Sale of Ontario Hospitality Properties, LP	9 Months Ended
Oct. 31, 2017
Sale Of Ontario Hospitality Properties Lp
Sale of Ontario Hospitality Properties, LP	11. SALE OF ONTARIO HOSPITALITY PROPERTIES, LP On June 2, 2017, the Trust sold its Ontario hotel to an unrelated third party for approximately $17.5 million, which the Trust received in cash. The Trust used $7.2 million of the proceeds to satisfy its mortgage note payable on the property, approximately $2.4 million to reduce accruals and payables, and retained the remaining proceeds to fund future operations and capital improvements. For the nine months ended October 31, 2017, Ontario had approximately $1,471,000 of revenue, and approximately $2,100,000 of operating expenses. As of October 31, 2017, Ontario had approximately $12,000 of current assets consisting primarily of cash and receivables, and approximately $3,000 of current liabilities consisting of accounts payables and accrued expenses. During the nine months ended October 31, 2017, and October 31, 2016, depreciation/amortization and capital expenses were approximately $178,000 and $0, respectively. In addition, there were no significant non-cash operating and investing activities during such period. See our Note 6 – “Sale of Ownership Interests in Subsidiaries” for information about investing activities during the nine months ended October 31, 2017.

Sale of Ontario Hospitality Properties, LP

9 Months Ended

Oct. 31, 2017

Sale Of Ontario Hospitality Properties Lp

Sale of Ontario Hospitality Properties, LP

11. SALE OF ONTARIO HOSPITALITY PROPERTIES, LP

On June 2, 2017, the Trust sold its Ontario hotel to an unrelated third party for approximately $17.5 million, which the Trust received in cash. The Trust used $7.2 million of the proceeds to satisfy its mortgage note payable on the property, approximately $2.4 million to reduce accruals and payables, and retained the remaining proceeds to fund future operations and capital improvements. For the nine months ended October 31, 2017, Ontario had approximately $1,471,000 of revenue, and approximately $2,100,000 of operating expenses. As of October 31, 2017, Ontario had approximately $12,000 of current assets consisting primarily of cash and receivables, and approximately $3,000 of current liabilities consisting of accounts payables and accrued expenses. During the nine months ended October 31, 2017, and October 31, 2016, depreciation/amortization and capital expenses were approximately $178,000 and $0, respectively. In addition, there were no significant non-cash operating and investing activities during such period. See our Note 6 – “Sale of Ownership Interests in Subsidiaries” for information about investing activities during the nine months ended October 31, 2017.