XML 51 R12.htm IDEA: XBRL DOCUMENT
v3.19.2

Mortgage Notes Payable | 6 Months Ended
--- | ---
Jul. 31, 2019
Debt Disclosure [Abstract] |
Mortgage Notes Payable | 6. MORTGAGE NOTES PAYABLE At July 31, 2019 and January 31, 2019, the Trust had a mortgage note payable outstanding with respect to the Tucson Hotels. The mortgage note payable has a scheduled maturity dates ranging in June 2042. Weighted average annual interest rates on mortgage notes payable as of July 31, 2019 and January 31, 2019 were 4.69%, respectively. The Trust’s mortgage note payable, net of debt discounts, as of July 31, 2019 and January 31, 2019 were $4,766,896 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 July 31, 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 July 31, 2019 and January 31, 2019, the mortgage loan balance was approximately $4,766,896 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for mortgage notes payable. + References No definition available. + Details
Name: | us-gaap_MortgageNotesPayableDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration