Lodging Fund Reit Iii 10-K 31 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-56082
Entity Registrant Name	LODGING FUND REIT III, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-0556111
Entity Address, Address Line One	1635 43rd Street South, Suite 205
Entity Address, City or Town	Fargo
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58103
City Area Code	701
Local Phone Number	630-6500
Title of 12(b) Security	None
No Trading Symbol Flag	true
Security Exchange Name	NONE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		8,662,152
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Phoenix, Arizona
Entity Central Index Key	0001745032
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets
Investment in hotel properties, net of accumulated depreciation of $9,487,728 and $4,712,578	$ 169,424,775	$ 100,744,186
Cash and cash equivalents	7,866,401	7,960,159
Restricted cash	6,469,999	4,568,908
Accounts receivable, net	748,364	114,282
Franchise fees, net	1,459,641	955,238
Prepaid expenses and other assets	4,360,555	2,071,708
Total Assets	190,329,735	116,414,481
Liabilities and Equity
Debt, net	103,126,884	63,924,719
PPP Loans		763,100
Accounts payable	1,549,380	670,548
Accrued expenses	2,621,520	1,560,931
Distributions payable	495,657	1,327,912
Due to related parties	2,580,326	1,904,051
Other liabilities	7,499,568	653,292
Total liabilities	117,873,335	70,804,553
Commitments and contingencies (See Note 10)
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.01 par value, 900,000,000 shares authorized; 8,348,310 and 7,611,653 shares issued and outstanding	83,481	76,116
Additional paid-in capital	81,655,994	74,610,627
Accumulated deficit	(43,586,952)	(31,855,995)
Total stockholders' equity	38,152,523	42,830,748
Total equity	72,456,400	45,609,928
Total Liabilities and Equity	190,329,735	116,414,481
Series B LP Units
Equity
Non-controlling interest	(1,563,489)	(1,005,785)
Series GO LP Units
Equity
Non-controlling interest	12,498,527	$ 3,784,965
Series T LP Units.
Equity
Non-controlling interest	21,931,757
Common LP Units
Equity
Non-controlling interest	$ 1,437,082

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Accumulated depreciation	$ 9,487,728	$ 4,712,578
Preferred stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	8,348,310	7,611,653
Common stock, shares outstanding	8,348,310	7,611,653

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenue	$ 27,112,007	$ 14,551,406
Expenses
Property operations	12,153,087	5,745,009
General and administrative	6,449,285	4,725,777
Sales and marketing	1,674,557	1,140,689
Franchise fees	2,512,796	1,165,165
Management fees	2,779,715	1,707,943
Acquisition expense	81,963	387,769
Depreciation	4,831,022	3,461,309
Total expenses	30,482,425	18,333,661
Other Income (Expense)
Other income (expense), net	58,564	(314,976)
PPP loan forgiveness	1,684,400
Interest expense	(4,560,186)	(3,194,317)
Total other income (expense)	(2,817,222)	(3,509,293)
Net Loss Before Income Taxes	(6,187,640)	(7,291,548)
Income tax benefit (expense)	920,965	1,236,185
Net Loss	(5,266,675)	(6,055,363)
Net Loss Attributable to Common Stockholders	$ (4,171,551)	$ (5,588,103)
Basic Net Loss Per Share of Common Stock	$ (0.52)	$ (0.78)
Diluted Net Loss Per Share of Common Stock	$ (0.56)	$ (0.78)
Weighted-average Shares of Common Stock Outstanding, Basic	8,031,965	7,153,035
Weighted-average Shares of Common Stock Outstanding, Diluted	8,031,965	7,153,035
Series B LP Units
Other Income (Expense)
Net loss attributable to non-controlling interest	$ (261,540)	$ (301,521)
Series GO LP Units
Other Income (Expense)
Net loss attributable to non-controlling interest	(757,966)	(165,739)
Common LP Units
Other Income (Expense)
Net loss attributable to non-controlling interest	(75,618)
Room
Revenues
Total revenue	26,111,767	14,333,261
Other
Revenues
Total revenue	$ 1,000,240	$ 218,145

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholder's Equity	Non-controlling InterestSeries B LP Units	Non-controlling InterestSeries GO LP Units	Non-controlling InterestSeries T LP Units.	Non-controlling InterestCommon LP Units	Total
Balance - Beginning at Dec. 31, 2019	$ 60,057	$ 58,961,101	$ (18,396,163)	$ 40,624,995	$ (439,985)				$ 40,185,010
Balance - Beginning (Shares) at Dec. 31, 2019	6,005,743
Issuance of common stock	$ 13,666	13,359,113		13,372,779					13,372,779
Issuance of common stock (Shares)	1,366,589
Issuance of GO Units						$ 4,509,194			4,509,194
Offering costs			(2,851,801)	(2,851,801)		(558,490)			(3,410,291)
Distributions declared ($0.70 per share)			(5,019,927)	(5,019,927)	(264,280)				(5,284,207)
Distributions reinvested	$ 3,035	2,880,318		2,883,353					2,883,353
Distributions reinvested (in shares)	303,511
Redemptions	$ (642)	(589,905)		(590,547)					$ (590,547)
Redemptions (in shares)	(64,190)								(64,190)
Net loss			(5,588,104)	(5,588,104)	(301,520)	(165,739)			$ (6,055,363)
Balance - Ending at Dec. 31, 2020	$ 76,116	74,610,627	(31,855,995)	42,830,748	(1,005,785)	3,784,965			45,609,928
Balance - Ending (Shares) at Dec. 31, 2020	7,611,653
Issuance of common stock	$ 4,074	3,941,223		3,945,297					3,945,297
Issuance of common stock (Shares)	407,478
Issuance of GO Units						10,736,835			10,736,835
Issuance of T Units							$ 21,931,757		21,931,757
Issuance of Common LP Units								$ 1,521,000	1,521,000
Offering costs			(1,932,301)	(1,932,301)		(1,265,307)			(3,197,608)
Distributions declared ($0.70 per share)			(5,627,105)	(5,627,105)	(296,164)			(8,300)	(5,931,569)
Distributions reinvested	$ 4,172	3,959,868		3,964,040					3,964,040
Distributions reinvested (in shares)	417,267
Redemptions	$ (881)	(855,724)		(856,605)					$ (856,605)
Redemptions (in shares)	(88,088)								(88,088)
Net loss			(4,171,551)	(4,171,551)	(261,540)	(757,966)		(75,618)	$ (5,266,675)
Balance - Ending at Dec. 31, 2021	$ 83,481	$ 81,655,994	$ (43,586,952)	$ 38,152,523	$ (1,563,489)	$ 12,498,527	$ 21,931,757	$ 1,437,082	$ 72,456,400
Balance - Ending (Shares) at Dec. 31, 2021	8,348,310

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Distributions declared (in dollars per share)	$ 0.70	$ 0.70

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (5,266,675)	$ (6,055,363)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	4,831,022	3,461,309
Amortization	477,420	281,636
Gain on PPP loan forgiveness	(1,684,400)
Paid-in-kind interest		226,988
Loss on disposal of fixed assets	87,178	14,057
Deferred tax assets, net	(997,828)	(1,261,131)
Change in operating assets and liabilities:
Accounts receivable	(634,082)	(6,306)
Franchise fees	(587,500)	(300,000)
Prepaid expenses and other assets	(1,291,019)	813,007
Accounts payable	842,477	159,447
Accrued expenses	1,068,589	993,763
Due to related parties	750,341	672,089
Other liabilities	1,356,079	198,818
Net cash used in operating activities	(1,048,398)	(801,686)
Cash Flows from Investing Activities:
Acquisitions of hotel properties	(2,167,243)	(27,190,749)
Improvements and additions to hotel properties	(2,881,728)	(1,622,058)
Net cash used in investing activities	(5,048,971)	(28,812,807)
Cash Flows from Financing Activities:
Proceeds from mortgage debt	13,947,218	13,790,742
Proceeds from lines of credit	2,000,000	6,200,000
Proceeds from PPP loans	921,300	763,100
Principal payments on mortgage debt	(14,062,123)	(641,724)
Principal payments on lines of credit	(1,400,000)	(6,200,000)
Payments of deferred financing costs	(1,284,117)	(650,072)
Proceeds from issuance of common stock	3,945,297	13,372,779
Proceeds from issuance of GO Units	10,736,835	4,509,194
Payments of offering costs	(3,090,352)	(3,457,138)
Payments for shares redeemed	(856,605)	(566,515)
Distributions paid	(2,952,751)	(1,151,177)
Net cash provided by financing activities	7,904,702	25,969,189
Net change in cash, cash equivalents, and restricted cash	1,807,333	(3,645,304)
Beginning Cash, Cash Equivalents, and Restricted Cash	12,529,067	16,174,371
Ending Cash, Cash Equivalents, and Restricted Cash	14,336,400	12,529,067
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of amounts capitalized	4,371,165	2,315,376
Income taxes paid		1,963
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Paid-in-kind interest		226,988
Offering costs included in accounts payable	36,355	(32,568)
Offering costs included in due to related parties	78,902	1,303
Offering costs included in accrued expenses	(8,000)	(15,582)
Distributions included in due to related parties	(152,967)	264,280
Redemptions included in other liabilities		24,032
Reinvested distributions	3,964,040	2,883,353
Reconciliation of Cash, Cash Equivalents, and Restricted Cash:
Cash and cash equivalents, beginning of period	7,960,159	10,898,556
Restricted cash, beginning of period	4,568,908	5,275,815
Cash, cash equivalents, and restricted cash, beginning of period	14,336,400	12,529,067
Cash and cash equivalents, end of period	7,866,401	7,960,159
Restricted cash, end of period	6,469,999	4,568,908
Cash, cash equivalents, and restricted cash, end of period	14,336,400	12,529,067
Courtyard by Marriott (the "Aurora Property")
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of T Units	6,742,757
Debt issued for acquisition	15,000,000
Holiday Inn (the "EI Paso Property")
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of T Units	2,100,000
Debt issued for acquisition	7,900,000
Hilton Garden Inn (the "Houston Property")
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of T Units	6,910,000
Debt issued for acquisition	13,000,000
Sheraton Hotel (the "Northbrook Property")
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of T Units	6,179,000
Debt issued for acquisition	3,700,000
Fairfield Inn & Suites (the "Lubbock Property")
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Debt assumed in connection with acquisition		$ 9,998,437
Common LP Units | Sheraton Hotel (the "Northbrook Property")
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of T Units	$ 1,521,000

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2021
ORGANIZATION
ORGANIZATION	1. ORGANIZATION Lodging Fund REIT III, Inc. (“LF REIT III”), was formed on April 9, 2018 as a Maryland corporation. LF REIT III, together with its subsidiaries (the “Company”), was formed for the principal purpose of acquiring, through purchase or contribution, direct or indirect ownership interests in a diverse portfolio of limited-service, select-service, full-service and extended-stay hotel properties located primarily in “America’s Heartland,” which the Company defines as the geographic area from North Dakota to Texas and the Appalachian Mountains to the Rocky Mountains. LF REIT III has elected to be treated as a real estate investment trust, or REIT, for federal income tax purposes beginning with the taxable year ended December 31, 2018. The Company’s business activities are directed and managed by Legendary Capital REIT III, LLC (the “Advisor”) and its affiliates, which are related parties through common management, pursuant to the Amended and Restated Advisory Agreement (the “Advisory Agreement”), dated June 1, 2018. The Company has no foreign operations or assets and its operating structure includes only one operating Substantially all of the Company’s assets and liabilities are held by, and substantially all of its operations are conducted through, Lodging Fund REIT III OP, LP (the “Operating Partnership,” or “OP”), a subsidiary of LF REIT III. The OP has three voting classes of partnership units, Common General Partnership Units (“GP Units”), Interval Units and Common Limited Partnership Units (“Common LP Units”), and three classes of non-voting partnership units, Series B Limited Partnership Units (“Series B LP Units”), Series Growth & Opportunity (“GO”) Limited Partnership Units (“Series GO LP Units”), and Series T Limited Partnership Units (“Series T LP Units”). LF REIT III was the sole general partner of the OP, as of December 31, 2021 and 2020. As of December 31, 2021, there were 152,100 outstanding Common LP Units, no outstanding Interval Units, there were 1,000 outstanding Series B LP Units, all of which were owned by the Advisor, 2,210,411 Series GO LP Units and 2,513,769 Series T LP Units. On June 1, 2018, the Company commenced a private offering of shares of common stock, $0.01 par value per share, with a maximum offering of $100,000,000, which was increased to $150,000,000 in shares of the Company’s common stock in December 2021 (the “Offering”). The Offering is to accredited investors only, pursuant to a confidential private placement memorandum exempt from registration under the Securities Act of 1933, as amended. In addition to sales of common shares for cash, the Company has adopted a dividend reinvestment plan (“DRIP”), which permits stockholders to reinvest their distributions back into the Company. As of December 31, 2021, the Company had issued and sold 8,500,588 shares of common stock, including 810,079 shares attributable to the DRIP, and received aggregate proceeds of $83.2 million. As of December 31, 2021, the Company had repurchased 152,278 shares, which represents an original investment of $1,522,781 for $1,447,150 under the Company’s Share Repurchase Plan. As of December 31, 2021, $299,286 of the redemption proceeds had not yet been paid and was included in other liabilities on the accompanying consolidated balance sheet. ​ On April 29, 2020, the Company classified and designated 7,000,000 shares of authorized but unissued common stock, $0.01 par value per share, as shares of “Interval Common Stock,” to be part of the Offering. The offering of the Interval Common Stock is a maximum offering of $30,000,000, which may be increased to $60,000,000 in the sole discretion of the Company’s board of directors, (the “Interval Share Offering”) to accredited investors only, pursuant to a confidential private placement memorandum exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2021, the Company had not issued or sold any shares of Interval Common Stock. Our board of directors intends to allow the Interval Share Offering to expire on March 31, 2022. ​ On June 15, 2020, the Operating Partnership commenced a private offering of limited partnership units in the OP, designated as Series GO LP Units, with a maximum offering of $20,000,000, which could be increased to $30,000,000 in the sole discretion of LF REIT III as the General Partner of the Operating Partnership (the “GO Unit Offering”) to accredited investors only, pursuant to a confidential private placement memorandum exempt from registration under the Securities Act of 1933, as amended. The Series GO LP Units were being offered until the earlier of (i) the sale of $20,000,000 in Series GO LP Units (which could be increased to $30,000,000 in the Company’s sole discretion), (ii) June 14, 2022 or (iii) the Operating Partnership terminates the GO Unit Offering at an earlier date in its sole discretion. Our board of directors terminated the GO Unit Offering as of February 14, 2022. As of December 31, 2021, the Operating Partnership had issued and sold 2,210,411 Series GO LP Units and received aggregate proceeds of $15.2 million. ​ The Operating Partnership may issue Series T LP Units from time to time to persons who contribute direct or indirect interests in real estate to the Operating Partnership. The Series T LP Units will have allocations and distributions that are dictated by the Partnership Agreement of the Operating Partnership and the applicable contribution agreement for the real estate. Certain Series T LP Units may have different allocations and distributions than other Series T LP Units. The amount of the allocations and distributions will be determined by the General Partner in its sole discretion at the time of issuance of the Series T LP Units and any future distributions are dependent on the financial performance of the contributed real estate based on a mathematical formula. The Series T LP Units are eligible for conversion into Common LP Units beginning 36 months after their issuance and will automatically convert into Common LP Units upon other events as described in the Partnership Agreement of the Operating Partnership. The conversion of Series T LP Units into Common LP Units may vary with each issuance and is generally based on a formula that applies an applicable capitalization rate to the then-current trailing twelve months net operating income of the hotel property less the loan balance outstanding as of the contribution date as assumed by the Operating Partnership, and less other amounts incurred by the Operating Partnership including but not limited to certain closing costs, loan assumption fees and defeasance costs, property improvement plan (“PIP”) and capital expenditures, operating cash infused by the Operating Partnership, and any shortfall of certain minimum cumulative investment yield. There is no guarantee that the future financial performance of the contributed hotel property will be sufficient to result in the issuance of Common LP Units resulting from the application of the conversion formula applicable to the issuance of Series T LP Units at the time of the conversion. As of December 31, 2021, the Company had recorded an aggregate value of $21.9 million to the Series T LP Units in connection with such property contributions. ​ On December 3, 2021, the Operating Partnership commenced a private placement offering of its Common LP Units. As of December 31, 2021, the Operating Partnership had issued and sold 152,100 Common LP Units in connection with a property contribution.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation Use of Estimates During the first quarter of 2020, the global outbreak of COVID-19 was identified and has since spread to nearly every country and territory, including every state in the United States. The COVID-19 pandemic and the related governmental restrictions instituted to slow the spread of the virus continues to adversely impact many industries, with the travel and hospitality industries being particularly adversely affected. Although our hotel properties have remained open through the pandemic, our occupancy levels have been lower than historical levels. The outbreak could have a continued adverse impact on economic and market conditions and could trigger a continued slowdown in leisure and business travel, which is adversely impacting the travel and hospitality industries. Further, increasing labor costs and shortages, supply chain disruptions and related commodity and other price inflation resulting from the COVID-19 pandemic may cause an increase in renovation, construction and operating costs, may limit our access to critical operating supplies, and may continue to adversely affect our hotel operations and financial results. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying the Company’s consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19, including the continued emergence of new strains of COVID-19, such as the Delta and Omicron variant, will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. ​ The Company has taken significant measures to mitigate the negative financial and operational impacts of COVID-19 on the Company. The Company has made changes to our business and investment strategies that are expected to enhance the Company’s liquidity and reduce costs, including payment of distributions in stock, in part or in whole, pursuant to the DRIP, deferring most non-essential capital projects, obtaining waivers under and amendments to the Company’s credit agreements. Revenue Recognition Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, and furniture, fixtures and equipment (“FF&E”). The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, debt, and advanced bookings. For transactions determined to be asset acquisitions, the Company allocates the purchase price among the assets acquired and the liabilities assumed on a relative fair value basis at the date of acquisition. The Company determines the fair value of assets acquired and liabilities assumed with the assistance of third-party valuation specialists, using cash flow analysis as well as available market and cost data. The determination of fair value includes making numerous estimates and assumptions. The difference between the fair value and the face value of debt assumed in connection with an acquisition is recorded as a premium or discount and amortized to interest expense over the remaining term of the debt assumed. The valuation of assumed debt liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 40 years for buildings and building improvements and three The Company assesses the carrying value of its hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount of the property to the estimated future undiscounted cash flows of the property, which take into account current market conditions, including the impact of COVID-19, and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions, including those occurring as a result of the impact of the COVID-19 pandemic, that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. Advertising Costs Non-controlling Interest Cash and Cash Equivalents Restricted Cash Accounts Receivable Deferred Financing Costs Offering Costs Property Operations Expenses Property Management Fees Franchise Fees fees related to hotel properties that are acquired are amortized on a straight-line basis over the life of the agreement. Initial franchise fees related to hotel properties that are not acquired are refunded to the Company, net of any associated fees, and any fees are expensed as incurred. Franchise fees on the accompanying consolidated statements of operations include the amortization of initial franchise fees, as well as monthly fees paid to franchisors for royalty, marketing, and reservation fees and other related costs. Acquisition Costs Net Loss Per Share of Common Stock Income Taxes As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to stockholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary (“TRS”) is subject to U.S. federal, state, and local income taxes at the applicable rates. The TRS accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax basis, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs periodic reviews for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Fair Value Measurement Level 1 Level 2 Level 3 The Company’s estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to 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. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU No. 2016-02”) (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. We plan to adopt ASU 2016-02 for the fiscal year ending December 31, 2022, and for interim periods beginning on January 1, 2022. We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. ​

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN HOTEL PROPERTIES
INVESTMENT IN HOTEL PROPERTIES	3. INVESTMENT IN HOTEL PROPERTIES Investment in hotel properties as of December 31, 2021 and 2020 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 Land and land improvements ​ $ 20,034,309 ​ $ 10,324,772 Building and building improvements ​ 144,883,150 ​ 85,213,846 Furniture, fixtures, and equipment ​ 13,986,611 ​ 8,927,694 Construction in progress ​ ​ 8,433 ​ ​ 990,452 Investment in hotel properties, at cost ​ ​ 178,912,503 ​ 105,456,764 Less: accumulated depreciation ​ (9,487,728) ​ (4,712,578) Investment in hotel properties, net ​ $ 169,424,775 ​ $ 100,744,186 ​ As of December 31, 2021, the Company owned eleven hotel properties with an aggregate of 1,364 rooms located in eight states. Acquisitions of Hotel Properties The Company acquired four properties during the year ended December 31, 2021 and two properties during the year ended December 31, 2020. Each of the Company’s hotel acquisitions to date have been determined to be asset acquisitions. The table below outlines the details of the properties acquired each year since inception. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % Hotel ​ Property Type ​ Location ​ Acquired ​ Rooms ​ Price ​ Costs ​ Total ​ Interest Courtyard by Marriott Select-Service Aurora, CO ​ February 4, 2021 ​ 141 ​ $ 23,610,000 (1) $ 458,129 ​ $ 24,068,129 ​ 100 % Holiday Inn ​ Select-Service ​ El Paso, TX ​ May 12, 2021 ​ 175 ​ ​ 10,300,000 (2) ​ 361,019 ​ ​ 10,661,019 ​ 100 % Hilton Garden Inn ​ Select-Service ​ Houston, TX ​ August 3, 2021 ​ 182 ​ ​ 19,910,000 (3) ​ 918,353 ​ ​ 20,828,353 ​ 100 % Sheraton Hotel ​ Full-Service ​ Northbrook, IL ​ December 3, 2021 ​ 160 ​ ​ 11,400,000 (4) ​ 340,005 ​ ​ 11,740,005 ​ 100 % ​ ​ ​ ​ ​ ​ ​ 658 ​ $ 65,220,000 ​ $ 2,077,506 ​ $ 67,297,506 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % Hotel ​ Property Type ​ Location ​ Acquired ​ Rooms ​ Price ​ Costs ​ Total ​ Interest Fairfield Inn & Suites Limited-Service Lubbock, TX ​ January 8, 2020 ​ 101 ​ $ 15,150,000 ​ $ 496,431 ​ $ 15,646,431 ​ 100 % Homewood Suites Extended-Stay ​ Southaven, MS ​ February 21, 2020 99 ​ 20,500,000 ​ 445,090 ​ 20,945,090 100 % ​ ​ ​ ​ ​ ​ ​ 200 ​ $ 35,650,000 ​ $ 941,521 ​ $ 36,591,521 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % Hotel ​ Property Type ​ Location ​ Acquired ​ Rooms ​ Price ​ Costs ​ Total ​ Interest Hampton Inn & Suites ​ Limited-Service ​ Pineville, NC ​ March 19, 2019 ​ 111 ​ $ 13,897,358 ​ $ 303,744 ​ $ 14,201,102 ​ 100 % Hampton Inn Limited-Service Eagan, MN ​ June 19, 2019 122 ​ 13,950,000 ​ 278,333 ​ 14,228,333 100 % Home2 Suites Extended-Stay Prattville, AL ​ July 11, 2019 90 ​ 14,750,000 ​ 356,014 ​ 15,106,014 100 % Home2 Suites Extended-Stay Lubbock, TX ​ December 30, 2019 ​ 100 ​ ​ 14,150,000 ​ ​ 284,776 14,434,776 100 % ​ ​ ​ ​ ​ ​ ​ 423 ​ $ 56,747,358 ​ $ 1,222,867 ​ $ 57,970,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % ​ Hotel ​ Property Type ​ Location ​ Purchased ​ Rooms ​ Price ​ Costs ​ Total ​ Interest ​ Holiday Inn Express ​ Limited-Service ​ Cedar Rapids, IA ​ November 30, 2018 ​ 83 ​ $ 7,700,000 ​ $ 158,333 ​ $ 7,858,333 ​ 100 ​ ​ ​ ​ ​ ​ ​ ​ 83 ​ $ 7,700,000 ​ $ 158,333 ​ $ 7,858,333 ​ ​ ​ ​ (1) Includes the issuance of $6,742,757 in Series T LP Units of the Operating Partnership. (2) Includes the issuance of $2,100,000 in Series T LP Units of the Operating Partnership. (3) Includes the issuance of $6,910,000 in Series T LP Units of the Operating Partnership. (4) Includes the issuance of $6,179,000 in Series T LP Units and $1,521,000 in Common Limited Partnership Units of the Operating Partnership. ​ Nine of the hotel properties listed above are subject to a management agreement with NHS, LLC dba National Hospitality Services (“NHS”) with an initial term expiring on December 31 of the fifth full calendar year following the effective date of the agreement, which will automatically renew for successive five-year periods unless terminated earlier in accordance with its terms. The Pineville Property is currently being managed on a day-to-day basis by Beacon IMG, Inc. (“Beacon”), an affiliate of the seller of the Pineville Property, pursuant to a sub-management agreement. The Southaven Property is subject to a management agreement with Vista Host Inc. (“Vista”) with an initial term expiring on February 21 of the fifth full calendar year following the effective date of the agreement. The agreement will automatically renew for two (2) successive five-year periods unless terminated earlier in accordance with its terms. The Houston Property is subject to a management agreement with Interstate Management Company, LLC (“Aimbridge”) with an initial term expiring on August 3 of the third full calendar year following the effective date of the agreement. The agreement will automatically renew for additional successive terms of one year each unless terminated earlier in accordance with its terms. The seller of the Pineville Property, an affiliate of Beacon, may be entitled to additional cash consideration if the property exceeds certain performance criteria based on increases in the property’s net operating income (“NOI”) for a selected 12-month period of time. At any time during the period beginning April 1, 2021 through the date of the final NOI determination (on or about April 30, 2023), the seller of the property may make a one-time election to receive the additional consideration. The variable amount of the additional consideration, if any, is based on the excess of the property’s actual NOI over a base NOI for the applicable 12-month calculation period divided by the stated cap rate for such calculation period. As of December 31, 2021, no amounts were owed or paid to the seller of the Pineville Property, and no election to receive the additional consideration had been made. 2021 Acquisitions The Courtyard by Marriott in Aurora, Colorado (the “Aurora Property”) was acquired on February 4, 2021 for contractual consideration comprised of $15.0 million in debt, $1.9 million in cash paid at closing and the issuance of $6.7 million in Series T LP Units of the Operating Partnership. The Series T LP Units will convert into Common LP Units of the Operating Partnership beginning 36 months, or at the option of the contributor, up to 48 months, after February 4, 2021, at which point the value will be calculated pursuant to the terms of a Contribution Agreement, dated as of September 1, 2020, as amended on February 4, 2021. The number of Common LP Units to be issued to the contributor based on such conversion may be higher or lower than the initial valuation of the Series T LP Units. Accordingly, the aggregate purchase price used for the acquisition accounting noted in the tables above and below of $23.6 million, was determined to be the value assigned by a third-party appraisal, as the appraisal value was more reliably measurable. On May 12, 2021, the Operating Partnership acquired the Holiday Inn El Paso West Sunland Park hotel property in El Paso, Texas (the “El Paso Property”) for contractual consideration comprised of $7.9 million in debt, $300,000 in cash paid at closing and the issuance of $2.1 million in Series T LP Units of the Operating Partnership. The Series T LP Units will convert into Common LP Units of the Operating Partnership beginning 36 months, or in the event the Operating Partnership is then in the process of transacting a sale of the Operating Partnership’s assets or another significant capital event necessitating a conversion is then in process, up to 48 months, after May 12, 2021, at which point the value will be calculated pursuant to the terms of an Amended and Restated Contribution Agreement, dated May 12, 2021. The number of Common LP Units to be issued to the contributor based on such conversion may be higher or lower than the initial valuation of the Series T LP Units. Accordingly, the aggregate purchase price used for the acquisition accounting noted in the tables above and below of $10.3 million, was determined to be the value assigned by a third-party appraisal, as the appraisal value was more reliably measurable. On August 3, 2021, the Operating Partnership acquired the Hilton Garden Inn Houston Bush Intercontinental Airport hotel property in Houston, Texas (the “Houston Property”) for contractual consideration comprised of $13.0 million in debt, $719,000 in cash paid at closing and the issuance of $6.9 million Series T LP Units of the Operating Partnership. The Series T LP Units will convert into Common LP Units of the Operating Partnership beginning 36 months, or in the event the Operating Partnership is then in the process of transacting a sale of the Operating Partnership’s assets or another significant capital event necessitating a conversion is then in process, up to 48 months, after August 3, 2021, at which point the value will be calculated pursuant to the terms of the Second Amended and Restated Contribution Agreement, dated August 3, 2021. The number of Common LP Units to be issued to the contributor based on such conversion may be higher or lower than the initial valuation of the Series T LP Units. Accordingly, the aggregate purchase price used for the acquisition accounting noted in the tables above and below of $19.9 million, was determined to be the value assigned by a third-party appraisal, as the appraisal value was more reliably measurable. In connection with the contribution of the Houston Property to the Operating Partnership, and pursuant to the Loan Agreement, dated as of August 3, 2021 (the “Original Loan Agreement”), the LF3 Houston, LLC and TRS Subsidiary (collectively, the “Borrower”) entered into a new $13.0 million loan with Legendary A-1 Bonds, LLC, (the “Original Lender”), which was secured by the Houston Property (the “Original HGI Houston Loan”). The Original Lender is an affiliate of Legendary Capital REIT III, LLC, the external advisor to the Company (the “Advisor”) which is owned by Norman Leslie and Corey Maple, each a director and executive officer of the Company and principal of the Advisor. The Original HGI Houston Loan was evidenced by a promissory note and had a fixed interest rate of 7.0% per annum. On September 2, 2021, the proceeds of the New HGI Houston Loan described below were used to refinance the Original HGI Houston Loan, and all outstanding obligations under the Original HGI Houston Loan were repaid in full without any fee or penalty and all commitments and guaranties in connection therewith have been terminated or released. On September 2, 2021, pursuant to the Business Loan Agreement, dated as of September 2, 2021 (the “New Loan Agreement”), the Borrower entered into a new $13.9 million loan with Choice Financial Group (the “New Lender”), which is secured by the Houston Property (the “New HGI Houston Loan”). The New Lender is not affiliated with the Company or the Advisor. The New HGI Houston Loan is evidenced by a promissory note and has a fixed interest rate of 3.85% per annum. The New HGI Houston Loan matures five years after the effective date. The HGI Houston Loan requires monthly payments of interest-only for the first 24 months of the loan, monthly payments of principal and interest for the next 35 months, with the outstanding principal and interest due at maturity. The Borrower has the right to prepay all or a portion of the New HGI Houston Loan at any time without penalty. ​ The New Loan Agreement requires the maintenance of covenants concerning an annual debt service coverage ratio and the maintenance of a replacement reserve account after the first 12 months of the loan. The New Loan Agreement contains customary events of default, including payment defaults. If an event of default occurs under the New Loan Agreement, the New Lender may accelerate the repayment of amounts outstanding under the New Loan Agreement and exercise other remedies subject, in certain instances, to the expiration of applicable cure periods. ​ Pursuant to the New Loan Agreement, the Operating Partnership entered into a Guaranty (the “OP Guaranty ”) ​ On December 3, 2021, the Operating Partnership acquired the Sheraton Hotel Chicago Northbrook hotel property located in Northbrook, Illinois (the “Northbrook Property”) for contractual consideration comprised of $3.7 million in debt, the issuance by the Operating Partnership of $6.2 million Series T Limited Units of the Operating Partnership and $1.5 million in Common Limited Partnership Units of the Operating Partnership. The Series T LP Units will convert into Common LP Units of the Operating Partnership beginning 36 months, or at the option of the contributor, up to 48 months, after December 3, 2021, at which point the value will be calculated pursuant to the terms of an Amended & Restated Contribution Agreement dated December 3, 2021. The number of Common LP Units to be issued to the contributor based on such conversion may be higher or lower than the initial valuation of the Series T LP Units. Accordingly, the aggregate purchase price used for the acquisition accounting noted in the tables above and below of $11.4 million, was determined to be the value assigned by a third-party appraisal, as the appraisal value was more reliably measurable. ​ 2020 Acquisitions ​ On January 8, 2020, the Operating Partnership acquired the Fairfield Inn & Suites by Marriott hotel property in Lubbock, Texas (the “Lubbock Fairfield Inn Property”) for contractual consideration of $15.2 million. In connection with the acquisition, the Company assumed the existing loan secured by the property, which had an outstanding balance of $9.4 million at the time of the transaction. The loan has a fixed interest rate of 4.93% per annum, matures on April 6, 2029, and requires monthly payments of principal and interest with a balloon payment due at maturity. In connection with the acquisition, the Company also entered into an agreement with NHS to manage the property at terms consistent with the Company’s existing agreements with NHS. Additionally, the Company signed a new franchise agreement with Marriott that expires in August 2037. ​ On February 21, 2020, the Operating Partnership acquired the Homewood Suites by Hilton hotel property in Southaven, Mississippi (the “Southaven Property”) for contractual consideration of $20.5 million. In connection with the acquisition, the Company entered into a $13.5 million term loan. The loan has a fixed interest rate of 3.70% per annum, matures on March 3, 2025, requires monthly payments of interest-only through March 31, 2021, and thereafter requires monthly payments of principal and interest with a balloon payment due at maturity. The loan requires the maintenance of certain financial covenants, and pursuant to the loan agreement, Corey Maple (the “Guarantor”), entered into a Guaranty, which is (i) a full recourse guarantee to the lender in certain circumstances, including the occurrence of certain events, including, without limitation, certain bankruptcy or insolvency proceedings involving the borrower, and (ii) recourse guarantee limited to the payment of all claims, actions, suits, damages, losses, expenses or other obligations actually incurred by the lender as a result of certain “bad boy” events, including criminal acts, fraud or misrepresentation in connection with the loan documents, damage to the collateral caused by gross negligence, reckless or intentional acts or omissions, or certain other intentional acts or omissions of the borrower or Guarantor, all as further described in the Guaranty. In connection with the acquisition the Company also entered a management agreement with Vista to provide property management and hotel operations management services. The agreement has an initial term expiring on February 21, 2025, which automatically renews for two successive five-year periods, unless terminated in accordance with its terms. The Company will pay Vista a base management fee for property management services equal to 3% of the prior month’s gross revenues, a monthly accounting fee of $1,000, and Vista may earn annual incentive management fees if certain growth and operational performance metrics are achieved. ​ The aggregate purchase price for the hotel properties acquired during the years ended December 31, 2021 and 2020 were allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2020 Land and land improvements ​ $ 9,694,077 ​ $ 2,576,166 Building and building improvements ​ 58,503,137 ​ 31,605,174 Furniture, fixtures, and equipment ​ 4,597,353 ​ 3,007,846 Total assets acquired ​ 72,794,567 ​ 37,189,186 ​ ​ ​ ​ ​ ​ ​ Premium on assumed debt ​ ​ — ​ ​ (597,665) Above market ground lease (1) ​ (5,497,061) ​ — Total liabilities assumed ​ ​ (5,497,061) ​ ​ (597,665) Total purchase price (2) ​ ​ 67,297,506 ​ ​ 36,591,521 ​ ​ ​ ​ ​ ​ ​ Assumed mortgage debt ​ ​ — ​ ​ 9,400,772 ​ ​ ​ ​ ​ ​ ​ Net purchase price ​ $ 67,297,506 ​ $ 27,190,749 (1) The above market ground lease is recognized on the consolidated balance sheet within Other Liabilities. (2) Total purchase price includes purchase price plus all transaction costs. ​ Above Market Ground Lease On December 3, 2021, in connection with the purchase of the Northbrook Property, the Company recorded an above market ground lease liability of $5,497,061, which was recognized on the consolidated balance sheet within Other Liabilities. The Company assumed the ground lease 15 years into a 59-year lease maturing in 2065. The yearly base rent, paid monthly, increases 3% every year through maturity. As of December 31, 2021, the estimated future minimum lease payments related to the above market ground lease for each of the years ending December 31 are as follows: ​ ​ ​ ​ ​ 2022 $ 428,441 2023 ​ 441,294 2024 ​ 454,533 2025 ​ 468,169 2026 ​ 482,214 Thereafter ​ 35,877,341 ​ ​ $ 38,151,993 ​

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES AND OTHER ASSETS
PREPAID EXPENSES AND OTHER ASSETS	4. PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 Franchise fees (1) ​ $ 525,000 ​ $ 175,000 Acquisition costs ​ ​ 541,821 ​ ​ 85,959 Deferred tax assets, net ​ ​ 2,464,768 ​ ​ 1,466,940 Insurance ​ ​ 464,398 ​ ​ 214,903 Other ​ ​ 364,568 ​ ​ 128,906 ​ ​ $ 4,360,555 ​ $ 2,071,708 ​ (1) Prepaid franchise fees paid in relation to the Fargo acquisition, El Paso Airport acquisition, and El Paso HGI property under contract. See Note 13 Subsequent Events.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES
ACCRUED EXPENSES	5. ACCRUED EXPENSES Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 Property taxes ​ $ 1,686,801 ​ $ 741,539 Interest ​ ​ 357,030 ​ ​ 569,197 Other ​ ​ 577,689 ​ ​ 250,195 ​ ​ $ 2,621,520 ​ $ 1,560,931 ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
DEBT
DEBT	6. DEBT Lines of Credit On February 10, 2020, the Company entered into a $5.0 million revolving line of credit. The line of credit requires monthly payments of interest only, with all outstanding principal amounts being due and payable at maturity on February 10, 2021. On January 19, 2021, the line of credit was amended to extend the maturity date to May 10, 2021. The line of credit had a variable interest rate equal to the U.S. Prime Rate, plus 0.50%, resulting in an effective rate of 3.75% per annum as of March 31, 2021. On May 6, 2021, the line of credit was amended to extend the maturity date to May 10, 2022. On that date, the interest rate was also amended to incorporate an interest rate floor equal to 4.00%. The interest rate as of December 31, 2021 was 4.00%. The line of credit is secured by the Company’s Cedar Rapids Property and Eagan Property, which are also subject to term loans with the same lender, and 100,000 Common LP Units of the Operating Partnership. The line of credit includes cross-collateralization and cross-default provisions such that the existing mortgage loan agreements with respect to the Cedar Rapids Property and the Eagan Property, as well as future loan agreements that the Company may enter into with this lender, are cross-defaulted and cross-collateralized with each other. The line of credit, including all cross-collateralized debt, is guaranteed by Corey Maple. As of December 31, 2021, there was a $600,000 balance outstanding on the line of credit. ​ On August 22, 2018, the Company entered into a $3.0 million revolving line of credit, collateralized by 300,000 partnership units of Lodging Fund REIT III OP, LP. The line of credit has a variable interest rate equal to the U.S. Prime Rate, plus 1.00%, with a minimum rate of 5.00%. The line of credit requires monthly payments of interest only, with all principal due at maturity on November 22, 2020. The line of credit is partially guaranteed by each of Corey Maple and Norman Leslie, as executive officers of the Company and members of the Advisor, each in the amount Mortgage Debt As of December 31, 2021, the Company had $103.9 million in outstanding mortgage debt secured by each of their eleven hotel properties, with maturity dates ranging from May 2023 to April 2029. Nine of the loans have fixed interest rates ranging from 3.70% to 5.33%. One loan is a variable interest loan at a rate of LIBOR plus 6.0% per annum, provided that LIBOR shall not be less than 1.0%, resulting in an effective rate of 7.00% as of December 31, 2021. Another loan is a variable interest loan at a rate of LIBOR or an equivalent rate plus 6.25% per annum, provided that the variable rate shall not be less than 0.75%, resulting in an effective rate of 7.00% as of December 31, 2021. Collectively, the weighted-average interest rate is 4.92%. The loans generally require monthly payments of principal and interest on an amortized basis, with certain loans allowing for an interest-only period following origination, and generally require a balloon payment due at maturity. As of December 31, 2021 and December 31, 2020, certain mortgage debt was guaranteed by the members of the Advisor. See Note 9 “Related Party Transactions” of the notes to the consolidated financial statements included as part of this Annual Report on Form 10-K for additional information regarding debt that was guaranteed by members of the Advisor. As of December 31, 2021, the Company was not in compliance with the required financial covenants under the terms of its promissory note secured by the Pineville Property and related loan documents (the “Pineville Loan”), which constitutes an event that puts the Company into a trigger period pursuant to the loan documents. The Company has requested and received a waiver of the financial covenants for the 18-month period ending December 31, 2021. Except as described above for the Pineville Loan, the Company was in compliance with all debt covenants as of December 31, 2021. Forbearance Agreements and Loan Amendments On April 17, 2020, the Company entered into a Change In Terms Agreement (the “Cedar Rapids Amendment”), amending the terms of the original Promissory Note (the “Cedar Rapids Note”), dated March 5, 2019 in the original principal amount of $5.9 million. Pursuant to the Cedar Rapids Amendment, the maturity date of the Cedar Rapids Note was extended from March 1, 2024, to September 1, 2024, the requirement to make any replacement reserve deposits was waived until March 1, 2021, and the requirement to make any payments of principal and interest was deferred until October 1, 2020. In addition to the Cedar Rapids Amendment, the lender has also waived the required financial covenants under the terms of the Cedar Rapids Note through December 31, 2020. On April 17, 2020, the Company entered into a Change In Terms Agreement (the “Eagan Amendment”), amending the terms of the original Promissory Note (the “Eagan Note”), dated June 19, 2019 in the original principal amount of $9.4 million. Pursuant to the Eagan Amendment, the maturity date of the Eagan Note was extended from July 1, 2024, to January 1, 2025, the requirement to make any replacement reserve deposits was waived until June 1, 2021, and the requirement to make any payments of principal and interest was deferred until October 1, 2020. In addition to the Eagan Amendment, the lender has also waived the required financial covenants under the terms of the Eagan Note through December 31, 2020. ​ On April 22, 2020, the Company entered into a Forbearance Agreement (the “Prattville Forbearance Agreement”), effective May 1, 2020, amending the terms of the original loan agreement (the “Prattville Loan”), dated July 11, 2019, in the original principal amount of $9.6 million. Pursuant to the Prattville Forbearance Agreement, the Company did not make interest payments that were due and payable during the Prattville Forbearance Period (as defined below) which constituted events of default under the terms of the Prattville Loan (collectively, the “Prattville Projected Events of Default”). However, during Forbearance Period ​ On August 14, 2020, the Prattville Loan was amended (the “Prattville Amendment”) to waive the Prattville Projected Events of Default and to adjust other terms of the Prattville Loan. The Prattville Amendment, among other things, extended the required PIP completion date to align with the extension provided by the franchise agreement, adjusted certain financial covenants, put into place certain liquidity requirements and added restrictions on capital expenditures, related party payments, including management fees payable to NHS and loan guarantee fees, and cash distributions until certain financial covenants are achieved. Pursuant to the Prattville Forbearance Agreement and Prattville Amendment, until certain financial covenants are achieved, the borrower may not make any payments for capital expenditures or any distributions and must maintain a minimum cash balance of $155,000 in its hotel operating account. The restriction on distributions precludes the borrower subsidiary entities from making distributions of cash to the Operating Partnership, and as of December 31, 2020, the borrower subsidiary entities had cash balances in the amount of $831,379, which is included in cash and cash equivalents on the accompanying consolidated balance sheets. The Company was in compliance with the required financial covenants under the terms of the Prattville Amendment through December 31, 2020. ​ On April 22, 2020, the Company entered into a Forbearance Agreement (the “Southaven Forbearance Agreement”) effective May 1, 2020, amending the terms of its original loan agreement (the “Southaven Loan”), dated February 21, 2020, in the original principal amount of $13.5 million. Pursuant to the Southaven Forbearance Agreement, the Company did not make interest payments that were due and payable during the Southaven Forbearance Period (as defined below) which constituted events of default under the terms of the Southaven Loan (collectively, the “Southaven Projected Events of Default”). However, during Forbearance Period ​ On August 14, 2020, the Southaven Loan was amended (the “Southaven Amendment”) to waive the Southaven Projected Events of Default and to adjust other terms of the Southaven Loan. The Southaven Amendment, among other things, extended the required PIP completion date to align with the extension provided by the franchise agreement, adjusted certain financial covenants, put into place certain liquidity requirements and added restrictions on capital expenditures, related party payments, including loan guarantee fees, and cash distributions until certain financial covenants are achieved. Pursuant to the Southaven Forbearance Agreement and Southaven Amendment, until certain financial covenants are achieved, the borrower may not make any payments for capital expenditures or any distributions and must maintain a minimum cash balance of $225,000 in its hotel operating account. The restriction on distributions precludes the borrower subsidiary entities from making distributions of cash to the Operating Partnership, and as of December 31, 2020, the borrower subsidiary entities had cash balances in the amount of $1,498,889, which is included in cash and cash equivalents on the accompanying consolidated balance sheets. The Company did not have any required financial covenants under the terms of the Southaven loan in effect as of December 31, 2021. ​ Paycheck Protection Program (“PPP”) Loans ​ In April 2020, the Company entered into six unsecured promissory notes under the Paycheck Protection Program (the “PPP”), totaling $763,100 (the “Original PPP Loans”). The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was passed in March 2020, and is administered by the U.S. Small Business Administration (the “SBA”). The term of each Original PPP loan was two years, which could be extended to five years at the Company’s election. The interest rate on each PPP loan was 1.0% per annum, which was deferred for a period of time. ​ In January 2021, the Company entered into six new unsecured promissory notes totaling $716,400, under the Second Draw Paycheck Protection Program (the “Second Draw PPP”) created by the Consolidated Appropriations Act, 2021 (the “CAA Act”), through Western State Bank. The term of each Second Draw PPP loan was five years. The interest rate on each Second Draw PPP loan was 1.0% per annum, which was deferred for the first sixteen months of the term of the loan. ​ In February 2021, the Company, through its subsidiary LF3 Southaven TRS, LLC (“Southaven TRS”), entered into an unsecured promissory note under the PPP through Western State Bank. The amount of the PPP loan for Southaven TRS was $85,400. The term of the PPP loan was five years. The interest rate on the PPP loan was 1.0% per annum, which was deferred for the first sixteen months of the term of the loan. ​ In April 2021, the Company, through its subsidiary Southaven TRS, entered into an unsecured promissory note under the Second Draw PPP created by the CAA Act, through Western State Bank (the “Southaven TRS Second Draw PPP”). The term of the Southaven Second Draw PPP loan was five years. The amount of the Southaven TRS Second Draw PPP loan was $119,500. The interest rate on the Southaven TRS Second Draw PPP loan was 1.0% per annum, which was deferred for the first sixteen months of the term of the loan. ​ Under the terms of the CARES Act and the CAA Act, as applicable, PPP loan recipients and Second Draw PPP loan recipients can apply for, and be granted, forgiveness for all or a portion of such loans. Such forgiveness will be determined, subject to limitations and ongoing rulemaking by the SBA, based on the use of loan proceeds for payroll costs and mortgage interest, rent or utility costs, the maintenance of employee and compensation levels and certain other approved expenses. In February 2021, the Company applied for and received 100% forgiveness of all six Original PPP Loans. In June 2021, the Company received forgiveness on the full balance of the Second Draw PPP and Southaven TRS PPP loans. In August 2021, the Company received forgiveness on the full balance of the Southaven TRS Second Draw PPP loan. ​ The following table sets forth the hotel properties securing each loan, the interest rate, maturity date, and the outstanding balance as of December 31, 2021 and 2020 for each of the Company’s mortgage debt obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ Outstanding ​ Outstanding ​ ​ Rate as of ​ ​ ​ Balance as of ​ Balance as of ​ ​ December 31, ​ Maturity ​ December 31, ​ December 31, ​ ​ 2021 ​ Date ​ 2021 ​ 2020 Holiday Inn Express - Cedar Rapids (1) ​ 5.33% 9/1/2024 ​ $ 5,858,134 ​ $ 5,858,134 Hampton Inn & Suites - Pineville ​ 5.13% 6/6/2024 ​ 8,782,284 ​ 8,973,775 Hampton Inn - Eagan ​ 4.60% 1/1/2025 ​ 9,277,193 ​ 9,317,589 Home2 Suites - Prattville ​ 4.13% 8/1/2024 ​ 9,425,085 ​ 9,647,085 Home2 Suites - Lubbock ​ 4.69% ​ 10/6/2026 ​ ​ 7,573,597 ​ ​ 7,792,602 Fairfield Inn & Suites - Lubbock ​ 4.93% ​ 4/6/2029 ​ ​ 9,125,908 ​ ​ 9,272,870 Homewood Suites - Southaven ​ 3.70% ​ 3/3/2025 ​ ​ 13,343,841 ​ ​ 13,586,110 Courtyard by Marriott - Aurora (2)(3) ​ 7.00% ​ 2/5/2024 ​ ​ 15,000,000 ​ ​ — Holiday Inn - El Paso (3) ​ 5.00% ​ 5/15/2023 ​ ​ 7,900,000 ​ ​ — Hilton Garden Inn - Houston (4) ​ 3.85% ​ 9/2/2026 ​ ​ 13,947,218 ​ ​ — Sheraton - Northbrook (3)(5) ​ 7.00% ​ 12/5/2024 ​ ​ 3,700,000 ​ ​ — Total Mortgage Debt ​ ​ ​ ​ ​ 103,933,260 ​ 64,448,165 Premium on assumed debt, net ​ ​ ​ ​ ​ 722,905 ​ 854,928 Deferred financing costs, net ​ ​ ​ ​ ​ ​ (2,129,281) ​ ​ (1,378,374) Net Mortgage ​ ​ ​ ​ ​ ​ 102,526,884 ​ ​ 63,924,719 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $3.0 million line of credit (6) ​ - ​ 11/22/2020 ​ ​ — ​ ​ — $5.0 million line of credit (7) ​ 4.00% ​ 5/10/2022 ​ ​ 600,000 ​ ​ — Total Lines of Credit ​ ​ ​ ​ ​ ​ 600,000 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPP Loan (8) ​ - ​ 4/8/2026 ​ ​ — ​ ​ 763,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ ​ ​ ​ ​ $ 103,126,884 ​ $ 64,687,819 (1) Loan is interest-only through April 30, 2022 and is at a fixed rate of interest. (2) Variable interest rate equal to 30-day LIBOR plus 6.00% , provided that LIBOR shall not be less than 1.00% . (3) Loan is interest-only until maturity. (4) Loan is interest-only for the first 24 months after origination. (5) Variable interest rate equal to 30-day LIBOR or equivalent rate plus 6.25% , provided that LIBOR or equivalent rate shall not be less than 0.75% . (6) Variable interest rate equal to U.S. Prime Rate plus 1.00% , with a minimum rate of 5.00% . This line of credit was closed in November 2020. (7) Variable interest rate equal to U.S. Prime Rate plus 0.50% . (8) The Company received forgiveness on the full balance of all PPP loans during the year ended December 31, 2021. ​ Future Minimum Payments As of December 31, 2021, the future minimum principal payments on the Company’s debt were as follows: ​ ​ ​ ​ ​ 2022 $ 2,018,832 2023 ​ 9,521,915 2024 ​ 43,114,239 2025 ​ 21,764,507 2026 ​ 19,842,025 Thereafter ​ 8,271,742 ​ ​ ​ 104,533,260 ​ ​ ​ ​ Premium on assumed debt, net ​ 722,905 Deferred financing costs, net ​ (2,129,281) ​ ​ ​ ​ ​ ​ $ 103,126,884 ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	7. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments as of December 31, 2021 and 2020 consisted of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, lines of credit, and mortgage debt. With the exception of the Company’s mortgage debt, the carrying amounts of the financial instruments presented in the consolidated financial statements approximate their fair value as of December 31, 2021 and 2020. The fair value of the Company’s mortgage debt was estimated by discounting each loan’s future cash flows over the remaining term of the mortgage using an estimate of current borrowing rates for debt instruments with similar terms and maturities, which are Level 3 inputs in the fair value hierarchy. As of December 31, 2021, the estimated fair value of the Company’s mortgage debt was $103.7 million, compared to the gross carrying value $103.9 million. As of December 31, 2020, the estimated fair value of the Company’s mortgage debt was $67.5 million, compared to the gross carrying value $64.4 million.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	8. INCOME TAXES The Company’s earnings (losses), other than those generated by the Company’s TRS, are not generally subject to federal corporate and state income taxes due to the Company’s REIT election. The Company did not pay any federal and state income taxes for the periods ended December 31, 2021 and 2020. The Company did not have any uncertain tax positions as of December 31, 2021 and 2020, respectively. For the year ended December 31, 2021 and 2020, all distributions paid were determined to be 100% returns of capital distributions. The Company’s TRS generated a net operating loss (“NOL”) for the year ended December 31, 2021 and 2020, which can be carried forward to offset future taxable income. As of December 31, 2021 and 2020, the Company had recorded net deferred tax assets of $2,464,768 and $1,466,942, respectively, primarily attributable to its NOLs generated in the current year and prior periods, net of temporary differences primarily related to deprecation. The Company’s NOLs will expire in 2038-2040 for state tax purposes and will not expire for federal tax purposes. As of December 31, 2021 and 2020, the Company had deferred tax assets attributable to NOL carryforwards for federal income tax purposes of $4.2 million and $2.6 million, respectively, and NOL carryforwards for state income tax purposes of $588,661 and $500,450, respectively. As of December 31, 2021, the tax years 2018 through 2021 remain subject to examination by the U.S. Internal Revenue Service (“IRS”) and various state tax jurisdictions. The CARES Act contains numerous income tax provisions, such as temporarily relaxing limitations on the deductibility of interest expense, accelerating depreciable lives of certain qualified building improvements, and allowing for NOL’s arising in tax years beginning after December 31, 2017 and before January 1, 2021 to be carried back to each of the preceding 5-year periods. In addition, for tax years beginning prior to 2021, the CARES Act removed the 80% absorption limitation previously enacted under the Tax Cuts and Jobs Act of 2017. The income tax aspects of the CARES Act are not expected to have a material impact on the Company’s financial statements. The components of the Company’s income tax benefit are as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 ​ 2020 Federal: ​ ​ ​ ​ ​ Deferred $ 976,040 ​ $ 1,028,909 State: ​ ​ ​ ​ ​ Current ​ (76,861) ​ ​ — Deferred ​ 21,786 ​ ​ 207,276 Income tax benefit $ 920,965 ​ $ 1,236,185 ​ The provision for income taxes is dervied from the income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 % ​ 2020 % Expected income tax benefit at U.S. Federal statutory rate ​ $ 1,299,405 -21.0% ​ $ 1,531,225 -21.0% Tax impact of REIT election ​ ​ (620,327) 10.0% ​ ​ (504,981) 6.9% Expected tax benefit at TRS ​ ​ 679,078 -11.0% ​ ​ 1,026,244 -14.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ State income tax (expense) benefit, net ​ ​ (76,859) 1.2% ​ ​ 185,925 -2.5% Temporary differences - deprecation ​ ​ (111,547) 1.8% ​ ​ 24,016 -0.3% Permanent differences - PPP ​ ​ 430,293 -7.0% ​ ​ - 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ $ 920,965 -14.9% ​ $ 1,236,185 -17.0% ​ As of December 31, 2021 and 2020, the Company’s deferred tax assets and liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Deferred Tax Assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards - Federal ​ $ 4,157,396 ​ $ 2,590,484 Net operating loss carryforwards - State ​ ​ 588,661 ​ ​ 500,450 ​ ​ ​ 4,746,057 ​ ​ 3,090,934 Deferred Tax Liabilities: ​ ​ ​ ​ ​ ​ Tax FF&E basis less than book basis - Federal ​ ​ (1,974,462) ​ ​ (1,383,589) Tax FF&E basis less than book basis - State ​ ​ (306,827) ​ ​ (240,403) ​ ​ ​ (2,281,289) ​ ​ (1,623,992) ​ ​ ​ ​ ​ ​ ​ Deferred tax assets, net ​ $ 2,464,768 ​ $ 1,466,942 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS Legendary Capital REIT III, LLC The Advisor earns a one-time acquisition fee of up to 1.4% of the hotel purchase price including funds allocated for any PIP at the time of each hotel property acquisition, a financing fee of up to 1.4% of the hotel purchase price including funds allocated for any PIP at the time of closing the initial financing, and an annual asset management fee of up to 0.75% of the gross assets of the Company, which is payable on a monthly basis. The Advisor will also be paid a refinancing fee of up to 0.75% of the principal amount of any refinancing at the time of closing the refinancing, and a disposition fee equal to between 0.0% and 4.0% of the hotel sales price, payable at the closing of the disposition, and real estate commissions of up to 3.0% of the hotel purchase price in connection with the sale of a hotel property in which the Advisor or its affiliates provided substantial services, but in no event greater than one-half of the total commissions paid with respect to such property if a commission is paid to a third-party as well as the Advisor, and in no event will total commissions exceed 5.0% of the hotel sales price. Certain affiliates of the Advisor may receive an annual guarantee fee equal to 1.0% of the guaranty amount, paid on a monthly basis, for debt obligations of the hotel properties personally guaranteed by such affiliates. The Advisor may earn an annual subordinated performance fee equal to 20% of the distributions after the common stockholders and Operating Partnership limited partners (other than the Series B Limited Partnership Unit (“Series B LP Unit”) holders) have received a 6% cumulative, but not compounded, return per annum. Per the terms of the Operating Partnership’s operating agreement, the Advisor receives distributions from the Operating Partnership in connection with their ownership of non-voting Series B LP Units. The Advisor’s ownership of Series B LP Units is presented as non-controlling interest on the accompanying consolidated financial statements. In years other than the year of liquidation, after the Company’s common stockholders have received a 6% cumulative but not compounded return on their original capital contributions, the Advisor receives distributions equal to 5% of the total distributions made. In the year of liquidation, termination, merger or other cessation of the general partner, or the liquidation of the Operating Partnership, holders of the Series B LP Units shall be distributed an amount equal to 5% of the limited partners’ capital contributions after the common stockholders and the limited partners have received a return of their original capital contributions plus a 6% cumulative but not compounded return. In the year of liquidation, termination, merger or other cessation of the general partner, or the liquidation of the Operating Partnership holders of the Series B LP Units shall also be distributed an amount equal to 20% of the net proceeds from the sale of the properties, after the common stockholders and the limited partners have received a return of their original capital contributions plus a 6% cumulative but not compounded return from all distributions. The Advisor and its affiliates may be reimbursed by the Company for certain organization and offering expenses in connection with the Company’s securities offerings, including legal, printing, marketing and other offering-related costs and expenses. Following the termination of the Offering, the Advisor will reimburse the Company for any such amounts incurred by the Company in excess of 15% of the gross proceeds of the Offering. In addition, the Company may pay directly or reimburse the Advisor and its affiliates for certain costs incurred in connection with its provision of services to the Company, including certain acquisition costs, financing costs, and sales and marketing costs as well as an allocable share of general and administrative overhead costs. All reimbursements are paid to the Advisor and its affiliates at cost. Fees and reimbursements earned and payable to the Advisor and its affiliates, for the year ended December 31, 2021 and 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Fees: ​ ​ ​ Acquisition fees ​ $ 1,036,796 ​ $ 501,949 Financing fees ​ 1,036,796 ​ 501,949 Asset management fees ​ 1,188,607 ​ 831,813 Performance fees ​ ​ 160,774 ​ 143,466 ​ ​ $ 3,422,973 ​ $ 1,979,177 ​ ​ ​ ​ ​ ​ ​ Reimbursements: ​ ​ ​ Offering costs ​ $ 1,739,185 ​ $ 1,241,419 General and administrative ​ 2,996,060 ​ 2,495,118 Sales and marketing ​ 211,691 ​ 185,601 Acquisition costs ​ ​ 106,357 ​ ​ 95,597 ​ ​ $ 5,053,293 ​ $ 4,017,735 ​ For the year ended December 31, 2021 and 2020, the Operating Partnership recognized distributions payable to the Advisor in the amount of $296,164 and $264,280, respectively, in connection with the Advisor’s ownership of Series B LP Units. For the year ended December 31, 2021 and 2020, the Company paid distributions Norman Leslie The members of the Advisor personally guaranty certain loans of the Company and may receive a guarantee fee of up to 1.0% per annum of the guaranty amount. Corey Maple, is a guarantor of the Company’s loans secured by the hotel properties located in Prattville, Alabama and Southaven, Mississippi, which had original loan amounts of $9.6 million and $13.5 million, respectively, is a guarantor of 50% of the loan secured by the Houston Property, which had an original loan amount of $13.9 million, and is a guarantor of the Company’s $5.0 million line of credit which is secured by the hotel properties located in Cedar Rapids, Iowa and Eagan, Minnesota, and 100,000 Common LP Units of Lodging Fund REIT III OP, LP. Norman Leslie, is a guarantor of the Company’s loan secured by the Company’s hotel property in Pineville, North Carolina, which had an original loan amount of $9.3 million. Mr. Maple and Mr. Leslie were also guarantors of the Company’s $3.0 million line of credit Mr. Maple Mr. Leslie As of December 31, 2021 and 2020, the Company had amounts due and payable to the Advisor and its affiliates of $2,035,708 and $1,720,605, respectively, which is included in due to related parties on the accompanying consolidated balance sheets. NHS, LLC dba National Hospitality Services NHS earns a monthly base management fee for property management services, including overseeing the day-to-day operations of the hotel properties equal to 4% of gross revenue. NHS may also earn an accounting fee of $14.00 per room for accounting services, payable monthly, and an administrative fee equal to 0.60% of gross revenues for administrative and other services. The Company reimburses NHS for certain costs of operating the properties incurred on behalf of the Company. All reimbursements are paid to NHS at cost. NHS also earns a flat fee of $5,000 per hotel property for due diligence services, including analyzing, evaluating, and reporting on documentation and information received by sellers or contributors during the period of due diligence. Such fee is waived if, upon acquisition by us, NHS is selected as the management company for the hotel property. NHS is also reimbursed for actual out-of-pocket costs incurred in providing the due diligence services. Fees and reimbursements earned and payable to, NHS for the year ended December 31, 2021 and 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Payable as of ​ ​ For the Year Ended December 31, ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ $ 663,377 ​ $ 458,163 ​ $ 66,407 ​ $ 36,509 Administrative fees ​ 107,466 ​ 70,623 ​ 9,461 ​ 5,648 Accounting fees ​ 125,592 ​ 101,976 ​ 12,726 ​ 10,701 ​ ​ $ 896,435 ​ $ 630,762 ​ $ 88,594 ​ $ 52,858 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reimbursements ​ $ 490,792 ​ $ 271,787 ​ $ 119,638 ​ $ 5,530 ​ One Rep Construction, LLC (“One Rep”) Corey Maple Norman Leslie Legendary A-1 Bonds, LLC (“A-1 Bonds”)

FRANCHISE AGREEMENTS

FRANCHISE AGREEMENTS	12 Months Ended
	Dec. 31, 2021
FRANCHISE AGREEMENTS
FRANCHISE AGREEMENTS	10. FRANCHISE AGREEMENTS As of December 31, 2021 and 2020, all of the Company’s hotel properties were operated under franchise agreements with initial terms of 10 to 18 years. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee of 5% to 6% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs. Certain hotels are also charged a program fee of generally between 3% and 4% of room revenue. The Company paid an initial fee of $50,000 to $175,000 at the time of entering into each franchise agreement which is being amortized over the term of each agreement.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY The Company is authorized to issue 900,000,000 shares of common stock and 100,000,000 shares of preferred stock. Each share of common stock entitles the holder to one vote per share on all matters upon which stockholders are entitled to vote and to receive distributions as authorized by the Company’s board of directors. The Interval Common Stock described below do not have voting rights. The rights of the holders of shares of preferred stock may be defined at such time any series of preferred shares are issued. Common Stock Initial Offering On June 1, 2018, the Company commenced a private offering of shares of common stock, $0.01 par value per share, at a price of $10.00 per share, with a maximum offering of $100,000,000, which was increased to $150,000,000 in December 2021, to accredited investors only pursuant to a confidential private placement memorandum exempt from registration under the Securities Act of 1933, as amended. Dividend Reinvestment Plan The Company has adopted a dividend reinvestment plan (“DRIP”), which permits stockholders to reinvest their distributions back into the Company, purchasing shares of common stock at 95% of the then-current share net asset value (“NAV”). Distributions Distributions are determined by the board of directors based on the Company’s financial condition and other relevant factors. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Cash ​ ​ Distributions ​ Declared Per ​ Distributions Paid (3) ​ Flows Provided By Period Declared (1) Share (1) (2) Cash Reinvested Total (Used In) Operations First Quarter 2021 ​ $ 1,430,216 ​ $ 0.175 ​ $ 246,084 ​ $ 1,081,828 ​ $ 1,327,912 ​ $ (1,292,235) Second Quarter 2021 ​ ​ 1,465,038 ​ ​ 0.175 ​ ​ 251,625 ​ ​ 1,107,080 ​ ​ 1,358,705 ​ ​ 853,375 Third Quarter 2021 ​ ​ 1,500,023 ​ ​ 0.175 ​ ​ 1,114,951 ​ ​ 1,223,741 ​ ​ 2,338,692 ​ ​ 122,840 Fourth Quarter 2021 ​ ​ 1,527,992 ​ ​ 0.175 ​ ​ 1,340,091 ​ ​ 551,391 ​ ​ 1,891,482 ​ ​ (732,378) ​ ​ $ 5,923,269 ​ $ 0.700 ​ $ 2,952,751 ​ $ 3,964,040 ​ $ 6,916,791 ​ $ (1,048,398) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Cash ​ ​ Distributions ​ Declared Per ​ Distributions Paid (3)(4) ​ Flows Provided By Period Declared (1) Share (1) (2) Cash Reinvested Total (Used In) Operations First Quarter 2020 ​ $ 1,204,910 ​ $ 0.175 ​ $ 691,604 ​ $ 418,286 ​ $ 1,109,890 ​ $ (1,141,973) Second Quarter 2020 ​ ​ 1,313,186 ​ ​ 0.175 ​ ​ — ​ ​ — ​ ​ — ​ ​ (349,329) Third Quarter 2020 ​ ​ 1,368,309 ​ ​ 0.175 ​ ​ 213,784 ​ ​ 1,410,688 ​ ​ 1,624,472 ​ ​ 892,326 Fourth Quarter 2020 ​ ​ 1,397,802 ​ ​ 0.175 ​ ​ 245,789 ​ ​ 1,054,379 ​ ​ 1,300,168 ​ ​ (202,710) ​ ​ $ 5,284,207 ​ $ 0.700 ​ $ 1,151,177 ​ $ 2,883,353 ​ $ 4,034,530 ​ $ (801,686) ​ (1) Distributions for the years ended December 31, 2021 and 2020 were based on daily record dates and were calculated based on stockholders of record each day during this period at a rate of $0.00191781 per share per day. Distributions for the periods from April 1, 2020 through June 30, 2020 were payable to each stockholder in shares of common stock issued through the DRIP, or at the election of the stockholder, in shares of common stock valued at $10.00 per share. Distributions for the periods from July 1, 2020 through March 31, 2021 were payable to each stockholder 30% in cash (or through the DRIP if then currently enrolled in the DRIP) and 70% in shares of common stock issued through the DRIP, or at the election of the stockholder, in shares of common stock valued at $10.00 per share. Distributions for the periods from April 1, 2021 through June 30, 2021 were payable to each stockholder 60% in cash (or through the DRIP if then currently enrolled in the DRIP) and 40% in shares of common stock issued through the DRIP, or at the election of the stockholder, in shares of common stock valued at $10.00 per share. Distributions for the period from July 1, 2021 through September 30, 2021 were payable to each stockholder as 100% in cash on a monthly basis. Distributions for the period from October 1, 2021 through December 31, 2021 were payable to each stockholder as 100% in cash on a monthly basis. (2) Assumes each share was issued and outstanding each day that was a record date for distributions during the period presented. (3) During 2019 and through the first quarter of 2020, distributions were paid on a monthly basis. Beginning the second quarter of 2020 through the second quarter of 2021, distributions were paid on a quarterly basis. Beginning in the third quarter of 2021, distributions were paid on a monthly basis. In general, distributions for all record dates of a given month are paid on or about the tenth day of the following month. (4) Distributions for the period from March 1, 2020 through March 31, 2020 and April 1, through June 30, 2020 were paid in July 2020. Distributions for the period from July 1, 2020 through September 30, 2020 were paid in October 2020. Share Repurchase Plan The board of directors has adopted a share repurchase plan that may enable its stockholders to have their shares repurchased in limited circumstances. In its sole discretion, the board of directors could choose to terminate or suspend the plan or to amend its provisions without stockholder approval. The repurchase plan may be reviewed and modified by the board of directors as it deems necessary in its sole discretion. The price at which the Company will repurchase shares is dependent on the amount of time the holder has owned the shares, and the then current value of the shares. There are several limitations on the Company’s ability to repurchase shares under the share repurchase plan, including, but not limited to, a limitation that during any calendar year, the maximum number of shares potentially eligible for repurchase can only be the number of shares that the Company could purchase with the amount of net proceeds from the sale of shares under the Company’s dividend reinvestment plan during the prior calendar year. The board of directors may, in its sole discretion, reject any request for repurchase and may, at any time and without stockholder approval, upon 10 business days’ written notice to the stockholders (i) amend, suspend or terminate its share repurchase plan and (ii) increase or decrease the funding available for the repurchase of shares pursuant to our share repurchase plan. The Company repurchased 88,088 shares pursuant to repurchase requests received during the year ended December 31, 2021, which represented an original investment of $880,883 for $856,605. As of December 31, 2021, $299,286 of the redemption proceeds had not yet been paid and was included in other liabilities on the accompanying consolidated balance sheets. During the year ended December 31, 2020 we repurchased 64,190 shares, which represents an original investment of $641,898 for $590,547. As of December 31, 2021, the Company had $3,070,332 available for eligible repurchases in all of 2022. Interval Common Stock Distributions Holders of shares of Interval Common Stock will be entitled to receive, when and as authorized by the board of directors of the Company and declared by the Company, distributions at a rate equal to 86% of the distribution rate for the Company’s common stock as authorized by the board of directors and declared by the Company. Distributions on the Interval Shares may be paid in cash, capital stock of the Company or a combination of cash and capital stock of the Company as determined by the board of directors and will be paid at such times as distributions are paid to the holders of common stock. Repurchase Plan The board of directors has adopted a repurchase plan for the Interval Common Stock (the “Repurchase Plan”). The Repurchase Plan is generally available to holders of Interval Common Stock who have held their shares of Interval Common Stock (“Interval Shares”) for at least one year. The Repurchase Plan provides that so long as the Repurchase Reserve (defined below) exists, the Company will repurchase up to the lesser of (i) 5% of the aggregate value of the Interval Shares (“Interval Shares Value”) on the last day of the same calendar quarter of the preceding year and (ii) 5% of the Interval Shares Value on the last day of the preceding calendar quarter. After the Repurchase Reserve has been exhausted, the Company will limit repurchases of Interval Shares to repurchases that can be made with the net proceeds from the dividend reinvestment plan for the Interval Shares received in the prior calendar year up to the lesser of (i) 1.25% per calendar quarter and (ii) 5% per calendar year of the Interval Shares Value. The limitations described in this paragraph are referred to as the “Repurchase Limitations.” The Company will establish a reserve (the “Repurchase Reserve”) of liquid assets in an amount equal to 20% of the aggregate gross proceeds from the Company’s private offering of Interval Shares, which will be comprised of cash and cash-like instruments, government securities, publicly traded REIT shares and other publicly traded securities (the “Reserve Assets”), but which is expected to primarily include publicly traded REIT shares. The Repurchase Reserve will be used solely to repurchase the Interval Shares. The board of directors may, but has no obligation to, increase the amount of the Repurchase Reserve at any time. The Company will have no obligation to restore any amounts resulting from a decline in value of the Reserve Assets. After the Repurchase Reserve has been exhausted, subject to the Repurchase Limitations, the Company will use only the net proceeds from the dividend reinvestment plan received in the prior calendar year to repurchase the Interval Shares. Subject to the Repurchase Limitations, on the applicable repurchase date, the Company will repurchase the Interval Shares timely submitted for repurchase for a price equal to the NAV per share of the Company’s common stock on such repurchase date as determined by the board of directors. The board of directors may, upon 10 days’ written notice to the holders of Interval Shares, amend, suspend or terminate the Repurchase Plan at any time, and such amendment, suspension or termination may be implemented immediately. Notwithstanding the foregoing, the Repurchase Plan may not be terminated prior to the date the Repurchase Reserve is exhausted. Interval Share Offering The Company is offering up to 3,000,000 shares of Interval Common Stock in the Company’s ongoing private offering, which amount may be increased to up to 6,000,000 Interval Shares in the sole discretion of the board of directors. Except as otherwise provided in the offering memorandum, the initial purchase price for the Interval Shares is $10.00 per Interval Share, with Interval Shares purchased in the Company’s dividend reinvestment plan at an initial price of $9.50 per Interval Share. As of December 31, 2021, the Company had not issued or sold any shares of Interval Common Stock. See Note 13. Non-Controlling Interests The Operating Partnership currently has four classes of Limited Partner Units which include the Common LP Units, the Series B LP Units, the Series T LP Units and the GO Limited Units. The Series B LP Units are issued to the Advisor and entitle the Advisor to receive annual distributions and an incentive distribution based on the net proceeds received from the sale of the Projects. Non-Controlling Interest – Series T LP Units The Series T LP Units are expected to be issued to persons who contribute their property interests in certain Projects to the Partnership in exchange for Series T LP Units. The Series T LP Units will have allocations and distributions as determined by the General Partner in its sole discretion at the time of issuance of the Series T LP Units, and any Series T LP Units issued may have different allocations and distributions than other Series T LP Units. The Series T LP Units are eligible for conversion into Common LP Units beginning 36 months after their issuance, and will automatically convert into Common LP Units upon other events. As of December 31, 2021, the Company had recorded an aggregate value of $21.9 million to the Series T LP Units in connection with such property contributions. Non-Controlling Interest – Series GO LP Units Distributions The holders of Series GO LP Units will not receive any distributions from the Operating Partnership until after they have held their Series GO LP Units for a period of 18 months. Thereafter, the Series GO Limited Partners will receive the same distributions payable to the holders of the Common LP Units and GP Units (together with the Series GO LP Units and Interval Units, the “Participating Partnership Units”), other than with respect to proceeds received upon the sale or exchange of a property which are not reinvested in additional properties. Upon the sale of all or substantially all of the GP Units held by LF REIT III or any sale, exchange or merger of LF REIT III or the Operating Partnership (each, a “Termination Event”), or with respect to proceeds received upon the sale or exchange of a property which are not reinvested in additional properties, distributions will be made between the Series GO LP Units and the other Participating Partnership Units as follows: (i) first, to the Participating Partnership Units in proportion to their Partnership Units until the GP Units (the Common LP Units and the Interval Units) have received 70% of their original capital contributions (determined on a grossed-up basis) reduced by any prior distributions received in connection with the sale of a property in which the sale proceeds are not reinvested in additional properties; (ii) second, to the Participating Partnership Units in proportion to their Partnership Units until each Participating Partnership Unit has received a Participating Amount ($1.00 for any period after December 31, 2020, $2.00 for any period after December 31, 2021 and $3.00 for any period after December 31, 2022, determined as a singular determination and not a cumulative determination); (iii) third, to the Participating Partnership Units (other than the Series GO LP Units) in proportion to their Partnership Units until the GP Units have received any remaining unreturned original capital contributions; (iv) fourth, to the Series GO Limited Partners in proportion to their Series GO LP Units until the amount distributed to the Series GO Limited Partners per Series GO LP Unit is equal to the amount distributed to the Participating Partnership Units per Participating Partnership Unit (other than the Series GO Limited Partners) pursuant to (iii); and (v) thereafter, to the Participating Partnership Units in proportion to their Participating Partnership Units. GO Unit Offering On June 15, 2020, the Operating Partnership commenced a private offering of limited partnership units in the OP, designated as Series GO LP Units, with a maximum offering of $20,000,000, which could be increased to $30,000,000 in the sole discretion of LF REIT III as the General Partner of the Operating Partnership (the “GO Unit Offering”) to accredited investors only, pursuant to a confidential private placement memorandum exempt from registration under the Securities Act of 1933, as amended. The Series GO LP Units were being offered until the earlier of (i) the sale of $20,000,000 in Series GO LP Units (which could be increased to $30,000,000 in the Company’s sole discretion), (ii) June 14, 2022 or (iii) the Operating Partnership terminates the GO Unit Offering at an earlier date in its sole discretion. Our board of directors terminated the GO Unit Offering as of February 14, 2022. As of December 31, 2021, the Operating Partnership had issued and sold 2,210,411 Series GO LP Units and received aggregate proceeds of $15.2 million. ​ Non-Controlling Interest – Series B LP Units Distributions Under the Operating Partnership Agreement, the Advisor, as the Series B Limited Partner, will receive, from the Operating Partnership, distributions as follows: (a) for all years, an amount equal to 5.0% of the total of (i) the total distributions made to the Partners (other than the Series B Limited Partner) and (ii) the total distributions made to the Series B Limited Partner, after the Partners (other than the Series B Limited Partner) have received a 6.0% cumulative, but not compounded, return on their original capital contributions, and (b) for the year of liquidation or other cessation of the General Partner or the Partnership, an amount equal to 5.0% of the original capital contributions made by the Partners, after the Partners (other than the Series B Limited Partner) have received a return of their capital contributions plus a six percent (6%) cumulative, but not compounded return from all distributions. Series B LP Unit Offering As of December 31, 2021, the Operating Partnership has issued 1,000 Series B LP Units to the Advisor. Non-Controlling Interest – Common LP Units On December 3, 2021, the Operating Partnership commenced a private placement offering of its Common LP Units. As of December 31, 2021, the Operating Partnership had issued and sold 152,100 Common LP Units in connection with the Northbrook Property acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Impact of COVID-19 Legal Matters The SEC is conducting an investigation related to the Company’s reimbursement of and financial accounting for certain expenses incurred by the Advisor, as well as the adequacy of its disclosures related to those policies and practices. The Company is cooperating with the SEC and has produced documents and other information requested by the SEC. The Advisor has retained independent counsel and is also cooperating with the SEC inquiry. The Company remains committed to maintaining the highest standards for compliance with securities regulations and will continue to work with the SEC to address and resolve any questions or concerns that the SEC may raise. At this time, the Company is unable to estimate the cost of complying with the inquiry or its outcome. Property Acquisitions The seller of the Pineville Property, may be entitled to additional cash consideration if the property exceeds certain performance criteria based on increases in the property’s net operating income (“NOI”) for a selected 12-month period of time. At any time during the period beginning April 1, 2021 through the date of the final NOI determination (on or about April 30, 2023), the seller of the property may make a one-time election to receive the additional consideration. The variable amount of the additional consideration, if any, is based on the excess of the property’s actual NOI over a base NOI for the applicable 12-month calculation period divided by the stated cap rate for such calculation period. As of December 31, 2021, no additional consideration had paid to the seller of the Pineville Property, and no election to receive the additional consideration had been made. ​ In November 2019, the Company entered into a purchase agreement, to acquire three hotel properties in Pennsylvania, from a third party group of sellers (collectively, the “PA Sellers”), for $46.9 million plus closing costs, subject to adjustment as provided in the purchase agreement. The Company has deposited a total of $1.5 million into escrow as earnest money (the “Earnest Money”) pending the closing or termination of the purchase agreement. In July 2020, the Company and the PA Sellers exchanged written notices of default with one another in accordance with the terms of the purchase agreement. The notice from each party was based on allegations that the other party failed to perform its obligations under the purchase agreement. On October 27, 2020, the PA Sellers filed a lawsuit against Lodging Fund REIT III OP, LP in the Supreme Court of Pennsylvania alleging breach of the purchase agreement. The PA Sellers seek the full amount of the Earnest Money and recovery of fees and expenses incurred in bringing the lawsuit. The lawsuit is in an early stage and the likelihood of any material loss in connection with the case cannot be determined at this time. As a result, no amount was recorded related to this matter as of December 31, 2021, the Earnest Money remained in escrow and is included in restricted cash on the accompanying consolidated balance sheets. ​ Properties under Contract ​ On August 24, 2021, the Operating Partnership entered into a Contribution Agreement (the “HGI El Paso Contribution Agreement”), pursuant to which the contributor agreed to contribute the 153-room Hilton Garden Inn El Paso University hotel in El Paso, Texas (the “HGI El Paso Property”) to the Operating Partnership. The aggregate contractual consideration for the HGI El Paso Property is $17,600,000 plus closing costs, subject to adjustment as provided in the HGI El Paso Contribution Agreement. The majority of the consideration consists of the assumption or refinancing by the Operating Partnership of existing debt secured by the HGI El Paso Property. The remaining consideration consists of the issuance by the Operating Partnership of Series T LP Units of the Operating Partnership. Pursuant to the HGI El Paso Contribution Agreement, the Operating Partnership is responsible for up to $100,000 of certain closing costs to be agreed upon by the parties. As required by the HGI El Paso Contribution Agreement, the Operating Partnership has deposited $50,000 into escrow as earnest money pending the closing or termination of the HGI El Paso Contribution Agreement. Except in certain circumstances described in the HGI El Paso Contribution Agreement, if the Operating Partnership fails to perform its obligations under the HGI El Paso Contribution Agreement, it will forfeit the earnest money. ​ See Note 13 for a description of the contribution agreements entered into subsequent to December 31, 2021. ​ The Company is still conducting its diligence review with respect to each of these properties. These pending acquisitions are subject to the Company’s completion of satisfactory due diligence and other closing conditions. There can be no assurance the Company will complete any or all of these pending property contributions on the contemplated terms, or at all. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Distributions Paid On January 10, 2022, the Company paid cash distributions totaling $297,905 and DRIP distributions totaling $189,453 paid in shares of Common Stock in the Company and cash distributions totaling $8,300 for Common Limited Units of the Operating Partnership for daily record dates in the period from December 1, 2021 through December 31, 2021. ​ On February 1, 2022, the Company declared cash distributions totaling $302,840 and DRIP distributions totaling $187,360, cash distributions totaling $8,873 for Common Limited Units of the Operating Partnership and cash distributions totaling $672 for Series GO LP Units of the Operating Partnership, at a daily rate of $0.00191781 per share of Common Stock in the Company, equivalent to an annualized rate of seven percent (7.00%) per share based on the Company’s current share net asset value of $10.00, for daily record dates January 1 through January 31, 2022 to holders of record on each calendar day of such period. The distribution declared for January 2022 was paid on February 10, 2022. ​ On March 3, 2022, we declared cash distributions totaling $305,211 and DRIP distributions totaling $189,429, cash distributions totaling $28,997 for Common Limited Units of the Operating Partnership and cash distributions totaling $5,105 for Series GO LP Units of the Operating Partnership, at a daily rate of $0.00191781 per share of Common Stock in the Company, equivalent to an annualized rate of seven percent (7.00%) per share based on the Company’s current share net asset value of $10.00, for daily record dates February 1 through February 28, 2022 to holders of record on each calendar day of such period. The distribution declared for February 2022 was paid on March 10, 2022. ​ Recent Property Acquisitions Hampton Inn & Suites Fargo Medical Center – Fargo, North Dakota On January 18, 2022, the Operating Partnership acquired a Hampton Inn & Suites hotel property in Fargo, North Dakota (the “Fargo Property”) pursuant to an Amended and Restated Contribution Agreement (the “Fargo Amended Contribution Agreement”), dated as of the same date. The aggregate consideration under the Fargo Amended Contribution Agreement was $11.4 million plus closing costs of approximately $0.3 million, subject to adjustment as provided in the Fargo Amended Contribution Agreement. The consideration consists of a loan (the “Original Hampton Fargo Loan”) assumed by subsidiaries of the Operating Partnership with Legendary A-1 Bonds, LLC (the “Lender”), which is an affiliate of the Advisor which is owned by Norman Leslie and Corey Maple, each a director and executive officer of the Company and principal of the Advisor, in the amount of $7.2 million secured by the Fargo Property, the issuance by the Operating Partnership of approximately $4.05 million in Series T LP Units of the Operating Partnership, and the payment by the Operating Partnership of $150,000 in cash. The assumed loan had a fixed interest rate of 7.0% per annum and matures on October 3, 2022, which could be extended by the Company for an additional one-year term upon satisfaction of certain conditions contained in the assumed loan agreement, including no then-existing event of default. On February 23, 2022, pursuant to the Business Loan Agreement, dated as of February 23, 2022 (the “New Loan Agreement”), the Company entered into a new $7.4 million loan with Western State Bank (the “New Lender”), which is secured by the Hampton Fargo (the “New Hampton Fargo Loan”). The New Lender is not affiliated with the Company or the Advisor. The New Hampton Fargo Loan is evidenced by a promissory note and has a fixed interest rate of 4.00% per annum. The New Hampton Fargo Loan matures five years after the effective date. The New Hampton Fargo Loan requires monthly payments of principal and interest, with the outstanding principal and interest due at maturity. The New Hampton Fargo Loan will move to monthly interest-only payments for 12 months once the PIP funds are placed on deposit with the New Lender and work on the PIP begins. The Company has the right to prepay all or a portion of the New Hampton Fargo Loan at any time without penalty. The Company used the proceeds of the New Hampton Fargo Loan to repay in full the Original Hampton Fargo Loan described above. ​ The New Loan Agreement requires the maintenance of covenants concerning an annual debt service coverage ratio beginning for each fiscal year beginning December 31, 2023, the maintenance of a replacement reserve account beginning 30 days after loan origination and the monthly escrow for property taxes as further described in the New Loan Agreement. The New Loan Agreement contains customary events of default, including payment defaults, as further described therein. If an event of default occurs under the New Loan Agreement, the New Lender may accelerate the repayment of amounts outstanding under the New Loan Agreement and exercise other remedies subject, in certain instances, to the expiration of applicable cure periods. ​ Pursuant to the New Loan Agreement, the Operating Partnership entered into a Guaranty (the “OP Guaranty ”) ​ In connection with the acquisition, the Company entered into a Management Agreement with KAJ Hospitality Inc. (“KAJ”) (the “KAJ Management Agreement”) to provide property management and hotel operations management services for the Fargo Property. The KAJ Management Agreement has an initial term of five years after its effective date, which automatically renews for successive one-year periods, unless terminated in accordance with its terms. Pursuant to the KAJ Management Agreement, the Company agrees to pay to KAJ a management fee equal to 3.0% of total revenues plus an accounting fee of $14.00 per room for accounting services, payable monthly. KAJ may also receive incentive management fees if certain performance metrics are achieved. The Company also reimburses KAJ for certain costs of operating the property incurred on behalf of the Company. All reimbursements are paid to KAJ at cost. T he KAJ Management Agreement may be terminated upon the occurrence of an Event of Default (as defined in the KAJ Management Agreement), subject in certain cases to applicable notice and cure periods as described in the KAJ Management Agreement. The Company may terminate the KAJ Management Agreement if certain performance metrics are not met by KAJ. ​ The Company funded the acquisition of the Fargo Property with proceeds from its ongoing private offerings, Series T LP Units issued to the Contributor as described above, and an assumed loan secured by the Fargo Property. The Fargo Property is a 90-room property. ​ Courtyard El Paso Airport – El Paso, Texas ​ On February 8, 2022, the Operating Partnership acquired a Courtyard by Marriott hotel property in El Paso, Texas (the “El Paso Airport Property”) pursuant to an Amended and Restated Contribution Agreement (the “El Paso Airport Amended Contribution Agreement”), dated as of the same date. The aggregate consideration under the El Paso Airport Amended Contribution Agreement was $15.21 million plus closing costs of approximately $0.3 million, subject to adjustment as provided in the El Paso Airport Amended Contribution Agreement. The consideration consists of a new loan entered into by subsidiaries of the Operating Partnership with Legendary A-1 Bonds, LLC (the “Lender”), which is an affiliate of the Advisor which is owned by Norman Leslie and Corey Maple, each a director and executive officer of the Company and principal of the Advisor, in the amount of $9.99 million secured by the El Paso Airport Property, the issuance by the Operating Partnership of approximately $4.6 million in Common Limited Units of the Operating Partnership, and the payment by the Operating Partnership of $620,000 in cash. The new loan has a fixed interest rate of 7.0% per annum and matures on February 7, 2023, which may be extended by the Company for an additional one-year term upon satisfaction of certain conditions contained in the new loan agreement, including no then-existing event of default. The new loan requires monthly payments of interest-only throughout the term, with the outstanding principal and interest due at maturity. The Company has the right to prepay the new loan in full at any time without a fee. The new loan requires Borrower to fund an insurance and tax reserve account at closing. ​ In connection with the acquisition, the Company entered into a Management Agreement with Aimbridge Hospitality, LLC (“Aimbridge”) (the “Aimbridge Management Agreement”) to provide property management and hotel operations management services for the El Paso Airport Property. The Aimbridge Management Agreement has an initial term of five years after its effective date, which automatically renews for successive one-year periods, unless terminated in accordance with its terms. Pursuant to the Aimbridge Management Agreement, the Company agrees to pay to Aimbridge a management fee equal to 3% of total revenues, an accounting fee of $3,000 for accounting services, payable monthly, which amount will increase annually by 3% on January 1 of each fiscal year beginning on January 1, 2023. Aimbridge will also receive additional fees of $2,550 per month for customized accounting services, revenue management and digital marketing, which amount will increase annually by 3% on January 1 of each fiscal year beginning on January 1, 2023. Aimbridge may also receive incentive management fees if certain performance metrics are achieved. The Company also reimburses Aimbridge for certain costs of operating the property incurred on behalf of the Company. All reimbursements are paid to Aimbridge at cost. T he Aimbridge Management Agreement may be terminated upon the occurrence of an Event of Default (as defined in the Aimbridge Management Agreement), subject in certain cases to applicable notice and cure periods as described in the Aimbridge Management Agreement. The Company may terminate the Aimbridge Management Agreement in connection with the sale of the El Paso Airport Property upon at least ninety days’ written notice to Aimbridge and the payment of a termination fee, the amount of which varies depending on the timing of such termination. ​ The Company funded the acquisition of the El Paso Airport Property with proceeds from its ongoing private offerings, Common Limited Units issued to the Contributor as described above, and a new loan secured by the El Paso Airport Property. The El Paso Airport Property is a 90-room property. ​ Fairfield Inn & Suites Denver Southwest Lakewood – Lakewood, Colorado ​ On March 29, 2022, the Operating Partnership acquired a Fairfield Inn & Suites hotel property in Lakewood, Colorado (the “Lakewood Property”) pursuant to an Amended Contribution Agreement (the “Lakewood Amended Contribution Agreement”), dated as of March 22, 2022. The aggregate consideration under the Lakewood Amended Contribution Agreement was $19.4 million plus closing costs of approximately $0.4 million, subject to adjustment as provided in the Lakewood Amended Contribution Agreement. The consideration consists of a new loan entered into by subsidiaries of the Operating Partnership with Legendary A-1 Bonds, LLC (the “Lender”), which is an affiliate of the Advisor which is owned by Norman Leslie and Corey Maple, each a director and executive officer of the Company and principal of the Advisor, in the amount of $12.61 million secured by the Lakewood Property, the issuance by the Operating Partnership of approximately $6.238 million in Series T LP Units of the Operating Partnership, and the payment by the Operating Partnership of $552,000 in cash, the use and disbursement of, which is subject to the review and discretion of the Operating Partnership. The new loan has a fixed interest rate of 7.0% per annum and matures on March 28, 2023, which may be extended by us for an additional one-year term upon satisfaction of certain conditions contained in the new loan agreement, including no then-existing event of default. The new loan requires monthly payments of interest-only throughout the term, with the outstanding principal and interest due at maturity. The Company has the right to prepay the new loan in full at any time without a fee. The new loan requires Borrower to fund an insurance and tax reserve account at closing. ​ In addition to the $12.61 million loan, there is a $1.235 million loan guaranteed by RLC-VI Lakewood, LLC and Rockies Lodging Capital, LLC with a fixed interest rate of 7.0% per annum and matures on May 28, 2022 with the ability to extend to June 28, 2022. Any amount not repaid as of June 28, 2022 will be offset by Series T LP Units previously issued to the Contributor at a rate of 1.75:1 at the time of the conversion event, as defined in the Lakewood Amended Contribution Agreement, and the conversion cap rate, as defined in the Lakewood Amended Contribution Agreement, will increase to 8.75%. ​ In connection with the acquisition, the Company entered into a Management Agreement with NHS, LLC dba National Hospitality Services (“NHS”), an affiliate of the Advisor which is wholly-owned by Norman Leslie, a director and executive officer of the Company and a principal of the Advisor, to provide property management and hotel operations management services for the Lakewood Property. The agreement has an initial term expiring on December 31, 2027, which automatically renews for a period of five years on each successive five-year period, unless terminated in accordance with its terms. NHS earns a monthly base management fee for property management services equal to 3% of gross revenue, an accounting fee of $14.00 per room for accounting services, payable monthly, and an administrative fee equal to 0.60% of gross revenues for administrative and other services. The Company will also reimburse NHS for certain costs of operating the property incurred on behalf of the Company. All reimbursements are paid to NHS at cost, and the agreement can be terminated at any time without liquidated damages. ​ The Company funded the acquisition of the Lakewood Property with proceeds from its ongoing private offerings, Series T LP Units issued to the Contributor as described above, and a new loan secured by the Lakewood Property. The Lakewood Property is a 142-room property. ​ Properties Under Contract ​ On February 1, 2022, the Operating Partnership and RLC V RIFC, LLC (the “RI Contributor”) entered into a Legendary Equity Preservation UPREIT (Pat. Pend.) Contribution Agreement (the “RI Contribution Agreement”), pursuant to which the RI Contributor agreed to contribute the 113-room Residence Inn by Marriott Fort Collins hotel in Fort Collins, Colorado (the “RI Hotel Property”) to the Operating Partnership. The RI Contributor is not affiliated with the Company or Legendary Capital REIT III, LLC, the Company’s external advisor. The aggregate consideration for the RI Hotel Property under the RI Contribution Agreement is $17,700,000 plus closing costs, subject to adjustment as provided in the RI Contribution Agreement. The majority of the consideration consists of the assumption or refinancing by the Operating Partnership of existing debt secured by the RI Hotel Property. The remaining consideration consists of the issuance by the Operating Partnership of Series T LP Units of the Operating Partnership. As required by the RI Contribution Agreement, the Operating Partnership deposited $100,000 into escrow as earnest money pending the closing or termination of the RI Contribution Agreement. Except in certain circumstances described in the RI Contribution Agreement, if the Operating Partnership fails to perform its obligations under the RI Contribution Agreement, it will forfeit the earnest money. ​ On February 1, 2022, the Operating Partnership and RLC-IV CYFC, LLC (the “CY Contributor”) entered into a Legendary Equity Preservation UPREIT (Pat. Pend.) Contribution Agreement (the “CY Contribution Agreement”), pursuant to which the CY Contributor agreed to contribute the 112-room Courtyard by Marriott Fort Collins hotel in Fort Collins, Colorado (the “CY Hotel Property”) to the Operating Partnership. The CY Contributor is not affiliated with the Company or Legendary Capital REIT III, LLC, the Company’s external advisor. The aggregate consideration for the CY Hotel Property under the CY Contribution Agreement is $15,000,000 plus closing costs, subject to adjustment as provided in the CY Contribution Agreement. The majority of the consideration consists of the assumption or refinancing by the Operating Partnership of existing debt secured by the CY Hotel Property. The remaining consideration consists of the issuance by the Operating Partnership of Series T LP Units of the Operating Partnership. As required by the CY Contribution Agreement, the Operating Partnership deposited $100,000 into escrow as earnest money pending the closing or termination of the CY Contribution Agreement. Except in certain circumstances described in the CY Contribution Agreement, if the Operating Partnership fails to perform its obligations under the CY Contribution Agreement, it will forfeit the earnest money. ​ On March 21, 2022, the Operating Partnership and Smith/Curry Hotel Group HH-Harris, LLC (the “Charlotte HGI Contributor”) entered into a Legendary Equity Preservation UPREIT (Pat. Pend.) Contribution Agreement (the “Charlotte HGI Contribution Agreement”), pursuant to which the Charlotte HGI Contributor agreed to contribute the 112-room Hilton Garden Charlotte North hotel in Charlotte, North Carolina (the “Charlotte HGI Hotel Property”) to the Operating Partnership. The Charlotte HGI Contributor is not affiliated with the Company or Legendary Capital REIT III, LLC, the Company’s external advisor. The aggregate consideration for the Charlotte HGI Hotel Property under the Charlotte HGI Contribution Agreement is $15,000,000 plus closing costs, subject to adjustment as provided in the Charlotte HGI Contribution Agreement. The majority of the consideration consists of the assumption or refinancing by the Operating Partnership of existing debt secured by the Charlotte HGI Hotel Property. The remaining consideration consists of the issuance by the Operating Partnership of Series T LP Units of the Operating Partnership and cash at closing. As required by the Charlotte HGI Contribution Agreement, the Operating Partnership deposited $100,000 into escrow as earnest money pending the closing or termination of the Charlotte HGI Contribution Agreement. Except in certain circumstances described in the Charlotte HGI Contribution Agreement, if the Operating Partnership fails to perform its obligations under the Charlotte HGI Contribution Agreement, it will forfeit the earnest money. ​ On March 21, 2022, the Operating Partnership and Smith/Curry Hotel Group Pineville II, LLC (the “Pineville HGI Contributor”) entered into a Legendary Equity Preservation UPREIT (Pat. Pend.) Contribution Agreement (the “Pineville HGI Contribution Agreement”), pursuant to which the Pineville HGI Contributor agreed to contribute the 113-room Hilton Garden Pineville hotel in Pineville, North Carolina (the “Pineville HGI Hotel Property”) to the Operating Partnership. The Pineville HGI Contributor is not affiliated with the Company or Legendary Capital REIT III, LLC, the Company’s external advisor. The aggregate consideration for the Pineville HGI Hotel Property under the Pineville HGI Contribution Agreement is $10,700,000 plus closing costs, subject to adjustment as provided in the Pineville HGI Contribution Agreement. The majority of the consideration consists of the assumption or refinancing by the Operating Partnership of existing debt secured by the Pineville HGI Hotel Property. The remaining consideration consists of the issuance by the Operating Partnership of Series T LP Units of the Operating Partnership and cash at close. As required by the Pineville HGI Contribution Agreement, the Operating Partnership deposited $100,000 into escrow as earnest money pending the closing or termination of the Pineville HGI Contribution Agreement. Except in certain circumstances described in the Pineville HGI Contribution Agreement, if the Operating Partnership fails to perform its obligations under the Pineville HGI Contribution Agreement, it will forfeit the earnest money. ​ The Company is still conducting its diligence review with respect to each of these properties. These pending acquisitions are subject to its completion of satisfactory due diligence and other closing conditions. There can be no assurance the Company will complete any or all of these pending property contributions on the contemplated terms, or at all. Status of the GO Unit Offering Our board of directors terminated the GO Unit Offering as of February 14, 2022. With the exception of pending subscription agreements submitted before February 14, 2022, but not yet admitted, from the inception of the offering through termination, we had issued and sold 3,104,979 Series GO LP Units, resulting in the receipt of gross GO Unit Offering proceeds of $21.4 million. Status of the Offering Our board of directors extended the term of the Offering to May 31, 2023. As of March 30, 2021, the Company’s private offering remained open for new investment, and since the inception of the offering the Company had issued and sold 8,814,430 shares of common stock, including 869,543 shares issued pursuant to the DRIP, resulting in the receipt of gross offering proceeds of $84.8 million. Status of the Interval Share Offering Our board of directors intends to allow the Interval Share Offering to expire on March 31, 2022. Series T LP Units On January 18, 2022, the Operating Partnership issued 405,130 Series T LP Units in connection with the contribution of the Fargo Property. On March 29, 2022, the Operation Partnership issued 623,800 Series T LP Units in connection with the contribution of the Lakewood Property. Common LP Units On February 8, 2022, the Operating Partnership issued 460,000 Common LP Units in connection with the contribution of the El Paso Airport Property. ​ ****** ​

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SCHEDULE III - Real Estate and Accumulated Depreciation
SCHEDULE III - Real Estate and Accumulated Depreciation	Real Estate and Accumulated Depreciation As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Acquisition ​ Gross Amounts at End of Year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building, ​ Building, ​ ​ ​ Building, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Building ​ Building ​ Land and ​ Building ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Number ​ ​ ​ ​ Land ​ Improvements ​ Improvements ​ Land ​ Improvements ​ ​ ​ Accumulated ​ Depreciable Description ​ Acquired ​ of Rooms ​ Encumbrances ​ Improvements ​ and FF&E ​ and FF&E ​ Improvements ​ and FF&E ​ Total (1) ​ Depreciation ​ Lives Holiday Inn Express - ​ Nov - 2018 ​ 83 ​ $ 5,858,134 ​ $ 1,536,966 ​ $ 6,321,367 ​ $ 876,471 ​ $ 1,547,077 ​ $ 7,197,838 ​ $ 8,744,915 ​ $ (916,241) ​ 3 - 40 yrs. Hampton Inn & Suites - ​ Mar - 2019 ​ 111 ​ ​ 8,782,284 ​ 2,014,533 ​ ​ 12,327,740 ​ ​ 1,184,200 ​ ​ 2,014,533 ​ ​ 13,511,940 ​ ​ 15,526,473 ​ ​ (1,265,399) ​ 3 - 40 yrs. Hampton Inn - Jun - 2019 ​ 122 ​ ​ 9,277,193 ​ 1,691,813 ​ ​ 12,536,520 ​ ​ 275,931 ​ ​ 1,691,813 ​ ​ 12,812,451 ​ ​ 14,504,264 ​ ​ (1,303,378) ​ 3 - 40 yrs. Home2 Suites - Jul - 2019 ​ 90 ​ ​ 9,425,085 ​ ​ 1,691,954 ​ ​ 13,414,060 ​ ​ 34,149 ​ ​ 1,691,954 ​ ​ 13,448,209 ​ ​ 15,140,163 ​ ​ (1,168,799) ​ 3 - 40 yrs. Home2 Suites - Dec - 2019 ​ 100 ​ ​ 7,573,597 ​ ​ 803,229 ​ ​ 13,906,502 ​ ​ 25,265 ​ ​ 803,229 ​ ​ 13,931,767 ​ ​ 14,734,996 ​ ​ (1,090,062) ​ 3 - 40 yrs. Fairfield Inn & Suites - ​ Jan - 2020 ​ 101 ​ ​ 9,125,908 ​ ​ 982,934 ​ ​ 15,261,162 ​ ​ 2,289 ​ ​ 982,934 ​ ​ 15,263,451 ​ ​ 16,246,385 ​ ​ (1,246,039) ​ 3 - 40 yrs. Homewood Suites - ​ Feb - 2020 ​ 99 ​ ​ 13,343,841 ​ ​ 1,593,232 ​ ​ 19,351,858 ​ ​ 26,158 ​ ​ 1,593,232 ​ ​ 19,378,016 ​ ​ 20,971,248 ​ ​ (1,250,542) ​ 3 - 40 yrs. Courtyard by Marriott - ​ Feb - 2021 ​ 141 ​ ​ 15,000,000 ​ ​ 4,400,098 ​ ​ 19,668,031 ​ ​ 171,681 ​ ​ 4,400,098 ​ ​ 19,839,712 ​ ​ 24,239,810 ​ ​ (660,831) ​ 3 - 40 yrs. Holiday Inn - ​ May - 2021 ​ 175 ​ ​ 7,900,000 ​ ​ 1,747,553 ​ ​ 8,913,467 ​ ​ 29,335 ​ ​ 1,747,553 ​ ​ 8,942,802 ​ ​ 10,690,355 ​ ​ (311,777) ​ 3 - 40 yrs. Hilton Garden Inn - ​ Aug - 2021 ​ 182 ​ ​ 13,947,218 ​ ​ 3,168,376 ​ ​ 17,659,977 ​ ​ 40,575 ​ ​ 3,168,376 ​ ​ 17,700,552 ​ ​ 20,868,928 ​ ​ (231,936) ​ 3 - 40 yrs. Sheraton Hotel - ​ Dec - 2021 ​ 160 ​ ​ 3,700,000 ​ ​ 378,051 ​ ​ 16,859,016 ​ ​ 7,899 ​ ​ 378,051 ​ ​ 16,866,915 ​ ​ 17,244,966 ​ ​ (42,724) ​ 3 - 40 yrs. ​ ​ ​ ​ 1,364 ​ $ 103,933,260 $ 20,008,739 ​ $ 156,219,700 ​ $ 2,673,953 ​ $ 20,018,850 ​ $ 158,893,653 ​ $ 178,912,503 ​ $ (9,487,728) ​ ​ (1) The aggregate cost for federal income tax purposes is approximately $177.9 million at December 31, 2021 (unaudited). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in Real Estate: ​ ​ ​ 2021 ​ 2020 Balance at beginning of period ​ ​ ​ $ 105,456,764 ​ $ 66,664,020 Acquisitions ​ ​ ​ ​ 72,794,569 ​ ​ 37,189,186 Improvements ​ ​ ​ ​ 661,170 ​ ​ 1,603,558 Balance at end of period ​ ​ ​ $ 178,912,503 ​ $ 105,456,764 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Depreciation: ​ ​ ​ 2021 ​ 2020 Balance at beginning of period ​ ​ ​ $ (4,712,578) ​ $ (1,255,712) Depreciation expense ​ ​ ​ ​ (4,831,022) ​ ​ (3,461,309) Asset write-offs ​ ​ ​ ​ 55,872 ​ ​ 4,443 Balance at end of period ​ ​ ​ $ (9,487,728) ​ $ (4,712,578)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation
Use of Estimates	Use of Estimates During the first quarter of 2020, the global outbreak of COVID-19 was identified and has since spread to nearly every country and territory, including every state in the United States. The COVID-19 pandemic and the related governmental restrictions instituted to slow the spread of the virus continues to adversely impact many industries, with the travel and hospitality industries being particularly adversely affected. Although our hotel properties have remained open through the pandemic, our occupancy levels have been lower than historical levels. The outbreak could have a continued adverse impact on economic and market conditions and could trigger a continued slowdown in leisure and business travel, which is adversely impacting the travel and hospitality industries. Further, increasing labor costs and shortages, supply chain disruptions and related commodity and other price inflation resulting from the COVID-19 pandemic may cause an increase in renovation, construction and operating costs, may limit our access to critical operating supplies, and may continue to adversely affect our hotel operations and financial results. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying the Company’s consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19, including the continued emergence of new strains of COVID-19, such as the Delta and Omicron variant, will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. ​ The Company has taken significant measures to mitigate the negative financial and operational impacts of COVID-19 on the Company. The Company has made changes to our business and investment strategies that are expected to enhance the Company’s liquidity and reduce costs, including payment of distributions in stock, in part or in whole, pursuant to the DRIP, deferring most non-essential capital projects, obtaining waivers under and amendments to the Company’s credit agreements.
Revenue Recognition	Revenue Recognition
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, and furniture, fixtures and equipment (“FF&E”). The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, debt, and advanced bookings. For transactions determined to be asset acquisitions, the Company allocates the purchase price among the assets acquired and the liabilities assumed on a relative fair value basis at the date of acquisition. The Company determines the fair value of assets acquired and liabilities assumed with the assistance of third-party valuation specialists, using cash flow analysis as well as available market and cost data. The determination of fair value includes making numerous estimates and assumptions. The difference between the fair value and the face value of debt assumed in connection with an acquisition is recorded as a premium or discount and amortized to interest expense over the remaining term of the debt assumed. The valuation of assumed debt liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 40 years for buildings and building improvements and three The Company assesses the carrying value of its hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount of the property to the estimated future undiscounted cash flows of the property, which take into account current market conditions, including the impact of COVID-19, and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions, including those occurring as a result of the impact of the COVID-19 pandemic, that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties.
Advertising Costs	Advertising Costs
Non-controlling Interest	Non-controlling Interest
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash
Accounts Receivable	Accounts Receivable
Deferred Financing Costs	Deferred Financing Costs
Offering Costs	Offering Costs
Property Operations Expenses	Property Operations Expenses
Property Management Fees	Property Management Fees
Franchise Fees	Franchise Fees fees related to hotel properties that are acquired are amortized on a straight-line basis over the life of the agreement. Initial franchise fees related to hotel properties that are not acquired are refunded to the Company, net of any associated fees, and any fees are expensed as incurred. Franchise fees on the accompanying consolidated statements of operations include the amortization of initial franchise fees, as well as monthly fees paid to franchisors for royalty, marketing, and reservation fees and other related costs.
Acquisition Costs	Acquisition Costs
Net Loss Per Share of Common Stock	Net Loss Per Share of Common Stock
Income Taxes	Income Taxes As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to stockholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary (“TRS”) is subject to U.S. federal, state, and local income taxes at the applicable rates. The TRS accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax basis, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs periodic reviews for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.
Fair Value Measurement	Fair Value Measurement Level 1 Level 2 Level 3 The Company’s estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU No. 2016-02”) (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. We plan to adopt ASU 2016-02 for the fiscal year ending December 31, 2022, and for interim periods beginning on January 1, 2022. We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements.

INVESTMENT IN HOTEL PROPERTIES

INVESTMENT IN HOTEL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN HOTEL PROPERTIES
Schedule of investment in hotel properties	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 Land and land improvements ​ $ 20,034,309 ​ $ 10,324,772 Building and building improvements ​ 144,883,150 ​ 85,213,846 Furniture, fixtures, and equipment ​ 13,986,611 ​ 8,927,694 Construction in progress ​ ​ 8,433 ​ ​ 990,452 Investment in hotel properties, at cost ​ ​ 178,912,503 ​ 105,456,764 Less: accumulated depreciation ​ (9,487,728) ​ (4,712,578) Investment in hotel properties, net ​ $ 169,424,775 ​ $ 100,744,186
Schedule of acquisitions of hotel properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % Hotel ​ Property Type ​ Location ​ Acquired ​ Rooms ​ Price ​ Costs ​ Total ​ Interest Courtyard by Marriott Select-Service Aurora, CO ​ February 4, 2021 ​ 141 ​ $ 23,610,000 (1) $ 458,129 ​ $ 24,068,129 ​ 100 % Holiday Inn ​ Select-Service ​ El Paso, TX ​ May 12, 2021 ​ 175 ​ ​ 10,300,000 (2) ​ 361,019 ​ ​ 10,661,019 ​ 100 % Hilton Garden Inn ​ Select-Service ​ Houston, TX ​ August 3, 2021 ​ 182 ​ ​ 19,910,000 (3) ​ 918,353 ​ ​ 20,828,353 ​ 100 % Sheraton Hotel ​ Full-Service ​ Northbrook, IL ​ December 3, 2021 ​ 160 ​ ​ 11,400,000 (4) ​ 340,005 ​ ​ 11,740,005 ​ 100 % ​ ​ ​ ​ ​ ​ ​ 658 ​ $ 65,220,000 ​ $ 2,077,506 ​ $ 67,297,506 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % Hotel ​ Property Type ​ Location ​ Acquired ​ Rooms ​ Price ​ Costs ​ Total ​ Interest Fairfield Inn & Suites Limited-Service Lubbock, TX ​ January 8, 2020 ​ 101 ​ $ 15,150,000 ​ $ 496,431 ​ $ 15,646,431 ​ 100 % Homewood Suites Extended-Stay ​ Southaven, MS ​ February 21, 2020 99 ​ 20,500,000 ​ 445,090 ​ 20,945,090 100 % ​ ​ ​ ​ ​ ​ ​ 200 ​ $ 35,650,000 ​ $ 941,521 ​ $ 36,591,521 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % Hotel ​ Property Type ​ Location ​ Acquired ​ Rooms ​ Price ​ Costs ​ Total ​ Interest Hampton Inn & Suites ​ Limited-Service ​ Pineville, NC ​ March 19, 2019 ​ 111 ​ $ 13,897,358 ​ $ 303,744 ​ $ 14,201,102 ​ 100 % Hampton Inn Limited-Service Eagan, MN ​ June 19, 2019 122 ​ 13,950,000 ​ 278,333 ​ 14,228,333 100 % Home2 Suites Extended-Stay Prattville, AL ​ July 11, 2019 90 ​ 14,750,000 ​ 356,014 ​ 15,106,014 100 % Home2 Suites Extended-Stay Lubbock, TX ​ December 30, 2019 ​ 100 ​ ​ 14,150,000 ​ ​ 284,776 14,434,776 100 % ​ ​ ​ ​ ​ ​ ​ 423 ​ $ 56,747,358 ​ $ 1,222,867 ​ $ 57,970,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ of Guest ​ Purchase ​ Transaction ​ ​ ​ ​ % ​ Hotel ​ Property Type ​ Location ​ Purchased ​ Rooms ​ Price ​ Costs ​ Total ​ Interest ​ Holiday Inn Express ​ Limited-Service ​ Cedar Rapids, IA ​ November 30, 2018 ​ 83 ​ $ 7,700,000 ​ $ 158,333 ​ $ 7,858,333 ​ 100 ​ ​ ​ ​ ​ ​ ​ ​ 83 ​ $ 7,700,000 ​ $ 158,333 ​ $ 7,858,333 ​ ​ ​ ​ (1) Includes the issuance of $6,742,757 in Series T LP Units of the Operating Partnership. (2) Includes the issuance of $2,100,000 in Series T LP Units of the Operating Partnership. (3) Includes the issuance of $6,910,000 in Series T LP Units of the Operating Partnership. (4) Includes the issuance of $6,179,000 in Series T LP Units and $1,521,000 in Common Limited Partnership Units of the Operating Partnership.
Schedule of aggregate purchase price for the hotel properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2021 ​ 2020 Land and land improvements ​ $ 9,694,077 ​ $ 2,576,166 Building and building improvements ​ 58,503,137 ​ 31,605,174 Furniture, fixtures, and equipment ​ 4,597,353 ​ 3,007,846 Total assets acquired ​ 72,794,567 ​ 37,189,186 ​ ​ ​ ​ ​ ​ ​ Premium on assumed debt ​ ​ — ​ ​ (597,665) Above market ground lease (1) ​ (5,497,061) ​ — Total liabilities assumed ​ ​ (5,497,061) ​ ​ (597,665) Total purchase price (2) ​ ​ 67,297,506 ​ ​ 36,591,521 ​ ​ ​ ​ ​ ​ ​ Assumed mortgage debt ​ ​ — ​ ​ 9,400,772 ​ ​ ​ ​ ​ ​ ​ Net purchase price ​ $ 67,297,506 ​ $ 27,190,749 (1) The above market ground lease is recognized on the consolidated balance sheet within Other Liabilities. (2) Total purchase price includes purchase price plus all transaction costs. ​
Schedule of future minimum lease payments	​ ​ ​ ​ ​ 2022 $ 428,441 2023 ​ 441,294 2024 ​ 454,533 2025 ​ 468,169 2026 ​ 482,214 Thereafter ​ 35,877,341 ​ ​ $ 38,151,993

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES AND OTHER ASSETS
Prepaid expenses and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 Franchise fees (1) ​ $ 525,000 ​ $ 175,000 Acquisition costs ​ ​ 541,821 ​ ​ 85,959 Deferred tax assets, net ​ ​ 2,464,768 ​ ​ 1,466,940 Insurance ​ ​ 464,398 ​ ​ 214,903 Other ​ ​ 364,568 ​ ​ 128,906 ​ ​ $ 4,360,555 ​ $ 2,071,708 ​ (1) Prepaid franchise fees paid in relation to the Fargo acquisition, El Paso Airport acquisition, and El Paso HGI property under contract. See Note 13 Subsequent Events.

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES
Accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 Property taxes ​ $ 1,686,801 ​ $ 741,539 Interest ​ ​ 357,030 ​ ​ 569,197 Other ​ ​ 577,689 ​ ​ 250,195 ​ ​ $ 2,621,520 ​ $ 1,560,931

DEBT - (Tables)

DEBT - (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT
Schedule of debt outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ Outstanding ​ Outstanding ​ ​ Rate as of ​ ​ ​ Balance as of ​ Balance as of ​ ​ December 31, ​ Maturity ​ December 31, ​ December 31, ​ ​ 2021 ​ Date ​ 2021 ​ 2020 Holiday Inn Express - Cedar Rapids (1) ​ 5.33% 9/1/2024 ​ $ 5,858,134 ​ $ 5,858,134 Hampton Inn & Suites - Pineville ​ 5.13% 6/6/2024 ​ 8,782,284 ​ 8,973,775 Hampton Inn - Eagan ​ 4.60% 1/1/2025 ​ 9,277,193 ​ 9,317,589 Home2 Suites - Prattville ​ 4.13% 8/1/2024 ​ 9,425,085 ​ 9,647,085 Home2 Suites - Lubbock ​ 4.69% ​ 10/6/2026 ​ ​ 7,573,597 ​ ​ 7,792,602 Fairfield Inn & Suites - Lubbock ​ 4.93% ​ 4/6/2029 ​ ​ 9,125,908 ​ ​ 9,272,870 Homewood Suites - Southaven ​ 3.70% ​ 3/3/2025 ​ ​ 13,343,841 ​ ​ 13,586,110 Courtyard by Marriott - Aurora (2)(3) ​ 7.00% ​ 2/5/2024 ​ ​ 15,000,000 ​ ​ — Holiday Inn - El Paso (3) ​ 5.00% ​ 5/15/2023 ​ ​ 7,900,000 ​ ​ — Hilton Garden Inn - Houston (4) ​ 3.85% ​ 9/2/2026 ​ ​ 13,947,218 ​ ​ — Sheraton - Northbrook (3)(5) ​ 7.00% ​ 12/5/2024 ​ ​ 3,700,000 ​ ​ — Total Mortgage Debt ​ ​ ​ ​ ​ 103,933,260 ​ 64,448,165 Premium on assumed debt, net ​ ​ ​ ​ ​ 722,905 ​ 854,928 Deferred financing costs, net ​ ​ ​ ​ ​ ​ (2,129,281) ​ ​ (1,378,374) Net Mortgage ​ ​ ​ ​ ​ ​ 102,526,884 ​ ​ 63,924,719 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $3.0 million line of credit (6) ​ - ​ 11/22/2020 ​ ​ — ​ ​ — $5.0 million line of credit (7) ​ 4.00% ​ 5/10/2022 ​ ​ 600,000 ​ ​ — Total Lines of Credit ​ ​ ​ ​ ​ ​ 600,000 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PPP Loan (8) ​ - ​ 4/8/2026 ​ ​ — ​ ​ 763,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ ​ ​ ​ ​ $ 103,126,884 ​ $ 64,687,819 (1) Loan is interest-only through April 30, 2022 and is at a fixed rate of interest. (2) Variable interest rate equal to 30-day LIBOR plus 6.00% , provided that LIBOR shall not be less than 1.00% . (3) Loan is interest-only until maturity. (4) Loan is interest-only for the first 24 months after origination. (5) Variable interest rate equal to 30-day LIBOR or equivalent rate plus 6.25% , provided that LIBOR or equivalent rate shall not be less than 0.75% . (6) Variable interest rate equal to U.S. Prime Rate plus 1.00% , with a minimum rate of 5.00% . This line of credit was closed in November 2020. (7) Variable interest rate equal to U.S. Prime Rate plus 0.50% . (8) The Company received forgiveness on the full balance of all PPP loans during the year ended December 31, 2021. ​
Schedule of future minimum principal payments	​ ​ ​ ​ ​ 2022 $ 2,018,832 2023 ​ 9,521,915 2024 ​ 43,114,239 2025 ​ 21,764,507 2026 ​ 19,842,025 Thereafter ​ 8,271,742 ​ ​ ​ 104,533,260 ​ ​ ​ ​ Premium on assumed debt, net ​ 722,905 Deferred financing costs, net ​ (2,129,281) ​ ​ ​ ​ ​ ​ $ 103,126,884

INCOME TAXES - (Tables)

INCOME TAXES - (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of the components of the Company's income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 ​ 2020 Federal: ​ ​ ​ ​ ​ Deferred $ 976,040 ​ $ 1,028,909 State: ​ ​ ​ ​ ​ Current ​ (76,861) ​ ​ — Deferred ​ 21,786 ​ ​ 207,276 Income tax benefit $ 920,965 ​ $ 1,236,185
Schedule of reconciliation of income taxes at U.S statutory federal income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 % ​ 2020 % Expected income tax benefit at U.S. Federal statutory rate ​ $ 1,299,405 -21.0% ​ $ 1,531,225 -21.0% Tax impact of REIT election ​ ​ (620,327) 10.0% ​ ​ (504,981) 6.9% Expected tax benefit at TRS ​ ​ 679,078 -11.0% ​ ​ 1,026,244 -14.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ State income tax (expense) benefit, net ​ ​ (76,859) 1.2% ​ ​ 185,925 -2.5% Temporary differences - deprecation ​ ​ (111,547) 1.8% ​ ​ 24,016 -0.3% Permanent differences - PPP ​ ​ 430,293 -7.0% ​ ​ - 0.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax benefit ​ $ 920,965 -14.9% ​ $ 1,236,185 -17.0%
Schedule of the Company's deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Deferred Tax Assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards - Federal ​ $ 4,157,396 ​ $ 2,590,484 Net operating loss carryforwards - State ​ ​ 588,661 ​ ​ 500,450 ​ ​ ​ 4,746,057 ​ ​ 3,090,934 Deferred Tax Liabilities: ​ ​ ​ ​ ​ ​ Tax FF&E basis less than book basis - Federal ​ ​ (1,974,462) ​ ​ (1,383,589) Tax FF&E basis less than book basis - State ​ ​ (306,827) ​ ​ (240,403) ​ ​ ​ (2,281,289) ​ ​ (1,623,992) ​ ​ ​ ​ ​ ​ ​ Deferred tax assets, net ​ $ 2,464,768 ​ $ 1,466,942

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Advisor And Affiliates
Related Party Transactions
Schedule of fees and reimbursements incurred and payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Fees: ​ ​ ​ Acquisition fees ​ $ 1,036,796 ​ $ 501,949 Financing fees ​ 1,036,796 ​ 501,949 Asset management fees ​ 1,188,607 ​ 831,813 Performance fees ​ ​ 160,774 ​ 143,466 ​ ​ $ 3,422,973 ​ $ 1,979,177 ​ ​ ​ ​ ​ ​ ​ Reimbursements: ​ ​ ​ Offering costs ​ $ 1,739,185 ​ $ 1,241,419 General and administrative ​ 2,996,060 ​ 2,495,118 Sales and marketing ​ 211,691 ​ 185,601 Acquisition costs ​ ​ 106,357 ​ ​ 95,597 ​ ​ $ 5,053,293 ​ $ 4,017,735
NHS
Related Party Transactions
Schedule of fees and reimbursements incurred and payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Payable as of ​ ​ For the Year Ended December 31, ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ $ 663,377 ​ $ 458,163 ​ $ 66,407 ​ $ 36,509 Administrative fees ​ 107,466 ​ 70,623 ​ 9,461 ​ 5,648 Accounting fees ​ 125,592 ​ 101,976 ​ 12,726 ​ 10,701 ​ ​ $ 896,435 ​ $ 630,762 ​ $ 88,594 ​ $ 52,858 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reimbursements ​ $ 490,792 ​ $ 271,787 ​ $ 119,638 ​ $ 5,530

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Schedule of dividend declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Cash ​ ​ Distributions ​ Declared Per ​ Distributions Paid (3) ​ Flows Provided By Period Declared (1) Share (1) (2) Cash Reinvested Total (Used In) Operations First Quarter 2021 ​ $ 1,430,216 ​ $ 0.175 ​ $ 246,084 ​ $ 1,081,828 ​ $ 1,327,912 ​ $ (1,292,235) Second Quarter 2021 ​ ​ 1,465,038 ​ ​ 0.175 ​ ​ 251,625 ​ ​ 1,107,080 ​ ​ 1,358,705 ​ ​ 853,375 Third Quarter 2021 ​ ​ 1,500,023 ​ ​ 0.175 ​ ​ 1,114,951 ​ ​ 1,223,741 ​ ​ 2,338,692 ​ ​ 122,840 Fourth Quarter 2021 ​ ​ 1,527,992 ​ ​ 0.175 ​ ​ 1,340,091 ​ ​ 551,391 ​ ​ 1,891,482 ​ ​ (732,378) ​ ​ $ 5,923,269 ​ $ 0.700 ​ $ 2,952,751 ​ $ 3,964,040 ​ $ 6,916,791 ​ $ (1,048,398) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Cash ​ ​ Distributions ​ Declared Per ​ Distributions Paid (3)(4) ​ Flows Provided By Period Declared (1) Share (1) (2) Cash Reinvested Total (Used In) Operations First Quarter 2020 ​ $ 1,204,910 ​ $ 0.175 ​ $ 691,604 ​ $ 418,286 ​ $ 1,109,890 ​ $ (1,141,973) Second Quarter 2020 ​ ​ 1,313,186 ​ ​ 0.175 ​ ​ — ​ ​ — ​ ​ — ​ ​ (349,329) Third Quarter 2020 ​ ​ 1,368,309 ​ ​ 0.175 ​ ​ 213,784 ​ ​ 1,410,688 ​ ​ 1,624,472 ​ ​ 892,326 Fourth Quarter 2020 ​ ​ 1,397,802 ​ ​ 0.175 ​ ​ 245,789 ​ ​ 1,054,379 ​ ​ 1,300,168 ​ ​ (202,710) ​ ​ $ 5,284,207 ​ $ 0.700 ​ $ 1,151,177 ​ $ 2,883,353 ​ $ 4,034,530 ​ $ (801,686) ​ (1) Distributions for the years ended December 31, 2021 and 2020 were based on daily record dates and were calculated based on stockholders of record each day during this period at a rate of $0.00191781 per share per day. Distributions for the periods from April 1, 2020 through June 30, 2020 were payable to each stockholder in shares of common stock issued through the DRIP, or at the election of the stockholder, in shares of common stock valued at $10.00 per share. Distributions for the periods from July 1, 2020 through March 31, 2021 were payable to each stockholder 30% in cash (or through the DRIP if then currently enrolled in the DRIP) and 70% in shares of common stock issued through the DRIP, or at the election of the stockholder, in shares of common stock valued at $10.00 per share. Distributions for the periods from April 1, 2021 through June 30, 2021 were payable to each stockholder 60% in cash (or through the DRIP if then currently enrolled in the DRIP) and 40% in shares of common stock issued through the DRIP, or at the election of the stockholder, in shares of common stock valued at $10.00 per share. Distributions for the period from July 1, 2021 through September 30, 2021 were payable to each stockholder as 100% in cash on a monthly basis. Distributions for the period from October 1, 2021 through December 31, 2021 were payable to each stockholder as 100% in cash on a monthly basis. (2) Assumes each share was issued and outstanding each day that was a record date for distributions during the period presented. (3) During 2019 and through the first quarter of 2020, distributions were paid on a monthly basis. Beginning the second quarter of 2020 through the second quarter of 2021, distributions were paid on a quarterly basis. Beginning in the third quarter of 2021, distributions were paid on a monthly basis. In general, distributions for all record dates of a given month are paid on or about the tenth day of the following month. (4) Distributions for the period from March 1, 2020 through March 31, 2020 and April 1, through June 30, 2020 were paid in July 2020. Distributions for the period from July 1, 2020 through September 30, 2020 were paid in October 2020.

ORGANIZATION - (Details)

ORGANIZATION - (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segmentitem$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Jun. 15, 2020USD ($)	Apr. 29, 2020USD ($)$ / sharesshares	Jun. 01, 2018USD ($)$ / shares
Organization
Number of reportable segments | segment	1
Number of operating segments | segment	1
Number of voting classes of partnership units | item	3
Number of non voting classes of partnership units | item	3
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Cumulative number of shares repurchased | shares	152,278
Cumulative stock repurchased, original investment	$ 1,522,781
Cumulative value of shares repurchased	1,447,150
Stock repurchased, original investment	880,883	$ 641,898
Value of stock repurchased	$ 856,605	$ 590,547
Number of shares repurchased | shares	88,088	64,190
Share redemption proceeds, not yet paid, included in other liabilities	$ 299,286
Common LP Units
Organization
Value of outstanding units	$ 1,437,082
Series T LP Units.
Organization
Time period after issuance, for the conversion of Series T LP Units in to Common LP Units	36 months
Value of outstanding units	$ 21,931,757
Series GO LP Units
Organization
Value of outstanding units	$ 12,498,527	$ 3,784,965
Interval Units
Organization
Number of outstanding partnership units | shares	0
Operating Partnership | Common LP Units
Organization
Number of outstanding partnership units | shares	152,100
Number of issued partnership units | shares	152,100
Operating Partnership | Series B Limited Partnership Units
Organization
Number of outstanding partnership units | shares	1,000
Number of issued partnership units | shares	1,000
Operating Partnership | Series T LP Units.
Organization
Number of outstanding partnership units | shares	2,513,769
Operating Partnership | Series GO LP Units
Organization
Number of outstanding partnership units | shares	2,210,411
Common Stock
Organization
Value of stock repurchased	$ 881	$ 642
Number of shares repurchased | shares	88,088	64,190
Private offering | Series GO LP Units
Organization
Maximum offering			$ 20,000,000
Maximum offering per the sole discretion of the General Partner			$ 30,000,000
Cumulative number of units issued since inception of the Offering | shares	2,210,411
Cumulative gross proceeds from issuance of units since inception of the Offering	$ 15,200,000
Private offering | Interval Common Stock
Organization
Common stock, par value (in dollars per share) | $ / shares				$ 0.01
Number of shares of common stock designated as non-voting shares of Interval Common Stock | shares				7,000,000
Maximum offering				$ 30,000,000
Maximum offering per the sole discretion of the Company's board of directors				$ 60,000,000
Private offering | Common Stock
Organization
Common stock, par value (in dollars per share) | $ / shares					$ 0.01
Maximum offering	$ 150,000,000				$ 100,000,000
Cumulative number of shares issued | shares	8,500,588
Cumulative number of shares issued pursuant to the DRIP | shares	810,079
Cumulative proceeds from issuance of stock	$ 83,200,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Advertising Costs
Advertising Expense	$ 1,154,540	$ 557,881
Management Fees
Management fees (as a percent)	4.00%
Asset management fees (as a percent)	0.75%
Acquisition Costs
Acquisition fee (as a percent)	1.40%
Land improvements
Investment in Hotel Properties
Estimated useful lives	15 years
Building improvements
Investment in Hotel Properties
Estimated useful lives	40 years
Furniture, fixtures, and equipment | Minimum
Investment in Hotel Properties
Estimated useful lives	3 years
Furniture, fixtures, and equipment | Maximum
Investment in Hotel Properties
Estimated useful lives	7 years

INVESTMENT IN HOTEL PROPERTIE_2

INVESTMENT IN HOTEL PROPERTIES - Summary (Details)	Dec. 31, 2021USD ($)roompropertystate	Dec. 31, 2020USD ($)
Investment in hotel properties consisted of the following:
Land and land improvements	$ 20,034,309	$ 10,324,772
Building and building improvements	144,883,150	85,213,846
Furniture, fixtures, and equipment	13,986,611	8,927,694
Construction in progress	8,433	990,452
Investment in hotel properties, at cost	178,912,503	105,456,764
Less: accumulated depreciation	(9,487,728)	(4,712,578)
Investment in hotel properties, net	$ 169,424,775	$ 100,744,186
Other disclosures
Number of hotel properties owned | property	11
Aggregate number of rooms in hotel properties | room	1,364
Number of states where hotel properties are owned | state	8

INVESTMENT IN HOTEL PROPERTIE_3

INVESTMENT IN HOTEL PROPERTIES - Acquisitions (Details)	Dec. 03, 2021USD ($)room	Aug. 03, 2021USD ($)room	May 12, 2021USD ($)room	Feb. 04, 2021USD ($)room	Feb. 21, 2020USD ($)room	Jan. 08, 2020USD ($)room	Dec. 30, 2019USD ($)room	Jul. 11, 2019USD ($)room	Jun. 19, 2019USD ($)room	Mar. 19, 2019USD ($)room	Nov. 30, 2018USD ($)room	Dec. 31, 2021USD ($)roomproperty	Dec. 31, 2020USD ($)propertyroom	Dec. 31, 2019USD ($)room	Dec. 31, 2018USD ($)room
Acquisitions
Number of hotel properties acquired | property												4	2
Number of guest rooms | room												658	200	423	83
Purchase Price												$ 65,220,000	$ 35,650,000	$ 56,747,358	$ 7,700,000
Transaction Costs												2,077,506	941,521	1,222,867	158,333
Total												$ 67,297,506	$ 36,591,521	$ 57,970,225	$ 7,858,333
Courtyard by Marriott (the "Aurora Property")
Acquisitions
Number of guest rooms | room				141
Purchase Price			$ 23,600,000	$ 23,610,000
Transaction Costs				458,129
Total				$ 24,068,129
Interest (as a percent)				100.00%
Courtyard by Marriott (the "Aurora Property") | Series T LP Units.
Acquisitions
Amount of units issued as consideration				$ 6,742,757
Holiday Inn (the "EI Paso Property")
Acquisitions
Number of guest rooms | room			175
Purchase Price			$ 10,300,000
Transaction Costs			361,019
Total			$ 10,661,019
Interest (as a percent)			100.00%
Holiday Inn (the "EI Paso Property") | Series T LP Units.
Acquisitions
Amount of units issued as consideration			$ 2,100,000
Hilton Garden Inn (the "Houston Property")
Acquisitions
Number of guest rooms | room		182
Purchase Price		$ 19,910,000
Transaction Costs		918,353
Total		$ 20,828,353
Interest (as a percent)		100.00%
Hilton Garden Inn (the "Houston Property") | Series T LP Units.
Acquisitions
Amount of units issued as consideration		$ 6,910,000
Sheraton Hotel (the "Northbrook Property")
Acquisitions
Number of guest rooms | room	160
Purchase Price	$ 11,400,000
Transaction Costs	340,005
Total	$ 11,740,005
Interest (as a percent)	100.00%
Sheraton Hotel (the "Northbrook Property") | Series T LP Units.
Acquisitions
Amount of units issued as consideration	$ 6,179,000
Sheraton Hotel (the "Northbrook Property") | Common LP Units
Acquisitions
Amount of units issued as consideration	$ 1,521,000
Fairfield Inn & Suites (the "Lubbock Property")
Acquisitions
Number of guest rooms | room						101
Purchase Price						$ 15,150,000
Transaction Costs						496,431
Total						$ 15,646,431
Interest (as a percent)						100.00%
Homewood Suites (the "Southaven Property")
Acquisitions
Number of guest rooms | room					99
Purchase Price					$ 20,500,000
Transaction Costs					445,090
Total					$ 20,945,090
Interest (as a percent)					100.00%
Hampton Inn & Suites(the "Pineville Property")
Acquisitions
Number of guest rooms | room										111
Purchase Price										$ 13,897,358
Transaction Costs										303,744
Total										$ 14,201,102
Interest (as a percent)										100.00%
Hampton Inn (the "Eagan Property")
Acquisitions
Number of guest rooms | room									122
Purchase Price									$ 13,950,000
Transaction Costs									278,333
Total									$ 14,228,333
Interest (as a percent)									100.00%
Home2 Suites (the "Prattville Property")
Acquisitions
Number of guest rooms | room								90
Purchase Price								$ 14,750,000
Transaction Costs								356,014
Total								$ 15,106,014
Interest (as a percent)								100.00%
Home2 Suites (the "Lubbock Home2 Property")
Acquisitions
Number of guest rooms | room							100
Purchase Price							$ 14,150,000
Transaction Costs							284,776
Total							$ 14,434,776
Interest (as a percent)							100.00%
Holiday Inn Express (the "Cedar Rapids Property")
Acquisitions
Number of guest rooms | room											83
Purchase Price											$ 7,700,000
Transaction Costs											158,333
Total											$ 7,858,333
Interest (as a percent)											100.00%

INVESTMENT IN HOTEL PROPERTIE_4

INVESTMENT IN HOTEL PROPERTIES - Other (Details)

Dec. 03, 2021USD ($)

Sep. 02, 2021USD ($)M

Aug. 03, 2021USD ($)

May 12, 2021USD ($)

Feb. 04, 2021USD ($)

Feb. 21, 2020USD ($)item

Jan. 08, 2020USD ($)

Dec. 30, 2019USD ($)

Jul. 11, 2019USD ($)

Jun. 19, 2019USD ($)

Mar. 19, 2019USD ($)

Nov. 30, 2018USD ($)

Dec. 31, 2021USD ($)propertyitem

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Other disclosures

Purchase Price

$ 65,220,000

$ 35,650,000

$ 56,747,358

$ 7,700,000

Number of properties subject to management agreement | property

9

Vista Management Agreement

Other disclosures

Management agreement, number of renewal periods | item

2

Interstate Management Co. ("Aimbridge") Management Agreement

Other disclosures

Management agreement, automatic renewal term

1 year

Series T LP Units.

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

36 months

Fairfield Inn & Suites (the "Lubbock Property")

Other disclosures

Assumed debt

$ 9,400,000

Purchase Price

$ 15,150,000

Interest rate (as a percent)

4.93%

Homewood Suites (the "Southaven Property")

Other disclosures

Asset acquisition, debt

$ 13,500,000

Purchase Price

$ 20,500,000

Interest rate (as a percent)

3.70%

Homewood Suites (the "Southaven Property") | Vista Management Agreement

Other disclosures

Management agreement, number of renewal periods | item

2

Management agreement, automatic renewal term

5 years

Management fee expressed as a percentage of revenue

3.00%

Monthly accounting fee per the management agreement

$ 1,000

Hampton Inn & Suites(the "Pineville Property")

Other disclosures

Purchase Price

$ 13,897,358

Loan amount

$ 9,300,000

Courtyard by Marriott (the "Aurora Property")

Other disclosures

Purchase Price

$ 23,600,000

$ 23,610,000

Amount paid to seller

1,900,000

Cash consideration

$ 1,900,000

Courtyard by Marriott (the "Aurora Property") | Minimum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

36 months

Courtyard by Marriott (the "Aurora Property") | Maximum

Other disclosures

Asset acquisition, debt

$ 15,000,000

Time period for the conversion of Series T LP Units in to Common LP Units

48 months

Courtyard by Marriott (the "Aurora Property") | Series T LP Units.

Other disclosures

Amount of units issued as consideration

$ 6,742,757

Asset Acquisitions 2020

Other disclosures

Assumed debt

$ 9,400,772

Holiday Inn (the "EI Paso Property")

Other disclosures

Asset acquisition, debt

7,900,000

Purchase Price

10,300,000

Amount paid to seller

300,000

Cash consideration

$ 300,000

Holiday Inn (the "EI Paso Property") | Minimum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

36 months

Holiday Inn (the "EI Paso Property") | Maximum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

48 months

Holiday Inn (the "EI Paso Property") | Series T LP Units.

Other disclosures

Amount of units issued as consideration

$ 2,100,000

Hampton Inn (the "Eagan Property")

Other disclosures

Purchase Price

$ 13,950,000

Home2 Suites (the "Prattville Property")

Other disclosures

Purchase Price

$ 14,750,000

Home2 Suites (the "Prattville Property") | Corey Maple

Other disclosures

Loan amount

9,600,000

Home2 Suites (the "Lubbock Home2 Property")

Other disclosures

Purchase Price

$ 14,150,000

Holiday Inn Express (the "Cedar Rapids Property")

Other disclosures

Purchase Price

$ 7,700,000

Hilton Garden Inn (the "Houston Property")

Other disclosures

Asset acquisition, debt

$ 13,000,000

Purchase Price

19,910,000

Amount paid to seller

719,000

Cash consideration

$ 719,000

Hilton Garden Inn (the "Houston Property") | Minimum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

36 months

Hilton Garden Inn (the "Houston Property") | Maximum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

48 months

Hilton Garden Inn (the "Houston Property") | Corey Maple

Other disclosures

Loan amount

$ 13,900,000

Related party loan guarantee percentage

50

Hilton Garden Inn (the "Houston Property") | Original HGI Houston Loan

Other disclosures

Loan amount

$ 13,000,000

Interest rate (as a percent)

7.00%

Hilton Garden Inn (the "Houston Property") | New HGI Houston Loan

Other disclosures

Loan amount

$ 13,900,000

Interest rate (as a percent)

3.85%

Term of loan

5 years

Interest-only payment period

24 months

Principal and interest payment period

35 months

Hilton Garden Inn (the "Houston Property") | New HGI Houston Loan | Corey Maple

Other disclosures

Related party loan guarantee percentage

50

Number of consecutive months of principal and interest payments that meet a specified debt service coverage ratio, for release of the loan guarantee by related party | M

6

Debt service coverage ratio that must be maintained for a specified number of months for release of the loan guarantee by related party

1.2

Hilton Garden Inn (the "Houston Property") | Series T LP Units.

Other disclosures

Amount of units issued as consideration

$ 6,910,000

Sheraton Hotel (the "Northbrook Property")

Other disclosures

Asset acquisition, debt

$ 3,700,000

Purchase Price

$ 11,400,000

Sheraton Hotel (the "Northbrook Property") | Minimum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

36 months

Sheraton Hotel (the "Northbrook Property") | Maximum

Other disclosures

Time period for the conversion of Series T LP Units in to Common LP Units

48 months

Sheraton Hotel (the "Northbrook Property") | Series T LP Units.

Other disclosures

Amount of units issued as consideration

$ 6,179,000

Sheraton Hotel (the "Northbrook Property") | Common LP Units

Other disclosures

Amount of units issued as consideration

$ 1,521,000

INVESTMENT IN HOTEL PROPERTIE_5

INVESTMENT IN HOTEL PROPERTIES - Purchase Price Allocation (Details) - USD ($)	Dec. 31, 2021	Dec. 03, 2021	Dec. 31, 2020
Acquisitions
Land and Land Improvements	$ 20,034,309		$ 10,324,772
Building and building improvements	144,883,150		85,213,846
Furniture, fixtures, and equipment	13,986,611		8,927,694
Total Assets	190,329,735		116,414,481
Above market lease		$ (5,497,061)
Asset Acquisitions 2021
Acquisitions
Land and Land Improvements	9,694,077
Building and building improvements	58,503,137
Furniture, fixtures, and equipment	4,597,353
Total Assets	72,794,567
Above market lease	(5,497,061)
Total liabilities assumed	5,497,061
Total purchase price	67,297,506
Net purchase price	$ 67,297,506
Asset Acquisitions 2020
Acquisitions
Land and Land Improvements			2,576,166
Building and building improvements			31,605,174
Furniture, fixtures, and equipment			3,007,846
Total Assets			37,189,186
Premium on assumed debt			(597,665)
Total liabilities assumed			597,665
Total purchase price			36,591,521
Assumed mortgage debt			9,400,772
Net purchase price			$ 27,190,749

INVESTMENT IN HOTEL PROPERTIE_6

INVESTMENT IN HOTEL PROPERTIES - Lease (Details) - USD ($)	Dec. 03, 2021	Dec. 31, 2021
INVESTMENT IN HOTEL PROPERTIES
Above market ground lease liability at acquisition date	$ 5,497,061
Period of time that has expired on lease at time of acquisition	15 years
Lease Term	59 years
Yearly percentage increase in base rent	3.00%
Estimated future minimum lease payments related to above market ground lease:
2022		$ 428,441
2023		441,294
2024		454,533
2025		468,169
2026		482,214
Thereafter		35,877,341
Total		$ 38,151,993

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
PREPAID EXPENSES AND OTHER ASSETS
Franchise fees	$ 525,000	$ 175,000
Acquisition costs	541,821	85,959
Deferred tax assets, net	2,464,768	1,466,940
Insurance	464,398	214,903
Other	364,568	128,906
Total	$ 4,360,555	$ 2,071,708

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES
Property taxes	$ 1,686,801	$ 741,539
Interest	357,030	569,197
Other	577,689	250,195
Total	$ 2,621,520	$ 1,560,931

DEBT - Lines of Credit (Details

DEBT - Lines of Credit (Details) - Revolving line of credit - USD ($)	Aug. 22, 2018	Dec. 31, 2021	Mar. 31, 2021	Feb. 10, 2020
Norman Leslie
Debt
Revolving line of credit		$ 1,200,000
Lender One
Debt
Revolving line of credit	$ 3,000,000	3,000,000
Partnership units pledged	300,000
Lender One | Corey Maple
Debt
Line of credit guarantee amount		1,200,000
Lender One | Norman Leslie
Debt
Line of credit guarantee amount		1,200,000
Lender One | Minimum
Debt
Variable interest rate (as a percent)	5.00%
Lender One | U.S. Prime Rate
Debt
Basis spread (as a percent)	1.00%
Lender Three
Debt
Revolving line of credit		$ 5,000,000		$ 5,000,000
Partnership units pledged				100,000
Variable interest rate (as a percent)		4.00%	3.75%
Outstanding amount		$ 600,000
Interest rate (as a percent)		4.00%
Interest rate (as a percent)		4.00%
Lender Three | U.S. Prime Rate
Debt
Basis spread (as a percent)		0.50%

DEBT - Mortgage Debt and Loans

DEBT - Mortgage Debt and Loans (Details)	1 Months Ended				12 Months Ended
	Apr. 30, 2021USD ($)	Feb. 28, 2021USD ($)loan	Jan. 31, 2021USD ($)loan	Apr. 30, 2020USD ($)loan	Dec. 31, 2021USD ($)loanproperty	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)	Feb. 21, 2020USD ($)	Jul. 11, 2019USD ($)	Jun. 19, 2019USD ($)	Mar. 05, 2019USD ($)
Debt
Outstanding balance					$ 104,533,260
Interest payable					357,030	$ 569,197
Mortgage Debt
Debt
Outstanding balance					$ 103,933,260	64,448,165
Number of properties as security for mortgage debt | property					11
Fixed Rate Mortgage Loans
Debt
Number of fixed interest rate loans | loan					9
Fixed Rate Mortgage Loans | Minimum
Debt
Fixed interest rate (as a percent)					3.70%
Fixed Rate Mortgage Loans | Maximum
Debt
Fixed interest rate (as a percent)					5.33%
Variable Rate Mortgage Loan One | LIBOR
Debt
Basis spread (as a percent)					6.00%
Reference rate threshold (as a percent)					1.00%
Number of variable interest rate loans | loan					1
Effective interest rate (as a percent)					7.00%
Variable Rate Mortgage Loan Two | LIBOR
Debt
Basis spread (as a percent)					6.25%
Reference rate threshold (as a percent)					0.75%
Effective interest rate (as a percent)					7.00%
Weighted-average interest rate (as a percent)					4.92%
PPP Loans
Debt
Outstanding balance				$ 763,100		763,100
Interest rate (as a percent)				1.00%
Number of unsecured promissory notes | loan				6
Percentage of loan forgiven		100.00%
Number of loans forgiven | loan		6
PPP Loans | Minimum
Debt
Term of loan				2 years
PPP Loans | Maximum
Debt
Term of loan				5 years
Second Draw PPP Loan
Debt
Outstanding balance			$ 716,400
Term of loan			5 years
Interest rate (as a percent)			1.00%
Interest deferral period			16 months
Number of unsecured promissory notes | loan			6
Southaven TRS PPP Loan
Debt
Principal amount		$ 85,400
Term of loan		5 years
Interest rate (as a percent)		1.00%
Interest deferral period		16 months
Southaven TRS Second Draw PPP Loan
Debt
Principal amount	$ 119,500
Term of loan	5 years
Interest rate (as a percent)	1.00%
Interest deferral period	16 months
Holiday Inn Express (the "Cedar Rapids Property") | Mortgage Debt
Debt
Outstanding balance					$ 5,858,134	5,858,134
Principal amount											$ 5,900,000
Interest rate (as a percent)					5.33%
Hampton Inn (the "Eagan Property") | Mortgage Debt
Debt
Outstanding balance					$ 9,277,193	9,317,589
Principal amount										$ 9,400,000
Interest rate (as a percent)					4.60%
Home2 Suites (the "Prattville Property") | Mortgage Debt
Debt
Outstanding balance					$ 9,425,085	9,647,085
Principal amount									$ 9,600,000
Accrued interest paid-in-kind							$ 100,878
Minimum cash balance required during forbearance period						155,000
Cash balance held by borrower subsidiary entities						831,379
Interest rate (as a percent)					4.13%
Homewood Suites (the "Southaven Property") | Mortgage Debt
Debt
Outstanding balance					$ 13,343,841	$ 13,586,110
Principal amount								$ 13,500,000
Accrued interest paid-in-kind							$ 126,110
Minimum cash balance required during forbearance period					225,000
Cash balance held by borrower subsidiary entities					$ 1,498,889
Interest rate (as a percent)					3.70%

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($)	Aug. 22, 2018	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Feb. 10, 2020
Outstanding Debt:
Outstanding balance		$ 104,533,260
Premium on assumed debt, net		722,905
Deferred financing costs, net		(2,129,281)
Debt, net		103,126,884		$ 64,687,819
Revolving line of credit
Outstanding Debt:
Outstanding balance		600,000
Lender One | Revolving line of credit
Outstanding Debt:
Line of credit	$ 3,000,000	3,000,000
Lender One | Revolving line of credit | Minimum
Outstanding Debt:
Interest rate (as a percent)	5.00%
Lender One | Revolving line of credit | U.S. Prime Rate
Outstanding Debt:
Basis spread (as a percent)	1.00%
Lender Three | Revolving line of credit
Outstanding Debt:
Line of credit		$ 5,000,000				$ 5,000,000
Interest rate (as a percent)		4.00%
Interest rate (as a percent)		4.00%	3.75%
Outstanding balance		$ 600,000
Outstanding balance, Line of credit		$ 600,000
Lender Three | Revolving line of credit | U.S. Prime Rate
Outstanding Debt:
Basis spread (as a percent)		0.50%
Mortgage Debt
Outstanding Debt:
Outstanding balance		$ 103,933,260		64,448,165
Premium on assumed debt, net		722,905		854,928
Deferred financing costs, net		(2,129,281)		(1,378,374)
Debt, net		$ 102,526,884		63,924,719
PPP Loans
Outstanding Debt:
Interest rate (as a percent)					1.00%
Outstanding balance				763,100	$ 763,100
Loan Group 2 | LIBOR
Outstanding Debt:
Basis spread (as a percent)		6.00%
Reference rate threshold (as a percent)		1.00%
Loan Group 4
Outstanding Debt:
Interest-only period		24 months
Loan Group 5 | LIBOR
Outstanding Debt:
Basis spread (as a percent)		6.25%
Reference rate threshold (as a percent)		0.75%
Loan Group 6 | U.S. Prime Rate
Outstanding Debt:
Basis spread (as a percent)		1.00%
Loan Group 6 | U.S. Prime Rate | Minimum
Outstanding Debt:
Interest rate (as a percent)		5.00%
Loan Group 7 | U.S. Prime Rate
Outstanding Debt:
Basis spread (as a percent)		0.50%
Holiday Inn Express (the "Cedar Rapids Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		5.33%
Outstanding balance		$ 5,858,134		5,858,134
Hampton Inn & Suites(the "Pineville Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		5.13%
Outstanding balance		$ 8,782,284		8,973,775
Hampton Inn (the "Eagan Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		4.60%
Outstanding balance		$ 9,277,193		9,317,589
Home2 Suites (the "Prattville Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		4.13%
Outstanding balance		$ 9,425,085		9,647,085
Home2 Suites (the "Lubbock Home2 Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		4.69%
Outstanding balance		$ 7,573,597		7,792,602
Fairfield Inn & Suites (the "Lubbock Home2 Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		4.93%
Outstanding balance		$ 9,125,908		9,272,870
Homewood Suites (the "Southaven Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		3.70%
Outstanding balance		$ 13,343,841		$ 13,586,110
Courtyard by Marriott (the "Aurora Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		7.00%
Outstanding balance		$ 15,000,000
Holiday Inn (the "EI Paso Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		5.00%
Outstanding balance		$ 7,900,000
Hilton Garden Inn (the "Houston Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		3.85%
Outstanding balance		$ 13,947,218
Sheraton Hotel (the "Northbrook Property") | Mortgage Debt
Outstanding Debt:
Interest rate (as a percent)		7.00%
Outstanding balance		$ 3,700,000

DEBT - Future Minimum Payments

DEBT - Future Minimum Payments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Future minimum payments
2022	$ 2,018,832
2023	9,521,915
2024	43,114,239
2025	21,764,507
2026	19,842,025
Thereafter	8,271,742
Total	104,533,260
Premium on assumed debt, net	722,905
Deferred financing costs, net	(2,129,281)
Debt, net	$ 103,126,884	$ 64,687,819

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair value of financial instruments
Debt	$ 104,533,260
Mortgage Debt
Fair value of financial instruments
Fair value	103,700,000	$ 67,500,000
Debt	$ 103,933,260	$ 64,448,165

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Percentage of distributions paid that were determined to be returns of capital distributions	100.00%
Net deferred tax assets	$ 2,464,768	$ 1,466,942
Federal
Income Taxes
NOL carryforwards	4,200,000	2,600,000
State
Income Taxes
NOL carryforwards	$ 588,661	$ 500,450

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal:
Deferred	$ 976,040	$ 1,028,909
State:
Current	(76,861)
Deferred	21,786	207,276
Income tax benefit	$ 920,965	$ 1,236,185

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective income tax reconciliation, amount
Expected income tax benefit at U.S. Federal statutory rate	$ 1,299,405	$ 1,531,225
Tax impact of REIT election	(620,327)	(504,981)
Expected tax benefit at TRS	679,078	1,026,244
State income tax benefit, net	(76,859)	185,925
Temporary differences - depreciation	(111,547)	24,016
Permanent differences - PPP	430,293
Income tax benefit	$ 920,965	$ 1,236,185
Effective income tax reconciliation, percent
Expected income tax benefit at U.S. Federal statutory rate (as a percent)	(21.00%)	(21.00%)
Tax impact of REIT election (as a percent)	10.00%	6.90%
Expected tax benefit at TRS (as a percent)	11.00%	14.10%
State income tax benefit, net (as a percent)	1.20%	(2.50%)
Temporary differences - depreciation (as a percent)	1.80%	(0.30%)
Permanent differences - PPP (as a percent)	(7.00%)	(0.00%)
Income tax benefit (as a percent)	(14.90%)	(17.00%)

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Net operating loss carryforwards - Federal	$ 4,157,396	$ 2,590,484
Net operating loss carryforwards - State	588,661	500,450
Total, deferred tax assets	4,746,057	3,090,934
Deferred Tax Liabilities
Tax FF&E basis less than book basis - Federal	(1,974,462)	(1,383,589)
Tax FF&E basis less than book basis - State	(306,827)	(240,403)
Total, deferred tax liabilities	(2,281,289)	(1,623,992)
Deferred tax assets, net	$ 2,464,768	$ 1,466,942

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narratives (Details)	Sep. 02, 2021USD ($)	Dec. 31, 2021USD ($)shares	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)$ / room$ / propertyshares	Dec. 31, 2020USD ($)	Aug. 03, 2021USD ($)	Feb. 10, 2020USD ($)	Aug. 22, 2018USD ($)
Related Party Transactions
Distributions Paid		$ 1,340,091	$ 1,114,951	$ 251,625	$ 246,084	$ 245,789	$ 213,784	$ 691,604	$ 2,952,751	$ 1,151,177
Accrued guarantee fees		630,406							630,406
Reimbursements payable		$ 2,580,326				1,904,051			$ 2,580,326	1,904,051
Advisor And Affiliates
Related Party Transactions
Guarantee fees (as a percent)		1.00%							1.00%
Reimbursements payable						1,720,605				1,720,605
NHS
Related Party Transactions
Renewal term of advisory agreement									5 years
Monthly base management fee (as a percent)									4.00%
Accounting fee per room | $ / room									14
Administrative fee (as a percent)									0.60%
Flat fee per property | $ / property									5,000
Corey Maple
Related Party Transactions
Accrued guarantee fees		$ 159,414				155,508			$ 159,414	155,508
Norman Leslie
Related Party Transactions
Accrued guarantee fees		159,414				$ 155,508			159,414	155,508
Legendary A-1 Bonds, LLC
Related Party Transactions
Loan amount		13,000,000							13,000,000
Home2 Suites (the "Prattville Property") | Corey Maple
Related Party Transactions
Loan amount		9,600,000							9,600,000
Hampton Inn & Suites(the "Pineville Property")
Related Party Transactions
Loan amount		9,300,000							$ 9,300,000
Hilton Garden Inn (the "Houston Property") | Original HGI Houston Loan
Related Party Transactions
Loan amount											$ 13,000,000
Hilton Garden Inn (the "Houston Property") | New HGI Houston Loan
Related Party Transactions
Loan amount	$ 13,900,000
Hilton Garden Inn (the "Houston Property") | Corey Maple
Related Party Transactions
Related party loan guarantee percentage									50
Loan amount		13,900,000							$ 13,900,000
Hilton Garden Inn (the "Houston Property") | Corey Maple | New HGI Houston Loan
Related Party Transactions
Related party loan guarantee percentage	50
Homewood Suites, Southhaven, Mississippi | Corey Maple
Related Party Transactions
Loan amount		13,500,000							13,500,000
Revolving line of credit | Corey Maple
Related Party Transactions
Loan amount		3,000,000							3,000,000
Revolving line of credit | Norman Leslie
Related Party Transactions
Revolving line of credit		1,200,000							1,200,000
Revolving line of credit | Lender One
Related Party Transactions
Revolving line of credit		3,000,000							3,000,000				$ 3,000,000
Revolving line of credit | Lender One | Corey Maple
Related Party Transactions
Line of credit guarantee amount		1,200,000							1,200,000
Revolving line of credit | Lender One | Norman Leslie
Related Party Transactions
Line of credit guarantee amount		1,200,000							1,200,000
Revolving line of credit | Lender Three
Related Party Transactions
Revolving line of credit		$ 5,000,000							$ 5,000,000			$ 5,000,000
Revolving line of credit | Lender Three | Corey Maple
Related Party Transactions
Partnership units held as collateral | shares		100,000							100,000
Advisory Agreement
Related Party Transactions
Reimbursements payable		$ 2,035,708							$ 2,035,708
Advisory Agreement | Legendary Capital REIT III, LLC
Related Party Transactions
Distributions payable									$ 296,164	264,280
Advisory Agreement | Legendary Capital REIT III, LLC
Related Party Transactions
Term of advisory agreement									10 years
Acquisition fee (as a percent)									1.40%
Financing fee (as a percent)									1.40%
Asset management fee (as a percent)									0.75%
Refinancing fee (as a percent)									0.75%
Real estate commissions, maximum (as a percent)									5.00%
Annual guarantee fee (as a percent)									1.00%
Annual subordinated performance fee (as a percent)									20.00%
Cumulative return (as a percent)									6.00%
Distributions (as a percent)									5.00%
Distributions as a percent of the limited partners' capital contributions in event of liquidation, termination, merger or other cessation (as a percent)									5.00%
Distributions as a percent of net proceeds from sale of properties in event of liquidation, termination, merger or other cessation (as a percent)									20.00%
Reimbursement after termination of the Offering (as a percent)									15.00%
Advisory Agreement | Legendary Capital REIT III, LLC | Maximum
Related Party Transactions
Disposal fee (as a percent)									4.00%
Real estate commissions (as a percent)									3.00%
Advisory Agreement | Legendary Capital REIT III, LLC | Minimum
Related Party Transactions
Disposal fee (as a percent)									0.00%
Advisory Agreement | Legendary Capital REIT III, LLC | Corey Maple
Related Party Transactions
Distributions Paid									$ 46,205	31,535
Number of shares held by shareholders | shares		57,319							57,319
Advisory Agreement | Legendary Capital REIT III, LLC | Norman Leslie
Related Party Transactions
Distributions Paid									$ 46,205	$ 31,535
Number of shares held by shareholders | shares		57,319							57,319

RELATED PARTY TRANSACTIONS - Le

RELATED PARTY TRANSACTIONS - Legendary Capital (Details) - Advisor And Affiliates - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions
Fees incurred	$ 3,422,973	$ 1,979,177
Reimbursements incurred	5,053,293	4,017,735
Acquisition Fees
Related Party Transactions
Fees incurred	1,036,796	501,949
Financing Fees
Related Party Transactions
Fees incurred	1,036,796	501,949
Asset Management Fees
Related Party Transactions
Fees incurred	1,188,607	831,813
Performance Fees
Related Party Transactions
Fees incurred	160,774	143,466
Offering Costs
Related Party Transactions
Reimbursements incurred	1,739,185	1,241,419
General and Administrative
Related Party Transactions
Reimbursements incurred	2,996,060	2,495,118
Sales and Marketing
Related Party Transactions
Reimbursements incurred	211,691	185,601
Acquisition Costs
Related Party Transactions
Reimbursements incurred	$ 106,357	$ 95,597

RELATED PARTY TRANSACTIONS - NH

RELATED PARTY TRANSACTIONS - NHS (Details) - NHS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions
Fees incurred	$ 896,435	$ 630,762
Fees payable	88,594	52,858
Reimbursements incurred	490,792	271,787
Reimbursements payable	119,638	5,530
Management Fees.
Related Party Transactions
Fees incurred	663,377	458,163
Fees payable	66,407	36,509
Administrative Fees
Related Party Transactions
Fees incurred	107,466	70,623
Fees payable	9,461	5,648
Accounting Fees
Related Party Transactions
Fees incurred	125,592	101,976
Fees payable	$ 12,726	$ 10,701

RELATED PARTY TRANSACTIONS - On

RELATED PARTY TRANSACTIONS - One Rep Construction, LLC (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
One Rep Construction, LLC
Related Party Transactions
Construction management fee (as a percent)	6.00%
Reimbursements payable	$ 8,138	$ 34,988
One Rep Construction, LLC | Construction Management fees
Related Party Transactions
Fees payable	$ 61,739	$ 176,669
Corey Maple | One Rep Construction, LLC
Related Party Transactions
Ownership interest by related party (as a percent)	33.33%
Norman Leslie | One Rep Construction, LLC
Related Party Transactions
Ownership interest by related party (as a percent)	33.33%
David Ekman | One Rep Construction, LLC
Related Party Transactions
Ownership interest by related party (as a percent)	33.33%

FRANCHISE AGREEMENTS - (Details

FRANCHISE AGREEMENTS - (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Maximum
Franchise Agreements
Initial term of franchise agreement	18 years	18 years
Royalty fee (as a percent)	6.00%	6.00%
Program fee (as a percent)	4.00%	4.00%
Initial franchise fee	$ 175,000	$ 175,000
Minimum
Franchise Agreements
Initial term of franchise agreement	10 years	10 years
Royalty fee (as a percent)	5.00%	5.00%
Program fee (as a percent)	3.00%	3.00%
Initial franchise fee	$ 50,000	$ 50,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Vote$ / sharesshares	Jun. 30, 2021$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020$ / shares	Jun. 30, 2020$ / shares	Apr. 29, 2020USD ($)$ / sharesshares	Jun. 01, 2018USD ($)$ / shares
Stockholders' Equity
Common stock, shares authorized | shares	900,000,000			900,000,000
Preferred stock, shares authorized | shares	100,000,000			100,000,000
Common stock voting rights | Vote	1
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, offering price		$ 10	$ 10	$ 10	$ 10	$ 10
Percentage of current share net asset value	95.00%
Private offering | Interval Common Stock
Stockholders' Equity
Common stock, par value (in dollars per share)							$ 0.01
Common stock, offering price	$ 10
Maximum offering | $							$ 30,000,000
Number of shares of common stock designated as non-voting shares of Interval Common Stock | shares							7,000,000
Private offering | Common Stock
Stockholders' Equity
Common stock, par value (in dollars per share)								$ 0.01
Common stock, offering price								$ 10
Maximum offering | $	$ 150,000,000							$ 100,000,000

STOCKHOLDERS' EQUITY - Distribu

STOCKHOLDERS' EQUITY - Distributions (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Distributions Declared	$ 1,527,992	$ 1,500,023	$ 1,465,038	$ 1,430,216	$ 1,397,802	$ 1,368,309	$ 1,313,186	$ 1,204,910	$ 5,923,269	$ 5,284,207
Distribution Declared Per Share	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.700	$ 0.700
Distributions paid in cash	$ 1,340,091	$ 1,114,951	$ 251,625	$ 246,084	$ 245,789	$ 213,784		$ 691,604	$ 2,952,751	$ 1,151,177
Dividend paid under Dividend Reinvestment Plan	551,391	1,223,741	1,107,080	1,081,828	1,054,379	1,410,688		418,286	3,964,040	2,883,353
Aggregate distributions	1,891,482	2,338,692	1,358,705	1,327,912	1,300,168	1,624,472		1,109,890	6,916,791	4,034,530
Net Cash Flows Provided By (Used In) Operations	$ (732,378)	$ 122,840	$ 853,375	$ (1,292,235)	$ (202,710)	$ 892,326	$ (349,329)	$ (1,141,973)	$ (1,048,398)	$ (801,686)
Common stock dividends per share declared on daily rate basis									$ 0.00191781	$ 0.00191781
Share price (in dollars per share)			$ 10	$ 10	$ 10	$ 10	$ 10			$ 10
Percentage of distribution in cash	100.00%	100.00%	60.00%	30.00%	30.00%	30.00%
Percentage of distribution in shares of common stock issued through DRIP			40.00%	70.00%	70.00%	70.00%

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity
Notice period	10 days
Number of shares repurchased	88,088	64,190
Stock repurchased, original investment	$ 880,883	$ 641,898
Value of stock repurchased	856,605	$ 590,547
Share redemption proceeds, not yet paid, included in other liabilities	299,286
Share repurchase plan, amount available for eligible repurchases	3,070,332
Other Liabilities.
Stockholders' Equity
Accrued Share Repurchases	$ 299,286

STOCKHOLDERS' EQUITY - Interval

STOCKHOLDERS' EQUITY - Interval Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Stockholders' Equity
Notice period	10 days
Common stock, offering price		$ 10	$ 10	$ 10	$ 10	$ 10
Repurchase Plan
Stockholders' Equity
Limit of repurchases of Interval Common Shares after Repurchase Reserve has been exhausted, percentage per calendar quarter	1.25%
Limit of repurchases of Interval Common Shares after Repurchase Reserve has been exhausted, percentage per calendar year of the Interval Shares Value	5.00%
Repurchase Reserve expressed as a percentage of the aggregate gross proceeds from the Company's private offering of Interval Shares	20.00%
Notice period	10 days
Repurchase Plan | Last day of same calendar quarter preceding year
Stockholders' Equity
Percentage of Aggregate Value of Interval Shares to be repurchased, threshold	5.00%
Repurchase Plan | Last day of preceding calendar quarter
Stockholders' Equity
Percentage of Aggregate Value of Interval Shares to be repurchased, threshold	5.00%
Interval Common Stock
Stockholders' Equity
Dividend rate (as a percent)	86.00%
Share price, dividend reinvestment plan (in dollars per share)	9.50
Private offering | Interval Common Stock
Stockholders' Equity
Maximum number of shares authorized per the offering	3,000,000
Maximum number of shares authorized per the offering at the sole direction of the Board of Directors	6,000,000
Common stock, offering price	$ 10

STOCKHOLDERS' EQUITY - Noncontr

STOCKHOLDERS' EQUITY - Noncontrolling Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jun. 15, 2020
Series GO LP Units
Stockholders' Equity
Non-voting partnership units, holding period required before distributions will be paid	18 months
Specified percentage of original GP unit capital contributions	70.00%
Participating amount, any period after December 31, 2020	$ 1
Participating amount, any period after December 31, 2021	2
Participating amount, any period after December 31, 2022	$ 3
Value of outstanding units	$ 12,498,527	$ 3,784,965
Series B LP Units
Stockholders' Equity
Value of outstanding units	$ (1,563,489)	$ (1,005,785)
Distributions (as a percent)	5.00%
Cumulative return (as a percent)	6.00%
Percentage of original contributions (as percent)	5.00%
Series T LP Units.
Stockholders' Equity
Time period after issuance, for the conversion of Series T LP Units in to Common LP Units	36 months
Value of outstanding units	$ 21,931,757
Common LP Units
Stockholders' Equity
Value of outstanding units	$ 1,437,082
Operating Partnership | Common LP Units
Stockholders' Equity
Number of issued partnership units	152,100
Private offering | Series GO LP Units
Stockholders' Equity
Maximum offering			$ 20,000,000
Maximum offering per the sole discretion of the General Partner			$ 30,000,000
Cumulative number of units issued since inception of the Offering	2,210,411
Cumulative gross proceeds from issuance of units since inception of the Offering	$ 15,200,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Aug. 24, 2021USD ($)room	Nov. 30, 2019USD ($)property	Dec. 31, 2021USD ($)room	Dec. 31, 2020USD ($)room	Dec. 31, 2019USD ($)room	Dec. 31, 2018USD ($)room
COMMITMENTS AND CONTINGENCIES
Number of guest rooms | room			658	200	423	83
Purchase Price			$ 65,220,000	$ 35,650,000	$ 56,747,358	$ 7,700,000
Legal matter			0
Pennsylvania Hotel Properties
COMMITMENTS AND CONTINGENCIES
Real estate acquisition, additional consideration			$ 0
HGI El Paso Contribution Agreement | HGI El Paso Property
COMMITMENTS AND CONTINGENCIES
Number of guest rooms | room	153
Threshold closing cost payable	$ 100,000
Escrow Deposit	50,000
Contractual consideration	$ 17,600,000
Pennsylvania Purchase Agreement | Pennsylvania Hotel Properties
COMMITMENTS AND CONTINGENCIES
Escrow Deposit		$ 1,500,000
Number of real estate properties to be acquired | property		3
Contractual consideration		$ 46,900,000

SUBSEQUENT EVENTS - (Details)

SUBSEQUENT EVENTS - (Details)

Mar. 29, 2022USD ($)room$ / roomshares

Mar. 21, 2022USD ($)room

Mar. 03, 2022USD ($)$ / shares

Feb. 23, 2022USD ($)

Feb. 08, 2022USD ($)roomshares

Feb. 01, 2022USD ($)room$ / shares

Jan. 18, 2022USD ($)room$ / roomshares

Jan. 10, 2022USD ($)

Dec. 31, 2021USD ($)shares

Sep. 30, 2021USD ($)

Jun. 30, 2021USD ($)$ / shares

Mar. 31, 2021USD ($)$ / shares

Dec. 31, 2020USD ($)$ / shares

Sep. 30, 2020USD ($)$ / shares

Mar. 31, 2020USD ($)

Dec. 31, 2021USD ($)room$ / sharesshares

Dec. 31, 2020USD ($)room$ / shares

Dec. 31, 2019USD ($)room

Dec. 31, 2018USD ($)room

Mar. 30, 2022USD ($)shares

Mar. 25, 2022USD ($)shares

Jun. 30, 2020$ / shares

Subsequent Events

Distributions paid in cash

$ 1,340,091

$ 1,114,951

$ 251,625

$ 246,084

$ 245,789

$ 213,784

$ 691,604

$ 2,952,751

$ 1,151,177

Common stock dividends per share declared on daily rate basis | $ / shares

$ 0.00191781

$ 0.00191781

Share price (in dollars per share) | $ / shares

$ 10

$ 10

$ 10

$ 10

$ 10

$ 10

Purchase Price

$ 65,220,000

$ 35,650,000

$ 56,747,358

$ 7,700,000

Number of guest rooms | room

658

200

423

83

Aggregate consideration

$ 67,297,506

$ 36,591,521

$ 57,970,225

$ 7,858,333

Private offering | Series GO LP Units

Subsequent Events

Cumulative number of units issued since inception of the Offering | shares

2,210,411

2,210,411

Cumulative gross proceeds from issuance of units since inception of the Offering

$ 15,200,000

$ 15,200,000

Subsequent Event

Subsequent Events

Distributions paid pursuant to the DRIP

$ 189,453

Cash distributions declared

$ 305,211

$ 302,840

DRIP distributions declared

$ 189,429

$ 187,360

Common stock dividends per share declared on daily rate basis | $ / shares

$ 0.00191781

$ 0.00191781

Annual dividend rate (as a percent)

7.00%

7.00%

Share price (in dollars per share) | $ / shares

$ 10

$ 10

Subsequent Event | Common LP Units

Subsequent Events

Distributions paid in cash

8,300

Cash distributions declared for Operating Partnership units

$ 28,997

$ 8,873

Subsequent Event | Series GO LP Units

Subsequent Events

Cash distributions declared for Operating Partnership units

$ 5,105

$ 672

Subsequent Event | Common Stock

Subsequent Events

Distributions paid in cash

$ 297,905

Subsequent Event | Private offering | Common Stock

Subsequent Events

Cumulative number of shares issued since inception of the Offering | shares

8,814,430

Cumulative number of shares issued pursuant to the DRIP | shares

869,543

Cumulative gross proceeds from issuance of stock since inception of the Offering

$ 84,800,000

Subsequent Event | GO Unit Offering | Series GO LP Units

Subsequent Events

Cumulative number of units issued since inception of the Offering | shares

3,104,979

Cumulative gross proceeds from issuance of units since inception of the Offering

$ 21,400,000

Subsequent Event | Hampton Inn and Suites, Fargo Medical Center (the "Fargo Property")

Subsequent Events

Number of guest rooms | room

90

Subsequent Event | Hampton Inn and Suites, Fargo Medical Center (the "Fargo Property") | Series T LP Units.

Subsequent Events

Units issued or issuable

$ 4,050,000

Subsequent Event | Courtyard El Paso Airport, (the "El Paso Airport Property")

Subsequent Events

Number of guest rooms | room

90

Subsequent Event | Fairfield Inn & Suites (the "Lakewood Property")

Subsequent Events

Number of guest rooms | room

142

Subsequent Event | Fargo Amended Contribution Agreement | Hampton Inn and Suites, Fargo Medical Center (the "Fargo Property")

Subsequent Events

Purchase Price

11,400,000

Closing costs

300,000

Assets acquisition, new loan

7,200,000

Cash consideration

$ 150,000

Interest rate (as a percent)

7.00%

Additional maturity term

1 year

Subsequent Event | New Loan Agreement | Hampton Inn and Suites, Fargo Medical Center (the "Fargo Property")

Subsequent Events

Loan amount

$ 7,400,000

Interest rate (as a percent)

4.00%

Term of loan

5 years

Period of interest-only payments, once the PIP funds are placed on deposit with the New Lender and work on the PIP begins

12 months

Subsequent Event | KAJ Management Agreement | Hampton Inn and Suites, Fargo Medical Center (the "Fargo Property")

Subsequent Events

Term of contractual agreement

5 years

Successive renewal term

1 year

Management fee expressed as a percentage of revenue

3.00%

Management fee, accounting service per room | $ / room

14

Subsequent Event | El Paso Airport Amended Contribution Agreement | Courtyard El Paso Airport, (the "El Paso Airport Property")

Subsequent Events

Purchase Price

$ 15,210,000

Closing costs

300,000

Assets acquisition, new loan

9,990,000

Cash consideration

$ 620,000,000,000

Interest rate (as a percent)

7.00%

Additional maturity term

1 year

Subsequent Event | El Paso Airport Amended Contribution Agreement | Courtyard El Paso Airport, (the "El Paso Airport Property") | Common LP Units

Subsequent Events

Units issued or issuable

$ 4,600,000

Subsequent Event | Aimbridge Management Agreement | Courtyard El Paso Airport, (the "El Paso Airport Property")

Subsequent Events

Monthly accounting fee per the management agreement

$ 3,000

Annual percentage increase in accounting fee

3.00%

Additional monthly accounting fee

$ 2,550

Annual percentage increase in additional accounting fee

3.00%

Term of contractual agreement

5 years

Successive renewal term

1 year

Management fee expressed as a percentage of revenue

3.00%

Subsequent Event | Lakewood Amended Contribution Agreement | Fairfield Inn & Suites (the "Lakewood Property")

Subsequent Events

Purchase Price

$ 19,400,000

Closing costs

400,000

Assets acquisition, new loan

12,610,000

Cash consideration

$ 552,000

Interest rate (as a percent)

7.00%

Additional maturity term

1 year

Subsequent Event | Lakewood Amended Contribution Agreement | Fairfield Inn & Suites (the "Lakewood Property") | Series T LP Units.

Subsequent Events

Units issued or issuable

$ 6,238,000

Subsequent Event | NHS Management Agreement | Fairfield Inn & Suites (the "Lakewood Property")

Subsequent Events

Renewal term of advisory agreement

5 years

Management fee expressed as a percentage of revenue

3.00%

Management fee, accounting service per room | $ / room

14

Administrative fee expressed as a percentage of revenue

0.60%

Subsequent Event | RI Contribution Agreement | Residence Inn by Marriott Fort Collins, (the "RI Hotel Property")

Subsequent Events

Number of guest rooms | room

113

Property under contract, aggregate consideration to be transferred

$ 17,700,000

Escrow Deposit

$ 100,000

Subsequent Event | CY Contribution Agreement | Courtyard by Marriott Fort Collins (the "CY Hotel Property")

Subsequent Events

Number of guest rooms | room

112

Property under contract, aggregate consideration to be transferred

$ 15,000,000

Escrow Deposit

$ 100,000

Subsequent Event | Charlotte HGI Contribution Agreement | Hilton Garden Charlotte North (the "Charlotte HGI Hotel Property")

Subsequent Events

Number of guest rooms | room

112

Property under contract, aggregate consideration to be transferred

$ 15,000,000

Escrow Deposit

$ 100,000

Subsequent Event | Pineville HGI Contribution Agreement | Hilton Garden, Pineville (the "Pineville HGI Hotel Property")

Subsequent Events

Number of guest rooms | room

113

Property under contract, aggregate consideration to be transferred

$ 10,700,000

Escrow Deposit

$ 100,000

Subsequent Event | Operating Partnership | Common LP Units

Subsequent Events

Units issued in connection with contribution of property | shares

460,000

Subsequent Event | Operating Partnership | Hampton Inn and Suites, Fargo Medical Center (the "Fargo Property") | Series T LP Units.

Subsequent Events

Units issued in connection with contribution of property | shares

405,130

Subsequent Event | Operating Partnership | Fairfield Inn & Suites (the "Lakewood Property") | Series T LP Units.

Subsequent Events

Units issued in connection with contribution of property | shares

623,800

Subsequent Event | Loan Guaranteed by RLC-VI Lakewood, LLC and Rockies Lodging Capital, LLC | Lakewood Amended Contribution Agreement | Fairfield Inn & Suites (the "Lakewood Property")

Subsequent Events

Loan amount

$ 1,235,000

Interest rate (as a percent)

7.00%

Ratio used to determine the offset by Series T Units, in the event the loan is not repaid

1.75

Conversion cap rate (as a percent)

8.75%

SCHEDULE III - Real Estate an_2

SCHEDULE III - Real Estate and Accumulated Depreciation - Changes in Real Estate and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2021USD ($)room	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate and Accumulated Depreciation.
Number of Rooms | room	1,364
Encumbrances	$ 103,933,260
Initial Cost
Land and Land Improvements	20,008,739
Building, Building Improvements and FF&E	156,219,700
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	2,673,953
Gross Amount at End of Year
Land and Land Improvements	20,018,850
Building, Building Improvements and FF&E	158,893,653
Total	178,912,503	$ 105,456,764	$ 66,664,020
Accumulated Depreciation	(9,487,728)	$ (4,712,578)	$ (1,255,712)
Aggregate cost for federal income tax purposes	$ 177,900,000
Holiday Inn Express (the "Cedar Rapids Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	83
Encumbrances	$ 5,858,134
Initial Cost
Land and Land Improvements	1,536,966
Building, Building Improvements and FF&E	6,321,367
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	876,471
Gross Amount at End of Year
Land and Land Improvements	1,547,077
Building, Building Improvements and FF&E	7,197,838
Total	8,744,915
Accumulated Depreciation	$ (916,241)
Hampton Inn & Suites(the "Pineville Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	111
Encumbrances	$ 8,782,284
Initial Cost
Land and Land Improvements	2,014,533
Building, Building Improvements and FF&E	12,327,740
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	1,184,200
Gross Amount at End of Year
Land and Land Improvements	2,014,533
Building, Building Improvements and FF&E	13,511,940
Total	15,526,473
Accumulated Depreciation	$ (1,265,399)
Hampton Inn (the "Eagan Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	122
Encumbrances	$ 9,277,193
Initial Cost
Land and Land Improvements	1,691,813
Building, Building Improvements and FF&E	12,536,520
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	275,931
Gross Amount at End of Year
Land and Land Improvements	1,691,813
Building, Building Improvements and FF&E	12,812,451
Total	14,504,264
Accumulated Depreciation	$ (1,303,378)
Home2 Suites (the "Prattville Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	90
Encumbrances	$ 9,425,085
Initial Cost
Land and Land Improvements	1,691,954
Building, Building Improvements and FF&E	13,414,060
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	34,149
Gross Amount at End of Year
Land and Land Improvements	1,691,954
Building, Building Improvements and FF&E	13,448,209
Total	15,140,163
Accumulated Depreciation	$ (1,168,799)
Home2 Suites (the "Lubbock Home2 Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	100
Encumbrances	$ 7,573,597
Initial Cost
Land and Land Improvements	803,229
Building, Building Improvements and FF&E	13,906,502
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	25,265
Gross Amount at End of Year
Land and Land Improvements	803,229
Building, Building Improvements and FF&E	13,931,767
Total	14,734,996
Accumulated Depreciation	$ (1,090,062)
Fairfield Inn & Suites (the "Lubbock Home2 Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	101
Encumbrances	$ 9,125,908
Initial Cost
Land and Land Improvements	982,934
Building, Building Improvements and FF&E	15,261,162
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	2,289
Gross Amount at End of Year
Land and Land Improvements	982,934
Building, Building Improvements and FF&E	15,263,451
Total	16,246,385
Accumulated Depreciation	$ (1,246,039)
Homewood Suites (the "Southaven Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	99
Encumbrances	$ 13,343,841
Initial Cost
Land and Land Improvements	1,593,232
Building, Building Improvements and FF&E	19,351,858
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	26,158
Gross Amount at End of Year
Land and Land Improvements	1,593,232
Building, Building Improvements and FF&E	19,378,016
Total	20,971,248
Accumulated Depreciation	$ (1,250,542)
Courtyard by Marriott (the "Aurora Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	141
Encumbrances	$ 15,000,000
Initial Cost
Land and Land Improvements	4,400,098
Building, Building Improvements and FF&E	19,668,031
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	171,681
Gross Amount at End of Year
Land and Land Improvements	4,400,098
Building, Building Improvements and FF&E	19,839,712
Total	24,239,810
Accumulated Depreciation	$ (660,831)
Holiday Inn (the "EI Paso Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	175
Encumbrances	$ 7,900,000
Initial Cost
Land and Land Improvements	1,747,553
Building, Building Improvements and FF&E	8,913,467
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	29,335
Gross Amount at End of Year
Land and Land Improvements	1,747,553
Building, Building Improvements and FF&E	8,942,802
Total	10,690,355
Accumulated Depreciation	$ (311,777)
Hilton Garden Inn (the "Houston Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	182
Encumbrances	$ 13,947,218
Initial Cost
Land and Land Improvements	3,168,376
Building, Building Improvements and FF&E	17,659,977
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	40,575
Gross Amount at End of Year
Land and Land Improvements	3,168,376
Building, Building Improvements and FF&E	17,700,552
Total	20,868,928
Accumulated Depreciation	$ (231,936)
Sheraton Hotel (the "Northbrook Property")
Real Estate and Accumulated Depreciation.
Number of Rooms | room	160
Encumbrances	$ 3,700,000
Initial Cost
Land and Land Improvements	378,051
Building, Building Improvements and FF&E	16,859,016
Costs Capitalized Subsequent to Acquisition
Building, Building Improvements and FF&E	7,899
Gross Amount at End of Year
Land and Land Improvements	378,051
Building, Building Improvements and FF&E	16,866,915
Total	17,244,966
Accumulated Depreciation	$ (42,724)
Minimum | Holiday Inn Express (the "Cedar Rapids Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Hampton Inn & Suites(the "Pineville Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Hampton Inn (the "Eagan Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Home2 Suites (the "Prattville Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Home2 Suites (the "Lubbock Home2 Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Fairfield Inn & Suites (the "Lubbock Home2 Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Homewood Suites (the "Southaven Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Courtyard by Marriott (the "Aurora Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Holiday Inn (the "EI Paso Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Hilton Garden Inn (the "Houston Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Minimum | Sheraton Hotel (the "Northbrook Property")
Gross Amount at End of Year
Depreciable Lives	3 years
Maximum | Holiday Inn Express (the "Cedar Rapids Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Hampton Inn & Suites(the "Pineville Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Hampton Inn (the "Eagan Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Home2 Suites (the "Prattville Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Home2 Suites (the "Lubbock Home2 Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Fairfield Inn & Suites (the "Lubbock Home2 Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Homewood Suites (the "Southaven Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Courtyard by Marriott (the "Aurora Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Holiday Inn (the "EI Paso Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Hilton Garden Inn (the "Houston Property")
Gross Amount at End of Year
Depreciable Lives	40 years
Maximum | Sheraton Hotel (the "Northbrook Property")
Gross Amount at End of Year
Depreciable Lives	40 years

SCHEDULE III- Real Estate and A

SCHEDULE III- Real Estate and Accumulated Depreciation - Investment in Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investment in Real Estate:
Balance at beginning of period	$ 105,456,764	$ 66,664,020
Acquisitions	72,794,569	37,189,186
Improvements	661,170	1,603,558
Balance at end of period	178,912,503	105,456,764
Accumulated Depreciation:
Balance at beginning of period	(4,712,578)	(1,255,712)
Depreciation expense	(4,831,022)	(3,461,309)
Asset write-offs	55,872	4,443
Balance at end of period	$ (9,487,728)	$ (4,712,578)