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Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net | 6 Months Ended
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Jun. 30, 2017
Real Estate [Abstract] |
Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net | 4. Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net Investment in hotel properties, net as of June 30, 2017 and December 31, 2016 consisted of the following:
|  | June 30, 2017 |  |  | December 31, 2016 |
Land and land improvements |  | $ | 58,412,179 |  |  | $ | 57,851,380 |
Buildings and improvements |  |  | 338,922,481 |  |  |  | 336,996,876 |
Furniture, fixtures and equipment |  |  | 52,285,115 |  |  |  | 43,458,781 |
|  |  | 449,619,775 |  |  |  | 438,307,037 |
Less: accumulated depreciation and impairment |  |  | (92,153,143 | ) |  |  | (89,713,125 | )
Investment in Hotel Properties, Net |  | $ | 357,466,632 |  |  | $ | 348,593,912 |
Investment in hotel properties held for sale, net as of June 30, 2017 and December 31, 2016 consisted of the following:
|  | June 30, 2017 |  |  | December 31, 2016 |
Land and land improvements |  | $ | — |  |  | $ | 1,097,096 |
Buildings and improvements |  |  | — |  |  |  | 6,242,504 |
Furniture, fixtures and equipment |  |  | — |  |  |  | 2,289,008 |
|  |  | — |  |  |  | 9,628,608 |
Less: accumulated depreciation and impairment |  |  | — |  |  |  | (4,295,608 | )
Investment in Hotel Properties Held for Sale, Net |  | $ | — |  |  | $ | 5,333,000 |
Investment in hotel properties held for sale, net represents the Crowne Plaza Hampton Marina property, which was sold on February 7, 2017 for approximately $5.6 million. After selling costs, mortgage loan payoff and associated fees we realized an approximate gain on the sale of assets of $0.1 million, as reflected in the consolidated statements of operations.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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