Innsuites Hospitality Trust cancelled the acquisition of 51% interest in Suite Hospitality Partnership from Suite Hotels, LLC.
January 31, 2015 at 04:00 am
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Innsuites Hospitality Trust (AMEX:IHT) entered into an agreement to acquire 51% interest in Suite Hospitality Partnership from Suite Hotels, LLC for $0.99 million in stock on January 31, 2014. As consideration for the purchase of the 51% of the partnership interests of Suite Hospitality Partnership, the Innsuites Hospitality Trust agreed to pay to Suite Hotels an aggregate purchase price of 51% of the book value of the Net Assets of Suite Hotels as of the January 31, 2014. Prior to any required financial adjustments, Innsuites expects to issue approximately 0.53 million shares of Stock to Suite Hotels as purchase consideration. The transaction is subject to approval of the Innsuites' shareholders, Hotel Trinity lender's consent, approval of the NYSE market for the listing of additional Shares to be issued as acquisition consideration on the NYSE market and certain customary closing conditions and approvals. The transaction is approved by the members of Suite Hotels and by all partners of Suite Hospitality and was unanimously approved by independent trustees of Innsuites. The transaction is expected to close in June 2014. The annual shareholder meeting of Innsuites is expected to be held in June 2014.
As announced on June 26, 2014, Innsuites Hospitality may not be able to timely meet the NYSE shareholders equity requirements. In such case, even if Innsuites' shareholders approve the acquisition at the annual shareholder meeting on June 27, 2014, Innsuites may choose not to pursue the acquisition at that time. On June 27, 2014, InnSuites Hospitality shareholders approved the issuance of consideration shares and post annual meeting the Board of Trustees agreed to postpone the closing of the acquisition pending the review and approval of the plan.
Innsuites Hospitality Trust (AMEX:IHT) cancelled the acquisition of 51% interest in Suite Hospitality Partnership from Suite Hotels, LLC on January 31, 2015.
InnSuites Hospitality Trust (the Trust) is a real estate investment trust. The Trust is engaged in hotel operations and hotel management services. It owns interests in two hotels, operates and provides management services, and provides trademark license services for two hotels. The two hotels have an aggregate of 270 hotel suites and operate as moderate-service hotels that offer a value studio and two-room suite. Its hotels offer services such as swimming pools, fitness centers, business centers and complimentary breakfast. It offers a free hot breakfast plus amenities such as microwave ovens, refrigerators, coffee makers, and free high-speed Internet access. The hotels also offer complementary social areas and modest conference facilities. The hotels are operated under the federally trademarked name InnSuites as well as under the brand name Best Western. Its subsidiaries include RRF Limited Partnership, Tucson Hospitality Properties, L.L.L.P., and Albuquerque Suite Hospitality LLC.
INNSUITES HOSPITALITY TRUST 