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InnSuites Hospitality Trust (symbol: IHT) is a self-administered, unincorporated business trust based in Ohio. The company is a significant player in the real estate investment trust (REIT) sector, focusing primarily on the ownership and operation of hotel properties. Through its subsidiary, InnSuites Hotels, Inc., the company owns the InnSuites trademarks and provides both trademark and management services for its properties.
The Trust's hotel properties are marketed under several brand names, including Best Western InnSuites Hotels and Suites and InnSuites Hotels. Additionally, properties are part of the IBC Hotels 'InnDependent Boutique Collection'. This diversified branding strategy helps InnSuites capture a wide market audience.
InnSuites Hospitality Trust engages in a range of operations incidental to running hotels. These include operating restaurants, managing meeting and banquet room rentals, and overseeing a reservation system. The company's single reportable segment is Hotel Operations & Hotel Management Services, highlighting its focused approach.
Recent achievements include the development and implementation of forward-looking strategies aimed at expanding their market presence and enhancing guest experiences. These initiatives often involve collaborations and partnerships that leverage the company's extensive expertise in hotel management and trademark licensing.
Financially, InnSuites Hospitality Trust continues to maintain a strong portfolio of hotel properties. The company's robust approach to management and operations ensures consistent performance and stability, making it a reliable investment option within the hospitality sector.
InnSuites Hospitality Trust (IHT) reported a remarkable annual recovery in Fiscal Year 2022, with a revenue growth of 53% to $6.41 million, up from $4.20 million. Net income turned positive at $1.54 million, contrasting a loss of $2.83 million the previous year. Earnings per Share improved to $0.03 from a loss of ($0.31). Total Trust Equity rose to $4.13 million, up from $2.51 million. The company anticipates ongoing gains, bolstered by successful hotel operations and advancements in its clean energy investment with UniGen Power.
InnSuites Hospitality Trust (NYSE: IHT) announced it will soon report its Fiscal Year 2022 results and Q1 2023 revenues. The Trust received a notification from the NYSE Regulation regarding a failure to timely file its Form 10-K annual report, leading to a noncompliance notice. This delay was due to challenges in obtaining and reviewing the necessary information. The Trust is working to file the report shortly while maintaining compliance with NYSE guidelines.
InnSuites Hospitality Trust (IHT) announced strong financial performance for the first three fiscal quarters of 2022, with a net income of approximately $390,000, a $2.7 million increase from the same period in 2021. Earnings per share rose to $0.04 from a loss of $0.26. The company's profits also surpassed pre-COVID levels by over $1.3 million in both 2019 and 2020. Additionally, IHT is addressing compliance issues with the NYSE American by submitting a plan to regain compliance, including potential asset sales and investments in clean energy through UniGen Power, aiming for execution by mid-2023.
InnSuites Hospitality Trust (IHT) announced a semi-annual dividend of $0.01 per share, payable on January 31, 2022, to shareholders of record as of January 18, 2022. This marks 52 years of uninterrupted annual dividends. The company's hotel operations are rebounding, and their investment in the UniGen clean energy project is progressing. Shareholders can expect continued commitment to dividend payments in the future.
InnSuites Hospitality Trust (IHT) reported significant improvements in hotel operations for Fiscal Year 2022. Consolidated Net Income reached approximately $390,000, up by over $2.7 million from the same period in 2021, with Earnings Per Share rising from ($0.26) to $0.04. The Trust's revenue for Q3 hit approximately $1.7 million, a 56% increase compared to the prior year. However, a Q3 loss of ($167,572) represents an improvement from the ($767,939) loss in the same quarter last year. IHT also continues to invest in clean energy innovation through UniGen Power.
On November 15, 2021, InnSuites Hospitality Trust (IHT) received a notification from NYSE American regarding non-compliance with listing standards due to stockholders' equity falling below the required $4 million. The Trust must submit a compliance plan by December 15, 2021, to regain compliance by June 15, 2023. Despite these challenges, IHT reported significant profit growth for the second quarter of Fiscal 2022, earning $401,564, compared to a loss of $1,267,385 the previous year. Revenue increased by 81% to approximately $1.7 million, indicating a recovery post-COVID-19.
InnSuites Hospitality Trust (IHT) reported a significant profit increase in Q2 FY2022, reaching $401,564, up from a loss of $1,267,385 in the same period last year. Revenues soared by over 81% to approximately $1.7 million, attributed to the easing of Covid-19 impacts. Year-to-date, IHT achieved a consolidated net income of about $560,000, exceeding FY2021 by over $2.1 million. IHT also invested over $1 million in clean energy firm UniGen, which is set to launch prototypes soon. The trust has maintained over 50 years of uninterrupted dividends.
InnSuites Hospitality Trust (IHT) announced a semi-annual dividend of $0.01 per share, payable on July 30, 2021, for shareholders on record as of July 15, 2021. This marks a continuation of their uninterrupted 51-year history of annual dividends. The company's hotel operations are recovering, and its investment in the UniGen clean energy initiative is progressing.
InnSuites Hospitality Trust (IHT) reported a Fiscal First Quarter profit of $157,161, an increase of over $500,000 from the prior year's loss of ($352,857). Revenues remained steady at approximately $1.4 million. Basic earnings per share improved to ($0.01) from ($0.04) year-over-year. The Trust's strategic focus on diversification includes a $1 million investment in UniGen Power, Inc., with potential ownership of up to 25%. IHT's extended dividend history continues, with approvals expected for July 2021 and January 2022.
InnSuites Hospitality Trust (IHT) reported a significant decline in fiscal year 2021 revenues, totaling approximately $4.203 million compared to $6.568 million in the prior year due to the impact of the Covid-19 pandemic. Basic earnings per share fell to ($0.31) from ($0.21). However, fourth-quarter revenues showed stability compared to the previous quarter. The company is advancing its diversification strategy with a notable investment in UniGen Power, Inc., potentially owning up to 25% of the firm, as development on clean energy prototypes progresses.
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