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Other Related Party Transactions | 12 Months Ended
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Jan. 31, 2019
Other Related Party Transactions |
Other Related Party Transactions | 17. OTHER RELATED PARTY TRANSACTIONS As of January 31, 2019 and 2018, Mr. Wirth and his affiliates held 2,974,038 and 3,064,038 Class B Partnership units, which represented 23.35% and 23.86% of the total outstanding Partnership units, respectively. As of January 31, 2019 and 2018, Mr. Wirth and his affiliates held 5,881,683 and 6,939,429, respectively, Shares of Beneficial Interest in the Trust, which represented 62.84% and 70.99% respectively, of the total issued and outstanding Shares of Beneficial Interest. As of January 31, 2019 and 2018, the Trust owned 74.90% and 74.80% of the Partnership, respectively. As of January 31, 2019, the Partnership owned a 51.01% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct 22.83% 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 Inc. Under the management agreements, InnSuites Hotels Inc. manages the daily operations of the Hotels and the hotel owned by affiliates of Mr. Wirth. Revenues and reimbursements among the Trust, InnSuites Hotels Inc. and the Partnership have been eliminated in consolidation. The management fees for the Hotels and the two hotels owned by affiliates of Mr. Wirth are set at 5.0% 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. During the years ended January 31, 2019 and 2018, the Trust recognized approximately $165,000 and approximately $200,000, respectively of revenue. The Tucson Oracle property has an unsecured demand/revolving line of credit/promissory note as described in Note 13 – Lines of Credit - Related Party. The Trust has an unsecured demand/revolving line of credit/promissory note as described in Note 13 – Lines of Credit - Related Party. During the fiscal years ended January 31, 2019 and 2018, the Trust paid Berg Investment Advisors $6,000 and $42,500, respectively, for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President. Pamela Barnhill, former Vice Chairperson and President of the Trust, resigned in June, 2019, and is the daughter of Mr. Wirth, the Trust’s Chairman and Chief Executive Officer. Ms. Barnhill’s total compensation was $74,471 and $169,931 for the fiscal years ended January 31, 2019 and 2018, respectively. The Trust also employs another immediate family member of Mr. Wirth who provides technology support services to the Trust, receiving a $47,500 annual salary. During the fiscal years ended January 31, 2019 and 2018, Rare Earth received restructuring fees of $-0- and $440,000, respectively, relating to the syndications of our Albuquerque, New Mexico and Yuma, Arizona (sold October 2018) hotel properties. On December 22, 2015, the Trust provided Advances to Affiliate – Related Party in the amount of $500,000 to Tempe/Phoenix Airport Resort LLC. Mr. Wirth, individually and thru one of his affiliates owns approximately 42% Tempe/Phoenix Airport Resort LLC. The note has a due date of June 30, 2019 and accrues interest of 7.0%. During the fiscal year ended January 31, 2019, the Trust received $102,000 interest income from Tempe/Phoenix Airport Resort LLC, respectively. As of January 31, 2019, the Advances from Affiliate – Related Party balance was $950,353 from Tempe/Phoenix Airport Resort LLC. As of January 31, 2018, the Lending from Affiliate – Related Party balance $ $970,353 from Tempe/Phoenix Airport Resort LLC.

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