Phoenix, AZ, Dec. 16, 2024 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE:IHT) reported Hotel Revenue record levels have maintained for the First Three Fiscal Quarters of 2025, (February 1, 2024, to October 31, 2024), with Total Revenue increasing to an approximately $6 million record level.
Consolidated Net Income/Loss before non-cash depreciation expense was approximately flat, for the 2025 First Three Fiscal Quarters, ended October 31, 2024 (February 1, 2024, through October 31, 2024).
IHT hotel operations were strong in the Fiscal Year ended January 31, 2024, and the 2025 First Three Fiscal Quarters, continuing strong into November, of the current Fiscal Year. Combined Revenue has led to a record $6,531,170 for the first ten Fiscal Months of Fiscal Year 2025.
The Combined Hotel Average Daily Rate (ADR) has increased $4.43, an increase of 4.37% for First Fiscal Three Quarters (February 1, 2024, to October 31, 2024). The Combined Revenue Per Available Room (REVPAR), has also increased from the prior First Fiscal Three Quarters, by $2.33, a 3.16% improvement. The Trailing 12-month total revenue has also seen a 5% increase from the prior 12-month period, increasing $334,849 to approximately $7.7 million.
These are all positive signs for InnSuites, as the Travel Industry, and InnSuites Hospitality Trust (IHT) specifically, continue to record strong revenue growth and improved Gross Operating Profit (GOP).
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in UniGen Power Inc., (UPI), developing a patented, high profit potential, efficient clean energy generation innovation. With the continued growing demand for data centers plus influx of electric cars, as well as growing needs of artificial intelligence, increased demand for electricity over the next five years is projected to approximately double. IHT holds stock, convertible bonds and warrants that, if fully exercised, could result in IHT holding an approximately up to 15-20% ownership stake in UniGen.
UniGen is currently concentrating on its next round of capital raising, which IHT may or may not participate in. UniGen is a high-risk investment offering high potential investment return if and when successful.
IHT management believes that due to real estate held on the books of IHT at book values believed to be significantly below current market value and due to the clean energy diversification high profit potential ahead, the IHT future looks bright.
IHT's strong hotel operating results are reflected in the most recent three successful, consecutive profitable Fiscal Years, even after accounting for substantial non-cash depreciation expense. IHT management is also exploring additional investment opportunities to further supplement the continued record Hotel and Diversification revenues currently being recognized.
Fiscal Year 2025 extended IHT's uninterrupted, continuous annual dividends to 54 years, since 1971 when first listed on NYSE, with semi-annual dividends paid February 5, 2024, and July 31, 2024.
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Forward-Looking Statements
With the exception of historical information, matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. All statements regarding IHT's review and exploration of potential strategic, operational, and structural alternative diversification investments, and expected associated costs and benefits, as well as statements related to continuation of its 54 years of uninterrupted payment of annual dividends, are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT's actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of IHT's success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, continuation of growth of hospitality revenues and/or profit growth, timely collection of receivables, the success of and timing of the UniGen clean energy diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, and other risks discussed in IHT's SEC filings. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President
602-944-1500
email: [email protected]
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
