SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 8 – 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 September 30, 2014 and 2013. Operating income 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 loss 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
ended September 30, 2014	Operations		Operations		Transactions		Other		Total
Revenues	$	14,830,000	$	4,197,000	$	-	$	-	$	19,027,000
Segment operating expenses		(11,838,000)		(2,140,000)		-		(781,000)		(14,759,000)
Segment income (loss) from operations		2,992,000		2,057,000		-		(781,000)		4,268,000
Interest expense		(1,896,000)		(762,000)		-		-		(2,658,000)
Depreciation and amortization expense		(691,000)		(535,000)						(1,226,000)
Loss from investments		-		-		(1,987,000)		-		(1,987,000)
Other real estate income		-		458,000		-		-		458,000
Income tax benefit		-		-		-		241,000		241,000
Net income (loss)	$	405,000	$	1,218,000	$	(1,987,000)	$	(540,000)	$	(904,000)
Total assets	$	42,492,000	$	63,373,000	$	25,111,000	$	34,675,000	$	165,651,000

As of and for the three months	Hotel		Real Estate		Investment
ended September 30, 2013	Operations		Operations		Transactions		Other		Total
Revenues	$	13,305,000	$	4,078,000	$	-	$	-	$	17,383,000
Segment operating expenses		(9,532,000)		(2,278,000)		-		(527,000)		(12,337,000)
Segment income (loss) from operations		3,773,000		1,800,000		-		(527,000)		5,046,000
Interest expense		(635,000)		(772,000)		-		-		(1,407,000)
Depreciation and amortization expense		(649,000)		(535,000)						(1,184,000)
Loss from investments		-		-		(303,000)		-		(303,000)
Income tax expense		-		-		-		(460,000)		(460,000)
Net income (loss)	$	2,489,000	$	493,000	$	(303,000)	$	(987,000)	$	1,692,000
Total assets	$	41,582,000	$	65,089,000	$	29,004,000	$	10,394,000	$	146,069,000