SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2013

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 March 31, 2013 and 2012. 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 March 31, 2013	Operations		Operations		Transactions		Other		Subtotal		Operations		Total
Revenues	$	10,475,000	$	3,904,000	$	-	$	-	$	14,379,000	$	-	$	14,379,000
Segment operating expenses		(9,563,000)		(2,101,000)		-		(549,000)		(12,213,000)		-		(12,213,000)
Segment income (loss) from operations		912,000		1,803,000		-		(549,000)		2,166,000		-		2,166,000
Interest expense		(648,000)		(770,000)		-		-		(1,418,000)		-		(1,418,000)
Depreciation and amortization expense		(609,000)		(535,000)						(1,144,000)				(1,144,000)
Loss from investments		-		-		(148,000)		-		(148,000)		-		(148,000)
Income tax benefit		-		-		-		60,000		60,000		-		60,000
Net income (loss)	$	(345,000)	$	498,000	$	(148,000)	$	(489,000)	$	(484,000)	$	-	$	(484,000)
Total assets	$	41,458,000	$	65,513,000	$	28,359,000	$	9,184,000	$	144,514,000	$	-	$	144,514,000
As of and for the three months		Hotel		Real Estate		Investment						Discontinued
ended March 31, 2012		Operations		Operations		Transactions		Other		Subtotal		Operations		Total
Revenues	$	10,154,000	$	3,649,000	$	-	$	-	$	13,803,000	$	28,000	$	13,831,000
Segment operating expenses		(8,572,000)		(2,013,000)		-		(502,000)		(11,087,000)		(13,000)		(11,100,000)
Segment income (loss) from operations		1,582,000		1,636,000		-		(502,000)		2,716,000		15,000		2,731,000
Gain on sale of real estate												1,710,000		1,710,000
Interest expense		(676,000)		(859,000)		-		-		(1,535,000)		(3,000)		(1,538,000)
Depreciation and amortization expense		(595,000)		(520,000)		-		-		(1,115,000)		-		(1,115,000)
Income from investments		-		-		983,000		-		983,000		-		983,000
Income tax expense		-		-		-		(287,000)		(287,000)		(720,000)		(1,007,000)
Net income (loss)	$	311,000	$	257,000	$	983,000	$	(789,000)	$	762,000	$	1,002,000	$	1,764,000
Total assets	$	40,590,000	$	65,515,000	$	33,660,000	$	8,297,000	$	148,062,000	$	-	$	148,062,000

As of and for the nine months	Hotel		Real Estate		Investment						Discontinued
ended March 31, 2013	Operations		Operations		Transactions		Other		Subtotal		Operations		Total
Revenues	$	33,581,000	$	11,657,000	$	-	$	-	$	45,238,000	$	-	$	45,238,000
Segment operating expenses		(28,125,000)		(6,460,000)		-		(1,584,000)		(36,169,000)		-		(36,169,000)
Segment income (loss) from operations		5,456,000		5,197,000		-		(1,584,000)		9,069,000		-		9,069,000
Interest expense		(1,972,000)		(2,789,000)		-		-		(4,761,000)		-		(4,761,000)
Depreciation and amortization expense		(1,834,000)		(1,587,000)						(3,421,000)				(3,421,000)
Loss from investments		-		-		(1,225,000)		-		(1,225,000)		-		(1,225,000)
Income tax benefit		-		-		-		254,000		254,000		-		254,000
Net income (loss)	$	1,650,000	$	821,000	$	(1,225,000)	$	(1,330,000)	$	(84,000)	$	-	$	(84,000)
Total assets	$	41,458,000	$	65,513,000	$	28,359,000	$	9,184,000	$	144,514,000	$	-	$	144,514,000
As of and for the nine months		Hotel		Real Estate		Investment						Discontinued
ended March 31, 2012		Operations		Operations		Transactions		Other		Subtotal		Operations		Total
Revenues	$	31,675,000	$	10,789,000	$	-	$	-	$	42,464,000	$	208,000	$	42,672,000
Segment operating expenses		(24,513,000)		(5,925,000)		-		(1,400,000)		(31,838,000)		(127,000)		(31,965,000)
Segment income (loss) from operations		7,162,000		4,864,000		-		(1,400,000)		10,626,000		81,000		10,707,000
Gain sale of real estate												1,710,000		1,710,000
Interest expense		(2,059,000)		(2,633,000)		-		-		(4,692,000)		(22,000)		(4,714,000)
Depreciation and amortization expense		(1,739,000)		(1,565,000)						(3,304,000)		-		(3,304,000)
Loss from investments		-		-		(5,114,000)		-		(5,114,000)		-		(5,114,000)
Income tax benefit		-		-		-		1,290,000		1,290,000		(739,000)		551,000
Net income (loss)	$	3,364,000	$	666,000	$	(5,114,000)	$	(110,000)	$	(1,194,000)	$	1,030,000	$	(164,000)
Total assets	$	40,590,000	$	65,515,000	$	33,660,000	$	8,297,000	$	148,062,000	$	-	$	148,062,000