innsuites hospitality trust
InnSuites Hospitality Trust Enters Agreement to Sell Its IBC Subsidiary, IBC Hotels
August 17, 2018
Phoenix, AZ, Aug. 17, 2018 -- On August 15, 2018, InnSuites Hospitality Trust (NYSE American: IHT), through InnSuites Hotels, Inc., entered into an agreement to profitably sell its wholly-owned subsidiary, IBC Hotels, LLC ("IBC") to a wholly-owned subsidiary of OBASA Capital Investments, Inc., an independent third-party purchaser. The sale was completed, with funds being received by IHT, on August 16, 2018. The sale price and terms were not disclosed. IBC provides proprietary software, exclusive marketing services, and distribution to a network of approximately 2,000 unrelated hospitality properties under the names InnDependent Boutique...
IHT Enters Agreement to Sell InnSuites Yuma Hotel and Suites Best Western Hotel to Palm Springs Inn for $16.25 Million
August 2, 2018
Phoenix, AZ, Aug. 02, 2018 -- Innsuites Hospitality Trust (NYSE American: IHT) has entered into an agreement to sell its Yuma Hospitality Property for $16,250,000 resulting in a significant gain. Yuma Hospitality Properties LLLP ("Yuma"), a subsidiary of the IHT, entered into a Purchase and Sale Agreement (the "PSA") to sell its InnSuites Yuma Hotel and Suites Best Western Hotel property together with certain furniture, fixtures, equipment, operating supplies and other ancillary items pertaining to the daily operations with an estimated net book value of approximately $4.75 million. Palm Springs Inn, LLC or Assignee ("Buyer") an unrelat...
