The 10-K states the REIT owns and operates commercial real estate, principally limited-service hotels in the U.S., alone or through joint ventures with Sponsor affiliates and other Lightstone REITs, and may invest up to 20% of net assets in CMBS, CDOs and mortgage or mezzanine loans. The portfolio is 10 consolidated limited-service hotels plus a 50% joint venture interest in a Long Island City hotel and a 48.6% non-managing joint venture interest in two New Jersey retail centers. The stated primary objective is capital appreciation, with income secondary. The company states it will hold assets until a sale appears advantageous and gives no liquidity timeline.