Unconsolidated Joint Venture (Tables)

9 Months Ended

Sep. 30, 2015

Summarized financial information for this investment through July 31, 2015, which is accounted for under the equity method, is as follows:


	December 31, 2014
ASSETS
Investment in hotel property, net	$	62,823,142
Cash and cash equivalents		2,153,906
Restricted cash		874,111
Accounts receivable		328,755
Prepaid expenses, inventory and other assets		1,489,479
TOTAL ASSETS	$	67,669,393
LIABILITIES
Mortgage loan, net	$	57,000,000
Accounts payable and other accrued liabilities		2,195,613
Accounts payable and other accrued liabilities, member		146,836
Advance deposits		398,695
TOTAL LIABILITIES		59,741,144
TOTAL MEMBERS’ EQUITY		7,928,249
TOTAL LIABILITIES AND MEMBERS’ EQUITY	$	67,669,393

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2015 ⁽¹⁾			September 30, 2014			September 30, 2015 ⁽²⁾			September 30, 2014
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue
Rooms department	$	1,084,157		$	2,860,460		$	10,605,942		$	11,592,712
Food and beverage department		239,212			590,816			1,911,950			2,194,154
Other operating departments		137,483			366,054			880,564			1,068,421
Total revenue		1,460,852			3,817,330			13,398,456			14,855,287
Expenses
Hotel operating expenses
Rooms department		262,070			788,569			2,071,436			2,471,048
Food and beverage department		185,976			516,777			1,442,145			1,696,364
Other operating departments		67,190			176,520			388,087			502,967
Indirect		648,430			1,663,202			3,991,773			5,270,113
Total hotel operating expenses		1,163,666			3,145,068			7,893,441			9,940,492
Depreciation and amortization		148,134			619,164			1,037,113			1,867,706
General and administrative		36,944			63,254			1,060,687			296,850
Total operating expenses		1,348,744			3,827,486			9,991,241			12,105,048
Operating income		112,108			(10,156	)		3,407,215			2,750,239
Interest expense		(223,218	)		(597,711	)		(1,523,455	)		(1,755,027	)
Net (loss) income	$	(111,110	)	$	(607,867	)	$	1,883,760		$	995,212

(1)

Represents one month of activity for the unconsolidated joint venture from July 1, 2015 to July 31, 2015.

(2)

Represents seven months of activity for the unconsolidated joint venture from January 1, 2015 to July 31, 2015.