INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

INTANGIBLE ASSETS [Abstract]

Intangible Assets

Intangible assets consist of Management Agreements:

	Amortization	December 31,
	Period	2011			2012
Management Agreements	25 years	$	21,800,123		$	21,800,123
Less - accumulated amortization			(10,704,197	)		(11,606,635	)
Intangible assets, net		$	11,095,926		$	10,193,488

Expected Amortization Expense

The estimated aggregate amortization expense on the Management Agreements for each of the five succeeding fiscal years is as follows:

2013	$	900,571
2014		882,332
2015		844,887
2016		844,564
2017		844,564
Thereafter		5,876,570
	$	10,193,488