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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 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 investment in hotel property, net, interest rate cap, 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 | ) |  | $ | — |  |  | $ | — |
September 30, 2015 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap(5) |  | $ | — |  |  | $ | 72,992 |  |  | $ | — |
Mortgage loans(2) |  | $ | — |  |  | $ | (270,473,291 | ) |  | $ | — |
Unsecured notes(3) |  | $ | (54,385,800 | ) |  | $ | — |  |  | $ | — |
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 three months ending December 31, 2015 |  | $ | 367,936 |
December 31, 2016 |  |  | 1,321,344 |
December 31, 2017 |  |  | 867,447 |
December 31, 2018 |  |  | 356,179 |
December 31, 2019 |  |  | 236,372 |
December 31, 2020 and thereafter |  |  | 1,086,188 |
Total |  | $ | 4,235,466 |

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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 + Details
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- Definition 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 + Details
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