Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 102

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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2025 compared to net loss of $1,958,000 for
the three months ended March 31, 2024. The decrease in loss is primarily attributable to the refinance waiver of default interest and
forbearance fee by the mezzanine lender and increased room revenues.

The
following table sets forth a more detailed presentation of Hotel operations for the three months ended March 31, 2025 and 2024:

    For
    the three months ended March 31, 
    2025  
    2024 
  
    Hotel
    revenues: 

    Hotel
    rooms 
    $10,534,000  
    $9,018,000 
  
    Food
    and beverage 
     728,000  
     924,000 
  
    Garage 
     760,000  
     710,000 
  
    Other
    operating departments 
     188,000  
     106,000 
  
    Total
    Hotel revenues 
     12,210,000  
     10,758,000 
  
    Operating
    expenses 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,