Investments in Hotels (Tables)

9 Months Ended

Sep. 30, 2020

Investments in Hotels

Schedule of investments in hotel properties

						Contract			Mortgage
				Ownership		Purchase			Debt
Property Name	Date Acquired		Location	Interest		Price(1) (2)		Rooms	Outstanding
Springhill Suites Wilmington	05/24/2017	(1)	Wilmington, NC	51	%	$	18,000,000	120	$	11,211,025
Staybridge Suites St. Petersburg	06/29/2017	(1)	St. Petersburg, FL	51	%	$	20,500,000	119	$	13,273,843
Hotel Indigo Traverse City	08/15/2018		Traverse City, MI	100	%	$	26,050,000	107	$	15,092,000
Hilton Garden Inn Providence	02/27/2020		Providence, RI	100	%	$	28,500,000	137	$	16,936,901

1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington property (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg property (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018.

2) Contract purchase price excludes acquisition fees and costs.

Schedule of investments in hotel properties, fixed assets

	September 30,		December 31,
	2020		2019
Land	$	11,588,686	$	7,987,069
Building and improvements		77,262,690		53,478,730
Furniture, fixtures, and equipment		7,185,915		5,435,758
Total cost		96,037,291		66,901,557
Accumulated depreciation		(5,750,829)		(3,533,705)
Investment in hotel properties, net	$	90,286,462	$	63,367,852

Schedule of fair value of asset acquired

	Fair Value at
	February 27, 2020
Land	$	3,601,617
Building and improvements		23,732,408
Furniture, fixtures, and equipment		1,679,004
Other assets		100,511
Total assets acquired		29,113,540
Long-term debt		(17,503,709)
Other liabilities assumed		(122,582)
Net assets acquired	$	11,487,249
Net purchase price	$	11,620,770
Loss on acquisition	$	(133,521)