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OTHER RELATED PARTY TRANSACTIONS | 12 Months Ended
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Jan. 31, 2024
Other Related Party Transactions |
OTHER RELATED PARTY TRANSACTIONS | 19. OTHER RELATED PARTY TRANSACTIONS As of January 31, 2024 and January 31, 2023, Mr. Wirth and his affiliates held 2,974,038 Class B Partnership units, which represented 22.51% of the total outstanding Partnership units, respectively. As of January 31, 2024 and January 31, 2023, Mr. Wirth and his affiliates held 6,250,296 and 6,228,296 Shares of Beneficial Interest in the Trust, respectively, which represented 71.09% and 69.12% respectively, of the total issued and outstanding Shares of Beneficial Interest. As of January 31, 2024 and January 31, 2023, the Trust owned 75.89% of the Partnership. As of January 31, 2024, the Partnership owned a 51.62% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct 21.90% interest in one InnSuites® hotel located in Albuquerque, New Mexico. The Trust directly manages the Hotels through the Trust’s majority-owned subsidiary, RRF Limited Partnership. Under the management agreements, RRF manages the daily operations of both Trust Hotels. All Trust managed Hotel expenses, revenues and reimbursements among the Trust, and the Partnership have been eliminated in consolidation. The management fees for the Hotels are 5% of room revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration dates but may be cancelled by either party with 30-days written notice, or potentially sooner in the event the property changes ownership. During the Fiscal Years ended January 31, 2024 and 2023, the Trust paid Berg Investment Advisors $6,000 and $6,000 for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President. The Trust employs part time, an immediate family member of Mr. Wirth, Brian James Wirth, who provides part time IT Technology support services to the Trust, receiving approximately $37,000, per year plus bonuses.

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