Other Debt	9 Months Ended
Sep. 30, 2020
Other Debt.
Other Debt	Note 6 – Other Debt On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was adopted by the Federal Government, which, among other things, provided emergency assistance to qualifying businesses and individuals as a result of the COVID-19 pandemic. The CARES Act also included the establishment of the Paycheck Protection Program ("PPP"), a U.S. Small Business Administration loan to businesses with fewer than 500 employees that may be partially forgivable. As of September 30, 2020, the Company had received $1,018,917 in PPP loans relating to the four hotel properties (the "PPP Loans"). These loans are presented as other debt on the condensed consolidated balance sheets under Accounting Standards Codification (ASC) 470, Debt. The PPP Loans accrue interest at 1.00% per annum and may be prepaid in whole or in part without penalty. Interest on the PPP Loans was $3,046 and $4,214 for the three and nine months ended September 30, 2020, respectively, and is included in interest expense on the condensed consolidated statements of operations. The Company is not imputing additional interest at a market rate because the guidance on imputing interest in ASC 835-30, Interest excludes transactions where interest rates are prescribed by a government agency. Pursuant to the CARES Act, the Company can apply for, and be granted, forgiveness for all or a portion of the PPP Loans. The loans© principal and accrued interest are forgivable to the extent that the proceeds are used for eligible purposes, subject to limitations and ongoing rulemaking by the U.S. Small Business Administration, and that the Company maintains its payroll levels over a twenty-four week period following the loan date. The loan forgiveness amount may be reduced if the Company terminates employees or reduces salaries during the twenty-four week period. The Company intends to use the loan proceeds for eligible purposes such as payroll costs, mortgage interest, rent or utility costs and the maintenance of employee and compensation levels. The Company intends to use all of the proceeds from the PPP Loans to retain employees and maintain payroll and make mortgage payments and utility payments to support business continuity throughout the COVID-19 pandemic, which amounts are intended to be eligible for forgiveness, subject to the provisions of the CARES Act. However, no assurance is provided that the Company will obtain forgiveness of the PPP Loans in whole or in part and may have to repay the loans in full. The Company is currently in the process of evaluating how much of the PPP Loans will be forgiven. If any amount of the loans are ultimately forgiven, income from the extinguishment of debt would be recognized as a gain on loan extinguishment in the consolidated statement of operations.

Note 6 – Other Debt

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was adopted by the Federal Government, which, among other things, provided emergency assistance to qualifying businesses and individuals as a result of the COVID-19 pandemic. The CARES Act also included the establishment of the Paycheck Protection Program ("PPP"), a U.S. Small Business Administration loan to businesses with fewer than 500 employees that may be partially forgivable. As of September 30, 2020, the Company had received $1,018,917 in PPP loans relating to the four hotel properties (the "PPP Loans"). These loans are presented as other debt on the condensed consolidated balance sheets under Accounting Standards Codification (ASC) 470, Debt. The PPP Loans accrue interest at 1.00% per annum and may be prepaid in whole or in part without penalty. Interest on the PPP Loans was $3,046 and $4,214 for the three and nine months ended September 30, 2020, respectively, and is included in interest expense on the condensed consolidated statements of operations. The Company is not imputing additional interest at a market rate because the guidance on imputing interest in ASC 835-30, Interest excludes transactions where interest rates are prescribed by a government agency.

Pursuant to the CARES Act, the Company can apply for, and be granted, forgiveness for all or a portion of the PPP Loans. The loans© principal and accrued interest are forgivable to the extent that the proceeds are used for eligible purposes, subject to limitations and ongoing rulemaking by the U.S. Small Business Administration, and that the Company maintains its payroll levels over a twenty-four week period following the loan date. The loan forgiveness amount may be reduced if the Company terminates employees or reduces salaries during the twenty-four week period. The Company intends to use the loan proceeds for eligible purposes such as payroll costs, mortgage interest, rent or utility costs and the maintenance of employee and compensation levels. The Company intends to use all of the proceeds from the PPP Loans to retain employees and maintain payroll and make mortgage payments and utility payments to support business continuity throughout the COVID-19 pandemic, which amounts are intended to be eligible for forgiveness, subject to the provisions of the CARES Act. However, no assurance is provided that the Company will obtain forgiveness of the PPP Loans in whole or in part and may have to repay the loans in full. The Company is currently in the process of evaluating how much of the PPP Loans will be forgiven. If any amount of the loans are ultimately forgiven, income from the extinguishment of debt would be recognized as a gain on loan extinguishment in the consolidated statement of operations.