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Subsequent Events
9 Months Ended
Oct. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

19. SUBSEQUENT EVENTS

 

Subsequent to the nine months ended October 31, 2019, the Trust repurchased 1,666 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $2,900.

 

On December 2, 2019, Albuquerque Suite Hospitality, LLC, a subsidiary of InnSuites Hospitality Trust, entered into a $1.4 million Business Loan Agreement (“Albuquerque Loan”) as a first mortgage credit facility with Republic Bank of Arizona. The Albuquerque Loan has a maturity date of December 2, 2029. The Albuquerque Loan has an initial interest rate of 4.90% for the first five years and thereafter a variable rate equal to the US Treasury + 3.5% with a floor of 4.90% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust. The Albuquerque Loan enabled Albuquerque Suite Hospitality, LLC to repay its intercompany loan to InnSuites Hospitality Trust of approximately $1,257,000 and accrued interest of approximately $80,000 subsequent to the loan funding on December 4, 2019.

 

On December 16, 2019, pursuant to a 2019 Convertible Debenture Purchase Agreement between UniGen and InnSuites Hospitality Trust, seeking diversification of its holdings, IHT has agreed to invest up to $1,500,000 or more in UniGen Power Inc. Details are contained in Innsuites Hospitality Trust’s form 8-K filed with the Securities and Exchange Commission (SEC) on December 20, 2019.