Investment in Hotel Properties

9 Months Ended

Sep. 30, 2015

4. Investment in Hotel Properties

Investment in hotel properties as of September 30, 2015 and December 31, 2014 consisted of the following:

	September 30, 2015			December 31, 2014
	(unaudited)
Land and land improvements	$	59,846,416		$	37,483,400
Buildings and improvements		330,213,388			257,343,516
Furniture, fixtures and equipment		41,561,930			38,762,997
		431,621,734			333,589,913
Less: accumulated depreciation and impairment		(76,688,573	)		(73,397,760	)
	$	354,933,161		$	260,192,153