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MORTGAGE NOTES PAYABLE | 3 Months Ended
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Apr. 30, 2022
Debt Disclosure [Abstract] |
MORTGAGE NOTES PAYABLE | 6. MORTGAGE NOTES PAYABLE On March 29, 2022 Tucson Hospitality Properties LLLP, 51% owned by RRF Limited partnership, a subsidiary of InnSuites Hospitality Trust, funded a new loan for $8.4 million to refinance it’s relatively low $ 4.5 million first position debt along with $ 3.8 million in inter-company advances from IHT used to complete the Best Western Product Improvement Plan (“PIP”) refurbishment of the Hotel at an interest rate of 4.99% financed on a 25 year amortization with no prepayment penalty and no balloon. 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, 2022, and January 31, 2022, the mortgage loan balance was approximately $8,447,000 and $4,561,000, respectively. The mortgage note payable is due in monthly installments of $49,778. 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 4.90% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust. As of April 30, 2022, the mortgage loan balance was approximately $1,299,000, net of financing fees of approximately $14,000. See Note 9 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

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