Wed, May 15, 9:17 PM (304 days ago)
Moody National REIT II, Inc. reported a net loss of $6.9 million for Q1 2024, compared to a $6.0 million net loss in Q1 2023. Total hotel revenue decreased slightly to $18.2 million from $18.4 million, driven by mixed performance across properties. Operating expenses decreased to $12.9 million from $13.4 million, while property taxes and insurance costs rose to $1.8 million from $1.6 million. Interest expenses increased to $4.5 million from $3.8 million due to higher borrowing costs. Cash and cash equivalents rose to $8.5 million from $7.3 million, while restricted cash decreased to $15.7 million from $17.8 million. The company secured $50 million in related party loans and $7.5 million in SBA loans. Total assets stood at $412.4 million, with liabilities at $304.9 million. The company remains current on its mortgage payments but faces challenges in refinancing maturing loans. The COVID-19 pandemic continues to impact operations, leading to suspended distributions and share repurchase programs. Management is exploring various financing and operational strategies to stabilize financial performance.