XML 26 R16.htm IDEA: XBRL DOCUMENT v3.20.2
INVESTMENTS IN LIMITED PARTNERSHIP
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS IN LIMITED PARTNERSHIP

10. INVESTMENTS IN LIMITED PARTNERSHIP

 

On June 8, 2018, the Company entered into a limited partnership agreement, in which it agreed to become a limited partner in the partnership (the “NY Partnership”). The NY Partnership is a limited partner in the partnership that is responsible for the construction and related activities of a hotel in New York City. In connection with this transaction, the Company has agreed to finance a portion of the capital required by the NY Partnership. As of September 30, 2020, the Company had invested an aggregate of $1,869,000 in the NY Partnership. The Company has no obligation to make any capital contributions until the hotel is open for business to the public.