InnSuites Hospitality Trust Reports Q2 Results

InnSuites Hospitality Trust IHT Highlights: Adjusted EBITDA was $758,000 for the six month period ended July 31, 2010 compared to $1.4 million in the prior year period. Net loss attributable to controlling interest was $(688,000), or $(0.08) per basic and diluted share, for the six months ended July 31, 2010. During the second quarter ended July 31, 2010, the Trust sold a 12% minority interest in the subsidiary which owns and operates the Albuquerque, New Mexico hotel property. The Trust plans to consider additional minority interest sales in the quarters ahead. Subsequent to the end of the quarter, the Trust entered into a new line of credit agreement for $1.0 million replacing the prior bank line of credit of $350,000.