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Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net (Tables)

6 Months Ended

Jun. 30, 2017

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