INVESTMENT IN HOTEL, NET

12 Months Ended

Jun. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 3 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

			Accumulated		Net Book
June 30, 2013	Cost		Depreciation		Value
Land	$	2,738,000	$	-	$	2,738,000
Furniture and equipment		22,271,000		(19,310,000)		2,961,000
Building and improvements		58,875,000		(22,846,000)		36,029,000
	$	83,884,000	$	(42,156,000)	$	41,728,000

			Accumulated		Net Book
June 30, 2012	Cost		Depreciation		Value
Land	$	2,738,000	$	-	$	2,738,000
Furniture and equipment		20,856,000		(18,185,000)		2,671,000
Building and improvements		56,909,000		(21,640,000)		35,269,000
	$	80,503,000	$	(39,825,000)	$	40,678,000

The Partnership leases certain equipment under agreements that are classified as capital leases. The cost of equipment under capital leases was $2,131,000 at June 30, 2013 and 2012. The accumulated depreciation on capital leases was $1,930,000 and $1,668,000 as of June 30, 2013 and 2012, respectively.