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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 14. Segment Information The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM separately evaluates the performance of each of the Company’s hotel properties and each hotel property is an operating segment. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single reportable segment. The hotel segment revenues are derived from the operation of hotel properties. The hotel segment generates room revenue by renting hotel rooms to customers at the Company’s hotel properties. The hotel segment generates food and beverage revenue from the sale of food and beverage to customers at the Company’s hotel properties. The hotel segment generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at the Company’s hotel properties. The CODM assesses performance for the hotel segment and decides how to allocate resources based on Hotel EBITDA, which is a non-GAAP financial measure. We define Hotel EBITDA as net income or loss excluding: (1) interest expense, (2) interest income, (3) income tax provision or benefit, (4) depreciation and amortization, (5) impairment of long-lived assets or investments, (6) gains and losses on disposal and/or sale of assets, (7) gains and losses on involuntary conversions of assets, (8) realized and unrealized gains and losses on derivative instruments not included in other comprehensive income, (9) other income at the properties, (10) loss on early debt extinguishment, (11) Paycheck Protection Program (PPP) debt forgiveness, (12) gain on exercise of development right, (13) corporate general and administrative expense, and (14) other income. The following table presents information about profit or loss for the hotel segment:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |
Rooms department |  | $ | 32,537,497 |  |  | $ | 34,575,890 |  |  | $ | 63,837,998 |  |  | $ | 64,315,546 |
Food and beverage department |  |  | 9,597,210 |  |  |  | 9,901,554 |  |  |  | 19,749,070 |  |  |  | 19,654,003 |
Other operating departments |  |  | 6,659,436 |  |  |  | 6,216,923 |  |  |  | 13,519,419 |  |  |  | 13,273,249 |
Total revenue |  |  | 48,794,143 |  |  |  | 50,694,367 |  |  |  | 97,106,487 |  |  |  | 97,242,798 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Hotel operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Rooms department |  |  | 7,030,115 |  |  |  | 7,452,407 |  |  |  | 13,870,960 |  |  |  | 14,004,590 |
Food and beverage department |  |  | 6,576,018 |  |  |  | 6,541,720 |  |  |  | 13,532,539 |  |  |  | 13,006,575 |
Other operating departments |  |  | 2,455,516 |  |  |  | 2,505,721 |  |  |  | 5,060,808 |  |  |  | 5,191,863 |
Indirect |  |  | 18,840,141 |  |  |  | 18,496,840 |  |  |  | 37,829,026 |  |  |  | 36,981,736 |
Total hotel operating expenses |  |  | 34,901,790 |  |  |  | 34,996,688 |  |  |  | 70,293,333 |  |  |  | 69,184,764 |
Hotel EBITDA |  | $ | 13,892,353 |  |  | $ | 15,697,679 |  |  | $ | 26,813,154 |  |  | $ | 28,058,034 |
The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 1,556,424 |  |  | $ | 4,664,232 |  |  | $ | 6,289,950 |  |  | $ | 5,987,053 |
Income tax provision |  |  | 14,868 |  |  |  | 17,184 |  |  |  | 18,328 |  |  |  | 35,277 |
Depreciation and amortization |  |  | 5,019,340 |  |  |  | 4,817,523 |  |  |  | 9,938,077 |  |  |  | 9,587,240 |
Corporate general and administrative |  |  | 2,298,261 |  |  |  | 1,580,373 |  |  |  | 4,187,601 |  |  |  | 3,496,898 |
Interest expense |  |  | 5,497,789 |  |  |  | 5,000,995 |  |  |  | 10,945,354 |  |  |  | 9,889,801 |
Interest income |  |  | (66,146 | ) |  |  | (208,102 | ) |  |  | (136,936 | ) |  |  | (422,873 | )
Other income |  |  | (125,430 | ) |  |  | (142,353 | ) |  |  | (252,020 | ) |  |  | (267,230 | )
Loss on early extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 241,878 |
Unrealized gain (loss) on hedging activities |  |  | (53,369 | ) |  |  | 84,872 |  |  |  | (53,935 | ) |  |  | (250,573 | )
Gain on sale of assets |  |  | — |  |  |  | (4,400 | ) |  |  | — |  |  |  | (4,400 | )
Gain on involuntary conversion of assets |  |  | (249,384 | ) |  |  | (112,645 | ) |  |  | (4,123,265 | ) |  |  | (235,037 | )
Hotel EBITDA |  | $ | 13,892,353 |  |  | $ | 15,697,679 |  |  | $ | 26,813,154 |  |  | $ | 28,058,034 |
A measure of segment assets is not currently provided to the CODM and has therefore not been included herein.

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