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Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net

6 Months Ended

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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- References

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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

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