SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 8 – 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, 2012 and 2011. 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	Hotel			Real Estate			Investment
ended September 30, 2012	Operations			Operations			Transactions		Other			Total
Revenues	$	12,136,000		$	3,675,000		$	-	$	-		$	15,811,000
Operating expenses		(9,772,000	)		(2,686,000	)		-		(563,000	)		(13,021,000	)
Income (loss) from operations		2,364,000			989,000			-		(563,000	)		2,790,000
Gain on sale of real estate		-			-			-		-			-
Interest expense		(664,000	)		(1,035,000	)		-		-			(1,699,000	)
Gain from investments		-			-			970,000		-			970,000
Income tax expense		-			-			-		(374,000	)		(374,000	)
Net income (loss)	$	1,700,000		$	(46,000	)	$	970,000	$	(937,000	)	$	1,687,000
Total assets	$	40,765,000		$	65,460,000		$	31,184,000	$	10,735,000		$	148,144,000

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