Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 80

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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Hotel
Operations

The
Company had net loss from Hotel operations of $2,838,000 for the three months ended December 31, 2024 compared to net loss of $1,645,000
for the three months ended December 31, 2023. The change is primarily attributable to increase in mortgage interest expense from 4% default
additional interest rate.

The
following table sets forth a more detailed presentation of Hotel operations for the three months ended December 31, 2024 and 2023:

    For
    the three months ended December 31, 
    2024  
    2023 
  
    Hotel revenues: 

    Hotel rooms 
    $8,401,000  
    $8,403,000 
  
    Food and beverage 
     654,000  
     972,000 
  
    Garage 
     780,000  
     708,000 
  
    Other
    operating departments 
     130,000  
     142,000 
  
    Total Hotel revenues 
     9,965,000  
     10,225,000 
  
    Operating
    expenses excluding depreciation and amortization 
     (9,055,000) 
     (9,405,000)
  
    Operating income before gain on extinguishment
    of debt, 

    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 $