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Mortgage Notes Payable | 12 Months Ended
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Jan. 31, 2021
Debt Disclosure [Abstract] |
Mortgage Notes Payable | 11. MORTGAGE NOTES PAYABLE On January 31, 2021 and January 31, 2020, the Trust had a mortgage note payable outstanding with respect to the Tucson Hotel. The mortgage note payable has a scheduled maturity date in June 2042. Weighted average annual interest rates on mortgage notes payable as of January 31, 2021 and January 31, 2020 were 4.69%, respectively. The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2021:
|  | 2021 |  |  | 2020 |
Mortgage note payable, 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 $7.2 million at January 31, 2021. |  |  | 4,582,880 |  |  |  | 4,708,979 |
Mortgage note payable, due in monthly installments of $9,218, including interest at 4.90% per year, through December 2, 2029, secured by the Albuquerque property with a carrying value of $1.6 million at January 31, 2021. |  | $ | 1,354,704 |  |  | $ | 1,396,690 |
Totals: |  | $ | 5,937,584 |  |  | $ | 6,105,669 |
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 to be reimbursed 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 January 31, 2021, the mortgage loan balance was approximately $4,583,000. On December 2, 2019, Albuquerque Suites Hospitality, LLC entered into a $1.4 million Business Loan Agreement (“Albuquerque Loan”) as a first mortgage credit facility with Republic Bank of Arizona. The Albuquerque Loan has a maturity date of December 2, 2029. The Albuquerque Loan has an initial interest rate of 4.90% for the first five years and thereafter a variable rate equal to the US Treasury + 3.5% with a floor of 4.69% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust. As of January 31, 2021, the mortgage loan balance was approximately $1,355,000. See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

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