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InnSuites Hospitality Trust: Profitable Hotel Sale; Expect to Regain NYSE Compliance

/EINPresswire.com/ -- PHOENIX, AZ--(Marketwired - Jun 7, 2017) - On June 2, 2017, InnSuites Hospitality Trust (NYSE MKT: IHT) ("IHT") sold our InnSuites Ontario California Hotel and Suites property for $17.5 million paying off total debt of approximately $7.2 million. Management believes that the sale will more than fulfill the requirements of the NYSE Equity Enhancement Plan and be successful in gaining full compliance with the NYSE Listing Standards. The Board of Trustees plans to meet in the near future to review steps to benefit shareholders. 

IBC Hotels Inc., a wholly owned subsidiary of IHT, continues to explore additional financial resources and strategic options. The Trust hotel revenues continue to outperform from prior fiscal year with two of the hotels nearing completion this year of a significant Property Improvement Plan ("PIP"). 

With the exception of historical information, the matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties such as local, national or international economic and business conditions, including, without limitation, conditions that may, or may continue to, affect public securities markets generally, the hospitality industry or the markets in which we operate or will operate; fluctuations in hotel occupancy rates; changes in room rental rates that may be charged by InnSuites Hotels in response to market rental rate changes or otherwise; seasonality of our business; our ability to sell any of our Hotels at market value, listed sale price or at all; interest rate fluctuations; changes in, or reinterpretations of governmental regulations; competition; availability of credit or other financing; our ability to meet, refinance or extend present and future debt service obligations; insufficient resources to pursue our current strategy; concentration of our investments in the InnSuites Hotels® brand; loss of membership contracts; the financial condition of franchises, brand membership companies and travel related companies; our ability to develop and maintain positive relations with "Best Western Plus" or "Best Western" and potential future franchises or brands; our ability to carry out our strategy, including our strategy regarding IBC Hotels; the Trust's ability to remain listed on the NYSE MKT; effectiveness of the Trust's software program; the need to periodically repair and renovate our Hotels at a cost at or in excess of our standard 4% reserve; our ability to cost effectively integrate any acquisitions with the Trust in a timely manner; increases in the cost of labor, energy, healthcare, insurance and other operating expenses as a result of changed or increased regulation or otherwise; terrorist attacks or other acts of war; outbreaks of communicable diseases attributed to our hotels or impacting the hotel industry in general; natural disasters, including adverse climate changes in the areas where we have or serve hotels; airline strikes; transportation and fuel price increases; adequacy of insurance coverage; data breaches or cybersecurity attacks; and other factors. Such uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained.

For more information visit www.innsuitestrust.com or www.sec.gov.

FOR FURTHER INFORMATION:
Marc Berg
Executive Vice President
602-944-1500
email:
mberg@innsuites.com