AMEX:IHT
FOR
FURTHER INFORMATION:
602-944-1500
email: mberg@innsuites.com
Phoenix, AZ., January 13, 2009 - InnSuites
Hospitality Trust (NYSE Alternext US:IHT) today
announced that its Board of Trustees has approved the payment of an annual
dividend of $0.01 per share to shareholders of record on January 20, 2009, payable
on January 31, 2009. This dividend
continues InnSuites’ uninterrupted 39-year history of paying dividends each
year on its Shares of Beneficial Interest.
InnSuites
Hospitality Trust (the “Trust”) has historically, since 1998, had a repurchase
program for its Shares of Beneficial Interest (“Shares”) or units of its
operating partnership. Over the years the Trust has steadily repurchased both Shares or units at the market price, often times over
terms of three years with interest on the deferred balance. The Trust has
had and continues to have an arrangement with a broker to purchase Shares on
the open market.
The
Board of Trustees recently increased the number of Shares and units that could
be repurchased under its 1998 repurchase plan by 300,000 shares and units to an
updated total of approximately 400,000 shares and units to be repurchased . The Class A and B units are convertible on a
one-to-one basis into Shares. Officers and Trustees have indicated no plans at
this time to sell their shares or units to the Trust under the repurchase
program based on the perceived long term potential of the Trust real estate and
trademark service invoice future potential.
As
discussed in the Trust’s Form 10-Q for the fiscal quarter ending October 31,
2008, due to the current economic conditions, the Trust was in negotiations to
refinance its mortgage note payable on its Yuma hotel in the amount of $4
million to supplement its cash flows from operations during fiscal year 2010.
The Trust recently completed this refinancing. A portion of the cash flow
from the refinancing will be used for recently increased plan of repurchases.
The
Board of Trustees believes and has long believed that the current share price
does not fully reflect the underlying real estate asset
value of the Trust less its liabilities, especially in the current
depressed stock market.
Inquires
about the Trust's repurchase program should be directed to Marc Berg, EVP at mberg@innsuites.com
or 602-944-1500.
InnSuites Hospitality Trust is a mid-market studio and
two-room suite hospitality company owning 5 moderate and full service hotels
containing 843 hotel suites and managing and/or licensing 11 hotels with 1,642
suites located in Arizona, New Mexico, Texas and Southern California. InnSuites owns, manages and licenses
providing three separate profit centers. For reservations, call 1-888-INNSUITES,
or visit www.innsuites.com. For investor information, 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
we intend that such forward-looking statements be subject to the safe-harbor
created thereby. 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.