InnSuites Hospitality Trust (IHT) Reports Improved Nine Month Results
PHOENIX, Dec. 17, 2012 /PRNewswire/ -- IHT (NYSE MKT:IHT) reported revenues from hotel operations, which include Room, Food and Beverage and Other revenues, increased 3.6% to $11.4 million for the nine months ended October 31, 2012, up from $11.0 million for the nine months ended October 31, 2011.
Net loss attributable to controlling interest improved by $206,463 for the nine month period ended October 31, 2012 to a loss of $628,000, or $0.07 per basic share, from a loss of $834,000, or $0.10 per basic share, during the nine months ended October 31, 2011. Consolidated net loss for the nine months ended October 31, 2012 and 2011 included non-cash depreciation expense of $1.3 million.
Occupancy was 65% for the nine months ended October 31, 2012, an increase of 3.3 points from the prior year period. ADR decreased $2.86, or 4%, to $67.98. REVPAR increased by $0.47 to $44.22 from $43.75 in the prior year period.
The Board of Trustees voted to list the Trust's hotel real estate properties for sale and to focus on providing services to the hospitality industry, including hotel management, trademark licensing and online reservation services. The Board also approved seeking a potential strategic transaction, including a potential merger.
This news release may include "forward-looking statements" within the meaning of the federal securities laws, including statements regarding potential sale of the Trust's hotels and other potential transactions. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained.
SOURCE InnSuites Hospitality Trust