Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 83

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 83
---
,938,000  
     2,632,000 
  
    Interest expense - mortgage 
     (5,669,000) 
     (3,205,000)
  
    Depreciation and amortization
    expense 
     (1,832,000) 
     (1,711,000)
  
    Net
    loss from Hotel operations 
    $(3,563,000) 
    $(2,284,000)

For
the six months ended December 31, 2024, the Hotel had operating income of $3,938,000 before interest expense, depreciation, and amortization
on total operating revenues of $21,785,000 compared to operating income of $2,632,000 before interest expense, depreciation, and amortization
on total operating revenues of $21,318,000 for the six months ended December 31, 2023.

For
the six months ended December 31, 2024, room revenues increased by $547,000, food and beverage revenue decreased by $212,000, garage
revenue increased by $122,000 compared to the six months ended December 31, 2023. Total operating expenses decreased by $839,000 due
to general and administrative expenses. The year-over-year increase in room revenue due to completion of the renovation. Food and beverage
is a result of less self-contained groups that utilize banquet spaces. Improved parking revenues are a result of price increases year-over-year.

The
following table sets forth the average daily room rate, average occupancy percentage and RevPAR of the Hotel for the six months ended
December 31, 2024 and 2023.

    Six
                                   Months Ended
                                            December 31, 
    Average Daily
                                            Rate  
    Average Occupancy
                                            %  
     RevPAR 
  
    2024 
    $200  
     92% 
    $184 
  
    2023 
    $212  
     84% 
    $180 

The
Hotel’s revenues increased by 2% for the six months ended December 31, 2024 as compared to the six months ended December 31, 2023.
Average daily rate decreased by $12, average occupancy increased by 8%, and RevPAR increased by $4 for the six months ended December
31, 2024 compared to the six months ended December 31, 2023.

Real