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Leases (Tables) | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Schedule of Operating and Finance Lease Term Years, Weighted-average Discount Rates, Right of Use Assets and Lease Liabilities | As of June 30, 2025, the operating and finance lease term years, weighted-average discount rates, right of use assets and lease liabilities, are as follows:
|  |  | June 30, 2025 |
|  |  | Operating |  | Finance |
Weighted-average remaining lease term, including reasonably certain extension options (years) |  |  |  | 27.19 |  |  | 49.45 |
Weighted-average discount rate |  |  |  | 8.02 | % |  | 7.42 | %
Right of use assets |  |  | $ | 4,329,653 |  | $ | 23,068,236 |
Lease liabilities |  |  | $ | (4,784,358 | ) | $ | (24,050,974 | )
Summary of Lease Related Assets and Liabilities | Lease Position as of June 30, 2025 and December 31, 2024 – The following tables set forth the lease-related assets and liabilities included in the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024:
Assets | Balance Sheet Classification | June 30, 2025 |  | December 31, 2024 |
Right of use assets | Prepaid expenses, inventory and other assets | $ | 651,520 |  | $ | 723,732 |
Right of use assets | Investment in hotel properties, net |  | 3,678,133 |  |  | 3,727,805 |
Finance lease right of use assets | Investment in hotel properties, net |  | 23,068,236 |  |  | 23,021,483 |
Total lease assets |  | $ | 27,397,889 |  | $ | 27,473,020 |
Liabilities |  |  |  |  |
Lease obligations under ROU assets | Accounts payable and accrued liabilities | $ | 4,784,358 |  | $ | 4,874,919 |
Finance lease liabilities | Finance lease liabilities |  | 24,050,974 |  |  | 23,201,751 |
Total lease liabilities |  | $ | 28,835,332 |  | $ | 28,076,670 |
Schedule of Lease Costs | The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the three months ended June 30, 2025 and 2024, and six months ended June 30, 2025 and 2024:
| Consolidated Statement of Operations | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
| Classification | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024 |
Operating lease costs |  |  |  |  |  |  |  |  |
Fixed | Corporate general and administrative | $ | 47,194 |  | $ | 38,626 |  | $ | 94,387 |  | $ | 79,413 |
| Hotel operating expenses - Indirect |  | 103,955 |  |  | 111,419 |  | $ | 209,918 |  |  | 224,141 |
Variable | Hotel operating expenses - Indirect |  | — |  |  | 204,374 |  |  | — |  |  | 329,618 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of lease assets | Depreciation and amortization |  | 129,606 |  |  | 7,378 |  |  | 258,646 |  |  | 15,984 |
Variable | Hotel operating expenses - Indirect |  | 186,000 |  |  | — |  |  | 325,305 |  |  | — |
Interest on lease liabilities | Interest expense |  | 22,528 |  |  | 3,658 |  |  | 44,866 |  |  | 7,437 |
Total lease costs |  | $ | 489,283 |  | $ | 365,455 |  | $ | 933,122 |  | $ | 656,593 |
Schedule of Undiscounted Cash Flows | The following table reconciles the undiscounted cash flows for each of the next five years and total of the anticipated remaining periods to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of June 30, 2025:
|  | June 30, 2025 |
|  | Operating |  | Financing |
For the remaining six months ending December 31, 2025 |  | $ | 276,103 |  | $ | 944,843 |
December 31, 2026 |  |  | 552,233 |  |  | 1,885,418 |
December 31, 2027 |  |  | 551,196 |  |  | 1,877,352 |
December 31, 2028 |  |  | 524,984 |  |  | 1,872,197 |
December 31, 2029 |  |  | 528,701 |  |  | 1,856,509 |
December 31, 2030 and thereafter |  |  | 10,240,006 |  |  | 81,563,789 |
Total undiscounted lease payments |  |  | 12,673,223 |  |  | 90,000,108 |
Less imputed interest |  |  | (7,888,865 | ) |  | (65,949,134 | )
Total lease liability |  | $ | 4,784,358 |  | $ | 24,050,974 |
Schedule of Minimum Future Lease Payments | A schedule of minimum future lease payments receivable for the remaining six and twelve month periods is as follows:
For the remaining six months ended December 31, 2025 |  | $ | 533,033 |
December 31, 2026 |  |  | 920,073 |
December 31, 2027 |  |  | 711,615 |
December 31, 2028 |  |  | 478,410 |
December 31, 2029 |  |  | 485,283 |
December 31, 2030 and thereafter |  |  | 1,397,049 |
Total |  | $ | 4,525,463 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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