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Summary of Significant Accounting Policies - Derivative Instruments and Mortgage Debt Measured at Fair Value (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014
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Level 1 [Member] | Unsecured Notes [Member] |  |
Derivatives Fair Value [Line Items] |  |
Debt instruments measured at fair value | $ (54,385,800) | $ (53,816,320)
Level 2 [Member] | Interest Rate Cap [Member] |  |
Derivatives Fair Value [Line Items] |  |
Interest rate cap | 72,992 |
Level 2 [Member] | Mortgage Loans [Member] |  |
Derivatives Fair Value [Line Items] |  |
Debt instruments measured at fair value | $ (270,473,291) | (209,994,659)
Investment In Hotel Property, Net [Member] | Level 3 [Member] |  |
Derivatives Fair Value [Line Items] |  |
Investment in hotel property, net |  | $ 6,396,787

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- Definition Fair value portion of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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