Sotherly Hotels (SOHO) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Entity Registrant Name	SOTHERLY HOTELS INC.
Entity Central Index Key	0001301236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Incorporation, State or Country Code	MD
Entity File Number	001-32379
Entity Tax Identification Number	20-1531029
Entity Address, Address Line One	306 South Henry Street, Suite 100
Entity Address, City or Town	Williamsburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23185
City Area Code	757
Local Phone Number	229-5648
Document Transition Report	false
Entity Common Stock, Shares Outstanding		16,717,958
Common Stock [Member]
Document Information [Line Items]
Title of each class	Common Stock, $0.01 par value
Trading Symbol	SOHO
Name of each exchange on which registered	NASDAQ
8.0% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Document Information [Line Items]
Title of each class	8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value
Trading Symbol	SOHOB
Name of each exchange on which registered	NASDAQ
7.875% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Document Information [Line Items]
Title of each class	7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value
Trading Symbol	SOHOO
Name of each exchange on which registered	NASDAQ
8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
Document Information [Line Items]
Title of each class	8.25% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value
Trading Symbol	SOHON
Name of each exchange on which registered	NASDAQ
Sotherly Hotels LP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Entity Registrant Name	SOTHERLY HOTELS LP
Entity Central Index Key	0001301236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36091
Entity Tax Identification Number	20-1965427
Entity Address, Address Line One	306 South Henry Street, Suite 100
Entity Address, City or Town	Williamsburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23185
City Area Code	757
Local Phone Number	229-5648
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Investment in hotel properties, net	$ 419,425,216	$ 427,824,585
Cash and cash equivalents	21,822,863	25,297,771
Restricted cash	11,709,866	10,002,775
Accounts receivable, net	2,790,785	1,779,776
Accounts receivable - affiliate	298,114	401,924
Prepaid expenses, inventory and other assets	9,169,082	7,726,980
TOTAL ASSETS	465,215,926	473,033,811
LIABILITIES
Mortgage loans, net	355,064,731	357,545,977
Secured notes, net	18,910,413	18,694,355
Unsecured notes, net	10,719,100	10,719,100
Accounts payable and accrued liabilities	38,949,954	35,631,931
Advance deposits	1,697,617	1,964,073
Dividends and distributions payable	4,167,187	4,277,070
TOTAL LIABILITIES	429,509,002	428,832,506
Commitments and contingencies (See Note 5)
Sotherly Hotels Inc. stockholders’ equity
Common stock, par value $0.01, 69,000,000 shares authorized, 16,717,958 shares issued and outstanding at June 30, 2021 and 15,023,850 shares issued and outstanding at December 31, 2020.	167,179	150,238
Additional paid-in capital	180,494,501	180,189,699
Unearned ESOP shares	(3,524,148)	(3,636,026)
Distributions in excess of retained earnings	(135,244,679)	(127,197,489)
Total Sotherly Hotels Inc. stockholders’ equity	41,934,299	49,550,068
Noncontrolling interest	(6,227,375)	(5,348,763)
TOTAL EQUITY	35,706,924	44,201,305
TOTAL LIABILITIES AND EQUITY	465,215,926	473,033,811
Sotherly Hotels LP [Member]
ASSETS
Investment in hotel properties, net	419,425,216	427,824,585
Cash and cash equivalents	21,822,863	25,297,771
Restricted cash	11,709,866	10,002,775
Accounts receivable, net	2,790,785	1,779,776
Accounts receivable - affiliate	298,114	401,924
Loan receivable - affiliate	3,632,890	3,746,254
Prepaid expenses, inventory and other assets	9,169,082	7,726,980
TOTAL ASSETS	468,848,816	476,780,065
LIABILITIES
Mortgage loans, net	355,064,731	357,545,977
Secured notes, net	18,910,413	18,694,355
Unsecured notes, net	10,719,100	10,719,100
Accounts payable and accrued liabilities	38,949,954	35,631,931
Advance deposits	1,697,617	1,964,073
Dividends and distributions payable	4,167,187	4,277,070
TOTAL LIABILITIES	429,509,002	428,832,506
Commitments and contingencies (See Note 5)
PARTNERS' CAPITAL
General Partner:160,629 units and 160,006 units issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.	(292,945)	(258,538)
Limited Partners: 15,902,140 units and 15,790,512 units issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.	(57,806,215)	(54,399,898)
TOTAL PARTNERS' CAPITAL	39,339,814	47,947,559
Sotherly Hotels Inc. stockholders’ equity
TOTAL LIABILITIES AND EQUITY	468,848,816	476,780,065
Sotherly Hotels LP [Member] | 8% Series B Cumulative Redeemable Perpetual Preferred Units [Member]
PARTNERS' CAPITAL
Preferred units, 11,000,000 units authorized;	35,420,784	37,766,531
Sotherly Hotels LP [Member] | 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
PARTNERS' CAPITAL
Preferred units, 11,000,000 units authorized;	34,468,358	36,461,955
Sotherly Hotels LP [Member] | 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
PARTNERS' CAPITAL
Preferred units, 11,000,000 units authorized;	27,549,832	28,377,509
8.0% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Sotherly Hotels Inc. stockholders’ equity
Preferred stock, $0.01 par value, 11,000,000 shares authorized:	15,100	16,100
7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Sotherly Hotels Inc. stockholders’ equity
Preferred stock, $0.01 par value, 11,000,000 shares authorized:	14,696	15,546
8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
Sotherly Hotels Inc. stockholders’ equity
Preferred stock, $0.01 par value, 11,000,000 shares authorized:	$ 11,650	$ 12,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, shares authorized	11,000,000	11,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	69,000,000	69,000,000
Common stock, shares issued	16,717,958	15,023,850
Common stock, shares outstanding	16,717,958	15,023,850
Sotherly Hotels LP [Member]
General Partner, units issued	178,844	161,904
General Partner, units outstanding	178,844	161,904
Limited Partner, units issued	17,705,515	16,028,447
Limited Partner, units outstanding	17,705,515	16,028,447
Sotherly Hotels LP [Member] | 8% Series B Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred units, authorized	11,000,000	11,000,000
Preferred units, dividend rate percentage	8.00%	8.00%
Preferred units, issued	1,510,000	1,610,000
Preferred units, outstanding	1,510,000	1,610,000
Preferred units, aggregate liquidation preference	$ 42,280,000	$ 42,665,000
Sotherly Hotels LP [Member] | 7.875% Series C Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred units, authorized	11,000,000	11,000,000
Preferred units, dividend rate percentage	7.875%	7.875%
Preferred units, issued	1,469,610	1,554,610
Preferred units, outstanding	1,469,610	1,554,610
Preferred units, aggregate liquidation preference	$ 41,080,196	$ 41,160,731
Sotherly Hotels LP [Member] | 8.25% Series D Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred units, authorized	11,000,000	11,000,000
Preferred units, dividend rate percentage	8.25%	8.25%
Preferred units, issued	1,165,000	1,200,000
Preferred units, outstanding	1,165,000	1,200,000
Preferred units, aggregate liquidation preference	$ 32,729,219	$ 31,856,250
8.0% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	11,000,000	11,000,000
Preferred stock, dividend rate percentage	8.00%	8.00%
Preferred stock, shares issued	1,510,000	1,610,000
Preferred stock, shares outstanding	1,510,000	1,610,000
Preferred stock, aggregate liquidation preference	$ 42,280,000	$ 42,655,000
7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	11,000,000	11,000,000
Preferred stock, dividend rate percentage	7.875%	7.875%
Preferred stock, shares issued	1,469,610	1,554,610
Preferred stock, shares outstanding	1,469,610	1,554,610
Preferred stock, aggregate liquidation preference	$ 41,080,196	$ 41,160,731
8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	11,000,000	11,000,000
Preferred stock, dividend rate percentage	8.25%	8.25%
Preferred stock, shares issued	1,165,000	1,200,000
Preferred stock, shares outstanding	1,165,000	1,200,000
Preferred stock, aggregate liquidation preference	$ 32,729,219	$ 31,856,250

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Total revenue	$ 34,383,309	$ 5,293,907	$ 57,018,840	$ 42,502,371
Hotel operating expenses
Total hotel operating expenses	24,722,830	10,502,648	43,157,664	42,651,614
Depreciation and amortization	4,969,669	4,993,107	9,951,685	9,975,983
Loss (Gain) on disposal of assets	17,221	(451)	17,221	(451)
Corporate general and administrative	1,530,438	1,227,808	2,831,396	3,107,933
Total operating expenses	31,240,158	16,723,112	55,957,966	55,735,079
NET OPERATING INCOME (LOSS)	3,143,151	(11,429,205)	1,060,874	(13,232,708)
Other income (expense)
Interest expense	(5,526,595)	(4,719,796)	(11,446,118)	(9,281,636)
Interest income	36,308	72,001	74,907	132,366
Unrealized gain (loss) on hedging activities	303,181	(214,876)	693,367	(1,800,508)
Gain on involuntary conversion of assets	496,957	14,168	496,957	26,607
Net loss before income taxes	(1,546,998)	(16,277,708)	(9,120,013)	(24,155,879)
Income tax provision	(6,972)	(23,362)	(9,581)	(5,477,396)
Net loss	(1,553,970)	(16,301,070)	(9,129,594)	(29,633,275)
Less: Net loss attributable to noncontrolling interest	179,638	1,365,368	879,176	2,562,783
Net loss attributable to the Company	(1,374,332)	(14,935,702)	(8,250,418)	(27,070,492)
Declared and undeclared distributions to preferred stockholders	(1,529,613)	(2,188,910)	(3,718,524)	(4,377,821)
Gain on extinguishment of preferred stock	93,342		93,342
Net loss attributable to common stockholders	$ (2,810,603)	$ (17,124,612)	$ (11,875,600)	$ (31,448,313)
Net loss per share attributable to common stockholders/general and limited partner unit
Basic	$ (0.19)	$ (1.20)	$ (0.81)	$ (2.20)
Weighted average number of common shares/general and limited partner units outstanding
Basic	14,850,282	14,303,119	14,733,649	14,274,668
Sotherly Hotels LP [Member]
REVENUE
Total revenue	$ 34,383,309	$ 5,293,907	$ 57,018,840	$ 42,502,371
Hotel operating expenses
Total hotel operating expenses	24,722,830	10,502,648	43,157,664	42,651,614
Depreciation and amortization	4,969,669	4,993,107	9,951,685	9,975,983
Loss (Gain) on disposal of assets	17,221	(451)	17,221	(451)
Corporate general and administrative	1,530,438	1,227,808	2,831,396	3,107,933
Total operating expenses	31,240,158	16,723,112	55,957,966	55,735,079
NET OPERATING INCOME (LOSS)	3,143,151	(11,429,205)	1,060,874	(13,232,708)
Other income (expense)
Interest expense	(5,526,595)	(4,719,796)	(11,446,118)	(9,281,636)
Interest income	36,308	72,001	74,907	132,366
Unrealized gain (loss) on hedging activities	303,181	(214,876)	693,367	(1,800,508)
Gain on involuntary conversion of assets	496,957	14,168	496,957	26,607
Net loss before income taxes	(1,546,998)	(16,277,708)	(9,120,013)	(24,155,879)
Income tax provision	(6,972)	(23,362)	(9,581)	(5,477,396)
Net loss	(1,553,970)	(16,301,070)	(9,129,594)	(29,633,275)
Declared and undeclared distributions to preferred unit holders	(1,529,613)	(2,188,910)	(3,718,524)	(4,377,821)
Gain on extinguishment of preferred stock	93,342		93,342
Net loss attributable to general and limited partnership unit holders	$ (2,990,241)	$ (18,489,980)	$ (12,754,776)	$ (34,011,096)
Net loss per share attributable to common stockholders/general and limited partner unit
Basic	$ (0.18)	$ (1.15)	$ (0.78)	$ (2.12)
Weighted average number of common shares/general and limited partner units outstanding
Basic	16,511,162	16,062,768	16,398,448	16,057,745
Rooms Department [Member]
REVENUE
Total revenue	$ 24,045,910	$ 3,885,820	$ 39,539,514	$ 28,630,743
Hotel operating expenses
Total hotel operating expenses	5,917,880	1,751,374	9,914,496	8,834,565
Rooms Department [Member] | Sotherly Hotels LP [Member]
REVENUE
Total revenue	24,045,910	3,885,820	39,539,514	28,630,743
Hotel operating expenses
Total hotel operating expenses	5,917,880	1,751,374	9,914,496	8,834,565
Food and Beverage Department [Member]
REVENUE
Total revenue	3,501,875	155,192	5,045,114	8,299,166
Hotel operating expenses
Total hotel operating expenses	2,106,487	119,901	3,016,751	6,732,207
Food and Beverage Department [Member] | Sotherly Hotels LP [Member]
REVENUE
Total revenue	3,501,875	155,192	5,045,114	8,299,166
Hotel operating expenses
Total hotel operating expenses	2,106,487	119,901	3,016,751	6,732,207
Other Operating Departments [Member]
REVENUE
Total revenue	6,835,524	1,252,895	12,434,212	5,572,462
Hotel operating expenses
Total hotel operating expenses	2,648,387	701,608	4,587,264	2,973,236
Other Operating Departments [Member] | Sotherly Hotels LP [Member]
REVENUE
Total revenue	6,835,524	1,252,895	12,434,212	5,572,462
Hotel operating expenses
Total hotel operating expenses	2,648,387	701,608	4,587,264	2,973,236
Indirect [Member]
Hotel operating expenses
Total hotel operating expenses	14,050,076	7,929,765	25,639,153	24,111,606
Indirect [Member] | Sotherly Hotels LP [Member]
Hotel operating expenses
Total hotel operating expenses	$ 14,050,076	$ 7,929,765	$ 25,639,153	$ 24,111,606

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total	Series B Preferred Stock [Member]	Series C Preferred Stock [Member]	Series D Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Unearned ESOP Shares [Member]	Distributions in Excess of Retained Earnings [Member]	Distributions in Excess of Retained Earnings [Member]Series B Preferred Stock [Member]	Distributions in Excess of Retained Earnings [Member]Series C Preferred Stock [Member]	Distributions in Excess of Retained Earnings [Member]Series D Preferred Stock [Member]	Noncontrolling Interest [Member]
Balances, beginning at Dec. 31, 2019	$ 101,407,171				$ 43,646	$ 142,723	$ 180,515,861	$ (4,105,637)	$ (73,990,690)				$ (1,198,732)
Balances, shares, beginning at Dec. 31, 2019					4,364,610	14,272,378
Net loss	(13,332,205)								(12,134,789)				(1,197,416)
Issuance of common stock	14,175					$ 22	14,153
Issuance of common stock, shares						2,250
Issuance of restricted common stock awards	94,500					$ 600	93,900
Issuance of restricted common stock awards, shares						60,000
Conversion of units in Operating Partnership to shares of common stock						$ 4,890	(370,890)		26,266				339,734
Conversion of units in Operating Partnership to shares of common stock, shares						488,952
Amortization of ESOP shares	56,516						(12,813)	69,329
Amortization of restricted stock awards	18,195						18,195
Preferred stock dividends declared:
Preferred stock dividends declared		$ (805,000)	$ (765,160)	$ (618,750)						$ (805,000)	$ (765,160)	$ (618,750)
Common stock, dividends and distributions declared	(2,007,309)								(1,846,214)				(161,095)
Balances, ending at Mar. 31, 2020	84,062,133				$ 43,646	$ 148,235	180,258,406	(4,036,308)	(90,134,337)				(2,217,509)
Balances, shares, ending at Mar. 31, 2020					4,364,610	14,823,580
Balances, beginning at Dec. 31, 2019	101,407,171				$ 43,646	$ 142,723	180,515,861	(4,105,637)	(73,990,690)				(1,198,732)
Balances, shares, beginning at Dec. 31, 2019					4,364,610	14,272,378
Net loss	(29,633,275)
Balances, ending at Jun. 30, 2020	67,735,886				$ 43,646	$ 148,812	180,200,464	(3,976,951)	(105,129,724)				(3,550,361)
Balances, shares, ending at Jun. 30, 2020					4,364,610	14,881,267
Balances, beginning at Mar. 31, 2020	84,062,133				$ 43,646	$ 148,235	180,258,406	(4,036,308)	(90,134,337)				(2,217,509)
Balances, shares, beginning at Mar. 31, 2020					4,364,610	14,823,580
Net loss	(16,301,070)								(14,935,702)				(1,365,368)
Conversion of units in Operating Partnership to shares of common stock						$ 577	(33,092)	59,684	(59,685)				32,516
Conversion of units in Operating Partnership to shares of common stock, shares						57,687
Amortization of ESOP shares	(43,372)						(43,045)	(327)
Amortization of restricted stock awards	18,195						18,195
Balances, ending at Jun. 30, 2020	67,735,886				$ 43,646	$ 148,812	180,200,464	(3,976,951)	(105,129,724)				(3,550,361)
Balances, shares, ending at Jun. 30, 2020					4,364,610	14,881,267
Balances, beginning at Dec. 31, 2020	44,201,305				$ 43,646	$ 150,238	180,189,699	(3,636,026)	(127,197,489)				(5,348,763)
Balances, shares, beginning at Dec. 31, 2020					4,364,610	15,023,850
Net loss	(7,575,624)								(6,876,085)				(699,539)
Issuance of common stock	400,666					$ 1,363	399,303
Issuance of common stock, shares						136,281
Issuance of restricted common stock awards	44,100					$ 150	43,950
Issuance of restricted common stock awards, shares						15,000
Conversion of units in Operating Partnership to shares of common stock						$ 1	(566)						565
Conversion of units in Operating Partnership to shares of common stock, shares						100
Amortization of ESOP shares	22,086						(33,853)	55,939
Amortization of restricted stock awards	18,195						18,195
Balances, ending at Mar. 31, 2021	37,110,728				$ 43,646	$ 151,752	180,616,728	(3,580,087)	(134,073,574)				(6,047,737)
Balances, shares, ending at Mar. 31, 2021					4,364,610	15,175,231
Balances, beginning at Dec. 31, 2020	44,201,305				$ 43,646	$ 150,238	180,189,699	(3,636,026)	(127,197,489)				(5,348,763)
Balances, shares, beginning at Dec. 31, 2020					4,364,610	15,023,850
Net loss	(9,129,594)
Balances, ending at Jun. 30, 2021	35,706,924				$ 41,446	$ 167,179	180,494,501	(3,524,148)	(135,244,679)				(6,227,375)
Balances, shares, ending at Jun. 30, 2021					4,144,610	16,717,958
Balances, beginning at Mar. 31, 2021	37,110,728				$ 43,646	$ 151,752	180,616,728	(3,580,087)	(134,073,574)				(6,047,737)
Balances, shares, beginning at Mar. 31, 2021					4,364,610	15,175,231
Net loss	(1,553,970)								(1,374,332)				(179,638)
Extinguishment of preferred stock	109,884				$ (2,200)	$ 15,427	(106,570)		203,227
Extinguishment of preferred stock, shares					(220,000)	1,542,727
Amortization of ESOP shares	22,087						(33,852)	55,939
Amortization of restricted stock awards	18,195						18,195
Balances, ending at Jun. 30, 2021	$ 35,706,924				$ 41,446	$ 167,179	$ 180,494,501	$ (3,524,148)	$ (135,244,679)				$ (6,227,375)
Balances, shares, ending at Jun. 30, 2021					4,144,610	16,717,958

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Common stock dividends and distributions declared	$ 0.13
Series B Preferred Stock [Member]
Preferred stock dividends declared	0.50
Series C Preferred Stock [Member]
Preferred stock dividends declared	0.492188
Series D Preferred Stock [Member]
Preferred stock dividends declared	$ 0.515625

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (9,129,594)	$ (29,633,275)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	9,951,685	9,975,983
Amortization of deferred financing costs	516,814	284,943
Amortization of mortgage premium	(12,341)	(12,341)
Gain on involuntary conversion of assets	(496,957)	(26,607)
Unrealized (gain) loss on hedging activities	(693,367)	1,800,508
(Gain) loss on disposal of assets	17,221	(451)
ESOP and stock / unit - based compensation	525,329	158,209
Changes in assets and liabilities:
Accounts receivable	(1,011,009)	2,523,019
Prepaid expenses, inventory and other assets	(1,498,515)	(2,353,578)
Deferred income taxes		5,412,084
Accounts payable and other accrued liabilities	3,893,338	8,175,235
Advance deposits	(266,456)	(1,225,842)
Accounts receivable - affiliate	103,810	43,216
Net cash provided by (used in) operating activities	1,899,958	(4,878,897)
Cash flows from investing activities:
Improvements and additions to hotel properties	(1,793,222)	(3,023,276)
Proceeds from involuntary conversion	496,957	26,607
Net cash used in investing activities	(1,296,265)	(2,996,669)
Cash flows from financing activities:
Proceeds from unsecured debt		10,719,100
Payments on mortgage loans	(2,369,650)	(1,616,513)
Payments of deferred financing costs	(1,860)	(99,000)
Dividends on common stock and distributions paid		(2,000,418)
Preferred dividends paid		(2,188,910)
Net cash (used in) provided by financing activities	(2,371,510)	4,814,259
Net decrease in cash, cash equivalents and restricted cash	(1,767,817)	(3,061,307)
Cash, cash equivalents and restricted cash at the beginning of the period	35,300,546	27,984,236
Cash, cash equivalents and restricted cash at the end of the period	33,532,729	24,922,929
Supplemental disclosures:
Cash paid during the period for interest	10,375,892	3,681,239
Cash paid during the period for income taxes	20,200	62,782
Non-cash investing and financing activities:
Change in amount of improvements to hotel property in accounts payable and accrued liabilities	445,430	587,314
Sotherly Hotels LP [Member]
Cash flows from operating activities:
Net loss	(9,129,594)	(29,633,275)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	9,951,685	9,975,983
Amortization of deferred financing costs	516,814	284,943
Amortization of mortgage premium	(12,341)	(12,341)
Gain on involuntary conversion of assets	(496,957)	(26,607)
Unrealized (gain) loss on hedging activities	(693,367)	1,800,508
(Gain) loss on disposal of assets	17,221	(451)
ESOP and stock / unit - based compensation	411,964	190,245
Changes in assets and liabilities:
Accounts receivable	(1,011,009)	2,523,019
Prepaid expenses, inventory and other assets	(1,498,515)	(2,353,578)
Deferred income taxes		5,412,084
Accounts payable and other accrued liabilities	3,893,338	8,175,235
Advance deposits	(266,456)	(1,225,842)
Accounts receivable - affiliate	103,810	43,216
Net cash provided by (used in) operating activities	1,786,593	(4,846,861)
Cash flows from investing activities:
Improvements and additions to hotel properties	(1,793,222)	(3,023,276)
ESOP loan payments received	113,365	47,614
Proceeds from involuntary conversion	496,957	26,607
Net cash used in investing activities	(1,182,900)	(2,949,055)
Cash flows from financing activities:
Proceeds from unsecured notes		10,719,100
Payments on mortgage loans	(2,369,650)	(1,616,513)
Payments of deferred financing costs	(1,860)	(99,000)
Distributions on general and limited partnership interests		(2,080,068)
Distributions on preferred partnership interests		(2,188,910)
Net cash (used in) provided by financing activities	(2,371,510)	4,734,609
Net decrease in cash, cash equivalents and restricted cash	(1,767,817)	(3,061,307)
Cash, cash equivalents and restricted cash at the beginning of the period	35,300,546	27,984,236
Cash, cash equivalents and restricted cash at the end of the period	33,532,729	24,922,929
Supplemental disclosures:
Cash paid during the period for interest	10,206,965	3,681,239
Cash paid during the period for income taxes	20,200	62,782
Non-cash investing and financing activities:
Change in amount of improvements to hotel property in accounts payable and accrued liabilities	$ 445,430	$ 587,314

Consolidated Statements of Ch_3

Consolidated Statements of Changes in Partners' Capital - USD ($)	Total	Sotherly Hotels LP [Member]	Sotherly Hotels LP [Member]General Partner [Member]	Sotherly Hotels LP [Member]Limited Partner [Member]	Sotherly Hotels LP [Member]Preferred Units [Member]	Sotherly Hotels LP [Member]Preferred Units [Member]Series B Preferred Units [Member]	Sotherly Hotels LP [Member]Preferred Units [Member]Series C Preferred Units [Member]	Sotherly Hotels LP [Member]Preferred Units [Member]Series D Preferred Units [Member]
Balances, beginning at Dec. 31, 2019		$ 105,558,317	$ 315,959	$ 2,636,363		$ 37,766,531	$ 36,461,955	$ 28,377,509
Balances, units, beginning at Dec. 31, 2019			160,006	15,840,512	4,364,610
Issuance of partnership units		108,675	$ 945	$ 107,730
Issuance of partnership units, number of units			623	61,628
Amortization of restricted unit awards	$ 18,195	18,195	$ 182	$ 18,013
Unit based compensation		76,481	765	75,716
Preferred unit distributions declared:
Series preferred units						(805,000)	(765,160)	(618,750)
Partnership units, distributions declared		(2,088,159)	(19,271)	(2,068,888)
Net loss	(13,332,205)	(13,332,205)	(155,211)	(15,365,904)		805,000	765,160	618,750
Balances, ending at Mar. 31, 2020		88,152,394	$ 143,369	$ (14,596,970)		37,766,531	36,461,955	28,377,509
Balances, units, ending at Mar. 31, 2020			160,629	15,902,140	4,364,610
Balances, beginning at Dec. 31, 2019		105,558,317	$ 315,959	$ 2,636,363		37,766,531	36,461,955	28,377,509
Balances, units, beginning at Dec. 31, 2019			160,006	15,840,512	4,364,610
Preferred unit distributions declared:
Net loss	(29,633,275)	(29,633,275)
Balances, ending at Jun. 30, 2020		71,838,218	$ (19,772)	$ (30,748,005)		37,766,531	36,461,955	28,377,509
Balances, units, ending at Jun. 30, 2020			160,629	15,902,140	4,364,610
Balances, beginning at Mar. 31, 2020		88,152,394	$ 143,369	$ (14,596,970)		37,766,531	36,461,955	28,377,509
Balances, units, beginning at Mar. 31, 2020			160,629	15,902,140	4,364,610
Amortization of restricted unit awards	18,195	18,195	$ 182	$ 18,013
Unit based compensation		(31,301)	(312)	(30,989)
Preferred unit distributions declared:
Net loss	(16,301,070)	(16,301,070)	(163,011)	(16,138,059)
Balances, ending at Jun. 30, 2020		71,838,218	$ (19,772)	$ (30,748,005)		37,766,531	36,461,955	28,377,509
Balances, units, ending at Jun. 30, 2020			160,629	15,902,140	4,364,610
Balances, beginning at Dec. 31, 2020		47,947,559	$ (258,538)	$ (54,399,898)		37,766,531	36,461,955	28,377,509
Balances, units, beginning at Dec. 31, 2020			161,904	16,028,447	4,364,610
Issuance of partnership units		444,766	$ 4,448	$ 440,318
Issuance of partnership units, number of units			1,513	149,768
Amortization of restricted unit awards	18,195	18,195	$ 182	$ 18,013
Unit based compensation		(44,145)	(441)	(43,704)
Preferred unit distributions declared:
Net loss	(7,575,624)	(7,575,624)	(75,757)	(7,499,867)
Balances, ending at Mar. 31, 2021		40,790,751	$ (330,106)	$ (61,485,138)		37,766,531	36,461,955	28,377,509
Balances, units, ending at Mar. 31, 2021			163,417	16,178,215	4,364,610
Balances, beginning at Dec. 31, 2020		47,947,559	$ (258,538)	$ (54,399,898)		37,766,531	36,461,955	28,377,509
Balances, units, beginning at Dec. 31, 2020			161,904	16,028,447	4,364,610
Preferred unit distributions declared:
Net loss	(9,129,594)	(9,129,594)
Balances, ending at Jun. 30, 2021		39,339,814	$ (292,945)	$ (57,806,215)		35,420,784	34,468,358	27,549,832
Balances, units, ending at Jun. 30, 2021			178,844	17,705,515	4,144,610
Balances, beginning at Mar. 31, 2021		40,790,751	$ (330,106)	$ (61,485,138)		37,766,531	36,461,955	28,377,509
Balances, units, beginning at Mar. 31, 2021			163,417	16,178,215	4,364,610
Amortization of restricted unit awards	18,195	18,195	$ 182	$ 18,013
Unit based compensation		(25,046)	(251)	(24,795)
Extinguishment of preferred units	109,884	109,884	$ 52,769	$ 5,224,136		(2,345,747)	(1,993,597)	(827,677)
Extinguishment of preferred units, shares			15,427	1,527,300	(220,000)
Preferred unit distributions declared:
Net loss	$ (1,553,970)	(1,553,970)	$ (15,539)	$ (1,538,431)
Balances, ending at Jun. 30, 2021		$ 39,339,814	$ (292,945)	$ (57,806,215)		$ 35,420,784	$ 34,468,358	$ 27,549,832
Balances, units, ending at Jun. 30, 2021			178,844	17,705,515	4,144,610

Consolidated Statements of Ch_4

Consolidated Statements of Changes in Partners' Capital (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Partnership units distributions per unit	$ 0.13
Series B Preferred Units [Member]
Preferred units distributions per unit	0.50
Series C Preferred Units [Member]
Preferred units distributions per unit	0.492188
Series D Preferred Units [Member]
Preferred units distributions per unit	$ 0.515625

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Organization and Description of Business	1. Organization and Description of Business Sotherly Hotels Inc. (the “Company”) is a self-managed and self-administered lodging real estate investment trust (“REIT”) that was incorporated in Maryland on August 20, 2004 to own full-service, primarily upscale and upper-upscale hotels located in primary and secondary markets in the mid-Atlantic and southern United States. Currently, the Company is focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the southern United States. The Company’s portfolio consists of investments in twelve hotel properties comprising 3,156 rooms, as well as interests in two condominium hotels and their associated rental programs. The Company owns hotels that operate under the Hilton Worldwide, Marriott International, Inc., and Hyatt Hotels Corporation brands, as well as independent hotels. The Company commenced operations on December 21, 2004 when it completed its initial public offering and thereafter consummated the acquisition of six hotel properties (the “Initial Properties”). Substantially all of the Company’s assets are held by, and all of its operations are conducted through, Sotherly Hotels LP (the “Operating Partnership”). Pursuant to the terms of the Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) of the Operating Partnership, the Company, as general partner, is not entitled to compensation for its services to the Operating Partnership. The Company, as general partner, conducts substantially all of its operations through the Operating Partnership and the Company’s administrative expenses are the obligations of the Operating Partnership. Additionally, the Company is entitled to reimbursement for any expenditures incurred by it on the Operating Partnership’s behalf. For the Company to qualify as a REIT, it cannot operate hotels. Therefore, the Operating Partnership, which at June 30, 2021 was approximately 93.5% owned by the Company, through its subsidiaries leases the hotels to direct and indirect subsidiaries of MHI Hospitality TRS Holding, Inc., MHI Hospitality TRS, LLC and certain of its subsidiaries (collectively, “MHI TRS Entities”), each of which is a wholly-owned subsidiary of the Operating Partnership. As of June 30, 2021, the MHI TRS Entities engaged Our Town Hospitality, LLC (“Our Town”), an eligible independent management company, to operate the hotels under management contracts. MHI Hospitality TRS Holding, Inc. (“MHI TRS”) is treated as a taxable REIT subsidiary for federal income tax purposes. All references in these “Notes to Consolidated Financial Statements” to “we”, “us”, “our” and “Sotherly” refer to the Company, its Operating Partnership and its subsidiaries and predecessors, collectively, unless the context otherwise requires or where otherwise indicated. COVID-19, Management’s Plans and Liquidity In March 2020, the World Health Organization declared COVID-19 to be a global pandemic and the virus has continued to spread throughout the United States and the world. As a result of this pandemic and subsequent government mandates and health official recommendations, hotel demand has been significantly reduced. Following the government mandates and health official recommendations, we significantly reduced operations at all our hotels, temporarily suspended operations of our hotel condominium rental programs and dramatically reduced staffing and expenses. All of our hotels have remained open on a limited basis in order to serve the needs of the community, with the exception of the rental programs at our condominium hotels, which were temporarily closed during April and May of 2020. We believe that maintaining limited operations allowed us to increase capacity at individual hotels as demand has begun to return and the Centers for Disease Control (“CDC”) and state guidelines have started to permit an easing of travel and other business restrictions. Our hotels have been gradually re-introducing guest amenities relative to the return of business while focusing on profit generators and margin control and we intend to continue those re-introductions, provided that we can be confident that occupancy levels and reduced social distancing will not unduly jeopardize the health and safety of our guests, employees and communities. COVID-19 has had a significant negative impact on our operations and financial results, including a substantial decline in our revenues, profitability and cash flows from operations compared to similar pre-pandemic periods. Conditions in the second quarter, however, improved significantly over the same period in the prior year, as the Company witnessed increased demand fueled predominantly by leisure travel. Revenues, profitability, and cash flows from operations during the second quarter of 2021 exceeded our expectations but were still far below the same period in 2019, before the pandemic. While the extent and duration of the negative effects resulting from COVID-19 on the Company’s business are highly uncertain and cannot be reasonably estimated at this time, the quarter’s operations and financial results were a marked improvement over the same period in 2020. Notwithstanding the encouraging results recorded during the second quarter of 2021, we expect significant negative impacts on our operations and financial results to continue until travel and business restrictions are eased, travel orders are lifted, consumer confidence is restored and business travel approaches pre-pandemic levels. At a minimum, the Company expects the COVID-19 pandemic to continue to have a significant negative impact on our results of operations, financial position and cash flow through 2021 . In response to those negative impacts, we took a number of actions to reduce costs and preserve liquidity. The Company’s board of directors suspended quarterly cash dividends on shares of the Company’s common stock and deferred payment of dividends on the Company’s 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”), 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), and 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”). We also suspended most planned capital expenditure projects, and reduced the cash compensation of our executive officers, board of directors and employees. Working closely with our hotel managers, we significantly curtailed our hotels’ operating expenses. We also sought and obtained forbearance and loan modification agreements with the lenders under the mortgages for all our hotel properties. As of June 30, 2021, we failed to meet the financial covenants under the mortgages secured by the DoubleTree by Hilton Philadelphia Airport and The Whitehall. We have received a waiver of the financial covenants from the lender on the DoubleTree by Hilton Philadelphia Airport through September 30, 2021 and from the lender on The Whitehall mortgage through and including June 30, 2022. See the discussion of forbearance, modifications, and waivers in Note 4. As of June 30, 2021, we failed to meet the financial covenants under the mortgages secured by the DoubleTree by Hilton Jacksonville Riverfront, the DoubleTree Resort by Hilton Hollywood Beach and the Georgian Terrace, each of which triggered a “cash trap” under the loan documents relating to each of these properties requiring substantially all the revenue generated by those hotels to be deposited directly into lockbox accounts and swept into cash management accounts for the benefit of the respective lenders until each property meets the criteria in the relevant loan agreement for exiting the “cash trap”. Provided we continue to meet certain terms and conditions, the lender has waived the “cash trap” with respect to the DoubleTree Resort by Hilton Hollywood Beach and we remain in negotiations with the lender on the DoubleTree by Hilton Jacksonville Riverfront for a waiver of the “cash trap”. Additionally, in order to receive forbearance from the lenders on the DoubleTree by Hilton Raleigh Brownstone – University and the Hyatt Centric Arlington, we agreed to “cash traps”, which will continue until the properties meet the criteria in the forbearance agreements for exiting the “cash traps”. As of June 30, 2021, the Company had approximately $21.8 million in unrestricted cash and approximately $11.7 million in restricted cash. In addition, we have the option to obtain $10.0 million in additional proceeds from the sale of additional Secured Notes to the Investors described below. On April 30, 2021, we entered into a loan modification and reinstatement agreement with the mortgage lender for the DoubleTree Resort by Hilton Hollywood Beach pursuant to which we agreed with the lender to amend and reinstate the promissory note and loan agreement on revised terms. Under the amended loan agreement and promissory note the Company paid to the lender contemporaneously with the closing of the amendment and reinstatement an aggregate amount of approximately $4 million made up of (i) tax and insurance reserves required to be funded in certain reserve accounts in the aggregate amount of approximately $2.5 million; (ii) a lump sum payment of approximately $1.3 million in respect of amounts owed by us relating to payments for the period from January through March 2021; (iii) certain FF&E reserve amounts required to be deposited with the lender; and (iv) certain other fees and expenses. In addition, we agreed to (a) begin regular monthly payments on May 1, 2021; (b) pay the aggregate amount owed by the Company relating to deferred monthly payments for the period from April through December 2020 in 24 equal monthly installments of $119,591 beginning on January 1, 2021 and continuing through December 2022; and (c) certain other amended terms, including to restrict the borrower under the promissory note from making any distributions until all such deferred payments have been made. In consideration for the payments made at closing and the other amended terms the loan agreement, promissory note and other loan documents thereunder were amended and reinstated in accordance with their respective terms and conditions and the lender agreed to certain accommodations, including the waiver of the cash sweep period trigger for a period of time and to forbear in collection of default interest and late payment charges accrued and unpaid under the loan agreement and promissory note, provided that in the event of a future default those amounts will become due immediately and the waivers will no longer be effective. U.S. generally accepted accounting principles (“U.S. GAAP”) requires that, when preparing financial statements for each annual and interim reporting period, management evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The duration and extent of the reduction in hotel demand caused by the pandemic and the return to normalized operations prevents the Company from forecasting its cash flows and available liquidity to meet its obligations for operating expenses with precision and certainty. However, based on our completed mortgage loan amendments and forbearance agreements, our current unrestricted and restricted cash, our current cash utilization, our forecast of future operating results and our anticipated ability to refinance or extend mortgage obligations maturing within the 12 months following the date of this report, we have concluded that substantial doubt of the Company’s ability to continue as a going concern has been alleviated. Facts and circumstances could change in the future that are outside the Company’s control – such as additional government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19 . Overview of Significant Transactions Significant transactions occurring during the current and prior fiscal year include the following: The Operating Partnership and certain of its subsidiaries have received PPP Loans administered by the U.S. Small Business Administration pursuant to the CARES Act. Each PPP Loan has a term of five years and carries an interest rate of 1.00%. Equal payments of principal and interest begin no later than 10 months following origination of the loan and are amortized over the remaining term of the loan. Pursuant to the terms of the CARES Act, the proceeds of each PPP Loan may be used for payroll costs, mortgage interest, rent or utility costs. The promissory note for each PPP Loan contains customary events of default relating to, among other things, payment defaults and breach of representations and warranties or of provisions of the relevant promissory note. Under the terms of the CARES Act, each borrower can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. No assurance is provided that any borrower will obtain forgiveness under any relevant PPP Loan in whole or in part. On April 16, 2020, our Operating Partnership entered into a promissory note with Village Bank in connection with a PPP Loan and received proceeds of $333,500. On April 28, 2020, we entered into a promissory note and received proceeds of $9,432,900 under a PPP Loan from Fifth Third Bank, National Association. On May 6, 2020, we entered into a second promissory note with Fifth Third Bank, National Association and received proceeds of $952,700 under a PPP Loan. On December 31, 2020, we closed a transaction with KWHP SOHO, LLC, a Delaware limited liability company (“KW”), as collateral agent and a note investor, and MIG SOHO, LLC, a Delaware limited liability company (“MIG”, and together with KW, the “Investors”), as a note investor, whereby the Investors purchased $20.0 million in Secured Notes from the Operating Partnership with an option to require the Investors to purchase an additional $10.0 million in Secured Notes, expiring on November 16, 2021 with the closing of such option required to take place on or before December 31, 2021. The obligations of the Operating Partnership were guaranteed by the Company. We entered into the following agreements: (i) a Note Purchase Agreement; (ii) a Secured Note with KW in the amount of $10.0 million and a Secured Note with MIG in the amount of $10.0 million; (iii) a Pledge and Security Agreement; (iv) a Board Observer Agreement; and (v) other related ancillary agreements. The Secured Notes mature in 3 years and will be payable on or before the maturity date at the rate of 1.47x the principal amount borrowed during the initial 3-year term, with a 1-year extension at Company’s option. The Secured Notes also carry a 6.0% current interest rate, payable quarterly during the initial 3-year term. Pursuant to the Pledge Agreement, certain subsidiaries of the Operating Partnership entered into the Pledge Agreement with KW, pursuant to which we agreed to pledge and grant to KW a first priority security interest in the equity interests, including certain voting rights, of our affiliates that own The DeSoto hotel, Hotel Ballast Wilmington, and the DoubleTree by Hilton Philadelphia Airport hotel (collectively, the “Pledged Collateral”). Upon an uncured monetary event of default under the Secured Notes, KW, as collateral agent, has a right to sell, lease or otherwise dispose of or realize upon the Pledged Collateral in order to satisfy any amounts outstanding under the Secured Notes. Pursuant to the Board Observer Agreement, the Company granted KW the option and the right, while the Secured Notes remain outstanding, to appoint a single representative to attend meetings of the Company’s board of directors and its committees in a non-voting, observer capacity only. On June 21, 2021, we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Palogic Value Fund, L.P., a Delaware limited partnership (“Palogic”). Pursuant to the Share Exchange Agreement, Palogic agreed to exchange 100,000 shares of the Company’s 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, 85,000 shares of the Company’s 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, and 35,000 shares of the Company’s 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Palogic Shares”), together with all of Palogic’s rights to receive accrued and unpaid dividends on those Palogic Shares, for 1,542,727 shares of the Company’s common stock, par value $0.01 per share (the “Company Shares”). We closed the transaction and issued the Company Shares on June 22, 2021. The Company did not receive any cash proceeds as a result of the exchange of the Palogic Shares for the Company’s common stock, and the Palogic Shares exchanged have been retired and cancelled. The issuance of the shares of the Company’s common stock was made by the Company pursuant to the exemption from the registration requirements of the Securities Act contained in Section 3(a)(9) of such act on the basis that these offers constituted an exchange with existing holders of the Company’s securities, and no commission or other remuneration was paid to any party for soliciting such exchange.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation – The consolidated financial statements of the Company presented herein include all of the accounts of Sotherly Hotels Inc., the Operating Partnership, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements of the Operating Partnership presented herein include all of the accounts of Sotherly Hotels LP, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. Additionally, all administrative expenses of the Company and those expenditures made by the Company on behalf of the Operating Partnership are reflected as the administrative expenses, expenditures and obligations thereto of the Operating Partnership, pursuant to the terms of the Partnership Agreement. Variable Interest Entities – The Operating Partnership is a variable interest entity. The Company’s only significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership and its subsidiaries. All of the Company’s debt is an obligation of the Operating Partnership and its subsidiaries. Investment in Hotel Properties – Investments in hotel properties include investments in operating properties which are recorded at fair value on acquisition date and allocated to land, property and equipment and identifiable intangible assets. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from our accounts and any resulting gain or loss is included in the statements of operations. Expenditures under a renovation project, which constitute additions or improvements that extend the life of the property, are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 7 to 39 years for buildings and building improvements and 3 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. The Company assesses the carrying values of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse permanent changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel property exceeds its carrying value. If the estimated undiscounted future cash flows are found to be less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel property’s estimated fair market value would be recorded and an impairment loss recognized. The COVID-19 pandemic has had, and is expected to continue to have, an adverse impact on the lodging and hospitality industries, which the Company considered to be a triggering event for each of its hotels during its impairment testing for the three months ended June 30, 2021. The Company assessed the recoverability of each of its hotel properties which included a projection of future operating cash flows based upon significant assumptions regarding growth rates, occupancy, room rates, economic trends, property-specific operating costs, an allowance for the replacement of furniture, fixtures and equipment and projected cash flows from the eventual disposition of the hotel. The Company also projects cash flows from the eventual disposition of the hotel based upon property-specific capitalization rates. The Company determined that there were no impairments as of June 30, 2021. Assets Held For Sale – The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year Cash and Cash Equivalents – We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Concentration of Credit Risk – We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) protection limits of $250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk. Restricted Cash – Restricted cash includes real estate tax escrows, insurance escrows and reserves for replacements of furniture, fixtures and equipment pursuant to certain requirements in our various mortgage agreements. Accounts Receivable – Accounts receivable consists primarily of hotel guest and banqueting receivables. Ongoing evaluations of collectability are performed and an allowance for potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible. Inventories – Inventories, consisting primarily of food and beverages, are stated at the lower of cost or net realizable value, with cost determined on a method that approximates first-in, first-out basis . Franchise License Fees – Fees expended to obtain or renew a franchise license are amortized over the life of the license or renewal. The unamortized franchise fees as of June 30, 2021 and December 31, 2020 were $324,131 and $353,872, respectively. Amortization expense for the three-month periods ended June 30, 2021 and 2020, totaled $14,871 and $14,880, respectively, and for the six-month periods ended June 30, 2021 and 2020, totaled $ 29,741 and $29,761, respectively. Right-of-Use Assets and Lease Obligations – In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new lease standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption. As of June 30, 2021, we had right of use assets of approximately $8.1 million, net and lease obligations of approximately $6.6 million. The right-of-use assets are included in investments in hotel properties, net and in prepaid expenses, inventory and other assets and the lease obligations are included in accounts payable and accrued liabilities on the consolidated balance sheets. Deferred Financing Costs – Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt and are reflected in mortgage loans, net and unsecured notes, net on the consolidated balance sheets. Deferred offering costs are recorded at cost and consist of offering fees and other costs incurred in advance of issuing equity and are reflected in prepaid expenses, inventory and other assets on the consolidated balance sheets. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Derivative Instruments – Our derivative instruments are reflected as assets or liabilities on the consolidated balance sheets and measured at fair value. Derivative instruments used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as an interest rate risk, are considered fair value hedges. Derivative instruments used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a derivative instrument designated as a cash flow hedge, the change in fair value each period is reported in accumulated other comprehensive income in stockholders’ equity and partners’ capital to the extent the hedge is effective. For a derivative instrument designated as a fair value hedge, the change in fair value each period is reported in earnings along with the change in fair value of the hedged item attributable to the risk being hedged. For a derivative instrument that does not qualify for hedge accounting or is not designated as a hedge, the change in fair value each period is reported in earnings. We use derivative instruments to add stability to interest expense and to manage our exposure to interest-rate movements. To accomplish this objective, we currently use interest rate caps and an interest rate swap which act as cash flow hedges and are not designated as hedges. We value our interest-rate caps and interest rate swap at fair value, which we define as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We do not enter into contracts to purchase or sell derivative instruments for speculative trading purposes . Fair Value Measurements – We classify the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate swap are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of June 30, 2021 and December 31, 2020, respectively): Level 1 Level 2 Level 3 December 31, 2020 Interest Rate Caps (1) $ — $ 208 $ — Interest Rate Swap (2) $ — $ (3,038,967 ) $ — Mortgage loans (3) $ — $ (364,112,622 ) $ — June 30, 2021 Interest Rate Cap (1) $ — $ 94 $ — Interest Rate Swap (2) $ — $ (2,341,663 ) $ — Mortgage loans (3) $ — $ (360,947,262 ) $ — (1) Interest rate cap, which cap the 1-month LIBOR rate at 3.25%. (2) Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan. (3) Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020. Noncontrolling Interest in Operating Partnership – Certain hotel properties were acquired, in part, by the Operating Partnership through the issuance of limited partnership units of the Operating Partnership. The noncontrolling interest in the Operating Partnership is: (i) increased or decreased by the limited partners’ pro-rata share of the Operating Partnership’s net income or net loss, respectively; (ii) decreased by distributions; (iii) decreased by redemption of partnership units for the Company’s common stock; and (iv) adjusted to equal the net equity of the Operating Partnership multiplied by the limited partners’ ownership percentage immediately after each issuance of units of the Operating Partnership and/or the Company’s common stock through an adjustment to additional paid-in capital. Net income or net loss is allocated to the noncontrolling interest in the Operating Partnership based on the weighted average percentage ownership throughout the period. Revenue Recognition – Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over a customer’s hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the gross commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as advanced deposits (or contract liabilities) shown on our consolidated balance sheets and recognized once the performance obligations are satisfied. Certain of the Company’s hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company’s consolidated statements of operations. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations. Lease Revenue – Several of our properties generate revenue from leasing commercial space adjacent to the hotel, the restaurant space within the hotel, apartment units and space on the roofs of our hotels for antennas and satellite dishes. We account for the lease income as revenue from other operating departments within the consolidated statements of operations pursuant to the terms of each lease. Lease revenue was approximately $0.4 million and $0.2 million, for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.8 million and $0.6 million for the six months ended June 30, 2021 and 2020, respectively. A schedule of minimum future lease payments receivable for the remaining six and twelve-month periods is as follows: For the six months ending December 31, 2021 $ 587,959 December 31, 2022 1,027,595 December 31, 2023 1,030,480 December 31, 2024 1,037,857 December 31, 2025 1,045,793 December 31, 2026 and thereafter 7,106,342 Total $ 11,836,026 Lessee Accounting – On January 1, 2019, the Company adopted ASU No. 2016-02, , which relates to the accounting for lease arrangements. The Company’s operating lease agreements are primarily the ground lease on the Hyatt Centric Arlington, the parking garage lease in Hollywood, Florida at the Hyde Beach House, and the corporate office lease. The assets are classified as “right of use assets”, which represent our right to use an underlying asset and the operating lease liability, which represent our obligation to make lease payments arising from the lease, is classified within “accounts payable and other accrued liabilities”. Right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right of use assets and operating lease liabilities are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing cost based on information available at the commencement date using our actual borrowing rates commensurate with the lease terms and fully levered borrowing. Extension options on our leases are included in our minimum lease terms when they are reasonably certain to be exercised. Income Taxes – The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax. MHI TRS, our wholly owned taxable REIT subsidiary which leases our hotels from subsidiaries of the Operating Partnership, is subject to federal and state income taxes. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is required for deferred tax assets if, based on all available evidence, it is “more-likely-than-not” that all or a portion of the deferred tax asset will or will not be realized due to the inability to generate sufficient taxable income in certain financial statement periods. The “more-likely-than-not” analysis means the likelihood of realization is greater than 50%, that we either will or will not be able to fully utilize the deferred tax assets against future taxable income. The net amount of deferred tax assets that are recorded on the financial statements must reflect the tax benefits that are expected to be realized using these criteria. As of June 30, 2021, we have determined that it is more-likely-than-not that we will not be able to fully utilize our deferred tax assets for future tax consequences, therefore a 100% valuation allowance is required. As of June 30, 2021 and December 31, 2020, deferred tax assets each totaled $0, respectively. As of June 30, 2021 and December 31, 2020, we had no uncertain tax positions. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions to which the Company is subject generally include 2016 through 2019. In addition, as of June 30, 2021, the tax years that remain subject to examination by the major tax jurisdictions to which the MHI TRS Entities are subject, because of open NOL carryforwards, generally include 2014 through 2019. The Operating Partnership is generally not subject to federal and state income taxes as the unit holders of the Partnership are subject to tax on their respective shares of the Partnership’s taxable income. Stock-based Compensation – The Company’s 2013 Long-Term Incentive Plan (the “2013 Plan”), which the Company’s stockholders approved in April 2013, permits the grant of stock options, restricted stock, unrestricted stock and performance share compensation awards to its employees and directors for up to 750,000 shares of common stock. The Company believes that such awards better align the interests of its employees with those of its stockholders. As of June 30, 2021, under the 2013 Plan, the Company has made cumulative stock awards totaling 517,464 shares, including 330,881 unrestricted shares and 186,583 restricted shares issued to certain executives and employees and to its independent directors. All awards have vested except for: 129,615 shares issued to certain employees, which will vest over the next nine years and 56,968 shares issued to the Company’s independent directors, which will vest by December 31, 2021. Under the 2013 Plan, the Company may issue a variety of performance-based stock awards, including nonqualified stock options. The value of the awards is charged to compensation expense on a straight-line basis over the vesting or service period based on the value of the award as determined by the Company’s stock price on the date of grant or issuance. As of June 30, 2021 , no performance-based stock awards have been granted. Total compensation cost recognized under the 2013 Plan for the three months ended June 30, 2021 and 20 20 was $ 18,195 and $ 18,195 , respectively , and for the six months ended June 30, 2021 and 2020 was $ 481,156 and $ 145,065 , respectively. Additionally, the Company sponsors and maintains an Employee Stock Ownership Plan (“ESOP”) and related trust for the benefit of its eligible employees. We reflect 18,487 and for the six months ended June 30, 2021 and 2020, the ESOP compensation cost was $44,172 and $64,147, respectively Advertising – Advertising costs, including internet advertising, were $454,818 and $ 64,964 for the three months ended June 30, 2021 and 2020, respectively, and were $ 775,584 and $ 565,260 for the six months ended June 30, 2021 and 2020, respectively . Advertising costs are expensed as incurred. Involuntary Conversion of Assets – We record gains or losses on involuntary conversions of assets due to recovered insurance proceeds to the extent the undepreciated cost of a nonmonetary asset differs from the amount of monetary proceeds received. During each of the three-month periods ending June 30, 2021 and 2020, we recognized $496,957 and $14,168, respectively, and during the six-month periods ending June 30, 2021 and 2020, we recognized $496,957 and 26,607, respectively, in gain on involuntary conversion of assets, which is reflected in the consolidated statements of operations. Comprehensive Income – Comprehensive income as defined, includes all changes in equity during a period from non-owner sources. We do not have any items of comprehensive income other than net income. Segment Information – We have determined that our business is conducted in one reportable segment: hotel ownership. Use of Estimates – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements – In March 2020, the FASB issued ASU No. 2020-04, , which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The update provides guidance in accounting for changes in contracts, hedging relationships, and other transactions as a result of this reference rate reform. The option expedients and exceptions contained within this update, in general, only apply to contract amendments and modifications entered into prior to January 1, 2023. The provisions of this update will most likely affect our financial reporting process relating to modifications of contracts with lenders and the hedging contracts associated with each respective modified borrowing contract. In general, the provision of the update would benefit us by allowing modifications of debt contracts with lenders that fall under the guidance of ASC Topic 740 to be accounted for as a non-substantial modification and not be considered debt extinguishment. As of June 30, 2021, we have not entered into any contract modification as it directly relates to reference rate reform, but we anticipate having to undertake such modifications in the future. While the Company anticipates the impact of this update may be to its benefit, the Company is still evaluating the overall impact.

Investment in Hotel Properties,

Investment in Hotel Properties, Net	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Investment in Hotel Properties, Net	3. Investment in Hotel Properties, Net Investment in hotel properties, net as of June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 Land and land improvements $ 66,121,705 $ 66,088,705 Buildings and improvements 443,006,453 442,063,950 Right of use assets 5,945,642 5,995,438 Furniture, fixtures and equipment 56,007,744 55,796,797 571,081,544 569,944,891 Less: accumulated depreciation and impairment (151,656,328 ) (142,120,306 ) Investment in Hotel Properties, Net $ 419,425,216 $ 427,824,585 Our review of possible impairment as of June 30, 2021 and December 31, 2020, resulted in no impairment on our investment in hotel properties, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	4. Debt Mortgage Loans, Net . As of June 30, 2021 and December 31, 2020, we had approximately $355.1 million and approximately $ 357.5 million of outstanding mortgage debt, respectively. The following table sets forth our mortgage debt obligations on our hotels. Balance Outstanding as of June 30, December 31, Prepayment Maturity Amortization Interest Property 2021 2020 Penalties Date Provisions Rate The DeSoto (1) $ 32,599,133 $ 32,820,733 Yes 7/1/2026 25 years 4.25% DoubleTree by Hilton Jacksonville Riverfront (2) 33,354,864 33,655,483 Yes 7/11/2024 30 years 4.88% DoubleTree by Hilton Laurel (3) 8,577,102 8,654,754 Yes 5/5/2022 25 years 5.25% DoubleTree by Hilton Philadelphia Airport (4) 41,069,612 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 7/27/2022 (5) LIBOR plus 4.00% DoubleTree Resort by Hilton Hollywood Beach (6) 55,130,817 55,878,089 (6) 10/1/2025 30 years 4.913% Georgian Terrace (7) 42,037,671 42,507,512 (7) 6/1/2025 30 years 4.42% Hotel Alba Tampa, Tapestry Collection by Hilton (8) 17,946,480 17,946,480 None 6/30/2022 (8) LIBOR plus 3.75% Hotel Ballast Wilmington, Tapestry Collection by Hilton (9) 33,043,336 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) 11,037,086 11,037,086 Yes 12/1/2026 25 years 4.27% The Whitehall (12) 14,697,831 14,697,830 Yes 2/26/2023 25 years PRIME plus 1.25% Total Mortgage Principal Balance $ 356,784,068 $ 359,551,870 Deferred financing costs, net (1,823,925 ) (2,122,822 ) Unamortized premium on loan 104,588 116,929 Total Mortgage Loans, Net $ 355,064,731 $ 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 provides 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 1 year interest only period 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, with an option for the lender to reset the interest rate after 5 years. (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. Mortgage Forbearance Agreements Since the onset of the COVID-19 pandemic, we have completed mortgage forbearance agreements and/or loan modification agreements for eleven of our twelve mortgage loans secured by our hotels. The terms of the amendments varied by lender, and included items such as the deferral of monthly interest and/or principal payments for three to fifteen months, temporary elimination of requirements to make contributions to the furniture, fixtures and equipment replacement reserve, the ability to temporarily utilize furniture, fixtures and equipment replacement reserve funds for operating expenses or to fund principal and interest and required deposits to real estate tax escrows, subject to certain restrictions and conditions, including requirements to replenish such funds used; waivers for existing quarterly financial covenants for one to six quarters The DeSoto Starting on April 1, 2020, we entered into a series of note modification agreements with the mortgage lender for The DeSoto pursuant to which we agreed with the lender on the following: (a) deferral of scheduled principal and interest payments due from April 1, 2020 to September 1, 2020, provided that interest continued to accrue during that period; (b) additional deferral of scheduled principal and interest payments due February 1, 2021, provided that interest also continued to accrue during that period; (c) a payment of interest only on March 1, 2021 in the amount of $116,240; (d) waiver of certain FF&E requirements until February 28, 2021; (e) to pay all deferred principal and interest at maturity; and (f) a guarantee by the Operating Partnership of payment of up to 5.0% of all present and future indebtedness under the loan. The maturity date under the loan modification remains unchanged. As a condition to the loan modification, the borrowing entity, agreed to not declare, set aside or pay any distribution or dividend until the later of March 1, 2021 or the resumption of regular principal and interest payments. DoubleTree by Hilton Jacksonville Riverfront On April 21, 2020, we entered into a letter agreement pursuant to which the lender agreed to the following: (a) the April, May, and June 2020 principal and interest payments were paid out of FF&E reserves; (b) FF&E deposits were deferred for the April, May, and June 2020 payment dates; and (c) released FF&E and the deferred FF&E was repaid in 6 monthly installments ending with the December 2020 payment. The maturity date under the loan modification remains unchanged. DoubleTree by Hilton Laurel Starting on March 24, 2020, we entered into a series of deferral and note modification agreements with the mortgage lender for the DoubleTree by Hilton Laurel pursuant to which we agreed with the lender on the following: (a) an initial deferral of scheduled payments of principal and interest due from April 5, 2020 to September 5, 2020; (b) an additional deferral of schedule payment of principal only from November 5, 2020 to March 5, 2021; (c) subsequent payments are required to be applied first toward current and deferred interest and then toward principal; and (d) any and all deferred principal is due and payable at maturity. On July 15, 2021, we entered into a note modification agreement pursuant to which we agreed with the lender of the following: (i) the maturity date was extended by nine months, to May 5, 2022; (ii) commencing August 5, 2021 and continuing on the fifth day of each calendar month thereafter, the borrower will pay monthly installments in the amount of $64,475; and (iii) the interest on the principal balance of the note shall accrue at a rate of 5.25%. Concurrently with the execution of the Note Modification Agreement, the borrower paid Lender the deferred interest accumulated on the loan from April 2020 through September 2020 in the amount of $226,859. All other terms of the mortgage remain unchanged. A nominal amount in cash consideration was provided in exchange for the note modifications and the lender also waived the application of the December 31, 2020, calculation of the debt service coverage ratio covenant. DoubleTree by Hilton Philadelphia Airport We have agreed wi th the lender to the following: (a) deferral of scheduled principal through June 1, 2021; (b) payment of regular principal and interest to resume on July 1, 2021; (c) remaining deferred interest is to be paid in 12 equal installments beginning April 1, 2021; and (d) deferred principal is due and payable at maturity; ( . The maturity date was extended by 3 months, or until October 31, 2023 DoubleTree by Hilton Raleigh-Brownstone University Starting on May 4, 2020, we entered into a series of forbearance and loan modification agreements with the mortgage lender for the DoubleTree by Hilton Raleigh-Brownstone University pursuant to which t he lender has agreed to the following: (a) deferral of scheduled interest payments due from April 1, 2020 to July 31, 2021; (b) a one- fee of $236,375 made in January 2021 and applied to deferred interest; and (c) deferral of the FF&E reserve deposit from April 2020 until July 2021 and (d) remainder of deferred interest, along with additional accrued interest on interest, is due and payable by maturity. . , DoubleTree Resort by Hilton Hollywood Beach On April 30, 2021, we entered into a loan modification and reinstatement agreement with the mortgage lender for the DoubleTree Resort by Hilton Hollywood Beach pursuant to which we agreed with the lender to amend and reinstate the promissory note and loan agreement on revised terms. Under the amended loan agreement and promissory note we paid to the lender contemporaneously with the closing of the amendment and reinstatement an aggregate amount of approximately $4 million made up of (i) tax and insurance reserves required to be funded in certain reserve accounts in the aggregate amount of approximately $2.5 million; (ii) a lump sum payment of approximately $1.3 million in respect of amounts owed by us relating to payments for the period from January through March 2021; (iii) certain FF&E reserve amounts required to be deposited with the lender; and (iv) certain other fees and expenses. In addition, we agreed to (a) begin regular monthly payments on May 1, 2021; (b) pay the aggregate amount owed by the borrowing entity relating to deferred monthly payments for the period from April through December 2020 in 24 equal monthly installments of $119,591 beginning on January 1, 2021 and continuing through December 2022; and (c) certain other amended terms, including to restrict the borrower under the promissory note from making any distributions until all such deferred payments have been made. In consideration for the payments made at closing and the other amended terms the loan agreement, promissory note and other loan documents thereunder were amended and reinstated in accordance with their respective terms and conditions and the lender agreed to certain accommodations, including the waiver of the cash sweep period trigger for a period of time and to forbear in collection of default interest and late payment charges accrued and unpaid under the loan agreement and promissory note, provided that in the event of a future default those amounts will become due immediately and the waivers will no longer be effective. Georgian Terrace On October 8, 2020, the lender agreed to the release of approximately $1.1 million from the FF&E reserve to fund up to 50% of (a) shortfall between gross revenues and operating expenses for the period April through July 31, 2020, and (b)scheduled payments of debt service, deposits to the real estate tax escrow and insurance expenses for the period April through August 2020. The FF&E reserve must be replenished no later than December 31, 2021. So long as there is no event of default under the terms of the loan agreement, lender agreed to defer deposits into the FF&E reserve account between November 2020 and April 2021. As consideration to entering into the loan modification agreement, the Operating Partnership agreed to guarantee full and prompt payment of the released reserves amounts. Hotel Alba Tampa Starting on May 14, 2020 , . , Hotel Ballast Wilmington The lender has agreed to the following: (a) deferral of scheduled principal payments due from April 1, 2020 to March 1, 2021; (b) deferral of scheduled payments of interest from April 1, 2020 to September 1, 2020; (c) waiver of FF&E requirement until March 1, 2021; (d) deferred principal and interest will be due and payable at maturity; and (e) payment of up to 5.0% of the indebtedness under the loan is guaranteed by the Operating Partnership. The maturity date under the loan modification remains unchanged. As a condition to the modification, the borrowing entity cannot declare, set aside or pay any distributions or dividends until the later of (i) March 1, 2021 or (ii) the resumption of regular principal and interest payments. Hyatt Centric Arlington Starting on July 15, 2020 , we entered into a series of loan modification agreements, pursuant to which t he lender agreed to the following : (a) deferral of scheduled payments of principal and interest due from April 1, 2020 to March 31, 2021 ; (b) deferral of scheduled payments of principal d ue from April 1, 2021 to December 31 , 2021 ; (c) loan balance to be re-amortized as of January 1, 2022 ; (d) deferred principal and interest, along with additional accrued interest on interest, is due and payable by July 1, 2022 ; (e) $ 147,765 drawn from the reserve account to be replenished in full by December, 2021 ; and (f) wavier of the requirement to make deposits into FF&E reserve from April 2020 to April 1, 2021 . As a condition to the effectiveness of the first modification, the borrower under the loan paid (i) $ 50,000 to be deposited into the ground lease reserve account and (ii) $ 426,620 to be deposited into an escrow for impositions. As a condition to the effectiveness of the second modification, the borrower paid (i) an additional $ 47,500 to be deposited into the ground lease reserve account and (ii) a one-time fee of $ 100,000 to be deposited into an escrow for impositions. Until the borrower under the loan has fully repaid the deferred monthly payment and replenished the FF&E reserves account and the PPP loan is no longer outstanding, the borrower is not permitted make any distributions without prior written consent of the lender . Sheraton Louisville Riverside The lender has agreed to the following: (a) deferral of scheduled payments of interest due from May 1, 2020 to July 1, 2020; (b) deferral of scheduled payments of principal due from May 1, 2020 to April 1, 2021; (c) subsequent payments are required to be applied first toward current and deferred interest and then toward principal; and (d) any deferred principal is due and payable at maturity. The maturity date under the loan modification remains unchanged. The Whitehall We entered into two forbearance agreement pursuant to which t he l As conditions to the forbearance agreement, the parties agreed to the following during the forbearance period lasting until the earlier of (a) July 13, 2021 . As of June 30, 2021, we failed to meet the financial covenants under the mortgage secured by The Whitehall. We have received a waiver of the financial covenants from the lender on The Whitehall mortgage through June 30, 2022. Cash Trap Provisions As of June 30, 2021, we failed to meet the financial covenants under the mortgages secured by the DoubleTree by Hilton Jacksonville Riverfront, the DoubleTree Resort by Hilton Hollywood Beach and the Georgian Terrace, each of which triggered a “cash trap” under the loan documents relating to each of these properties requiring substantially all the revenue generated by those hotels to be deposited directly into lockbox accounts and swept into cash management accounts for the benefit of the respective lenders until each property meets the criteria in the relevant loan agreement for exiting the “cash trap”. Provided we continue to meet certain terms and conditions, the lender has waived the “cash trap” with respect to the DoubleTree Resort by Hilton Hollywood Beach and we remain in negotiations with the lender on the DoubleTree by Hilton Jacksonville Riverfront for a waiver of the “cash trap” as well. Additionally, in order to receive forbearance from the lenders on the DoubleTree by Hilton Raleigh Brownstone – University and the Hyatt Centric Arlington, we agreed to “cash traps” which will continue until the properties meet the criteria in the forbearance agreements for exiting the “cash traps”. Total future mortgage debt maturities for the remaining six and twelve-month periods, without respect to any extension of loan maturity or loan modification after June 30, 2021, were as follows: For the six months ending December 31, 2021 13,836,422 December 31, 2022 42,006,930 December 31, 2023 59,491,646 December 31, 2024 37,218,158 December 31, 2025 92,667,469 December 31, 2026 and thereafter 111,563,443 Total future maturities $ 356,784,068 PPP Loans . The Operating Partnership and certain of its subsidiaries have received PPP Loans administered by the U.S. Small Business Administration pursuant to the CARES Act. Each PPP Loan has a term of five years and carries an interest rate of 1.00%. Equal payments of principal and interest begin no later than 10 months following origination of the loan and are amortized over the remaining term of the loan. Pursuant to the terms of the CARES Act, the proceeds of each PPP Loan may be used for payroll costs, mortgage interest, rent or utility costs. The promissory note for each PPP Loan contains customary events of default relating to, among other things, payment defaults and breach of representations and warranties or of provisions of the relevant promissory note. Under the terms of the CARES Act, each borrower can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. No assurance is provided that any borrower will obtain forgiveness under any relevant PPP Loan in whole or in part. On April 16, 2020, our Operating Partnership entered into a promissory note with Village Bank in connection with a PPP Loan and received proceeds of $333,500. On April 28, 2020, we entered into a promissory note and received proceeds of $9,432,900 under a PPP Loan from Fifth Third Bank, National Association. On May 6, 2020, we entered into a second promissory note with Fifth Third Bank, National Association and received proceeds of $952,700 under a PPP Loan. Secured Notes Financing . On December 31, 2020, we entered into the following agreements with KW, as collateral agent and an investor, and MIG, as an investor: (i) a Note Purchase Agreement with KW and MIG; (ii) a Secured Note with KW in the amount of $10.0 million and a Secured Note with MIG in the amount of $10.0 million; (iii) a Pledge and Security Agreement with KW; (iv) a Board Observer Agreement with KW; and (v) other ancillary agreements. These agreements constitute a transaction whereby the Investors purchased $20.0 million in Secured Notes from the Operating Partnership with an option to require the Investors to purchase an additional $10.0 million in Secured Notes, expiring on November 16, 2021 and which option is required to be completed on or before December 31, 2021, on the terms and subject to the conditions described below. Note Purchase Agreement On December 31, 2020, the Operating Partnership and the Company entered into the Note Purchase Agreement with KW and MIG, pursuant to which: (i) we agreed to issue and sell, and the Investors agreed to purchase, the Secured Notes with an aggregate face amount of US $20 million and on the terms described below; (ii) KW and MIG granted us an option, subject to certain conditions and exercisable by us on or before the first anniversary of the first closing date, pursuant to which we may issue and sell a second note to each of the Investors with an aggregate face amount of $10.0 million on substantially the same terms as the initial Secured Notes; (iii) the Company agreed to fully and unconditionally guaranty the obligations of the Operating Partnership; (iv) we entered into the Pledge Agreement and Board Observer Agreement; (v) we agreed to provide certain representations and warranties to the Investors; and (vi) we agreed to use the net proceeds to support the continued operation of the business conducted by the Operating Partnership. We were required to pay a 1% origination fee on the amount of the initial Secured Notes in connection with the first closing and a 1% commitment fee on the committed amount of the Second Secured Notes. Secured Notes On December 31, 2020, the Operating Partnership issued and sold initial Secured Notes to the Investors in the amount of $20.0 million. The Secured Notes: (i) have a maturity date of December 30, 2023, with a one-year pari passu with other notes issued under the Note Purchase Agreement and senior to all other indebtedness of the Operating Partnership. The Secured Notes require us to maintain certain cash management standards and include a broad range of covenants restricting our ability to incur additional debt, make dividend payments, transfer or acquire assets, or exceed our 2019 employee compensation levels. They also require us to maintain certain financial thresholds, including limitations on our accounts payable and capital expenditures. Upon an event of default or liquidity event described in the Secured Notes, the holders of the Secured Notes have the right to require and approve our selection of one or more of our hotel properties for disposition or refinancing in order to cure an event of default or liquidity event based on a process set forth in the Secured Notes. In addition, the Secured Notes are redeemable by the holder in full upon an event of default or a change of control transaction. Pledge Agreement On December 31, 2020, certain subsidiaries of the Operating Partnership entered into the Pledge Agreement with KW, pursuant to which we agreed to pledge and grant to KW a first priority security interest in the equity interests, including certain voting rights, of our affiliates that own The DeSoto hotel, Hotel Ballast Wilmington, and the DoubleTree by Hilton Philadelphia Airport hotel. Upon an uncured monetary event of default under the Secured Notes, KW, as collateral agent, has a right to sell, lease or otherwise dispose of or realize upon the Pledged Collateral in order to satisfy any amounts outstanding under the Secured Notes.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Ground, Building, Parking and Land Leases – We lease 2,086 square feet of commercial space next to The DeSoto for use as an office, retail or conference space, or for any related or ancillary purposes for the hotel and/or atrium space. In December 2007, we signed an amendment to the lease to include rights to the outdoor esplanade adjacent to the leased commercial space. The areas are leased under a six-year five-year rent expense for this operating lease for the three and six months ended June 30, 2020, totaled $18,246 and $36,942 . We lease, as landlord, the entire fourteenth floor of The DeSoto hotel property to The Chatham Club, Inc. under a ninety-nine year lease expiring July 31, 2086. This lease was assumed upon the purchase of the building under the terms and conditions agreed to by the previous owner of the property. No rental income is recognized under the terms of this lease as the original lump sum rent payment of $990 was received by the previous owner and not prorated over the life of the lease. We lease land adjacent to the Hotel Alba for use as parking under a five-year rent expense for each of the three and six months ended June 30, 2020, totaled $651 and $1,301, respectively We lease approximately 8,500 square feet of commercial office space in Williamsburg, Virginia under an agreement with a ten-year rent expense for the three- and six-month periods ended June 30, 2020 totaled, $55,902 and $111,663, respectively We lease the land underlying all of the The ground lease requires us to make rental payments of $50,000 per year in base rent and percentage rent equal to 3.5% of gross room revenue in excess of certain thresholds, as defined in the ground lease agreement. The initial term of the ground lease expires in 2025 and may be extended for five additional renewal periods of 10 years each. 89,472 106,500 We lease parking garage and poolside cabanas associated with the Hyde Beach House. The parking and cabana lease requires us to make rental payments of $270,100 per year in base and has an initial term that expires in 2034 and which may be extended for four additional renewal periods of 5 years each. and for the six months ended June 30, 2021 and 2020, was $135,500 and $267,500, respectively We also lease certain storage facilities, furniture and equipment under agreements expiring between October 2021 and June 2025 . A schedule of minimum future lease payments for the following six and twelve-month periods is as follows: For the six months ending December 31, 2021 $ 356,523 December 31, 2022 683,693 December 31, 2023 671,883 December 31, 2024 663,585 December 31, 2025 668,651 December 31, 2026 and thereafter 14,758,986 Total $ 17,803,321 Employment Agreements - The Company has entered into various employment contracts with employees that could result in obligations to the Company in the event of a change in control or termination without cause. Management Agreements – As of June 30, 2021, our twelve wholly-owned hotels, and our two condo-hotel rental programs, operated under management agreements with Our Town (see Note 8). The management agreements expire on March 31, 2025 and may be extended for up to two additional periods of five years each, subject to the approval of both parties. Each of the individual hotel management agreements may be terminated earlier than the stated term upon the sale of the hotel covered by the respective management agreement, in which case we may incur early termination fees. Franchise Agreements – As of June 30, 2021, most of our hotels operate under franchise licenses from national hotel companies. Under the franchise agreements, we are required to pay a franchise fee generally between 3.0% and 5.0% of room revenues, plus additional fees for marketing, central reservation systems, and other franchisor programs and services that amount to between 3.0% and 4.0% of gross revenues from the hotels. The franchise agreements currently in force expire between November 2021 and March 2038. Each of our franchise agreements provides for early termination fees in the event the agreement is terminated before the stated term. Restricted Cash Reserves – Each month, we are required to escrow with the lenders on the Hotel Ballast, The DeSoto, the DoubleTree by Hilton Raleigh Brownstone-University, the DoubleTree by Hilton Jacksonville Riverside, the DoubleTree Resort by Hilton Hollywood Beach, and the Georgian Terrace an amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties. We are also required by several of our lenders to establish individual property improvement funds to cover the cost of replacing capital assets at our properties. Each month, those contributions equal 4.0% of gross revenues for the Hotel Ballast, The DeSoto, the DoubleTree by Hilton Raleigh Brownstone–University, the DoubleTree by Hilton Jacksonville Riverside, the DoubleTree Resort by Hilton Hollywood Beach, The Whitehall and the Georgian Terrace and equal 4.0% of room revenues for the DoubleTree by Hilton Philadelphia Airport and the Hyatt Centric Arlington ESOP Loan Commitment – The Company’s board of directors approved the ESOP on November 29, 2016, which was adopted by the Company in December 2016 and effective January 1, 2016. The ESOP is a non-contributory defined contribution plan covering all employees of the Company. The ESOP is a leveraged ESOP, meaning the contributed funds are loaned to the ESOP from the Company. The Company entered into a loan agreement with the ESOP on December 29, 2016, pursuant to which the ESOP may borrow up to $5.0 million to purchase shares of the Company’s common stock on the open market. Under the loan agreement, the aggregate principal amount outstanding at any time may not exceed $5.0 million and the ESOP may borrow additional funds up to that limit in the future, until December 29, 2036. Between January 3, 2017 and February 28, 2017, the Company’s ESOP purchased 682,500 shares of the Company’s common stock of an aggregate cost of $4.9 million. Litigation –We are involved in routine litigation arising out of the ordinary course of business, all of which we expect to be covered by insurance and we believe it is not reasonably possible such matters will have a material adverse impact on our financial condition or results of operations or cash flows.

Preferred Stock and Units

Preferred Stock and Units	6 Months Ended
	Jun. 30, 2021
Preferred Stock And Units [Abstract]
Preferred Stock and Units	6. Preferred Stock and Units Preferred Stock - The Company is authorized to issue up to 11,000,000 shares of preferred stock. The following table sets forth our Cumulative Redeemable Perpetual Preferred Stock by series: Per Number of Shares Quarterly Annum Liquidation Issued and Outstanding as of Distributions Preferred Stock - Series Rate Preference June 30, 2021 December 31, 2020 Per Share Series B Preferred Stock 8.000 % $ 25.00 1,510,000 1,610,000 $ 0.500000 Series C Preferred Stock 7.875 % $ 25.00 1,469,610 1,554,610 $ 0.492188 Series D Preferred Stock 8.250 % $ 25.00 1,165,000 1,200,000 $ 0.515625 The Company is obligated to pay cumulative cash distributions on the preferred stock at rates in the above table per annum of the $25.00 liquidation preference per share. Holders of the Company’s preferred stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The preferred stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates. As previously announced, the record dates for the dividends on the Company’s Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock that were to be paid April 15, 2020 to shareholders of record as of March 31, 2020, have each been declared and the record date and the payment of dividends on all classes of the Company’s preferred stock has been deferred. On March 17, 2020, the Company announced that it was deferring payment of Sotherly’s previously announced declared distributions for the Company’s Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock for the period ending March 31, 2020. No distributions have been declared for the Company’s Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock for the period ending June 30, 2021. The total declared and undeclared, but unpaid cash dividends due on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock through June 30, 2021, are $4,530,000, $4,339,946 and $3,604,219, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. As of June 30, 2021, the undeclared cumulative preferred dividends were approximately $10.4 million and the declared unpaid preferred dividends are approximately $2.1 million. Preferred Units - The Company is the holder of the Operating Partnership’s preferred partnership units and is entitled to receive distributions when authorized by the general partner of the Operating Partnership out of assets legally available for the payment of distributions. The following table sets forth our Cumulative Redeemable Perpetual Preferred Units by series: Per Number of Units Quarterly Annum Liquidation Issued and Outstanding as of Distributions Preferred Units - Series Rate Preference June 30, 2021 December 31, 2020 Per Unit Series B Preferred Units 8.000 % $ 25.00 1,510,000 1,610,000 $ 0.500000 Series C Preferred Units 7.875 % $ 25.00 1,469,610 1,554,610 $ 0.492188 Series D Preferred Units 8.250 % $ 25.00 1,165,000 1,200,000 $ 0.515625 The Company pays cumulative cash distributions on the preferred units at rates in the above table per annum of the The total declared and undeclared, but unpaid cash dividends due on the Series B Preferred Units, Series C Preferred Units and Series D Preferred Units through June 30, 2021, is $4,530,000, $4,339,946 and $3,604,219, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. As of June 30, 2021, the undeclared cumulative preferred dividends were approximately $10.4 million and the declared unpaid preferred dividends were approximately $2.1 million.

Common Stock and Units

Common Stock and Units	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock and Units	7. Common Stock and Units Common Stock – As of June 30, 2021, the Company was authorized to issue up to 69,000,000 shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of the Company’s common stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The following is a schedule of issuances, since January 1, 2020, of the Company’s common stock and related units of the Operating Partnership: On January 1, 2020, two holders of units in the Operating Partnership redeemed 488,952 units for an equivalent number of shares in the Company’s common stock. On January 1, 2020, the Company was issued 45,000 units in the Operating Partnership and awarded shares of restricted stock to two employees. On February 3, 2020, the Company was issued 17,250 units in the Operating Partnership and awarded shares of restricted stock to its independent directors. On May 1, 2020, one holder of units in the Operating Partnership redeemed 57,687 units for an equivalent number of shares in the Company’s common stock. On December 1, 2020, one holder of units in the Operating Partnership redeemed 15,000 units for an equivalent number of shares in the Company’s common stock. On December 17, 2020, the Company was issued 127,583 units in the Operating Partnership and awarded shares of restricted stock to its independent directors and employees. On February 4, 2021, one holder of units in the Operating Partnership redeemed 100 units for an equivalent number of shares in the Company’s common stock. On February 4, 2021, the Company was issued 136,281 units in the Operating Partnership and awarded shares of unrestricted stock to its employees. On February 4, 2021, the Company was issued 15,000 units in the Operating Partnership and awarded shares of restricted stock to its independent directors. On June 21, 2021, we entered into a Share Exchange Agreement with Palogic. Pursuant to the Share Exchange Agreement, Palogic agreed to exchange 100,000 shares of the Company’s Series B Preferred Stock, 85,000 shares of the Company’s Series C Preferred Stock, and 35,000 shares of the Company’s Series D Preferred Stock, together with all of Palogic’s rights to receive accrued and unpaid dividends on the remaining Palogic Shares, for 1,542,727 shares of the Company’s common stock, par value $0.01 per share. We closed the transaction and issued the Company Shares on June 22, 2021. As of June 30, 2021 and December 31, 2020, the Company had 16,717,958 and 15,023,850 shares of common stock outstanding, respectively. Operating Partnership Units – Holders of Operating Partnership units, other than the Company as general partner, have certain redemption rights, which enable them to cause the Operating Partnership to redeem their units in exchange for shares of the Company’s common stock on a one-for-one basis or, at the option of the Company, cash per unit equal to the average of the market price of the Company’s common stock for the 10 trading days immediately preceding the notice date of such redemption. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or the stockholders of the Company. Since January 1, 2020, there have been no issuances or redemptions, of units in the Operating Partnership other than the issuances of units in the Operating Partnership to the Company described above. As of June 30, 2021 and December 31, 2020, the total number of Operating Partnership units outstanding was 17,884,359 and 16,190,351, respectively. As of June 30, 2021 and December 31, 2020, the total number of outstanding Operating Partnership units not owned by the Company was 1,166,401 and 1,166,501, respectively, with a fair market value of approximately $3.5 million and $2.9 million, respectively, based on the price per share of the common stock on such respective dates. As of June 30, 2021, there were unpaid common dividends and distributions to holders of record as of March 13, 2020, in the amount of $2,088,160.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Our Town Hospitality . Our Town is currently the management company for each of our twelve wholly owned hotels, as well as the manager of our rental programs at the Hyde Resort & Residences and the Hyde Beach House Resort & Residences. Our Town is a majority-owned subsidiary of Newport Hospitality Group, Inc. (“Newport”). As of June 30, 2021, Andrew M. Sims, our Chairman, and David R. Folsom, our President and Chief Executive Officer, beneficially owned approximately 48.5% and 1.4%, respectively, of the total outstanding ownership interests in Our Town . Both Mr. Sims and Mr. Folsom serve as directors of Our Town and have certain governance rights . Upon the satisfaction of certain conditions by Our Town, Mr. Sims and Mr. Folsom will be required to make an additional capital contribution to Our Town, which would result in them owning 51.3% and 1.5%, respectively, of the outstanding membership interests in Our Town. The following is a summary of the transactions with Our Town Accounts Receivable – At June 30, 2021 and 2020, we were due approximately $0.5 million and $0.8 million, respectively, from Our Town. Management Agreements – On September 6, 2019, we entered into a master agreement with Newport and Our Town related to the management of ten of our hotels. On December 13, 2019, we entered into an amendment to the master agreement (as amended, the “OTH Master Agreement”), as well as a series of individual hotel management agreements for the management of ten of our hotels. On April 1, 2020, we engaged Our Town to manage one additional wholly-owned hotel and two condominium resort rental programs. On November 15, 2020, Our Town became the manager of our Hyatt Centric Arlington hotel. The hotel management agreements for each of our 12 wholly-owned hotels and the two rental programs are referred to as, individually an “OTH Hotel Management Agreement” and, together the “OTH Hotel Management Agreements”. We agreed to provide Our Town with initial working capital of up to $1.0 million, based on the anticipated management fees earned by Our Town under the individual hotel management agreements. The advanced funds were to be offset against future management fees by means of a 25% reduction in the payment to Our Town, of fees earned each month during 2020. At December 31, 2020, unreimbursed management fee advances totaled $549,900. On June 4, 2021, the OTH Master Agreement and the related credit agreement were amended to provide for an increase in the balance outstanding under the credit agreement of $299,900 in satisfaction for an equivalent portion of unrepaid management fee advances and to provide for a guaranteed minimum incentive management fee of $250,000 for calendar year 2021 in satisfaction of the remainder of unrepaid management fee advances. As of June 30, 2021, and December 31, 2020, Sotherly had advanced approximately $0.6 million and $0.6 million, respectively, to Our Town as initial working capital. In addition, the OTH Master Agreement provides for an adjustment to the fees payable by us under the OTH Hotel Management Agreements in the event the net operating income of Our Town falls below $250,000 for any calendar year beginning on or after January 1, 2021 . The OTH Master Agreement expires on March 31, 2025 but shall be extended beyond 2025 for such additional periods as an OTH Hotel Management Agreement remains in effect. The base management fees for each hotel under management with Our Town is 2.50%. For any new individual hotel management agreements, Our Town will receive a base management fee of 2.00% of gross revenues for the first full year from the commencement date through the anniversary date, 2.25% of gross revenues the second full year, and 2.50% of gross revenues for every year thereafter. Each OTH Hotel Management Agreement sets an incentive management fee equal to 10.0% of the amount by which gross operating profit, as defined in the management agreement, for a given year exceeds the budgeted gross operating profit for such year; provided, however, that the incentive management fee payable in respect of any such year shall not exceed 0.25% of the gross revenues of the hotel included in such calculation. Incentive management fees earned for the three-month period ending June 30, 2021 and 2020, were $250,166 and $0, respectively. Base management and administrative fees earned by Our Town for our properties was $918,676 and $127,448 , and for the six months ended June 30, 2021 and 2020, were approximately $1.5 million and $0.8 million, respectively Sublease – On December 13, 2019, we entered into a sublease agreement with Our Town pursuant to which Our Town subleases 2,245 square feet of office space from Sotherly for a period of 5 years, with a 5 year renewal subject to approval by Sotherly, on terms and conditions similar to the terms of the prime lease entered into by Sotherly and the third-party owner of the property. Lease payments due to the Company were $147,217 and $80,596, as of June 30, 2021 and 2020, respectively. Credit Agreement – On December 13, 2019, we entered into a credit agreement with Our Town effective January 1, 2020, pursuant to which Sotherly agreed to provide Our Town with a working capital line of credit. The agreement, as amended, allows Our Town to borrow up to $894,900. Our Town was allowed to draw against the line of credit from time to time prior to January 1, 2021, when the facility bec a me payable in full. Interest accrue s on the outstanding balance at 3.5 % per annum and is payable quarterly in arrears. In the event of a default under the credit agreement, we have the right to offset any outstanding unpaid balance against amounts we owe to Our Town under the OTH Hotel Management Agreements. We are currently negotiating an extension to the credit agreement. As of June 30 , 2021 and 2020 , the outstanding credit balance under the credit agreement was each approximately $ 0.6 million , respectively . Our Town and the Company previously entered into the credit agreement effective January 1, 2020, pursuant to which the Company agreed to make a working capital line of credit of up to $500,000 available to Our Town, as amended on February 26, 2020, to increase working capital line of credit to up to $850,000 available to Our Town. Under the credit agreement Our Town had the right draw against the facility from time to time prior to the maturity date. The facility was to be payable in full on January 1, 2021. Interest accrues on the outstanding balance at 3.5% per annum and is payable quarterly in arrears. We have a right of offset against management fees and other amounts owed to Our Town under the individual hotel management agreements in the event of a default under the credit agreement. The credit agreement was amended by the parties on June 4, 2021 such that: (i) the maximum amount of credit available is capped at $894,900; (ii) the amount of advances, as of June 4, 2021, is agreed to be $894,900; (iii) no additional advances are permitted; (iv) principal payments are required to be made by the borrower in the amount of $100,000 on each of December 31, 2021, December 31, 2022, December 31, 2023, December 31, 2024, and December 31, 2025; (v) the maturity date is extended to December 31, 2026; and (vi) the aggregate unpaid principal amount and any other obligation are required to be paid at maturity. An affiliate of Mr. Sims entered into a conditional financing commitment with Our Town to provide funding to permit repayment of the loan in the event the principal balance of the loan made to Our Town under the credit agreement has not been repaid prior to maturity and Sotherly declines to extend the maturity date. The Company’s audit committee considered and approved the credit amendment and the terms thereof, and the related party aspects of the relationship with Our Town. Employee Medical Benefits – We purchase employee medical coverage for eligible employees that are employed by Our Town that work exclusively for our properties and elect to participate in Our Town’s self-insured plan. Gross premiums for employee medical benefits paid by the Company (before offset of employee co-payments) were approximately $0.7 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively, and for the six months ended June 30, 2021 and 2020, were approximately $1.3 million and $1.8 million, respectively . Loan Receivable – Affiliate . As of June 30, 2021 and December 31, 2020, approximately $3.6 million and $3.7 million, respectively, was due to the Operating Partnership for advances to the Company under a loan agreement dated December 29, 2016. The Company used the proceeds to make advances to the ESOP to purchase shares of the Company’s common stock. Others . We employ Ashley S. Kirkland, the daughter of our Chairman, as Corporate Counsel and Compliance Officer and Robert E. Kirkland IV, her husband, as our General Counsel. We also employ Andrew M. Sims Jr., the son of our Chairman, as Vice President – Operations & Investor Relations. Total compensation for all three individuals, including salary and benefits, for the three months ended June 30, 2021 and 2020, totaled $107,115 and $ 104,797 , respectively, and for the six months ended June 30, 2021 and 2020, were $212,984 and $226,754, respectively .

Retirement Plans

Retirement Plans	6 Months Ended
	Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	9. Retirement Plans 401(k) Plan - We maintain a 401(k) plan for qualified employees which is subject to “safe harbor” provisions. Those provisions include a matching employer contribution to consist of 100.0% of the first 3.0% of employee contributions and 50.0% of the next 2.0% of employee contributions. In addition, all employer matching funds vest immediately. We ceased making matching employer contributions effective May 16, 2020. Contributions to the plan totaled $0 and $ 9,989 for the three months ended June 30, 2021 and 2020, r espectively, and for the six months ended June 30, 2021 and 2020, were $0 and $42,841, respectively . Employee Stock Ownership Plan - The Company adopted an Employee Stock Ownership Plan in December 2016, effective January 1, 2016. The ESOP is a non-contributory defined contribution plan covering all employees of the Company. The Company sponsors and maintains the ESOP and related trust for the benefit of its eligible employees. The ESOP is a leveraged ESOP, meaning funds are loaned to the ESOP from the Company. The Company entered into a loan agreement with the ESOP on December 29, 2016, pursuant to which the ESOP may borrow up to $5.0 million to purchase shares of the Company’s common stock on the open market, which serve as collateral for the loan. Between January 3, 2017 and February 28, 2017, the Company’s ESOP purchased 682,500 shares of the Company’s common stock of an aggregate cost of $4.9 million. Shares purchased by the ESOP are held in a suspense account for allocation among participants as contributions are made to the ESOP by the Company. The share allocations will be accounted for at fair value at the date of allocation. As of June 30, 2021, the ESOP had purchased 682,500 shares of the Company’s common stock in the open market at a cost of approximately $4.9 million, which the ESOP borrowed from the Company pursuant to the loan agreement. A total of 186,083 shares with a fair value of $558,248 remained allocated or committed to be released from the suspense account, as of June 30, 2021. We recognized as compensation cost $44,172 and $ 13,144 have an approximate fair value of $ 1,480,216 , as of June 30, 2021 . As of June 30, 2021 , the ESOP held a total of 170,419 allocated shares, 15,664 committed-to-be-released shares and 493,405 suspense shares. Dividends on allocated and unallocated shares are used to pay down the ESOP loan from the Operating Partnership. The share allocations are accounted for at fair value on the date of allocation as follows: June 30, 2021 December 31, 2020 Number of Shares Fair Value Number of Shares Fair Value Allocated shares 170,419 $ 511,257 170,419 $ 426,048 Committed to be released shares 15,664 46,991 - - Total Allocated and Committed-to-be-Released 186,083 $ 558,248 170,419 $ 426,048 Unallocated shares 493,405 1,480,216 509,069 1,272,672 Total ESOP shares 679,488 $ 2,038,464 679,488 $ 1,698,720

Indirect Hotel Operating Expens

Indirect Hotel Operating Expenses	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Indirect Hotel Operating Expenses	10. Indirect Hotel Operating Expenses Indirect hotel operating expenses consists of the following expenses incurred by the hotels: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Sales and marketing $ 2,898,571 $ 1,062,253 $ 5,032,375 $ 4,847,385 General and administrative 2,842,268 1,801,298 4,936,644 5,735,313 Repairs and maintenance 1,896,223 968,331 3,303,901 2,835,012 Utilities 1,314,988 988,704 2,452,204 2,404,106 Property taxes 1,514,781 1,508,929 3,309,910 3,318,286 Management fees, including incentive 1,001,104 133,416 1,878,866 1,004,406 Franchise fees 883,137 216,555 1,466,559 1,201,580 Insurance 883,021 729,200 1,705,093 1,519,695 Information and telecommunications 704,236 463,958 1,330,371 1,052,515 Other 111,747 57,121 223,230 193,308 Total indirect hotel operating expenses $ 14,050,076 $ 7,929,765 $ 25,639,153 $ 24,111,606

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The components of the income tax (benefit) provision for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Current: Federal $ — $ — $ — $ — State 6,972 23,362 9,581 65,312 6,972 23,362 9,581 65,312 Deferred: Federal (444,489 ) (3,524,779 ) (2,053,540 ) (4,920,858 ) State (109,552 ) (760,339 ) (429,633 ) (993,667 ) Subtotals (554,041 ) (4,285,118 ) (2,483,173 ) (5,914,525 ) Change in deferred tax valuation allowance 554,041 4,285,118 2,483,173 11,326,609 - - - 5,412,084 $ 6,972 $ 23,362 $ 9,581 $ 5,477,396 Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Statutory federal income tax provision $ (325,282 ) $ - $ (1,915,329 ) $ (1,653,922 ) Effect of non-taxable REIT loss 434,834 - 2,344,962 7,299,334 State income tax provision (102,580 ) 23,362 (420,052 ) (168,016 ) $ 6,972 $ 23,362 $ 9,581 $ 5,477,396

Loss Per Share and Per Unit

Loss Per Share and Per Unit	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share and Per Unit	12. Loss Per Share and Per Unit Loss per Share . The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partner and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of loss would also be added back to net loss. The shares of the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company, except upon the occurrence of a change of control, and have been excluded from the diluted earnings per share calculation as there would be no impact on the current controlling stockholders. The non-committed, unearned ESOP shares are treated as reducing the number of issued and outstanding common shares and similarly reducing the weighted average number of common shares outstanding. The allocated and committed to be released shares have been included in the weighted average diluted earnings per share calculation since there would be an antidilutive effect from the dilution by these shares, although the amount of compensation for allocated shares is reflected in net loss attributable to common stockholder for basic computation. There are no ESOP units, therefore there is no dilution on the calculation of earnings per unit. The computation of basic and diluted net loss per share is presented below: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Numerator Net loss attributable to common stockholders for basic computation $ (2,810,603 ) $ (17,124,612 ) $ (11,875,600 ) $ (31,448,313 ) Denominator Weighted average number of common shares outstanding 15,344,761 14,862,249 15,232,029 14,837,891 Weighted average number of Unearned ESOP Shares (494,479 ) (559,130 ) (498,380 ) (563,223 ) Total weighted average number of common shares outstanding for basic computation 14,850,282 14,303,119 14,733,649 14,274,668 Basic net loss per share $ (0.19 ) $ (1.20 ) $ (0.81 ) $ (2.20 ) Loss Per Unit – The computation of basic and diluted net loss per unit is presented below: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Numerator Net loss attributable to general and limited partnership unitholders for basic computation $ (2,990,241 ) $ (18,489,980 ) $ (12,754,776 ) $ (34,011,096 ) Denominator Weighted average number of general and limited partnership units outstanding 16,511,162 16,062,768 16,398,448 16,057,745 Basic net loss per general and limited partnership unit $ (0.18 ) $ (1.15 ) $ (0.78 ) $ (2.12 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On July 26, 2021, the Board authorized the deferral of payment of the quarterly distribution for the period ending September 30, 2021, for each of the Company’s Series B, Series C, and Series D Preferred Stock (and Preferred Units). On July 15, 2021, we entered into a note modification agreement (the “Note Modification Agreement”) to extend the maturity date on the existing mortgage on the DoubleTree by Hilton Laurel (the “Hotel”) with the existing lender, United Bank, a Virginia banking corporation and successor in interest to Bank of Georgetown (the “Lender”). Pursuant to the Note Modification Agreement: (i) the maturity date is extended by nine months, to May 5, 2022; (ii) commencing August 5, 2021 and continuing on the fifth day of each calendar month thereafter, Company shall pay monthly installments in the amount of $64,475; and (iii) the interest on the principal balance of the note shall accrue at a rate of 5.25%. Concurrently with the execution of the Note Modification Agreement, the Company paid Lender the deferred interest accumulated on the loan from April 2020 through September 2020, in the amount of $226,859. All other terms of the mortgage remain unchanged.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The consolidated financial statements of the Company presented herein include all of the accounts of Sotherly Hotels Inc., the Operating Partnership, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements of the Operating Partnership presented herein include all of the accounts of Sotherly Hotels LP, MHI TRS and subsidiaries. All significant inter-company balances and transactions have been eliminated. Additionally, all administrative expenses of the Company and those expenditures made by the Company on behalf of the Operating Partnership are reflected as the administrative expenses, expenditures and obligations thereto of the Operating Partnership, pursuant to the terms of the Partnership Agreement.
Variable Interest Entities	Variable Interest Entities – The Operating Partnership is a variable interest entity. The Company’s only significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership and its subsidiaries. All of the Company’s debt is an obligation of the Operating Partnership and its subsidiaries.
Investment in Hotel Properties	Investment in Hotel Properties – Investments in hotel properties include investments in operating properties which are recorded at fair value on acquisition date and allocated to land, property and equipment and identifiable intangible assets. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from our accounts and any resulting gain or loss is included in the statements of operations. Expenditures under a renovation project, which constitute additions or improvements that extend the life of the property, are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 7 to 39 years for buildings and building improvements and 3 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. The Company assesses the carrying values of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse permanent changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel property exceeds its carrying value. If the estimated undiscounted future cash flows are found to be less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel property’s estimated fair market value would be recorded and an impairment loss recognized. The COVID-19 pandemic has had, and is expected to continue to have, an adverse impact on the lodging and hospitality industries, which the Company considered to be a triggering event for each of its hotels during its impairment testing for the three months ended June 30, 2021. The Company assessed the recoverability of each of its hotel properties which included a projection of future operating cash flows based upon significant assumptions regarding growth rates, occupancy, room rates, economic trends, property-specific operating costs, an allowance for the replacement of furniture, fixtures and equipment and projected cash flows from the eventual disposition of the hotel. The Company also projects cash flows from the eventual disposition of the hotel based upon property-specific capitalization rates. The Company determined that there were no impairments as of June 30, 2021.
Assets Held For Sale	Assets Held For Sale – The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year
Cash and Cash Equivalents	Cash and Cash Equivalents – We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk – We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) protection limits of $250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk.
Restricted Cash	Restricted Cash – Restricted cash includes real estate tax escrows, insurance escrows and reserves for replacements of furniture, fixtures and equipment pursuant to certain requirements in our various mortgage agreements.
Accounts Receivable	Accounts Receivable – Accounts receivable consists primarily of hotel guest and banqueting receivables. Ongoing evaluations of collectability are performed and an allowance for potential credit losses is provided against the portion of accounts receivable that is estimated to be uncollectible.
Inventories	Inventories – Inventories, consisting primarily of food and beverages, are stated at the lower of cost or net realizable value, with cost determined on a method that approximates first-in, first-out basis .
Franchise License Fees	Franchise License Fees – Fees expended to obtain or renew a franchise license are amortized over the life of the license or renewal. The unamortized franchise fees as of June 30, 2021 and December 31, 2020 were $324,131 and $353,872, respectively. Amortization expense for the three-month periods ended June 30, 2021 and 2020, totaled $14,871 and $14,880, respectively, and for the six-month periods ended June 30, 2021 and 2020, totaled $ 29,741 and $29,761, respectively.
Right-of-Use Assets and Lease Obligations	Right-of-Use Assets and Lease Obligations – In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new lease standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption. As of June 30, 2021, we had right of use assets of approximately $8.1 million, net and lease obligations of approximately $6.6 million. The right-of-use assets are included in investments in hotel properties, net and in prepaid expenses, inventory and other assets and the lease obligations are included in accounts payable and accrued liabilities on the consolidated balance sheets.
Deferred Financing Costs	Deferred Financing Costs – Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt and are reflected in mortgage loans, net and unsecured notes, net on the consolidated balance sheets. Deferred offering costs are recorded at cost and consist of offering fees and other costs incurred in advance of issuing equity and are reflected in prepaid expenses, inventory and other assets on the consolidated balance sheets. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations.
Derivative Instruments	Derivative Instruments – Our derivative instruments are reflected as assets or liabilities on the consolidated balance sheets and measured at fair value. Derivative instruments used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as an interest rate risk, are considered fair value hedges. Derivative instruments used to hedge exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a derivative instrument designated as a cash flow hedge, the change in fair value each period is reported in accumulated other comprehensive income in stockholders’ equity and partners’ capital to the extent the hedge is effective. For a derivative instrument designated as a fair value hedge, the change in fair value each period is reported in earnings along with the change in fair value of the hedged item attributable to the risk being hedged. For a derivative instrument that does not qualify for hedge accounting or is not designated as a hedge, the change in fair value each period is reported in earnings. We use derivative instruments to add stability to interest expense and to manage our exposure to interest-rate movements. To accomplish this objective, we currently use interest rate caps and an interest rate swap which act as cash flow hedges and are not designated as hedges. We value our interest-rate caps and interest rate swap at fair value, which we define as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We do not enter into contracts to purchase or sell derivative instruments for speculative trading purposes .
Fair Value Measurements	Fair Value Measurements – We classify the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate swap are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of June 30, 2021 and December 31, 2020, respectively): Level 1 Level 2 Level 3 December 31, 2020 Interest Rate Caps (1) $ — $ 208 $ — Interest Rate Swap (2) $ — $ (3,038,967 ) $ — Mortgage loans (3) $ — $ (364,112,622 ) $ — June 30, 2021 Interest Rate Cap (1) $ — $ 94 $ — Interest Rate Swap (2) $ — $ (2,341,663 ) $ — Mortgage loans (3) $ — $ (360,947,262 ) $ — (1) Interest rate cap, which cap the 1-month LIBOR rate at 3.25%. (2) Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan. (3) Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Operating Partnership – Certain hotel properties were acquired, in part, by the Operating Partnership through the issuance of limited partnership units of the Operating Partnership. The noncontrolling interest in the Operating Partnership is: (i) increased or decreased by the limited partners’ pro-rata share of the Operating Partnership’s net income or net loss, respectively; (ii) decreased by distributions; (iii) decreased by redemption of partnership units for the Company’s common stock; and (iv) adjusted to equal the net equity of the Operating Partnership multiplied by the limited partners’ ownership percentage immediately after each issuance of units of the Operating Partnership and/or the Company’s common stock through an adjustment to additional paid-in capital. Net income or net loss is allocated to the noncontrolling interest in the Operating Partnership based on the weighted average percentage ownership throughout the period.
Revenue Recognition	Revenue Recognition – Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over a customer’s hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the gross commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as advanced deposits (or contract liabilities) shown on our consolidated balance sheets and recognized once the performance obligations are satisfied. Certain of the Company’s hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company’s consolidated statements of operations. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations.
Lease Revenue	Lease Revenue – Several of our properties generate revenue from leasing commercial space adjacent to the hotel, the restaurant space within the hotel, apartment units and space on the roofs of our hotels for antennas and satellite dishes. We account for the lease income as revenue from other operating departments within the consolidated statements of operations pursuant to the terms of each lease. Lease revenue was approximately $0.4 million and $0.2 million, for the three months ended June 30, 2021 and 2020, respectively, and approximately $0.8 million and $0.6 million for the six months ended June 30, 2021 and 2020, respectively. A schedule of minimum future lease payments receivable for the remaining six and twelve-month periods is as follows: For the six months ending December 31, 2021 $ 587,959 December 31, 2022 1,027,595 December 31, 2023 1,030,480 December 31, 2024 1,037,857 December 31, 2025 1,045,793 December 31, 2026 and thereafter 7,106,342 Total $ 11,836,026
Lessee Accounting	Lessee Accounting – On January 1, 2019, the Company adopted ASU No. 2016-02, , which relates to the accounting for lease arrangements. The Company’s operating lease agreements are primarily the ground lease on the Hyatt Centric Arlington, the parking garage lease in Hollywood, Florida at the Hyde Beach House, and the corporate office lease. The assets are classified as “right of use assets”, which represent our right to use an underlying asset and the operating lease liability, which represent our obligation to make lease payments arising from the lease, is classified within “accounts payable and other accrued liabilities”. Right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right of use assets and operating lease liabilities are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing cost based on information available at the commencement date using our actual borrowing rates commensurate with the lease terms and fully levered borrowing. Extension options on our leases are included in our minimum lease terms when they are reasonably certain to be exercised.
Income Taxes	Income Taxes – The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax. MHI TRS, our wholly owned taxable REIT subsidiary which leases our hotels from subsidiaries of the Operating Partnership, is subject to federal and state income taxes. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is required for deferred tax assets if, based on all available evidence, it is “more-likely-than-not” that all or a portion of the deferred tax asset will or will not be realized due to the inability to generate sufficient taxable income in certain financial statement periods. The “more-likely-than-not” analysis means the likelihood of realization is greater than 50%, that we either will or will not be able to fully utilize the deferred tax assets against future taxable income. The net amount of deferred tax assets that are recorded on the financial statements must reflect the tax benefits that are expected to be realized using these criteria. As of June 30, 2021, we have determined that it is more-likely-than-not that we will not be able to fully utilize our deferred tax assets for future tax consequences, therefore a 100% valuation allowance is required. As of June 30, 2021 and December 31, 2020, deferred tax assets each totaled $0, respectively. As of June 30, 2021 and December 31, 2020, we had no uncertain tax positions. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions to which the Company is subject generally include 2016 through 2019. In addition, as of June 30, 2021, the tax years that remain subject to examination by the major tax jurisdictions to which the MHI TRS Entities are subject, because of open NOL carryforwards, generally include 2014 through 2019. The Operating Partnership is generally not subject to federal and state income taxes as the unit holders of the Partnership are subject to tax on their respective shares of the Partnership’s taxable income.
Stock-Based Compensation	Stock-based Compensation – The Company’s 2013 Long-Term Incentive Plan (the “2013 Plan”), which the Company’s stockholders approved in April 2013, permits the grant of stock options, restricted stock, unrestricted stock and performance share compensation awards to its employees and directors for up to 750,000 shares of common stock. The Company believes that such awards better align the interests of its employees with those of its stockholders. As of June 30, 2021, under the 2013 Plan, the Company has made cumulative stock awards totaling 517,464 shares, including 330,881 unrestricted shares and 186,583 restricted shares issued to certain executives and employees and to its independent directors. All awards have vested except for: 129,615 shares issued to certain employees, which will vest over the next nine years and 56,968 shares issued to the Company’s independent directors, which will vest by December 31, 2021. Under the 2013 Plan, the Company may issue a variety of performance-based stock awards, including nonqualified stock options. The value of the awards is charged to compensation expense on a straight-line basis over the vesting or service period based on the value of the award as determined by the Company’s stock price on the date of grant or issuance. As of June 30, 2021 , no performance-based stock awards have been granted. Total compensation cost recognized under the 2013 Plan for the three months ended June 30, 2021 and 20 20 was $ 18,195 and $ 18,195 , respectively , and for the six months ended June 30, 2021 and 2020 was $ 481,156 and $ 145,065 , respectively. Additionally, the Company sponsors and maintains an Employee Stock Ownership Plan (“ESOP”) and related trust for the benefit of its eligible employees. We reflect 18,487 and for the six months ended June 30, 2021 and 2020, the ESOP compensation cost was $44,172 and $64,147, respectively
Advertising	Advertising – Advertising costs, including internet advertising, were $454,818 and $ 64,964 for the three months ended June 30, 2021 and 2020, respectively, and were $ 775,584 and $ 565,260 for the six months ended June 30, 2021 and 2020, respectively . Advertising costs are expensed as incurred.
Involuntary Conversion of Assets	Involuntary Conversion of Assets – We record gains or losses on involuntary conversions of assets due to recovered insurance proceeds to the extent the undepreciated cost of a nonmonetary asset differs from the amount of monetary proceeds received. During each of the three-month periods ending June 30, 2021 and 2020, we recognized $496,957 and $14,168, respectively, and during the six-month periods ending June 30, 2021 and 2020, we recognized $496,957 and 26,607, respectively, in gain on involuntary conversion of assets, which is reflected in the consolidated statements of operations.
Comprehensive Income	Comprehensive Income – Comprehensive income as defined, includes all changes in equity during a period from non-owner sources. We do not have any items of comprehensive income other than net income.
Segment Information	Segment Information – We have determined that our business is conducted in one reportable segment: hotel ownership.
Use of Estimates	Use of Estimates – The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements – In March 2020, the FASB issued ASU No. 2020-04, , which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The update provides guidance in accounting for changes in contracts, hedging relationships, and other transactions as a result of this reference rate reform. The option expedients and exceptions contained within this update, in general, only apply to contract amendments and modifications entered into prior to January 1, 2023. The provisions of this update will most likely affect our financial reporting process relating to modifications of contracts with lenders and the hedging contracts associated with each respective modified borrowing contract. In general, the provision of the update would benefit us by allowing modifications of debt contracts with lenders that fall under the guidance of ASC Topic 740 to be accounted for as a non-substantial modification and not be considered debt extinguishment. As of June 30, 2021, we have not entered into any contract modification as it directly relates to reference rate reform, but we anticipate having to undertake such modifications in the future. While the Company anticipates the impact of this update may be to its benefit, the Company is still evaluating the overall impact.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Recurring Assets and Liabilities Measured at Fair Value	The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate caps and interest rate swap are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of June 30, 2021 and December 31, 2020, respectively): Level 1 Level 2 Level 3 December 31, 2020 Interest Rate Caps (1) $ — $ 208 $ — Interest Rate Swap (2) $ — $ (3,038,967 ) $ — Mortgage loans (3) $ — $ (364,112,622 ) $ — June 30, 2021 Interest Rate Cap (1) $ — $ 94 $ — Interest Rate Swap (2) $ — $ (2,341,663 ) $ — Mortgage loans (3) $ — $ (360,947,262 ) $ — (1) Interest rate cap, which cap the 1-month LIBOR rate at 3.25%. (2) Interest rate swap, which takes the Loan Rate and swaps it for a fixed interest rate of 5.237%; notional amounts of the swap approximate the declining balance of the loan. (3) Mortgage loans are reflected at outstanding principal balance, net of deferred financing costs on our Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.
Schedule of Minimum Future Lease Payments Receivable	A schedule of minimum future lease payments receivable for the remaining six and twelve-month periods is as follows: For the six months ending December 31, 2021 $ 587,959 December 31, 2022 1,027,595 December 31, 2023 1,030,480 December 31, 2024 1,037,857 December 31, 2025 1,045,793 December 31, 2026 and thereafter 7,106,342 Total $ 11,836,026

Investment in Hotel Propertie_2

Investment in Hotel Properties, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of Investment in Hotel Properties, Net	Investment in hotel properties, net as of June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 Land and land improvements $ 66,121,705 $ 66,088,705 Buildings and improvements 443,006,453 442,063,950 Right of use assets 5,945,642 5,995,438 Furniture, fixtures and equipment 56,007,744 55,796,797 571,081,544 569,944,891 Less: accumulated depreciation and impairment (151,656,328 ) (142,120,306 ) Investment in Hotel Properties, Net $ 419,425,216 $ 427,824,585

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Prepayment Maturity Amortization Interest Property 2021 2020 Penalties Date Provisions Rate The DeSoto (1) $ 32,599,133 $ 32,820,733 Yes 7/1/2026 25 years 4.25% DoubleTree by Hilton Jacksonville Riverfront (2) 33,354,864 33,655,483 Yes 7/11/2024 30 years 4.88% DoubleTree by Hilton Laurel (3) 8,577,102 8,654,754 Yes 5/5/2022 25 years 5.25% DoubleTree by Hilton Philadelphia Airport (4) 41,069,612 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 7/27/2022 (5) LIBOR plus 4.00% DoubleTree Resort by Hilton Hollywood Beach (6) 55,130,817 55,878,089 (6) 10/1/2025 30 years 4.913% Georgian Terrace (7) 42,037,671 42,507,512 (7) 6/1/2025 30 years 4.42% Hotel Alba Tampa, Tapestry Collection by Hilton (8) 17,946,480 17,946,480 None 6/30/2022 (8) LIBOR plus 3.75% Hotel Ballast Wilmington, Tapestry Collection by Hilton (9) 33,043,336 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) 11,037,086 11,037,086 Yes 12/1/2026 25 years 4.27% The Whitehall (12) 14,697,831 14,697,830 Yes 2/26/2023 25 years PRIME plus 1.25% Total Mortgage Principal Balance $ 356,784,068 $ 359,551,870 Deferred financing costs, net (1,823,925 ) (2,122,822 ) Unamortized premium on loan 104,588 116,929 Total Mortgage Loans, Net $ 355,064,731 $ 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 provides 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 1 year interest only period 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, with an option for the lender to reset the interest rate after 5 years. (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 for the remaining six and twelve-month periods, without respect to any extension of loan maturity or loan modification after June 30, 2021, were as follows: For the six months ending December 31, 2021 13,836,422 December 31, 2022 42,006,930 December 31, 2023 59,491,646 December 31, 2024 37,218,158 December 31, 2025 92,667,469 December 31, 2026 and thereafter 111,563,443 Total future maturities $ 356,784,068

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Minimum Future Lease Payments	A schedule of minimum future lease payments for the following six and twelve-month periods is as follows: For the six months ending December 31, 2021 $ 356,523 December 31, 2022 683,693 December 31, 2023 671,883 December 31, 2024 663,585 December 31, 2025 668,651 December 31, 2026 and thereafter 14,758,986 Total $ 17,803,321

Preferred Stock and Units (Tabl

Preferred Stock and Units (Tables)	6 Months Ended
	Jun. 30, 2021
Preferred Stock And Units [Abstract]
Schedule of Series of Cumulative Redeemable Perpetual Preferred Stock	The following table sets forth our Cumulative Redeemable Perpetual Preferred Stock by series: Per Number of Shares Quarterly Annum Liquidation Issued and Outstanding as of Distributions Preferred Stock - Series Rate Preference June 30, 2021 December 31, 2020 Per Share Series B Preferred Stock 8.000 % $ 25.00 1,510,000 1,610,000 $ 0.500000 Series C Preferred Stock 7.875 % $ 25.00 1,469,610 1,554,610 $ 0.492188 Series D Preferred Stock 8.250 % $ 25.00 1,165,000 1,200,000 $ 0.515625
Schedule of Series of Cumulative Redeemable Perpetual Preferred Units	The following table sets forth our Cumulative Redeemable Perpetual Preferred Units by series: Per Number of Units Quarterly Annum Liquidation Issued and Outstanding as of Distributions Preferred Units - Series Rate Preference June 30, 2021 December 31, 2020 Per Unit Series B Preferred Units 8.000 % $ 25.00 1,510,000 1,610,000 $ 0.500000 Series C Preferred Units 7.875 % $ 25.00 1,469,610 1,554,610 $ 0.492188 Series D Preferred Units 8.250 % $ 25.00 1,165,000 1,200,000 $ 0.515625

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Summary of Shares Allocations are Accounted For Fair Value on The Date of Allocations	The share allocations are accounted for at fair value on the date of allocation as follows: June 30, 2021 December 31, 2020 Number of Shares Fair Value Number of Shares Fair Value Allocated shares 170,419 $ 511,257 170,419 $ 426,048 Committed to be released shares 15,664 46,991 - - Total Allocated and Committed-to-be-Released 186,083 $ 558,248 170,419 $ 426,048 Unallocated shares 493,405 1,480,216 509,069 1,272,672 Total ESOP shares 679,488 $ 2,038,464 679,488 $ 1,698,720

Indirect Hotel Operating Expe_2

Indirect Hotel Operating Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Summary of Indirect Hotel Operating Expenses	Indirect hotel operating expenses consists of the following expenses incurred by the hotels: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Sales and marketing $ 2,898,571 $ 1,062,253 $ 5,032,375 $ 4,847,385 General and administrative 2,842,268 1,801,298 4,936,644 5,735,313 Repairs and maintenance 1,896,223 968,331 3,303,901 2,835,012 Utilities 1,314,988 988,704 2,452,204 2,404,106 Property taxes 1,514,781 1,508,929 3,309,910 3,318,286 Management fees, including incentive 1,001,104 133,416 1,878,866 1,004,406 Franchise fees 883,137 216,555 1,466,559 1,201,580 Insurance 883,021 729,200 1,705,093 1,519,695 Information and telecommunications 704,236 463,958 1,330,371 1,052,515 Other 111,747 57,121 223,230 193,308 Total indirect hotel operating expenses $ 14,050,076 $ 7,929,765 $ 25,639,153 $ 24,111,606

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Components of Income Tax (Benefit) Provision	The components of the income tax (benefit) provision for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Current: Federal $ — $ — $ — $ — State 6,972 23,362 9,581 65,312 6,972 23,362 9,581 65,312 Deferred: Federal (444,489 ) (3,524,779 ) (2,053,540 ) (4,920,858 ) State (109,552 ) (760,339 ) (429,633 ) (993,667 ) Subtotals (554,041 ) (4,285,118 ) (2,483,173 ) (5,914,525 ) Change in deferred tax valuation allowance 554,041 4,285,118 2,483,173 11,326,609 - - - 5,412,084 $ 6,972 $ 23,362 $ 9,581 $ 5,477,396
Reconciliation of Statutory Federal Income Tax Provision (Benefit)	Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Statutory federal income tax provision $ (325,282 ) $ - $ (1,915,329 ) $ (1,653,922 ) Effect of non-taxable REIT loss 434,834 - 2,344,962 7,299,334 State income tax provision (102,580 ) 23,362 (420,052 ) (168,016 ) $ 6,972 $ 23,362 $ 9,581 $ 5,477,396

Loss Per Share and Per Unit (Ta

Loss Per Share and Per Unit (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The computation of basic and diluted net loss per share is presented below: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Numerator Net loss attributable to common stockholders for basic computation $ (2,810,603 ) $ (17,124,612 ) $ (11,875,600 ) $ (31,448,313 ) Denominator Weighted average number of common shares outstanding 15,344,761 14,862,249 15,232,029 14,837,891 Weighted average number of Unearned ESOP Shares (494,479 ) (559,130 ) (498,380 ) (563,223 ) Total weighted average number of common shares outstanding for basic computation 14,850,282 14,303,119 14,733,649 14,274,668 Basic net loss per share $ (0.19 ) $ (1.20 ) $ (0.81 ) $ (2.20 )
Computation of Basic and Diluted Net Loss Per Unit	The computation of basic and diluted net loss per unit is presented below: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) Numerator Net loss attributable to general and limited partnership unitholders for basic computation $ (2,990,241 ) $ (18,489,980 ) $ (12,754,776 ) $ (34,011,096 ) Denominator Weighted average number of general and limited partnership units outstanding 16,511,162 16,062,768 16,398,448 16,057,745 Basic net loss per general and limited partnership unit $ (0.18 ) $ (1.15 ) $ (0.78 ) $ (2.12 )

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	Jun. 21, 2021USD ($)$ / sharesshares	Apr. 30, 2021USD ($)	May 06, 2020USD ($)	Apr. 28, 2020USD ($)	Apr. 16, 2020USD ($)	Mar. 31, 2021shares	Mar. 31, 2020shares	Jun. 30, 2021USD ($)HotelRoom$ / shares	Dec. 31, 2020USD ($)$ / shares
Organization Consolidation and Presentation of Financial Statements [Line Items]
Date of incorporation								Aug. 20, 2004
Investment in number of hotels | Hotel								12
Rooms in hotel | Room								3,156
Date of commencement of business								Dec. 21, 2004
Number of hotels acquired before commencement of business | Hotel								6
Unrestricted cash								$ 21,822,863	$ 25,297,771
Restricted cash								$ 11,700,000
Common stock, par value | $ / shares								$ 0.01	$ 0.01
Common Stock [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Issuance of common stock, shares | shares						136,281	2,250
Note Purchase Agreement [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating partnership purchase of senior notes									$ 20,000,000
Operating partnership purchase of additional senior secured notes									$ 10,000,000
Debt instrument maturity date									Nov. 16, 2021
Mortgages | Double Tree by Hilton Laurel [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument payment terms								Starting on March 24, 2020, we entered into a series of deferral and note modification agreements with the mortgage lender for the DoubleTree by Hilton Laurel pursuant to which we agreed with the lender on the following: (a) an initial deferral of scheduled payments of principal and interest due from April 5, 2020 to September 5, 2020; (b) an additional deferral of schedule payment of principal only from November 5, 2020 to March 5, 2021; (c) subsequent payments are required to be applied first toward current and deferred interest and then toward principal; and (d) any and all deferred principal is due and payable at maturity.
Debt instrument maturity date								May 5, 2022
Mortgages | Amended Loan Agreement [Member] | Double Tree by Hilton Laurel [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument payment terms								Under the amended loan agreement and promissory note the Company paid to the lender contemporaneously with the closing of the amendment and reinstatement an aggregate amount of approximately $4 million made up of (i) tax and insurance reserves required to be funded in certain reserve accounts in the aggregate amount of approximately $2.5 million; (ii) a lump sum payment of approximately $1.3 million in respect of amounts owed by us relating to payments for the period from January through March 2021; (iii) certain FF&E reserve amounts required to be deposited with the lender; and (iv) certain other fees and expenses.  In addition, we agreed to (a) begin regular monthly payments on May 1, 2021; (b) pay the aggregate amount owed by the Company relating to deferred monthly payments for the period from April through December 2020 in 24 equal monthly installments of $119,591 beginning on January 1, 2021 and continuing through December 2022;
Repayments of debt		$ 4,000,000						$ 1,300,000
Debt instrument payment, monthly installment amount		$ 119,591
Debt instrument payment, monthly installment beginning date		Jan. 1, 2021
Debt instrument, frequency of periodic payment		24 equal monthly installments
Fund tax and insurance reserves amount		$ 2,500,000
Promissory Note [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Paycheck protection program loan term					5 years			5 years
Paycheck protection program loan interest rate					1.00%			1.00%
Paycheck protection program loan repayment terms								Equal payments of principal and interest begin no later than 10 months following origination of the loan and are amortized over the remaining term of the loan.
Paycheck protection program loan amount					$ 333,500
Promissory Note [Member] | Fifth Third Bank [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Paycheck protection program loan amount			$ 952,700	$ 9,432,900
Secured Notes [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount								$ 10,000,000
Secured Notes [Member] | Note Purchase Agreement [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument payment terms									require principal repayment equal to 1.47 times the face amount of the Secured Notes if repaid on or prior to December 30, 2023 and 1.65 times the face amount of the Secured Notes if repaid after December 30, 2023
Debt instrument, frequency of periodic payment									quarterly
Operating partnership purchase of senior notes									$ 20,000,000
Debt instrument maturity date									Dec. 30, 2023
Debt instrument maturity term									3 years
Extended maturity period									1-year
Current interest rate									6.00%
Secured Notes [Member] | Note Purchase Agreement [Member] | KWHP SOHO, LLC [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount									$ 10,000,000
Secured Notes [Member] | Note Purchase Agreement [Member] | MIG SOHO, LLC [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount									$ 10,000,000
Operating Partnership [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Percentage of operating partnership owned								93.50%
Operating Partnership [Member] | Promissory Note [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Paycheck protection program loan amount					$ 333,500
Commercial Unit of Hyde Resort & Residences and Hyde Beach House Resort & Residences [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Investment in number of hotels | Hotel								2
Palogic [Member] | Share Exchange Agreement [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value | $ / shares	$ 0.01
Commission or remuneration paid	$ 0
Palogic [Member] | Share Exchange Agreement [Member] | Common Stock [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Issuance of common stock, shares | shares	1,542,727
Palogic [Member] | Share Exchange Agreement [Member] | 8% Series B Cumulative Redeemable Perpetual Preferred Units [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Issuance of common stock, shares | shares	100,000
Palogic [Member] | Share Exchange Agreement [Member] | 7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Issuance of common stock, shares | shares	85,000
Palogic [Member] | Share Exchange Agreement [Member] | 8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Issuance of common stock, shares | shares	35,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Segmentshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of hotel properties			$ 0		$ 0
Federal Deposit Insurance Corporation protection limits	$ 250,000		250,000
Un-amortized franchise fees	324,131		324,131		353,872
Amortization expense	$ 14,871	$ 14,880	$ 29,741	$ 29,761
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2019		Jan. 1, 2019
Change in accounting principle, accounting standards update, adopted	true		true
Accounting Standards Update Extensible List			ASU 2016-02 [Member]
Deferred income taxes	$ 0		$ 0		0
Minimum percentage of likelihood of realization of deferred tax assets			50.00%
Deferred tax assets valuation allowance percent	100.00%		100.00%
Uncertain tax positions	$ 0		$ 0		$ 0
Compensation cost recognized			525,329	158,209
Advertising cost	454,818	64,964	775,584	565,260
Gain on involuntary conversion of assets	496,957	14,168	$ 496,957	26,607
Number of reportable segment | Segment			1
ESOP [Member]
Summary Of Significant Accounting Policies [Line Items]
Compensation cost recognized	22,086	18,487	$ 44,172	64,147
2013 Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued under plan | shares			517,464
Performance-based stock awards granted | shares			0
Compensation cost recognized	18,195	18,195	$ 481,156	145,065
2013 Plan [Member] | Executives Employees and Directors [Member]
Summary Of Significant Accounting Policies [Line Items]
Unrestricted shares issued under plan | shares			330,881
Restricted shares issued under plan | shares			186,583
2013 Plan [Member] | Employees [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock award vesting period			9 years
Shares issued but not vested | shares			129,615
2013 Plan [Member] | Director [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued but not vested | shares			56,968
Shares award vesting date			Dec. 31, 2021
Other Operating Departments [Member]
Summary Of Significant Accounting Policies [Line Items]
Lease revenue	400,000	$ 200,000	$ 800,000	$ 600,000
ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, right of use assets, net	8,100,000		8,100,000
Operating lease obligations	$ 6,600,000		$ 6,600,000
Maximum [Member] | 2013 Plan [Member] | Employees and Directors [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted, unrestricted and performance stock awards permitted to grant to employees and directors | shares	750,000		750,000
Buildings and Building Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets			7 years
Buildings and Building Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets			39 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets			3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets			10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Recurring Assets and Liabilities Measured at Fair Value (Detail) - Level 2 [Member] - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Interest Rate Caps [Member]
Derivatives Fair Value [Line Items]
Interest rate cap	$ 94	$ 208
Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Interest rate cap	(2,341,663)	(3,038,967)
Mortgages
Derivatives Fair Value [Line Items]
Debt instruments measured at fair value	$ (360,947,262)	$ (364,112,622)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Recurring Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail)	Jun. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Loan rate swapped for fixed interest rate	5.237%
1-Month LIBOR
Derivatives Fair Value [Line Items]
Interest rate cap for loan	3.25%	3.25%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Minimum Future Lease Payments Receivable (Detail)	Jun. 30, 2021USD ($)
Leases [Abstract]
For the six months ending December 31, 2021	$ 587,959
December 31, 2022	1,027,595
December 31, 2023	1,030,480
December 31, 2024	1,037,857
December 31, 2025	1,045,793
December 31, 2026 and thereafter	7,106,342
Total	$ 11,836,026

Investment in Hotel Propertie_3

Investment in Hotel Properties, Net - Schedule of Investment in Hotel Properties, Net (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Investment in Hotel Properties, Gross	$ 571,081,544	$ 569,944,891
Less: accumulated depreciation and impairment	(151,656,328)	(142,120,306)
Investment in Hotel Properties, Net	419,425,216	427,824,585
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Investment in Hotel Properties, Gross	66,121,705	66,088,705
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Investment in Hotel Properties, Gross	443,006,453	442,063,950
Right of Use Assets [Member]
Property, Plant and Equipment [Line Items]
Investment in Hotel Properties, Gross	5,945,642	5,995,438
Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Investment in Hotel Properties, Gross	$ 56,007,744	$ 55,796,797

Investment in Hotel Propertie_4

Investment in Hotel Properties, Net - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment Capitalized Interest Costs [Abstract]
Impairment of hotel properties	$ 0	$ 0

Debt - Additional Information (

Debt - Additional Information (Detail)

Jul. 15, 2021USD ($)

Jul. 14, 2021

Apr. 30, 2021USD ($)

Oct. 08, 2020USD ($)

Jul. 15, 2020USD ($)

May 14, 2020

May 06, 2020USD ($)

May 04, 2020USD ($)

Apr. 28, 2020USD ($)

Apr. 16, 2020USD ($)

Apr. 01, 2020USD ($)

Mar. 24, 2020

Mar. 31, 2021USD ($)

Jun. 30, 2021USD ($)mortgageApplication

Dec. 31, 2020USD ($)

Debt Instrument [Line Items]

Mortgage loan outstanding balance

$ 355,100,000

$ 357,500,000

Mortgage forbearance agreements and/or loan modification agreements number of loan | mortgage

12

Mortgage forbearance agreements and/or loan modification agreements completed number of loan | mortgage

11

Secured Notes [Member]

Debt Instrument [Line Items]

Debt instrument face amount

$ 10,000,000

Note Purchase Agreement [Member]

Debt Instrument [Line Items]

Operating partnership purchase of senior notes

20,000,000

Operating partnership purchase of additional senior secured notes

$ 10,000,000

Debt instrument maturity date

Nov. 16, 2021

Note Purchase Agreement [Member] | Secured Notes [Member]

Debt Instrument [Line Items]

Payment of interest

$ 300,000

Debt instrument payment terms

require principal repayment equal to 1.47 times the face amount of the Secured Notes if repaid on or prior to December 30, 2023 and 1.65 times the face amount of the Secured Notes if repaid after December 30, 2023

Debt instrument, frequency of periodic payment

quarterly

Interest rate

6.00%

Operating partnership purchase of senior notes

$ 20,000,000

Debt instrument maturity date

Dec. 30, 2023

Debt instrument optional maturity extension term

1 year

Debt instrument maturity extension fee percentage

1.00%

Interest rate upon extension of maturity

10.00%

Note Purchase Agreement [Member] | Secured Notes [Member] | KWHP SOHO, LLC [Member]

Debt Instrument [Line Items]

Debt instrument face amount

$ 10,000,000

Note Purchase Agreement [Member] | Secured Notes [Member] | MIG SOHO, LLC [Member]

Debt Instrument [Line Items]

Debt instrument face amount

10,000,000

Note Purchase Agreement [Member] | Secured Notes [Member] | K W H P S O H O Limited Liability Company And M I G S O H O Limited Liability Company

Debt Instrument [Line Items]

Debt instrument face amount

$ 20,000,000

Debt instrument origination fee percentage

1.00%

Note Purchase Agreement [Member] | Senior Secured Second Notes | K W H P S O H O Limited Liability Company And M I G S O H O Limited Liability Company

Debt Instrument [Line Items]

Debt instrument face amount

$ 10,000,000

Debt instrument commitment fee percentage

1.00%

Mortgages | The DeSoto [Member]

Debt Instrument [Line Items]

Debt instrument payment of principal and interest deferred start date

Apr. 1, 2020

Debt instrument payment of principal and interest deferred end date

Sep. 1, 2020

Debt instrument payment of principal and interest additional deferred date

Feb. 1, 2021

Debt instrument payment of interest deferred date

Mar. 1, 2021

FF&E requirements waiver date

Feb. 28, 2021

Payment of interest

$ 116,240

Debt instrument payment terms

Starting on April 1, 2020, we entered into a series of note modification agreements with the mortgage lender for The DeSoto pursuant to which we agreed with the lender on the following: (a) deferral of scheduled principal and interest payments due from April 1, 2020 to September 1, 2020, provided that interest continued to accrue during that period; (b) additional deferral of scheduled principal and interest payments due February 1, 2021, provided that interest also continued to accrue during that period; (c) a payment of interest only on March 1, 2021 in the amount of $116,240; (d) waiver of certain FF&E requirements until February 28, 2021; (e) to pay all deferred principal and interest at maturity; and (f) a guarantee by the Operating Partnership of payment of up to 5.0% of all present and future indebtedness under the loan. The maturity date under the loan modification remains unchanged.

Debt instrument maturity date

Jul. 1, 2026

Mortgages | DoubleTree by Hilton Jacksonville Riverfront [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

On April 21, 2020, we entered into a letter agreement pursuant to which the lender agreed to the following: (a) the April, May, and June 2020 principal and interest payments were paid out of FF&E reserves; (b) FF&E deposits were deferred for the April, May, and June 2020 payment dates; and (c) released FF&E and the deferred FF&E was repaid in 6 monthly installments ending with the December 2020 payment. The maturity date under the loan modification remains unchanged.

Debt instrument, frequency of periodic payment

6 monthly installments

Debt instrument maturity date

Jul. 11, 2024

Mortgages | Double Tree by Hilton Laurel [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

Starting on March 24, 2020, we entered into a series of deferral and note modification agreements with the mortgage lender for the DoubleTree by Hilton Laurel pursuant to which we agreed with the lender on the following: (a) an initial deferral of scheduled payments of principal and interest due from April 5, 2020 to September 5, 2020; (b) an additional deferral of schedule payment of principal only from November 5, 2020 to March 5, 2021; (c) subsequent payments are required to be applied first toward current and deferred interest and then toward principal; and (d) any and all deferred principal is due and payable at maturity.

Debt instrument payment of principal deferred start date

Apr. 5, 2020

Debt instrument payment of principal deferred end date

Sep. 5, 2020

Debt instrument payment of principal additional deferred start date

Nov. 5, 2020

Debt instrument payment of principal additional deferred end date

Mar. 5, 2021

Debt instrument maturity date

May 5, 2022

Mortgages | Double Tree by Hilton Laurel [Member] | Amended Loan Agreement [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

Under the amended loan agreement and promissory note the Company paid to the lender contemporaneously with the closing of the amendment and reinstatement an aggregate amount of approximately $4 million made up of (i) tax and insurance reserves required to be funded in certain reserve accounts in the aggregate amount of approximately $2.5 million; (ii) a lump sum payment of approximately $1.3 million in respect of amounts owed by us relating to payments for the period from January through March 2021; (iii) certain FF&E reserve amounts required to be deposited with the lender; and (iv) certain other fees and expenses.  In addition, we agreed to (a) begin regular monthly payments on May 1, 2021; (b) pay the aggregate amount owed by the Company relating to deferred monthly payments for the period from April through December 2020 in 24 equal monthly installments of $119,591 beginning on January 1, 2021 and continuing through December 2022;

Debt instrument, frequency of periodic payment

24 equal monthly installments

Debt instrument payment, monthly installment amount

$ 119,591

Repayments of debt

4,000,000

$ 1,300,000

Fund tax and insurance reserves amount

$ 2,500,000

Mortgages | Double Tree by Hilton Laurel [Member] | Subsequent Event [Member]

Debt Instrument [Line Items]

Extended maturity date

May 5, 2022

Aug. 5, 2021

Mortgages | Double Tree by Hilton Laurel [Member] | Subsequent Event [Member] | Note Modification Agreement [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

(i) the maturity date was extended by nine months, to May 5, 2022; (ii) commencing August 5, 2021 and continuing on the fifth day of each calendar month thereafter, the borrower will pay monthly installments in the amount of $64,475; and (iii) the interest on the principal balance of the note shall accrue at a rate of 5.25%.

Debt instrument, frequency of periodic payment

monthly

Extended maturity date

May 5, 2022

Extended maturity period

9 months

Debt instrument monthly installments start date

Aug. 5, 2021

Debt instrument payment, monthly installment amount

$ 64,475

Interest rate

5.25%

Debt instrument payment of deferred interest accumulated

$ 226,859

Debt instrument repayment of deferred interest start date

Aug. 5, 2021

Mortgages | DoubleTree by Hilton Philadelphia Airport [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

We have agreed with the lender to the following: (a) deferral of scheduled principal through June 1, 2021; (b) payment of regular principal and interest to resume on July 1, 2021; (c) remaining deferred interest is to be paid in 12 equal installments beginning April 1, 2021; and (d) deferred principal is due and payable at maturity; (e) a guaranty by the Operating Partnership of payment under the loan and (f) addition of a revenue per available room financial covenant for the period between March 1, 2021 and May 31, 2021.  In connection with the guarantee, the Operating Partnership entered into an acknowledgment of confession of judgment of guarantor pursuant to which the lender is authorized to enter a judgment against the Operating Partnership upon the occurrence of an event of default.  The maturity date was extended by 3 months, or until October 31, 2023.

Debt instrument, frequency of periodic payment

12 equal installments

Extended maturity date

Oct. 31, 2023

Extended maturity period

3 months

Debt instrument repayment of deferred interest start date

Apr. 1, 2021

Debt instrument maturity date

Oct. 31, 2023

Mortgages | Doubletree By Hilton Raleigh Brownstone - University [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Jul. 27, 2022

Mortgages | Doubletree By Hilton Raleigh Brownstone - University [Member] | Forbearance and Loan Modification Agreements [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

Starting on May 4, 2020, we entered into a series of forbearance and loan modification agreements with the mortgage lender for the DoubleTree by Hilton Raleigh-Brownstone University pursuant to which the lender has agreed to the following: (a) deferral of scheduled interest payments due from April 1, 2020 to July 31, 2021; (b) a one-time fee of $236,375 made in January 2021 and applied to deferred interest; and (c) deferral of the FF&E reserve deposit from April 2020 until July 2021 and (d) remainder of deferred interest, along with additional accrued interest on interest, is due and payable by maturity.

Debt instrument payment of interest deferred start date

Apr. 1, 2020

Debt instrument payment of interest deferred end date

Jul. 31, 2021

Debt instrument payment of one-time fee related to deferred interest

$ 236,375

Mortgages | DoubleTree Resort by Hilton Hollywood Beach [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Oct. 1, 2025

Mortgages | DoubleTree Resort by Hilton Hollywood Beach [Member] | Amended Loan Agreement [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

On April 30, 2021, we entered into a loan modification and reinstatement agreement with the mortgage lender for the DoubleTree Resort by Hilton Hollywood Beach pursuant to which we agreed with the lender to amend and reinstate the promissory note and loan agreement on revised terms.  Under the amended loan agreement and promissory note we paid to the lender contemporaneously with the closing of the amendment and reinstatement an aggregate amount of approximately $4 million made up of (i) tax and insurance reserves required to be funded in certain reserve accounts in the aggregate amount of approximately $2.5 million; (ii) a lump sum payment of approximately $1.3 million in respect of amounts owed by us relating to payments for the period from January through March 2021; (iii) certain FF&E reserve amounts required to be deposited with the lender; and (iv) certain other fees and expenses.  In addition, we agreed to (a) begin regular monthly payments on May 1, 2021; (b) pay the aggregate amount owed by the borrowing entity relating to deferred monthly payments for the period from April through December 2020 in 24 equal monthly installments of $119,591 beginning on January 1, 2021 and continuing through December 2022; and (c) certain other amended terms, including to restrict the borrower under the promissory note from making any distributions until all such deferred payments have been made. In consideration for the payments made at closing and the other amended terms the loan agreement, promissory note and other loan documents thereunder were amended and reinstated in accordance with their respective terms and conditions and the lender agreed to certain accommodations, including the waiver of the cash sweep period trigger for a period of time and to forbear in collection of default interest and late payment charges accrued and unpaid under the loan agreement and promissory note, provided that in the event of a future default those amounts will become due immediately and the waivers will no longer be effective.

Debt instrument, frequency of periodic payment

monthly

Debt instrument payment of principal deferred start date

May 1, 2021

Repayments of debt

$ 4,000,000

$ 1,300,000

Fund tax and insurance reserves amount

2,500,000

Mortgages | DoubleTree Resort by Hilton Hollywood Beach [Member] | Amended Loan Agreement [Member] | January 1, 2021 through December 2022 [Member]

Debt Instrument [Line Items]

Debt instrument, frequency of periodic payment

24 equal monthly installments

Debt instrument payment, monthly installment amount

$ 119,591

Debt instrument repayment of deferred interest start date

Jan. 1, 2021

Mortgages | Georgian Terrace [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Jun. 1, 2025

Mortgages | Hotel Alba Tampa [Member] | Loan Modification Agreements [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

Starting on May 14, 2020, we entered into a series of loan modification agreements, pursuant to which the lender agreed to: (a) the deferral of scheduled payments of principal due from April 1, 2020 to June 30, 2021; (b) waive certain financial covenants applicable to the borrowing entity and the Operating Partnership through the quarter ended December 31, 2020 and (c) repayment of deferred payments upon the earlier of (i) the maturity date or (ii) acceleration of the loan.  The borrowing entity may not, without prior written consent of the lender, make any distributions of cash or property until all the following conditions have been satisfied: (x) the deferral period has expired and deferred payments have been made; (y) certain conditions precedent for making distributions under the loan agreement have been satisfied; and (z) the PPP loans, have been repaid or forgiven.

Debt instrument payment of principal deferred start date

Apr. 1, 2020

Debt instrument payment of principal deferred end date

Jun. 30, 2021

Cash collateral on deposit

$ 1,900,000

Mortgages | Hotel Ballast Wilmington [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

The lender has agreed to the following: (a) deferral of scheduled principal payments due from April 1, 2020 to March 1, 2021; (b) deferral of scheduled payments of interest from April 1, 2020 to September 1, 2020; (c) waiver of FF&E requirement until March 1, 2021; (d) deferred principal and interest will be due and payable at maturity; and (e) payment of up to 5.0% of the indebtedness under the loan is guaranteed by the Operating Partnership.  The maturity date under the loan modification remains unchanged.  As a condition to the modification, the borrowing entity cannot declare, set aside or pay any distributions or dividends until the later of (i) March 1, 2021 or (ii) the resumption of regular principal and interest payments.

Debt instrument payment of principal deferred start date

Apr. 1, 2020

Debt instrument payment of principal deferred end date

Mar. 1, 2021

Debt instrument payment of interest deferred start date

Apr. 1, 2020

Debt instrument payment of interest deferred end date

Sep. 1, 2020

FF&E requirement waiver date

Mar. 1, 2021

Mortgages | Hyatt Centric Arlington [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Oct. 1, 2028

Mortgages | Hyatt Centric Arlington [Member] | Loan Modification Agreements [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

Starting on July 15, 2020, we entered into a series of loan modification agreements, pursuant to which the lender agreed to the following: (a) deferral of scheduled payments of principal and interest due from April 1, 2020 to March 31, 2021; (b) deferral of scheduled payments of principal due from April 1, 2021 to December 31, 2021; (c) loan balance to be re-amortized as of January 1, 2022; (d) deferred principal and interest, along with additional accrued interest on interest, is due and payable by July 1, 2022; (e) $147,765 drawn from the reserve account to be replenished in full by December, 2021; and (f) wavier of the requirement to make deposits into FF&E reserve from April 2020 to April 1, 2021.  As a condition to the effectiveness of the first modification, the borrower under the loan paid (i) $50,000 to be deposited into the ground lease reserve account and (ii) $426,620 to be deposited into an escrow for impositions.  As a condition to the effectiveness of the second modification, the borrower paid (i) an additional $47,500 to be deposited into the ground lease reserve account and (ii) a one-time fee of $100,000 to be deposited into an escrow for impositions.  Until the borrower under the loan has fully repaid the deferred monthly payment and replenished the FF&E reserves account and the PPP loan is no longer outstanding, the borrower is not permitted make any distributions without prior written consent of the lender.

Debt instrument payment of principal deferred start date

Apr. 1, 2020

Debt instrument payment of principal deferred end date

Mar. 31, 2021

Debt instrument payment of interest deferred start date

Apr. 1, 2021

Debt instrument payment of interest deferred end date

Dec. 31, 2021

Debt instrument payment of one-time fee

$ 100,000

Loan balance re-amortization date

Jan. 1, 2022

Amount drawn from reserve account

$ 147,765

Amount to be deposited into ground lease reserve account

50,000

Amount to be deposited into an escrow for impositions

426,620

Additional amount to be deposited into ground lease reserve account

$ 47,500

Mortgages | Sheraton Louisville Riverside [Member]

Debt Instrument [Line Items]

Debt instrument payment terms

The lender has agreed to the following: (a) deferral of scheduled payments of interest due from May 1, 2020 to July 1, 2020; (b) deferral of scheduled payments of principal due from May 1, 2020 to April 1, 2021; (c) subsequent payments are required to be applied first toward current and deferred interest and then toward principal; and (d) any deferred principal is due and payable at maturity.  The maturity date under the loan modification remains unchanged.

Debt instrument payment of principal deferred start date

May 1, 2020

Debt instrument payment of principal deferred end date

Jul. 1, 2020

Debt instrument payment of interest deferred start date

May 1, 2020

Debt instrument payment of interest deferred end date

Apr. 1, 2021

Debt instrument maturity date

Dec. 1, 2026

Mortgages | The Whitehall [Member]

Debt Instrument [Line Items]

Debt instrument payment of principal and interest deferred start date

Jul. 14, 2021

Debt instrument payment terms

We entered into two forbearance agreement pursuant to which the lender agreed to the following: (a) deferral of scheduled payments of principal due from April 1, 2020 to July 13, 2021; (b) deferral of scheduled payments of interest from April 1, 2020 to October 12, 2020; (c) deferred payments will be added to the principal balance of the loan and subsequent payments will be calculated based on the remainder of the amortization period; (d) on July 14, 2021 principal and interest payments will resume based upon the original amortization; (e) the interest rate is changed from LIBOR plus 3.50% to New York Prime Rate plus 1.25%; (f) payment of a loan modification fee of $54,500; and (g) the prepayment penalty is changed to: (i) 2.0% if prepaid after April 12, 2021 but on or before April 12, 2022; (ii) 1.0% if prepaid after April 12, 2022 but on or before November 26, 2022; and (iii) no prepayment fee if prepaid after November 26, 2022.   The maturity date under the loan modification remains unchanged.

Debt instrument payment of principal deferred start date

Apr. 1, 2020

Debt instrument payment of principal deferred end date

Jul. 13, 2021

Debt instrument payment of interest deferred start date

Apr. 1, 2020

Debt instrument payment of interest deferred end date

Oct. 12, 2020

Loan modification fee

$ 54,500

Debt instrument maturity date

Feb. 26, 2023

Mortgages | The Whitehall [Member] | New York Prime Rate [Member]

Debt Instrument [Line Items]

Excess Interest rate on mortgage debt

1.25%

Mortgages | The Whitehall [Member] | Prepaid After April 12, 2021 on or Before April 12, 2022 [Member]

Debt Instrument [Line Items]

Prepayment penalty percentage

2.00%

Mortgages | The Whitehall [Member] | Prepaid After April 12, 2022 on or Before November 26, 2022 [Member]

Debt Instrument [Line Items]

Prepayment penalty percentage

1.00%

Mortgages | The Whitehall [Member] | Prepaid After November 26, 2022 [Member]

Debt Instrument [Line Items]

Prepayment penalty percentage

0.00%

Promissory Note [Member]

Debt Instrument [Line Items]

Paycheck protection program loan term

5 years

5 years

Paycheck protection program loan interest rate

1.00%

1.00%

Paycheck protection program loan repayment terms

Equal payments of principal and interest begin no later than 10 months following origination of the loan and are amortized over the remaining term of the loan.

Number of application filed for loan forgiveness | Application

0

Payments required for loan forgiveness

$ 0

Paycheck protection program loan amount

$ 333,500

Promissory Note [Member] | Fifth Third Bank [Member]

Debt Instrument [Line Items]

Paycheck protection program loan amount

$ 952,700

$ 9,432,900

Promissory Note [Member] | Operating Partnership [Member]

Debt Instrument [Line Items]

Paycheck protection program loan amount

$ 333,500

Minimum [Member]

Debt Instrument [Line Items]

Debt instrument amended deferral of monthly interest and/or principal payments period

3 months

Debt instrument waivers for existing quarterly financial covenant period

3 months

Maximum [Member]

Debt Instrument [Line Items]

Debt instrument amended deferral of monthly interest and/or principal payments period

15 months

Debt instrument waivers for existing quarterly financial covenant period

18 months

Maximum [Member] | Georgian Terrace [Member]

Debt Instrument [Line Items]

Percentage of FF&E reserve funding to debt service, deposits to real estate tax escrow and operating expenses

50.00%

FF&E reserve funding to debt service, deposits to real estate tax escrow and operating expenses

$ 1,100,000

Maximum [Member] | Mortgages | The DeSoto [Member]

Debt Instrument [Line Items]

Payment percentage of all present and future indebtedness guaranteed under the loan

5.00%

Maximum [Member] | Mortgages | Hotel Ballast Wilmington [Member]

Debt Instrument [Line Items]

Payment percentage of all present and future indebtedness guaranteed under the loan

5.00%

Debt - Schedule of Mortgage Deb

Debt - Schedule of Mortgage Debt Obligations on Hotels (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgage loans	$ 356,784,068	$ 359,551,870
Deferred financing costs, net	(1,823,925)	(2,122,822)
Unamortized premium on loan	104,588	116,929
Total Mortgage Loans, Net	355,064,731	357,545,977
The DeSoto [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 32,599,133	32,820,733
Prepayment Penalties	Yes
Maturity Date	Jul. 1, 2026
Amortization Provisions, Term	25 years
Interest rate applicable to the mortgage loan	4.25%
DoubleTree by Hilton Jacksonville Riverfront [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 33,354,864	33,655,483
Prepayment Penalties	Yes
Maturity Date	Jul. 11, 2024
Amortization Provisions, Term	30 years
Interest rate applicable to the mortgage loan	4.88%
Double Tree by Hilton Laurel [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 8,577,102	8,654,754
Prepayment Penalties	Yes
Maturity Date	May 5, 2022
Amortization Provisions, Term	25 years
Interest rate applicable to the mortgage loan	5.25%
DoubleTree by Hilton Philadelphia Airport [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 41,069,612	41,804,700
Prepayment Penalties	None
Maturity Date	Oct. 31, 2023
Amortization Provisions, Term	30 years
Interest rate applicable to the mortgage loan	2.27%
Doubletree By Hilton Raleigh Brownstone - University [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 18,300,000	18,300,000
Prepayment Penalties	Yes
Maturity Date	Jul. 27, 2022
Interest rate applicable to the mortgage loan	4.00%
DoubleTree Resort by Hilton Hollywood Beach [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 55,130,817	55,878,089
Maturity Date	Oct. 1, 2025
Amortization Provisions, Term	30 years
Interest rate applicable to the mortgage loan	4.913%
Georgian Terrace [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 42,037,671	42,507,512
Maturity Date	Jun. 1, 2025
Amortization Provisions, Term	30 years
Interest rate applicable to the mortgage loan	4.42%
Hotel Alba Tampa, Tapestry Collection by Hilton [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 17,946,480	17,946,480
Prepayment Penalties	None
Maturity Date	Jun. 30, 2022
Interest rate applicable to the mortgage loan	3.75%
Hotel Ballast Wilmington,Tapestry Collection by Hilton [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 33,043,336	33,259,067
Prepayment Penalties	Yes
Maturity Date	Jan. 1, 2027
Amortization Provisions, Term	25 years
Interest rate applicable to the mortgage loan	4.25%
Hyatt Centric Arlington [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 48,990,136	48,990,136
Prepayment Penalties	Yes
Maturity Date	Oct. 1, 2028
Amortization Provisions, Term	30 years
Interest rate applicable to the mortgage loan	5.25%
Sheraton Louisville Riverside [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 11,037,086	11,037,086
Prepayment Penalties	Yes
Maturity Date	Dec. 1, 2026
Amortization Provisions, Term	25 years
Interest rate applicable to the mortgage loan	4.27%
The Whitehall [Member] | Mortgages
Debt Instrument [Line Items]
Mortgage loans	$ 14,697,831	$ 14,697,830
Prepayment Penalties	Yes
Maturity Date	Feb. 26, 2023
Amortization Provisions, Term	25 years
Interest rate applicable to the mortgage loan	1.25%

Debt - Schedule of Mortgage D_2

Debt - Schedule of Mortgage Debt Obligations on Hotels (Parenthetical) (Detail) - USD ($)	Jul. 15, 2021	Jul. 14, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Loan rate swapped for fixed interest rate			5.237%
LIBOR [Member]
Debt Instrument [Line Items]
Interest rate cap for loan			3.25%	3.25%
Mortgages | The DeSoto [Member]
Debt Instrument [Line Items]
Amortization Period			25 years
Interest-only payment period			1 year
Period before maturity in which prepayment is allowed with out penalty			120 days
Interest rate applicable to the mortgage loan			4.25%
Mortgages | Double Tree by Hilton Laurel [Member]
Debt Instrument [Line Items]
Amortization Period			25 years
Interest rate applicable to the mortgage loan			5.25%
Mortgages | Double Tree by Hilton Laurel [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Extended maturity date	May 5, 2022	Aug. 5, 2021
Mortgages | DoubleTree by Hilton Jacksonville Riverfront [Member]
Debt Instrument [Line Items]
Amortization Period			30 years
Prepayment date before maturity in which prepayment is allowed with penalty			2024-03
Interest rate applicable to the mortgage loan			4.88%
Mortgages | DoubleTree by Hilton Philadelphia Airport [Member]
Debt Instrument [Line Items]
Amortization Period			30 years
Extended maturity date			Oct. 31, 2023
Floating interest rate period			1 month
Interest rate applicable to the mortgage loan			2.27%
Mortgages | DoubleTree by Hilton Philadelphia Airport [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Excess Interest rate on mortgage debt			2.27%
Mortgages | DoubleTree by Hilton Philadelphia Airport [Member] | Swap [Member]
Debt Instrument [Line Items]
Loan rate swapped for fixed interest rate			5.237%
Mortgages | Doubletree By Hilton Raleigh Brownstone - University [Member]
Debt Instrument [Line Items]
Floating interest rate period			1 month
Proceeds from mortgage debt			$ 18,300,000
Additional proceeds from mortgage loans			$ 5,200,000
Debt instrument maturity term			4 years
Extended maturity period			1-year
Debt instrument prepayment lockout period			12 months
Debt instrument prepayment penalty period			2 years
Derivative maturity limit			Aug. 1, 2022
Notional amount			$ 23,500,000
Interest rate applicable to the mortgage loan			4.00%
Mortgages | Doubletree By Hilton Raleigh Brownstone - University [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Excess Interest rate on mortgage debt			4.00%
Interest rate cap for loan			3.25%
Mortgages | DoubleTree Resort by Hilton Hollywood Beach [Member]
Debt Instrument [Line Items]
Amortization Period			30 years
Prepayment date before maturity			2025-06
Interest rate applicable to the mortgage loan			4.913%
Mortgages | Georgian Terrace [Member]
Debt Instrument [Line Items]
Amortization Period			30 years
Prepayment date before maturity			2025-02
Interest rate applicable to the mortgage loan			4.42%
Mortgages | Hotel Alba Tampa, Tapestry Collection by Hilton [Member]
Debt Instrument [Line Items]
Floating interest rate period			1 month
Fixed interest rate			3.75%
Debt instrument periodic payment			$ 26,812
Interest rate applicable to the mortgage loan			3.75%
Mortgages | Hotel Alba Tampa, Tapestry Collection by Hilton [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Excess Interest rate on mortgage debt			3.75%
Mortgages | Hotel Ballast Wilmington,Tapestry Collection by Hilton [Member]
Debt Instrument [Line Items]
Amortization Period			25 years
Interest-only payment period			1 year
Period before maturity in which prepayment is allowed with out penalty			120 days
Interest rate applicable to the mortgage loan			4.25%
Mortgages | Hyatt Centric Arlington [Member]
Debt Instrument [Line Items]
Amortization Period			30 years
Debt instrument prepayment lockout period			5 years
Debt instrument prepayment without penalty period during final term			4 months
Interest rate applicable to the mortgage loan			5.25%
Mortgages | Hyatt Centric Arlington [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument prepayment penalty period			6 years
Mortgages | Hyatt Centric Arlington [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument prepayment penalty period			10 years
Mortgages | Sheraton Louisville Riverside [Member]
Debt Instrument [Line Items]
Amortization Period			25 years
Interest rate applicable to the mortgage loan			4.27%
Mortgages | The Whitehall [Member]
Debt Instrument [Line Items]
Amortization Period			25 years
Interest rate applicable to the mortgage loan			1.25%
Mortgages | The Whitehall [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Excess Interest rate on mortgage debt			1.25%
Mortgages | The Whitehall [Member] | Prepaid After April 12, 2021 on or Before April 12, 2022 [Member]
Debt Instrument [Line Items]
Prepayment penalty percentage			2.00%
Mortgages | The Whitehall [Member] | Prepaid After April 12, 2022 on or Before November 26, 2022 [Member]
Debt Instrument [Line Items]
Prepayment penalty percentage			1.00%

Debt - Schedule of Future Mortg

Debt - Schedule of Future Mortgage Debt Maturities (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
For the six months ending December 31, 2021	$ 13,836,422
December 31, 2022	42,006,930
December 31, 2023	59,491,646
December 31, 2024	37,218,158
December 31, 2025	92,667,469
December 31, 2026 and thereafter	111,563,443
Total future maturities	$ 356,784,068	$ 359,551,870

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Sep. 26, 2019USD ($)RenewalPeriod	Mar. 01, 2018USD ($)RenewalPeriod	Dec. 31, 2019USD ($)ft²	Apr. 30, 2019	May 31, 2014	Feb. 28, 2017USD ($)shares	Jun. 30, 2021USD ($)Hotel	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)ft²Hotel	Jun. 30, 2020USD ($)	Dec. 29, 2016USD ($)
Operating Leased Assets [Line Items]
Maximum amount allocated to purchase common stock under ESOP											$ 5,000,000
Number of common stock, shares purchased | shares						682,500
Purchased common stock, value						$ 4,900,000
Hotel Ballast [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Restricted cash reserve									amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties
The DeSoto [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Restricted cash reserve									amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties
DoubleTree by Hilton Brownstone-University [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Restricted cash reserve									amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties
Double Tree by Hilton Jacksonville Riverside [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Restricted cash reserve									amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties
DoubleTree Resort by Hilton Hollywood Beach [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Restricted cash reserve									amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties
Whitehall [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Georgian Terrace [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Restricted cash reserve									amount equal to one-twelfth (1/12) of the annual real estate taxes due for the properties
DoubleTree by Hilton Philadelphia Airport [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Minimum [Member]
Operating Leased Assets [Line Items]
Franchise fees of room revenues									3.00%
Additional fees of gross revenues from the hotels									3.00%
Franchise agreement expiry date									2021-11
Maximum [Member]
Operating Leased Assets [Line Items]
Franchise fees of room revenues									5.00%
Additional fees of gross revenues from the hotels									4.00%
Franchise agreement expiry date									2038-03
Maximum [Member] | ESOP [Member]
Operating Leased Assets [Line Items]
Borrowed amount											$ 5,000,000
Chesapeake Hospitality [Member] | Individual Hotel Management Agreements [Member]
Operating Leased Assets [Line Items]
Number of wholly-owned hotels operated under master management agreement | Hotel							12		12
Expiry date of master management agreement									on March 31, 2025 and may be extended for up to two additional periods of five years each, subject to the approval of both parties.
Master management agreement expiration date									Mar. 31, 2025
Hyatt Centric Arlington [Member]
Operating Leased Assets [Line Items]
Monthly contribution of room revenues									4.00%
Hyatt Centric Arlington [Member] | Franchise Agreement with Affiliate of Hyatt Hotels Corporation Operating as Hyatt Centric Arlington [Member]
Operating Leased Assets [Line Items]
Rent expense							$ 46,966	$ 9,944	$ 89,472	$ 106,500
Rental payments per year in base rent under ground lease		$ 50,000
Ground lease percentage rent on gross rooms revenues in excess of thresholds		3.50%
Initial term of ground lease expires year		2025
Number of additional renewal periods extended under ground lease | RenewalPeriod		5
Duration period under ground lease for each renewal periods extended		10 years
Hyde Beach House [Member] | Management Agreement for Parking Garage and Poolside [Member]
Operating Leased Assets [Line Items]
Rent expense							67,750	133,750	$ 135,500	267,500
Lessee, operating lease, option to extend									initial term that expires in 2034 and which may be extended for four additional renewal periods of 5 years each
Lessee, operating lease, existence of option to extend [true false]	true
Annual payment	$ 270,100
Lessee, operating lease expiration year	2034
Number of additional renewal periods | RenewalPeriod	4
Additional renewal of agreement	5 years
Williamsburg Virginia [Member]
Operating Leased Assets [Line Items]
Area of commercial space leased | ft²			8,500
Rent expense			$ 218,875				55,902	55,902	$ 111,804	111,663
Lease, agreement term			10 years
Lease rent increase each successive period percentage			3.00%
Tenant improvement allowance			$ 200,000
Commencement date of agreement									Jan. 1, 2020
The DeSoto Hotel Property [Member]
Operating Leased Assets [Line Items]
Area of commercial space leased | ft²									2,086
Operating lease, expiring date									Oct. 31, 2006
Duration period under renewal option second									5 years
Expiration date three under renewal option second									Oct. 31, 2026
Rent expense							20,983	18,246	$ 41,966	36,942
Hotel Alba [Member]
Operating Leased Assets [Line Items]
Rent expense							$ 641	$ 651	$ 1,283	$ 1,301
Lease agreement				5 years					5 years
Commencement date of agreement				2019-07					2009-07
Lessee, operating lease, option to extend									In May 2014, we extended the agreement for an additional five years.  We signed a new agreement in April 2019, which commenced in July 2019, goes for five years and can be renewed for an additional five years.    The new agreement expires in July 2024,
Lessee, operating lease, existence of option to extend [true false]				true	true
Operating lease, expiring date									2024-07
Annual payment									$ 2,432
Additional renewal of agreement				5 years	5 years		5 years		5 years
Furniture, Fixtures and Equipment [Member]
Operating Leased Assets [Line Items]
Financing arrangement expiration date									2021-10
Financing arrangement expiration date									2025-06
Six Year Operating Lease Property [Member] | The DeSoto Hotel Property [Member]
Operating Leased Assets [Line Items]
Duration of operating lease term									6 years
Ninety Nine Year Operating Lease Property [Member] | The DeSoto Hotel Property [Member]
Operating Leased Assets [Line Items]
Duration of operating lease term									99 years
Operating lease, expiring date									Jul. 31, 2086
Rental income recognized during period									$ 0
Original lump sum rent payment received									$ 990

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Minimum Future Lease Payments (Detail)	Jun. 30, 2021USD ($)
Finance Lease Liabilities Payments Due [Abstract]
For the six months ending December 31, 2021	$ 356,523
December 31, 2022	683,693
December 31, 2023	671,883
December 31, 2024	663,585
December 31, 2025	668,651
December 31, 2026 and thereafter	14,758,986
Total	$ 17,803,321

Preferred Stock and Units - Add

Preferred Stock and Units - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Preferred Units [Line Items]
Preferred stock, shares authorized	11,000,000		11,000,000		11,000,000
Preferred stock, liquidation preference per share	$ 25		$ 25		$ 25
Total declared and undeclared, unpaid cash dividends to preferred stockholders	$ 1,529,613	$ 2,188,910	$ 3,718,524	$ 4,377,821
Preferred stock amount of undeclared and cumulative preferred dividends			10,400,000
Declared unpaid preferred stock dividends amount	2,100,000		2,100,000
Preferred stock amount of undeclared and cumulative preferred dividends			10,400,000
Declared unpaid preferred units dividends amount	$ 2,100,000		2,100,000
8% Series B Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred Units [Line Items]
Total declared and undeclared, unpaid cash dividends to preferred stockholders			4,530,000
7.875% Series C Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred Units [Line Items]
Total declared and undeclared, unpaid cash dividends to preferred stockholders			4,339,946
8.25% Series D Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred Units [Line Items]
Total declared and undeclared, unpaid cash dividends to preferred stockholders			$ 3,604,219
Sotherly Hotels LP [Member]
Preferred Units [Line Items]
Preferred stock, liquidation preference per share	$ 25		$ 25		$ 25
8.0% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred Units [Line Items]
Preferred stock, shares authorized	11,000,000		11,000,000		11,000,000
Preferred stock, liquidation preference per share	$ 25		$ 25
Total declared and undeclared, unpaid cash dividends to preferred stockholders			$ 4,530,000
7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred Units [Line Items]
Preferred stock, shares authorized	11,000,000		11,000,000		11,000,000
Preferred stock, liquidation preference per share	$ 25		$ 25
Total declared and undeclared, unpaid cash dividends to preferred stockholders			$ 4,339,946
8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
Preferred Units [Line Items]
Preferred stock, shares authorized	11,000,000		11,000,000		11,000,000
Preferred stock, liquidation preference per share	$ 25		$ 25
Total declared and undeclared, unpaid cash dividends to preferred stockholders			$ 3,604,219

Preferred Stock and Units - Sch

Preferred Stock and Units - Schedule of Series of Cumulative Redeemable Perpetual Preferred Stock (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred Stock, Liquidation Preference	$ 25	$ 25
8.0% Series B Cumulative Redeemable Perpetual Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred Stock, Per Annum Rate	8.00%	8.00%
Preferred Stock, Liquidation Preference	$ 25
Preferred Stock, Number of Shares Issued	1,510,000	1,610,000
Preferred Stock, Number of Shares Outstanding	1,510,000	1,610,000
Preferred Stock, Quarterly Distributions Per Share	$ 0.500000
7.875% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred Stock, Per Annum Rate	7.875%	7.875%
Preferred Stock, Liquidation Preference	$ 25
Preferred Stock, Number of Shares Issued	1,469,610	1,554,610
Preferred Stock, Number of Shares Outstanding	1,469,610	1,554,610
Preferred Stock, Quarterly Distributions Per Share	$ 0.492188
8.25% Series D Cumulative Redeemable Perpetual Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred Stock, Per Annum Rate	8.25%	8.25%
Preferred Stock, Liquidation Preference	$ 25
Preferred Stock, Number of Shares Issued	1,165,000	1,200,000
Preferred Stock, Number of Shares Outstanding	1,165,000	1,200,000
Preferred Stock, Quarterly Distributions Per Share	$ 0.515625

Preferred Stock and Units - S_2

Preferred Stock and Units - Schedule of Series of Cumulative Redeemable Perpetual Preferred Units (Detail) - Sotherly Hotels LP [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
8% Series B Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred Units [Line Items]
Preferred Units, Per Annum Rate	8.00%	8.00%
Preferred Units, Liquidation Preference	$ 25
Preferred Units, Number of Units Issued	1,510,000	1,610,000
Preferred Units, Number of Units Outstanding	1,510,000	1,610,000
Preferred Units, Quarterly Distributions Per Unit	$ 0.500000
7.875% Series C Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred Units [Line Items]
Preferred Units, Per Annum Rate	7.875%	7.875%
Preferred Units, Liquidation Preference	$ 25
Preferred Units, Number of Units Issued	1,469,610	1,554,610
Preferred Units, Number of Units Outstanding	1,469,610	1,554,610
Preferred Units, Quarterly Distributions Per Unit	$ 0.492188
8.25% Series D Cumulative Redeemable Perpetual Preferred Units [Member]
Preferred Units [Line Items]
Preferred Units, Per Annum Rate	8.25%	8.25%
Preferred Units, Liquidation Preference	$ 25
Preferred Units, Number of Units Issued	1,165,000	1,200,000
Preferred Units, Number of Units Outstanding	1,165,000	1,200,000
Preferred Units, Quarterly Distributions Per Unit	$ 0.515625

Common Stock and Units - Additi

Common Stock and Units - Additional Information (Detail)	Jun. 21, 2021$ / sharesshares	Feb. 04, 2021shares	Dec. 17, 2020shares	Dec. 01, 2020shares	May 01, 2020shares	Feb. 03, 2020shares	Jan. 01, 2020shares	Mar. 31, 2021shares	Jun. 30, 2020shares	Mar. 31, 2020shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Class of Stock [Line Items]
Common stock, shares authorized											69,000,000	69,000,000	69,000,000
Common stock, par value | $ / shares											$ 0.01	$ 0.01	$ 0.01
Voting right											Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
Common stock, shares outstanding											16,717,958	16,717,958	15,023,850
Common stock exchange ratio											1	1
Redemption of units in operating partnership												0
Operating Partnership common units not owned											1,166,401	1,166,401	1,166,501
Unpaid common dividends and distributions amount to holders | $											$ 2,088,160	$ 2,088,160
Palogic [Member] | Share Exchange Agreement [Member]
Class of Stock [Line Items]
Common stock, par value | $ / shares	$ 0.01
Palogic [Member] | Share Exchange Agreement [Member] | Series B Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of common stock, shares	100,000
Palogic [Member] | Share Exchange Agreement [Member] | Series C Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of common stock, shares	85,000
Palogic [Member] | Share Exchange Agreement [Member] | Series D Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of common stock, shares	35,000
Sotherly Hotels LP [Member]
Class of Stock [Line Items]
Operating Partnership common units outstanding											17,884,359	17,884,359	16,190,351
Fair market value | $											$ 3,500,000	$ 3,500,000	$ 2,900,000
Common Stock [Member]
Class of Stock [Line Items]
Conversion of units in Operating Partnership to shares of common stock, shares		100		15,000	57,687		488,952	100	57,687	488,952
Restricted shares issued						17,250	45,000	15,000		60,000
Unrestricted shares issued		136,281
Issuance of common stock, shares								136,281		2,250
Common Stock [Member] | Palogic [Member] | Share Exchange Agreement [Member]
Class of Stock [Line Items]
Issuance of common stock, shares	1,542,727
Common Stock [Member] | Sotherly Hotels LP [Member]
Class of Stock [Line Items]
Number of issued unit in Operating Partnership		15,000	127,583

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Jun. 04, 2021USD ($)	Feb. 26, 2020USD ($)	Dec. 13, 2019USD ($)ft²Hotel	Jun. 30, 2021USD ($)Hotel	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Hotel	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Nov. 15, 2020Resort	Apr. 01, 2020HotelResort	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 06, 2019Hotel
Related Party Transaction [Line Items]
Accounts receivable - affiliate				$ 298,114		$ 298,114			$ 401,924
Net operating income				3,143,151	$ (11,429,205)	1,060,874	$ (13,232,708)
ESOP [Member]
Related Party Transaction [Line Items]
Loan receivable outstanding				$ 3,600,000		$ 3,600,000			3,700,000
Our Town Hospitality [Member]
Related Party Transaction [Line Items]
Number of wholly owned hotels | Hotel				12		12
Accounts receivable - affiliate				$ 500,000	800,000	$ 500,000	800,000
Guaranteed minimum incentive management fee in satisfaction of remainder of unrepaid management fee advances								$ 250,000
Our Town Hospitality [Member] | Master Agreement
Related Party Transaction [Line Items]
Number of rental programs | Resort										2
Our Town Hospitality [Member] | Credit Agreement in Partial Satisfaction [Member]
Related Party Transaction [Line Items]
Working capital and management fee advances	$ 299,900
Andrew M. Sims [Member] | Our Town Hospitality [Member]
Related Party Transaction [Line Items]
Percentage of total outstanding ownership interests				48.50%		48.50%
Percentage of ownership interest earned by additional capital contribution upon satisfaction of certain conditions						51.30%
David R. Folsom [Member] | Our Town Hospitality [Member]
Related Party Transaction [Line Items]
Percentage of total outstanding ownership interests				1.40%		1.40%
Percentage of ownership interest earned by additional capital contribution upon satisfaction of certain conditions						1.50%
Our Town Hospitality [Member]
Related Party Transaction [Line Items]
Base management and administrative fees earned by related party				$ 918,676	127,448	$ 1,500,000	800,000
Area of office space subleased | ft²			2,245
Sublease term													5 years
Additional renewal of agreement													5 years
Lessee, operating lease, existence of option to extend [true false]						true
Lease payments due						$ 147,217	80,596
Line of credit facility, interest rate at period				3.50%		3.50%							3.50%
Line of Credit Facility, Outstanding						$ 600,000	600,000
Maximum amount of credit available capped		$ 894,900
Amount of advances	$ 894,900
Additional advances allowed						$ 0
Maturity date extended period						Dec. 31, 2026
Employee medical benefits paid				$ 700,000	500,000	$ 1,300,000	1,800,000
Our Town Hospitality [Member] | December 31, 2021 [Member]
Related Party Transaction [Line Items]
Principal payments						100,000
Our Town Hospitality [Member] | December 31, 2022 [Member]
Related Party Transaction [Line Items]
Principal payments						100,000
Our Town Hospitality [Member] | December 31, 2023 [Member]
Related Party Transaction [Line Items]
Principal payments						100,000
Our Town Hospitality [Member] | December 31, 2024 [Member]
Related Party Transaction [Line Items]
Principal payments						100,000
Our Town Hospitality [Member] | December 31, 2025 [Member]
Related Party Transaction [Line Items]
Principal payments						100,000
Our Town Hospitality [Member] | Master Agreement
Related Party Transaction [Line Items]
Number of wholly owned hotels | Hotel														10
Our Town Hospitality [Member] | OTH Master Agreement [Member]
Related Party Transaction [Line Items]
Number of wholly owned hotels | Hotel			10
Number of additional wholly-owned hotels | Hotel											1
Number of condominium resort rental programs | Resort											2
Working capital				600,000		600,000			600,000
Net operating income			$ 250,000
Percentage of management fee due			2.50%
Management fee of gross revenues for first full fiscal year			2.00%
Management fee of gross revenues for second full fiscal year			2.25%
Management fee of gross revenues for every year thereafter			2.50%
Incentive management fee equal to increase in gross operating profit percentage			10.00%
Maximum incentive management fee of gross revenues			0.25%
Incentive management fees expense by related party				250,166	0
Our Town Hospitality [Member] | Individual Hotel Management Agreements [Member]
Related Party Transaction [Line Items]
Unreimbursed management fee advances									$ 549,900
Percentage of reduction in payable fees			25.00%
Our Town Hospitality [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Working capital line of credit												$ 500,000	$ 894,900
Increase in working capital line of credit		$ 850,000
Our Town Hospitality [Member] | Maximum [Member] | Individual Hotel Management Agreements [Member]
Related Party Transaction [Line Items]
Initial working capital			$ 1,000,000
Immediate Family Members of Chairman [Member]
Related Party Transaction [Line Items]
Total compensation for related parties				$ 107,115	$ 104,797	$ 212,984	$ 226,754

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($)	2 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 29, 2016
Defined Benefit Plan Disclosure [Line Items]
Employer contribution for first 3% of employee contributions				100.00%
Employer contribution for next 2% of employee contributions				50.00%
Effective date of ceased matching employer contribution				May 16, 2020
Percentage of first specified employee contributions				3.00%
Percentage of next specified employee contributions				2.00%
Contribution for retirement plan		$ 0	$ 9,989	$ 0	$ 42,841
Maximum amount allocated to purchase common stock under ESOP							$ 5,000,000
Number of common stock, shares purchased	682,500
Purchased common stock, value	$ 4,900,000
Total number of ESOP shares				186,083
Fair value of ESOP released from suspense account and recognized compensation cost				$ 558,248
Compensation cost recognized				$ 44,172	$ 13,144
Number of non committed, unearned ESOP shares		493,405		493,405		509,069
Fair value of unallocated ESOP shares		$ 1,480,216		$ 1,480,216		$ 1,272,672
Number of ESOP shares allocated		170,419		170,419		170,419
Number of ESOP shares committed to be released		15,664		15,664
ESOP [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of common stock, shares purchased				682,500
Purchased common stock, value				$ 4,900,000

Retirement Plans - Summary of S

Retirement Plans - Summary of Shares Allocations are Accounted For Fair Value on The Date of Allocations (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Number of ESOP shares allocated	170,419	170,419
Number of ESOP shares committed to be released	15,664
Total number of ESOP allocated and committed-to-be-released	186,083	170,419
Number of non committed, unearned ESOP shares	493,405	509,069
Total number of ESOP shares	679,488	679,488
Fair value of ESOP allocated shares	$ 511,257	$ 426,048
Fair value of ESOP Committed-to-be released shares	46,991
Total fair value of ESOP allocated and committed-to-be-released	558,248	426,048
Fair value of ESOP unallocated shares	1,480,216	1,272,672
Total fair value of ESOP shares	$ 2,038,464	$ 1,698,720

Indirect Hotel Operating Expe_3

Indirect Hotel Operating Expenses - Summary of Indirect Hotel Operating Expenses (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	$ 14,050,076	$ 7,929,765	$ 25,639,153	$ 24,111,606
Sales and Marketing [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	2,898,571	1,062,253	5,032,375	4,847,385
General and Administrative [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	2,842,268	1,801,298	4,936,644	5,735,313
Repairs and Maintenance [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,896,223	968,331	3,303,901	2,835,012
Utilities [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,314,988	988,704	2,452,204	2,404,106
Property Taxes [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,514,781	1,508,929	3,309,910	3,318,286
Management Fees, Including Incentive [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	1,001,104	133,416	1,878,866	1,004,406
Franchise Fees [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	883,137	216,555	1,466,559	1,201,580
Insurance [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	883,021	729,200	1,705,093	1,519,695
Information and Telecommunications [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	704,236	463,958	1,330,371	1,052,515
Other [Member]
Component Of Operating Cost And Expense [Line Items]
Total indirect hotel operating expenses	$ 111,747	$ 57,121	$ 223,230	$ 193,308

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Benefit) Provision (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Current:
State	$ 6,972	$ 23,362	$ 9,581	$ 65,312
Total	6,972	23,362	9,581	65,312
Deferred:
Federal	(444,489)	(3,524,779)	(2,053,540)	(4,920,858)
State	(109,552)	(760,339)	(429,633)	(993,667)
Subtotals	(554,041)	(4,285,118)	(2,483,173)	(5,914,525)
Change in deferred tax valuation allowance	554,041	4,285,118	2,483,173	11,326,609
Deferred income taxes				5,412,084
Income tax (benefit) provision	$ 6,972	$ 23,362	$ 9,581	$ 5,477,396

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Provision (Benefit) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax provision	$ (325,282)		$ (1,915,329)	$ (1,653,922)
Effect of non-taxable REIT loss	434,834		2,344,962	7,299,334
State income tax provision	(102,580)	$ 23,362	(420,052)	(168,016)
Income tax (benefit) provision	$ 6,972	$ 23,362	$ 9,581	$ 5,477,396

Loss Per Share and Per Unit - A

Loss Per Share and Per Unit - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021shares
ESOP [Member]
Earnings Per Share [Line Items]
Number of ESOP units	0

Loss Per Share and Per Unit - C

Loss Per Share and Per Unit - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net loss attributable to common stockholders for basic computation	$ (2,810,603)	$ (17,124,612)	$ (11,875,600)	$ (31,448,313)
Denominator
Weighted average number of common shares outstanding	15,344,761	14,862,249	15,232,029	14,837,891
Weighted average number of Unearned ESOP Shares	(494,479)	(559,130)	(498,380)	(563,223)
Total weighted average number of common shares outstanding for basic computation	14,850,282	14,303,119	14,733,649	14,274,668
Basic net loss per share	$ (0.19)	$ (1.20)	$ (0.81)	$ (2.20)

Loss Per Share and Per Unit -_2

Loss Per Share and Per Unit - Computation of Basic and Diluted Net Loss Per Unit (Detail) - Sotherly Hotels LP [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net loss attributable to general and limited partnership unitholders for basic computation	$ (2,990,241)	$ (18,489,980)	$ (12,754,776)	$ (34,011,096)
Weighted average number of general and limited partnership units outstanding	16,511,162	16,062,768	16,398,448	16,057,745
Basic net loss per general and limited partnership unit	$ (0.18)	$ (1.15)	$ (0.78)	$ (2.12)

Subsequent Events- Additional I

Subsequent Events- Additional Information (Detail) - Double Tree by Hilton Laurel [Member] - Mortgage Loans [Member] - USD ($)	Jul. 15, 2021	Jul. 14, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Debt instrument payment terms			Starting on March 24, 2020, we entered into a series of deferral and note modification agreements with the mortgage lender for the DoubleTree by Hilton Laurel pursuant to which we agreed with the lender on the following: (a) an initial deferral of scheduled payments of principal and interest due from April 5, 2020 to September 5, 2020; (b) an additional deferral of schedule payment of principal only from November 5, 2020 to March 5, 2021; (c) subsequent payments are required to be applied first toward current and deferred interest and then toward principal; and (d) any and all deferred principal is due and payable at maturity.
Subsequent Event [Member]
Subsequent Event [Line Items]
Extended maturity date	May 5, 2022	Aug. 5, 2021
Subsequent Event [Member] | Note Modification Agreement [Member]
Subsequent Event [Line Items]
Debt instrument payment terms	(i) the maturity date was extended by nine months, to May 5, 2022; (ii) commencing August 5, 2021 and continuing on the fifth day of each calendar month thereafter, the borrower will pay monthly installments in the amount of $64,475; and (iii) the interest on the principal balance of the note shall accrue at a rate of 5.25%.
Debt instrument, frequency of periodic payment	monthly
Debt instrument payment, monthly installment amount	$ 64,475
Debt instrument repayment of deferred interest start date	Aug. 5, 2021
Extended maturity period	9 months
Extended maturity date	May 5, 2022
Interest rate	5.25%
Subsequent Event [Member] | April 2020 Through September 2020 [Member] | Note Modification Agreement [Member]
Subsequent Event [Line Items]
Debt instrument, payment of deferred interest accumulated	$ 226,859