Sotherly Hotels Inc. (NASDAQ: SOHO), a self-managed and self-administered lodging real estate investment trust, today reported its consolidated results for the first quarter ended March 31, 2022. The Company’s results include the following:
| Three Months Ended | |||||||||||
| March 31, 2022 | March 31, 2021 | March 31, 2019 | |||||||||
| ($ in thousands except per share data) | |||||||||||
| Total revenue | $ | 38,353 | $ | 22,636 | $ | 47,390 | |||||
| Net loss attributable to common stockholders | (2,508 | ) | (9,065 | ) | (1,654 | ) | |||||
| EBITDA | 9,453 | 3,290 | 11,163 | ||||||||
| Hotel EBITDA | 9,975 | 4,201 | 13,172 | ||||||||
| FFO attributable to common stockholders and unitholders | 1,773 | (4,800 | ) | 3,988 | |||||||
| Adjusted FFO attributable to common stockholders and unitholders | 1,246 | (4,688 | ) | 4,944 | |||||||
| Net loss per common share | $ | (0.15 | ) | $ | (0.62 | ) | $ | (0.12 | ) | ||
| FFO per common share and unit | $ | 0.10 | $ | (0.30 | ) | $ | 0.26 | ||||
| Adjusted FFO per common share and unit | $ | 0.07 | $ | (0.30 | ) | $ | 0.32 | ||||
HIGHLIGHTS
- RevPAR. While room revenue per available room (“RevPAR”) for the Company’s composite portfolio, which includes the rooms participating in our rental programs at the Hyde Resort & Residences and the Hyde Beach House Resort & Residences, increased to $100.89 for the three months ended March 31, 2022, from $66.14 in the comparable period in 2021, it was 17.2% below RevPAR of $121.86 for the comparable period in 2019. Changes in RevPAR were driven by an increase in the average daily rate (“ADR”) to $187.23 for the three months ended March 31, 2022, from $158.40 for the comparable period in 2021. ADR for the three months ended March 31, 2022, was 7.5% higher than ADR for the comparable period in 2019. RevPAR for the three months ended March 31, 2022, was also driven by an increase in occupancy to 53.9% from 41.8% in the comparable 2021 period. However, occupancy for the three months ended March 31, 2022, was still 16.0% below the 69.9% occupancy achieved during the comparable 2019 period.
- Revenue. Total revenue increased to approximately $38.4 million for the three months ended March 31, 2022 from approximately $22.6 million during the comparable period in 2021. Total revenue for the three months ended March 31, 2022 was 19.1% below total revenue of approximately $47.4 million during the comparable 2019 period.
- Common Dividends. As approved by its Board of Directors, the Company has suspended its regular quarterly cash dividend in order to preserve liquidity. Accordingly, the Company did not pay a dividend on its common stock and common units for the quarter ended March 31, 2022. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. Per the terms of the Company’s preferred stock, the Company cannot make any common dividend payments unless full cumulative distributions have been declared and paid for past distribution periods for each series of preferred stock.
- Hotel EBITDA. The Company increased production of Hotel EBITDA to approximately $10.0 million for the three months ended March 31, 2022, from approximately $4.2 million during the comparable period in 2021. Hotel EBITDA for the three months ended March 31, 2022, was approximately $3.2 million below the Hotel EBITDA generated in the comparable 2019 period.
- Adjusted FFO attributable to common stockholders and unitholders. For the three-month period ending March 31, 2022, adjusted FFO attributable to common stockholders and unitholders improved 126.6%, or approximately $5.9 million, over the three months ended March 31, 2021, from a deficit of approximately $4.7 million to a surplus of approximately $1.2 million.
Dave Folsom, President and Chief Executive Officer of Sotherly Hotels Inc., commented, “Although the first six weeks of the quarter were challenging, due to COVID-themed impacts, we have since seen a significant rebound in hotel demand across all of our markets, and as a result, quarterly operating performance for the first quarter of 2022 far exceeded our expectations. Leisure demand remained strong in the quarter and we also saw long dormant group and business travel bookings begin to improve. The pace of group bookings remains strong and we see future bookings stretching well into 2023. As demand continues to improve, room rates have proven to be an outsized component of RevPAR. In the quarter, our portfolio’s ADR increased 18.2% over the first quarter of 2021 and was 7.5% higher than ADR in the first quarter of 2019. We believe positive rate pressure will continue in the coming quarters and will help drive growth in hotel EBITDA margins. Given these factors, we remain optimistic about the pace of our industry’s recovery and the outlook for Sotherly.”
ESTIMATED CHANGE IN CASH
The Company estimates the cash generated from its portfolio for the second quarter to range between approximately $1.50 million to $1.80 million based on the following assumptions:
- Hotel-level positive cash flow for the quarter of approximately $13.35 million to $13.60 million;
- Corporate-level G&A cash use of $1.50 million;
- Capital expenditures of approximately $2.00 million to $2.05 million;
- Scheduled aggregate debt service of approximately $6.30 million for the quarter; and
- Other incremental reductions of principal and deferred interest of approximately $2.00 million.
Balance Sheet/Liquidity
As of March 31, 2022, the Company had approximately $30.3 million of available cash and cash equivalents, of which approximately $10.1 million was reserved for real estate taxes, insurance, capital improvements and certain other expenses or otherwise restricted. The Company had principal balances, net of approximately $365.7 million in outstanding debt, including mortgage and secured and unsecured principal balances, at a weighted average interest rate of approximately 4.71%.
2022 Outlook
For the second quarter of 2022, the Company expects Composite RevPAR to be down approximately 1.0% compared to the second quarter of 2019, much improved from the second quarter of 2021. Due to the uncertainties related to the COVID-19 pandemic and its impact on travel, the Company is unable to provide additional guidance for 2022.
Portfolio Update
On February 10, 2022, the Company closed the sale of the Sheraton Louisville Riverside hotel. There were no net proceeds from the sale.
On November 30, 2021, Raleigh Hotel Associates, LLC, a Delaware limited liability company and an affiliate of the Company, entered into a real estate sale agreement to sell the DoubleTree by Hilton Raleigh-Brownstone University hotel located in Raleigh, North Carolina to CS Acquisition Vehicle, LLC, a Delaware limited liability company, for a purchase price of $42.0 million. The Company intends to use any net cash proceeds from the sale of the hotel to repay the existing mortgage on the property, repay a portion of the secured notes with Kemmons Wilson, make any required distribution on the Company’s preferred stock related to maintaining the Company’s REIT status, and for general corporate purposes. The closing of the sale of the hotel is subject to various customary closing conditions, including the accuracy of representations and warranties through closing, and conditions related to the termination of hotel agreements and leases. On February 28, 2022, we entered into an amendment to the real estate sale agreement whereby: (i) the due diligence period expired effective upon the execution of the amendment; and (ii) the buyer’s earnest money deposit in the amount of $800,000 in cash was required to be deposited with the escrow agent no later than March 2, 2022. The buyer exercised an option to extend closing for an additional 30 days in exchange for an additional cash deposit of $800,000, with the closing date now set for June 1, 2022.
About Sotherly Hotels Inc.
Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Sotherly may also opportunistically acquire hotels throughout the United States. Currently, the Company’s portfolio consists of investments in eleven hotel properties, comprising 2,976 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide and Hyatt Hotels Corporation brands, as well as independent hotels. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia.
SOTHERLY HOTELS INC.
CONSOLIDATED BALANCE SHEETS
| March 31, 2022 | December 31, 2021 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investment in hotel properties, net | $ | 372,629,466 | $ | 375,885,224 | ||||
| Investment in hotel properties held for sale, net | 11,806,536 | 22,870,487 | ||||||
| Cash and cash equivalents | 20,184,327 | 13,166,883 | ||||||
| Restricted cash | 10,137,452 | 12,411,654 | ||||||
| Accounts receivable, net | 3,959,215 | 4,822,187 | ||||||
| Prepaid expenses, inventory and other assets | 7,129,479 | 6,894,228 | ||||||
| TOTAL ASSETS | $ | 425,846,475 | $ | 436,050,663 | ||||
| LIABILITIES | ||||||||
| Mortgage loans, net | $ | 338,831,497 | $ | 351,170,883 | ||||
| Secured notes, net | 19,237,289 | 19,128,330 | ||||||
| Unsecured notes, net | 7,609,934 | 7,609,934 | ||||||
| Accounts payable and accrued liabilities | 38,087,621 | 35,960,293 | ||||||
| Advance deposits | 1,842,634 | 1,552,942 | ||||||
| Dividends and distributions payable | 4,114,176 | 4,125,351 | ||||||
| TOTAL LIABILITIES | $ | 409,723,151 | $ | 419,547,733 | ||||
| Commitments and contingencies | — | — | ||||||
| EQUITY | ||||||||
| Sotherly Hotels Inc. stockholders’ equity | ||||||||
| Preferred stock, $0.01 par value, 11,000,000 shares authorized: | ||||||||
| 8.0% Series B cumulative redeemable perpetual preferred stock, 1,497,100 and 1,510,000 shares issued and outstanding; aggregate liquidation preference $43,415,900 and $43,035,000, at March 31, 2022 and December 31, 2021, respectively. | 14,971 | 15,100 | ||||||
| 7.875% Series C cumulative redeemable perpetual preferred stock, 1,375,010 and 1,384,610 shares issued and outstanding; aggregate liquidation preference $39,789,357 and $39,385,669, at March 31, 2022 and December 31, 2021, respectively. | 13,750 | 13,846 | ||||||
| 8.25% Series D cumulative redeemable perpetual preferred stock, 1,165,000 and 1,165,000 shares issued and outstanding; aggregate liquidation preference $33,930,625 and $33,329,922, at March 31, 2022 and December 31, 2021, respectively. | 11,650 | 11,650 | ||||||
| Common stock, par value $0.01, 69,000,000 shares authorized, 17,849,101 shares issued and outstanding at March 31, 2022 and 17,441,058 shares issued and outstanding at December 31, 2021. | 178,491 | 174,410 | ||||||
| Additional paid-in capital | 178,028,889 | 177,651,954 | ||||||
| Unearned ESOP shares | (3,032,851 | ) | (3,083,398 | ) | ||||
| Distributions in excess of retained earnings | (154,171,027 | ) | (153,521,704 | ) | ||||
| Total Sotherly Hotels Inc. stockholders’ equity | 21,043,873 | 21,261,858 | ||||||
| Noncontrolling interest | (4,920,549 | ) | (4,758,928 | ) | ||||
| TOTAL EQUITY | 16,123,324 | 16,502,930 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 425,846,475 | $ | 436,050,663 | ||||
SOTHERLY HOTELS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Three Months Ended | Three Months Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
| REVENUE | ||||||||
| Rooms department | $ | 24,853,385 | $ | 15,493,604 | ||||
| Food and beverage department | 5,617,736 | 1,543,240 | ||||||
| Other operating departments | 7,881,482 | 5,598,688 | ||||||
| Total revenue | 38,352,603 | 22,635,532 | ||||||
| EXPENSES | ||||||||
| Hotel operating expenses | ||||||||
| Rooms department | 5,949,757 | 3,996,617 | ||||||
| Food and beverage department | 3,880,617 | 910,264 | ||||||
| Other operating departments | 2,484,107 | 1,938,877 | ||||||
| Indirect | 16,063,361 | 11,589,077 | ||||||
| Total hotel operating expenses | 28,377,842 | 18,434,835 | ||||||
| Depreciation and amortization | 4,565,072 | 4,982,015 | ||||||
| Gain on disposal of assets | (29,542 | ) | — | |||||
| Corporate general and administrative | 1,514,027 | 1,300,958 | ||||||
| Total hotel operating expenses | 34,427,399 | 24,717,808 | ||||||
| NET OPERATING INCOME (LOSS) | 3,925,204 | (2,082,276 | ) | |||||
| Other income (expense) | ||||||||
| Interest expense | (5,713,205 | ) | (5,919,523 | ) | ||||
| Interest income | 24,448 | 38,599 | ||||||
| Unrealized gain on hedging activities | 962,263 | 390,185 | ||||||
| Net loss before income taxes | (801,290 | ) | (7,573,015 | ) | ||||
| Income tax provision | (9,654 | ) | (2,609 | ) | ||||
| Net loss | (810,944 | ) | (7,575,624 | ) | ||||
| Less: Net loss attributable to noncontrolling interest | 161,621 | 699,539 | ||||||
| Net loss attributable to the Company | (649,323 | ) | (6,876,085 | ) | ||||
| Declared and undeclared distributions to preferred stockholders | (1,936,617 | ) | (2,188,910 | ) | ||||
| Gain on extinguishment of preferred stock | 78,175 | — | ||||||
| Net loss attributable to common stockholders | $ | (2,507,765 | ) | $ | (9,064,995 | ) | ||
| Net loss per share attributable to common stockholders | ||||||||
| Basic | $ | (0.15 | ) | $ | (0.62 | ) | ||
| Weighted average number of common shares outstanding | ||||||||
| Basic | 17,169,532 | 14,615,720 | ||||||
SOTHERLY HOTELS INC.
KEY OPERATING METRICS
(unaudited)
The following tables illustrate the key operating metrics for the three months ended March 31, 2022, 2021 and 2019, respectively, for the Company’s wholly-owned properties (“actual” portfolio metrics), accordingly, the actual data does not include the participating condominium hotel rooms of the Hyde Resort & Residences and the Hyde Beach House Resort & Residences. The eleven wholly-owned properties in the portfolio that were under the Company’s control during the three months ended March 31, 2022 and the corresponding periods in 2021 and 2019 are considered same-store properties (“same-store” portfolio metrics). Accordingly, the same-store data does not reflect the performance of the Sheraton Louisville Riverside which was sold in February 2022. The composite portfolio metrics represent the Company’s wholly-owned properties and the participating condominium hotel rooms at the Hyde Resort & Residences and the Hyde Beach House Resort & Residences, during the three months ended March 31, 2022 and the corresponding periods in 2021 and 2019. The same-store (composite) portfolio metrics includes all properties with the exceptions of the Sheraton Louisville Riverside and the Hyde Beach House Resort & Residences, during the three months ended March 31, 2022 and the corresponding periods in 2021 and 2019.
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||
| March 31, 2022 | March 31, 2021 | March 31, 2019 | |||||||||||
| Actual Portfolio Metrics | |||||||||||||
| Occupancy % | 53.7 | % | 41.1 | % | 70.1 | % | |||||||
| ADR | $ | 168.12 | $ | 132.78 | $ | 165.57 | |||||||
| RevPAR | $ | 90.36 | $ | 54.55 | $ | 116.01 | |||||||
| Same-Store Portfolio Metrics | |||||||||||||
| Occupancy % | 53.9 | % | 40.7 | % | 71.0 | % | |||||||
| ADR | $ | 170.01 | $ | 135.82 | $ | 167.98 | |||||||
| RevPAR | $ | 91.60 | $ | 55.23 | $ | 119.33 | |||||||
| Composite Portfolio Metrics | |||||||||||||
| Occupancy % | 53.9 | % | 41.8 | % | 69.9 | % | |||||||
| ADR | $ | 187.23 | $ | 158.40 | $ | 174.24 | |||||||
| RevPAR | $ | 100.89 | $ | 66.14 | $ | 121.86 | |||||||
| Same-Store (Composite) Portfolio Metrics | |||||||||||||
| Occupancy % | 54.1 | % | 41.3 | % | 70.8 | % | |||||||
| ADR | $ | 180.61 | $ | 152.95 | $ | 176.90 | |||||||
| RevPAR | $ | 97.72 | $ | 63.23 | $ | 125.32 | |||||||
SOTHERLY HOTELS INC.
SUPPLEMENTAL DATA
(unaudited)
The following tables illustrate the key operating metrics for the three months ended March 31, 2022, 2021 and 2019, respectively, for each of the Company’s wholly-owned properties during each respective reporting period, irrespective of ownership percentage during any period.
Occupancy
| Q1 2022 | Q1 2021 | Q1 2019 | |||||||||
| The DeSoto Savannah, Georgia | 62.0 | % | 41.4 | % | 63.8 | % | |||||
| DoubleTree by Hilton Jacksonville Riverfront Jacksonville, Florida | 64.5 | % | 56.5 | % | 83.0 | % | |||||
| DoubleTree by Hilton Laurel Laurel, Maryland | 47.8 | % | 46.9 | % | 61.3 | % | |||||
| DoubleTree by Hilton Philadelphia Airport Philadelphia, Pennsylvania | 56.0 | % | 42.2 | % | 64.9 | % | |||||
| DoubleTree by Hilton Raleigh Brownstone – University Raleigh, North Carolina | 47.3 | % | 28.8 | % | 71.9 | % | |||||
| DoubleTree Resort by Hilton Hollywood Beach Hollywood, Florida | 63.4 | % | 40.9 | % | 78.3 | % | |||||
| Georgian Terrace Atlanta, Georgia | 48.9 | % | 36.7 | % | 75.3 | % | |||||
| Hotel Alba Tampa, Tapestry Collection by Hilton Tampa, Florida | 81.1 | % | 69.0 | % | 79.7 | % | |||||
| Hotel Ballast Wilmington, Tapestry Collection by Hilton Wilmington, North Carolina | 43.1 | % | 33.6 | % | 62.4 | % | |||||
| Hyatt Centric Arlington Arlington, Virginia | 43.8 | % | 37.1 | % | 73.0 | % | |||||
| The Whitehall Houston, Texas | 36.3 | % | 15.9 | % | 64.6 | % | |||||
| Hyde Resort & Residences (1) Hollywood Beach, Florida | 62.2 | % | 58.5 | % | 67.7 | % | |||||
| Hyde Beach House Resort & Residences (1) Hollywood Beach, Florida | 51.3 | % | 43.4 | % | - | ||||||
| All properties weighted average | 54.1 | % | 41.3 | % | 70.8 | % | |||||
| (1) Reflects only those condominium units participating in our rental program for the period. | |||||||||||
ADR
| Q1 2022 | Q1 2021 | Q1 2019 | |||||||||
| The DeSoto Savannah, Georgia | $ | 200.95 | $ | 148.92 | $ | 180.28 | |||||
| DoubleTree by Hilton Jacksonville Riverfront Jacksonville, Florida | $ | 148.26 | $ | 122.22 | $ | 146.30 | |||||
| DoubleTree by Hilton Laurel Laurel, Maryland | $ | 105.50 | $ | 95.68 | $ | 109.61 | |||||
| DoubleTree by Hilton Philadelphia Airport Philadelphia, Pennsylvania | $ | 114.79 | $ | 96.15 | $ | 125.43 | |||||
| DoubleTree by Hilton Raleigh Brownstone – University Raleigh, North Carolina | $ | 141.13 | $ | 93.29 | $ | 136.22 | |||||
| DoubleTree Resort by Hilton Hollywood Beach Hollywood, Florida | $ | 253.85 | $ | 204.31 | $ | 231.09 | |||||
| Georgian Terrace Atlanta, Georgia | $ | 191.54 | $ | 174.55 | $ | 249.49 | |||||
| Hotel Alba Tampa, Tapestry Collection by Hilton Tampa, Florida | $ | 187.56 | $ | 165.07 | $ | 143.83 | |||||
| Hotel Ballast Wilmington, Tapestry Collection by Hilton Wilmington, North Carolina | $ | 165.53 | $ | 130.64 | $ | 137.75 | |||||
| Hyatt Centric Arlington Arlington, Virginia | $ | 158.05 | $ | 104.09 | $ | 176.47 | |||||
| The Whitehall Houston, Texas | $ | 145.64 | $ | 113.31 | $ | 146.15 | |||||
| Hyde Resort & Residences (1) Hollywood Beach, Florida | $ | 505.41 | $ | 456.89 | $ | 334.37 | |||||
| Hyde Beach House Resort & Residences (1) Hollywood Beach, Florida | $ | 455.52 | $ | 426.82 | $ | - | |||||
| All properties weighted average | $ | 176.90 | $ | 152.95 | $ | 174.24 | |||||
| (1) Reflects only those condominium units participating in our rental program for the period. | |||||||||||
RevPAR
| Q1 2022 | Q1 2021 | Q1 2019 | |||||||||
| The DeSoto Savannah, Georgia | $ | 124.54 | $ | 61.72 | $ | 114.94 | |||||
| DoubleTree by Hilton Jacksonville Riverfront Jacksonville, Florida | $ | 95.60 | $ | 69.09 | $ | 121.38 | |||||
| DoubleTree by Hilton Laurel Laurel, Maryland | $ | 50.46 | $ | 44.83 | $ | 67.21 | |||||
| DoubleTree by Hilton Philadelphia Airport Philadelphia, Pennsylvania | $ | 64.31 | $ | 40.53 | $ | 81.45 | |||||
| DoubleTree by Hilton Raleigh Brownstone – University Raleigh, North Carolina | $ | 66.71 | $ | 26.89 | $ | 97.91 | |||||
| DoubleTree Resort by Hilton Hollywood Beach Hollywood, Florida | $ | 160.95 | $ | 83.59 | $ | 180.89 | |||||
| Georgian Terrace Atlanta, Georgia | $ | 93.64 | $ | 64.12 | $ | 187.75 | |||||
| Hotel Alba Tampa, Tapestry Collection by Hilton Tampa, Florida | $ | 152.11 | $ | 113.94 | $ | 114.67 | |||||
| Hotel Ballast Wilmington, Tapestry Collection by Hilton Wilmington, North Carolina | $ | 71.35 | $ | 43.93 | $ | 86.00 | |||||
| Hyatt Centric Arlington Arlington, Virginia | $ | 69.27 | $ | 38.66 | $ | 128.87 | |||||
| The Whitehall Houston, Texas | $ | 52.88 | $ | 17.97 | $ | 94.37 | |||||
| Hyde Resort & Residences (1) Hollywood Beach, Florida | $ | 314.39 | $ | 267.47 | $ | 226.23 | |||||
| Hyde Beach House Resort & Residences (1) Hollywood Beach, Florida | $ | 233.50 | $ | 185.08 | $ | - | |||||
| $ | 97.72 | $ | 63.23 | $ | 125.32 | ||||||
| (1) Reflects only those condominium units participating in our rental program for the period. | |||||||||||
SOTHERLY HOTELS INC.
RECONCILIATION OF NET LOSS TO
FFO, Adjusted FFO, EBITDA and Hotel EBITDA
(unaudited)
| Three Months Ended | Three Months Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
| Net loss | $ | (810,944 | ) | $ | (7,575,624 | ) | ||
| Depreciation and amortization - real estate | 4,550,376 | 4,964,515 | ||||||
| Distributions to preferred stockholders | (1,936,617 | ) | (2,188,910 | ) | ||||
| Gain on disposal of assets | (29,542 | ) | — | |||||
| FFO attributable to common stockholders and unitholders | $ | 1,773,273 | $ | (4,800,019 | ) | |||
| Amortization | 14,696 | 17,500 | ||||||
| ESOP and stock - based compensation | 420,161 | 485,047 | ||||||
| Unrealized gain on hedging activities | (962,263 | ) | (390,185 | ) | ||||
| Adjusted FFO attributable to common stockholders and unitholders | $ | 1,245,867 | $ | (4,687,657 | ) | |||
| Weighted average number of shares outstanding, basic | 17,169,532 | 14,615,720 | ||||||
| Weighted average number of non-controlling units | 1,133,720 | 1,166,440 | ||||||
| Weighted average number of shares and units outstanding, basic | 18,303,252 | 15,782,160 | ||||||
| FFO per common share and unit | $ | 0.10 | $ | (0.30 | ) | |||
| Adjusted FFO per common share and unit | $ | 0.07 | $ | (0.30 | ) | |||
| Three Months Ended | Three Months Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
| Net loss | $ | (810,944 | ) | $ | (7,575,624 | ) | ||
| Interest expense | 5,713,205 | 5,919,523 | ||||||
| Interest income | (24,448 | ) | (38,599 | ) | ||||
| Income tax provision (benefit) | 9,654 | 2,609 | ||||||
| Depreciation and amortization | 4,565,072 | 4,982,015 | ||||||
| EBITDA | 9,452,539 | 3,289,924 | ||||||
| Gain on disposal of assets | (29,542 | ) | — | |||||
| Subtotal | 9,422,997 | 3,289,924 | ||||||
| Corporate general and administrative | 1,514,027 | 1,300,958 | ||||||
| Unrealized gain on hedging activities | (962,263 | ) | (390,185 | ) | ||||
| Hotel EBITDA | $ | 9,974,761 | $ | 4,200,697 | ||||