PHOENIX, April 30, 2015 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust ("IHT") (NYSE MKT:IHT) reported Consolidated Net Loss was approximately $2,104,000 for the fiscal year ended January 31, 2015 compared to $1,022,000 in the prior year. Included is non-cash depreciation expense of approximately $1.8 million for each fiscal year and additional technology platform development expenses relating to fast growing IBC Hotels division ("IBC").
IBC Hotels is one of the largest independent hotel service companies in the world, with 6,450 members representing 170 countries and approximately 1.8 million rooms and suites. Dedicated to leveling the playing field for independent hoteliers by providing resources and demand for independent hotels as well as unique, authentic hotel experiences to travelers, IBC Hotels is providing resources for the historically underserved independent hoteliers of the world.
Pamela Barnhill, founder and president of IBC Hotels and COO and President of IHT has been named President of the Board of Directors of the Independent Lodging Industry Association ("ILIA"). IBC is working with ILIA and Asian American Hotel Owners Association (AAHOA) to bring awareness to Stay Independent, Get Rewarded. IBC is serving independent hoteliers through demand generation to drive occupancy and rate with IBC's free customer-facing marketing and loyalty program called InnDependent InnCentives, resources such as HM Bookstore's e-books, financing and much more.
On April 24, 2015, InnSuites Hospitality Trust granted 60,000 IHT stock options each to James Wirth, Chairman of the Board of Trustees and CEO of IHT, Marc Berg, Executive Vice President and Trustee and Adam Remis, Chief Financial Officer of the Trust, as well as 10,000 IHT stock options to our Independent Trustees all with a strike price of $3.50 per share, subject to IHT Shareholder approval, IBC Hotels performance and other vesting requirements.
On April 24, 2015, IHT has entered into a restructuring agreement to syndicate a minority interest in Tucson Saint Mary's InnSuites hotel property. The Board of Trustees also agreed to terminate the prior arrangement to purchase Fort Worth Dallas Hotel Trinity InnSuites.
For more information, visit www.ibchotels.com
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.