SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 10 – SEGMENT INFORMATION

The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), the operation of its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance.  Management also makes operational and strategic decisions based on this information.

Information below represents reported segments for the three months ended September 30, 2011 and 2010.  Operating income (loss) from hotel operations consist of the operation of the hotel and operation of the garage.  Operating income for rental properties consist of rental income.  Operating income for investment transactions consist of net investment gain (loss) and dividend and interest income.

As of and for the three months ended September 30, 2011	Hotel Operations			Real Estate Operations			Investment Transactions			Other			Subtotal			Discontinued Operations		Total
Revenues	$	11,109,000		$	3,618,000		$	-		$	-		$	14,727,000		$	-	$	14,727,000
Operating expenses		(8,710,000	)		(2,447,000	)		-			(488,000	)		(11,645,000	)		-		(11,645,000	)
Income (loss) from perations		2,399,000			1,171,000			-			(488,000	)		3,082,000			-		3,082,000
Interest expense		(688,000	)		(886,000	)		-			-			(1,574,000	)		-		(1,574,000	)
Loss from investments		-			-			(5,724,000	)		-			(5,724,000	)		-		(5,724,000	)
Income tax benefit		-			-			-			1,561,000			1,561,000			-		1,561,000
Net income (loss)	$	1,711,000		$	285,000		$	(5,724,000	)	$	1,073,000		$	(2,655,000	)	$	-	$	(2,655,000	)
Total assets	$	40,341,000		$	68,821,000		$	21,755,000		$	9,365,000		$	140,282,000		$	-	$	140,282,000

As of and for the three months ended September 30, 2010	Hotel Operations			Real Estate Operations			Investment Transactions		Other			Total			Discontinued Operations			Total
Revenues	$	9,526,000		$	3,461,000		$	-	$	-		$	12,987,000		$	232,000		$	13,219,000
Operating expenses		(8,605,000	)		(2,287,000	)		-		(472,000	)		(11,364,000	)		(135,000	)		(11,499,000	)
Income (loss) from perations		921,000			1,174,000			-		(472,000	)		1,623,000			97,000			1,720,000
Interest expense		(703,000	)		(872,000	)		-		-			(1,575,000	)		(47,000	)		(1,622,000	)
Income from investments		-			-			-		-			-			-			-
Income tax expense		-			-			-		(2,000	)		(2,000	)		(20,000	)		(22,000	)
Net income (loss)	$	218,000		$	302,000		$	-	$	(474,000	)	$	46,000		$	30,000		$	76,000
Total assets	$	41,121,000		$	66,485,000		$	15,134,000	$	7,820,000		$	130,560,000		$	1,992,000		$	132,552,000