XML 136 R37.htm IDEA: XBRL DOCUMENT v3.24.3
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (Details Narrative) - USD ($)
12 Months Ended
Jul. 15, 2021
Feb. 03, 2017
Jun. 30, 2024
Jun. 30, 2023
Jul. 01, 2021
Dec. 31, 2013
Managment agreement term   10 years        
Option to extend   automatically renews for successive one (1) year periods, not to exceed five years in the aggregate, subject to certain conditions.        
Percentage of management fee payable   1.70%        
Percentage of gross operating profit   10.00%        
Cash and cash equivalents     $ 0 $ 0    
Accounts receivable     519,000 419,000 $ 377,000  
Allowance for doubtful accounts     0 1,000    
Income tax expense     1,000 7,912,000    
Advertising costs     150,000 130,000    
Mortgage loan     100,783,000 107,117,000    
Net debt issuance costs     679,000 123,000    
Accumulated deficit     $ 117,102,000 105,727,000    
Partnership redemption adjustment           $ 64,100,000
Revenue per available room rate     Even during the renovation that took out between 2-4 floors or 50-100 guest rooms of inventory at a time, the Hotel maintained an index of over 100%. At the end of the renovation in June 2024, the Hotel’s trailing 12-month index was 109.6%. During the fiscal year ending June 30, 2024, the Hotel’s CompSet achieved a RevPAR of $161.47 while the Hotel had a RevPAR of $176.99. An excellent achievement for our property while it had roughly 13%-18% of its inventory unavailable over this time period. Since the completion of the renovation, the Hotel has increased its lead in RevPAR on the CompSet dramatically. In the two months since completing the renovation, the Hotel has achieved an average RevPAR index of over 150% for both months. While the CompSet has lost over 15% RevPAR; in these two months, the Hotel has grown over 15% in this metric.      
Revenue per available room compset amount     $ 161.47      
Revenue per available room rate amount     176.99      
Hotel [Member]            
Impairment losses     $ 0 $ 0    
Hotel [Member] | Minimum [Member] | Building Improvements [Member]            
Property, plant and equipment, useful life     3 years      
Hotel [Member] | Minimum [Member] | Furniture and Fixtures [Member]            
Property, plant and equipment, useful life     3 years      
Hotel [Member] | Maximum [Member] | Building Improvements [Member]            
Property, plant and equipment, useful life     39 years      
Hotel [Member] | Maximum [Member] | Furniture and Fixtures [Member]            
Property, plant and equipment, useful life     7 years      
Santa Fe Financial Corporation [Member] | John V. Winfield [Member]            
Ownership percentage     2.50%      
Santa Fe Financial Corporation [Member] | John V. Winfield [Member] | Inter Group Corporation [Member]            
Ownership percentage     69.40%      
Parent Company [Member] | Inter Group Corporation [Member]            
Ownership percentage     75.70%      
Justice Investors Limited Partnership [Member]            
Subsidiary of limited liability company or limited partnership, ownership interest 100.00%          
Remaining non-controlling interest 0.70%