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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2017
Accounting Policies [Abstract] |
Derivative Instruments and Mortgage Debt Measured at Fair Value | The following table represents our 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, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap (1) |  | $ | — |  |  | $ | 33,597 |  |  | $ | — |
Mortgage loans (2) |  | $ | — |  |  | $ | (281,840,780 | ) |  | $ | — |
Unsecured notes (3) |  | $ | (26,241,160 | ) |  | $ | — |  |  | $ | — |
June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap (1) |  | $ | — |  |  | $ | 6,390 |  |  | $ | — |
Mortgage loans (2) |  | $ | — |  |  | $ | (290,996,165 | ) |  | $ | — |
Unsecured notes (3) |  | $ | (26,109,600 | ) |  | $ | — |  |  | $ | — |
(1) | Interest rate cap for our loan on DoubleTree by Hilton Jacksonville Riverfront, which caps the 1-month LIBOR rate at 2.5%.
(2) | Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016.
(3) | Unsecured notes are recorded at outstanding principal balance on our Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016.
Schedule of Minimum Future Lease Payments Receivable | A schedule of minimum future lease payments receivable for the remaining six and twelve-month lease periods is as follows:
For the remaining six months ending December 31, 2017 |  | $ | 616,243 |
December 31, 2018 |  |  | 803,814 |
December 31, 2019 |  |  | 727,672 |
December 31, 2020 |  |  | 690,578 |
December 31, 2021 |  |  | 583,127 |
December 31, 2022 and thereafter |  |  | 2,517,406 |
Total |  | $ | 5,938,840 |

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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=66048111&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=84164817&loc=d3e45280-112737 + Details
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