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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Derivative Instruments and Mortgage Debt Measured at Fair Value

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	)		$	—			$	—
December 31, 2015
Investment in hotel property, net(1)		$	—			$	—			$	5,700,762
Interest Rate Cap(4)		$	—			$	70,981			$	—
Mortgage loans(2)		$	—			$	(272,933,327	)		$	—
Unsecured notes(3)		$	(54,238,600	)		$	—			$	—

(1) A non-recurring fair value measurement was conducted in both 2014 and 2015 for our investment in hotel property, which resulted in impairment charges for the years ended December 31, 2015 and 2014, which represent the amounts by which the carrying value of the asset group exceeded its fair value.

(2) Mortgage loans are reflected at carrying value on our Consolidated Balance Sheet as of December 31, 2015 and December 31, 2014.

(3) Unsecured notes are recorded at historical cost on our Consolidated Balance Sheet as of December 31, 2015 and December 31, 2014.

(4) An interest rate cap on the DoubleTree by Hilton Jacksonville Riverfront mortgage with the Bank of the Ozarks.

Schedule of Minimum Future Lease Payments Receivable

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

December 31, 2016		$	1,336,016
December 31, 2017		$	863,350
December 31, 2018		$	352,384
December 31, 2019		$	233,286
December 31, 2020		$	188,158
December 31, 2021 and thereafter		$	539,063
Total		$	3,512,257

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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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- 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

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