Loan & DebtJun 18, 2026, 06:36 AM
InnSuites Reclassifies Mortgage Note Payable to Non-Current
AI Summary
InnSuites Hospitality Trust filed an amended 10-K to correct the classification of a Mortgage Note Payable for its Albuquerque hotel from current to non-current, confirming loan covenant satisfaction. For Fiscal Year 2026, the company reported a slight revenue decrease to $7.57 million, but improved its operating loss by 25% to $(0.56) million. Occupancy rates increased to 76.98%, while average daily rates saw a modest decline. The Trust continues its strategy of hotel refurbishments, asset sales, and diversification into clean energy investments.
Key Highlights
- Mortgage Note Payable for Albuquerque hotel reclassified to Non-Current.
- Total Revenues for Fiscal Year 2026 decreased by <1% to $7.57 million.
- Operating Loss improved by 25% to $(0.56) million in Fiscal Year 2026.
- Consolidated Net Loss for Fiscal Year 2026 was $(1.39) million.
- Combined Occupancy increased by 3.22% to 76.98% in Fiscal Year 2026.
- Combined Average Daily Rate (ADR) decreased by 4.13% to $95.57.
- Cash used in operating activities improved from $(1.06) million to $(0.01) million.
- Company anticipates selling one or both hotels within the next 36 months.
Price Impact
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