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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

On February 3, 2023, the SBA notified the Company that it had received partial forgiveness for one of its PPP Loans in the amount of $268,309.

On January 12, 2023, the Company issued 15,000 restricted shares of common stock to its independent directors and 64,278 vested shares of common stock to its independent directors and one officer.

On January 23, 2023, the Company issued 205,000 restricted shares of common stock to certain its officers and employees pursuant to their employment agreements.

On January 27, 2023, the Company amended one of its two PPP Loan Agreement with Fifth Third Bank providing for monthly level payments of $13,402 commencing March 6, 2023 and continuing until May 6, 2025 to extinguish the outstanding balance of the loan.

On February 9, 2023, the Company amended another of its PPP Loan Agreements providing for 29 monthly level payments of $56,809 commencing March 1, 2023 and continuing until July 1, 2025 to extinguish the outstanding balance of the loan.

On February 26, 2023, the Company entered into amended loan documents to modify the mortgage loan on The Whitehall hotel located in Houston, TX with the lender, International Bank of Commerce. The amendment (i) extends the maturity date to February 26, 2028; (ii) maintains a floating interest rate of New York Prime Rate plus 1.25%; and (iii) subjects the interest rate to a floor rate of 7.50%. The mortgage loan continues to be guaranteed by the Operating Partnership.

On March 14, 2023, the Company entered into amended loan documents to modify the mortgage loan on the DoubleTree by Hilton Philadelphia Airport with the lender, TD Bank, N.A. The amendment provides a waiver for non-compliance with financial covenants for the periods ended September 30 and December 31, 2022, and modifies the reference rate replacing 1-month LIBOR with SOFR.

On March 15, 2023, the Company paid a quarterly dividend (distribution) of $0.50 per Series B Preferred Stock (and unit) to the preferred stockholders (and unitholders of the Operating Partnership) of record on February 28, 2023.

On March 15, 2023, the Company paid a quarterly dividend (distribution) of $0.492188 per Series C Preferred Stock (and unit) to the preferred stockholders (and unitholders of the Operating Partnership) of record on February 28, 2023.

On March 15, 2023, the Company paid a quarterly dividend (distribution) of $0.515625 per Series D Preferred Stock (and unit) to the preferred stockholders (and unitholders of the Operating Partnership) of record on February 28, 2023.