Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

	Six Months Ended		Six Months Ended
	June 30, 2022		June 30, 2021
Cash and cash equivalents		23,969,135		21,822,863
Restricted cash		7,383,626		11,709,866
Cash, cash equivalents and restricted cash at the end of the period	$	31,352,761	$	33,532,729

Schedule of Recurring Assets and Liabilities Measured at Fair Value

The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate swap are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of June 30, 2022 and there were two non-recurring assets and no non-recurring liabilities for fair value measurements as of December 31, 2021, respectively):

	Level 1		Level 2			Level 3
December 31, 2021
Interest Rate Cap (1)	$	—	$	47		$	—
Interest Rate Swap (2)	$	—	$	(1,537,319	)	$	—
Mortgage loans (3)	$	—	$	(355,496,444	)	$	—
Investment in Hotel Properties, net(4)	$	—	$	23,000,000		$	—
Investment in Hotel Properties Held for Sale, net(5)	$	—	$	11,063,952		$	—
June 30, 2022
Interest Rate Cap (1)	$	—	$	—		$	—
Interest Rate Swap (2)	$	—	$	1,311		$	—
Mortgage loans (3)	$	—	$	(328,489,576	)	$	—

(1)Interest rate cap, which cap the 1-month LIBOR rate at 3.25%.

(2)Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan.

(3)Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021.

(4)Investment in hotel properties, net, a non-recurring asset, is reflected at appraised value as of December 31, 2021.

(5)Investment in hotel properties held for sale, net, a non-recurring asset, is reflected at net realizable value as of December 31, 2021.

Schedule of Minimum Future Lease Payments Receivable

A schedule of minimum future lease payments receivable for the remaining six and twelve-month periods is as follows:

Remaining six months ending December 31, 2022		608,207
December 31, 2023		1,202,326
December 31, 2024		1,199,584
December 31, 2025		1,171,782
December 31, 2026		1,162,514
December 31, 2027 and thereafter		16,419,018
Total	$	21,763,431