INVESTMENT IN HOTEL, NET

12 Months Ended

Jun. 30, 2015

NOTE 3 – INVESTMENT IN HOTEL, NET

Investment in Hotel consisted of the following as of:

			Accumulated		Net Book
June 30, 2015	Cost		Depreciation		Value

Land	$	2,738,000	$	-	$	2,738,000
Furniture and equipment		25,958,000		(21,603,000)		4,355,000
Building and improvements		62,031,000		(25,284,000)		36,747,000
	$	90,727,000	$	(46,887,000)	$	43,840,000

			Accumulated		Net Book
June 30, 2014	Cost		Depreciation		Value

Land	$	2,738,000	$	-	$	2,738,000
Furniture and equipment		23,306,000		(20,072,000)		3,234,000
Building and improvements		59,828,000		(23,903,000)		35,925,000
	$	85,872,000	$	(43,975,000)	$	41,897,000

In December 2013, Justice determined to substantially demolish the Hotel’s ground-level Spa (with the exception of the ceilings and certain mechanical systems) to build out additional meeting rooms, a technology lounge and re-locate Hotel offices. In fiscal 2014, Justice recorded a loss of approximately $738,000 as a disposal of assets on the closure of the Hotel’s Spa on the lobby level.