor, LLC (the “Sponsor”). The Company’s fiscal year end is December 31. As of March 31, 2019, the Company owned (1) interests in fourteen hotel properties located in six states comprising a total of 1,941 rooms, (2) investment in marketable securities of approximately $6.8 million, and (3) a loan with a current principal amount of $6,750,000 originated to an affiliate of Sponsor used to acquire a commercial property located in Katy, Texas. For more information on the Company’s real estate investments, see Note 3, “Investment in Hotel Properties” and Note 4, “Notes Receivable from Related Parties.” On January 20, 2015, the Securities and Exchange Commission (the “SEC”) declared the Company’s registration statement on Form S-11 effective, and the Company commenced its initial public offering of up to $1,100,000,000 in shares of common stock consisting of up to $1,000,000,000 in shares of the Company’s common stock offered to the public, and up to $100,000,000 in shares offered to the Company’s stockholders pursuant to its distribution reinvestment plan (the “DRP”). On June 26, 2017, the SEC declared effective the Company’s post-effective amendment to its registration statement for the Company’s initial public offering, which reallocated the Company’s shares of common stock as Class A common stock, $0.01 par value per share (“Class A Shares”), Class D common stock, $0.01 par value per share (“Class D Shares”), Class I common stock, $0.01 par value per share (“Class I Shares”), and Class T common stock, $0.01 par value per share (“Class T Shares” and, together with the Class A Shares, the Class D Shares and the Class I Shares, the “Shares”) to be sold on a “best efforts” basis. On January 16, 2018, the Advisor assumed responsibility for the payment of all selling commissions, dealer manager fees and stockholder servicing fees paid in connection with the Company’s public offering; provided, however that the Advisor intends to recoup the selling commissions, dealer manager fees and stockholder servicing fees that it funds through an increased acquisition fee, or “Contingent Advisor Payment,” as described in Note 7, “Related Party Arrangements.” On January 18, 2018, the Company filed a registration statement on Form S-11 (Registration No. 333-222610) registering $990,000,000 in any combination of the Shares to be sold on a “best efforts” basis in the Company’s follow-on public offering. The SEC declared the registration statement effective on July 19, 2018. The Company will continue to offer Shares in the follow-on offering on a continuous basis until July 19, 2021, subject to extension for an additional year by our board of directors. The Company is currently offering the Shares (i) to the public in the Company’s primary offering at a purchase price of $23.32 per share, which is equal to the estimated net asset value (“NAV”) per share for each class as of December 31, 2018, and (ii) to the Company’s stockholders pursuant to the DRP at a purchase price of $23.32 per share, which is equal to the estimated NAV per share for each class as of December 31, 2018. As of March 31, 2019, the Company had received and accepted investors’ subscriptions for and issued 7,851,842 shares in the Company’s initial public offering and follow-on offering, excluding shares issued in connection with the Company’s merger with Moody National REIT I, Inc. and including 340,563 shares pursuant to the DRP, resulting in gross offering proceeds of $184,550,926. As of March 31, 2019, the Company had received and accepted investors’ subscriptions for and issued 6,125,993 shares in the initial public offering, excluding shares issued in connection with the Company’s merger with Moody National REIT I, Inc. and including 214,764 shares pursuant to the DRP in the initial public offering, resulting in gross offering proceeds of $147,415,625 for the initial public offering. As of March 31, 2019, the Company had received and accepted investors’ subscriptions for and issued 1,725,849 shares in the follow-on offering, including 125,799 shares pursuant to the DRP in the follow-on offering, resulting in gross offering proceeds of $37,135,301 for the follow-on offering. The Company’s advisor is Moody National Advisor II, LLC (the “Advisor”), a Delaware limited liability company and an affiliate of the Sponsor. Pursuant to an advisory agreement among the Company, the OP (defined below) and the Advisor (the “Advisory Agreement”), and subject to certain restrictions and limitations therein, the Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making acquisitions and investments on behalf of the Company. Substantially all of the Company’s business is conducted through Moody National Operating Partnership II, LP, a Delaware limited partnership (the “OP”). The Company is the sole general partner of the OP. The initial limited partners of the OP were Moody OP Holdings II, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Moody Holdings II”), and Moody National LPOP II, LLC (“Moody LPOP II”), an affiliate of the Advisor. Moody Holdings II initially invested $1,000 in the OP in exchange for limited partnership interests, and Moody LPOP II has invested $1,000 in the OP in exchange for a separate class of limited partnership interests (the “Special Limited Partnership Interests”). As the Company accepts subscriptions for shares of common stock, it transfers substantially all of the net proceeds from such sales to the OP as a capital contribution. The limited partnership agreement of the OP provides that the OP will be operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the OP will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the OP being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the OP in acquiring and operating real properties, the OP will pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the OP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of its subsidiaries over which it has control. All intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Organization and Offering Costs Organization and offering costs of the Company are paid directly by the Company or incurred by the Advisor on behalf of the Company. Pursuant to the Advisory Agreement between the Company and the Advisor, the Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs incurred by the Advisor associated with each of the Company’s public offerings, provided that within 60 days of the last day of the month in which a public offering ends, the Advisor is obligated to reimburse the Company to the extent aggregate organization and offering costs incurred by the Company in connection with the completed public offering exceed 15.0% of the gross offering proceeds from the sale of the Company’s shares of common stock in the completed public offering. Such organization and offering costs include selling commissions and dealer manager fees paid to a dealer manager, legal, accounting, printing and other offering expenses, including marketing, salaries and direct expenses of the Advisor’s employees and employees of the Advisor’s affiliates and others. Any reimbursement of the Advisor or its affiliates for organization and offering costs will not exceed actual expenses incurred by the Advisor. The Company’s organization and offering costs incurred in connection with the Company’s initial public offering did not exceed 15% of the gross offering proceeds from the sale of our shares of common stock in such offering. All offering costs, including selling commissions and dealer manager fees, are recorded as an offset to additional paid-in-capital, and all organization costs are recorded as an expense when the Company has an obligation to reimburse the Advisor. As of March 31, 2019, total offering costs for the initial public offering and the follow-on offering were $19,572,671, comprised of $12,333,647 of offering costs incurred directly by the Company and $7,239,024 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, total offering costs for the initial public offering were $18,365,295, comprised of $12,333,647 of offering costs incurred directly by the Company and $6,031,648 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, total offering costs for the follow-on offering were $1,207,376, comprised of $0 of offering costs incurred directly by the Company and $1,207,376 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, the Company had $280,197 due to the Advisor for reimbursable offering costs. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with the taxable year ended December 31, 2016. The Company did not meet all of the qualifications to be a REIT under the Internal Revenue Code for the years ended December 31, 2015 and 2014, including not having 100 shareholders for a sufficient number of days in 2015. Prior to qualifying to be taxed as a REIT, the Company was subject to normal federal and state corporation income taxes. Provided that the Company continues to qualify as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes its REIT taxable income to its stockholders, so long as it distributes at least 90% of its REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and satisfies the other organizational and operational requirements for qualification as a REIT. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases the hotels it acquires to a wholly-owned taxable REIT subsidiary (“TRS”) that is subject to federal, state and local income taxes. The Company accounts for income taxes of its TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period prior to when the new rates become effective. The Company records a valuation allowance for net deferred tax assets that are not expected to be realized. The Company has reviewed tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. The Company had no material uncertain tax positions as of March 31, 2019. The preparation of the Company’s various tax returns requires the use of estimates for federal and state income tax purposes. These estimates may be subjected to review by the respective taxing authorities. A revision to an estimate may result in an assessment of additional taxes, penalties and interest. At this time, a range in which the Company’s estimates may change is not expected to be material. The Company will account for interest and penalties relating to uncertain tax positions in the current period results of operations, if necessary. The Company has tax years 2014 through 2017 remaining subject to examination by various federal and state tax jurisdictions. For more information, see Note 11, “Income Taxes.” Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: Amount required to replace the service capacity of an asset (replacement cost). Income approach: Techniques used to convert future income amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). The Company’s estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The Company classifies assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company has elected the fair value option in recording its investment in marketable securities whereby unrealized holding gains and losses on available-for-sale securities are included in earnings. With the exception of the Company’s fixed-rate notes receivable from related parties and notes payable, the carrying amounts of other financial instruments, which include cash and cash equivalents, restricted cash, accounts receivable, notes receivable, notes payable, and accounts payable and accrued expenses, approximate their fair values due to their short-term nature. For the fair value of the Company’s note receivable from related parties and notes payable, see Note 4, “Notes Receivable from Related Parties” and Note 5, “Debt.” Additionally, for the fair value information related to purchase accounting for the Mergers, see Note 3, “Investment in Hotel Properties.” Concentration of Risk As of March 31, 2019, the Company had cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally insured levels. The Company diversifies its cash and cash equivalents with several banking institutions in an attempt to minimize exposure to any one of these institutions. 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 or restricted cash. The Company is also exposed to credit risk with respect to its notes receivable from related parties. The failure of any of the borrowers on the notes receivable from related parties to make payments of interest and principal when due, or any other event of default under the notes receivable from related parties, would have an adverse impact on the Company’s results of operations. The Company is exposed to geographic risk in that eight of its fourteen hotel properties are located in one state, Texas. Valuation and Allocation of Hotel Properties — Acquisition Upon acquisition, the purchase price of hotel properties is allocated to the tangible assets acquired, consisting of land, buildings and furniture, fixtures and equipment, any assumed debt, identified intangible assets and asset retirement obligations, if any, based on their fair values. Acquisition costs are charged to expense as incurred. Initial valuations are subject to change during the measurement period, but the measurement period ends as soon as the information is available. The measurement period shall not exceed one year from the acquisition date. Land values are derived from appraisals and building values are calculated as replacement cost less depreciation or estimates of the relative fair value of these assets using discounted cash flow analyses or similar methods. The value of furniture, fixtures and equipment is based on their fair value using replacement costs less depreciation. Any difference between the fair value of the hotel property acquired and the purchase price of the hotel property is recorded as goodwill or gain on acquisition of hotel property. The Company determines the fair value of any assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that the Company believes it could obtain at the date of acquisition. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan as interest expense. In allocating the purchase price of each of the Company’s properties, the Company makes assumptions and uses various estimates, including, but not limited to, the estimated useful lives of the assets, the cost of replacing certain assets and discount rates used to determine present values. The Company uses Level 3 inputs to value acquired properties. Many of these estimates are obtained from independent third party appraisals. However, the Company is responsible for the source and use of these estimates. These estimates require judgment and are subject to being imprecise; accordingly, if different estimates and assumptions were derived, the valuation of the various categories of the Company’s hotel properties or related intangibles could in turn result in a difference in the depreciation or amortization expense recorded in the Company’s consolidated financial statements. These variances could be material to the Company’s results of operations and financial condition. Valuation and Allocation of Hotel Properties — Ownership Investment in hotel properties is recorded at cost less accumulated depreciation. Major improvements that extend the life of an asset are capitalized and depreciated over a period equal to the shorter of the life of the improvement or the remaining useful life of the asset. The costs of ordinary repairs and maintenance are charged to expense when incurred. Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: Estimated Buildings and improvements 39-40 Exterior improvements 10-20 Furniture, fixtures and equipment 5-10 Impairments The Company monitors events and changes in circumstances indicating that the carrying amount of a hotel property may not be recoverable. When such events or changes in circumstances are present, the Company assesses potential impairment by comparing estimated future undiscounted cash flows expected to be generated over the life of the asset from operating activities and from its eventual disposition, to the carrying amount of the asset. In the event that the carrying amount exceeds the estimated future undiscounted cash flows, the Company recognizes an impairment loss to adjust the carrying amount of the asset to estimated fair value for assets held for use and fair value less costs to sell for assets held for sale. There were no such impairment losses for the three months ended March 31, 2019 and 2018. In evaluating a hotel property for impairment, the Company makes several estimates and assumptions, including, but not limited to, the projected date of disposition of the property, the estimated future cash flows of the property during the Company’s ownership and the projected sales price of the property. A change in these estimates and assumptions could result in a change in the estimated undiscounted cash flows or fair value of the Company’s hotel property which could then result in different conclusions regarding impairment and material changes to the Company’s consolidated financial statements. Revenue Recognition Hotel revenues, including room, food, beverage and other ancillary revenues, are recognized as the related services are delivered. Revenue is recorded net of any sales and other taxes collected from customers. Interest income is recognized when earned. Amounts received prior to guest arrival are recorded as advances from the customer and are recognized at the time of occupancy. Refer to “Recent Accounting Pronouncements” below for further discussion of revenue recognition. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash Restricted cash includes reserves for property taxes, as well as reserves for property improvements, replacement of furniture, fixtures, and equipment and debt service, as required by certain management or mortgage and term debt agreements restrictions and provisions. Investment in Marketable Securities Investment in marketable securities of $6,834,730 at March 31, 2019 consists primarily of common stock investments in other REITs and which are classified as available-for-sale securities and recorded at fair value. The Company has elected the fair value option whereby unrealized holding gains and losses on available-for-sale securities are included in earnings. For the three months ended March 31, 2019 and 2018, unrealized loss on investment in marketable securities was $158,888 and $0, respectively. Dividend income is recognized when earned. For the three months ended March 31, 2019 and 2018, dividend income of $128,370 and $0, respectively, was recognized and is included in interest and dividend income on the consolidated statements of operations. Accounts Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding, payment history and financial strength of the customer, which, taken as a whole, determines the valuation. Ongoing credit evaluations are performed and an allowance for potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible. Impairment of Notes Receivable from Related Parties The Company reviews the notes receivable from related parties for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts recorded as assets on the consolidated balance sheets. The Company applies normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. When a loan is impaired, the Company measures impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the consolidated balance sheets. The Company may also measure impairment based on a loan’s observable market price or the fair value of collateral, if the loan is collateral dependent. If a loan is deemed to be impaired, the Company records a valuation allowance through a charge to earnings for any shortfall. The Company’s assessment of impairment is based on considerable judgment and estimates. The Company did not record a valuation allowance during the three months ended March 31, 2019 or 2018. Deferred Franchise Costs Deferred franchise costs are recorded at cost and amortized over the term of the respective franchise contract on a straight-line basis. Accumulated amortization of deferred franchise costs was $154,290 and $133,518 as of March 31, 2019 and December 31, 2018, respectively. Expected future amortization of deferred franchise costs as of March 31, 2019 is as follows (all amounts in thousands): Years Ending December 31, 2019 $ 62 2020 83 2021 83 2022 83 2023 80 Thereafter 522 Total $ 913 Debt Issuance Costs Debt issuance costs are presented as a direct deduction from the carrying value of the notes payable on the consolidated balance sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. Accumulated amortization of debt issuance costs was $3,329,775 and $3,003,186 as of March 31, 2019 and December 31, 2018, respectively. Expected future amortization of debt issuance costs as of March 31, 2019 is as follows (all amounts in thousands): Years Ending December 31, 2019 $ 630 2020 512 2021 511 2022 511 2023 466 Thereafter 506 Total $ 3,136 Earnings (Loss) per Share Earnings (loss) per share (“EPS”) is calculated based on the weighted average number of shares outstanding during each period. Basic and diluted EPS are the same for all periods presented. Non-vested shares of restricted common stock totaling 5,000 and 7,500 shares as of March 31, 2019 and December 31, 2018, respectively, held by the Company’s independent directors are included in the calculation of basic EPS because such shares have been issued and participate in dividends. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which changes lessee accounting to reflect the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet. The standard requires a modified retrospective approach, with restatement of the prior periods presented in the year of adoption, subject to any FASB modifications. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company adopted this standard on January 1, 2019. In evaluating the effect that ASU No. 2016-02 will have on the Company’s consolidated financial statements and related disclosures, the Company believes the impact will be minimal to the Company’s ongoing consolidated statements of operations. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities,” which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplifies the application of hedge accounting. This standard will be effective for the first annual period beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted. The Company adopted this standard on January 1, 2018 and aside from minor presentation changes in its disclosure on derivative and hedging activities, it will not have a material effect on the Company’s ongoing consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investment in Hotel Properties	3. Investment in Hotel Properties The following table sets forth summary information regarding the Company’s investment in hotel properties as of March 31, 2019 (all $ amounts in thousands): Property Name Date Acquired Location Ownership Original (1) Rooms Mortgage (2) Residence Inn October 15, 2015 Austin, Texas 100 % $ 27,500 112 $ 16,489 Springhill Suites May 24, 2016 Seattle, Washington 100 % 74,100 234 44,701 Homewood Suites September 27, 2017 (5) The Woodlands, Texas 100 % 17,356 91 9,027 Hyatt Place September 27, 2017 (5) Germantown, Tennessee 100 % 16,074 127 6,985 Hyatt Place September 27, 2017 (5) North Charleston, 100 % 13,806 113 7,123 Hampton Inn September 27, 2017 (5) Austin, Texas 100 % 19,328 123 10,637 Residence Inn September 27, 2017 (5) Grapevine, Texas 100 % 25,245 133 12,283 Marriott Courtyard September 27, 2017 (5) Lyndhurst, New Jersey (3 ) 39,547 227 — Hilton Garden Inn September 27, 2017 (5) Austin, Texas 100 % 29,288 138 18,319 Hampton Inn Great September 27, 2017 (5) Frazer, Pennsylvania 100 % 15,285 125 7,960 Embassy Suites September 27, 2017 (5) Nashville, Tennessee 100 % 82,207 208 41,808 Homewood Suites September 27, 2017 (5) Austin, Texas 100 % 18,835 96 10,733 Townplace Suites September 27, 2017 (5) Fort Worth, Texas (4 ) 11,242 95 — Hampton Inn September 27, 2017 (5) Houston, Texas 100 % 9,958 119 4,454 Totals $ 399,771 1,941 $ 190,519 (1) Excludes closing costs and includes gain on acquisition. (2) As of March 31, 2019. (3) The Marriott Courtyard Lyndhurst is owned by MN Lyndhurst Venture, LLC, of which the OP is a member and holds 100% of the Class B membership interests therein. The Marriott Courtyard Lyndhurst is pledged as security for the Term Loan. See Note 5, “Debt.” (4) The Townplace Suites Fort Worth is owned by MN Fort Worth Venture, LLC, of which the OP is a member and holds 100% of the Class B membership interests therein. The Townplace Suites Fort Worth is pledged as security for the Term Loan. See Note 5, “Debt.” (5) Property acquired on September 27, 2017 as a result of the merger of Moody National REIT I, Inc. (“Moody I”) with and into the Company (the “Merger”) and the merger of Moody National Operating Partnership I, L.P., the operating partnership of Moody I (“Moody I OP”), with and into the OP (the “Partnership Merger,” and together with the Merger, the “Mergers”). Investment in hotel properties consisted of the following at March 31, 2019 and December 31, 2018 (all amounts in thousands): March 31, December 31, Land $ 70,456 $ 70,456 Buildings and improvements 297,680 297,680 Furniture, fixtures and equipment 44,606 43,632 Total cost 412,742 411,768 Accumulated depreciation (21,781 ) (18,628 ) Investment in hotel properties, net

Note Receivable from Related Pa

Note Receivable from Related Party	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Note Receivable from Related Party	4. Note Receivable from Related Party As of March 31, 2019 and December 31, 2018, the amount of the note receivable from related party was $6,750,000. On August 21, 2015, Moody I originated an unsecured loan in the aggregate principal amount of $9,000,000 (the “Related Party Note”) to Moody National DST Sponsor, LLC, a Texas limited liability company and an affiliate of Sponsor (“DST Sponsor”). Proceeds from the Related Party Note were used by DST Sponsor solely to acquire a commercial real property located in Katy, Texas (the “Subject Property”). The balance of the Related Party Note was $6,750,000 as of December 31, 2018 and 2017. The Company acquired the Related Party Note in connection with the Mergers. On August 15, 2016, the maturity date of the Related Party Note was extended from August 21, 2016 to August 21, 2017 and the origination fee in the amount of $90,000 and an extension fee in the amount of $45,000 were paid to Moody I by DST Sponsor. On September 24, 2017, the maturity date was extended to August 21, 2018. On August 30, 2018, the maturity date was extended to April 30, 2019. The Related Party Note was paid in full on April 29, 2019. Interest income from note receivable from related parties was $199,700 and $262,900 for the three months ended March 31, 2019 and 2018, respectively. Interest receivable on notes receivable from related parties was $1,009,700 and $810,000 as of March 31, 2019 and December 31, 2018, respectively. The estimated fair value of the note receivable from related party as of March 31, 2019 and December 31, 2018 was $6,750,000. The fair value of the note receivable from related party was estimated based on discounted cash flow analyses using the current incremental lending rates for similar types of lending arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	5. Debt The Company’s aggregate borrowings are reviewed by the Company’s board of directors at least quarterly. Under the Company’s Articles of Amendment and Restatement (as amended, the “Charter”), the Company is prohibited from borrowing in excess of 300% of the value of the Company’s net assets. “Net assets” for purposes of this calculation is defined to be the Company’s total assets (other than intangibles), valued at cost prior to deducting depreciation, reserves for bad debts and other non-cash reserves, less total liabilities. However, the Company may temporarily borrow in excess of these amounts if such excess is approved by a majority of the Company’s independent directors and disclosed to stockholders in the Company’s next quarterly report, along with an explanation for such excess. As of March 31, 2019, the Company’s debt levels did not exceed 300% of the value of the Company’s net assets, as defined above. As of March 31, 2019 and December 31, 2018, the Company’s mortgage notes payable secured by the respective assets, consisted of the following (all $ amounts in thousands): Loan Principal as of March 31, 2019 Principal as of December 31, 2018 Interest Rate at December 31, 2018 Maturity Date Residence Inn Austin (1) $ 16,489 $ 16,554 4.580 % November 1, 2025 Springhill Suites Seattle (1) 44,701 44,884 4.380 % October 1, 2026 Homewood Suites Woodlands (1) 9,027 9,066 4.690 % April 11, 2025 Hyatt Place Germantown (1) 6,985 7,025 4.300 % May 6, 2023 Hyatt Place North Charleston (1) 7,123 7,158 5.193 % August 1, 2023 Hampton Inn Austin (1) 10,637 10,687 5.426 % January 6, 2024 Residence Inn Grapevine (1) 12,283 12,341 5.250 % April 6, 2024 Hilton Garden Inn Austin (1) 18,319 18,401 4.530 % December 11, 2024 Hampton Inn Great Valley (1) 7,960 7,994 4.700 % April 11, 2025 Embassy Suites Nashville (1) 41,808 41,998 4.2123 % July 11, 2025 Homewood Suites Austin (1) 10,733 10,778 4.650 % August 11, 2025 Hampton Inn Houston (1) 4,454 4,480 7.500 % April 28, 2023 Term Loan (2) 26,000 26,300 30-day LIBOR plus 3.750 % September 27, 2019 Short Term Loan (3) 7,388 12,971 30-day LIBOR plus 2.50 % April 24, 2019 Total notes payable 223,907 230,637 Less unamortized debt issuance costs (3,136 ) (3,463 ) Total notes payable, net of unamortized debt issuance costs $ 220,771 $ 227,174 (1) Monthly payments of principal and interest are due and payable until the maturity date. (2) Monthly payments of principal and interest are due and payable until the maturity date. On October 24, 2018, the maturity date of the Term Loan was extended to September 27, 2019, as discussed below. The Marriott Courtyard Lyndhurst and Townplace Suites Fort Worth properties are pledged as security for the Term Loan. (3) Monthly payments of principal and interest were due and payable until the maturity date. All unpaid principal and interest thereon was repaid in full on April 24, 2019, the maturity date. Hotel properties secure their respective loans. The Term Loan is partially secured by Marriott Courtyard Lyndhurst and Townplace Suites Fort Worth, and is partially unsecured. Scheduled maturities of the Company’s notes payable as of March 31, 2019 are as follows (all amounts in thousands): Years ending December 31, 2019 $ 35,868 2020 3,463 2021 3,655 2022 3,832 2023 20,415 Thereafter 156,674 Total $ 223,907 Term Loan Agreement On September 27, 2017, the OP, as borrower, the Company and certain of the Company’s subsidiaries, as guarantors, and KeyBank National Association (“KeyBank,” and together with any other lender institutions that may become parties thereto, the “Lenders”), as agent and lender, entered into a term loan agreement (as amended, the “Term Loan Agreement”). Pursuant to the Term Loan Agreement, the Lenders have made a term loan to the OP in the principal amount of $70.0 million (the “Term Loan”). Capitalized terms used in this description of the Term Loan and not defined herein have the same meaning as in the Term Loan Agreement. The Company used proceeds from the Term Loan to pay the cash consideration in connection with the Mergers, other costs and expenses related to the Mergers and for other corporate purposes. The outstanding principal of the Term Loan will initially bear interest, payable monthly, at either (i) 6.25% per year over the base rate, which is defined in the Term Loan Agreement as the greatest of (a) the fluctuating annual rate of interest announced from time to time by the Agent at the Agent’s Head Office as its “prime rate,” (b) the then applicable London Interbank Offered Rate (“LIBOR”) for a one month Interest Period plus one percent (1.00%), or (c) one half of one percent (0.5%) above the Federal Funds Effective Rate or (ii) 7.25% per year over the LIBOR rate for the applicable Interest Period, but upon reduction of the outstanding principal balance of the Term Loan to a specified level, the margins over the base rate or LIBOR rate will be reduced to 2.95% and 3.95%, respectively. As a condition to the funding of the Term Loan, the OP has entered into an interest rate cap arrangement with KeyBank that caps LIBOR at 1.75% until the initial Maturity Date with respect to $26.0 million of the principal of the Term Loan. The Company began making principal payments of $1.5 million per month in November 2017. On March 28, 2018, the parties to the Term Loan Agreement entered into a letter agreement, or the Term Loan Letter Agreement, pursuant to which the parties thereto agreed to change the commencement of the Company’s obligation under the Term Loan Agreement to raise $10 million per quarter in gross offering proceeds to the calendar quarter June 30, 2018. The Company satisfied such obligation with respect to the calendar quarter ended March 31, 2019. The Term Loan originally matured on September 27, 2018. The maturity date of the Term Loan was originally extended to October 26, 2018. On October 24, 2018, the maturity date of the Term Loan was extended again to September 27, 2019 in connection with the partial refinancing of the Term Loan, subject to satisfaction of certain conditions, including payment of an extension fee in the amount of 0.5% of the then outstanding principal amount of the Term Loan. The Outstanding Balance of $26.5 million as of October 24, 2018, together with any and all accrued and unpaid interest thereon, and all other Obligations, will be due on the maturity date of the Term Loan. In addition, the Term Loan originally provided for monthly interest payments, for mandatory prepayments of principal from the proceeds of certain capital events, and for monthly payments of principal in an amount equal to the greater of (i) 50% the OP’s Consolidated Net Cash Flow or (ii) $1,500,000. In connection with the extension of the Term Loan on October 24, 2018, monthly payments of principal will be $100,000 per month, and the margins over the base rate or LIBOR rate will be 2.75% and 3.75%, respectively. The Term Loan may be prepaid at any time, in whole or in part, without premium or penalty, as described in the Term Loan Agreement. Upon the occurrence of an event of default, the Lenders may accelerate the payment of the Outstanding Balance. The performance of the Company’s obligations under the Term Loan Agreement is secured by, among other things, mortgages on the Marriott Courtyard Lyndhurst and Townplace Suites Fort Worth, and by pledges of certain portions of the ownership interests in certain subsidiaries of the OP. Pursuant to a Guaranty Agreement in favor of KeyBank, the Company and certain of its subsidiaries, including the owners of the Lyndhurst hotel property and Fort Worth hotel property, will be fully and personally liable for the payment and performance of the obligations set forth in the Term Loan Agreement and all other loan documents, including the payment of all indebtedness and obligations due under the Term Loan Agreement. The Term Loan Agreement also contains various customary covenants, including but not limited to financial covenants, covenants requiring monthly deposits in respect of certain property costs, such as taxes, furniture, fixtures and equipment, and insurance, covenants imposing restrictions on indebtedness and liens, and restrictions on investments and participation in other asset disposition, merger or business combination or dissolution transactions. Failure of the Company to comply with financial and other covenants contained in its mortgage loan or the Term Loan could result from, among other things, changes in results of operations, the incurrence of additional debt or changes in general economic conditions. If the Company violates financial and other covenants contained in any of the mortgage loans or Term Loan described above, the Company may attempt to negotiate waivers of the violations or amend the terms of the applicable mortgage loan or the Term Loan with the lenders thereunder; however, the Company can make no assurance that it would be successful in any such negotiations or that, if successful in obtaining waivers or amendments, such amendments or waivers would be on terms attractive to the Company. If a default under the mortgage loans or the Term Loan were to occur, the Company would possibly have to refinance the debt through additional debt financing, private or public offering of debt securities, or additional equity financings. If the company is unable to refinance its debt on acceptable terms, including at maturity of the mortgage loans or the Term Loan, it may be forced to dispose of the hotel properties on disadvantageous terms, potentially resulting in losses that reduce cash flow from operating activities. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates upon refinancing, increase interest expense would lower the Company’s cash flow, and, consequently, cash available for distribution to stockholders. Requirements associated with a mortgage loan to deposit and disburse operating receipts in a specified manner may limit the overall liquidity for the Company as cash from the hotel securing such mortgage would not be available for the Company to use. If the Company is unable to meet mortgage payment obligations, including the payment obligation upon maturity of the mortgage borrowing, the mortgage securing the specific property could be foreclosed upon by, or the property could be otherwise transferred to, the mortgagee with a consequent loss of income and asset value to the Company. As of March 31, 2019, the Company was in compliance with all debt covenants, current on all loan payments and not otherwise in default under the mortgage loans secured by the Company’s properties or the Term Loan. Short Term Loan On October 24, 2018, the Company and the OP issued a promissory note in favor of Green Bank, N.A. in the original principal amount of $16,000,000 (the “Short Term Loan”). The proceeds of the promissory note were used to retire a portion of the Term Loan, resulting in a balance of $26.5 million for the Term Loan as of October 24, 2018. The note bore interest at an annual rate equal to the one-month LIBOR plus 2.5% and the Company and the OP were collectively required to make a monthly payment on the outstanding principal and interest of the promissory note equal to the greater of $1,500,000 and 50% of our consolidated net cash flow. The entire outstanding principle amount of the Short Term Loan and all accrued interest thereon were repaid in full on April 24, 2019, the maturity date of the Short Term Loan. The estimated fair value of the Company’s notes payable as of March 31, 2019 and December 31, 2018 was $224,000,000 and $231,000,000, respectively. The fair value of the notes payable was estimated based on discounted cash flow analyses using the current incremental borrowing rates for similar types of borrowing arrangements as of the respective reporting dates. The discounted cash flow method of assessing fair value results in a general approximation of value, and such value may never actually be realized.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Equity	6. Equity Capitalization Under its Charter, the Company has the authority to issue 1,000,000,000 shares of common stock and 100,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On August 15, 2014, the Company sold 8,000 shares of common stock to the Sponsor at a purchase price of $25.00 per share for an aggregate purchase price of $200,000, which was paid in cash. As of March 31, 2019, there were a total of 11,380,141 shares of the Company’s common stock issued and outstanding, including 7,851,842 shares, net of redemptions, issued in the Company’s public offerings, 3,475,299 shares, net of redemptions, issued in connection with the Merger, the 8,000 shares sold to Sponsor and 45,000 shares of restricted stock issued to the Company’s directors, as discussed in Note 8, “Incentive Award Plan,” as follows: Class Shares Outstanding as of December 31, 2018 Class A Shares 10,917,857 Class T Shares 355,299 Class I Shares 106,985 Total 11,380,141 The Company’s board of directors is authorized to amend the Charter without the approval of the stockholders to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. Distributions The Company’s board of directors has authorized and declared a distribution to its stockholders for 2019 and 2018 that will be (1) calculated daily and reduced for class-specific expenses; (2) payable in cumulative amounts on or before the 15th day of each calendar month to stockholders of record as of the last day of the previous month; and (3) calculated at a rate of $1.7528 per share of the Company’s common stock per year, or approximately $0.00480 per share per day, before any class-specific expenses. The Company first paid distributions on September 15, 2015. The following table summarizes distributions paid in cash and pursuant to the DRP for the three months ended March 31, 2019 and 2018 (all amounts in in thousands): Period Cash Distribution Distribution Paid Pursuant to DRP (1) Total Amount of Distribution First Quarter 2019 $ 3,517 $ 1,121 $ 4,638 First Quarter 2018 $ 3,218 $ 634 $ 3,852 (1) Amount of distributions paid in shares of common stock pursuant to the DRP. Noncontrolling Interest in Operating Partnership Noncontrolling interest in the OP at March 31, 2019 and December 31, 2018 was $4,984,482 and $5,199,310, respectively, which represented 316,037 common units in the OP issued in connection with the acquisition of the Springhill Suites Seattle and the Partnership Merger, and is reported in equity in the consolidated balance sheets. Loss from the OP attributable to these noncontrolling interests was $78,238 and $106,593 for the three months ended March 31, 2019 and 2018, respectively.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Arrangements	7. Related Party Arrangements Pursuant to the Advisory Agreement, the Advisor and certain affiliates of Advisor receive fees and compensation in connection with the Company’s public offering and the acquisition, management and sale of the Company’s real estate investments. In addition, in exchange for $1,000 and in consideration of services to be provided by the Advisor, the OP has issued an affiliate of the Advisor, Moody LPOP II, a separate, special limited partnership interest, in the form of Special Limited Partnership Interests. For further detail, please see Note 9, “Subordinated Participation Interest.” Sales Commissions and Dealer Manager Fees From January 1, 2017 through June 12, 2017, the Company paid Moody Securities an up-front selling commission of up to 7.0% of the gross proceeds of what are now the Class A Shares sold in the primary offering and a dealer manager fee of up to 3.0% of the gross proceeds of what are now the Class A Shares sold in the primary offering. Beginning on June 12, 2017, the Company reallocated its common shares into four separate share classes with the following fees: (A) up-front selling commissions of up to (i) 7.0% of the gross proceeds of the Class A Shares sold in the primary offering and (ii) 3.0% of the gross proceeds of the Class T Shares sold in the primary offering; (B) up-front dealer manager fees of up to (i) 3.0% of the gross proceeds of the Class A Shares sold in the primary offering and (ii) 2.5% of the gross proceeds of the Class T Shares sold in the primary offering (the Sponsor may also pay Moody Securities (i) up-front dealer manager fees of up to 1.0% of the total amount of Class I Shares purchased in the primary offering and (ii) up-front selling commissions of up to 3.0% on purchases of $5,000,000 or more of Class D Shares purchased in the primary offering, which will not be reimbursed by the Company); and (C) a trailing stockholder servicing fee of (i) 1.0% per annum of the NAV of Class T Shares sold in the primary Offering and (ii) 0.5% per annum of the NAV of Class D Shares sold in the primary offering. Shares sold pursuant to the DRP are not subject to selling commissions, dealer manager fees or stockholder servicing fees. Moody Securities may reallow all or a portion of the foregoing selling commissions, dealer manager fees or stockholder servicing fees to participating broker-dealers. Beginning January 16, 2018, the Advisor assumed responsibility for the payment of all selling commissions, dealer manager fees and stockholder servicing fees paid in connection with the Company’s public offering; provided, however, that the Advisor intends to recoup the funding of such amounts through the Contingent Advisor Payment (described below). In connection with the implementation of the Contingent Advisor Payment, the Company reduced the up-front selling commission paid with respect to the Class A Shares from up to 7.0% to up to 6.0% of the gross proceeds of the Class A Shares sold in the primary offering and reduced the dealer manager fee paid with respect to the Class A Shares from up to 3.0% to up to 2.5% of the gross proceeds of the Class A Shares sold in the primary offering. As of March 31, 2019, the Company and the Advisor had paid Moody Securities $9,423,133 in selling commissions and trailing stockholder servicing fees related to the offering and $2,099,018 in dealer manager fees related to the offering, which amounts have been recorded as a reduction to additional paid-in capital in the consolidated balance sheets and $5,272,521 of which could potentially be recouped by the Advisor at a later date through the Contingent Advisor Payment. Organization and Offering Expenses The Advisor will receive reimbursement for organizational and offering expenses incurred on the Company’s behalf, but only to the extent that such reimbursements do not exceed actual expenses incurred by Advisor and do not cause the cumulative selling commissions, dealer manager fees, stockholder servicing fees and other organization and offering expenses borne by the Company to exceed 15.0% of gross offering proceeds from the sale of shares in the Company’s follow-on offering as of the date of reimbursement. As of March 31, 2019, total offering costs for the initial public offering and the follow-on offering were $19,572,671, comprised of $12,333,647 of offering costs incurred directly by the Company and $7,239,024 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, total offering costs for the initial public offering were $18,365,295, comprised of $12,333,647 of offering costs incurred directly by the Company and $6,031,648 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, total offering costs for the follow-on offering were $1,207,376, comprised of $0 of offering costs incurred directly by the Company and $1,207,376 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, the Company had $280,197 due to the Advisor for reimbursable offering costs. Acquisition Fees As of January 16, 2018, the Advisor assumed responsibility for the payment of all selling commissions, dealer manager fees and stockholder servicing fees in connection with the Company’s public offering. In connection therewith, as of January 16, 2018, the acquisition fee payable to the Advisor was increased from 1.5% to up to a maximum of 3.85% of (1) the cost of all investments the Company acquires (including the Company’s pro rata share of any indebtedness assumed or incurred in respect of the investment and exclusive of acquisition and financing coordination fees), (2) the Company’s allocable cost of investments acquired in a joint venture (including Reimbursement of Acquisition Expenses The Advisor may also be reimbursed by the Company for actual expenses related to the evaluation, selection and acquisition of real estate investments, regardless of whether the Company actually acquires the related assets. The Company did not reimburse the Advisor for any acquisition expenses during the three months ended March 31, 2019 and 2018. Financing Coordination Fee The Advisor also receives financing coordination fees of 1% of the amount available under any loan or line of credit made available to the Company and 0.75% of the amount available or outstanding under any refinanced loan or line of credit. The Advisor will pay some or all of these fees to third parties with whom it subcontracts to coordinate financing for the Company. The Company did not incur any financing coordination fees payable to the Advisor during the three months ended March 31, 2019 and 2018. Property Management Fee The Company pays Moody National Hospitality Management, LLC (“Property Manager”) a monthly hotel management fee equal to 4.0% of the monthly gross operating revenues from the properties managed by Property Manager for services it provides in connection with operating and managing properties. The hotel management agreements between the Company and the Property Manager generally have initial terms of ten years. Property Manager may pay some or all of the compensation it receives from the Company to a third-party property manager for management or leasing services. In the event that the Company contracts directly with a non-affiliated third-party property manager, the Company will pay Property Manager a market-based oversight fee. The Company will reimburse the costs and expenses incurred by Property Manager on the Company’s behalf, including legal, travel and other out-of-pocket expenses that are directly related to the management of specific properties, but the Company will not reimburse Property Manager for general overhead costs or personnel costs other than employees or subcontractors who are engaged in the on-site operation, management, maintenance or access control of the properties. For the three months ended March 31, 2019 and 2018, the Company incurred property management fees to Property Manager of $738,248 and $741,909, respectively, and accounting fees of $105,000 and $105,000, respectively, pursuant to the terms of a hotel management agreement, and which are included in hotel operating expenses in the accompanying consolidated statements of operations. The Company pays an annual incentive fee to Property Manager. Such annual incentive fee is equal to 15% of the amount by which the operating profit from the properties managed by Property Manager for such fiscal year (or partial fiscal year) exceeds 8.5% of the total investment of such properties. Property Manager may pay some or all of this annual incentive fee to third-party sub-property managers for management services. Asset Management Fee The Company pays the Advisor a monthly asset management fee of one-twelfth of 1.0% of the cost of investment of all real estate investments the Company acquires. For the three months ended March 31, 2019 and 2018, the Company incurred asset management fees of $1,046,000 and $1,064,000 payable to the Advisor, respectively, and which are recorded in corporate general and administrative expenses in the accompanying consolidated statements of operations. Disposition Fee The Company also pays the Advisor or its affiliates a disposition fee (subject to a limitation if the property was previously owned by Moody I discussed below) in an amount of up to one-half of the brokerage commission paid on the sale of an asset, but in no event greater than 3% of the contract sales price of each property or other investment sold; provided, however, in no event may the aggregate disposition fees paid to the Advisor and any real estate commissions paid to unaffiliated third parties exceed 6% of the contract sales price. As of March 31, 2019, the Company had not incurred any disposition fees payable to the Advisor. Operating Expense Reimbursement The Company will reimburse the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s aggregate operating expenses (including the asset management fee payable to the Advisor) at the end of the four preceding fiscal quarters exceeds the greater of: (1) 2% of the Company’s average invested assets, or (2) 25% of the Company’s net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of the 2%/25% Limitation if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended March 31, 2019, total operating expenses of the Company were $6,192,645, which included $4,786,099 in operating expenses incurred directly by the Company and $1,406,546 incurred by the Advisor on behalf of the Company. Of the $6,192,645 in total operating expenses incurred during the four fiscal quarters ended March 31, 2019, $0 exceeded the 2%/25% Limitation. The Company reimbursed the Advisor $1,406,000 during the four fiscal quarters ended March 31, 2019. As of March 31, 2019, the Company had $452,000 due from the Advisor for operating expense reimbursement.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	8. Incentive Award Plan The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. Shares of common stock will be authorized and reserved for issuance under the Incentive Award Plan. The Company has also adopted an independent directors compensation plan (the “Independent Directors Compensation Plan”) pursuant to which each of the Company’s independent directors was entitled, subject to the Independent Directors Compensation Plan’s conditions and restrictions, to receive an initial grant of 5,000 shares of restricted stock when the Company raised the minimum offering amount of $2,000,000 in the Company’s initial public offering. Each new independent director who subsequently joins the Company’s board of directors will receive a grant of 5,000 shares of restricted stock upon his or her election to the Company’s board of directors. In addition, on the date of each of the first four annual meetings of the Company’s stockholders at which an independent director is re-elected to the Company’s board of directors, he or she will receive an additional grant of 2,500 shares of restricted stock. Subject to certain conditions, the non-vested shares of restricted stock granted pursuant to the Independent Directors Compensation Plan will vest and become non-forfeitable in four equal quarterly installments beginning on the first day of the first quarter following the date of grant; provided, however, that the restricted stock will become fully vested on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability or (2) a change in control of the Company. As of March 31, 2019, there were 1,955,000 common shares remaining available for future issuance under the Incentive Award Plan and the Independent Directors Compensation Plan. The Company recorded compensation expense related to shares of restricted stock issued pursuant to the Independent Directors Compensation Plan of $64,616 and $128,467 for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there were 5,000 non-vested shares of restricted common stock granted pursuant to the Independent Directors Compensation Plan. The remaining unrecognized compensation expense associated with the 5,000 non-vested shares of $66,052 will be recognized during the second and third quarters of 2019. The following is a summary of activity under the Independent Directors Compensation Plan for the three months ended March 31, 2019 and year ended December 31, 2018: Number of Shares Weighted Average Balance of non-vested shares as of December 31, 2017 11,250 $ 27.82 Shares granted on August 13, 2018 10,000 $ 23.19 Shares vested (13,750 ) $ 26.98 Balance of non-vested shares as of December 31, 2018 7,500 $ 23.19 Shares vested (2,500 ) $ 23.19 Balance of non-vested shares as of March 31, 2019 5,000 $ 23.19

Subordinated Participation Inte

Subordinated Participation Interest	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Subordinated Participation Interest	9. Subordinated Participation Interest Pursuant to the limited partnership agreement for the OP, Moody LPOP II, the holder of the Special Limited Partnership Interests, is entitled to receive distributions equal to 15.0% of the OP’s net cash flows, whether from continuing operations, the repayment of loans, the disposition of assets or otherwise, but only after the Company’s stockholders (and current and future limited partnership interest holders of the OP other than the former limited partners of Moody I OP) have received, in the aggregate, cumulative distributions equal to their total invested capital plus a 6.0% cumulative, non-compounded annual pre-tax return on such aggregated invested capital. Former limited partners of Moody I OP must have received a cumulative annual return of 8.0%, which is equal to the same return to which such holders were entitled before distributions to the special limited partner of Moody I OP could have been paid under the limited partnership agreement of Moody I OP. In addition, Moody LPOP II is entitled to a separate payment if it redeems its Special Limited Partnership Interests. The Special Limited Partnership Interests may be redeemed upon: (1) the listing of the Company’s common stock on a national securities exchange or (2) the occurrence of certain events that result in the termination or non-renewal of the Advisory Agreement, in each case for an amount that Moody LPOP II would have been entitled to receive had the OP disposed of all of its assets at the enterprise valuation as of the date of the event triggering the redemption.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Restricted Cash Under certain management and debt agreements existing at March 31, 2019, the Company escrows payments required for property improvement plans, real estate taxes, replacement of hotel furniture and fixtures, debt service and rent holdback. The composition of the Company’s restricted cash as of March 31, 2019 and December 31, 2018 are as follows (all amounts in in thousands): March 31, December 31, 2019 2018 Property improvement plan $ 279 $ 1,239 Real estate taxes 542 2,894 Insurance 58 231 Hotel furniture and fixtures 4,189 4,168 Debt service 784 764 Seasonality 542 883 Expense deposit 10 10 Rent holdback 15 15 Total restricted cash $ 6,419 $ 10,204 Franchise Agreements As of December 31, 2018, all of the Company’s hotel properties, including those acquired as part of the Moody I Portfolio in the Mergers, are operated under franchise agreements with initial terms ranging from 10 to 20 years. The franchise agreements allow the properties to operate under the franchisor’s brand. Pursuant to the franchise agreements, the Company pays a royalty fee generally between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs that amount to between 1.5% and 4.3% of room revenue. The Company incurred franchise fee expense of approximately $1,581,000 and $1,565,000 for the three months ended March 31, 2019 and 2018, respectively, which amounts are included in hotel operating expenses in the accompanying consolidated statements of operations.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company has formed a TRS that is treated as a C-corporation for federal income tax purposes and uses the asset and liability method of accounting for income taxes. Tax return positions are recognized in the consolidated financial statements when they are “more-likely-than-not” to be sustained upon examination by the taxing authority. Deferred income tax assets and liabilities result from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future periods. A valuation allowance may be placed on deferred income tax assets, if it is determined that it is more likely than not that a deferred tax asset may not be realized. As of March 31, 2019, the Company had operating loss carry-forwards of $281,051. The Company had deferred tax assets of $2,303,000 as of March 31, 2019 and December 31, 2018, net of a valuation allowance of $1,662,000 and $1,194,000 as of March 31, 2019 and December 31, 2018, respectively, related to net operating loss carry forwards of the TRS which are included in prepaid expenses and other assets on the consolidated balance sheets. As of March 31, 2019, the TRS had a net operating loss carry-forward of $15,776,091, of which $7,292,853 was transferred from Moody I’s taxable REIT subsidiaries when they were merged into the Company’s TRS on the date of the closing of the Mergers. The income tax expense (benefit) for the three months ended March 31, 2019 and 2018 consisted of the following (all amounts in thousands): Three months ended March 31, 2019 2018 Current expense $ 50 $ 9 Deferred benefit (468 ) (330 ) Valuation provision for deferred benefit 468 — Total expense (benefit) $ 50 $ (321 ) Federal $ (468 ) $ (330 ) Valuation provision for federal taxes 468 — State 50 9 Total tax expense (benefit) $ 50 $ (321 ) On March 31, 2019, the Company had net deferred tax assets of $2,303,000 primarily due to past years’ federal and state tax operating losses of the TRS. These loss carryforwards will generally expire in 2033 through 2038 if not utilized by then. The Company analyzes state loss carryforwards on a state by state basis and records a valuation allowance when management deems it more likely than not that future results will not generate sufficient taxable income in the respective state to realize the deferred tax asset prior to the expiration of the loss carryforwards. Management believes that it is more likely than not that the results of future operations of the TRS will generate sufficient taxable income to realize the deferred tax assets related to federal and state loss carryforwards prior to the expiration of the loss carryforwards and has determined that no valuation allowance is necessary. From time to time, the Company may be subjected to federal, state or local tax audits in the normal course of business. The recently enacted tax reform bill, informally known as the Tax Cuts and Jobs Act, made significant changes to the U.S. federal income tax laws. For example, the top corporate income tax rate was reduced to 21%, and the corporate alternative minimum tax was repealed. Additionally, for taxable years beginning after December 31, 2017, the Tax Cuts and Jobs Act limits interest deductions for businesses, whether in corporate or pass-through form, to the sum of the taxpayer’s business interest income for the tax year and 30% of the taxpayer’s adjusted taxable income for the tax year, but the tax rules do permit a real estate business, such as a REIT, to elect out of the interest limitation rules in exchange for depreciating its real estate assets using alternative depreciation system principles. Technical corrections or other amendments to, or administrative guidance interpreting, the Tax Cuts and Job Act may be forthcoming at any time. The Company cannot predict the long-term effect of the Tax Cuts and Jobs Act or any future changes on REITs and their stockholders. For the Company, the reduction in the federal corporate tax rate resulted in a reduction to the net deferred tax assets of the TRS of approximately $1.6 million.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Distributions Declared On March 31, 2019, the Company declared a distribution in the aggregate amount of $1,669,101, of which $1,282,175 was paid in cash on April 15, 2019, $397,860 was paid pursuant to the DRP in the form of additional shares of the Company’s common stock, and $10,934 was paid to reduce deferred distributions pending the return of letters of transmittal by former Moody I stockholders. On April 30, 2019, the Company declared a distribution in the aggregate amount of $1,656,926, which is scheduled to be paid in cash and pursuant to the DRP in the form of additional shares of the Company’s common stock on or about May 15, 2019. Short Term Loan The entire outstanding principle amount of the Short Term Loan and all accrued interest thereon were repaid in full on April 24, 2019, the maturity date of the Short Term Loan. Acquisition of Residence Inn Houston Medical Center On April 29, 2019, the Company acquired a 182-unit Residence Inn by Marriott hotel property located in Houston, Texas (the “Residence Inn Houston Medical Center”) from an affiliate of Sponsor for an aggregate purchase price, exclusive of closing costs, of approximately $52.0 million, inclusive of (i) the Company’s assumption of an existing loan in the amount of $28.2 million secured by a lien and security interest in the Residence Inn Houston Medical Center, and (ii) seller financing in the amount of $22.6 million from the seller of the Residence Inn Houston Medical Center.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of its subsidiaries over which it has control. All intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs of the Company are paid directly by the Company or incurred by the Advisor on behalf of the Company. Pursuant to the Advisory Agreement between the Company and the Advisor, the Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs incurred by the Advisor associated with each of the Company’s public offerings, provided that within 60 days of the last day of the month in which a public offering ends, the Advisor is obligated to reimburse the Company to the extent aggregate organization and offering costs incurred by the Company in connection with the completed public offering exceed 15.0% of the gross offering proceeds from the sale of the Company’s shares of common stock in the completed public offering. Such organization and offering costs include selling commissions and dealer manager fees paid to a dealer manager, legal, accounting, printing and other offering expenses, including marketing, salaries and direct expenses of the Advisor’s employees and employees of the Advisor’s affiliates and others. Any reimbursement of the Advisor or its affiliates for organization and offering costs will not exceed actual expenses incurred by the Advisor. The Company’s organization and offering costs incurred in connection with the Company’s initial public offering did not exceed 15% of the gross offering proceeds from the sale of our shares of common stock in such offering. All offering costs, including selling commissions and dealer manager fees, are recorded as an offset to additional paid-in-capital, and all organization costs are recorded as an expense when the Company has an obligation to reimburse the Advisor. As of March 31, 2019, total offering costs for the initial public offering and the follow-on offering were $19,572,671, comprised of $12,333,647 of offering costs incurred directly by the Company and $7,239,024 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, total offering costs for the initial public offering were $18,365,295, comprised of $12,333,647 of offering costs incurred directly by the Company and $6,031,648 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, total offering costs for the follow-on offering were $1,207,376, comprised of $0 of offering costs incurred directly by the Company and $1,207,376 in offering costs incurred by and reimbursable to the Advisor. As of March 31, 2019, the Company had $280,197 due to the Advisor for reimbursable offering costs.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with the taxable year ended December 31, 2016. The Company did not meet all of the qualifications to be a REIT under the Internal Revenue Code for the years ended December 31, 2015 and 2014, including not having 100 shareholders for a sufficient number of days in 2015. Prior to qualifying to be taxed as a REIT, the Company was subject to normal federal and state corporation income taxes. Provided that the Company continues to qualify as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes its REIT taxable income to its stockholders, so long as it distributes at least 90% of its REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and satisfies the other organizational and operational requirements for qualification as a REIT. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases the hotels it acquires to a wholly-owned taxable REIT subsidiary (“TRS”) that is subject to federal, state and local income taxes. The Company accounts for income taxes of its TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period prior to when the new rates become effective. The Company records a valuation allowance for net deferred tax assets that are not expected to be realized. The Company has reviewed tax positions under GAAP guidance that clarify the relevant criteria and approach for the recognition and measurement of uncertain tax positions. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. The Company had no material uncertain tax positions as of March 31, 2019. The preparation of the Company’s various tax returns requires the use of estimates for federal and state income tax purposes. These estimates may be subjected to review by the respective taxing authorities. A revision to an estimate may result in an assessment of additional taxes, penalties and interest. At this time, a range in which the Company’s estimates may change is not expected to be material. The Company will account for interest and penalties relating to uncertain tax positions in the current period results of operations, if necessary. The Company has tax years 2014 through 2017 remaining subject to examination by various federal and state tax jurisdictions. For more information, see Note 11, “Income Taxes.”
Fair Value Measurement	Fair Value Measurement Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Directly or indirectly observable inputs, other than quoted prices in active markets. Level 3: Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of the following valuation techniques: Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: Amount required to replace the service capacity of an asset (replacement cost). Income approach: Techniques used to convert future income amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models). The Company’s estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The Company classifies assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company has elected the fair value option in recording its investment in marketable securities whereby unrealized holding gains and losses on available-for-sale securities are included in earnings. With the exception of the Company’s fixed-rate notes receivable from related parties and notes payable, the carrying amounts of other financial instruments, which include cash and cash equivalents, restricted cash, accounts receivable, notes receivable, notes payable, and accounts payable and accrued expenses, approximate their fair values due to their short-term nature. For the fair value of the Company’s note receivable from related parties and notes payable, see Note 4, “Notes Receivable from Related Parties” and Note 5, “Debt.” Additionally, for the fair value information related to purchase accounting for the Mergers, see Note 3, “Investment in Hotel Properties.”
Concentration of Risk	Concentration of Risk As of March 31, 2019, the Company had cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally insured levels. The Company diversifies its cash and cash equivalents with several banking institutions in an attempt to minimize exposure to any one of these institutions. 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 or restricted cash. The Company is also exposed to credit risk with respect to its notes receivable from related parties. The failure of any of the borrowers on the notes receivable from related parties to make payments of interest and principal when due, or any other event of default under the notes receivable from related parties, would have an adverse impact on the Company’s results of operations. The Company is exposed to geographic risk in that eight of its fourteen hotel properties are located in one state, Texas.
Valuation and Allocation of Hotel Properties - Acquisition	Valuation and Allocation of Hotel Properties — Acquisition Upon acquisition, the purchase price of hotel properties is allocated to the tangible assets acquired, consisting of land, buildings and furniture, fixtures and equipment, any assumed debt, identified intangible assets and asset retirement obligations, if any, based on their fair values. Acquisition costs are charged to expense as incurred. Initial valuations are subject to change during the measurement period, but the measurement period ends as soon as the information is available. The measurement period shall not exceed one year from the acquisition date. Land values are derived from appraisals and building values are calculated as replacement cost less depreciation or estimates of the relative fair value of these assets using discounted cash flow analyses or similar methods. The value of furniture, fixtures and equipment is based on their fair value using replacement costs less depreciation. Any difference between the fair value of the hotel property acquired and the purchase price of the hotel property is recorded as goodwill or gain on acquisition of hotel property. The Company determines the fair value of any assumed debt by calculating the net present value of the scheduled mortgage payments using interest rates for debt with similar terms and remaining maturities that the Company believes it could obtain at the date of acquisition. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining life of the loan as interest expense. In allocating the purchase price of each of the Company’s properties, the Company makes assumptions and uses various estimates, including, but not limited to, the estimated useful lives of the assets, the cost of replacing certain assets and discount rates used to determine present values. The Company uses Level 3 inputs to value acquired properties. Many of these estimates are obtained from independent third party appraisals. However, the Company is responsible for the source and use of these estimates. These estimates require judgment and are subject to being imprecise; accordingly, if different estimates and assumptions were derived, the valuation of the various categories of the Company’s hotel properties or related intangibles could in turn result in a difference in the depreciation or amortization expense recorded in the Company’s consolidated financial statements. These variances could be material to the Company’s results of operations and financial condition.
Valuation and Allocation of Hotel Properties - Ownership	Valuation and Allocation of Hotel Properties — Ownership Investment in hotel properties is recorded at cost less accumulated depreciation. Major improvements that extend the life of an asset are capitalized and depreciated over a period equal to the shorter of the life of the improvement or the remaining useful life of the asset. The costs of ordinary repairs and maintenance are charged to expense when incurred. Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: Estimated Buildings and improvements 39-40 Exterior improvements 10-20 Furniture, fixtures and equipment 5-10
Impairments	Impairments The Company monitors events and changes in circumstances indicating that the carrying amount of a hotel property may not be recoverable. When such events or changes in circumstances are present, the Company assesses potential impairment by comparing estimated future undiscounted cash flows expected to be generated over the life of the asset from operating activities and from its eventual disposition, to the carrying amount of the asset. In the event that the carrying amount exceeds the estimated future undiscounted cash flows, the Company recognizes an impairment loss to adjust the carrying amount of the asset to estimated fair value for assets held for use and fair value less costs to sell for assets held for sale. There were no such impairment losses for the three months ended March 31, 2019 and 2018. In evaluating a hotel property for impairment, the Company makes several estimates and assumptions, including, but not limited to, the projected date of disposition of the property, the estimated future cash flows of the property during the Company’s ownership and the projected sales price of the property. A change in these estimates and assumptions could result in a change in the estimated undiscounted cash flows or fair value of the Company’s hotel property which could then result in different conclusions regarding impairment and material changes to the Company’s consolidated financial statements.
Revenue Recognition	Revenue Recognition Hotel revenues, including room, food, beverage and other ancillary revenues, are recognized as the related services are delivered. Revenue is recorded net of any sales and other taxes collected from customers. Interest income is recognized when earned. Amounts received prior to guest arrival are recorded as advances from the customer and are recognized at the time of occupancy. Refer to “Recent Accounting Pronouncements” below for further discussion of revenue recognition.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash Restricted cash includes reserves for property taxes, as well as reserves for property improvements, replacement of furniture, fixtures, and equipment and debt service, as required by certain management or mortgage and term debt agreements restrictions and provisions.
Investment in Marketable Securities	Investment in Marketable Securities Investment in marketable securities of $6,834,730 at March 31, 2019 consists primarily of common stock investments in other REITs and which are classified as available-for-sale securities and recorded at fair value. The Company has elected the fair value option whereby unrealized holding gains and losses on available-for-sale securities are included in earnings. For the three months ended March 31, 2019 and 2018, unrealized loss on investment in marketable securities was $158,888 and $0, respectively. Dividend income is recognized when earned. For the three months ended March 31, 2019 and 2018, dividend income of $128,370 and $0, respectively, was recognized and is included in interest and dividend income on the consolidated statements of operations.
Accounts Receivable	Accounts Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding, payment history and financial strength of the customer, which, taken as a whole, determines the valuation. Ongoing credit evaluations are performed and an allowance for potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible.
Impairment of Notes Receivable from Related Parties	Impairment of Notes Receivable from Related Parties The Company reviews the notes receivable from related parties for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts recorded as assets on the consolidated balance sheets. The Company applies normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. When a loan is impaired, the Company measures impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the consolidated balance sheets. The Company may also measure impairment based on a loan’s observable market price or the fair value of collateral, if the loan is collateral dependent. If a loan is deemed to be impaired, the Company records a valuation allowance through a charge to earnings for any shortfall. The Company’s assessment of impairment is based on considerable judgment and estimates. The Company did not record a valuation allowance during the three months ended March 31, 2019 or 2018.
Deferred Franchise Costs	Deferred Franchise Costs Deferred franchise costs are recorded at cost and amortized over the term of the respective franchise contract on a straight-line basis. Accumulated amortization of deferred franchise costs was $154,290 and $133,518 as of March 31, 2019 and December 31, 2018, respectively. Expected future amortization of deferred franchise costs as of March 31, 2019 is as follows (all amounts in thousands): Years Ending December 31, 2019 $ 62 2020 83 2021 83 2022 83 2023 80 Thereafter 522 Total $ 913
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are presented as a direct deduction from the carrying value of the notes payable on the consolidated balance sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method. Accumulated amortization of debt issuance costs was $3,329,775 and $3,003,186 as of March 31, 2019 and December 31, 2018, respectively. Expected future amortization of debt issuance costs as of March 31, 2019 is as follows (all amounts in thousands): Years Ending December 31, 2019 $ 630 2020 512 2021 511 2022 511 2023 466 Thereafter 506 Total $ 3,136
Earnings (Loss) per Share	Earnings (Loss) per Share Earnings (loss) per share (“EPS”) is calculated based on the weighted average number of shares outstanding during each period. Basic and diluted EPS are the same for all periods presented. Non-vested shares of restricted common stock totaling 5,000 and 7,500 shares as of March 31, 2019 and December 31, 2018, respectively, held by the Company’s independent directors are included in the calculation of basic EPS because such shares have been issued and participate in dividends.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which changes lessee accounting to reflect the financial liability and right-of-use assets that are inherent to leasing an asset on the balance sheet. The standard requires a modified retrospective approach, with restatement of the prior periods presented in the year of adoption, subject to any FASB modifications. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company adopted this standard on January 1, 2019. In evaluating the effect that ASU No. 2016-02 will have on the Company’s consolidated financial statements and related disclosures, the Company believes the impact will be minimal to the Company’s ongoing consolidated statements of operations. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities,” which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplifies the application of hedge accounting. This standard will be effective for the first annual period beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted. The Company adopted this standard on January 1, 2018 and aside from minor presentation changes in its disclosure on derivative and hedging activities, it will not have a material effect on the Company’s ongoing consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of estimated useful lives, real property	Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: Estimated Buildings and improvements 39-40 Exterior improvements 10-20 Furniture, fixtures and equipment 5-10
Schedule of expected future amortization of deferred franchise costs	Expected future amortization of deferred franchise costs as of March 31, 2019 is as follows (all amounts in thousands): Years Ending December 31, 2019 $ 62 2020 83 2021 83 2022 83 2023 80 Thereafter 522 Total $ 913
Schedule of expected future amortization of deferred issuance costs	Expected future amortization of debt issuance costs as of March 31, 2019 is as follows (all amounts in thousands): Years Ending December 31, 2019 $ 630 2020 512 2021 511 2022 511 2023 466 Thereafter 506 Total $ 3,136

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of investment in hotel properties	The following table sets forth summary information regarding the Company’s investment in hotel properties as of March 31, 2019 (all $ amounts in thousands): Property Name Date Acquired Location Ownership Original (1) Rooms Mortgage (2) Residence Inn October 15, 2015 Austin, Texas 100 % $ 27,500 112 $ 16,489 Springhill Suites May 24, 2016 Seattle, Washington 100 % 74,100 234 44,701 Homewood Suites September 27, 2017 (5) The Woodlands, Texas 100 % 17,356 91 9,027 Hyatt Place September 27, 2017 (5) Germantown, Tennessee 100 % 16,074 127 6,985 Hyatt Place September 27, 2017 (5) North Charleston, 100 % 13,806 113 7,123 Hampton Inn September 27, 2017 (5) Austin, Texas 100 % 19,328 123 10,637 Residence Inn September 27, 2017 (5) Grapevine, Texas 100 % 25,245 133 12,283 Marriott Courtyard September 27, 2017 (5) Lyndhurst, New Jersey (3 ) 39,547 227 — Hilton Garden Inn September 27, 2017 (5) Austin, Texas 100 % 29,288 138 18,319 Hampton Inn Great September 27, 2017 (5) Frazer, Pennsylvania 100 % 15,285 125 7,960 Embassy Suites September 27, 2017 (5) Nashville, Tennessee 100 % 82,207 208 41,808 Homewood Suites September 27, 2017 (5) Austin, Texas 100 % 18,835 96 10,733 Townplace Suites September 27, 2017 (5) Fort Worth, Texas (4 ) 11,242 95 — Hampton Inn September 27, 2017 (5) Houston, Texas 100 % 9,958 119 4,454 Totals $ 399,771 1,941 $ 190,519 (1) Excludes closing costs and includes gain on acquisition. (2) As of March 31, 2019. (3) The Marriott Courtyard Lyndhurst is owned by MN Lyndhurst Venture, LLC, of which the OP is a member and holds 100% of the Class B membership interests therein. The Marriott Courtyard Lyndhurst is pledged as security for the Term Loan. See Note 5, “Debt.” (4) The Townplace Suites Fort Worth is owned by MN Fort Worth Venture, LLC, of which the OP is a member and holds 100% of the Class B membership interests therein. The Townplace Suites Fort Worth is pledged as security for the Term Loan. See Note 5, “Debt.” (5) Property acquired on September 27, 2017 as a result of the merger of Moody National REIT I, Inc. (“Moody I”) with and into the Company (the “Merger”) and the merger of Moody National Operating Partnership I, L.P., the operating partnership of Moody I (“Moody I OP”), with and into the OP (the “Partnership Merger,” and together with the Merger, the “Mergers”).
Schedule of components of the investments in hotel properties	Investment in hotel properties consisted of the following at March 31, 2019 and December 31, 2018 (all amounts in thousands): March 31, December 31, Land $ 70,456 $ 70,456 Buildings and improvements 297,680 297,680 Furniture, fixtures and equipment 44,606 43,632 Total cost 412,742 411,768 Accumulated depreciation (21,781 ) (18,628 ) Investment in hotel properties, net $ 390,961 $ 393,140

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of mortgage notes payable secured by the respective assets	As of March 31, 2019 and December 31, 2018, the Company’s mortgage notes payable secured by the respective assets, consisted of the following (all $ amounts in thousands): Loan Principal as of March 31, 2019 Principal as of December 31, 2018 Interest Rate at December 31, 2018 Maturity Date Residence Inn Austin (1) $ 16,489 $ 16,554 4.580 % November 1, 2025 Springhill Suites Seattle (1) 44,701 44,884 4.380 % October 1, 2026 Homewood Suites Woodlands (1) 9,027 9,066 4.690 % April 11, 2025 Hyatt Place Germantown (1) 6,985 7,025 4.300 % May 6, 2023 Hyatt Place North Charleston (1) 7,123 7,158 5.193 % August 1, 2023 Hampton Inn Austin (1) 10,637 10,687 5.426 % January 6, 2024 Residence Inn Grapevine (1) 12,283 12,341 5.250 % April 6, 2024 Hilton Garden Inn Austin (1) 18,319 18,401 4.530 % December 11, 2024 Hampton Inn Great Valley (1) 7,960 7,994 4.700 % April 11, 2025 Embassy Suites Nashville (1) 41,808 41,998 4.2123 % July 11, 2025 Homewood Suites Austin (1) 10,733 10,778 4.650 % August 11, 2025 Hampton Inn Houston (1) 4,454 4,480 7.500 % April 28, 2023 Term Loan (2) 26,000 26,300 30-day LIBOR plus 3.750 % September 27, 2019 Short Term Loan (3) 7,388 12,971 30-day LIBOR plus 2.50 % April 24, 2019 Total notes payable 223,907 230,637 Less unamortized debt issuance costs (3,136 ) (3,463 ) Total notes payable, net of unamortized debt issuance costs $ 220,771 $ 227,174 (1) Monthly payments of principal and interest are due and payable until the maturity date. (2) Monthly payments of principal and interest are due and payable until the maturity date. On October 24, 2018, the maturity date of the Term Loan was extended to September 27, 2019, as discussed below. The Marriott Courtyard Lyndhurst and Townplace Suites Fort Worth properties are pledged as security for the Term Loan. (3) Monthly payments of principal and interest were due and payable until the maturity date. All unpaid principal and interest thereon was repaid in full on April 24, 2019, the maturity date.
Schedule of maturities of notes payable	Scheduled maturities of the Company’s notes payable as of March 31, 2019 are as follows (all amounts in thousands): Years ending December 31, 2019 $ 35,868 2020 3,463 2021 3,655 2022 3,832 2023 20,415 Thereafter 156,674 Total $ 223,907

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of outstanding shares of Incentive Award Plan	As of March 31, 2019, there were a total of 11,380,141 shares of the Company’s common stock issued and outstanding, including 7,851,842 shares, net of redemptions, issued in the Company’s public offerings, 3,475,299 shares, net of redemptions, issued in connection with the Merger, the 8,000 shares sold to Sponsor and 45,000 shares of restricted stock issued to the Company’s directors, as discussed in Note 8, “Incentive Award Plan,” as follows: Class Shares Outstanding as of December 31, 2018 Class A Shares 10,917,857 Class T Shares 355,299 Class I Shares 106,985 Total 11,380,141
Schedule of distributions paid in cash and pursuant to the DRP	The following table summarizes distributions paid in cash and pursuant to the DRP for the three months ended March 31, 2019 and 2018 (all amounts in in thousands): Period Cash Distribution Distribution Paid Pursuant to DRP (1) Total Amount of Distribution First Quarter 2019 $ 3,517 $ 1,121 $ 4,638 First Quarter 2018 $ 3,218 $ 634 $ 3,852 (1) Amount of distributions paid in shares of common stock pursuant to the DRP.

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of activity under the Independent Directors Compensation Plan	The following is a summary of activity under the Independent Directors Compensation Plan for the three months ended March 31, 2019 and year ended December 31, 2018: Number of Shares Weighted Average Balance of non-vested shares as of December 31, 2017 11,250 $ 27.82 Shares granted on August 13, 2018 10,000 $ 23.19 Shares vested (13,750 ) $ 26.98 Balance of non-vested shares as of December 31, 2018 7,500 $ 23.19 Shares vested (2,500 ) $ 23.19 Balance of non-vested shares as of March 31, 2019 5,000 $ 23.19

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of composition of restricted cash	The composition of the Company’s restricted cash as of March 31, 2019 and December 31, 2018 are as follows (all amounts in in thousands): March 31, December 31, 2019 2018 Property improvement plan $ 279 $ 1,239 Real estate taxes 542 2,894 Insurance 58 231 Hotel furniture and fixtures 4,189 4,168 Debt service 784 764 Seasonality 542 883 Expense deposit 10 10 Rent holdback 15 15 Total restricted cash $ 6,419 $ 10,204

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax expense (benefit)	The income tax expense (benefit) for the three months ended March 31, 2019 and 2018 consisted of the following (all amounts in thousands): Three months ended March 31, 2019 2018 Current expense $ 50 $ 9 Deferred benefit (468 ) (330 ) Valuation provision for deferred benefit 468 — Total expense (benefit) $ 50 $ (321 ) Federal $ (468 ) $ (330 ) Valuation provision for federal taxes 468 — State 50 9 Total tax expense (benefit) $ 50 $ (321 )

Organization (Details Narrative

Organization (Details Narrative) $ / shares in Units, $ in Thousands	Jan. 18, 2018USD ($)	Mar. 31, 2019USD ($)Number$ / sharesshares	Dec. 31, 2018USD ($)$ / shares	Jun. 26, 2017$ / shares	Jan. 20, 2015USD ($)
Number of rooms | Number		1,941
Share price (in dollars per share) | $ / shares		$ 23.32	$ 23.32
Common stock, par value | $ / shares		$ 0.01	$ 0.01
Special Limited Partnership Interests		$ 1	$ 1
Value of shares issueable under registration statement	$ 990,000
Marketable securities		$ 6,835
Class A Shares [Member]
Common stock, par value | $ / shares				$ 0.01
Class D Shares [Member]
Common stock, par value | $ / shares				0.01
Class I Shares [Member]
Common stock, par value | $ / shares				0.01
Class T Shares [Member]
Common stock, par value | $ / shares				$ 0.01
Initial Public Offering [Member]
Common stock, authorized, value					$ 1,000,000
Common stock, authorized in Distribution Reinvestment Plan, value					100,000
Initial Public Offering [Member] | Distribution Reinvestment Plan [Member]
Issuance of common stock pursuant to dividend reinvestment plan (in shares) | shares		214,764
Number of shares issued in transaction | shares		1,725,849
Proceeds from initial public offering		$ 147,415,625
Initial Public Offering [Member] | Class A Shares [Member]
Issuance of common stock, net of offering costs (in shares) | shares		7,851,842
Issuance of common stock pursuant to dividend reinvestment plan (in shares) | shares		340,563
Proceeds from stock and DRIP offering		$ 184,550,926
Initial Public Offering [Member] | Maximum [Member]
Common stock, authorized, value					$ 1,100,000
Follow-OnOffering [Member]
Number of shares issued in transaction | shares		125,799
Follow-OnOffering [Member] | Distribution Reinvestment Plan [Member]
Proceeds from stock and DRIP offering		$ 37,135,301
Katy [Member] | TEXAS [Member]
Principal amount outstanding		$ 6,750
Moody National REIT I, Inc [Member] | Initial Public Offering [Member]
Number of shares issued in transaction | shares		6,125,993

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2019
Buildings and Improvements [Member] | Minimum [Member]
Estimated useful lives	39 years
Buildings and Improvements [Member] | Maximum [Member]
Estimated useful lives	40 years
Exterior Improvements [Member] | Minimum [Member]
Estimated useful lives	10 years
Exterior Improvements [Member] | Maximum [Member]
Estimated useful lives	20 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Estimated useful lives	5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Estimated useful lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - Franchise Costs [Member] $ in Thousands	Mar. 31, 2019USD ($)
Expected future amortization of deferred franchise costs, year ending December 31,
2019	$ 62
2020	83
2021	83
2022	83
2023	80
Thereafter	522
Total	$ 913

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details 2) - Loan Costs [Member] $ in Thousands	Mar. 31, 2019USD ($)
Expected future amortization of deferred loan costs, year ending December 31,
2019	$ 630
2020	512
2021	511
2022	511
2023	466
Thereafter	506
Total	$ 3,136

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Deferred franchies costs, accumulated amortization	$ 153		$ 132
Nonvested restricted stock included in earnings per share	5,000		7,500
Marketable securities	$ 6,835
Dividend income	128,370	$ 0
Marketable securities, unrealized loss	158,888	$ 0
Franchise Costs [Member]
Deferred franchies costs, accumulated amortization	154,290		$ 133,518
Loan Costs [Member]
Deferred franchies costs, accumulated amortization	$ 3,329,775		$ 3,003,186
Advisor [Member]
Percentage of organization and offering costs	15.00%
Total offering costs	$ 19,572,671
Offering cost directly incurred by company	12,333,647
Offering cost reimbursed to advisor	7,239,024
Payable to Advisor for offering costs	280,197
Advisor [Member] | Initial Public Offering [Member]
Total offering costs	18,365,295
Offering cost directly incurred by company	12,333,647
Offering cost reimbursed to advisor	6,031,648
Advisor [Member] | Follow-OnOffering [Member]
Total offering costs	1,207,376
Offering cost directly incurred by company	0
Offering cost reimbursed to advisor	$ 1,207,376

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Number
Original Purchase Price	$ 399,771
Rooms | Number	1,941
Mortgage Debt Outstanding	$ 190,519	[1]
Residence Inn Austin Hotel [Member] | TEXAS [Member]
Property Name	Residence Inn Austin
Date Acquired	Oct. 15, 2015
Location	Austin, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 27,500	[2]
Rooms | Number	112
Mortgage Debt Outstanding	$ 16,489	[1]
Springhill Suites Seattle [Member] | WASHINGTON [Member]
Property Name	Springill Suites Seattle
Date Acquired	May 24, 2016
Location	Seattle, Washington
Ownership percentage	100.00%
Original Purchase Price	$ 74,100	[2]
Rooms | Number	234
Mortgage Debt Outstanding	$ 44,701	[1]
Homewood Suites Woodlands [Member] | TEXAS [Member]
Property Name	Homewood Suites Woodlands
Date Acquired	Sep. 27, 2017	[3]
Location	The Woodlands, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 17,356	[2]
Rooms | Number	91
Mortgage Debt Outstanding	$ 9,027	[1]
Hyatt Place Germantown [Member] | Germantown, Tennessee [Member]
Property Name	Hyatt Place Germantown
Date Acquired	Sep. 27, 2017	[3]
Location	Germantown, Tennessee
Ownership percentage	100.00%
Original Purchase Price	$ 16,074	[2]
Rooms | Number	127
Mortgage Debt Outstanding	$ 6,985	[1]
Hyatt Place North Charleston [Member] | North Charleston, South Carolina [Member]
Property Name	Hyatt Place North Charleston
Date Acquired	Sep. 27, 2017	[3]
Location	North Charleston, South Carolina
Ownership percentage	100.00%
Original Purchase Price	$ 13,806	[2]
Rooms | Number	113
Mortgage Debt Outstanding	$ 7,123	[1]
Hampton Inn Austin [Member] | TEXAS [Member]
Property Name	Hampton Inn Austin
Date Acquired	Sep. 27, 2017	[3]
Location	Austin, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 19,328	[2]
Rooms | Number	123
Mortgage Debt Outstanding	$ 10,637	[1]
Residence Inn Grapevine [Member] | TEXAS [Member]
Property Name	Residence Inn Grapevine
Date Acquired	Sep. 27, 2017	[3]
Location	Grapevine, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 25,245	[2]
Rooms | Number	133
Mortgage Debt Outstanding	$ 12,283	[1]
Marriott Courtyard Inn Lyndhurst [Member] | Lyndhurst, New Jersey [Member]
Property Name	Marriott Courtyard Lyndhurst
Date Acquired	Sep. 27, 2017	[3]
Location	Lyndhurst, New Jersey
Original Purchase Price	$ 39,547	[2]
Rooms | Number	227
Hilton Garden Inn Austin [Member] | TEXAS [Member]
Property Name	Hilton Garden Inn Austin
Date Acquired	Sep. 27, 2017	[3]
Location	Austin, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 29,288	[2]
Rooms | Number	138
Mortgage Debt Outstanding	$ 18,319	[1]
Hampton Inn Great Valley [Member] | Frazer, Pennsylvania [Member]
Property Name	Hampton Inn Great Valley
Date Acquired	Sep. 27, 2017	[3]
Location	Frazer, Pennsylvania
Ownership percentage	100.00%
Original Purchase Price	$ 15,285	[2]
Rooms | Number	125
Mortgage Debt Outstanding	$ 7,960	[1]
Embassy Suites Nashville [Member] | Nashville, Tennessee [Member]
Property Name	Embassy Suites Nashville
Date Acquired	Sep. 27, 2017	[3]
Location	Nashville, Tennessee
Ownership percentage	100.00%
Original Purchase Price	$ 82,207	[2]
Rooms | Number	208
Mortgage Debt Outstanding	$ 41,808	[1]
Homewood Suites Austin [Member] | TEXAS [Member]
Property Name	Homewood Suites Austin
Date Acquired	Sep. 27, 2017	[3]
Location	Austin, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 18,835	[2]
Rooms | Number	96
Mortgage Debt Outstanding	$ 10,733	[1]
Townplace Suites Fort Worth [Member] | TEXAS [Member]
Property Name	Townplace Suites Fort Worth
Date Acquired	Sep. 27, 2017	[3]
Location	Fort Worth, Texas
Original Purchase Price	$ 11,242	[2]
Rooms | Number	95
Hampton Inn Houston [Member] | TEXAS [Member]
Property Name	Hampton Inn Houston
Date Acquired	Sep. 27, 2017	[3]
Location	Houston, Texas
Ownership percentage	100.00%
Original Purchase Price	$ 9,958	[2]
Rooms | Number	119
Mortgage Debt Outstanding	$ 4,454	[1]
[1]	As of March 31, 2019.
[2]	Excludes closing costs and includes gain on acquisition.
[3]	Property acquired on September 27, 2017 as a result of the merger of Moody National REIT I, Inc. (Moody I) with and into the Company (the Merger) and the merger of Moody National Operating Partnership I, L.P., the operating partnership of Moody I (Moody I OP), with and into the OP (the "'Partnership Merger," and together with the Merger, the Mergers).

Investment in Hotel Propertie_3

Investment in Hotel Properties (Details 1) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 70,456	$ 70,456
Buildings and improvements	297,680	297,680
Furniture, fixtures and equipment	44,606	43,632
Total cost	412,742	411,768
Accumulated depreciation	(21,781)	(18,628)
Investment in hotel properties, net	$ 390,961	$ 393,140

Investment in Hotel Propertie_4

Investment in Hotel Properties (Details Narrative) - Class B Membership Interests [Member]	Mar. 31, 2019
Marriott Courtyard Inn Lyndhurst [Member] | Lyndhurst, New Jersey [Member]
Ownership Interest	100.00%
Townplace Suites Fort Worth [Member] | TEXAS [Member]
Ownership Interest	100.00%

Notes Receivable from Related P

Notes Receivable from Related Parties (Details Narrative) - USD ($) $ in Thousands	Aug. 21, 2015	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Notes receivable from related parties		$ 6,750	$ 6,750
Face amount		223,907	230,637
Principal amount		223,907
Interest receivable		10,097		$ 810
Interest receivable on notes receivable from related parties		$ 1,997		2,629
Fair value of notes receivable			6,750	$ 6,750
Katy [Member] | TEXAS [Member]
Notes receivable from related parties			$ 6,750		$ 6,750
Unsecured Loan [Member] | Moody National DST Sponsor, LLC [Member]
Face amount	$ 9,000
Notes receivable origination fee	90
Notes receivable exit fee	$ 45

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Principal Amount		$ 223,907	$ 230,637
Less unamortized debt issuance costs		(3,136)	(3,463)
Total notes payable, net of unamortized debt issuance costs		220,771	227,174
Residence Inn Austin Hotel [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 16,489	16,554
Interest Rate	[1]	4.58%
Maturity Date	[1]	Nov. 1, 2025
Springhill Suites Seattle [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 44,701	44,884
Interest Rate	[1]	4.38%
Maturity Date	[1]	Oct. 1, 2026
Homewood Suites Woodlands [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 9,027	9,066
Interest Rate	[1]	4.69%
Maturity Date	[1]	Apr. 11, 2025
Hyatt Place Germantown [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 6,985	7,025
Interest Rate	[1]	4.30%
Maturity Date	[1]	May 6, 2023
Hyatt Place North Charleston [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 7,123	7,158
Interest Rate	[1]	5.193%
Maturity Date	[1]	Aug. 1, 2023
Hampton Inn Austin [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 10,637	10,687
Interest Rate	[1]	5.426%
Maturity Date	[1]	Jan. 6, 2024
Residence Inn Grapevine [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 12,283	12,341
Interest Rate	[1]	5.25%
Maturity Date	[1]	Apr. 6, 2024
Hilton Garden Inn Austin [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 18,319	18,401
Interest Rate	[1]	4.53%
Maturity Date	[1]	Dec. 11, 2024
Hampton Inn Great Valley [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 7,960	7,994
Interest Rate	[1]	4.70%
Maturity Date	[1]	Apr. 11, 2025
Embassy Suites Nashville [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 41,808	41,998
Interest Rate	[1]	4.2123%
Maturity Date	[1]	Jul. 11, 2025
Homewood Suites Austin [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 10,733	10,778
Interest Rate	[1]	4.65%
Maturity Date	[1]	Aug. 11, 2025
Hampton Inn Houston [Member]
Short-term Debt [Line Items]
Principal Amount	[1]	$ 4,454	4,480
Interest Rate	[1]	7.50%
Maturity Date	[1]	Apr. 28, 2023
Term Loan [Member]
Short-term Debt [Line Items]
Principal Amount	[2]	$ 26,000	26,300
Maturity Date	[2]	Sep. 27, 2019
Description on interest rate	[2]	30-day LIBOR plus 3.750%
Short Term Loan [Member]
Short-term Debt [Line Items]
Principal Amount	[3]	$ 7,388	$ 12,971
Maturity Date	[3]	Apr. 24, 2019
Description on interest rate	[3]	30-day LIBOR plus 2.50%
[1]	Monthly payments of principal and interest are due and payable until the maturity date.
[2]	Monthly payments of principal and interest are due and payable until the maturity date. On October 24, 2018, the maturity date of the Term Loan was extended to September 27, 2019, as discussed below. The Marriott Courtyard Lyndhurst and Townplace Suites Fort Worth properties are pledged as security for the Term Loan.
[3]	Monthly payments of principal and interest were due and payable until the maturity date. All unpaid principal and interest thereon was repaid in full on April 24, 2019, the maturity date.

Debt (Details 1)

Debt (Details 1) $ in Thousands	Mar. 31, 2019USD ($)
Maturities of notes payable for the year ending December 31,
2019	$ 35,868
2020	3,463
2021	3,655
2022	3,832
2023	20,415
Thereafter	156,674
Total	$ 223,907

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	Oct. 24, 2018	Oct. 24, 2018	Nov. 30, 2017	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Sep. 27, 2017
Face amount					$ 223,907	$ 230,637
Principal amount					223,907
Fair value of notes payable					$ 224,000	$ 231,000
Green Bank, N.A [Member] | Promissory Note [Member]
Principal amount	$ 16,000	$ 16,000
Frequency of periodic payment		monthly
Periodic payment		$ 1,500
Maturity date		Apr. 24, 2019
Proceeds from of debt		$ 26,500
Term Loan Agreement [Member]
Interest rate	5.50%	5.50%
Principal amount	$ 26,500	$ 26,500
Frequency of periodic payment	monthly
Principal payments of operating partnership consolidated net cash flows	50.00%
Principal payment	$ 100
Periodic payment			$ 1,500
Term Loan Agreement [Member] | Minimum [Member]
Gross offering proceeds required quarterly				$ 10,000
Basis spread interest rate		2.75%
Term Loan Agreement [Member] | Maximum [Member]
Basis spread interest rate		3.75%
Term Loan Agreement [Member] | OP [Member]
Face amount							$ 70,000
Interest rate							6.25%
Principal amount							$ 26,000

Equity (Details)

Equity (Details) - shares	Mar. 31, 2019	Dec. 31, 2018
Shares Outstanding	11,380	10,636
Class A Shares [Member]
Shares Outstanding		10,917,857
Class T Shares [Member]
Shares Outstanding		355,299
Class I Shares [Member]
Shares Outstanding		106,985

Equity (Details 1)

Equity (Details 1) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Cash Distribution		$ 3,517	$ 3,218
Distribution Paid Pursuant to DRIP	[1]	1,121	634
Total Amount of Distribution		$ 4,638	$ 3,852
[1]	Amount of distributions paid in shares of common stock pursuant to the DRP.

Equity (Details Narrative)

Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Aug. 15, 2014	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jun. 26, 2017
Common stock, authorized		1,000,000		1,000,000
Preferred stock, authorized		100,000		100,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, par value (in dollars per share)		$ 0.01		0.01
Issuance of common stock, net of offering costs		$ 18,583
Share Price (in dollars per share)		$ 23.32		$ 23.32
Common stock, shares issued		11,380		10,636
Common stock, shares outstanding		11,380		10,636
Outstanding shares of restricted stock		45,000
Distribution paid (in dollars per share)		$ 0.00480
Annualized distribution rate		$ 1.7528
Noncontrolling interest in operating partnership		$ 4,984		$ 5,199
Income (loss) attributable to noncontrolling interest in operating partnership		(78)	$ (107)
Moody Seattle Holding [Member]
Common stock, authorized				1,000,000
Preferred stock, authorized				100,000
Common stock, par value (in dollars per share)				$ 0.01
Preferred stock, par value (in dollars per share)				$ 0.01
Noncontrolling interest in operating partnership		$ 4,984,482		$ 5,199,310
Ownership units		316,037
Income (loss) attributable to noncontrolling interest in operating partnership		$ 78,238	$ 106,593
Class A Shares [Member]
Common stock, par value (in dollars per share)					$ 0.01
Common stock, shares outstanding				10,917,857
Initial Public Offering [Member] | Class A Shares [Member]
Issuance of common stock, net of offering costs (in shares)		7,851,842
Issuance of common stock in connection with Merger (in shares)		3,475,299
Sponsor [Member]
Issuance of common stock, net of offering costs (in shares)	8,000
Issuance of common stock, net of offering costs	$ 200
Share Price (in dollars per share)	$ 25
Common stock, shares issued		8,000

Related Party Arrangements (Det

Related Party Arrangements (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended
	Jan. 16, 2018	Mar. 31, 2019	Mar. 31, 2018	Jun. 12, 2017	Dec. 31, 2018
Value of shares purchased		$ 18,583
Additional paid-in capital		254,339			$ 237,216
Operating expenses reimbursable		1,406
Operating expenses		1,406,546
The Company [Member]
Operating expenses		4,786,099
Advisor [Member]
Special partnership interest		$ 1
Percent of organization and offering costs		15.00%
Total offering costs		$ 19,572,671
Offering cost directly incurred by company		12,333,647
Offering cost reimbursed to advisor		7,239,024
Payable to advisor for offering costs		$ 280,197
Percentage of acquisition fee	3.85%
Percentage of base acquisition fee	1.50%
Percentage of contingent advisor payment	2.35%
Debt financing fee percentage		1.00%
Debt financing fee refinanced percentage		0.75%
Asset management fee percentage		1.00%
Advisor expense reimbursement - alternative 1		2.00%
Advisor expense reimbursement - alternative 2		25.00%
Operating expenses reimbursable		$ 452
Operating expenses		6,192,645
Advisor [Member] | Asset Management [Member]
Property manager property management fees		738,248	$ 741,909
Advisor [Member] | Initial Public Offering [Member]
Total offering costs		18,365,295
Offering cost directly incurred by company		12,333,647
Offering cost reimbursed to advisor		6,031,648
Advisor [Member] | Follow-OnOffering [Member]
Total offering costs		1,207,376
Offering cost directly incurred by company		0
Offering cost reimbursed to advisor		$ 1,207,376
Advisor [Member] | Maximum [Member]
Percentage of disposition fee on sale of each property		3.00%
Maximum percentage of disposition fee and real estate commissions		6.00%
Moody Securities [Member]
Percentage of selling commissions on gross offering	7.00%	3.00%
Percentage of dealers manager fee on gross offering	6.00%	2.50%
Payments for commissions		$ 9,423,133
Dealer manager fees		2,099,018
Additional paid-in capital		$ 5,272,521
Moody Securities [Member] | Class A Shares [Member]
Percentage of selling commissions on gross offering		7.00%		7.00%
Percentage of dealers manager fee on gross offering		3.00%		3.00%
Moody Securities [Member] | Class T Shares [Member]
Percentage of selling commissions on gross offering		3.00%
Percentage of dealers manager fee on gross offering		2.50%
Percentage of net asset value in the primary offering		1.00%
Moody Securities [Member] | Class I Shares [Member]
Percentage of dealers manager fee on gross offering		1.00%
Moody Securities [Member] | Class D Shares [Member]
Value of shares purchased		$ 5,000
Percentage of dealers manager fee on gross offering		3.00%
Percentage of net asset value in the primary offering		0.50%
Moody National Hospitality Management, LLC - Property Manager (Member]
Monthly hotel management fee percentage		4.00%
Accounting fees		$ 105	105
Percentage of annual incentive fee		15.00%
Asset management fee percentage		8.50%
Agreement term		10 years
Moody National Hospitality Management, LLC - Property Manager (Member] | Management And Administrative Service [Member]
Property manager property management fees		$ 1,046	$ 1,064

Incentive Award Plan (Details)

Incentive Award Plan (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
August 13, 2018 Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Shares granted		10,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares granted		$ 23.19
Independent Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Balance of non-vested shares at beginning	7,500	11,250
Shares vested	(2,500)	(13,750)
Balance of non-vested shares at end	5,000	7,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Balance of non-vested shares at beginning	$ 23.19	$ 27.82
Shares vested	23.19	26.98
Balance of non-vested shares at end	$ 23.19	$ 23.19

Incentive Award Plan (Details N

Incentive Award Plan (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2019	Jun. 30, 2019
Stock-based compensation	$ 65	$ 128
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Board of Directors [Member]
Entitlement number of shares issued, minimum offering exceeds certain specified limit	5,000
Minimum offering amount threshold	$ 2,000
Number of shares issued to new joining directors	5,000
Entitlement number of shares issued, reelection of directors at annual general meeting	2,500
Stock-based compensation	$ 64,616	$ 128,467
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Board of Directors [Member] | Subsequent Event [Member]
Nonvested of restricted stock common stock				5,000
Unrecognized compensation expense			$ 66,052
Incentive Award Plan and Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Shares available for issuance	1,955,000

Subordinated Participation In_2

Subordinated Participation Interest (Details Narrative)	Mar. 31, 2019
Debt Disclosure [Abstract]
Maximum percentage of income received to special unit holders	15.00%
Percentage of additional operating income received	6.00%
Percentage of cumulative annual return received	8.00%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Property improvement plan	$ 279	$ 1,239
Real estate taxes	542	2,894
Insurance	58	231
Hotel furniture and fixtures	4,189	4,168
Debt service	784	764
Seasonality	542	883
Expense deposit	10	10
Rent holdback	15	15
Total restricted cash	$ 6,419	$ 10,204

Commitments and Contingencies_3

Commitments and Contingencies (Details Narrative) - Moody National REIT I, Inc [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Franchise fees	$ 1,581	$ 1,565
Minimum [Member]
Term of franchise agreements	10 years
Royalty fees on room revenue	3.00%
Additional franchise fees on room revenue	1.50%
Maximum [Member]
Term of franchise agreements	20 years
Royalty fees on room revenue	6.00%
Additional franchise fees on room revenue	4.30%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Components of income tax expense
Current expense	$ 50	$ 9
Deferred benefit		(330)
Valuation provision for deferred benefit	468
Total expense (benefit), net	50	(321)
Income tax by jurisdiction
Federal	(468)	(330)
Valuation provision for federal taxes	468
State	50	9
Total tax expense (benefit)	$ 50	$ (321)

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	$ 281,051
Deferred tax assets	$ 2,303	$ 2,303
Corporate income tax rate	21.00%
Deferred tax assets, valuation allowance	$ 1,662	$ 1,194
TRS [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	15,776,091
TRS [Member] | Moody National REIT I, Inc [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	$ 7,292,853

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	Apr. 30, 2019USD ($)	Apr. 29, 2019USD ($)Number	Apr. 15, 2019USD ($)	Mar. 31, 2019USD ($)Number	Mar. 31, 2018USD ($)
Distributions declared				$ 1,669,101
Distributions paid in cash					$ 1,160
Value of common stock issued by DRP				$ 1,121
Rooms | Number				1,941
Subsequent Event [Member]
Distributions paid in cash			$ 1,282,175
Value of common stock issued by DRP			397,860
Distributions to be paid in cash	$ 1,656,926
Subsequent Event [Member] | Residence Inn Houston Medical Center [Member]
Property Name		Residence Inn Houston Medical Center
Rooms | Number		182
Location		Houston, Texas
Purchase price		$ 52,000
Existing loan assumed in acquisition		28,200
Loan to be obtained from seller		$ 22,600
Subsequent Event [Member] | Former Moody I Stockholders [Member]
Distributions paid to reduce deferred dividends pending return of letters of transmittal			$ 10,934