XML 102 R47.htm IDEA: XBRL DOCUMENT v2.4.0.8
Unconsolidated Joint Venture - Summarized Financial Information of Investment (Detail) (Equity Method Investments [Member], USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Equity Method Investments [Member]
         
ASSETS          
Investment in hotel properties, net $ 65,176,882   $ 65,176,882   $ 65,899,055
Cash and cash equivalents 3,098,076   3,098,076   3,298,009
Accounts receivable 159,870   159,870   301,921
Prepaid expenses, inventory and other assets 955,101   955,101   1,409,924
TOTAL ASSETS 69,389,929   69,389,929   70,908,909
LIABILITIES          
Mortgage loans, net 32,600,000   32,600,000   33,100,000
Accounts payable and other accrued liabilities 2,633,014   2,633,014   2,995,271
Advance deposits 372,762   372,762   257,950
TOTAL LIABILITIES 35,605,776   35,605,776   36,353,221
TOTAL MEMBERS' EQUITY 33,784,153   33,784,153   34,555,688
TOTAL LIABILITIES AND MEMBERS' EQUITY 69,389,929   69,389,929   70,908,909
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  
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