InnSuites Hospitality

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InnSuites Hospitality Trust
TypePublic company
AMEX: IHT
IndustryReal estate investment trust
FoundedJune 21, 1971; 50 years ago (1971-06-21)
Headquarters
Phoenix, Arizona, U.S.
Key people
James F. Wirth, CEO & Chairman
Craig Miller, CFO
ProductsLodging
RevenueIncrease $6 million (2020)
Decrease -$2 million (2020)
Total assetsDecrease $17 million (2020)
Total equityIncrease $8 million (2020)
OwnerJames F. Wirth (61.27%)
Number of employees
120 (2019)
Websitewww.innsuitestrust.com
Footnotes / references
[1]

InnSuites Hospitality Trust, based in Phoenix, Arizona, is a real estate investment trust that invests in lodging. While it is formed as a real estate investment trust, it is not classified as a real estate investment trust for tax purposes. The company owns interests in 2 hotels, operates 3 hotels, provides management for 3 hotels, and licenses its InnSuites trademark for 5 hotels. The company's hotel ownership interests are a 51.01% interest in the Best Western InnSuites Tucson Foothills Hotel & Suites in Tucson, Arizona, and a direct 20.33% interest in the Best Western InnSuites Albuquerque Airport Hotel & Suites in Albuquerque, New Mexico.[1]

History[]

IHT was founded by James Frank Wirth in 1971. That same year, the company became a public company via an initial public offering.[1]

In 1999, the company moved its shares from the New York Stock Exchange to the American Stock Exchange.[2]

In September 2000, the company acquired the Albuquerque Best Western Airport Inn.[3]

In 2004, the company sold the 160-unit InnSuites Hotels & Suites Tempe-Phoenix for $6.8 million to an affiliate of James Wirth, the founder, and sold a 131-unit hotel in San Diego for $9.7 million.[4]

In November 2013, the company announced a partnership with Roomer.[5]

In November 2014, the company purchased the ground under its InnSuites Hotel & Suites Catalina Foothills Best Western property for $2.5 million.[6]

On June 2, 2017, the company sold the InnSuites Ontario California Hotel and Suites property for $17.5 million and repaid debt of $7.2 million.[7]

In August 2018, the company sold IBC Hotels to OBASA Capital Investments for $250,000 and a promissory note in the amount of $2,750,000 with interest to be accrued at 3.75%.[1][8] IBC provides reservation services with proprietary software and exclusive marketing distribution and services to 2,000 unrelated hospitality properties.[1] In May 2014, IBC had 4,200 hotels in its network[9] and in August 2014, it had over 6,000 hotels in its network.[10]

In October 2018, the company sold the InnSuites Yuma Hotel and Suites Best Western for $16.05 million and repaid debt of $5.6 million.[11]

References[]

  1. ^ a b c d e "InnSuites Hospitality Trust 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "InnSuites checks into new exchange". American City Business Journals. April 6, 1999.
  3. ^ "InnSuites buys New Mexico hotel". American City Business Journals. September 7, 2000.
  4. ^ "InnSuites Sells Ariz., Calif., Hotels". The Arizona Republic. April 6, 2004 – via Commercial Real Estate Direct.
  5. ^ "Roomer Announces Partnership With InnSuites Hotels Inc" (Press release). PR Newswire. November 11, 2013.
  6. ^ "InnSuites Tucson Site Purchased. IBC Expands" (Press release). Globe Newswire. November 26, 2014 – via MarketWatch.
  7. ^ "InnSuites Ontario California Hotel and Suites Sold for $17.5 Million". Hotel News Resource. June 8, 2017.
  8. ^ "IHT SIGNS AGREEMENT AND SELLS ITS IBC SUBSIDIARY" (Press release). Globe Newswire. August 16, 2018.
  9. ^ "IBC Grows to 4,200 Hotels, Partners With INNJOY and Expands Credit Card Financing" (Press release). Globe Newswire. May 30, 2014 – via MarketWatch.
  10. ^ "IBC Tops 6,000 Hotels, Expands Credit Card Financing" (Press release). Globe Newswire. July 30, 2014 – via MarketWatch.
  11. ^ "IHT finalizes sale of Yuma Hotel Property" (Press release). Globe Newswire. October 29, 2018.

External links[]

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