INVESTMENT IN HOTEL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2019

INVESTMENT IN HOTEL PROPERTIES

Schedule of investment in hotel properties

	December 31,
	2019		2018
Land and land improvements	$	7,738,495	$	1,536,966
Building and building improvements		53,238,276		5,558,557
Furniture, fixtures, and equipment		5,687,249		764,032
Investment in hotel properties, at cost		66,664,020		7,859,555
Less: accumulated depreciation		(1,255,712)		(43,810)
Investment in hotel properties, net	$	65,408,308	$	7,815,745

Schedule of acquisitions of hotel properties

2019 Acquisitions
				Number
			Date	of Guest	Purchase		Transaction				%
Hotel	Property Type	Location	Purchased	Rooms	Price		Costs		Total		Interest
Hampton Inn & Suites (the "Pineville Property")	Limited Service	Pineville, NC	March 19, 2019	111	$	13,897,358	$	303,744	$	14,201,102	100	%
Hampton Inn (the "Eagan Property")	Limited Service	Eagan, MN	June 19, 2019	122		13,950,000		278,333		14,228,333	100	%
Home2 Suites (the "Prattville Property")	Extended Stay	Prattville, AL	July 11, 2019	90		14,750,000		356,014		15,106,014	100	%
Home2 Suites (the “Lubbock Home2 Property”)	Extended Stay	Lubbock, TX	December 30, 2019	100		14,150,000		284,776		14,434,776	100	%
				423	$	56,747,358	$	1,222,867	$	57,970,225

2018 Acquisitions
				Number
			Date	of Guest	Purchase		Transaction				%
Hotel	Property Type	Location	Purchased	Rooms	Price		Costs		Total		Interest
Holiday Inn Express (the "Cedar Rapids Property")	Limited Service	Cedar Rapids, IA	November 30, 2018	83	$	7,700,000	$	158,333	$	7,858,333	100	%
				83	$	7,700,000	$	158,333	$	7,858,333

Schedule of aggregate purchase price for the hotel properties

	December 31,
	2019		2018
Land and land improvements	$	6,201,529	$	1,536,966
Building and building improvements		47,412,115		5,558,997
Furniture, fixtures, and equipment		4,772,707		762,370
Total assets acquired		58,386,351		7,858,333
Premium on assumed debt		(416,126)		—
Total liabilities assumed		(416,126)		—
Total purchase price(1)		57,970,225		7,858,333
Assumed mortgage debt		17,283,415		—
Net purchase price	$	40,686,810	$	7,858,333

(1) Total purchase price includes purchase price plus all transaction costs.