SEGMENT INFORMATION (Tables)

12 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

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

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, 2015	Operations		Operations		Transactions		Other		Total
Revenues	$	56,811,000	$	15,926,000	$	-	$	-	$	72,737,000
Segment operating expenses		(47,016,000)		(8,237,000)		-		(2,859,000)		(58,112,000)
Segment income (loss) from operations		9,795,000		7,689,000		-		(2,859,000)		14,625,000
Interest expense - mortgage		(7,234,000)		(2,919,000)		-		-		(10,153,000)
Interest expense - occupancy tax		-		-		-		-		-
Loss on extinguishment of debt		-		-		-		-		-
Loss on disposal of assets		(47,000)		-		-		-		(47,000)
Other real estate income		-		458,000		-		-		458,000
Gain on sale of real estate		-		11,100,000		-		-		11,100,000
Depreciation and amortization expense		(2,902,000)		(2,041,000)		-		-		(4,943,000)
Loss from investments		-		-		(6,236,000)		-		(6,236,000)
Income tax expense		-		-		-		(2,747,000)		(2,747,000)
Net income (loss)	$	(388,000)	$	14,287,000	$	(6,236,000)	$	(5,606,000)	$	2,057,000
Total assets	$	54,537,000	$	55,768,000	$	20,909,000	$	12,205,000	$	143,419,000

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