Debt (Tables)

9 Months Ended

Sep. 30, 2020

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
	September 30,			December 31,			Prepayment	Maturity	Amortization	Interest
Property	2020			2019			Penalties	Date	Provisions	Rate
The DeSoto (1)	$	32,820,733		$	32,967,166		Yes	7/1/2026	25 years	4.25%
DoubleTree by Hilton Jacksonville    Riverfront (2)		33,803,039			34,225,971		Yes	7/11/2024	30 years	4.88%
DoubleTree by Hilton Laurel (3)		8,681,248			8,534,892		Yes	8/5/2021	25 years	5.25%
DoubleTree by Hilton Philadelphia Airport (4)		41,207,471			41,419,590		None	10/31/2023	30 years	LIBOR plus 2.27%
DoubleTree by Hilton Raleigh-    Brownstone University (5)		18,300,000			18,300,000		Yes	7/27/2022	(5)	LIBOR plus 2.27%
DoubleTree Resort by Hilton Hollywood    Beach (6)		55,878,089			56,057,218		(6)	10/1/2025	30 years	4.913%
Georgian Terrace (7)		42,738,529			43,335,291		(7)	6/1/2025	30 years	4.42%
Hotel Alba Tampa, Tapestry Collection by Hilton (8)		17,946,480			18,000,104		None	6/30/2022	(8)	LIBOR plus 2.27%
Hotel Ballast Wilmington, Tapestry Collection by Hilton (9)		33,259,067			33,401,622		Yes	1/1/2027	25 years	4.25%
Hyatt Centric Arlington (10)		48,990,136			49,173,836		Yes	9/18/2028	30 years	5.25%
Sheraton Louisville Riverside (11)		11,037,086			11,114,145		Yes	12/1/2026	25 years	4.27%
The Whitehall (12)		14,369,389			14,450,420		Yes	2/26/2023	25 years	PRIME plus 1.25%
Total Mortgage Principal Balance	$	359,031,267		$	360,980,255
Deferred financing costs, net		(2,151,414	)		(2,487,982	)
Unamortized premium on loan		123,099			141,611
Total Mortgage Loans, Net	$	357,002,952		$	358,633,884

(1)	The note amortizes on a 25-year schedule 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 a pre-payment penalty until April 2021. Prepayment can be made without penalty thereafter.
(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%.  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 note provides initial proceeds of $18.3 million, with an additional $5.2 million available upon the satisfaction of certain conditions; has an initial term of 4 years with a 1-year extension; bears a floating interest rate of 1-month LIBOR plus 4.00%; requires interest only monthly payments; and following a 12-month lockout, can be prepaid with penalty in year 2 and without penalty thereafter.  We entered into an interest-rate cap agreement to limit our exposure through August 1, 2022 to increases in LIBOR exceeding 3.25% on a notional amount of $23,500,000.
(6)	With limited exception, the note may not be prepaid until June 2025.
(7)	With limited exception, the note may not be prepaid until February 2025.
(8)	The note bears a floating interest rate of 1-month LIBOR plus 3.75% subject to a floor rate of 3.75%; with monthly principal payments of $26,812; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions.
(9)	The note amortizes on a 25-year schedule 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 fixed interest rate of 4.27% for the first 5 years of the loan, with an option for the lender to reset the interest rate after 5 years.
(12)	Through September 30, 2020, the note bears a floating interest rate of 1-month LIBOR plus 3.5%, subject to a floor rate of 4.0%, and is subject to prepayment penalties on a declining scale with a 3.0% penalty on or before the first anniversary date, a 2.0% penalty during the second anniversary year and a 1.0% penalty after the third anniversary date.  Subsequent to September 30, 2020, a forbearance agreement changed the rate and pre-payment penalties in effect.

Schedule of Future Mortgage Debt Maturities

Total future mortgage debt maturities for the remaining three and twelve-month periods, without respect to any extension of loan maturity or loan modification after September 30, 2020, were as follows:

For the three months ending December 31, 2020	$	2,013,060
December 31, 2021		15,209,787
December 31, 2022		42,407,921
December 31, 2023		60,021,105
December 31, 2024		37,506,223
December 31, 2025 and thereafter		201,873,171
Total future maturities	$	359,031,267