v3.26.3
INVESTMENT IN HOTEL, NET
 12 Months Ended
Jun. 30, 2026
Investment In Hotel Net  
INVESTMENT IN HOTEL, NET

NOTE 4 – INVESTMENT IN HOTEL, NET

 

Investment in Hotel, net, consisted of the following:

 

       Accumulated     
June 30, 2026  Cost   Depreciation and Amortization   Net Book Value 
             
Land  $2,738,000   $-   $2,738,000 
Finance lease right-of-use assets   1,805,000    (1,777,000)   28,000 
Furniture and equipment   41,431,000    (35,142,000)   6,289,000 
Building and improvements   70,490,000    (41,568,000)   28,922,000 
Investment in Hotel, net  $116,464,000   $(78,487,000)  $37,977,000 

 

       Accumulated     
June 30, 2025  Cost   Depreciation and Amortization   Net Book Value 
             
Land  $2,738,000   $-   $2,738,000 
Finance lease right-of-use assets   1,805,000    (1,665,000)   140,000 
Furniture and equipment   41,195,000    (33,248,000)   7,947,000 
Building and improvements   68,527,000    (39,833,000)   28,694,000 
Investment in Hotel, net  $114,265,000   $(74,746,000)  $39,519,000 

 

Furniture and equipment are depreciated on a straight-line basis over estimated useful lives ranging from 3 to 7 years. Building and improvements are depreciated on a straight-line basis over estimated useful lives ranging from 15 to 39 years. Finance lease right-of-use assets are amortized over the applicable lease term. Depreciation and amortization expense related to Hotel assets was $3,741,000 and $3,634,000 for the years ended June 30, 2026 and 2025, respectively.

 

Note 4 reports Hotel depreciation and amortization of $3.741 million, while Note 14 – Segment Information reports $3.740 million. The $1,000 difference is due solely to rounding and does not represent an underlying accounting difference.