Expects to Regain NYSE Compliance
On June 2, 2017, InnSuites Hospitality Trust (NYSE MKT: IHT) sold th 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”).