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Indirect Hotel Operating Expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Summary of Indirect Hotel Operating Expenses

Indirect hotel operating expenses consists of the following expenses incurred by the hotels:

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Sales and marketing

 

$

4,296,986

 

 

$

4,339,345

 

 

$

8,552,992

 

 

$

8,376,932

 

General and administrative

 

 

3,825,067

 

 

 

3,821,459

 

 

 

7,810,847

 

 

 

7,559,619

 

Repairs and maintenance

 

 

2,101,517

 

 

 

2,189,231

 

 

 

4,403,756

 

 

 

4,518,830

 

Utilities

 

 

1,687,343

 

 

 

1,520,775

 

 

 

3,356,624

 

 

 

2,998,548

 

Property taxes

 

 

1,556,979

 

 

 

1,419,067

 

 

 

3,082,713

 

 

 

2,960,768

 

Management fees, including incentive

 

 

1,173,761

 

 

 

1,288,046

 

 

 

2,582,930

 

 

 

2,609,411

 

Franchise fees

 

 

1,195,555

 

 

 

1,250,575

 

 

 

2,313,490

 

 

 

2,311,937

 

Insurance

 

 

1,735,931

 

 

 

1,405,670

 

 

 

3,193,297

 

 

 

3,197,386

 

Information and telecommunications

 

 

934,362

 

 

 

954,506

 

 

 

1,913,303

 

 

 

1,953,110

 

Other

 

 

332,640

 

 

 

308,166

 

 

 

619,074

 

 

 

495,195

 

Total indirect hotel operating expenses

 

$

18,840,141

 

 

$

18,496,840

 

 

$

37,829,026

 

 

$

36,981,736