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Sale of Ontario Hospitality Properties, LP | 9 Months Ended
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Oct. 31, 2017
Sale Of Ontario Hospitality Properties Lp |
Sale of Ontario Hospitality Properties, LP | 11. SALE OF ONTARIO HOSPITALITY PROPERTIES, LP On June 2, 2017, the Trust sold its Ontario hotel to an unrelated third party for approximately $17.5 million, which the Trust received in cash. The Trust used $7.2 million of the proceeds to satisfy its mortgage note payable on the property, approximately $2.4 million to reduce accruals and payables, and retained the remaining proceeds to fund future operations and capital improvements. For the nine months ended October 31, 2017, Ontario had approximately $1,471,000 of revenue, and approximately $2,100,000 of operating expenses. As of October 31, 2017, Ontario had approximately $12,000 of current assets consisting primarily of cash and receivables, and approximately $3,000 of current liabilities consisting of accounts payables and accrued expenses. During the nine months ended October 31, 2017, and October 31, 2016, depreciation/amortization and capital expenses were approximately $178,000 and $0, respectively. In addition, there were no significant non-cash operating and investing activities during such period. See our Note 6 – “Sale of Ownership Interests in Subsidiaries” for information about investing activities during the nine months ended October 31, 2017.

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