Debt (Tables)

12 Months Ended

Dec. 31, 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
	December 31,			December 31,			Prepayment	Maturity	Amortization	Interest
Property	2024			2023			Penalties	Date	Provisions	Rate
The DeSoto (1)	$	29,236,795		$	30,248,929		Yes	7/1/2026	25 years	4.25%
The DeSoto (2)		4,982,794			-		Yes	7/1/2026	25 years	7.50%
DoubleTree by Hilton Jacksonville    Riverfront (3)		26,056,500			31,749,695		None	7/8/2029	25 years	SOFR plus 3.00%
DoubleTree by Hilton Laurel (4)		10,000,000			10,000,000		(4)	5/6/2028	(4)	7.35%
DoubleTree by Hilton Philadelphia Airport (5)		35,915,488			38,915,488		None	4/29/2026	(5)	SOFR plus 3.50%
DoubleTree Resort by Hilton Hollywood    Beach (6)		50,211,533			51,495,662		(6)	10/1/2025	30 years	4.913%
Georgian Terrace (7)		38,375,095			39,455,095		(7)	6/1/2025	30 years	4.42%
Hotel Alba Tampa, Tapestry Collection by Hilton (8)		35,000,000			24,269,200		(8)	3/6/2029	(8)	8.49%
Hotel Ballast Wilmington, Tapestry Collection by    Hilton (9)		29,770,045			30,755,374		Yes	1/1/2027	25 years	4.25%
Hyatt Centric Arlington (10)		45,317,273			46,454,972		Yes	10/1/2028	30 years	5.25%
The Whitehall (11)	$	13,777,078			14,009,874		None	2/26/2028	25 years	PRIME plus 1.25%
Total Mortgage Principal Balance	$	318,642,601		$	317,354,289
Deferred financing costs, net	$	(2,144,656	)		(1,407,979	)
Unamortized premium on loan	$	18,203			42,884
Total Mortgage Loans, Net	$	316,516,148		$	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.
(2)	The note is a second mortgage that amortizes on a 25-year schedule. The note can be prepaid with penalty.
(3)	The note provides for an initial tranche in the amount of $26.25 million and a renovation tranche in the amount of $9.49 million.
(4)	The note requires payments of interest only and cannot be prepaid until the last 4 months of the loan term.
(5)	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.
(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 requires payments of interest only and cannot be prepaid until the last four months of the term.
(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 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, 2024 were as follows:

December 31, 2025	$	92,714,877
December 31, 2026		99,951,652
December 31, 2027		2,221,621
December 31, 2028		64,555,551
December 31, 2029		59,198,900
Total future maturities	$	318,642,601