INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Enter Into a Material Definitive Agreement |
On February 28, 2017, InnSuites Hospitality Trust (the Trust)
entered into a Securities Purchase Agreement (the Agreement) with
the purchaser set forth on the page thereto for the sale of
111,111 Shares of Beneficial Interest of the Trust, at a purchase
price of $1.80 per Share, for the aggregate proceeds of $200,000
to the Trust. to the Agreement, Rare Earth Financial, LLC (Rare
Earth), whose managing member is James F. Wirth, the Chairman and
Chief Executive Officer of the Trust, purchased 55,556 Shares of
Beneficial Interest of the Trust and Charles E Strickland
purchase the remaining 55,555 Shares of Beneficial Interest. Rare
Earth is wholly owned by Mr. Wirth and his family members,
including Pamela Barnhill, Vice Chairperson and President of the
Trust. On February 28, 2017, the closing price of Shares of
Beneficial Interest of the Trust on the NYSE MKT was $1.8 per
Share. The Board of Trustees (the Board) and the Audit Committee
of the Trust approved this offering as part of the Trusts NYSE
Equity Enhancement Plan.
The foregoing description is not intended to be complete and is
qualified in its entirety by reference to the full text of the
Agreement, which is filed as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
| Item 3.02 | Unregistered Sales of Equity Securities. |
Information set forth under Item 1.01 above is incorporated
herein by reference. The Shares of Beneficial Interest of the
Trust have been issued in the offering described above in
reliance on an exemption from registration to Section 4(a)(2) of
the Securities Act of 1933, as amended.
About INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT)
InnSuites Hospitality Trust (the Trust) is a real estate investment trust. The Trust is engaged in the ownership and operation of hotel properties. The Trust, with its affiliates RRF Limited Partnership and InnSuites Hotels, Inc., owns interest and operates approximately four hotels, provides management services for approximately six hotels and provides trademark license services for approximately seven hotels. The Trust operates through two segments: Hotel Operations & Corporate Overhead and IBC Developments. Its Hotel Operations & Corporate Overhead segment consists of its hotel operations at its Yuma, Arizona property. Its InnDependent Boutique Collection (IBC Hotels) or IBC Developments, a subsidiary of InnSuites Hospitality Trust, has a network of approximately 6,300 unrelated hotel properties. It provides revenue generating services and cost savings solutions to independent boutique hotels. The Trust’s hotels are trademarked as InnSuites Hotels. INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT) Recent Trading Information
INNSUITES HOSPITALITY TRUST (NYSEMKT:IHT) closed its last trading session down -0.08 at 2.08 with 342 shares trading hands.