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Investments in Hotels

6 Months Ended

Jun. 30, 2026

Note 3 – Investments in Hotels

The following table sets forth summary information regarding the Company’s investments in hotel properties as of June 30, 2026:


								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		$	10,813,833
Staybridge Suites St. Petersburg		06/29/2017	⁽¹⁾	St. Petersburg, FL		51%		$	20,500,000		119		$	12,777,267
Hotel Indigo Traverse City		08/15/2018		Traverse City, MI		100%		$	26,050,000		107		$	15,600,000
Hilton Garden Inn Providence		02/27/2020		Providence, RI		100%		$	28,500,000		137		$	19,200,000
Cherry Tree Inn		07/30/2021		Traverse City, MI		100%		$	15,000,000		76		$	8,702,722

Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (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.

Contract purchase price excludes acquisition fees and costs.

Investments in hotel properties consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30,		December 31,
	2026		2025
Land	$	14,450,538	$	14,450,538
Building and improvements		89,866,077		89,727,618
Furniture, fixtures, and equipment		14,681,786		14,283,230
Total cost		118,998,401		118,461,386
Accumulated depreciation		(27,901,741)		(26,000,577)
Property and equipment, net	$	91,096,660	$	92,460,809

Depreciation expense for the three months ended June 30, 2026 and 2025 was $950,438 and $979,792, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $1,901,164 and $2,067,087, respectively.