SEGMENT INFORMATION

6 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 9 – 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 December 31, 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									Discontinued
ended December 31, 2012	Operations			Operations			Transactions			Other			Subtotal			Operations		Total
Revenues	$	10,970,000		$	4,078,000		$	-		$	-		$	15,048,000		$	-	$	15,048,000
Segment operating expenses		(9,398,000	)		(2,197,000	)		-			(472,000	)		(12,067,000	)		-		(12,067,000	)
Segment income (loss) from operations		1,572,000			1,881,000			-			(472,000	)		2,981,000			-		2,981,000
Interest expense		(660,000	)		(984,000	)		-			-			(1,644,000	)		-		(1,644,000	)
Depreciation and amortization expense		(617,000	)		(528,000	)								(1,145,000	)				(1,145,000	)
Loss from investments		-			-			(2,047,000	)		-			(2,047,000	)		-		(2,047,000	)
Income tax benefit		-			-			-			568,000			568,000			-		568,000
Net income (loss)	$	295,000		$	369,000		$	(2,047,000	)	$	96,000		$	(1,287,000	)	$	-	$	(1,287,000	)
Total assets	$	40,852,000		$	65,768,000		$	27,429,000		$	10,180,000		$	144,229,000		$	-	$	144,229,000

As of and for the three months	Hotel			Real Estate			Investment									Discontinued
ended December 31, 2011	Operations			Operations			Transactions			Other			Subtotal			Operations			Total
Revenues	$	10,412,000		$	3,610,000		$	-		$	-		$	14,022,000		$	92,000		$	14,114,000
Segment operating expenses		(7,796,000	)		(2,051,000	)		-			(410,000	)		(10,257,000	)		(53,000	)		(10,310,000	)
Segment income (loss) from operations		2,616,000			1,559,000			-			(410,000	)		3,765,000			39,000			3,804,000
Interest expense		(695,000	)		(897,000	)		-			-			(1,592,000	)		(10,000	)		(1,602,000	)
Depreciation and amortization expense		(579,000	)		(520,000	)		-			-			(1,099,000	)		-			(1,099,000	)
Loss from investments		-			-			(373,000	)		-			(373,000	)		-			(373,000	)
Income tax benefit		-			-			-			9,000			9,000			(12,000	)		(3,000	)
Net income (loss)	$	1,342,000		$	142,000		$	(373,000	)	$	(401,000	)	$	710,000		$	17,000		$	727,000
Total assets	$	40,772,000		$	68,394,000		$	25,738,000		$	10,474,000		$	145,378,000		$	-		$	145,378,000

As of and for the six months	Hotel			Real Estate			Investment									Discontinued
ended December 31, 2012	Operations			Operations			Transactions			Other			Subtotal			Operations		Total
Revenues	$	23,106,000		$	7,753,000		$	-		$	-		$	30,859,000		$	-	$	30,859,000
Segment operating expenses		(18,562,000	)		(4,359,000	)		-			(1,035,000	)		(23,956,000	)		-		(23,956,000	)
Segment income (loss) from operations		4,544,000			3,394,000			-			(1,035,000	)		6,903,000			-		6,903,000
Interest expense		(1,324,000	)		(2,019,000	)		-			-			(3,343,000	)		-		(3,343,000	)
Depreciation and amortization expense		(1,225,000	)		(1,052,000	)								(2,277,000	)				(2,277,000	)
Loss from investments		-			-			(1,077,000	)		-			(1,077,000	)		-		(1,077,000	)
Income tax benefit		-			-			-			194,000			194,000			-		194,000
Net income (loss)	$	1,995,000		$	323,000		$	(1,077,000	)	$	(841,000	)	$	400,000		$	-	$	400,000
Total assets	$	40,852,000		$	65,768,000		$	27,429,000		$	10,180,000		$	144,229,000		$	-	$	144,229,000

As of and for the six months	Hotel			Real Estate			Investment									Discontinued
ended December 31, 2011	Operations			Operations			Transactions			Other			Subtotal			Operations			Total
Revenues	$	21,521,000		$	7,140,000		$	-		$	-		$	28,661,000		$	180,000		$	28,841,000
Segment operating expenses		(15,941,000	)		(3,912,000	)		-			(898,000	)		(20,751,000	)		(114,000	)		(20,865,000	)
Segment income (loss) from operations		5,580,000			3,228,000			-			(898,000	)		7,910,000			66,000			7,976,000
Interest expense		(1,383,000	)		(1,774,000	)		-			-			(3,157,000	)		(19,000	)		(3,176,000	)
Depreciation and amortization expense		(1,144,000	)		(1,045,000	)								(2,189,000	)		-			(2,189,000	)
Loss from investments		-			-			(6,097,000	)		-			(6,097,000	)		-			(6,097,000	)
Income tax benefit		-			-			-			1,577,000			1,577,000			(19,000	)		1,558,000
Net income (loss)	$	3,053,000		$	409,000		$	(6,097,000	)	$	679,000		$	(1,956,000	)	$	28,000		$	(1,928,000	)
Total assets	$	40,772,000		$	65,993,000		$	25,738,000		$	10,474,000		$	142,977,000		$	2,401,000		$	145,378,000