PHOENIX, AZ--(Marketwired - May 23, 2017) - InnSuites Hospitality Trust (
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
