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Note 17 - Other Related Party Transactions
 12 Months Ended
Jan. 31, 2015
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
17. OTHER RELATED PARTY TRANSACTIONS
 
As of January 31, 2015 and 2014, Mr. Wirth and his affiliates held 3,407,938 Class B Partnership units, which represented 25.8% of the total outstanding Partnership units.  As of January 31, 2015 and 2014, Mr. Wirth and his affiliates held 6,053,276 and 6,055,376, respectively, Shares of Beneficial Interest in the Trust, which represented 73.2% and 72.6%, respectively, of the total issued and outstanding Shares of Beneficial Interest.
 
As of January 31, 2015 and 2014, the Trust owned 72.11% and 72.04% of the Partnership, respectively. As of January 31, 2015, the Partnership owned 100% of one InnSuites® hotels located in Tucson, Arizona, a 51.01% interest in another InnSuites® hotel located in Tucson, Arizona and a 51.71% interest in an InnSuites® hotel located in Ontario, California.  The Trust also owned a direct 73.61% interest in one InnSuites® hotel located in Yuma, Arizona and owned a direct 50.82% interest in one InnSuites® hotel located in Albuquerque, New Mexico.
 
The Trust directly manages the Hotels through the Trust’s wholly-owned subsidiary, InnSuites Hotels.  Under the management agreements, InnSuites Hotels manages the daily operations of the Hotels and the three hotels owned by affiliates of Mr. Wirth. Revenues and reimbursements among the Trust, InnSuites Hotels and the Partnership have been eliminated in consolidation.  The management fees for the Hotels and the three hotels owned by affiliates of Mr. Wirth are set at 2.5% of room revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration date and may be cancelled by either party with 90-days written notice or 30-days written notice in the event the property changes ownership.
 
On July 23, 2013, the Trust entered into a Corporate Card Agreement (“Corporate Purchase Cards”) with American Express Travel Related Services Company, Inc. The Corporate Card Agreement distributed a total of nine purchase cards - one to each of the five respective Hotels, one to the Trust, and one to each of the three respective hotels owned by affiliates of James F. Wirth. The Corporate Purchase Cards, with a total limit of $300,000, includes insignificant annual fees and $0 of interest per annum. Payments are due monthly. The Corporate Card Agreement may be cancelled by either party with 30-days written notice. Pamela J. Barnhill, the Trust’s President and Vice Chairperson and daughter of Mr. Wirth, initiated the nine purchase cards. As of January 31, 2015 and 2014, the Trust’s portion of the Corporate Purchase Cards balance was approximately $157,000 and $139,000, respectively.
 
The Tucson Oracle property has an unsecured demand/revolving line of credit/promissory note as described in Note 12 – Line of Credit - Related Party.
 
The Trust has an unsecured demand/revolving line of credit/promissory note as described in Note 12 – Line of Credit - Related Party.
 
As of January 31, 2015, Mr. Wirth purchased a total of 8 Class C units in the Albuquerque entity at $10,000 per unit. Mr. Wirth was paid $1,298 in discretionary priority returns for the fiscal year ended January 31, 2015 related to these units.
 
As of January 31, 2015, the Trust paid Berg Investment Advisors $12,900 for additional consultative services rendered by Mr. Mark Berg, the Trust’s Executive Vice President.
 
On September 25, 2013, the Trust entered into a revenue sharing agreement with independent Lodging Industry Association (“ILIA”). In 2014, the Trust President, Ms. Pamela Barnhill became President of ILIA. The revenue sharing agreement states that of the 10% IBC fees collected from ILIA hotels, 3% will be remitted back to ILIA from February, 2015 through June, 2015, 2% will be remitted back to ILIA from July, 2015 through December, 2015, and 1% will be remitted back to ILIA from January, 2016 through June, 2016. As of January 31, 2015 no fees have been remitted or accrued related to the ILIA revenue sharing agreement.
 
The Trust charges management fees to related parties. The total revenues recorded related to the management fees was $278,210 and $194,605 for the year ended January 31, 2015 and 2014.