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...