| Schedule of Mortgage Debt Obligations on Hotels |
The following table sets forth our mortgage debt obligations on our hotels.
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Balance Outstanding as of |
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December 31, |
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December 31, |
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Prepayment |
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Maturity |
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Amortization |
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Interest |
Property |
2025 |
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2024 |
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Penalties |
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Date |
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Provisions |
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Rate |
The DeSoto (1) |
$ |
42,000,000 |
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$ |
34,219,589 |
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Yes |
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10/06/2030 |
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(1) |
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7.130% |
DoubleTree by Hilton Jacksonville
Riverfront (2) |
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25,592,100 |
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26,056,500 |
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None |
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07/08/2029 |
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25 years |
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SOFR plus 3.00% |
DoubleTree by Hilton Laurel (3) |
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10,000,000 |
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10,000,000 |
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(3) |
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05/06/2028 |
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(3) |
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7.350% |
DoubleTree by Hilton Philadelphia Airport (4) |
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35,915,488 |
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35,915,488 |
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None |
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04/29/2026 |
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(4) |
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SOFR plus 3.50% |
DoubleTree Resort by Hilton Hollywood
Beach (5) |
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48,966,397 |
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50,211,533 |
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None |
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(5) |
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30 years |
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4.913% |
Georgian Terrace (6) |
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33,469,112 |
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38,375,095 |
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None |
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06/01/2026 |
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30 years |
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4.42% (6) |
Hotel Alba Tampa, Tapestry Collection by Hilton (7) |
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35,000,000 |
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35,000,000 |
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(7) |
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03/06/2029 |
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(7) |
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8.490% |
Hotel Ballast Wilmington, Tapestry Collection by
Hilton (8) |
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28,742,014 |
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29,770,045 |
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Yes |
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01/01/2027 |
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25 years |
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4.250% |
Hyatt Centric Arlington (9) |
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44,118,386 |
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45,317,273 |
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Yes |
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10/01/2028 |
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30 years |
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5.250% |
The Whitehall (10) |
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13,486,401 |
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13,777,078 |
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None |
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02/26/2028 |
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25 years |
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PRIME plus 1.25% |
Total Mortgage Principal Balance |
$ |
317,289,898 |
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$ |
318,642,601 |
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Deferred financing costs, net |
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(2,090,036 |
) |
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(2,144,656 |
) |
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Unamortized premium on loan |
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— |
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18,203 |
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Total Mortgage Loans, Net |
$ |
315,199,862 |
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$ |
316,516,148 |
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(1) |
The note requires payments of interest only and cannot be prepaid without penalty until the last four months of the loan term. |
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(2) |
The note provides for an initial tranche in the amount of $26.25 million and a renovation tranche in the amount of $9.49 million. |
(3) |
The note requires payments of interest only and cannot be prepaid without penalty until the last four months of the loan term. |
(4) |
The note requires payments of interest only. On May 3, 2024, we entered into an interest rate cap with a notional amount of $26.0 million with Webster Bank, N.A. The cap has a strike rate of 3.0%, is indexed to SOFR, and expires on May 1, 2026. |
(5) |
The note matured on October 1, 2025 and went into default. The Company subsequently entered into discussion with the special servicer for an extension. |
(6) |
The note matured on June 1, 2025 and went into default. On December 16, 2025, obtained a 1-year extension to June 1, 2026. Principal and interest are payable monthly, with default interest accruing through the maturity date. |
(7) |
The note requires payments of interest only and cannot be prepaid without penalty until the last four months of the term. |
(8) |
The note amortizes on a 25-year schedule after an initial interest-only period of one year and cannot be prepaid without penalty until the last four months of the loan term. |
(9) |
The note cannot be prepaid without penalty until the final four months of the term. |
(10) |
The note bears a floating interest rate of New York Prime Rate plus 1.25%, with a floor of 7.50%. |
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| Schedule of Future Mortgage Debt Maturities |
Total future mortgage debt maturities, including with respect to any extensions of loan maturity, as of December 31, 2025 were as follows:
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December 31, 2026 |
$ |
121,488,754 |
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December 31, 2027 |
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29,830,958 |
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December 31, 2028 |
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64,771,286 |
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December 31, 2029 |
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59,198,900 |
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December 31, 2030 |
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42,000,000 |
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Total future maturities |
$ |
317,289,898 |
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