Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Mortgage Debt Obligations on Hotels

The following table sets forth our mortgage debt obligations on our hotels.

	Balance Outstanding as of
	December 31,			December 31,			Prepayment	Maturity	Amortization	Interest
Property	2022			2021			Penalties	Date	Provisions	Rate
The DeSoto (1)	$	31,219,022		$	32,148,819		Yes	7/1/2026	25 years	4.25%
DoubleTree by Hilton Jacksonville    Riverfront (2)		32,416,570			33,051,316		Yes	7/11/2024	30 years	4.88%
DoubleTree by Hilton Laurel (3)		7,412,107			8,175,215		None	5/5/2023	25 years	5.25%
DoubleTree by Hilton Philadelphia Airport (4)		39,413,672			40,734,077		None	10/31/2023	30 years	LIBOR plus 2.27%
DoubleTree by Hilton Raleigh-    Brownstone University (5)		—			18,300,000		Yes	8/1/2022	(5)	LIBOR plus 4.00%
DoubleTree Resort by Hilton Hollywood    Beach (6)		52,724,475			54,253,963		(6)	10/1/2025	30 years	4.913%
Georgian Terrace (7)		40,492,622			41,484,732		(7)	6/1/2025	30 years	4.42%
Hotel Alba Tampa, Tapestry Collection by Hilton (8)		24,756,400			17,383,397		None	6/30/2025	(8)	SOFR plus 2.75%
Hotel Ballast Wilmington, Tapestry Collection by    Hilton (9)		31,699,775			32,604,948		Yes	1/1/2027	25 years	4.25%
Hyatt Centric Arlington (10)		47,534,606			48,990,136		Yes	10/1/2028	30 years	5.25%
Sheraton Louisville Riverside (11)		—			10,947,366		Yes	12/1/2026	25 years	4.27%
The Whitehall (12)		14,226,067			14,551,671		None	2/26/2028	25 years	PRIME plus 1.25%
Total Mortgage Principal Balance	$	321,895,316		$	352,625,640
Deferred financing costs, net		(1,480,779	)		(1,547,004	)
Unamortized premium on loan		67,566			92,247
Total Mortgage Loans, Net	$	320,482,103		$	351,170,883

(1)	The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(2)	The note is subject to a pre-payment penalty until March 2024. Prepayment can be made without penalty thereafter.
(3)	The note is subject to an exit fee of 0.75% if prepaid on or after February 5, 2023. On July 15, 2021, we entered into a note modification agreement whereby the maturity date was extended from August 5, 2021 to May 5, 2022. On April 28, 2022, we entered into an additional note modification agreement whereby the maturity date was extended from May 5, 2022 to May 5, 2023.
(4)	The note bears a floating interest rate of 1-month LIBOR plus 2.27%, but we entered into a swap agreement to fix the rate at 5.237% through July 31, 2023. Under the swap agreement, notional amounts approximate the declining balance of the loan and we are responsible for any potential termination fees associated with early termination of the swap agreement.
(5)	The DoubleTree by Hilton Raleigh-Brownstone University was sold on June 10, 2022.
(6)	With limited exception, the note may not be prepaid prior to June 2025.
(7)	With limited exception, the note may not be prepaid prior to February 2025.
(8)	The note bears a floating interest rate of SOFR plus 2.75% subject to a floor rate of 2.75%; with monthly principal payments of $40,600; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions. On July 11, 2022, we entered into a swap agreement to fix the rate at 5.576%. The swap agreement reflects notional amounts approximate to the declining balance of the loan and we are responsible for any potential termination fees associated with early termination of the swap agreement.
(9)	The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(10)	Following a 5-year lockout, the note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term.
(11)	The Sheraton Louisville Riverside was sold on February 10, 2022.
(12)	The note bears a floating interest rate of New York Prime Rate plus 1.25%, with a floor of 7.50%.

Schedule of Future Mortgage Debt Maturities

Total future mortgage debt maturities, including with respect to any extensions of loan maturity, as of December 31, 2022 were as follows:

December 31, 2023		53,555,486
December 31, 2024		38,069,572
December 31, 2025		116,084,892
December 31, 2026		58,588,970
December 31, 2027		1,757,220
December 31, 2028 and thereafter		53,839,176
Total future maturities	$	321,895,316