PHOENIX, Dec. 6, 2013 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE MKT:IHT)
InnSuites Hospitality Trust reported Consolidated Net Loss was ($647,000) for the first nine months of 2014 fiscal year ended October 31, 2013 compared to a Consolidated Net Loss of ($823,000) in the first nine months of the prior fiscal year, an improvement of $176,000. Included is non-cash depreciation of approximately $1,334,000 and $1,307,000 for the first nine months of 2014 and 2013 fiscal years, respectively.
As of December 3, 2013, InnSuites Hospitality Trust continues to expand the Inndependent Boutique Collection (IBC) to over 710 hotels representing over 43,422 rooms and suites. IBC continues to grow and enhance our hotel service solutions for independent hoteliers. The hotel booking engine and InnDependent InnCentives frequent hotel traveler program featuring a free stay after 12 nights with no restrictions are now being well received by our IBC early adopting hoteliers and guests.
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.
|NEWS BULLETIN||RE: INNSUITES HOSPITALITY TRUST|
|FROM||INNSUITES HOTEL CENTRE|
|INNSUITES HOSPITALITY TRUST||1625 E. NORTHERN AVENUE, # 105|
|NYSE MKT:IHT||Phoenix, Arizona 85020|
|FISCAL 2014||Phone: 602-944-1500|
|$176,000 IMPROVEMENT OF IHT OPERATING RESULTS & IBC EXCEEDS 700 HOTELS|
|FOR FURTHER INFORMATION:|
|Marc Berg, Executive Vice President|
Source:InnSuites Hospitality Trust