Current Report Filing (8-k)
August 01 2018 - 4:34PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 31, 2018
INNSUITES
HOSPITALITY TRUST
(Exact
Name of Registrant as Specified in Charter)
Ohio
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001-07062
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34-6647590
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(State
or Other Jurisdiction
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(Commission
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(IRS
Employer
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of Incorporation)
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File Number)
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Identification No.)
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InnSuites
Hotels Centre,
1730
E. Northern Avenue, Suite 122
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Phoenix,
AZ
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85020
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
(602) 944-1500
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01
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Enter
Into a Material Definitive Agreement
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Effective July 31, 2018, Yuma Hospitality
Properties LLLP (“Yuma”), a subsidiary of InnSuites Hospitality Trust (the “Trust”), entered into a Purchase
and Sale Agreement (the “PSA”) to sell its InnSuites Yuma Hotel and Suites Best Western property together with certain
furniture, fixtures, equipment, operating supplies and other ancillary items pertaining to the daily operations. The buyer is
Palm Springs Inn, LLC or Assignee (“Buyer”) an unrelated third party for $16.250 million with an estimated close of
60 to 90 days, or such other date as may be mutually agreed upon by both the Trust and the Buyer, subject to IHT Board of Trustees
approval, Yuma Hospitality Properties LLLP partners approval, and the Buyer’s property/financial review.
The PSA requires the buyer to make a $200,000
earnest money deposit into escrow within 3 days of the effective date of the PSA, with $25,000 to be nonrefundable after 30 days
with the remainder to be nonrefundable after 45 days of opening escrow. The buyer shall have 45 days from the effective date to
inspect and complete all physical and financial due diligence related to its acquisition of the property.
The foregoing description is not intended
to be complete and is qualified in its entirety by reference to the full text of the PSA, which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
Item
9.01
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Financial
Statements and Exhibits.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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InnSuites
Hospitality Trust
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By:
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/s/
James F. Wirth
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James F. Wirth
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Chief
Executive Officer
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Date:
August 1, 2018
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