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Acquisition of Hotel Properties (Tables) | 9 Months Ended
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Sep. 30, 2019
Business Combinations And Or Asset Acquisitions [Abstract] |
Allocation of Purchase Price Based on Fair Values | The allocation of the respective purchase price is based on fair value as follows:
|  | Hyatt Centric Arlington |  |  | Hyde Beach House |
Land and land improvements |  | $ | 190,916 |  |  | $ | 500 |
Buildings and improvements |  |  | 70,369,046 |  |  |  | 5,564,219 |
Furniture, fixtures and equipment |  |  | 6,229,888 |  |  |  | 347,621 |
Favorable lease and other intangible assets |  |  | 3,054,812 |  |  |  | — |
Investment in hotel properties |  |  | 79,844,662 |  |  |  | 5,912,340 |
Accrued liabilities and other costs |  |  | (111,946 | ) |  |  | — |
Prepaid expenses, inventory and other assets |  |  | — |  |  |  | 434,038 |
Net cash |  | $ | 79,732,716 |  |  | $ | 6,346,378 |

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- Definition Business combinations and / or asset acquisitions. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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