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Mortgage Notes Payable | 3 Months Ended
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Apr. 30, 2019
Debt Disclosure [Abstract] |
Mortgage Notes Payable | 8. MORTGAGE NOTES PAYABLE At April 30, 2019 and January 31, 2019, the Trust had mortgage notes payable outstanding with respect to each of the Hotels except the Albuquerque property. The mortgage notes payable has various repayment terms and have scheduled maturity dates ranging from August 2022 to June 2042. Weighted average annual interest rates on the mortgage notes payable as of April 30, 2019 and January 31, 2019 were 4.85%, respectively. The Trust’s mortgage note payable, net of debt discounts, as of April 30, 2019 and January 31, 2019 were $4,793,768 and $4,824,692, respectively. The mortgage note payable is due in monthly installments of $28,493, including interest at 4.69% per year, through June 19, 2042, secured by the Tucson Oracle property with a carrying value of $7.6 million at April 30, 2019 and January 31, 2019. On June 29, 2017, Tucson Oracle entered into a $5.0 million Business Loan Agreement (“Tucson Loan”) as a first mortgage credit facility with KS State Bank to refinance the existing first mortgage credit facility with an approximate payoff balance of $3.045 million which will allow Tucson Hospitality Properties, LLLP funds for prior and future hotel improvements. The Tucson Loan has a maturity date of June 19, 2042. The Tucson Loan has an initial interest rate of 4.69% for the first five years and thereafter a variable rate equal to the US Treasury + 2.0% with a floor of 4.69% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust, RRF Limited Partnership, Rare Earth Financial, LLC, James F. Wirth and Gail J. Wirth and the Wirth Family Trust dated July 14, 2016. As of April 30, 2019 and January 31, 2019, the mortgage loan balance was approximately $4,794,000 and $4,825,000, respectively, net of a discount of approximately $5,000. See Note 11 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

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