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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

Consulting Agreement with JCP Realty Advisors, LLC

Subsequent to June 30, 2017, the Consulting Agreement was extended for an additional one-year period for an annual fee of $0.5 million.

Notes Receivable from Partnerships

During the year ended December 31, 2016, a subsidiary of the Company executed promissory notes with certain of the unconsolidated partnerships to loan up to $0.7 million for the funding of various costs of such partnerships. Subsequent to June 30, 2017, the notes were amended to increase the collective lending facility to $5.0 million to cover anticipated operating and capital expenditures.

Proposed Hotel Acquisition

Subsequent to June 30, 2017, the Company entered into a purchase and sale agreement with a third party to acquire a hotel consisting of 64 luxury guest rooms, indoor and outdoor function space, a full-service food and beverage outlet and restaurant, and a spa.  The purchase price is $36 million and the transaction is scheduled to close in early October 2017, pending completion of our due diligence procedures and securing the necessary financing.