PHOENIX, March 27, 2014 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE MKT:IHT)
InnDependent Boutique Collection (IBC Hotels), a wholly owned subsidiary of InnSuites Hospitality Trust (IHT), now exceeds 2,600 hotel properties. IHT has added two additional Trustees to provide additional expertise to support future growth.
IBC Hotels only charges 10% of the hotel reservations that come through the IBC's booking channel. IHT has expanded the size of the Board of Trustees to seven Trustees and has appointed Cynthia Ketcherside and Pamela Barnhill as Trustees with terms expiring in 2014. Ms. Ketcherside and Ms. Barnhill's marketing and business skills are expected to significantly aid IBC. Ms. Barnhill is President, Chief Operating Officer and has been appointed Vice Chairperson of the Board of Trustees.
On March 24, 2014, the RRF Limited Partnership agreement was amended to facilitate IHT's 51% purchase of the partnership interests of Fort Worth/Dallas Suite Hospitality Partnership, owner of Hotel Trinity InnSuites Dallas Ft Worth IBC. This purchase will increase IHT's Equity as part of IHT's plan for compliance with Section 1003(a)(iii) of the NYSE MKT Company Guide. On March 24, 2014, Mr. Pelegrin resigned as a Trustee whose term expires at the 2014 annual meeting of shareholders and was immediately reappointed as a Trustee whose term expires at the 2015 annual meeting of shareholders.
With the exception of historical information, the matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties and are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained.
For more information visit www.innsuitestrust.com or www.sec.gov