Investments in Hotels (Tables)

3 Months Ended

Mar. 31, 2026

Investments in Hotels

Schedule of investments in hotel properties


								Contract					Mortgage
						Ownership		Purchase					Debt
Property Name		Date Acquired		Location		Interest		Price⁽¹⁾⁽²⁾			Rooms		Outstanding
Springhill Suites Wilmington		05/24/2017	⁽¹⁾	Wilmington, NC		51%		$	18,000,000		120		$	10,850,000
Staybridge Suites St. Petersburg		06/29/2017	⁽¹⁾	St. Petersburg, FL		51%		$	20,500,000		119		$	12,820,000
Hotel Indigo Traverse City		08/15/2018		Traverse City, MI		100%		$	26,050,000		107		$	15,600,000
Hilton Garden Inn Providence		02/27/2020		Providence, RI		100%		$	28,500,000		137		$	19,200,000
Cherry Tree Inn		07/30/2021		Traverse City, MI		100%		$	15,000,000		76		$	8,773,087

1)

Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018.

2)

Contract purchase price excludes acquisition fees and costs.

Schedule of investments in hotel properties, fixed assets


		March 31,			December 31,
		2026			2025
Land		$	14,450,538		$	14,450,538
Building and improvements			89,745,764			89,727,618
Furniture, fixtures, and equipment			14,434,322			14,283,230
Total cost			118,630,624			118,461,386
Accumulated depreciation			(26,951,303)			(26,000,577)
Property and equipment, net		$	91,679,321		$	92,460,809