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Unconsolidated Joint Venture (Tables) | 9 Months Ended
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Sep. 30, 2015
Equity Method Investments And Joint Ventures [Abstract] |
Summarized Financial Information of Investment | Summarized financial information for this investment through July 31, 2015, which is accounted for under the equity method, is as follows:
|  | December 31, 2014 |
ASSETS |  |  |  |
Investment in hotel property, net |  | $ | 62,823,142 |
Cash and cash equivalents |  |  | 2,153,906 |
Restricted cash |  |  | 874,111 |
Accounts receivable |  |  | 328,755 |
Prepaid expenses, inventory and other assets |  |  | 1,489,479 |
TOTAL ASSETS |  | $ | 67,669,393 |
LIABILITIES |  |  |  |
Mortgage loan, net |  | $ | 57,000,000 |
Accounts payable and other accrued liabilities |  |  | 2,195,613 |
Accounts payable and other accrued liabilities, member |  |  | 146,836 |
Advance deposits |  |  | 398,695 |
TOTAL LIABILITIES |  |  | 59,741,144 |
TOTAL MEMBERS’ EQUITY |  |  | 7,928,249 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY |  | $ | 67,669,393 |
|  | Three Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2015 (1) |  |  | September 30, 2014 |  |  | September 30, 2015 (2) |  |  | September 30, 2014 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rooms department |  | $ | 1,084,157 |  |  | $ | 2,860,460 |  |  | $ | 10,605,942 |  |  | $ | 11,592,712 |
Food and beverage department |  |  | 239,212 |  |  |  | 590,816 |  |  |  | 1,911,950 |  |  |  | 2,194,154 |
Other operating departments |  |  | 137,483 |  |  |  | 366,054 |  |  |  | 880,564 |  |  |  | 1,068,421 |
Total revenue |  |  | 1,460,852 |  |  |  | 3,817,330 |  |  |  | 13,398,456 |  |  |  | 14,855,287 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rooms department |  |  | 262,070 |  |  |  | 788,569 |  |  |  | 2,071,436 |  |  |  | 2,471,048 |
Food and beverage department |  |  | 185,976 |  |  |  | 516,777 |  |  |  | 1,442,145 |  |  |  | 1,696,364 |
Other operating departments |  |  | 67,190 |  |  |  | 176,520 |  |  |  | 388,087 |  |  |  | 502,967 |
Indirect |  |  | 648,430 |  |  |  | 1,663,202 |  |  |  | 3,991,773 |  |  |  | 5,270,113 |
Total hotel operating expenses |  |  | 1,163,666 |  |  |  | 3,145,068 |  |  |  | 7,893,441 |  |  |  | 9,940,492 |
Depreciation and amortization |  |  | 148,134 |  |  |  | 619,164 |  |  |  | 1,037,113 |  |  |  | 1,867,706 |
General and administrative |  |  | 36,944 |  |  |  | 63,254 |  |  |  | 1,060,687 |  |  |  | 296,850 |
Total operating expenses |  |  | 1,348,744 |  |  |  | 3,827,486 |  |  |  | 9,991,241 |  |  |  | 12,105,048 |
Operating income |  |  | 112,108 |  |  |  | (10,156 | ) |  |  | 3,407,215 |  |  |  | 2,750,239 |
Interest expense |  |  | (223,218 | ) |  |  | (597,711 | ) |  |  | (1,523,455 | ) |  |  | (1,755,027 | )
Net (loss) income |  | $ | (111,110 | ) |  | $ | (607,867 | ) |  | $ | 1,883,760 |  |  | $ | 995,212 |
| (1) | Represents one month of activity for the unconsolidated joint venture from July 1, 2015 to July 31, 2015.
| (2) | Represents seven months of activity for the unconsolidated joint venture from January 1, 2015 to July 31, 2015.

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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 + Details
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