INVESTMENT IN HOTEL, NET (Hotel [Member])

12 Months Ended

Jun. 30, 2014

Hotel [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 3 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

			Accumulated		Net Book
June 30, 2014	Cost		Depreciation		Value
Land	$	1,896,000	$	-	$	1,896,000
Furniture and equipment		23,306,000		(20,074,000)		3,232,000
Building and improvements		55,281,000		(22,526,000)		32,755,000
	$	80,483,000	$	(42,600,000)	$	37,883,000

			Accumulated		Net Book
June 30, 2013	Cost		Depreciation		Value
Land	$	1,896,000	$	-	$	1,896,000
Furniture and equipment		22,270,000		(19,312,000)		2,958,000
Building and improvements		54,327,000		(21,570,000)		32,757,000
	$	78,493,000	$	(40,882,000)	$	37,611,000

The Partnership leases certain equipment under agreements that are classified as capital leases. The cost of equipment under capital leases was $2,131,000 at June 30, 2014 and 2013. The accumulated depreciation on capital leases was $2,098,000 and $1,930,000 as of June 30, 2014 and 2013, respectively.

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. Justice believes this will result in a greater guest experience and increases in operating revenues. 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.