INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

INTANGIBLE ASSETS [Abstract]

Intangible Assets

Intangible assets consist of Management Agreements:

	Amortization	December 31,
	Period	2013			2014
Management Agreements	25 years	$	21,800,123		$	21,800,123
Less - accumulated amortization			(12,507,255	)		(13,389,588	)
Intangible assets, net		$	9,292,868		$	8,410,535

Expected Amortization Expense

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

2015	$	844,887
2016		844,564
2017		844,564
2018		844,564
2019		836,055
Thereafter		4,195,901
	$	8,410,535