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INVESTMENT IN HOTEL, NET
6 Months Ended
Dec. 31, 2011
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 2 – INVESTMENT IN HOTEL, NET

 

 

Investment in hotel consisted of the following as of:

 

 

          Accumulated     Net Book  
December 31, 2011   Cost     Depreciation     Value  
                   
Land   $ 2,738,000     $ -     $ 2,738,000  
Furniture and equipment     20,254,000       (17,611,000 )     2,643,000  
Building and improvements     56,430,000       (21,039,000 )     35,391,000  
    $ 79,422,000     $ (38,650,000 )   $ 40,772,000  

 

 

          Accumulated     Net Book  
June 30, 2011   Cost     Depreciation     Value  
                   
Land   $ 2,738,000     $ -     $ 2,738,000  
Furniture and equipment     19,584,000       (17,075,000 )     2,509,000  
Building and improvements     55,363,000       (20,467,000 )     34,896,000  
    $ 77,685,000     $ (37,542,000 )   $ 40,143,000