Investment in Hotel Properties, Net (Tables)

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Schedule of Investment in Hotel Properties, Net

Investment in hotel properties, net as of March 31, 2019 and December 31, 2018 consisted of the following:

	March 31, 2019			December 31, 2018
	(unaudited)
Land and land improvements	$	65,264,876		$	64,409,730
Buildings and improvements		427,716,567			424,657,327
Right of use assets		6,588,507			—
Furniture, fixtures and equipment		58,864,164			57,830,987
		558,434,114			546,898,044
Less: accumulated depreciation and impairment		(117,173,042	)		(111,172,230	)
Investment in Hotel Properties, Net	$	441,261,072		$	435,725,814