Sale of Ontario Hospitality Properties, LP	12 Months Ended
Jan. 31, 2018
Sale Of Ontario Hospitality Properties Lp
Sale of Ontario Hospitality Properties, LP	24. SALE OF ONTARIO HOSPITALITY PROPERTIES, LP On June 2, 2017, the Trust sold its Ontario, California hotel to an unrelated third party for approximately $17.5 million, which the Trust received in cash and resulted in a gain of approximately $11.4 million. 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 year ended January 31, 2018, Ontario entity had approximately $1,471,000 of revenue, and approximately $2,100,000 of operating expenses. As of January 31, 2018, Ontario entity had no current assets, and approximately $86,000 of current liabilities consisting of accounts payables and accrued expenses. During the years ended January 31, 2018, and January 31, 2017, depreciation/amortization and capital expenses were approximately $178,000 and $699,000, respectively. In addition, there were no significant non-cash operating and investing activities during such period. For the fiscal year ending January 31, 2018, the Ontario entity made discretionary Priority Return payments to unrelated unit holders of approximately $4,916,000 and to the Partnership of approximately $3,098,500.

Sale of Ontario Hospitality Properties, LP

12 Months Ended

Jan. 31, 2018

Sale Of Ontario Hospitality Properties Lp

Sale of Ontario Hospitality Properties, LP

24. SALE OF ONTARIO HOSPITALITY PROPERTIES, LP

On June 2, 2017, the Trust sold its Ontario, California hotel to an unrelated third party for approximately $17.5 million, which the Trust received in cash and resulted in a gain of approximately $11.4 million. 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 year ended January 31, 2018, Ontario entity had approximately $1,471,000 of revenue, and approximately $2,100,000 of operating expenses. As of January 31, 2018, Ontario entity had no current assets, and approximately $86,000 of current liabilities consisting of accounts payables and accrued expenses. During the years ended January 31, 2018, and January 31, 2017, depreciation/amortization and capital expenses were approximately $178,000 and $699,000, respectively. In addition, there were no significant non-cash operating and investing activities during such period.

For the fiscal year ending January 31, 2018, the Ontario entity made discretionary Priority Return payments to unrelated unit holders of approximately $4,916,000 and to the Partnership of approximately $3,098,500.