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Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net loss $ (1,654,717) $ (5,126,655)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,083,871 4,375,554
Equity income in joint venture (557,116) (177,714)
Unrealized (gain) loss on warrant derivative 2,680,210 2,684,900
Amortization of deferred financing costs 430,396 1,628,344
Paid-in-kind interest 131,449 245,573
Charges related to equity-based compensation 166,480 110,400
Changes in assets and liabilities:    
Restricted cash (126,397) 444,269
Accounts receivable (679,141) (1,682,614)
Prepaid expenses, inventory and other assets (642,708) (323,045)
Deferred income taxes 1,317,752 1,103,579
Accounts payable and other accrued liabilities 1,564,135 1,258,711
Advance deposits 255,370 446,549
Due from affiliates (2,008) 8,257
Net cash provided by operating activities 6,967,576 4,996,108
Cash flows from investing activities:    
Improvements and additions to hotel properties (3,167,840) (2,163,680)
Distributions from joint venture 750,000 250,000
Funding of restricted cash reserves (972,570) (993,239)
Proceeds of restricted cash reserves 814,713 903,457
Net cash used in investing activities (2,575,697) (2,003,462)
Cash flows from financing activities:    
Proceeds of mortgage debt 2,225,613 44,000,000
Redemption of redeemable preferred stock (1,901,547) (11,513,602)
Payments on credit facility   (25,537,290)
Pledge of cash collateral (892,890)  
Dividends and distributions paid (845,863) (518,465)
Redemption of units in operating partnership (32,900) (14,640)
Payment of deferred financing costs (176,867) (824,319)
Payments on mortgage debt and loans (3,381,357) (6,028,749)
Net cash used in financing activities (5,005,811) (437,065)
Net increase (decrease) in cash and cash equivalents (613,932) 2,555,581
Cash and cash equivalents at the beginning of the period 7,175,716 4,409,959
Cash and cash equivalents at the end of the period 6,561,784 6,965,540
Supplemental disclosures:    
Cash paid during the period for interest 4,528,329 6,062,706
Cash paid during the period for income taxes $ 108,147 $ 104,595