Schedule III Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

Schedule III Real Estate And Accumulated Depreciation [Abstract]

Schedule III Real Estate And Accumulated Depreciation

							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2013
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Comfort Inn
	Chambersburg, Pennsylvania	MS	$	89,000	$	2,346,362	$	0	$	425,791	$	89,000	$	2,772,153	$	(1,342,425)	$	1,518,728
	Culpeper, Virginia	MS		182,264		2,142,652		0		707,581		182,264		2,850,233		(1,353,377)		1,679,120
	Farmville, Virginia	MS		253,618		2,162,087		0		640,161		253,618		2,802,248		(1,539,741)		1,516,125
	Morgantown, West Virginia	MS		398,322		3,853,651		0		1,106,168		398,322		4,959,819		(2,616,149)		2,741,992
	New Castle, Pennsylvania	MS		56,648		4,101,254		0		785,014		56,648		4,886,268		(2,304,123)		2,638,793
	Princeton, West Virginia	MS		387,567		1,774,501		0		827,416		387,567		2,601,917		(1,476,188)		1,513,296
	Rocky Mount, Virginia	MS		193,841		2,162,429		0		548,606		193,841		2,711,035		(1,280,956)		1,623,920
	Solomons, Maryland	GE		2,303,990		2,988,255		0		2,134,318		2,303,990		5,122,573		(3,221,175)		4,205,388
	Alexandria, Virginia	MPC		2,500,000		9,373,060		0		1,945,262		2,500,000		11,318,322		(2,833,270)		10,985,052
	Glasgow, Kentucky	GE		500,000		2,456,305		0		632,760		500,000		3,089,065		(811,555)		2,777,510
	Shelby, North Carolina	MS		253,921		2,782,042		0		1,968,090		253,921		4,750,132		(2,375,219)		2,628,834
	Harlan, Kentucky	GE		0		2,949,276		0		1,613,147		0		4,562,423		(1,622,576)		2,939,847
Super 8
	Creston, Iowa	MS		56,000		840,580		89,607		2,454,344		145,607		3,294,924		(2,031,011)		1,409,520
	Columbus, Nebraska	SOLD		51,716		571,178		(51,716)		(571,178)		0		0		0		0
	O'Neill, Nebraska	MS		75,000		667,074		46,075		1,207,571		121,075		1,874,645		(1,163,315)		832,405
	Omaha, Nebraska	GWB		164,034		1,053,620		0		1,310,855		164,034		2,364,475		(1,685,189)		843,320
	Lincoln, Nebraska (Cornhusker)	GWB		226,174		1,068,520		271,817		1,967,154		497,991		3,035,674		(2,063,046)		1,470,619
	Keokuk, Iowa	MS		55,000		642,783		71,175		658,949		126,175		1,301,732		(1,009,212)		418,695
	Iowa City, Iowa	MS		227,290		1,280,365		0		669,753		227,290		1,950,118		(1,518,655)		658,753
	Kirksville, Missouri	GWB		151,225		830,457		0		435,318		151,225		1,265,775		(929,580)		487,420
	Burlington, Iowa	MS		145,000		867,116		0		418,248		145,000		1,285,364		(933,400)		496,964
	Hays, Kansas	GWB		317,762		1,133,765		19,519		548,075		337,281		1,681,840		(1,266,117)		753,004
	Moberly, Missouri	GWB		60,000		1,075,235		0		503,832		60,000		1,579,067		(1,182,921)		456,146
	Pittsburg, Kansas	MS		130,000		852,131		0		401,547		130,000		1,253,678		(930,849)		452,829
	Manhattan, Kansas	GWB		261,646		1,254,175		(10,000)		704,869		251,646		1,959,044		(1,353,562)		857,128
	Mt. Pleasant, Iowa	MS		85,745		536,064		21,508		613,297		107,253		1,149,361		(799,730)		456,884
	Pella, Iowa	SOLD		61,853		664,610		(61,853)		(664,610)		0		0		0		0
	Storm Lake, Iowa	MS		90,033		819,202		41,344		660,733		131,377		1,479,935		(949,208)		662,104
							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2013
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Super 8 - continued
	West Plains, Missouri	GWB	$	112,279	$	861,178	$	0	$	288,525	$	112,279	$	1,149,703	$	(766,280)	$	495,702
	Jefferson City, Missouri	SOLD		264,707		1,206,886		(264,707)		(1,206,886)		0		0		0		0
	Wayne, Nebraska	SOLD		79,127		685,135		(79,127)		(685,135)		0		0		0		0
	Batesville, Arkansas	GWB		81,483		811,371		0		438,733		81,483		1,250,104		(604,331)		727,256
	Omaha, Nebraska (West Dodge)	GWB		593,518		1,758,275		(30,027)		415,885		563,491		2,174,160		(1,233,901)		1,503,750
	Norfolk, Nebraska	FSB		226,971		1,587,581		0		655,041		226,971		2,242,622		(1,228,496)		1,241,097
	Fort Madison, Iowa	SOLD		104,855		871,075		(104,855)		(871,075)		0		0		0		0
	Portage, Wisconsin	MS		203,032		1,839,321		0		390,958		203,032		2,230,279		(1,214,913)		1,218,398
	Shawano, Wisconsin	FSB		244,935		1,672,123		(40,546)		92,696		204,389		1,764,819		(981,835)		987,373
	Tomah, Wisconsin	GWB		211,975		2,079,714		(59,834)		478,167		152,141		2,557,881		(1,384,568)		1,325,454
	Menomonie, Wisconsin	MS		451,520		2,398,446		0		459,196		451,520		2,857,642		(1,421,609)		1,887,553
	Clarinda, Iowa	GWB		75,000		1,276,923		0		238,087		75,000		1,515,010		(445,607)		1,144,403
	Billings, Montana	GE		518,000		4,807,220		0		311,635		518,000		5,118,855		(1,108,466)		4,528,389
	Boise, Idaho	GE		612,000		5,709,976		(308,414)		(2,847,432)		303,586		2,862,544		(440,791)		2,725,339
	Columbus, Georgia	GE		441,000		4,173,299		(276,343)		(2,597,356)		164,657		1,575,943		(247,825)		1,492,775
	Terre Haute, Indiana	GE		547,000		4,976,600		(314,145)		(2,627,756)		232,855		2,348,844		(588,198)		1,993,501
	Green Bay, Wisconsin	GE		570,000		2,784,052		(16,031)		111,838		553,969		2,895,890		(585,417)		2,864,442
Sleep Inn
	Omaha, Nebraska	EVB		400,000		3,275,773		(73,924)		(223,844)		326,076		3,051,929		(437,875)		2,940,130
	Louisville, Kentucky	SOLD		350,000		1,288,002		(350,000)		(1,288,002)		(0)		0		0		(0)
Quality Inn
	Danville, Kentucky	MS		155,717		2,971,403		0		865,617		155,717		3,837,020		(2,037,716)		1,955,021
	Minocqua, Wisconsin	SOLD		214,505		1,458,389		(214,505)		(1,458,389)		0		0		0		0
	Sheboygan, Wisconsin	GWB		286,970		1,716,782		0		627,861		286,970		2,344,643		(1,186,939)		1,444,674
Clarion
	Cleveland, Tennessee	MS		212,914		2,370,499		0		1,121,611		212,914		3,492,110		(1,898,051)		1,806,973
							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2013
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Rodeway Inn
	Fayetteville, North Carolina	CITI	$	725,000	$	3,910,514	$	0	$	600,363	$	725,000	$	4,510,877	$	(1,500,097)	$	3,735,780
	Fayetteville Car Wash, North Carolina	CITI		0		164,128		0		8,707		0		172,835		(73,842)		98,993
Comfort Suites
	Ft. Wayne, Indiana	CITI		1,200,000		4,803,605		0		1,473,356		1,200,000		6,276,961		(1,953,780)		5,523,181
	Lafayette, Indiana	CITI		850,000		3,473,808		0		640,482		850,000		4,114,290		(1,274,616)		3,689,674
	Marion, Indiana	CITI		430,000		1,945,383		0		825,738		430,000		2,771,121		(910,813)		2,290,308
	South Bend, Indiana	GE		500,000		11,512,314		(196,456)		1,106,341		303,544		12,618,655		(3,209,613)		9,712,586
	Warsaw, Indiana	CITI		650,000		2,500,570		0		566,644		650,000		3,067,214		(925,570)		2,791,644
	Louisville, Kentucky	SOLD		500,000		2,186,715		(500,000)		(2,186,715)		(0)		0		0		(0)
Guest House Inn
	Ellenton, Florida	SOLD		290,373		2,102,371		(290,373)		(2,102,371)		0		0		0		0
Baymont Inn
	Brooks, Kentucky	GE		500,000		2,008,474		(212,952)		(490,588)		287,048		1,517,886		(486,975)		1,317,959
Days Inn
	Farmville, Virginia	MS		384,591		1,967,727		0		495,522		384,591		2,463,249		(1,328,557)		1,519,283
	Alexandria, Virginia	MPC		2,500,000		6,544,271		0		1,909,411		2,500,000		8,453,682		(2,309,193)		8,644,489
	Fredericksburg South, Virginia	SOLD		1,510,000		1,786,979		(1,510,000)		(1,786,979)		0		0		0		0
	Shreveport, Louisiana	NON		1,250,000		2,964,484		(877,873)		(1,148,257)		372,127		1,816,227		(757,057)		1,431,297
	Bossier City, Louisiana	GWB		1,025,000		5,117,686		(613,872)		(2,407,230)		411,128		2,710,456		(721,584)		2,400,000
	Fredericksburg North, Virginia	SOLD		650,000		3,142,312		(650,000)		(3,142,312)		0		0		0		0
	Ashland, Kentucky	GE		320,000		1,303,003		0		448,415		320,000		1,751,418		(530,220)		1,541,198
	Glasgow, Kentucky	GE		425,000		2,206,805		0		205,759		425,000		2,412,564		(535,754)		2,301,810
	Sioux Falls, Airport	GE		0		2,397,714		0		37,318		0		2,435,032		(622,238)		1,812,794
	Sioux Falls, Empire	GE		480,000		1,988,692		(4,664)		295,517		475,336		2,284,209		(548,050)		2,211,495
							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2013
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Extended Stay-Savannah Suites
	Atlanta, Georgia	GE	$	1,865,000	$	3,997,960	$	(981,833)	$	(1,789,223)	$	883,167	$	2,208,737	$	(541,662)	$	2,550,242
	Augusta, Georgia	GE		750,000		3,816,246		(209,297)		(587,655)		540,703		3,228,591		(944,628)		2,824,666
	Chamblee, Georgia	GE		1,650,000		3,563,648		0		171,693		1,650,000		3,735,341		(910,007)		4,475,334
	Greenville, South Carolina	GE		550,000		3,408,375		(255,316)		(1,462,218)		294,684		1,946,157		(393,729)		1,847,112
	Jonesboro, Georgia	GE		875,000		2,978,463		(556,072)		(1,682,776)		318,928		1,295,687		(356,104)		1,258,511
	Savannah, Georgia	GE		1,250,000		4,052,678		(535,827)		(1,746,269)		714,173		2,306,409		(320,245)		2,700,337
	Stone Mountain, Georgia	GE		725,000		3,840,600		(433,101)		(2,091,960)		291,899		1,748,640		(386,945)		1,653,594
Supertel Inn
	Creston, Iowa	GWB		234,866		2,708,224		0		41,658		234,866		2,749,882		(834,311)		2,150,437
Key West Inns
	Key Largo, Florida	MS		339,425		3,238,530		0		1,373,819		339,425		4,612,349		(2,265,682)		2,686,092
Masters
	Columbia-I26, South Carolina	SOLD		450,000		1,395,861		(450,000)		(1,395,861)		(0)		0		0		(0)
	Columbia-Knox Abbot Dr, South Carolina	SOLD		0		1,474,612		0		(1,474,612)		0		0		0		0
	Charleston North, South Carolina	SOLD		700,000		2,895,079		(700,000)		(2,895,079)		0		0		0		0
	Garden City, Georgia	SOLD		570,000		2,443,603		(570,000)		(2,443,603)		(0)		0		0		(0)
	Tampa East, Florida	SOLD		192,416		3,413,132		(192,416)		(3,413,132)		0		0		0		0
	Tuscaloosa, Alabama	SOLD		740,000		4,025,844		(740,000)		(4,025,844)		(0)		0		0		(0)
Hilton Garden Inn
	Dowell, Maryland	CAN		1,400,000		9,815,044		0		468,507		1,400,000		10,283,551		(506,819)		11,176,732
	Subtotal Hotel Properties			42,716,828		226,924,226		(12,175,034)		(10,260,388)		30,541,794		216,663,838		(83,553,458)		163,652,174
	Construction in progress			0		0		0		617,075		0		617,075		0		617,075
	Office building			68,765		1,516,627		(68,765)		(872,116)		0		644,511		(558,162)		86,349
	Total		$	42,785,593	$	228,440,853	$	(12,243,799)	$	(10,515,429)	$	30,541,794	$	217,925,424	$	(84,111,620)	$	164,355,598

Encumbrance codes refer to the following lenders:

MS	Morgan Stanley	GE	GE Franchise Finance
GWB	Great Western Bank	CITI	Citigroup Global Markets Realty
FSB	First State Bank	CAN	Cantor
MPC	Middle Patent Capital	EVB	Elkhorn Valley Bank
NON	Unencumbered