XML 35 R26.htm IDEA: XBRL DOCUMENT v3.22.2
Mortgage Notes Payable (Details)
3 Months Ended 6 Months Ended
Aug. 15, 2018
Jun. 30, 2022
USD ($)
item
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
item
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]            
Mortgage notes payable, net   $ 64,852,899   $ 64,852,899   $ 64,141,964
Deferred finance costs and debt discounts   (9,249) $ (2,470) (18,437) $ (4,942)  
Interest expense on mortgage notes payable   $ 661,472 $ 654,025 $ 1,283,855 $ 1,276,363  
Number of time mortgage notes extended | item   2   2    
Mortgage payable            
Debt Instrument [Line Items]            
Deferred finance costs and debt discounts       $ 208,343    
Mortgage payable secured by the St. Pete Hotel (the "St. Petersburg Note")            
Debt Instrument [Line Items]            
Mortgage notes payable, net   $ 12,889,609   $ 12,889,609    
Interest rate   4.34%   4.34%    
Interest payments       $ 66,255    
Interest payment starting date       Aug. 01, 2020    
Interest payment ending date       Jul. 01, 2024    
Description of variable rate       Monthly    
Mortgage payable secured by the Springhill Suites Wilmington (the "Wilmington Note")            
Debt Instrument [Line Items]            
Mortgage notes payable, net   $ 10,893,757   $ 10,893,757    
Interest rate   4.49%   4.49%    
Interest payments       $ 57,026    
Interest payment starting date       Jun. 01, 2020    
Interest payment ending date       Jun. 01, 2024    
Description of variable rate       Monthly    
Mortgage payable secured by the Hotel Indigo Traverse City (the "TCI Note")            
Debt Instrument [Line Items]            
Mortgage notes payable, net   $ 15,092,000   $ 15,092,000    
Debt Instrument, Basis Spread on Variable Rate       2.50%    
Extension term       1 year    
Mortgage payable secured by the Hotel Indigo Traverse City (the "TCI Note") | Interest rate swap            
Debt Instrument [Line Items]            
Mortgage note due date Aug. 15, 2021          
Mortgage payable secured by the Hilton Garden Inn Providence (the "HGI Note")            
Debt Instrument [Line Items]            
Mortgage notes payable, net   $ 16,936,901   $ 16,936,901    
Interest rate   4.25%   4.25%    
Interest payment starting date       Feb. 15, 2023    
Interest payment ending date       May 15, 2025    
Amortization schedule       30 years    
Mortgage payable secured by the Cherry Tree Inn (the "CTI Note")            
Debt Instrument [Line Items]            
Mortgage notes payable, net   $ 8,939,181   $ 8,939,181    
Mortgage note, additional amount to be advanced   $ 1,060,819   $ 1,060,819    
Interest rate   3.91%   3.91%    
Interest payments       $ 52,601