| Summary of Information About Profit or Loss for Hotel Segment |
The following table presents information about profit or loss for the hotel segment:
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For the Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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REVENUE |
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Rooms department |
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$ |
114,400,434 |
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$ |
119,079,903 |
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$ |
114,748,834 |
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Food and beverage department |
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36,458,606 |
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36,626,906 |
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35,231,959 |
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Other operating departments |
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25,528,188 |
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26,187,478 |
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23,857,264 |
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Total revenue |
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176,387,228 |
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181,894,287 |
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173,838,057 |
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EXPENSES |
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Hotel operating expenses |
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Rooms department |
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26,732,018 |
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27,376,330 |
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26,177,539 |
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Food and beverage department |
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25,606,512 |
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25,429,218 |
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24,211,133 |
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Other operating departments |
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9,184,742 |
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9,428,889 |
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9,031,960 |
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Indirect |
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72,412,162 |
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72,847,022 |
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69,629,724 |
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Total hotel operating expenses |
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133,935,434 |
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135,081,459 |
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129,050,356 |
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Hotel EBITDA |
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$ |
42,451,794 |
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$ |
46,812,828 |
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$ |
44,787,701 |
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| 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:
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Year Ended |
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Year Ended |
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Year Ended |
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December 31, |
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December 31, |
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December 31, |
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2025 |
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2024 |
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2023 |
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Net (loss) income |
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$ |
(7,779,133 |
) |
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$ |
1,179,854 |
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$ |
3,809,711 |
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Interest expense |
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24,799,871 |
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20,882,681 |
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17,588,091 |
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Interest income |
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(252,961 |
) |
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(692,756 |
) |
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(802,183 |
) |
Income tax expense (benefit) |
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50,120 |
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132,491 |
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(304,947 |
) |
Depreciation and amortization |
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19,658,902 |
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19,380,906 |
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18,788,748 |
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Impairment of investment in hotel properties, net |
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1,310,308 |
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- |
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- |
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Realized and unrealized (gain) loss on hedging activities |
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(131,803 |
) |
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(104,211 |
) |
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737,682 |
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Loss on early debt extinguishment |
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463,195 |
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241,878 |
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— |
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Gain on disposal of assets |
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— |
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(4,400 |
) |
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(4,700 |
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PPP loan forgiveness |
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— |
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— |
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(275,494 |
) |
Other income |
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(467,599 |
) |
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(489,267 |
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(456,388 |
) |
Net gain on involuntary conversion of assets |
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(3,985,417 |
) |
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(502,808 |
) |
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(1,371,041 |
) |
Corporate general and administrative expenses |
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8,786,311 |
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6,788,460 |
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7,078,222 |
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Hotel EBITDA |
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$ |
42,451,794 |
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$ |
46,812,828 |
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$ |
44,787,701 |
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