SEGMENT INFORMATION (Tables)

12 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Information below represents reported segments for the years ended June 30, 2014 and 2013. Segment income (loss) 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. Income (loss) from investments consists of net investment gain (loss), dividend and interest income and investment related expenses.

As of and for the year	Hotel		Real Estate		Investment
ended June 30, 2014	Operations		Operations		Transactions		Other		Total
Revenues	$	50,963,000	$	16,332,000	$	-	$	-	$	67,295,000
Segment operating expenses		(48,764,000)		(8,982,000)		-		(2,168,000)		(59,914,000)
Segment income (loss) from operations		2,199,000		7,350,000		-		(2,168,000)		7,381,000
Interest expense - mortgage		(4,960,000)		(3,026,000)		-		-		(7,986,000)
Interest expense - occupancy tax		(328,000)		-		-		-		(328,000)
Loss on extinguishment of debt		(3,910,000)		-		-		-		(3,910,000)
Loss on disposal of assets		(1,092,000)		-		-		-		(1,092,000)
Depreciation and amortization expense		(2,573,000)		(2,150,000)		-		-		(4,723,000)
Gain from investments		-		-		343,000		-		343,000
Income tax benefit		-		-		-		3,567,000		3,567,000
Net income (loss)	$	(10,664,000)	$	2,174,000	$	343,000	$	1,399,000	$	(6,748,000)
Total assets	$	41,897,000	$	63,697,000	$	27,257,000	$	32,609,000	$	165,460,000

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