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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of Recurring Assets and Liabilities Measured at Fair Value The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate swap are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of March 31, 2022 and there were two non-recurring assets and no non-recurring liabilities for fair value measurements as of December 31, 2021, respectively):

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Cap (1)

 

$

—

 

 

$

47

 

 

$

—

 

Interest Rate Swap (2)

 

$

—

 

 

$

(1,537,319

)

 

$

—

 

Mortgage loans (3)

 

$

—

 

 

$

(355,496,444

)

 

$

—

 

Investment in Hotel Properties, net(4)

 

$

—

 

 

$

23,000,000

 

 

$

—

 

Investment in Hotel Properties Held for Sale, net(5)

 

$

—

 

 

$

11,063,952

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Cap (1)

 

$

—

 

 

$

97

 

 

$

—

 

Interest Rate Swap (2)

 

$

—

 

 

$

(573,195

)

 

$

—

 

Mortgage loans (3)

 

$

—

 

 

$

(341,425,228

)

 

$

—

 

 

(1)

Interest rate cap, which cap the 1-month LIBOR rate at 3.25%.

(2)

Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan.

(3)

Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.

(4)

Investment in hotel properties, net, a non-recurring asset, is reflected at appraised value as of December 31, 2021.

(5)

Investment in hotel properties held for sale, net, a non-recurring asset, is reflected at net realizable value as of December 31, 2021.
Schedule of Minimum Future Lease Payments Receivable

A schedule of minimum future lease payments receivable for the remaining nine and twelve-month periods is as follows:

 

Remaining nine months ending December 31, 2022

 

 

$      1,223,530

 

December 31, 2023

 

 

1,591,090

 

December 31, 2024

 

 

1,603,358

 

December 31, 2025

 

 

1,616,417

 

December 31, 2026

 

 

1,590,709

 

December 31, 2027 and thereafter

 

 

7,686,427

 

Total

 

$

15,311,531