Debt (Tables)

6 Months Ended

Jun. 30, 2024

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
	June 30,			December 31,			Prepayment	Maturity	Amortization	Interest
Property	2024			2023			Penalties	Date	Provisions	Rate
The DeSoto (1)	$	29,748,229		$	30,248,929		Yes	7/1/2026	25 years	4.25%
DoubleTree by Hilton Jacksonville    Riverfront (2)		31,405,915			31,749,695		Yes	7/11/2024	30 years	4.88%
DoubleTree by Hilton Laurel (3)		10,000,000			10,000,000		(3)	5/6/2028	(3)	7.35%
DoubleTree by Hilton Philadelphia Airport (4)		35,915,488			38,915,488		None	4/29/2026	(4)	SOFR plus 3.50%
DoubleTree Resort by Hilton Hollywood    Beach (5)		50,964,894			51,495,662		(5)	10/1/2025	30 years	4.913%
Georgian Terrace (6)		39,008,579			39,455,095		(6)	6/1/2025	30 years	4.42%
Hotel Alba Tampa, Tapestry Collection by Hilton (7)		35,000,000			24,269,200		(7)	3/6/2029	(7)	8.49%
Hotel Ballast Wilmington, Tapestry Collection by    Hilton (8)		30,267,935			30,755,374		Yes	1/1/2027	25 years	4.25%
Hyatt Centric Arlington (9)		45,893,572			46,454,972		Yes	10/1/2028	30 years	5.25%
The Whitehall (10)	$	13,900,059			14,009,874		None	2/26/2028	25 years	PRIME plus 1.25%
Total Mortgage Principal Balance	$	322,104,671		$	317,354,289
Deferred financing costs, net	$	(1,890,963	)		(1,407,979	)
Unamortized premium on loan		30,544			42,884
Total Mortgage Loans, Net	$	320,244,252		$	315,989,194

(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. See Note 13. Subsequent Events for additional information on this loan.
(2)	Prepayment can be made without penalty. See Note 13. Subsequent Events for additional information on this loan.
(3)	The note requires payments of interest only and cannot be prepaid until the last 4 months of the loan term.
(4)	The note requires payments of interest only. On May 3, 2024, we entered into an interest rate cap with a notional amount of $26.0 million with Webster Bank, N.A. The cap has a strike rate of 3.0%, is indexed to SOFR, and expires on May 1, 2026.
(5)	With limited exception, the note may not be prepaid prior to June 2025.
(6)	With limited exception, the note may not be prepaid prior to February 2025.
(7)	The note requires payments of interest only and cannot be prepaid until the last four months of the term.
(8)	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.
(9)	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.
(10)	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 for the remaining six and twelve-month periods, without respect to any extension of loan maturity or loan modification after June 30, 2024, were as follows:

For the remaining six months ended December 31, 2024	$	34,365,494
December 31, 2025		92,446,009
December 31, 2026		94,504,458
December 31, 2027		1,757,220
December 31, 2028		64,031,490
December 31, 2029		35,000,000
Total future maturities	$	322,104,671