A smaller, real estate-owning hotel company akin to a value-focused Choice Hotels, but where InnSuites Hospitality Trust directly owns and operates the properties.

The hotel industry's version of a company like Simon Property Group, but instead of owning malls, IHT owns and operates value-oriented and extended-stay hotels, and on a much smaller scale.

• Lodging Accommodations: Provides hotel rooms and suites for guests seeking overnight or extended stays.
• Hospitality Services: Offers a range of amenities and guest services typically found in hotels, such as food and beverage, meeting facilities, and fitness centers.

InnSuites Hospitality Trust (IHT) owns and operates hotel properties. As such, its primary customers are individuals and groups who stay at these hotels. The company serves the following categories of customers:

• Leisure Travelers: This category includes individuals, couples, and families booking stays for vacation, holidays, or recreational purposes. They often seek amenities like pools, family-friendly services, and proximity to tourist attractions or leisure destinations.
• Business Travelers: This segment comprises individuals or small groups traveling for work-related purposes, including corporate meetings, conferences, or temporary assignments. They typically value amenities such as Wi-Fi, business centers, meeting facilities, and convenient locations near corporate hubs or airports.
• Group & Convention Business: This category consists of organizations (e.g., corporations, associations, government entities, sports teams, tour operators) booking multiple rooms and often meeting/event space for conferences, conventions, special events, or large tours. These customers often require specialized services for event planning, catering, and large-scale accommodation management.

• InnSuites Hotels, Inc.
• BDO USA, LLP

James F. Wirth, Chairman & Chief Executive Officer

James F. Wirth is the founder of InnSuites Hospitality Trust, established in 1971. He has served as Chairman and Chief Executive Officer since at least 1998, with the CEO role specifically since 2018. Mr. Wirth also founded Rare Earth Development Co. in 1972, where he has been Chairman and President since 2012, and is President and Owner of Suite Hotels LLC since 2011. Earlier in his career, from 1970 to 1973, he was Assistant to the President and Division President of Ramada Inns, Inc. He earned an MBA from Carnegie Mellon University and a Bachelor of Arts in Economics and Mathematics from the University of Arizona. Mr. Wirth has been involved in the sale of company properties, including the InnSuites Hotels & Suites Tempe-Phoenix in 2004 to an affiliated entity and a hotel in San Diego. Recent SEC filings indicate his involvement in selling shares of InnSuites Hospitality Trust.

Sylvin R. Lange, Chief Financial Officer

Sylvin R. Lange serves as the Chief Financial Officer and a Board Member for InnSuites Hospitality Trust. She completed her studies at California State University San Marcos.

C. Craig Miller, Chief Financial Officer

C. Craig Miller is a Chief Financial Officer and Chief Accounting Officer at InnSuites Hospitality Trust, where he also serves as a Trustee. His experience at the company includes previous roles as Director of Finance and Chief Financial Officer. Mr. Miller pursued his education at Santa Clara University and Keller Graduate School of Management.

Marc E. Berg, Executive Vice President

Marc E. Berg has held the position of Executive Vice President, Secretary, and Treasurer of InnSuites Hospitality Trust since February 10, 1999. He has a long history with InnSuites, having been a consultant to InnSuites Hotels since 1989 and previously serving as Vice President of Acquisitions and Dispositions. Prior to joining InnSuites, Mr. Berg worked as a wealth manager at Valley National Bank (now Chase) and at Young, Smith and Peacock, an investment banking firm. He holds an MBA in finance from the W.P. Carey Business School at Arizona State University and a Master's in International Management from the Thunderbird Graduate School of International Management, along with a BSBA from American University.

The key risks to InnSuites Hospitality Trust (IHT) are primarily centered around its financial stability, the high-risk nature of its diversification strategy, and ongoing operational challenges within the hospitality sector.

1. Financial Instability and Tight Liquidity: InnSuites Hospitality Trust faces significant financial instability, characterized by continued losses, negative total equity, and very limited cash reserves. For the nine months ended October 31, 2025, the company reported a consolidated net loss of $713,982, with total assets slightly below total liabilities, resulting in negative total equity. Its cash balance as of October 31, 2025, was only $14,016, and the company has relied on financing inflows, predominantly from a related-party line of credit, to cover investing outflows and debt service. This tight liquidity and significant debt burden highlight an elevated financial risk.
2. High-Risk Diversification Investment in UniGen Power: IHT has made a substantial diversification investment in UniGen Power, Inc., a privately held clean energy generation company. This investment is explicitly described as "high-risk" with potential for high returns "if and when successful." IHT holds convertible bonds and warrants that could result in an ownership stake of up to 15-20% or more in UniGen. The success of this investment, which is currently focused on raising its next round of capital, is uncertain and poses a significant risk to IHT's overall financial health.
3. Operational Challenges in the Hospitality Industry amid Economic Uncertainties: While InnSuites Hospitality Trust has reported strong hotel revenue performance in recent periods, the company operates within a generally flat travel industry that is subject to economic uncertainties. Factors such as tariff impacts and inflationary pressures have affected hotel occupancy and room rates, contributing to operational challenges. Despite reported strong hotel operations, the overall revenue growth remains modest, and one of its hotels experienced a slight decrease in occupancy and average daily rate (ADR) compared to the previous year.

InnSuites Hospitality Trust (IHT) primarily focuses on hotel ownership, operations, management services, and trademark licensing, with a particular emphasis on moderate-service and extended-stay hotels within the United States.

Addressable Market Sizes:

• U.S. Hotels Market: The market size for Hotels & Motels in the U.S. is estimated at USD 286.5 billion in 2025.
• U.S. Extended Stay Hotels Market: The market size for the Extended Stay Hotels industry in the U.S. is estimated at USD 19.6 billion in 2025.
• Hotel Management and Licensing Services (U.S. Region): While a precise standalone market size for these specific services is not readily available, the broader U.S. hospitality market under franchised assets is predicted to reach USD 173 billion by 2030. Managed contracts, representing another facet of IHT's services, are also a significant and growing segment within the U.S. hospitality market.

• Continued Strong Hotel Operations and Pricing Power: IHT has demonstrated consistent growth in its core hotel business, reporting record hotel revenues for fiscal years 2025 and 2026. The company has seen increases in its Combined Average Daily Rate (ADR) and Revenue Per Available Room (REVPAR), indicating improved pricing power and occupancy across its properties, particularly in Tucson and Albuquerque.
• Diversification into the Clean Energy Sector via UniGen Power Inc.: IHT's strategic investment in UniGen Power Inc. (UPI), a clean energy developer, is expected to be a significant driver of future revenue. IHT holds stock, convertible bonds, and warrants that could lead to a 15-20% ownership stake in UniGen. The increasing global demand for electricity, fueled by data centers, electric vehicles, and artificial intelligence, is projected to approximately double over the next five years, creating a substantial growth opportunity for UniGen and, consequently, for IHT.
• Expansion of Hotel Management Services through IBC Hotels, LLC: IHT's 76%-owned subsidiary, RRF LLLP, has recently taken on the role of management company for InnDependent Boutique Collection (IBC Hotels, LLC), which includes a five-year purchase option. This move signifies an expansion into providing management services for a wider portfolio of independent hotels, thereby creating a new revenue stream for InnSuites Hospitality Trust.
• Exploration of Additional Strategic Investment Opportunities: IHT actively seeks and explores further investment opportunities to enhance both its hospitality and diversification revenues. This proactive approach to identifying and pursuing new ventures beyond its current operations suggests a continuous effort to expand its revenue base.

Share Repurchases

• InnSuites Hospitality Trust continues to execute its Company Stock Buyback Plan, which operates within NYSE American limitations.
• The Trust's stock and unit Repurchase Program was successful during Fiscal Year 2023 (February 1, 2022, to January 31, 2023), with plans to continue and accelerate buybacks in Fiscal Year 2024.

Share Issuance

• In April 2024, InnSuites Hospitality Trust filed an S-3 registration statement, which allows for the potential offer and sale of up to 1,000,000 shares of its common stock.

Outbound Investments

• In late 2019, IHT made a diversification investment in UniGen Power Inc. (UPI), a company focused on developing efficient clean energy generation innovation.
• This investment included a $1 million 6% convertible bond and 1.7 million warrants in UniGen, potentially translating to approximately 25% of UniGen's fully diluted equity upon conversion and exercise.
• IHT's majority-owned management company, RRF LLLP, took on the management of InnDependent Boutique Collection (IBC Hotels, LLC) and holds a five-year option to purchase IBC.

Capital Expenditures

• Capital expenditures for the three months ended April 30, 2023, were approximately $108,000, primarily for property improvements at the hotel to meet Best Western standards.
• For the three months ended April 30, 2022, capital expenditures amounted to approximately $50,000, also focused on property improvements.
• The Trust completed a 100% suite renovation across its properties over the past four years to comply with Best Western standards.