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Subsequent Events (Details) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended 0 Months Ended 1 Months Ended 4 Months Ended 0 Months Ended 1 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2013
Loan Facility 2
Jul. 31, 2012
Loan Facility 2
Mar. 31, 2013
Loan Facility 2
Minimum
Mar. 31, 2013
Loan Facility 2
Maximum
May 08, 2013
Subsequent event
May 13, 2013
Subsequent event
Apr. 30, 2013
Subsequent event
Apr. 18, 2013
Subsequent event
Loan Facility 2
Apr. 18, 2013
Subsequent event
Loan Facility 2
Minimum
Apr. 18, 2013
Subsequent event
Loan Facility 2
Maximum
Apr. 30, 2013
Subsequent event
Milford Plaza hotel
room
Apr. 30, 2013
Subsequent event
Milford Plaza hotel
Sponsor
Apr. 30, 2013
Subsequent event
Milford Plaza hotel
Credit facilities with Deutsche Bank AG
Offering Proceeds                              
Common shares sold pursuant to Offering               15,000,000              
Gross proceeds pursuant to Offering               $ 149,300,000              
Shares remaining available for sale under Primary Offering               11,900,000              
Shares remaining available for sale under DRP               8,300,000              
Distributions                              
Daily cash distribution accrued per share (in dollars per share) $ 0.002185792           $ 0.002191781                
Annual distribution rate (as a percent) 8.00%           8.00%                
Share Repurchases                              
Number of shares repurchased 100,000 100,000             200,000            
Total amount of shares repurchased 1,019,000 1,371,000             1,700,000            
Repurchase price paid per share (in dollars per share) $ 9.74 $ 9.62             $ 9.36            
New Investments                              
Investments financed by borrowings together with Sponsor                         255,000,000    
Number of rooms                         1,331    
Ownership percentage                         35.00%    
Investments financed by borrowings                         89,300,000 165,700,000 130,000,000
Expected initial current yield (as a percent)                         12.50%    
Carrying value of invested equity                         43,800,000    
Credit Facilities                              
Maximum borrowing capacity     100,000,000 50,000,000           150,000,000          
Unrestricted cash or cash equivalents required to be maintained under financial covenants         $ 3,800,000 $ 15,000,000         $ 3,800,000 $ 22,500,000