MANAGEMENT AGREEMENTS (Details Textuals) - USD ($) |
12 Months Ended | |
---|---|---|
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Management Agreement [Line Items] | ||
Management Fees Base Percentage | 1.75% | |
Management Fee Payable | $ 1,200,000 | |
Payment for Management Fee | $ 1,550,000 | |
GMP Management Inc [Member] | ||
Management Agreement [Line Items] | ||
Management Fees Base Percentage | 5.00% | |
Management Fee Payable | $ 1,370,000 | $ 1,098,000 |
Payment for Management Fee | 1,078,000 | 519,000 |
Payment of Annual Based Management Fees | 325,000 | |
Reimbursement from Limited Partnership Investment | $ 736,000 | 330,000 |
Management Agreement Term | 3 years | |
Prism Hotels L.P [Member] | ||
Management Agreement [Line Items] | ||
Management Fee Payable | $ 20,000 | |
Revenue from Owned Hotels | 11,000 | |
Payment for Management Fee | $ 293,000 | $ 579,000 |
Management Fees Base Payment Description | On February 2, 2007, the Partnership entered into an agreement with Prism to manage and operate the Hotel as its agent. The original agreement was effective for a term of ten years, but was amended in January 2014 as provided in the agreement. Under the original management agreement, the Partnership was required to pay the base management fees of up to 2.5% of gross operating revenues of the Hotel (i.e., room, food and beverage, and other operating departments) for the fiscal year. Of that amount, 1.75% of the gross operating revenues was paid monthly. The balance or 0.75% was paid only to the extent that the partially adjusted net operating income (net operating income less capital expenditures) for the fiscal year exceeded the amount of the Hotels return for the fiscal year. |