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...