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Notes Payable to Banks | 12 Months Ended
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Jan. 31, 2019
Debt Disclosure [Abstract] |
Notes Payable to Banks | 11. NOTES PAYABLE TO BANKS On January 8, 2016, in connection with the acquisition of substantially all of the assets of International Vacation Hotels, the Trust entered into a $400,000 business loan with Laurence Holdings Limited, an Ontario, Canada corporation, with a maturity date of February 1, 2019 pursuant to the terms of the Security Agreement and Promissory Note (the “Laurence Holdings Agreement”). The Laurence Holdings Agreement required the funds be used for the purchase of International Vacation Hotels assets. The Laurence Holdings Agreement provides for interest-only payments for the first three months of the term and principal and interest payments for the remaining portion of the loan. The Laurence Holdings Agreement sets an interest rate of 8% per annum with no prepayment penalty. This loan was paid in full during the fiscal year ended January 31, 2019. Due to the sale of the IBC Technology Segment (IBC Hotels LLC), the loan was classified at January 31, 2018 and recorded under liabilities of discontinued operations in the accompanying consolidated balance sheet (see note 23). On May 11, 2017, Yuma Hospitality Properties, LLLP entered into a $850,000 Promissory Note Agreement (“Yuma Loan Agreement”) as a credit facility to replenish funds for the hotel remodel with 1st Bank of Yuma Arizona Bank & Trust with a maturity date of September 1, 2022. The Yuma Loan Agreement had an initial interest rate of 5.50% with a variable rate adjustment equal to the Wall Street Journal Prime Rate plus 1.50% with a floor of 5.50% and no prepayment penalty. This credit facility was guaranteed by InnSuites Hospitality Trust. This loan was paid in full upon the sale of the Yuma hotel, and was classified at January 31, 2018 and recorded under liabilities of discontinued operations in the accompanying consolidated balance sheet (see note 23).

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