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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (4,901,434) $ (1,210,858)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 1,211,902 43,810
Amortization 250,787 48,007
Write-off of unamortized deferred financing costs 25,629  
Change in operating assets and liabilities:    
Accounts receivable (82,370) (25,606)
Franchise fees (700,000) (50,000)
Due from related parties 1,285 (1,285)
Prepaid expenses and other assets (838,416) (785,168)
Accounts payable 410,036 89,782
Accrued expenses 460,124 229,349
Due to related parties 129,904 230,314
Other liabilities 364,750 81,619
Net cash used in operating activities (3,667,803) (1,350,036)
Cash Flows from Investing Activities:    
Acquisitions of hotel properties (40,686,810) (7,754,857)
Improvements and additions to hotel properties (308,188) (1,222)
Net cash used in investing activities (40,994,998) (7,756,079)
Cash Flows from Financing Activities:    
Proceeds from issuance of debt 25,078,427 6,229,000
Principal payments on debt (5,919,455) (1,000,000)
Payments of deferred financing costs (1,027,619) (173,368)
Proceeds from issuance of common stock 47,126,690 11,045,805
Payments of offering costs (7,456,709) (2,383,862)
Distributions paid (1,496,566) (79,056)
Net cash provided by financing activities 56,304,768 13,638,519
Net change in cash, cash equivalents, and restricted cash 11,641,967 4,532,404
Beginning Cash, Cash Equivalents, and Restricted Cash 4,532,404  
Ending Cash, Cash Equivalents, and Restricted Cash 16,174,371 4,532,404
Supplemental Disclosure of Cash Flow Information:    
Interest paid 1,021,163 1,389
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Debt assumed in connection with hotel property acquisition 17,699,541  
Costs to acquire hotel properties included in due to related parties 109,926 103,476
Debt issuance costs included in due to related parties 109,459 103,943
Offering costs included in accounts payable (15,274) 59,125
Offering costs included in due to related parties (151,133) 266,873
Offering costs included in accrued expenses 8,857 14,725
Distributions included in accrued expenses 174,338 37,872
Distributions included in due to related parties 54,873 8,744
Reinvested distributions 799,133 49,530
Reconciliation of Cash, Cash Equivalents, and Restricted Cash:    
Cash and cash equivalents, beginning of period 3,732,404  
Restricted cash, beginning of period 800,000  
Cash, cash equivalents, and restricted cash, beginning of period 16,174,371 4,532,404
Cash and Cash Equivalents, at Carrying Value, Ending Balance 10,898,556 3,732,404
Restricted cash, end of period 5,275,815 800,000
Cash, cash equivalents, and restricted cash, end of period $ 16,174,371 $ 4,532,404