InnSuites Hospitality

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 20.53% interest in the Best Western InnSuites Albuquerque Airport Hotel & Suites in Albuquerque, New Mexico.[1]

InnSuites Hospitality Trust
Public company
Traded asAMEX: IHT
IndustryReal estate investment trust
FoundedJune 21, 1971 (1971-06-21)
Headquarters
Phoenix, Arizona, U.S.
Key people
James F. Wirth, CEO & Chairman
Craig Miller, CFO
ProductsLodging
Revenue $6 million (2019)
$11 million (2019)
Total assets $17 million (2019)
Total equity $8 million (2019)
OwnerJames F. Wirth (61.27%)
Number of employees
120 (2019)
Websitewww.innsuitestrust.com
Footnotes / references
[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. "InnSuites Hospitality Trust 2019 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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.