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May 10, 2011/PRNewswire/ --
InnSuites Hospitality Trust (NYSE Amex: IHT) today announced that its 2011 annual meeting of shareholders will be held at the InnSuites Hotels Phoenix Best Western Plus, 1615 E. Northern Avenue,
Phoenix, Arizona 85020, on
Thursday, July 7, 2011, at
11:00 A.M., local time. The Board of Trustees has set
May 23, 2011 as the record date for the annual meeting. The only matter to be considered at the meeting will be the proposed re-election of
Larry Pelegrin and
Steven S. Robson as Trustees.
The Trust increased equity by
$2.2 million in the 2011 fiscal year ended
Jan 31, 2011 and expect to further increase equity in the current fiscal year through the sale of non-controlling interest in Albuquerque and Tucson Oracle hotels.
For the current fiscal year 2012, InnSuites projects a moderate improvement to the difficult economic environment, with an increase in both revenue and gross operating profits (GOP) for the balance of fiscal year 2012 based on trends and advanced bookings. The Trust plans to focus on improved sales efficiency and effective cost controls. Although the travel and hospitality industries are down worldwide, InnSuites is experiencing strength relative to the rest of the industry by continuing to refurbish its hotels with large flat screen HDTVs, increased boutique fashion trends, as well as increased internet marketing as more and more travelers move to the value-oriented InnSuites Suite Hotels and value suite concept "By the day and extended stay."
Our long-term strategic plan is to obtain the full benefit of our substantial but often hidden real estate equity through the sale of non-controlling interest to migrate our focus from a hotel owner to a hospitality service company by expanding our trademark license, management, reservation and advertising services. This plan is similar to strategies followed by international diversified hotel industry leaders, which over the last several years have reduced real estate holdings and concentrated on hospitality services.