v3.26.1
Investment in Hotel Properties, Net (Tables)
12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of 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

 

Schedule of Investment in Hotel Properties Held for Sale

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

 

 

$

—