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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summary of Information About Profit or Loss for Hotel Segment

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

Schedule of Reconciliation of Hotel Segment Profit and Loss to Company's Consolidated Totals

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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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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-Name Accounting Standards Codification
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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