PHOENIX, May 10, 2011 /PRNewswire/ -- InnSuites Hospitality Trust (NYSE Amex: IHT) today announced that its 2011 annual meeting of shareholders will be held at the InnSuites Hotels Phoenix Best Western Plus, 1615 E. Northern Avenue, Phoenix, Arizona 85020, on Thursday, July 7, 2011, at 11:00 A.M., local time. The Board of Trustees has set May 23, 2011 as the record date for the annual meeting. The only matter to be considered at the meeting will be the proposed re-election of Larry Pelegrin and Steven S. Robson as Trustees.
The Trust increased equity by $2.2 million in the 2011 fiscal year ended Jan 31, 2011 and expect to further increase equity in the current fiscal year through the sale of non-controlling interest in Albuquerque and Tucson Oracle hotels.
For the current fiscal year 2012, InnSuites projects a moderate improvement to the difficult economic environment, with an increase in both revenue and gross operating profits (GOP) for the balance of fiscal year 2012 based on trends and advanced bookings. The Trust plans to focus on improved sales efficiency and effective cost controls. Although the travel and hospitality industries are down worldwide, InnSuites is experiencing strength relative to the rest of the industry by continuing to refurbish its hotels with large flat screen HDTVs, increased boutique fashion trends, as well as increased internet marketing as more and more travelers move to the value-oriented InnSuites Suite Hotels and value suite concept "By the day and extended stay."
Our long-term strategic plan is to obtain the full benefit of our substantial but often hidden real estate equity through the sale of non-controlling interest to migrate our focus from a hotel owner to a hospitality service company by expanding our trademark license, management, reservation and advertising services. This plan is similar to strategies followed by international diversified hotel industry leaders, which over the last several years have reduced real estate holdings and concentrated on hospitality services.
Your Suite Choice®- Value Concept
InnSuites Hospitality Trust is a mid-market studio and two-room suite hospitality business trust owning five moderate service and full service hotels containing 843 hotel suites and managing and/or licensing hotels located primarily in Arizona, New Mexico, Texas and Southern California. The InnSuites Boutique Hotel Collection referral system includes 27 hotels with 2,766 rooms and suites. For reservations, call 1-888-INNSUITES, or visit www.innsuites.com. For information about the company, visit www.innsuitestrust.com.
Certain matters within this press release may be discussed using forward-looking language as specified in the 1995 Private Securities Litigation Reform Act and InnSuites Hospitality Trust intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to: (i) the declaration or payment of dividends; (ii) the leasing, management or operation of the hotels; (iii) the adequacy of reserves for renovation and refurbishment; (iv) the Trust's financing plans; (v) the Trust's position regarding investments, acquisitions, developments, financings, conflicts of interest and other matters; (vi) the Trust's plans and expectations regarding future sales of hotel properties; and (vii) trends affecting the Trust's or any hotel's financial condition or results of operations. InnSuites Hospitality Trust cautions that these statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements contained herein. Such risks include, but are not limited to: a) local or national economic and business conditions, including, without limitation, conditions which may affect public securities markets generally, the hospitality industry or the markets in which the Trust operates or will operate, b) fluctuations in hotel occupancy rates; c) changes in room rental rates which may be charged by InnSuites Hotels in response to market rental rate changes or otherwise; d) seasonality of our business; e) interest rate fluctuations; f) changes in governmental regulations, including federal income tax laws and regulations; g) competition; h) any changes in the Trust's financial condition or operating results due to acquisitions or dispositions of hotel properties; i) insufficient resources to pursue our current strategies; j) concentration of our investments in the InnSuites Hotels® brand; k) loss of franchise contracts; l) real estate and hospitality market conditions; m) hospitality industry factors, n) our ability to meet present and future debt service obligations; o) terrorist attacks or other acts of war; p) outbreaks of communicable diseases; q) natural disasters; and r) loss of key personnel.
SOURCE InnSuites Hospitality Trust