PHOENIX—On August 15, 2018, InnSuites Hospitality Trust, through InnSuites Hotels, Inc., entered into an agreement to sell its wholly-owned subsidiary, IBC Hotels to a wholly-owned subsidiary of OBASA Capital Investments, Inc., an independent third-party purchaser. The sale was completed, with funds being received by IHT, on August 16, 2018. The sale price and terms were not disclosed.
IBC provides proprietary software, exclusive marketing services, and distribution to a network of approximately 2,000 unrelated hospitality properties under the names InnDependent Boutique Collection, IBC Hospitality Technologies, and IVHTravel.com. Additionally, IBC provides software and solutions to a variety of branded hotels through IBC’s patent-pending loyalty program.