Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 12 – DISCONTINUED OPERATIONS

The operating results of certain real estate assets which have been sold or otherwise qualify as held for sale are included in discontinued operations in the statements of operations for all periods presented.

In September 2009, our Board of Trustees authorized management of the Company to sell the Holiday Inn Express, New Columbia, PA.  The operating results for this hotel were reclassified to discontinued operations in the statements of operations for the three and six months ended June 30, 2010.  The hotel was acquired by the Company in January 1999 and was sold to an unrelated buyer in July 2010 for consideration of $3,000 with a gain on sale of $347.

Our Board of Trustees authorized management of the Company to sell the Comfort Inn, West Hanover, PA in May 2011.  The operating results for this hotel were reclassified to discontinued operations in the statements of operations for the three and six months ended June 30, 2011 and 2010.  The hotel was acquired by the Company in May 1998 and was sold to an unrelated buyer in July 2011 for consideration of $5,250 with a gain on sale of approximately $986.

The following table sets forth the components of discontinued operations for the three and six months ended June 30, 2011 and 2010:

	Three Months Ended				Six Months Ended
	June 30, 2011		June 30, 2010		June 30, 2011			June 30, 2010
Revenue:
Hotel Operating Revenues	$	371	$	941	$	643		$	1,432
Total Revenues		371		941		643			1,432
Expenses:
Hotel Operating Expenses		269		605		538			1,072
Real Estate and Personal Property Taxes and Property Insurance		19		31		38			62
Depreciation and Amortization		42		89		84			182
General and Administrative		-		1		-			3
Other Expense		-		2		-			50
Total Expenses		330		728		660			1,369
Income (Loss) from Discontinued Operations	$	41	$	213	$	(17	)	$	63