1. Starbucks for hotels, but exclusively for its 'InnSuites' brand.

2. Think of it as a boutique hotel chain like a smaller Hyatt, where they own and manage all their properties under the 'InnSuites' name.

• Hotel Ownership: IHT owns real estate and hotels operating under the InnSuites Hotels name.
• Hotel Management Services: IHT provides comprehensive management services for hotels.
• Hotel Branding Services: IHT offers the "InnSuites" brand and trademark for hotels.
• Hotel Reservation Services: IHT provides reservation systems and services for hotels.

InnSuites Hospitality Trust (IHT) sells primarily to **individuals** who are guests at its hotels. The major categories of customers that it serves include:

1. Leisure Travelers: Individuals or families seeking accommodations for vacations, tourism, or recreational purposes.
2. Business Travelers: Professionals traveling for work-related activities, corporate meetings, conferences, or temporary assignments.
3. Group Travelers: Individuals traveling as part of organized groups, which may include corporate groups, government employees, sports teams, or tour groups.

James F. Wirth, Chairman and Chief Executive Officer

Mr. Wirth is the founder of InnSuites Hospitality Trust, established in 1971. He has served as Chairman and Chief Executive Officer of InnSuites Hospitality Trust since January 30, 1998, and held the position of President until February 1, 2012. Beyond InnSuites, Mr. Wirth is the Manager and primary owner (together with his affiliates) of Rare Earth Financial, L.L.C., and affiliated entities, which own and operate hotels, a role he has held since 1980. He also founded Rare Earth Development Co. in 1972, where he has been Chairman & President since 2012. His other current positions include Chairman at InnSuites Hotels, Inc. since 2001, Director at UniGen Power, Inc. since 2019, and President at Phoenix Northern Resort LLC and Suite Hotels LLC since 2011. Mr. Wirth possesses significant real estate and hotel industry experience.

Adam B. Remis, Chief Financial Officer

Mr. Remis has served as Chief Financial Officer of InnSuites Hospitality Trust since March 18, 2013. He brings nearly 20 years of combined experience in accounting, audit, tax, and technology consulting. From September 2008 to March 2013, Mr. Remis was a Senior Manager at Khalsa McBrearty Accountancy, LP, where he was responsible for managing financial audit and tax compliance engagements. Previously, from April 2006 to September 2008, he held the position of Director of Technology – Internal Audit at American Express, where he led a team of auditors in reviewing information systems and technology infrastructure controls.

Marc E. Berg, Executive Vice President, Secretary and Treasurer

Mr. Berg has served as Executive Vice President, Secretary and Treasurer of InnSuites Hospitality Trust since February 10, 1999. Prior to this, he was the Vice President of Acquisitions and Dispositions for the Trust from December 16, 1998, to February 10, 1999. He has also been a Consultant to InnSuites Hotels since 1989. Before his tenure with InnSuites, Mr. Berg worked as a Wealth Manager at Valley National Bank and was also involved in public finance at Young, Smith and Peacock, an Investment Banking firm. He has been a Trustee of InnSuites Hospitality Trust since January 30, 1998.

1. Financial Performance and Profitability Challenges

   InnSuites Hospitality Trust has experienced a decline in earnings, with a 2.1% decrease per year over the past five years. The company reported a consolidated net loss of approximately -$48,000 for the first three fiscal quarters of 2026 and a consolidated net loss of $(713,982) for the third quarter of 2025, primarily due to higher interest expenses and lower revenue. Furthermore, fiscal year 2025 marked the first loss for the company in four years, signaling potential underlying profitability issues. The dividend coverage by earnings or free cash flows is not strong, and the company has a high Debt to Equity ratio and a low Cash to Assets ratio, contributing to financial vulnerability.

2. High-Risk Investment in UniGen Power Inc.

   IHT has made a diversification investment in UniGen Power Inc., which is explicitly categorized as a high-risk venture. The success of this investment is uncertain and poses a significant financial threat to InnSuites Hospitality Trust if it does not yield the expected returns. IHT's potential ownership stake in UniGen could be up to 15-20% if all stock, convertible bonds, and warrants are fully exercised. UniGen is currently seeking its next round of capital, and IHT's participation is not guaranteed.

3. Operational Challenges and Intense Industry Competition

   The company faces significant operational challenges stemming from economic uncertainties, including inflationary pressures and tariff impacts that affect hotel occupancy and room rates. InnSuites Hospitality Trust operates in a competitive landscape where the bargaining power of suppliers, particularly lenders with substantial liabilities, and customers who can easily switch options, puts pressure on margins. The hospitality industry also contends with tight labor supply and rising wages in its operating markets, increasing costs. Moreover, the threat of substitutes, such as non-traditional lodging (e.g., Airbnb) and the expansion of extended-stay properties, presents a persistent challenge to its core hotel business. InnSuites Hospitality Trust has also underperformed the US Hotel and Resort REITs industry and the broader US Market over the past year.

The continued growth and increasing market share of short-term rental platforms, such as Airbnb and VRBO, pose a significant emerging threat. These platforms directly compete with traditional hotels like InnSuites by offering alternative lodging options, often at competitive prices or with unique amenities, thereby impacting occupancy rates and revenue for the conventional hotel business model.

The addressable markets for InnSuites Hospitality Trust (IHT) primarily revolve around the hotel industry in the United States, encompassing hotel ownership, management, branding, and reservation services.

The overall U.S. hotels market was estimated at USD 263.21 billion in 2024 and is projected to grow to USD 280.63 billion in 2025. This market size reflects the general industry for hotel operations, which includes the ownership, management, and branding services provided by InnSuites Hospitality Trust.

For their reservation services, the market size for online hotel booking in the U.S. was USD 53.3 billion in 2024 and is expected to reach USD 55.8 billion in 2025.

InnSuites Hospitality Trust (IHT) expects future revenue growth over the next 2-3 years to be driven by several key factors:

1. Continued Robust Hotel Operations: The company reported strong hotel revenue results exceeding $2 million for the First Fiscal Quarter of 2026, demonstrating resilient operational performance despite a flattening travel industry. Strong hotel operations in Fiscal Year 2025 are also contributing to a solid start in the current Fiscal Year 2026.
2. Strategic Diversification into Clean Energy through UniGen Power: IHT is pursuing diversification opportunities, notably its investment in UniGen Power, a company focused on clean energy innovations. IHT holds convertible bonds and warrants that could lead to an ownership stake of approximately 15-20% or more in UniGen, which already has sales for 30 engines on its books. This investment is viewed as a potential high-return opportunity in a growing market.
3. Revitalization and Management of InnDependent Boutique Collection (IBC Hotels): Another diversification strategy involves IHT's management role in the newly acquired InnDependent Boutique Collection (IBC Hotels). This initiative aims to revitalize IBC and capitalize on the demand for independent hotel services, presenting another potential high-return opportunity for the Trust.

Outbound Investments

• InnSuites Hospitality Trust made a diversification investment in UniGen Power, Inc., a privately held company focused on clean energy generation innovation, with UniGen currently seeking its next round of capital raising in which IHT may participate.
• The company's management entity, RRF LLLP, has assumed management of InnDependent Boutique Collection (IBC Hotels), representing a diversification project aimed at capitalizing on the market for independent hotel services.