InnSuites Hospitality Trust Reports Strong Financial Performance and Record Hotel Operations in Fiscal Year 2023

Company Achievements

InnSuites Hospitality Trust (IHT), a hospitality company with a diverse portfolio of hotels, has reported strong financial performance and record hotel operations in their fiscal year 2023. The company’s net income attributable to controlling interests doubled, increasing by 106% to $523,171 compared to the previous fiscal year. Earnings per share also more than doubled, reaching $0.06, up from $0.03 in the prior year. Total revenues increased by approximately 11% to $7.5 million compared to $6.7 million in the same period last year.

Strong Performance of IHT’s Hotels

The strong performance of IHT’s hotels, particularly the Albuquerque Hotel and Tucson Hotel, contributed to the company’s solid financial results. Both hotels achieved record results for the combined months of February, March, and April of the current fiscal year. This positive trend indicates a rebound and thriving travel industry, which is promising for InnSuites and its future growth.

Recovery from the COVID-19 Pandemic

The COVID-19 pandemic had a material detrimental impact on IHT’s business, financial results, and liquidity in fiscal year 2021. However, in fiscal years 2022 and 2023, IHT and the travel industry showed a significant rebound. The lodging demand and revenue level have now fully recovered, and the negative impact of the pandemic on the company’s operations and financial results has diminished. The current and future impact of the COVID-19 pandemic on IHT’s business is no longer considered a major factor for fiscal year 2024.

Dividend Policy

In addition to the strong financial performance, IHT has maintained its current conservative dividend policy. The company pays two semi-annual dividends each fiscal year, totaling $0.02 per share. The dividends are paid in the second and fourth quarters and have been consistently paid since IHT’s inception in 1971. The company paid the scheduled semi-annual $0.01 dividend on July 29, 2022, and February 1, 2023, with another anticipated for July 31, 2023.

Compliance with Regulatory Standards

Furthermore, IHT received communication from the NYSE-American on August 29, 2022, confirming its full compliance with all the Continued Listing Standards Equity Requirements. This signals the company’s strong position and adherence to regulatory standards.

Lease Commitments and Rental Payments

The company’s lease commitments and rental payments are detailed in the quarterly report. IHT has operating leases for its corporate offices in Phoenix, Arizona, and land leased in Albuquerque, New Mexico. Additionally, the company holds a cable equipment finance lease in Tucson, Arizona. The leases are non-cancelable, and the Trust pays rent and other associated costs.

Share-Based Payments and Notes Receivable

IHT also provided information on its share-based payments and notes receivable. The company granted officers, trustees, and key employees a total of 38,000 fully paid IHT restricted shares, with an aggregate grant date fair value of approximately $79,040. These shares partially vested in December 2022 and May 2023. Furthermore, IHT entered into a sale agreement of its technology subsidiary, IBC Hotels LLC, and received a secured promissory note adjusted to a principal amount of $1,925,000 with accrued interest at 3.75% per annum. The note matures on June 1, 2024, and future payments on the note are detailed in the report.

Income Tax Position

The company has evaluated its income tax position and has deferred tax assets of $4.3 million, including net operating loss carryforwards and syndications. A valuation allowance of approximately $2.6 million has been recognized for these deferred tax assets.

Forward-Looking Statements

It is important to note that the unaudited condensed consolidated financial statements and the management’s discussion and analysis of financial condition and results of operations contain forward-looking statements. These statements are subject to uncertainties and factors relating to the operations and business environment of the hotels, which may cause actual results to differ materially from the forward-looking statements.


Overall, InnSuites Hospitality Trust has showcased strong financial performance and record hotel operations in fiscal year 2023, signaling a positive outlook for the company. The rebound of the travel industry and the consistent performance of IHT’s hotels contribute to the optimistic outlook for the company’s future growth and success.

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