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Debt (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Mortgage Debt Obligations on Hotels The following table sets forth our mortgage debt obligations on our hotels.

 

 

Balance Outstanding as of

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

Prepayment

 

Maturity

 

Amortization

 

Interest

 

 

Property

2021

 

 

2020

 

 

Penalties

 

Date

 

Provisions

 

Rate

 

 

The DeSoto (1)

$

32,148,819

 

 

$

32,820,733

 

 

Yes

 

7/1/2026

 

25 years

 

4.25%

 

 

DoubleTree by Hilton Jacksonville

   Riverfront (2)

 

33,051,316

 

 

 

33,655,483

 

 

Yes

 

7/11/2024

 

30 years

 

4.88%

 

 

DoubleTree by Hilton Laurel (3)

 

8,175,215

 

 

 

8,654,754

 

 

None

 

5/5/2022

 

25 years

 

5.25%

 

 

DoubleTree by Hilton Philadelphia Airport (4)

 

40,734,077

 

 

 

41,804,700

 

 

None

 

10/31/2023

 

30 years

 

LIBOR plus 2.27%

 

 

DoubleTree by Hilton Raleigh-

   Brownstone University (5)

 

18,300,000

 

 

 

18,300,000

 

 

Yes

 

8/1/2022

 

(5)

 

LIBOR plus 4.00%

 

 

DoubleTree Resort by Hilton Hollywood

   Beach (6)

 

54,253,963

 

 

 

55,878,089

 

 

(6)

 

10/1/2025

 

30 years

 

4.913%

 

 

Georgian Terrace (7)

 

41,484,732

 

 

 

42,507,512

 

 

(7)

 

6/1/2025

 

30 years

 

4.42%

 

 

Hotel Alba Tampa, Tapestry Collection by Hilton (8)

 

17,383,397

 

 

 

17,946,480

 

 

None

 

6/30/2022

 

(8)

 

LIBOR plus 3.75%

 

 

Hotel Ballast Wilmington, Tapestry Collection by Hilton (9)

 

32,604,948

 

 

 

33,259,067

 

 

Yes

 

1/1/2027

 

25 years

 

4.25%

 

 

Hyatt Centric Arlington (10)

 

48,990,136

 

 

 

48,990,136

 

 

Yes

 

10/1/2028

 

30 years

 

5.25%

 

 

Sheraton Louisville Riverside (11)

 

10,947,366

 

 

 

11,037,086

 

 

Yes

 

12/1/2026

 

25 years

 

4.27%

 

 

The Whitehall (12)

 

14,551,671

 

 

 

14,697,830

 

 

Yes

 

2/26/2023

 

25 years

 

PRIME plus 1.25%

 

 

Total Mortgage Principal Balance

$

352,625,640

 

 

$

359,551,870

 

 

 

 

 

 

 

 

 

 

 

 

Deferred financing costs, net

 

(1,547,004

)

 

 

(2,122,822

)

 

 

 

 

 

 

 

 

 

 

 

Unamortized premium on loan

 

92,247

 

 

 

116,929

 

 

 

 

 

 

 

 

 

 

 

 

Total Mortgage Loans, Net

$

351,170,883

 

 

$

357,545,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The note amortizes on a 25-year schedule after an initial 1 year interest only period (which expired in August 2017) and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.  

(2)

The note is subject to a pre-payment penalty until March 2024. Prepayment can be made without penalty thereafter.  

(3)

Prepayment can be made on this note without penalty. On July 15, 2021, we entered into a note modification agreement whereby the maturity date was extended from August 5, 2021 to May 5, 2022.

(4)

The note bears a floating interest rate of 1-month LIBOR plus 2.27%, but we entered into a swap agreement to fix the rate at 5.237%.  Under the swap agreement, notional amounts approximate the declining balance of the loan and we are responsible for any potential termination fees associated with early termination of the swap agreement.  

(5)

The note provided initial proceeds of $18.3 million, with an additional $5.2 million available upon the satisfaction of certain conditions; has an initial term of 4 years with a 1-year extension; bears a floating interest rate of 1-month LIBOR plus 4.00%; requires interest only monthly payments; and following a 12-month lockout, can be prepaid with penalty in year 2 and without penalty thereafter.  We entered into an interest-rate cap agreement to limit our exposure through August 1, 2022 to increases in LIBOR exceeding 3.25% on a notional amount of $23,500,000.  

(6)

With limited exception, the note may not be prepaid prior to June 2025.  

(7)

With limited exception, the note may not be prepaid prior to February 2025.  

(8)

The note bears a floating interest rate of 1-month LIBOR plus 3.75% subject to a floor rate of 3.75%; with monthly principal payments of $26,812; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions.  

(9)

The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.  

(10)

Following a 5-year lockout, the note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term.  

(11)

The note bears a fixed interest rate of 4.27% for the first 5 years of the loan. The lender exercised its option to reset the interest rate after 5 years to 5.25% effective December 1, 2021.  With the approval of the lender, the loan can be assumed by the purchaser of the property.  

(12)

The note bears a floating interest rate of New York Prime Rate plus 1.25% and is subject to prepayment penalty of 2.0% if prepaid after April 12, 2021 but on or before April 12, 2022 and 1.0% if prepaid after April 12, 2022 but on or before November 26, 2022.  Pre-payment can be made without penalty thereafter.

 

Schedule of Future Mortgage Debt Maturities

Total future mortgage debt maturities, without respect to any extension of loan maturity, as of December 31, 2021 were as follows:

 

December 31, 2022

 

50,240,539

 

December 31, 2023

 

60,577,528

 

December 31, 2024

 

37,215,958

 

December 31, 2025

 

92,307,285

 

December 31, 2026

 

67,463,140

 

December 31, 2027 and thereafter

 

44,821,190

 

Total future maturities

$

352,625,640