DEBT, NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2016

At December 31, 2016 and 2015, our debt, notes payable and special assessment obligations consisted of the following (in thousands):



	December 31,
	2016			2015
Note Payables, Net of Discount
$50.0 million non-recourse note payable secured by first liens on operating hotel properties and related assets, bears annual interest at the greater of a) 7.25% or b) one-month LIBOR plus 6.75%, actual interest of 7.40% and 7.25% at December 31, 2016 and 2015, respectively, matures February 1, 2018, interest only payable monthly, principal due at maturity, subject to a carve-out guarantee by the Company. This note payable was repaid in full subsequent to December 31, 2016 upon sale of the underlying collateral.	$	50,000		$	50,000
$5.9 million note payable secured by real estate in New Mexico, annual interest only payments based on annual interest rate of prime plus 2.0% through December 31, 2017, and prime plus 3.0% thereafter (5.5% at December 31, 2016 and 2015), matures December 31, 2019.	5,940			5,940
Unsecured note payable under class action settlement, face value of $10.2 million, net of discount of $2.1 million and $2.8 million at December 31, 2016 and 2015, respectively, 4% annual interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019.	8,106			7,385
$5.4 million note payable to a bank secured by a mortgage receivable totaling $7.2 million at December 31, 2015, monthly interest only payments based on annual interest rate of 4.5%, scheduled maturity on April 30, 2016. Repaid in full in February 2016.	—			5,400
Notes Payable and Special Assessment Obligations, Assets Held for Sale
$24.0 million construction note payable to a bank dated October 2014 for the construction of Gabella, secured by real property and improvements, bore annual interest of LIBOR plus 3.75%, with a floor of 4.25% (4.36% at December 31, 2015). This note payable was repaid in full in December 2016 upon sale of the underlying collateral.	—			16,861
$3.7 million community facility district bonds dated 2005, secured by residential land located in Buckeye, Arizona, annual interest rate ranging from 5%-6%, maturing various dates through April 30, 2030.	3,067			3,207
$2.3 million special assessment bonds dated between 2002 and 2007, secured by residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022.	514			927
$1.1 million development assistance note payable to Apple Valley Economic Development Authority, dated March 29, 2013, secured by developmental real estate, annual interest rate 6%, scheduled maturity of December 31, 2016. Balance was forgiven in September 2016 upon achievement of development objectives. Reported as Notes Payable, Net at December 31, 2015.	—			762
Note Payable to Related Party
$5.0 million unsecured note payable to an affiliate of a director and shareholder at that time dated December 31, 2014, bears interest at 16% per annum, all amounts due and payable upon maturity, original maturity of April 24, 2015 extended to December 22, 2016. This note was repaid in full in December 2016.	—			5,000
Total debt, notes payable and special assessment obligations	67,627			95,482
Deferred financing costs, net	(447		)	(1,365		)
Total debt, notes payable and special assessment obligations, net	$	67,180		$	94,117

Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block]

Our debt, notes payable and special assessment obligations have the following scheduled maturities as of December 31, 2016 (in thousands):



Year	Amount
2017	$	249
2018(1)	50,255
2019	14,310
2020	267
2021	278
Thereafter	2,268
Total	$	67,627

(1): Schedule has been revised for certain contractual maturities to reflect the early payment of the loan related to the sale of the Sedona Assets subsequent to year end. See Note 15 for further discussion.