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Leases (Tables)

6 Months Ended

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