v3.26.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Recurring Assets and Liabilities Measured at Fair Value The following table represents our assets and liabilities measured at fair value and the basis for that measurement. Our interest rate cap is the only asset or liability

measured at fair value on a recurring basis. There were no non-recurring assets or liabilities for fair value measurements as of December 31, 2025 and 2024, respectively.

 

 

December 31, 2025

 

 

December 31, 2024

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

Interest-rate cap(1)

$

53,236

 

 

$

53,236

 

 

$

379,433

 

 

$

379,433

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans(2)

$

(315,199,862

)

 

$

(317,005,598

)

 

$

(316,516,148

)

 

$

(315,981,358

)

 

(1)
The interest-rate cap agreement allows the Company to receive a variable rate of interest based upon the amount in which 1-month SOFR exceeds 3.0% on a notional amount of $26.0 million on the DoubleTree by Hilton Philadelphia Airport. The interest rate cap terminates on May 1, 2026. The interest-rate cap is included in prepaid assets, inventory and other assets on the consolidated balance sheets.
(2)
Mortgage loans had a carrying value on our Consolidated Balance Sheets of $315,199,862 and $316,516,148 as of December 31, 2025 and December 31, 2024, respectively.