IHT FISCAL FIRST QUARTER RECORD REVENUE; INCREASES IN IHT OWNERSHIP BY KEY INDIVIDUALS

Rhea-AI Summary

InnSuites Hospitality Trust (IHT) announces strong Fiscal Q1 results with combined hotel revenues exceeding $2.1 million, marking a 50% increase from the previous year’s $1.4 million. May 2022 also saw record-breaking revenue of approximately $600,966, up 159% from May 2021. The CEO and a Board member increased their ownership by purchasing an additional 5,000 shares each on May 31, 2022. IHT has maintained uninterrupted annual dividends for over 50 years, with semi-annual dividends scheduled for July 31, 2022.

Positive

• Revenues for Fiscal Q1 exceeded $2.1 million, a 50% increase year-over-year.
• Record hotel revenue of approximately $600,966 for May 2022, up 159% from May 2021.
• Key personnel increased their beneficial ownership interest in IHT by purchasing shares.

Negative

• None.

Phoenix, AZ, June 06, 2022 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) Fiscal Q1 results will be reported soon, confirming a continuation of IHT strong quarterly resurgence, with Revenues achieving an all-time record high for the Quarter. Combined Revenue for Hotel Operations have tentatively exceeded $2.1 million for the Fiscal First Quarter (February 1, 2022, through April 30, 2022), with final totals to be announced in the coming weeks. This represents a 50% increase from the Prior Fiscal First Quarter (February 1, 2021, through April 30, 2021), of $1.4 million. Furthermore, the month of May has also started the Second Fiscal Quarter (May 1, 2022, through July 31, 2022), with equally record-breaking tentative results, surpassing the maximum combined hotel revenue ever achieved by InnSuites, with a new May standard of approximately $600,966, which is an increase of 159% compared to May of 2021, which recorded combined revenues of approximately $232,499.

These Quarterly and Monthly tentative results, to be officially confirmed in the coming weeks, continue to bode well for the hotel industry, the travel industry, and specifically InnSuites. It has prompted Key Personnel to increase their IHT Beneficial Ownership Interest. The Trust President/Chairman/CEO James Wirth, has recently purchased an additional 5,000 shares of stock within the Open Trading Window for the Trust on May 31, 2022.

Likewise, another member of the Board of Trustees, JR Chase, has also increased his Beneficial Ownership Interest, with a similar purchase of 5,000 shares of additional Trust stock, concurrently, during the Open Trading Window as well, on May 31, 2022.

Both purchases were officially filed on SEC Form 4, Statement of Changes in Beneficial Ownership, accordingly.

Fiscal Year 2022 extended IHT’s uninterrupted, continuous annual dividends to over 50 years, since 1971, with semi-annual dividends paid January 31, 2022, and scheduled to be paid on July 31, 2022.

For more information, visit www.innsuitestrust.com and www.innsuites.com, or visit www.sec.gov for the complete Fiscal Year 2022 Annual 10-K Report, results, and Press Release with additional information.

Forward-Looking Statements

With the exception of historical information, matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.

FOR FURTHER INFORMATION:

Marc Berg, Executive Vice President
602-944-1500
email: mberg@innsuites.com

INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500

FAQ

What were the Q1 2022 results for InnSuites Hospitality Trust (IHT)?

InnSuites Hospitality Trust reported combined hotel revenues exceeding $2.1 million for Q1 2022, a 50% increase from the prior year.

How much revenue did IHT generate in May 2022?

In May 2022, InnSuites Hospitality Trust generated approximately $600,966 in revenue, which is a 159% increase compared to May 2021.

Have any executives bought shares of IHT recently?

Yes, both the CEO and a board member purchased an additional 5,000 shares each on May 31, 2022.

How long has IHT been paying dividends?

InnSuites Hospitality Trust has paid uninterrupted annual dividends for over 50 years since 1971.