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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Mortgage Debt Obligations on Hotels | The following table sets forth our mortgage debt obligations on our hotels.
| Balance Outstanding as of |  |  |  |  |  |  |  |  |  |
| June 30, |  |  | December 31, |  |  | Prepayment |  | Maturity |  | Amortization |  | Interest |
Property | 2025 |  |  | 2024 |  |  | Penalties |  | Date |  | Provisions |  | Rate |
The DeSoto (1) | $ | 28,696,534 |  |  | $ | 29,236,795 |  |  | Yes |  | 7/1/2026 |  | 25 years |  | 4.25% |
The DeSoto (2) |  | 4,965,264 |  |  |  | 4,982,794 |  |  | Yes |  | 7/1/2026 |  | 25 years |  | 7.50% |
DoubleTree by Hilton Jacksonville Riverfront (3) |  | 25,824,300 |  |  |  | 26,056,500 |  |  | None |  | 7/8/2029 |  | 25 years |  | SOFR plus 3.00% |
DoubleTree by Hilton Laurel (4) |  | 10,000,000 |  |  |  | 10,000,000 |  |  | (4) |  | 5/6/2028 |  | (4) |  | 7.35% |
DoubleTree by Hilton Philadelphia Airport (5) |  | 35,915,488 |  |  |  | 35,915,488 |  |  | None |  | 4/29/2026 |  | (5) |  | SOFR plus 3.50% |
DoubleTree Resort by Hilton Hollywood Beach (6) |  | 49,646,982 |  |  |  | 50,211,533 |  |  | (6) |  | 10/1/2025 |  | 30 years |  | 4.913% |
Georgian Terrace (7) |  | 37,994,787 |  |  |  | 38,375,095 |  |  | None |  | (7) |  | 30 years |  | 4.42% |
Hotel Alba Tampa, Tapestry Collection by Hilton (8) |  | 35,000,000 |  |  |  | 35,000,000 |  |  | (8) |  | 3/6/2029 |  | (8) |  | 8.49% |
Hotel Ballast Wilmington, Tapestry Collection by Hilton (9) |  | 29,261,481 |  |  |  | 29,770,045 |  |  | Yes |  | 1/1/2027 |  | 25 years |  | 4.25% |
Hyatt Centric Arlington (10) |  | 44,725,680 |  |  |  | 45,317,273 |  |  | Yes |  | 10/1/2028 |  | 30 years |  | 5.25% |
The Whitehall (11) |  | 13,635,598 |  |  |  | 13,777,078 |  |  | None |  | 2/26/2028 |  | 25 years |  | PRIME plus 1.25% |
Total Mortgage Principal Balance | $ | 315,666,114 |  |  | $ | 318,642,601 |  |  |  |  |  |  |  |  |  |
Deferred financing costs, net |  | (1,727,146 | ) |  |  | (2,144,656 | ) |  |  |  |  |  |  |  |  |
Unamortized premium on loan |  | 5,862 |  |  |  | 18,203 |  |  |  |  |  |  |  |  |  |
Total Mortgage Loans, Net | $ | 313,944,830 |  |  | $ | 316,516,148 |  |  |  |  |  |  |  |  |  |
(1) | The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(2) | The note is a second mortgage that amortizes on a 25-year schedule. The note can be prepaid with penalty.
(3) | The note provides for an initial tranche in the amount of $26.25 million and a renovation tranche in the amount of $9.49 million.
(4) | The note requires payments of interest only and cannot be prepaid until the last 4 months of the loan term.
(5) | The note requires payments of interest only. On May 3, 2024, we entered into an interest rate cap with a notional amount of $26.0 million with Webster Bank, N.A. The cap has a strike rate of 3.0%, is indexed to SOFR, and expires on May 1, 2026.
(6) | With limited exception, the note could not be prepaid prior to June 2025.
(7) | The note matured on June 1, 2025 and is in default. The Company is in discussion with the special servicer and has proposed terms for a 1-year extension which are under consideration. The Company intends to continue making interest payments, as well as real estate tax escrows and required reserve payments in the interim.
(8) | The note requires payments of interest only and cannot be prepaid until the last four months of the term.
(9) | The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(10) | The note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term.
(11) | The note bears a floating interest rate of New York Prime Rate plus 1.25%, with a floor of 7.50%.
Schedule of Future Mortgage Debt Maturities | Total future mortgage debt maturities for the remaining six and twelve-month periods, without respect to any extension of loan maturity or loan modification after June 30, 2025, were as follows:
For the remaining six months ending December 31, 2025 | $ | 89,714,887 |
December 31, 2026 |  | 72,118,271 |
December 31, 2027 |  | 29,804,854 |
December 31, 2028 |  | 64,829,201 |
December 31, 2029 |  | 59,198,901 |
Total future maturities | $ | 315,666,114 |

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