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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Derivative Instruments and Mortgage Debt Measured at Fair Value

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table represents our mortgage loans and unsecured notes measured at fair value and the basis for that measurement:

		Level 1				Level 2				Level 3
December 31, 2014
Investment in hotel property, net(1)		$	—			$	—			$	6,396,787
Mortgage loans(2)		$	—			$	(209,994,659	)		$	—
Unsecured notes(3)		$	(53,816,320	)		$	—			$	—
March 31, 2015 (unaudited)
Mortgage loans(2)		$	—			$	(208,184,295	)		$	—
Unsecured notes(3)		$	(55,039,000	)		$	—			$	—

(1) A non-recurring fair value measurement was conducted in 2014 for our investment in hotel property, which resulted in impairment charges for the year ended December 31, 2014, which represent the amount by which the carrying value of the asset group exceeded its fair value.

(2) Mortgage loans are reflected at outstanding principal balance on our Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014.

(3) Unsecured notes are recorded at outstanding principal balance on our Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014.

Schedule of Minimum Future Lease Payments Receivable

A schedule of minimum future lease payments receivable for the following twelve-month periods is as follows:

Remaining nine months ending December 31, 2015		$	899,908
December 31, 2016			1,052,301
December 31, 2017			643,123
December 31, 2018			202,615
December 31, 2019			159,520
December 31, 2020 and thereafter			619,780
Total		$	3,577,247

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

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