Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 38

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 38
---
 excluding depreciation and amortization 
     (9,685,000) 
     (9,239,000)
  
    Operating
    income before gain on extinguishment of debt, interest expense, depreciation and amortization 
     2,525,000  
     1,519,000 
  
    Gain
    on extinguishment of debt 
     1,416,000  
     - 
  
    Interest
    expense - mortgage 
     (2,459,000) 
     (2,591,000)
  
    Depreciation
    and amortization expense 
     (899,000) 
     (886,000)
  
    Net
    loss from Hotel operations 
    $583,000  
    $(1,958,000)

For
the three months ended March 31, 2025, the Hotel had operating income of $2,525,000 before mortgage interest expense, depreciation, and
amortization on total operating revenues of $12,210,000 compared to operating income of $1,519,000 before mortgage interest expense,
depreciation and amortization on total operating revenues of $10,758,000 for the three months ended March 31, 2024.

For
the three months ended March 31, 2025, room revenues increased by $1,516,000, food and beverage revenue decreased by $196,000 and garage
increased by $50,000 compared to the three months ended March 31, 2024. Total operating expenses increased by $446,000 due to increases
in union salaries and wages, Hilton marketing and guest loyalty fees, travel agent and group commissions.

The
following table sets forth the average daily room rate, average occupancy percentage and RevPAR of the Hotel for the three months ended
March 31, 2025 and 2024:

    Three
                                   Months Ended
                                            March 31, 
    Average Daily
                                            Rate  
    Average Occupancy
                                            %  
    RevPAR 
  
    2025 
    $241  
     89% 
    $215 
  
    2024 
    $232  
     78% 
    $182 

The
Hotel’s revenues increased by 13% this quarter as compared to the previous comparable quarter. Average daily rate increased by
$9, average occupancy increased by 11%, and RevPAR increased by $33 for