Investment in Related Party

6 Months Ended

Jun. 30, 2024

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Investment in Related Party

Investment in Related Party

Hotel Joint Venture

During 2015, the Company formed the Hotel Joint Venture with Lightstone REIT II, a related party REIT also sponsored by the Sponsor. The Company has a 2.5% membership interest in the Hotel Joint Venture and Lightstone REIT II holds the remaining 97.5% membership interest. The Hotel Joint Venture holds ownership interests in the Hotel JV Properties, a portfolio of five limited/select- service hotels, as of both June 30, 2024 and December 31, 2023.

The Company accounts for its 2.5% membership interest in the Hotel Joint Venture using a measurement alternative pursuant to which its investment is measured at cost, adjusted for observable price changes and impairments, if any, and as of both June 30, 2024 and December 31, 2023, the carrying value of its investment was $0.5 million, which is classified as investment in related parties on the consolidated balance sheets.

Lightstone Value Plus REIT I, Inc. 10-Q