Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Schedule of Hotel Properties

Investment in hotel properties as of December 31, 2015 and 2014 consisted of the following:

	December 31, 2015			December 31, 2014
Land and land improvements	$	59,910,212		$	37,483,400
Buildings and improvements		333,720,421			257,343,516
Furniture, fixtures and equipment		42,245,334			38,762,997
		435,875,967			333,589,913
Less: accumulated depreciation and impairment		(80,912,725	)		(73,397,760	)
	$	354,963,242		$	260,192,153