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Unconsolidated Joint Venture (Tables)

6 Months Ended

Jun. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Summarized Financial Information of Investment

Summarized financial information for this investment, which is accounted for under the equity method, is as follows:

		June 30, 2013				December 31, 2012
		(unaudited)
ASSETS
Investment in hotel properties, net		$	65,176,882			$	65,899,055
Cash and cash equivalents			3,098,076				3,298,009
Accounts receivable			159,870				301,921
Prepaid expenses, inventory and other assets			955,101				1,409,924
TOTAL ASSETS		$	69,389,929			$	70,908,909
LIABILITIES
Mortgage loans, net		$	32,600,000			$	33,100,000
Accounts payable and other accrued liabilities			2,633,014				2,995,271
Advance deposits			372,762				257,950
TOTAL LIABILITIES			35,605,776				36,353,221
TOTAL MEMBERS’ EQUITY			33,784,153				34,555,688
TOTAL LIABILITIES AND MEMBERS’ EQUITY		$	69,389,929			$	70,908,909

		Three months ended June 30, 2013				Three months ended June 30, 2012				Six months ended June 30, 2013				Six months ended June 30, 2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenue
Rooms department		$	3,363,111			$	3,041,078			$	8,498,298			$	7,463,159
Food and beverage department			641,213				569,025				1,392,985				1,355,163
Other operating departments			384,740				317,107				785,964				616,608
Total revenue			4,389,064				3,927,210				10,677,247				9,434,930
Expenses
Hotel operating expenses
Rooms department			758,573				702,300				1,624,736				1,482,667
Food and beverage department			503,093				480,479				1,041,169				1,064,924
Other operating departments			149,145				180,809				289,890				342,618
Indirect			1,712,374				1,648,539				3,675,768				3,475,831
Total hotel operating expenses			3,123,185				3,012,127				6,631,563				6,366,040
Depreciation and amortization			533,550				731,714				1,073,955				1,282,969
General and administrative			20,382				9,125				57,843				50,971
Total operating expenses			3,677,117				3,752,966				7,763,361				7,699,980
Net operating income			711,947				174,244				2,913,886				1,734,950
Interest expense			(435,448	)			(436,780	)			(867,723	)			(875,584	)
Unrealized gain (loss) on hedging activities			73,008				(89,785	)			182,302				(148,509	)
Net income (loss)		$	349,507			$	(352,321	)		$	2,228,465			$	710,857

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

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