Exhibit 10.1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 2014
INNSUITES HOSPITALITY TRUST
(Exact Name of Registrant as Specified in Charter)
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Ohio |
001-07062 |
34-6647590 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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InnSuites Hotels Centre, 1625 E. Northern Avenue, |
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Suite 105, Phoenix, AZ |
85020 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant’s telephone number, including area code (602) 944-1500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 1.01 |
Entry Into a Material Definitive Agreement. |
On October 15, 2014, Tucson Hospitality Properties, LLLP (“Tucson”), a subsidiary of InnSuites Hospitality Trust (the “Trust” or “IHT”) entered into purchase and sale agreement for a $2,500,000 for the purchase of land located at 6201 North Oracle Road, Tucson, Pima County, Arizona, known as Pima County Assessor Parcel No. 102-20-004E (the “Property”). Tucson currently leases the land. The transaction is expected to close on or about December 1, 2014.
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.
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Item 8.01 |
Other Events. |
In connection with the purchase of the Property, the Trust has obtained a commitment for financing to acquire the land, re-finance the existing Tucson hotel loan 1 st deed of trust lowering the existing hotel interest rate from 8.0% to 4.19% and payoff other existing debt. The $3,500,000 commercial real estate loan has a 15 year term with 4.19% fixed for 5 years and adjusts annually. The loan is expected to close simultaneous to the Property purchase.
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Item 9.01 |
Financial Statements and Exhibits. |
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(d) |
Exhibits. |
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10.1 |
Agreement for Purchase and Sale, dated October 15, 2014 executed by Tucson Hospitality Properties, LLLP, as Buyer, and Joseph R. Cesare and Hugh M. Caldwell, Jr. acting in his capacity as Trustee of Trust B under the Hugh M. and SallyAnn Caldwell Trust, dated July 8, 1996, as Seller. |
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99.1 |
October 21, 2014 IHT Press Release. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
InnSuites Hospitality Trust
By: /s/ Adam B. Remis
Adam B. Remis
Chief Financial Officer
Date: October 21, 2014
EXHIBIT INDEX
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Exhibit No. |
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Description |
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10.1 |
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Agreement for Purchase and Sale, dated October 15, 2014 executed by Tucson Hospitality Properties, LLLP, as Buyer, and Joseph R. Cesare and Hugh M. Caldwell, Jr. acting in his capacity as Trustee of Trust B under the Hugh M. and SallyAnn Caldwell Trust, dated July 8, 1996, as Seller. |
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99.1 |
October 21, 2014 IHT Press Release |
Exhibit 10.1
Exhibit 99.1
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NEWS BULLETIN |
RE: |
INNSUITES HOSPITALITY TRUST |
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FROM |
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INNSUITES HOTEL CENTRE |
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INNSUITES HOSPITALITY TRUST |
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1625 E. NORTHERN AVENUE, # 105 |
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NYSE MKT :IHT |
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Phoenix, Arizona 85020 |
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FISCAL 2015 |
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Phone: 602-944-1500 |
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InnSuites Tucson Hotel site and lower interest rate |
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FOR FURTHER INFORMATION: |
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Marc Berg, Executive Vice President |
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602-944-1500 |
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email: mberg@innsuites.com |
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Phoenix, AZ, October 21, 2014 - InnSuites Hospitality Trust (NYSE MKT :IHT)
InnSuites® Hospitality Trust (“IHT”) through one of its subsidiaries is purchasing the leased land located under its Best Western InnSuites Hotel & Suites Catalina Foothills property for $2.5 million while refinancing the first trust mortgage lowering its interest rate from 8.0% to 4.19% resulting in monthly cash flow savings. The purchase and refinance is expected to close by December 1, 2014.
InnDependent Boutique Collection (“IBC Hotels”), a subsidiary of IHT, now serves 6,500 members representing approximately 20,000 hotels in 170 countries worldwide with 1.8 million hotel rooms and suites by providing supplemental global branding, sales, reservations, hospitality services, InnDependent InnCentives® loyalty program, and state-of-the art online and mobile technology to enable guests to book unique, boutique and independent hotels coupled with area activities and services in one seamless experience. IBC Hotels continues to expand in terms of number of hotels and number of services offered.
With the exception of historical information, the matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties and are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained.
For more information visit www.innsuitestrust.com or www.sec.gov