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MORTGAGE NOTES PAYABLE | 9 Months Ended
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Oct. 31, 2024
Debt Disclosure [Abstract] |
MORTGAGE NOTES PAYABLE | 6. MORTGAGE NOTES PAYABLE On March 29, 2022 Tucson Hospitality Properties LLLP, 51% owned by RRF LLLP, 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 approximately $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 LLLP, Rare Earth Financial, LLC, James F. Wirth and Gail J. Wirth, and the Wirth Family Trust dated July 14, 2016. As of October 31, 2024, and January 31, 2024, the mortgage loan balance was approximately $8,089,000 and $8,224,000, respectively. The mortgage note payable is due in monthly instalments 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 October 31, 2024, the mortgage loan balance was approximately $1,227,000, net of financing fees of approximately $11,000. The mortgage note payable is due in monthly instalments of $9,217 per month. Total interest expense on mortgage notes payable was $323,788 and $360,636 for the nine months ended October 31 2024 and 2023, respectively, and $89,462 and $120,555 for the three months ended October 31, 2024 and 2023, respectively.

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