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Subsequent Events
12 Months Ended
Jan. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

28. SUBSEQUENT EVENTS

 

On November 9, 2015, the Ontario entity entered into a Purchase and Sale Agreement (“Sale Agreement”) to sell its Best Western InnSuites Ontario Hotel and Suites property to Mr. Bong Choi and/or Assignee (“Buyer”) an unrelated third party to the Trust for $14.8 million with an original estimated close on February 1, 2016 which was extended several times. The sale was subject to IHT Board of Trustees approval, Ontario Hospitality Properties LLLP partners’ approval, a financing contingency and the buyers’ property review. On April 25, 2016, the Buyer defaulted on the agreement and the Sale Agreement was cancelled. The Trust is actively looking for another buyer for this asset and will continue executing its strong marketing plan to continue to sell the Ontario property as soon as possible.