IBC Conference Success; IHT Refinance Two Hotel Properties and Accepts Offer to Sell Hotel
May 23 2017 - 6:49PM
Marketwired
IBC Conference Success; IHT Refinance Two Hotel Properties and
Accepts Offer to Sell Hotel
PHOENIX, AZ-(Marketwired - May 23, 2017) - InnSuites Hospitality
Trust (NYSE MKT: IHT)
The 3rd annual InnDependent Lodging Executive Summit ("ILES")
held on May 15-17, 2017 at the Hard Rock Las Vegas hotel was a
success with over 250 hoteliers and exhibitors. This three-day idea
exchange included strong educational sessions focused on the
changing hospitality industry and focused on soft brand and
independent hotel market segments.
On May 11, 2017, InnSuites Hospitality Trust ("IHT")
successfully completed a refinance of our Ontario hotel property
first mortgage of additional $2 million with a 4.75% interest rate
and maturing in 2024. On May 11, 2017, our Yuma hotel property
received an $850,000 5% credit facility to refinance its hotel
renovations completed to date due in 2022.
The Trust accepted a $17.5 million offer to sell its Best
Western Plus InnSuites Ontario Hotel and Suites with an estimated
close of escrow by June or July subject to a number of
contingencies including licenses transfer. Management believes that
successful sale of the hotel expected this summer will fulfill the
NYSE Equity Enhancement Plan Sale and the NYSE compliance
requirements.
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
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