Intergroup CORP: management transactions · United States · SEC (Form 4)

About Intergroup CORP

The InterGroup Corporation (NASDAQ: INTG) is a diversified holding company based in the United States and listed on the NASDAQ Capital Market. For French-speaking investors, it is best viewed as a small-cap U.S. real estate and hospitality holding company rather than a pure-play property developer or a conventional REIT. The company is incorporated in Delaware and was formed in 1985 as a successor to Mutual Real Estate Investment Trust, which dates back to 1965. Its headquarters are in Los Angeles, California. InterGroup’s business model is built around three main pillars. First is hospitality, conducted through its majority-owned subsidiary Portsmouth Square, Inc., which consolidates the Hilton San Francisco Financial District hotel. This is the group’s most visible operating asset and a meaningful contributor to consolidated revenues and cash flow. Second is real estate ownership and rental operations, including multifamily apartment buildings, a commercial property, and certain strategic single-family holdings. These assets are concentrated primarily in Texas and Southern California. Third, the company maintains an investment portfolio of marketable securities, adding a financial investments component to the overall business mix. From a competitive perspective, InterGroup should not be compared with large institutional REITs. Its smaller scale, asset concentration, and dependence on a limited number of core properties make it a more idiosyncratic investment case, with higher operational and valuation sensitivity than a broad diversified property company. At the same time, the combination of hotel income, rental income, and investment holdings provides internal diversification across business lines. The San Francisco hotel remains strategically important, both economically and as a key asset within the group’s consolidated structure. Recent developments have been constructive. During 2025 and into 2026, InterGroup reported improved hotel and real estate segment performance, better liquidity, and progress on its balance sheet position. Management also indicated that going-concern uncertainty at Portsmouth Square had been alleviated following the hotel refinancing in summer 2025. In September 2025, the company regained compliance with Nasdaq listing requirements, and by spring 2026 it was reporting improved quarterly operating results, including higher revenue and stronger operating income. For investors in France, Belgium, and Switzerland, INTG remains a niche U.S. small-cap exposure to urban hospitality and income-producing real estate, with the characteristics of a holding company rather than a traditional real estate operator.