| Investment in Hotel Properties, Net |
3. Investment in Hotel Properties, Net Investment in hotel properties, net as of December 31, 2025 and 2024, consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
Land and land improvements |
|
$ |
61,253,346 |
|
|
$ |
61,370,250 |
|
Buildings and improvements |
|
|
433,259,321 |
|
|
|
428,355,821 |
|
Right of use assets |
|
|
3,638,319 |
|
|
|
3,727,805 |
|
Finance lease right of use assets |
|
|
23,075,033 |
|
|
|
23,021,483 |
|
Furniture, fixtures and equipment |
|
|
55,158,504 |
|
|
|
53,820,118 |
|
|
|
|
576,384,523 |
|
|
|
570,295,477 |
|
Less: accumulated depreciation |
|
|
(212,286,084 |
) |
|
|
(197,918,851 |
) |
Investment in Hotel Properties, Net |
|
$ |
364,098,439 |
|
|
$ |
372,376,626 |
|
Investment in hotel properties held for sale as of December 31, 2025 and 2024, relate to the hotel commercial condominium unit at the Lyfe Resort & Residences in Hollywood, Florida, for which we recognized an impairment charge of approximately $1.3 million upon reclassification to held for sale during the year ended December 31, 2025, and which consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
Land and land improvements |
|
$ |
226,242 |
|
|
$ |
— |
|
Buildings and improvements |
|
|
4,297,727 |
|
|
|
— |
|
Furniture, fixtures and equipment |
|
|
179,696 |
|
|
|
— |
|
|
|
|
4,703,665 |
|
|
|
— |
|
Less: accumulated depreciation |
|
|
(1,121,866 |
) |
|
|
— |
|
|
|
|
3,581,799 |
|
|
|
— |
|
Less: impairment |
|
|
(1,310,308 |
) |
|
|
|
Investment in Hotel Properties Held for Sale, Net |
|
$ |
2,271,491 |
|
|
$ |
— |
|
|