Investment in Hotel, Net

9 Months Ended

Mar. 31, 2023

Investment In Hotel Net

Investment in Hotel, Net

Note 4. Investment in Hotel, Net

Investment in hotel consisted of the following as of:

March 31, 2023	Cost		Accumulated Depreciation			Net Book Value
Land	$	2,739,000	$	—		$	2,739,000
Finance Lease ROU assets		1,805,000		(1,160,000	)		645,000
Furniture and Equipment		36,991,000		(29,322,000	)		7,669,000
Building and improvements		64,664,000		(36,348,000	)		28,316,000
Investment in Hotel, net	$	106,199,000	$	(66,830,000	)	$	39,369,000

June 30, 2022	Cost		Accumulated Depreciation			Net Book Value
Land	$	2,738,000	$	—		$	2,738,000
Finance Lease ROU assets		1,805,000		(922,000	)		883,000
Furniture and Equipment		32,860,000		(28,567,000	)		4,293,000
Building and improvements		64,665,000		(35,312,000	)		29,353,000
Investment in Hotel, net	$	102,068,000	$	(64,801,000	)	$	37,267,000

Finance lease ROU assets, furniture and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 3 to 7 years and amortized over the life of the lease. Building and improvements are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 15 to 39 years. Depreciation and amortization expense related to the Hotel for the three months ended March 31, 2023 and March 31, 2022 was $767,000 and $626,000, respectively. Depreciation and amortization related to the Hotel for the nine months ended March 31, 2023 and 2022 are $2,029,000 and $1,669,000, respectively.