Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 36

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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    interest expense, depreciation
    and amortization 
     910,000  
     820,000 
  
    Interest expense - mortgage 
     (2,845,000) 
     (1,599,000)
  
    Depreciation and amortization
    expense 
     (903,000) 
     (866,000)
  
    Net
    loss from Hotel operations 
    $(2,838,000) 
    $(1,645,000)

For
the three months ended December 31, 2024, the Hotel had operating income of $910,000 before interest expense, depreciation, and amortization
on total operating revenues of $9,965,000 compared to operating income of $820,000 before interest expense, depreciation, and amortization
on total operating revenues of $10,225,000 for the three months ended December 31, 2023.

-22-

For
the three months ended December 31, 2024, room revenues decreased by $2,000, food and beverage revenue decreased by $318,000 and garage
increased by $72,000 compared to the three months ended December 31, 2023. Total operating expenses decreased by $350,000 due to general
and administrative expenses. The year-over-year decrease in 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 three months ended
December 31, 2024 and 2023:

    Three
                                   Months Ended
                                            December 31, 
    Average Daily
                                            Rate  
    Average Occupancy
                                            %  
     RevPAR 
  
    2024 
    $190  
     88% 
    $168 
  
    2023 
    $207  
     81% 
    $168 

The
Hotel’s revenues were flat this quarter as compared to the previous comparable quarter. Average daily rate decreased by $17, average
occupancy increased by 7%, and RevPAR was flat the three months ended December 31, 2024 compared to the three months ended December 31,
2023.

Real
Estate Operations 

Revenue
from real estate operations increased to $4,476,000 for the three months ended December