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Debt (Tables)
 6 Months Ended
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