SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 16 – 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, 2013 and 2012. Segment income from Hotel operations consists of the operation of the hotel and operation of the garage. Segment income from real estate operations consists of the operation of the rental properties. Loss from investments consists of net investment loss, dividend and interest income and investment related expenses.

As of and for the year	Hotel		Real Estate		Investment						Discontinued
ended June 30, 2013	Operations		Operations		Transactions		Other		Subtotal		Operations		Total
Revenues	$	46,565,000	$	15,474,000	$	-	$	-	$	62,039,000	$	-	$	62,039,000
Segment operating expenses		(38,635,000)		(8,529,000)		-		(1,949,000)		(49,113,000)		-		(49,113,000)
Segment income (loss) from operations		7,930,000		6,945,000		-		(1,949,000)		12,926,000				12,926,000
Interest expense		(2,612,000)		(3,556,000)		-		-		(6,168,000)		-		(6,168,000)
Depreciation and amortization expense		(2,454,000)		(2,123,000)		-		-		(4,577,000)		-		(4,577,000)
Loss from investments		-		-		(1,803,000)		-		(1,803,000)		-		(1,803,000)
Income tax benefit		-		-		-		247,000		247,000		-		247,000
Net income (loss)	$	2,864,000	$	1,266,000	$	(1,803,000)	$	(1,702,000)	$	625,000	$	-	$	625,000
Total assets	$	41,728,000	$	65,262,000	$	27,904,000	$	9,792,000	$	144,686,000	$	-	$	144,686,000
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
Segment operating expenses		(33,465,000)		(7,885,000)		-		(1,844,000)		(43,194,000)		(102,000)		(43,296,000)
Segment income (loss) from operations		8,997,000		6,652,000		-		(1,844,000)		13,805,000		106,000		13,911,000
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)
Depreciation and amortization expense		(2,360,000)		(2,086,000)		-		-		(4,446,000)		(25,000)		(4,471,000)
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