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Assets and Liabilities Related to Real Estate Owned (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of Business Acquisitions

Below are the hotel's assets and liabilities as of December 31, 2022 on our consolidated balance sheet ($ in thousands):

			December 31, 2022
Assets:
Cash			$	5,677
Land			58,742
Buildings			87,021
Furniture, fixtures, and equipment			9,053
Accumulated depreciation			(3,349)
Other assets			5,253
Total Assets			$	162,397
Liabilities:
Accounts payable, accrued expenses and other liabilities			6,493
Total Liabilities			$	6,493
Net Real Estate Assets			$	155,904

Real Estate Investment Financial Statements, Disclosure

For the years ended December 31, 2022 and 2021, we recorded the operating revenue, expenses and fixed asset depreciation and amortization in our consolidated income statement as shown below ($ in thousands):

									Year ended December 31,
															2022						2021
Operations related to real estate owned:
Revenue from operations															$	62,062					$	18,917
Operating expenses															(52,368)						(19,923)
Depreciation and amortization															(704)						(2,645)
Net income (loss) from real estate owned															$	8,990					$	(3,651)

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- Definition

Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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