Possible Sale of Tucson Saint Mary's Suite Hospitality Property	6 Months Ended
Jul. 31, 2015
Possible Sale Of Tucson Saint Marys Suite Hospitality Property
Possible Sale of Tucson Saint Mary's Suite Hospitality Property	10. Possible sale of Tucson Saint Mary’s Suite Hospitality Property On July 1, 2015, Tucson Saint Mary’s Suite Hospitality LLC, a subsidiary of the Trust, entered into a Real Estate Purchase Agreement (“Sale Agreement”) to sell its Hotel Tucson City Center InnSuites property to Lee & J Hospitality, Inc, (“Buyer”) an unrelated third party to the Trust for $9.65 million with an estimated close prior to September 30, 2015 subject to the Trusts’ Board of Trustees approval, financing contingencies and the Buyers’ property review to be completed which was completed prior to July 21, 2015. As of September 1, 2015, the buyers’ financing is not guaranteed and escrow funds have not been deemed non-refundable. There can be no assurance that the sale of this property will be completed on the terms currently contemplated in the Sale Agreement, prior to or on the estimated closing date, or at all. Hotel operations continue at that property. Sale of one asset is not deemed a strategic shift in the direction of the Trust. Consistent to FASB ASU No. 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the assets was not characterized as a discontinued operation.

Possible Sale of Tucson Saint Mary's Suite Hospitality Property

6 Months Ended

Jul. 31, 2015

Possible Sale Of Tucson Saint Marys Suite Hospitality Property

Possible Sale of Tucson Saint Mary's Suite Hospitality Property

10. Possible sale of Tucson Saint Mary’s Suite Hospitality Property

On July 1, 2015, Tucson Saint Mary’s Suite Hospitality LLC, a subsidiary of the Trust, entered into a Real Estate Purchase Agreement (“Sale Agreement”) to sell its Hotel Tucson City Center InnSuites property to Lee & J Hospitality, Inc, (“Buyer”) an unrelated third party to the Trust for $9.65 million with an estimated close prior to September 30, 2015 subject to the Trusts’ Board of Trustees approval, financing contingencies and the Buyers’ property review to be completed which was completed prior to July 21, 2015. As of September 1, 2015, the buyers’ financing is not guaranteed and escrow funds have not been deemed non-refundable. There can be no assurance that the sale of this property will be completed on the terms currently contemplated in the Sale Agreement, prior to or on the estimated closing date, or at all. Hotel operations continue at that property. Sale of one asset is not deemed a strategic shift in the direction of the Trust. Consistent to FASB ASU No. 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the assets was not characterized as a discontinued operation.