Hotel Resource - InnSuites Hotel Industry News

InnSuites Hospitality Trust (NYSE Amex: IHT) announced the appointment of Pamela Barnhill as President and Chief Operating Officer of InnSuites Hospitality Trust effective February 1, 2012.

Revenues for the first quarter of fiscal year 2012 were $5.0 million compared to $4.9 million in the prior year, reflecting increased occupancy as the travel industry improves.

Projected sales and profit increases for the balance of the fiscal year 2012

Revenues for the first nine months of fiscal 2011 were $11.8 million compared to $13.1 million in the prior year period, reflecting declining occupancy and rates in the current economic conditions.

Adjusted EBITDA was $758,000 for the six month period ended July 31, 2010 compared to $1.4 million in the prior year period.

Revenues for the first three months of fiscal 2011 were $4.9 million compared to $5.5 million in the prior year period, reflecting the current economic conditions.

InnSuites Hospitality Trust reported an operating loss of $248,000 for the fiscal year ended January 31, 2010, a decline of $522,000 from the prior fiscal year operating income of $274,000. The Trust also reported a net loss attributable to controlling interest of $1.1 million, or $(0.12) per basic and diluted share, for the fiscal year ended January 31, 2010, compared to a net loss of $631,000, or $(0.07) per basic and diluted share, in the prior fiscal year.

Adjusted EBITDA declined by 48.5% from $2.7 million to $1.4 million for the six month period of February 1 to July 31, 2009.

Adjusted EBITDA declined by 35.5% from $2.2 million to $1.4 million

InnSuites Hotels are affected by the economic conditions being felt industry wide.