Unconsolidated Joint Venture (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments And Joint Ventures [Abstract]

Summarized Financial Information of Investment

Summarized financial information for this investment through July 31, 2015, which is accounted for under the equity method, is as follows:

	December 31, 2014
ASSETS
Investment in hotel property, net	$	62,823,142
Cash and cash equivalents		2,153,906
Restricted cash		874,111
Accounts receivable		328,755
Prepaid expenses, inventory and other assets		1,489,479
TOTAL ASSETS	$	67,669,393
LIABILITIES
Mortgage loan, net	$	57,000,000
Accounts payable and other accrued liabilities		2,195,613
Accounts payable and other accrued liabilities, member		146,836
Advance deposits		398,695
TOTAL LIABILITIES		59,741,144
TOTAL MEMBERS’ EQUITY		7,928,249
TOTAL LIABILITIES AND MEMBERS’  EQUITY	$	67,669,393

	Seven Months Ended			Year Ended
	July 31, 2015			December 31, 2014
Revenue
Rooms department	$	10,605,941		$	15,386,595
Food and beverage department		1,911,950			2,968,395
Other operating departments		880,564			1,385,469
Total revenue		13,398,455			19,740,459
Expenses
Hotel operating expenses
Rooms department		2,062,515			3,270,930
Food and beverage department		1,442,139			2,270,918
Other operating departments		388,087			655,818
Indirect		4,774,322			7,436,198
Total hotel operating expenses		8,667,063			13,633,864
Depreciation and amortization		1,060,339			2,116,211
General and administrative		252,565			148,873
Total operating expenses		9,979,967			15,898,948
Operating income		3,418,488			3,841,511
Interest expense		(1,516,433	)		(2,612,032	)
Net (loss) income	$	1,902,055		$	1,229,479