SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

  NOTE 15 – 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 years ended June 30, 2012 and 2011. Net income (loss) from hotel operations consist of the operation of the hotel and operation of the garage. Net 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 year	Hotel			Real Estate			Investment									Discontinued
ended June 30, 2012	Operations			Operations			Transactions			Other			Subtotal			Operations			Total
Revenues	$	42,462,000		$	14,537,000		$	-		$	-		$	56,999,000		$	208,000		$	57,207,000
Operating expenses		(35,825,000	)		(9,971,000	)		-			(1,844,000	)		(47,640,000	)		(127,000	)		(47,767,000	)
Income (loss) from operations		6,637,000			4,566,000			-			(1,844,000	)		9,359,000			81,000			9,440,000
Gain on sale of real estate		-			-			-			-			-			1,710,000			1,710,000
Interest expense		(2,724,000	)		(3,497,000	)		-			-			(6,221,000	)		(22,000	)		(6,243,000	)
Loss from investments		-			-			(6,191,000	)		-			(6,191,000	)		-			(6,191,000	)
Income tax benefit (expense)		-			-			-			1,481,000			1,481,000			(868,000	)		613,000
Net income (loss)	$	3,913,000		$	1,069,000		$	(6,191,000	)	$	(363,000	)	$	(1,572,000	)	$	901,000		$	(671,000	)
Total assets		40,678,000			65,051,000			24,642,000			9,450,000			139,821,000			-			139,821,000

As of and for the year	Hotel			Real Estate			Investment								Discontinued
ended June 30, 2011	Operations			Operations			Transactions		Other			Subtotal			Operations			Total
Revenues	$	36,282,000		$	13,571,000		$	-	$	-		$	49,853,000		$	900,000		$	50,753,000
Operating expenses		(32,964,000	)		(9,987,000	)		-		(1,877,000	)		(44,828,000	)		(444,000	)		(45,272,000	)
Income (loss) from operations		3,318,000			3,584,000			-		(1,877,000	)		5,025,000			456,000			5,481,000
Gain on sale of real estate		-			-			-		-			-			3,290,000			3,290,000
Interest expense		(2,806,000	)		(3,533,000	)		-		-			(6,339,000	)		(151,000	)		(6,490,000	)
Income from investments		-			-			13,227,000		-			13,227,000			-			13,227,000
Income tax expense		-			-			-		(3,608,000	)		(3,608,000	)		(1,457,000	)		(5,065,000	)
Net income (loss)	$	512,000		$	51,000		$	13,227,000	$	(5,485,000	)	$	8,305,000		$	2,138,000		$	10,443,000
Total assets		40,143,000			66,844,000			36,723,000		8,230,000			151,940,000			2,426,000			154,366,000