Press Release: InnSuites Hospitality Trust
January 15, 2002
PHOENIX, AZ -- InnSuites Hospitality Trust (Amex: IHT) yesterday announced that its Board of Trustees has approved
the payment of an annual dividend of $0.01 per share to shareholders of record on January 14, 2002, payable on
January 31, 2002. This dividend continues InnSuites' uninterrupted 32-year history of paying dividends each year
on its shares of beneficial interest.
InnSuites' dividend policy represents a balance between the Company's commitment to continue its 32 years of dividend
payments and its desire to utilize its $16.8 million tax loss carry-forward to pursue the attractive internal growth
opportunities available to the Trust, including equity repurchases, asset upgrades, and expansion. With an estimated
net asset value of $3.62 per share based on market valuations, the Board of Trustees has identified InnSuites Hospitality
Trust's stock as one of these investment opportunities. Purchases of over 1.2 million Trust shares and units of
its operating partnership, which units are convertible into Trust shares, during fiscal years 2002, 2001 and 2000
support this commitment. By re-investing a portion of its capital, the Trust is better able to maximize long-term
shareholder returns, including the ability to pay higher dividends in the future.
Positioned for the Future
The Trust recently refinanced its Tucson I-10 property on favorable terms. This refinancing takes advantage of
the favorable interest rates that are currently available. The Trust is also exploring additional refinancing opportunities
for several of its other properties.
Excluding the effects of the events of September 11, 2001, we believe that the Trust and its wholly-owned subsidiary,
InnSuites Hotels, Inc., would have experienced improved profits in the last two quarters of fiscal 2002 over the
same periods of the prior year. During that time, the Trust successfully implemented cost controls and improved
operating efficiency. We expect this upward trend, primarily resulting from improved cost controls, to continue
with additional revenue and profits generated from an enhanced marketing plan for fiscal 2003, which is expected
to increase sales.
Your Suite Choice® - Value Concept
InnSuites Hospitality Trust is a mid-market studio and two-room suite hospitality real estate investment trust
with 11 moderate service and full service hotels containing 1,698 hotel suites located in Arizona, New Mexico and
Southern California. InnSuites Hotels distinguishes itself by offering a choice of Studio InnSuites, two-room Executive/Family
Suites, and Presidential Jacuzzi Suites under its program, ``Your Suite Choice Value''. InnSuites Hotels create
extra value for its guests with complimentary ``InnSuites Extras''(SM), including healthy fruit and cereal breakfast
buffet, afternoon social hour, HBO, local phone calls, refrigerator with bottled water, microwave, coffeemaker
with coffee and tea, morning newspaper, and more. For reservations, call toll free, 1-888-INNSUITES, or visit www.innsuites.com . For investor information, visit www.innsuitestrust.com
.
Certain matters within this press release may be discussed using forward-looking language as specified in the 1995
Private Securities Litigation Reform Law and InnSuites Hospitality Trust intends that such forward-looking statements
be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to:
(i) expectations of growth in the financial and operating results of the company, (ii) expectations of growth opportunities
through acquisitions, (iii) expectations of reductions in costs incurred by the Trust, (iv) expectations to refinance
individual hotels, and (v) expectations that the travel and hospitality industries will rebound in the near future
from the negative events of September 11, 2001. InnSuites Hospitality Trust cautions that these statements may
involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance
to differ from those projected in the forward-looking statements contained herein. From time to time, these risks
are discussed in the Trust's annual report on Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: InnSuites Hospitality Trust