| ý                                                                                                                                                                                                                                                                                                                                                                | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                  |                                                                                     |
| For the fiscal year ended January 31, 2011.                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                  |                                                                                     |
| o                                                                                                                                                                                                                                                                                                                                                                     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                                                                                  |                                                                                     |
| For the transition period from                            to                          . |
|                                                                                                                                                                                                                                                                                                                                                                  |                                                                                     |
| Commission File No. 1-7062                                                                                                                                                                                                                                                                                                                                            |

| InnSuites Hospitality Trust                                                  |
|------------------------------------------------------------------------------|
| (Exact Name of Registrant as Specified in Its Charter)                       |
|                                                                         |   |   |
| Ohio                                                                         |   | 34-6647590 |
| (State or Other Jurisdiction of Incorporation or Organization)               |   | (I.R.S. Employer Identification Number) |
|                                                                         |   |   |
| InnSuites Hotels Centre, 1625 E. Northern Avenue,Suite 105, Phoenix, Arizona |   | 85020 |
| (Address of Principal Executive Offices)                                     |   | (ZIP Code) |
|                                                                         |   |   |
| Registrant’s Telephone Number, including area code: (602) 944-1500     |
|                                                                         |

| Title of Each Class                             |   | Name of Exchange on Which Registered |
|-------------------------------------------------|--------|--------------------------------------|
| Shares of Beneficial Interest,without par value |   | NYSE Amex                            |

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| PROPERTY                                                           |   | NUMBEROFSUITES |   | YEAR OFCONSTRUCTION/ADDITION |   | MOST RECENTRENOVATION (1) |   | PERCENT OWNERSHIP BY THE TRUST |
|--------------------------------------------------------------------|--------|----------------|--------|------------------------------|--------|---------------------------|--------|--------------------------------|
|                                                               |   |           |   |                         |   |                      |   |                           |
| InnSuites Hotel and Suites Airport Albuquerque Best Western        |   | 101            |   | 1975/1985                    |   | 2004                      |   | 23.79% (2)                     |
|                                                               |   |           |   |                         |   |                      |   |                           |
| InnSuites Hotel and Suites Tucson, Catalina Foothills Best Western |   | 159            |   | 1981/1983                    |   | 2005                      |   | 71.41% (3)                     |
|                                                               |   |           |   |                         |   |                      |   |                           |
| InnSuites Hotels and Suites Yuma Best Western                      |   | 166            |   | 1982/1984                    |   | 2010                      |   | 99.9% (4)                      |
|                                                               |   |           |   |                         |   |                      |   |                           |
| InnSuites Hotel and Suites Ontario Airport Best Western            |   | 150            |   | 1990                         |   | 2005                      |   | 71.41% (3)                     |
|                                                               |   |           |   |                         |   |                      |   |                           |
| InnSuites Hotels and Suites Tucson St. Mary’s                |   | 267            |   | 1960/1971                    |   | 2006                      |   | 71.41% (3)                     |
|                                                               |   |           |   |                         |   |                      |   |                           |
| Total suites                                                       |   | 843            |   |                         |   |                      |   |                           |

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| Item 5. | MARKET FOR THE TRUST’S SHARES, RELATED SHAREHOLDER MATTERS AND TRUST PURCHASES OF SHARES |
|---------|------------------------------------------------------------------------------------------------|

| Fiscal Year 2011 |   | High |   | Low  |   | Dividends |
|------------------|--------|------|--------|------|--------|-----------|
| First Quarter    |   | 1.45 |   | 1.12 |   | —   |
| Second Quarter   |   | 1.55 |   | 1.21 |   | —   |
| Third Quarter    |   | 1.52 |   | 1.06 |   | —   |
| Fourth Quarter   |   | 1.55 |   | 1.10 |   | .01       |

| Fiscal Year 2010 |   | High |   | Low  |   | Dividends |
|------------------|--------|------|--------|------|--------|-----------|
| First Quarter    |   | 1.53 |   | 0.79 |   | —   |
| Second Quarter   |   | 2.00 |   | 1.01 |   | —   |
| Third Quarter    |   | 1.40 |   | 1.00 |   | —   |
| Fourth Quarter   |   | 1.85 |   | 0.97 |   | .01       |

|                                 |   | Issuer Purchases of Equity Securities |   |
|--------------------------------------|--------|---------------------------------------|--------|
| Period                               |   | Total Numberof SharesPurchased        |   | Average PricePaid perShare |   | Total Number of SharesPurchased as Part ofPublicly AnnouncedPlans |   | Maximum Number ofShares that May Be YetPurchased Under thePlans |   |
| November 1 – November 30, 2010 |   | 5,945                                 |   | $ | 1.57 |   | 5,945 |   | 329,512 |   |
| December 1 – December 31, 2010 |   | 5,840                                 |   | $ | 1.65 |   | 5,840 |   | 323,672 |   |
| January 1 – January 31, 2011   |   | 3,440                                 |   | $ | 1.65 |   | 3,440 |   | 320,232 |   |
| Total                                |   | 15,225                                |   |   |   |   | 15,225 |   |   |   |

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| Item 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

----

|                                |   | For the Year Ended January 31,                               |   |
|-------------------------------------|--------|--------------------------------------------------------------|--------|
|                                |   | 2011                                                         |   | 2010 |   |
|                                |   |                                                         |   |   |   |
| Occupancy                           |   |       54.96                    | %      | 56.49 | % |
|                                |   |                                                         |   |   |   |
| Average Daily Rate (ADR)            |   | $         71.21 |   | $           73.36 |   |
|                                |   |                                                         |   |   |   |
| Revenue Per Available Room (REVPAR) |   | $         39.14 |   | $           41.44 |   |

|                                          |   | 2011 |       | 2010   |   | Change     |   | % Change |       |
|-----------------------------------------------|--------|------|------------|--------|--------|------------|--------|----------|------------|
| Revenue                                       |   | $    | 15,740,427 |   | $      | 16,924,494 |   | $        | (1,184,067 | ) | (7.0) | % |
| Operating Loss                                |   | $    | (1,082,293 | )      | $      | (247,794   | )      | $        | (834,499   | ) | >(100.0) | % |
| Net Loss Attributable to Controlling Interest |   | $    | (2,007,691 | )      | $      | (1,061,419 | )      | $        | (946,272   | ) | (89.2) | % |
| Loss Per Share – Basic                  |   | $    | (0.23      | )      | $      | (0.12      | )      | $        | (0.11      | ) | (91.7) | % |
| Loss Per Share – Diluted                |   | $    | (0.23      | )      | $      | (0.12      | )      | $        | (0.11      | ) | (91.7) | % |

----

----

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| Hotel Property Asset Values as of January 31, 2011 |   |
|----------------------------------------------------|--------|
| Hotel Property                                     |   | Book Value |   |   | Mortgage Balance |   |   | Listed Sales Price |   |
| Albuquerque                                        |   | $ | 1,458,839 |   |   | $ | 1,407,352 |   |   | $ | 4,900,000 |   |
| Ontario                                            |   |   | 6,277,919 |   |   |   | 7,555,870 |   |   |   | 12,500,000 |   |
| Tucson Oracle                                      |   |   | 4,430,318 |   |   |   | 2,532,396 |   |   |   | 8,300,000 |   |
| Tucson City Center                                 |   |   | 7,997,515 |   |   |   | 5,585,097 |   |   |   | 9,500,000 |   |
| Yuma                                               |   |   | 5,752,672 |   |   |   | 5,000,000 |   |   |   | 10,740,000 |   |
| Totals                                             |   | $ | 25,917,263 |   |   | $ | 22,080,716 |   |   | $ | 45,940,000 |   |

----

----

| ·   | local or national economic and business conditions, including, without limitation, conditions that may affect public securities markets generally, the hospitality industry or the markets in which we operate or will operate; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | fluctuations in hotel occupancy rates; |
|--------------------|----------------------------------------|

| ·   | changes in room rental rates that may be charged by InnSuites Hotels in response to market rental rate changes or otherwise; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | seasonality of our business; |
|--------------------|------------------------------|

| ·   | interest rate fluctuations; |
|--------------------|-----------------------------|

| ·   | changes in governmental regulations, including federal income tax laws and regulations; |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | increased competition resulting from further increases in supply or reductions in demand; |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | any changes in our financial condition or operating results due to acquisitions or dispositions of hotel properties; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | insufficient resources to pursue our current strategy; |
|--------------------|--------------------------------------------------------|

| ·   | concentration of our investments in the InnSuites Hotels® brand; |
|--------------------|-----------------------------------------------------------------------|

| ·   | loss of franchise contracts; |
|--------------------|------------------------------|

| ·   | real estate and hospitality market conditions; |
|--------------------|------------------------------------------------|

| ·   | hospitality industry factors; |
|--------------------|-------------------------------|

| ·   | our ability to meet present and future debt service obligations; |
|--------------------|------------------------------------------------------------------|

| ·   | terrorist attacks or other acts of war; |
|--------------------|-----------------------------------------|

| ·   | outbreaks of communicable diseases; |
|--------------------|-------------------------------------|

| ·   | natural disasters; and |
|--------------------|------------------------|

| ·   | loss of key personnel. |
|--------------------|------------------------|

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|   | Report of Independent Registered Public Accounting Firm –January 31, 2011 and 2010            | 13     |
|--------|-----------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                |   |
|   | Consolidated Balance Sheets – January 31, 2011 and 2010                                       | 14     |
|   |                                                                                                |   |
|   | Consolidated Statements of Operations – Years Ended January 31, 2011 and 2010                 | 15     |
|   |                                                                                                |   |
|   | Consolidated Statements of Shareholders’ Equity – Years Ended January 31, 2011 and 2010 | 16     |
|   |                                                                                                |   |
|   | Consolidated Statements of Cash Flow – Years Ended January 31, 2011 and 2010                  | 17     |
|   |                                                                                                |   |
|   | Notes to the Consolidated Financial Statements – January 31, 2011 and 2010                    | 18     |
|   |                                                                                                |   |

|   | Schedule III – Real Estate and Accumulated Depreciation | 30     |
|--------|---------------------------------------------------------------|--------|
|   |                                                          |   |
|   | Schedule IV – Mortgage Loans on Real Estate             | 33     |

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| The Shareholders and Board of Trustees of |   |   |
|-------------------------------------------|--------|--------|
| InnSuites Hospitality Trust               |   |   |
|                                      |   |   |

----

|                                                                                                                                                                                                                      |   |   | JANUARY 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|
|                                                                                                                                                                                                                      |   |   | 2011        |   |   |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                    |   |   |        |   |   |   |   |   |
| Current Assets:                                                                                                                                                                                                           |   |   |        |   |   |   |   |   |
| Cash and Cash Equivalents ($10,107 and $16,917 of variable interest entity (VIE), Note 4)                                                                                                                                 |   | $      | 494,844     |   |   | $ | 406,385 |   |
| Restricted Cash ($26,763 and $25,143 of VIE)                                                                                                                                                                              |   |   | 137,174     |   |   |   | 81,421 |   |
| Accounts Receivable, including $290,232 and $179,818 from related parties, net of Allowance for Doubtful Accounts of $41,000 and $39,000, as of January 31, 2011 and 2010, respectively ($19,179 and $22,005 of VIE) |   |   | 661,024     |   |   |   | 439,167 |   |
| Prepaid Expenses and Other Current Assets ($45,173 and $61,830 of VIE)                                                                                                                                                    |   |   | 443,043     |   |   |   | 495,537 |   |
| Total Current Assets                                                                                                                                                                                                      |   |   | 1,736,085   |   |   |   | 1,422,510 |   |
| Hotel Properties, net ($1,458,838 and $1,512,695 of VIE)                                                                                                                                                                  |   |   | 25,917,263  |   |   |   | 26,722,832 |   |
| Property, Plant and Equipment, net                                                                                                                                                                                        |   |   | 139,887     |   |   |   | 177,183 |   |
| Deferred Finance Costs and Other Assets ($17,485 and $19,111 of VIE)                                                                                                                                                      |   |   | 141,863     |   |   |   | 151,791 |   |
| TOTAL ASSETS                                                                                                                                                                                                              |   | $      | 27,935,098  |   |   |  $ | 28,474,316 |   |
|                                                                                                                                                                                                                      |   |   |        |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                |   |   |        |   |   |   |   |   |
|                                                                                                                                                                                                                      |   |   |        |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                               |   |   |        |   |   |   |   |   |
| Current Liabilities :                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
|     Accounts Payable and Accrued Expenses ($101,345 and $97,952 of VIE)                                                                                                                               |   | $      | 2,093,228   |   |   | $ | 1,846,455 |   |
| Notes Payable to Banks                                                                                                                                                                                                    |   |   | —     |   |   |   | 110,137 |   |
| Current Portion of Mortgage Notes Payable                                                                                                                                                                                 |   |   | 8,214,759   |   |   |   | 826,249 |   |
| Current Portion of Other Notes Payable                                                                                                                                                                                    |   |   | 172,939     |   |   |   | 165,326 |   |
| Total Current Liabilities                                                                                                                                                                                                 |   |   | 10,480,926  |   |   |   | 2,948,167 |   |
| Mortgage Notes Payable                                                                                                                                                                                                    |   |   | 13,865,957  |   |   |   | 21,080,705 |   |
| Other Notes Payable                                                                                                                                                                                                       |   |   | 307,614     |   |   |   | 480,553 |   |
|                                                                                                                                                                                                                      |   |   |        |   |   |   |   |   |
| TOTAL LIABILITIES                                                                                                                                                                                                         |   |   | 24,654,497  |   |   |   | 24,509,425 |   |
|                                                                                                                                                                                                                      |   |   |        |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES (SEE NOTE 17)                                                                                                                                                                               |   |   |        |   |   |   |   |   |
|                                                                                                                                                                                                                      |   |   |        |   |   |   |   |   |
| SHAREHOLDERS’ EQUITY                                                                                                                                                                                                |   |   |        |   |   |   |   |   |
| Shares of Beneficial Interest, without par value; unlimited authorization; 8,546,783 and 8,605,426 shares issued and outstanding at January 31, 2011 and  2010, respectively                                    |   |   | 15,412,926  |   |   |   | 15,903,170 |   |
| Treasury Stock, 8,239,963 and 8,181,323 shares held at January 31, 2011 and 2010, respectively                                                                                                                            |   |   | (11,456,375 | )      |   |   | (11,368,630 | ) |
| TOTAL TRUST SHAREHOLDERS’ EQUITY                                                                                                                                                                                    |   |   | 3,956,551   |   |   |   | 4,534,540 |   |
| NON-CONTROLLING INTEREST                                                                                                                                                                                                  |   |   | (675,950    | )      |   |   | (569,649 | ) |
| TOTAL EQUITY                                                                                                                                                                                                              |   |   | 3,280,601   |   |   |   | 3,964,891 |   |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                          |   | $      | 27,935,098  |   |   |  $ | 28,474,316 |   |

----

|                                                                                                                |   | YEARS ENDED JANUARY 31, |             |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------|------------------|
|                                                                                                                |   | 2011                    |             |   | 2010 |   |
| REVENUE                                                                                                             |   |                    |             |   |   |   |
| Room                                                                                                                |   | $                       | 12,043,627       |   |   | $ | 12,751,208 |   |
| Food and Beverage                                                                                                   |   |                    | 765,851          |   |   |   | 873,678 |   |
| Telecommunications                                                                                                  |   |                    | 14,314           |   |   |   | 13,369 |   |
| Other                                                                                                               |   |                    | 208,266          |   |   |   | 294,940 |   |
| Management and Trademark Fees, including $275,306 and $337,570 from related parties for 2011 and 2010, respectively |   |                    | 281,096          |   |   |   | 343,089 |   |
| Payroll Reimbursements from Related Parties                                                                         |   |                    | 2,427,273        |   |   |   | 2,648,210 |   |
|                                                                                                                |   |                    |             |   |   |   |   |   |
| TOTAL REVENUE                                                                                                       |   |                    | 15,740,427       |   |   |   | 16,924,494 |   |
|                                                                                                                |   |                    |             |   |   |   |   |   |
| OPERATING EXPENSES                                                                                                  |   |                    |             |   |   |   |   |   |
| Room                                                                                                                |   |                    | 3,448,986        |   |   |   | 3,423,816 |   |
| Food and Beverage                                                                                                   |   |                    | 818,657          |   |   |   | 766,564 |   |
| Telecommunications                                                                                                  |   |                    | 62,171           |   |   |   | 44,013 |   |
| General and Administrative                                                                                          |   |                    | 2,937,016        |   |   |   | 2,917,205 |   |
| Sales and Marketing                                                                                                 |   |                    | 1,148,629        |   |   |   | 1,318,508 |   |
| Repairs and Maintenance                                                                                             |   |                    | 1,291,422        |   |   |   | 1,212,838 |   |
| Hospitality                                                                                                         |   |                    | 730,961          |   |   |   | 726,047 |   |
| Utilities                                                                                                           |   |                    | 1,158,771        |   |   |   | 1,175,443 |   |
| Hotel Property Depreciation                                                                                         |   |                    | 1,853,164        |   |   |   | 1,934,227 |   |
| Real Estate and Personal Property Taxes, Insurance and Ground Rent                                                  |   |                    | 929,923          |   |   |   | 995,101 |   |
| Other                                                                                                               |   |                    | 15,747           |   |   |   | 10,316 |   |
| Payroll Costs Related to Management Contracts                                                                       |   |                    | 2,427,273        |   |   |   | 2,648,210 |   |
|                                                                                                                |   |                    |             |   |   |   |   |   |
| TOTAL OPERATING EXPENSES                                                                                            |   |                    | 16,822,720       |   |   |   | 17,172,288 |   |
| OPERATING LOSS                                                                                                      |   |                    | (1,082,293       | ) |   |   | (247,794 | ) |
| Interest Income                                                                                                     |   |                    | 1,297            |   |   |   | 12,291 |   |
| TOTAL OTHER INCOME                                                                                                  |   |                    | 1,297            |   |   |   | 12,291 |   |
| Interest on Mortgage Notes Payable                                                                                  |   |                    | 1,548,724        |   |   |   | 1,531,708 |   |
| Interest on Notes Payable to Banks                                                                                  |   |                    | 76               |   |   |   | 8,962 |   |
| Interest on Other Notes Payable                                                                                     |   |                    | 39,960           |   |   |   | 19,344 |   |
| TOTAL INTEREST EXPENSE                                                                                              |   |                    | 1,588,760        |   |   |   | 1,560,014 |   |
| CONSOLIDATED LOSS BEFORE INCOME TAX BENEFIT (PROVISION)                                                             |   |                    | (2,669,756       | ) |   |   | (1,795,517 | ) |
| Income Tax Benefit (Provision)                                                                                      |   |                    | (27,000          | ) |   |   | 35,828 |   |
| CONSOLIDATED NET LOSS                                                                                               |   | $                       |  (2,696,756 | ) |   | $ | (1,759,689 | ) |
| LESS: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST                                                             |   |                    | (689,065         | ) |   |   | (698,270 |  ) |
| NET LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS                                                                      |   | $                       | (2,007,691       | ) |   | $ | (1,061,419 | ) |
| NET LOSS PER SHARE – Basic and Diluted                                                                        |   | $                       | (0.23            | ) |   | $ | (0.12 | ) |
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – Basic and Diluted                                             |   |                    | 8,577,558        |   |   |   | 8,825,931 |   |
| CASH DIVIDENDS PER SHARE                                                                                            |   | $                       | 0.01             |   |   | $ | 0.01 |   |

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|                                                       |   |  Controlling Interest |      | Non-Controlling Interest |   |  Total |
|------------------------------------------------------------|--------|----------------------------|-----------|--------------------------|--------|-------------|
| BALANCE, JANUARY 31, 2009                                  |   | $                          | 6,383,688 |                     | $      | 127,040     |   | $ | 6,510,728 |
| Net Loss                                                   |   | (1,061,419)                |      | (698,270)                |   | (1,759,689) |
| Dividends                                                  |   | (85,704)                   |      | —                  |   | (85,704)    |
| Purchase of Treasury Stock                                 |   | (618,092)                  |      | —                  |   | (618,092)   |
| Shares of Beneficial Interest issued for Services Rendered |   | 23,400                     |      | —                  |   | 23,400      |
| Purchase of Partnership Units above Carrying Value         |   | (103,694)                  |      | (2,058)                  |   | (105,752)   |
| Reallocation of Non-Controlling Interests                  |   | (3,639)                    |      | 3,639                    |   | —     |
|                                                       |   |                       |      |                     |   |        |
| BALANCE, JANUARY 31, 2010                                  |   | 4,534,540                  |      | (569,649)                |   | 3,964,891   |
| Net Loss                                                   |   | (2,007,691)                |      | (689,065)                |   | (2,696,756) |
| Dividends                                                  |   | (85,472)                   |      | —                  |   | (85,472)    |
| Purchase of Treasury Stock                                 |   | (87,745)                   |      | —                  |   | (87,745)    |
| Shares of Beneficial Interest issued for Services Rendered |   | 48,600                     |      | —                  |   | 48,600      |
| Sale of Ownership Interests in Subsidiary                  |   | 1,540,314                  |      | 616,686                  |   | 2,157,000   |
| Distribution to Minority Interest Holders                  |   | (14,223)                   |      | (5,695)                  |   | (19,918)    |
| Reallocation of Non-Controlling Interests                  |   | 28,228                     |      | (28,227)                 |   | 1           |
|                                                       |   |                       |      |                     |   |        |
| BALANCE, JANUARY 31, 2011                                  |   | $                          | 3,956,551 |                     | $      | (675,950)   |   | $ | 3,280,601 |

----

|                                                                                         |   | YEARS ENDED JANUARY 31, |             |
|----------------------------------------------------------------------------------------------|--------|-------------------------|------------------|
|                                                                                         |   | 2011                    |             |   | 2010 |   |
| CASH FLOW FROM OPERATING ACTIVITIES                                                          |   |                    |             |   |   |   |
| Consolidated Net Loss                                                                        |   | $                       |  (2,696,756 | ) |   | $ | (1,759,689 | ) |
| Adjustments to Reconcile Consolidated Net Loss to Net Cash Provided by Operating Activities: |   |                    |             |   |   |   |   |   |
| Stock-Based Compensation                                                                     |   |                    | 48,600           |   |   |   | 23,400 |   |
| Provision for Uncollectible Receivables                                                      |   |                    | 1,929            |   |   |   | 50,436 |   |
| Hotel Property Depreciation                                                                  |   |                    | 1,853,164        |   |   |   | 1,934,227 |   |
| Loss on Disposal Sale of Hotel Property                                                      |   |                    | 2,643            |   |   |   | 2,452 |   |
| Amortization of Deferred Loan Fees                                                           |   |                    | 43,875           |   |   |   | 62,908 |   |
| Changes in Assets and Liabilities:                                                           |   |                    |             |   |   |   |   |   |
| Prepaid Expenses and Other Assets                                                            |   |                    | 47,495           |   |   |   | 37,077 |   |
| Accounts Receivable                                                                          |   |                    | (206,516         | ) |   |   | 21,339 |   |
| Accounts Payable and Accrued Expenses                                                        |   |                    | 226,855          |   |   |   | 76,720 |   |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                          |   |                    | (678,711         | ) |   |   | 448,870 |   |
|                                                                                         |   |                    |             |   |   |   |   |   |
| CASH FLOW FROM INVESTING ACTIVITIES                                                          |   |                    |             |   |   |   |   |   |
| Proceeds from Casualty Loss                                                                  |   |                    | 116,309          |   |   |   | — |   |
| Improvements and Additions to Hotel Properties                                               |   |                    | (1,146,520       | ) |   |   | (876,273 | ) |
| Change in Restricted Cash                                                                    |   |                    | (55,753          | ) |   |   | 14,841 |   |
| NET CASH USED IN INVESTING ACTIVITIES                                                        |   |                    | (1,085,964       | ) |   |   | (861,432 | ) |
|                                                                                         |   |                    |             |   |   |   |   |   |
| CASH FLOW FROM FINANCING ACTIVITIES                                                          |   |                    |             |   |   |   |   |   |
| Increase in Deferred Loan Fees                                                               |   |                    | (28,948          | ) |   |   | (19,654 | ) |
| Principal Payments on Mortgage Notes Payable                                                 |   |                    | (826,238         | ) |   |   | (1,663,611 | ) |
| Net Proceeds from Refinancings of Mortgage Notes Payable                                     |   |                    | 1,000,000        |   |   |   | 1,500,000 |   |
| Payments on Notes Payable to Banks                                                           |   |                    | (544,856         | ) |   |   | (4,916,018 | ) |
| Borrowings on Notes Payable to Banks                                                         |   |                    | 434,719          |   |   |   | 5,026,155 |   |
| Proceeds from Sale of Non-Controlling Ownership Interests in Subsidiary                      |   |                    | 2,157,000        |   |   |   | — |   |
| Repurchase of Partnership Units                                                              |   |                    | —          |   |   |   | (98 | ) |
| Repurchase of Treasury Stock                                                                 |   |                    | (87,745          | ) |   |   | (101,732 | ) |
| Payment of Dividends                                                                         |   |                    | (85,472          | ) |   |   | (85,704 | ) |
| Payments on Other Notes Payable                                                              |   |                    | (165,326         | ) |   |   | (61,911 | ) |
|                                                                                         |   |                    |             |   |   |   |   |   |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                          |   |                    | 1,853,134        |   |   |   | (322,573 | ) |
|                                                                                         |   |                    |             |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                         |   |                    | 88,459           |   |   |   | (735,135 | ) |
|                                                                                         |   |                    |             |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                               |   |                    | 406,385          |   |   |   | 1,141,520 |   |
|                                                                                         |   |                    |             |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT END OF YEAR                                                     |   | $                       | 494,844          |   |   | $ | 406,385 |   |

----

----

----

|  The amounts charged to the allowance for doubtful accounts are as follows for the fiscal years ended January 31: |   |
|------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   | Balance at the |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   | Beginning of |   |   | Charged to |   |   |   |   |   | Balance at the |   |
| Year                                                                                                                   |   | Year |   |   | Expense |   |   | Deductions |   |   | End of Year |   |
| 2010                                                                                                                   |   | $ | 34,041 |   |   |   | 50,436 |   |   |   | (45,409 | ) |   |  $ | 39,068 |   |
| 2011                                                                                                                   |   | $ | 39,068 |   |   |   | 10,118 |   |   |   | (8,189 | ) |   |  $ | 40,997 |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                           |   | Restricted Shares |    |
|------------------------------------------------|--------|-------------------|---------|
|                                           |   | Shares            |    |   | Weighted-Average Grant Date Fair Value |   |
| Balance of unvested awards at January 31, 2009 |   |              | 36,000  |   |   | $ | 0.65 |   |
| Granted                                        |   |              | 36,000  |   |   | $ | 1.35 |   |
| Vested                                         |   |              | (36,000 | ) |   | $ | 0.65 |   |
| Forfeited                                      |   |              | — |   |   |   | — |   |
| Balance of unvested awards at January 31, 2010 |   |              | 36,000  |   |   | $ | 1.35 |   |
| Granted                                        |   |              | — |   |   |   | — |   |
| Vested                                         |   |              | (36,000 | ) |   | $ | 1.35 |   |
| Forfeited                                      |   |              | — |   |   |   | — |   |
| Balance of unvested awards at January 31, 2011 |   |              | — |   |   |   | — |   |

----

----

----

|                                |   | 2011   |     |   | 2010   |   |
|-------------------------------------|--------|--------|----------|--------|--------|--------|
| Land                                |   | $      | 7,005    |   |   | $      | 7,005 |   |
| Building and improvements           |   |   | 75,662   |   |   |   | 75,662 |   |
| Furniture, fixtures and equipment   |   |   | 391,808  |   |   |   | 342,930 |   |
| Total property, plant and equipment |   |   | 474,475  |   |   |   | 425,597 |   |
| Less accumulated depreciation       |   |   | (334,588 | )      |   |   | (248,414 | ) |
| Property, Plant and Equipment, net  |   | $      | 139,887  |   |   | $      | 177,183 |   |

|                                      |   | 2011   |        |   | 2010   |   |
|-------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Land                                      |   | $      | 2,817,515   |   |   | $      | 2,817,515 |   |
| Building and improvements                 |   |   | 34,298,863  |   |   |   | 34,260,699 |   |
| Furniture, fixtures and equipment         |   |   | 5,207,459   |   |   |   | 4,783,497 |   |
| Work in progress                          |   |   | 62,146      |   |   |   | 44,142 |   |
| Total hotel properties                    |   |   | 42,385,983  |   |   |   | 41,905,853 |   |
|   Less accumulated depreciation |   |   | (16,468,720 | )      |   |   | (15,183,021 | ) |
| Hotel properties, net                     |   | $      | 25,917,263  |   |   | $      | 26,722,832 |   |

|                                      |   |   |    |
|-------------------------------------------|--------|--------|---------|
|                                      |   | 2011   |    | 2010 |   |
| Prepaid Insurance                         |   | $      | 177,054 |   |   $ | 73,386 |   |
| Tax and Insurance Escrow                  |   |   | 206,068 |   |   | 357,726 |   |
| Other Prepaid Expenses and Current Assets |   |   | 59,921  |   |   | 64,425 |   |
| Total Prepaid Expenses and Current Assets |   | $      | 443,043 |   |   $ | 495,537 |   |

----

|                                           |   |   |
|------------------------------------------------|--------|--------|
|                                           |   | 2011   |   | 2010 |
| Accounts Payable                               |   | $      | 608,905 |   |   $ | 378,143 |
| Accrued Salaries and Wages                     |   |   | 454,681 |   |   | 390,229 |
| Accrued Vacation                               |   |   | 218,711 |   |   | 248,623 |
| Sales Tax Payable                              |   |   | 168,751 |   |   | 149,470 |
| Income Tax Payable                             |   |   |  27,000 |   |   |  -- |
| Accrued Interest Payable                       |   |   | 91,293 |   |   | 87,726 |
| Advanced Customer Deposits                     |   |   | 80,214 |   |   | 137,491 |
| Accrued Property Taxes                         |   |   | 218,069 |   |   | 247,219 |
| Accrued Land Lease                             |   |   | 101,811 |   |   | 85,825 |
| Accrued Other                                  |   |   | 123,793 |   |   | 121,729 |
| Total Accounts Payable and Accrued Liabilities |   | $      | 2,093,228 |   |   $ | 1,846,455 |

|                                                                                                                                                                                                                                                                                                                                                                  |   | 2011      |       | 2010      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|-----------|--------|
| Mortgage note payable, due in interest only monthly payments of $23,333 at an interest rate of 7.0% per year, through December 30, 2013, plus a balloon payment of $4,023,333 in December 2013, secured by the Yuma property with a carrying value of $5.8 million at January 31, 2011.                                                                               |   | $         | 4,000,000  |      | $      | 4,000,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |   |      |       |      |   |
| Mortgage note payable, due in interest only monthly payments of $6,667 at an interest rate of 8.0% per year, through December 30, 2013, plus a balloon payment of $1,006,667 in December 2013, secured by the Yuma property with a carrying value of $5.8 million at January 31, 2011.                                                                                |   | 1,000,000 |       | —   |   |
|                                                                                                                                                                                                                                                                                                                                                                  |   |      |       |      |   |
| Mortgage note payable, due in monthly installments of $48,738, including interest at 8% per year, through May 1, 2016, secured by the Tucson Oracle property with a carrying value of $4.4 million at January 31, 2011.                                                                                                                                               |   | 2,532,396 |       | 2,898,601 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |   |      |       |      |   |
| Mortgage note payable, due in monthly installments of $71,141, including interest at 8.28% per year, through May 11, 2011, plus a balloon payment of $7,550,198 in May 2011, secured by the Ontario property with a carrying value of $6.3 million at January 31, 2011.                                                                                               |   | 7,555,870 |       | 7,765,740 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |   |      |       |      |   |
| Mortgage note payable, due in monthly installments of $16,032, including interest at 7.75% per year, through November 1, 2021, secured by the Albuquerque with a carrying value of $1.5 million at January 31, 2011.  At the discretion of the lender, the interest rate can be increased to the market rate, as determined by lender, on November 1, 2014. |   | 1,407,352 |       | 1,487,270 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |   |      |       |      |   |
| Mortgage note payable, due in variable monthly installments ($29,776 as of January 31, 2011) including interest at prime rate (3.25 % as of January 31, 2011), through January 28, 2015, plus a balloon payment of $4,874,612 in January 2015, secured by the Tucson St. Mary’s property with a carrying value of $8.0 million at January 31, 2011.             |   | 5,585,098 |       | 5,755,343 |   |
|                                                                                                                                                                                                                                                                                                                                                                  |   |      |       |      |   |
| Totals                                                                                                                                                                                                                                                                                                                                                                |   | $         | 22,080,716 |      | $      | 21,906,954 |   |

----

| FISCAL YEAR |   | MORTGAGES |       | OTHER NOTES PAYABLE |   | TOTAL     |   |
|-------------|--------|-----------|------------|---------------------|--------|-----------|--------|
| 2012        |   | $         | 8,214,760  |                | $      | 172,939   |   | $ | 8,387,699 |   |
| 2013        |   | 704,124   |       | 164,848             |   | 868,972   |   |
| 2014        |   | 5,753,834 |       | 127,309             |   | 5,881,143 |   |
| 2015        |   | 5,652,535 |       | 15,457              |   | 5,667,992 |   |
| 2016        |   | 663,186   |       | —             |   | 663,186   |   |
| Thereafter  |   | 1,092,277 |       | —             |   | 1,092,277 |   |
|        |   |      |       |                |   |      |   |
|        |   | $         | 22,080,716 |                | $      | 480,553   |   | $ | 22,561,269 |   |

----

|  Year |   |  Federal |                |   State |
|------------|--------|---------------|---------------------|-------------------|
|       |   |          |                |              |   |   |
|  2012 |   |  $       |  2,846,215     |              |  $ |  -   |
|  2014 |   |          | -              |              |   |  242,700 |
|  2015 |   |          |  -        |              |   |  -   |
|  2016 |   |          |  -   |              |   |  1,603,675 |
|  2019 |   |          |  1,163,799     |              |   |  1,492,444 |
|  2020 |   |          |  1,979,025     |              |   |  -   |
|  2021 |   |          |  250,847       |              |   |  -   |
|  2022 |   |          |  1,580,590     |              |   |  -   |
|  2023 |   |          |  1,671,294     |              |   |      -   |
|  2024 |   |          |  697,877       |              |   |  -   |
|  2028 |   |          |  100,323       |              |   |  -   |
|  2029 |   |          |  354,667       |              |   |  31,940 |
|  2030 |   |          |  960,063       |              |   |  166,377 |
|  2031 |   |          |  1,878,257     |              |   |  343,847 |
|       |   |          |                |              |   |   |
|       |   |  $       |  13,482,958    |              |  $ |  3,880,983 |

| Total and net deferred income tax assets at January 31,                                |   | 2011   |          | 2010   |
|----------------------------------------------------------------------------------------|--------|--------|---------------|--------|
| Net operating loss carryforwards                                                       |   | $      | 4,855,000     |   | $ | 4,071,000 |
| Bad debt allowance                                                                     |   |   | 5,000         |   |   | 23,000 |
| Accrued expenses                                                                       |   |   | 90,000        |   |   | 92,000 |
| Prepaid insurance                                                                      |   |   | 42,000        |   |   | - |
| Alternative minimum tax credit                                                         |   |   | 61,000        |   |   | 61,000 |
| Total deferred income tax assets                                                       |   |   | 5,053,000     |   |   | 4,247,000 |
| Deferred income tax liability associated with book/tax differences in hotel properties |   |   | (2,996,000)   |   |   | (2,658,000) |
| Net deferred income tax asset                                                          |   |   | 2,057,000     |   |   | 1,589,000 |
| Valuation allowance                                                                    |   |   | (2,057,000)   |   |   | (1,589,000) |
| Net deferred income tax asset                                                          |   | $      | -   |   | $ | -   |

| Income taxes for the year ended January 31, |   | 2011   |    | 2010   |
|---------------------------------------------|--------|--------|---------|--------|
| Current income tax provision (benefit)      |   | $      | 27,000  |   | $ | (35,828) |
| Deferred income tax benefit (provision)     |   |   | -  |   |   | -  |
| Net income tax provision (benefit)          |   | $      | 27,000  |   | $ | (35,828) |

----

| Federal statutory rates       |   | $      | (673,000) |   | (34%) |
|-------------------------------|--------|--------|-----------|--------|-------|
| State income taxes            |   |   | (140,000) |   | (7%)  |
| Change in valuation allowance |   |   | 468,000   |   | 24%   |
| True-ups to prior year return |   |   | 270,000   |   | 14%   |
| Other                         |   |   | 102,000   |   | 5%    |
| Effective rate                |   | $      | 27,000    |   | 1%    |

| Federal statutory rates       |   | $      | (361,000) |   | (34%) |
|-------------------------------|--------|--------|-----------|--------|-------|
| State income taxes            |   |   | (50,000)  |   | (5%)  |
| Change in valuation allowance |   |   | 523,000   |   | 49%   |
| True-ups to prior year return |   |   | (94,000)  |   | (9%)  |
| Other                         |   |   | (53,828)  |   | (5%)  |
| Effective rate                |   | $      | (35,828)  |   | (3%)  |

----

| Level 1 |  Quoted prices in active markets for identical assets or liabilities; |
|---------|----------------------------------------------------------------------------|

| Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|                   |   | 2011           |       | 2010      |   |
|------------------------|--------|----------------|------------|-----------|--------|
|                   |   | CARRYINGAMOUNT |       | FAIRVALUE |   | CARRYINGAMOUNT |   | FAIRVALUE |   |
| Mortgage notes payable |   | $              | 22,080,716 |      | $      | 21,280,238 |   | $ | 21,906,954 |   | $ | 20,907,254 |   |
|                   |   |           |       |      |   |   |   |   |   |
| Notes payable to banks |   | —        |       | —   |   | 110,137 |   | 110,137 |   |
|                   |   |           |       |      |   |   |   |   |   |
| Other notes payable    |   | 480,553        |       | 483,356   |   | 645,879 |   | 649,251 |   |

|                                                                              |   | 2011    |      | 2010    |
|-----------------------------------------------------------------------------------|--------|---------|-----------|---------|
| Cash paid for interest                                                            |   | $       | 1,541,317 |    | $ | 1,497,965 |
|                                                                              |   |    |      |    |
| Cash refunded from (paid for) income taxes                                        |   | — |      | 58,189  |
|                                                                              |   |    |      |    |
| Promissory notes issued by the Trust to acquire Class A limited partnership units |   | — |      | 105,564 |
|                                                                              |   |    |      |    |
| Promissory notes issued by the Trust to acquire Shares of Beneficial Interest     |   | — |      | 516,360 |

----

| Fiscal Year Ending |   |      |      |
|--------------------|--------|-----------|-----------|
| 2012               |   | $         | 217,027   |   |
| 2013               |   | 239,760   |      |
| 2014               |   | 247,760   |      |
| 2015               |   | 228,160   |      |
| 2016               |   | 206,560   |      |
| Thereafter         |   | 5,340,892 |      |
|               |   |      |      |
| Total              |   | $         | 6,480,159 |   |

----

|                                    |   |         |       | InitialCostto Tenant |   | CostCapitalizedSubsequent to Acquisition |   | Gross Amounts atWhich Carried atClose of Period |       |
|-----------------------------------------|--------|--------------|------------|----------------------|--------|------------------------------------------|--------|-------------------------------------------------|------------|
| Properties                              |   | Encumbrances |       | Land                 |   | Building andImprovements                 |   | Land                                            |       | Building andImprovements |   | Land |   | Building andImprovements |   |
|                                    |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| InnSuites Hotel and Suites              |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Tucson, Catalina Foothills Best Western |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Tucson, Arizona                         |   | $            | 2,532,396  |                 | $      | —                                  |   | $                                               | 4,220,820  |   | $ | — |   | $ | 2,415,388 |   | $ | — |   | $ | 6,636,208 |   |
| InnSuites Hotels and Suites             |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Yuma                                    |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Yuma, Arizona                           |   | 5,000,000    |       | 251,649              |   | 4,983,292                                |   | 53,366                                          |       | 2,500,739 |   | 305,015 |   | 7,484,031 |   |
| Best Western                            |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Airport Ontario Hotel and Suites        |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Ontario, California                     |   | 7,555,870    |       | 1,633,064            |   | 5,450,872                                |   | —                                         |       | 1,667,433 |   | 1,633,064 |   | 7,118,305 |   |
| InnSuites Hotels and Suites             |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Tucson St. Mary’s                 |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Tucson, Arizona                         |   | 5,585,098    |       | 900,000              |   | 9,166,549                                |   | (20,564                                         | )          | 1,621,327 |   | 879,436 |   | 10,787,876 |   |
| InnSuites Hotels and Suites             |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Albuquerque Airport Best Western        |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Albuquerque, New Mexico                 |   | 1,407,352    |       | —              |   | 1,903,970                                |   | —                                         |       | 368,473 |   | — |   | 2,272,443 |   |
| InnSuites Hospitality Trust             |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
| Phoenix, Arizona                        |   | —      |       | 7,005                |   | 75,662                                   |   | —                                         |       | — |   | 7,005 |   | 75,662 |   |
|                                    |   |         |       |                 |   |                                     |   |                                            |       |   |   |   |   |   |   |
|                                    |   | $            | 22,080,716 |                 | $      | 2,791,718                                |   | $                                               | 25,801,165 |   | $ | 32,802 |   | $ | 8,573,360 |   | $ | 2,824,520 |   | $ | 34,374,525 |   |

----

|                                    |   | Gross Landand Building |       | AccumulatedDepreciation |   | NetBook ValueLand andBuildingsand Improvements |   | Date ofConstruction |       | Date ofAcquisition |   | Depreciationin IncomeStatement isComputed |   |
|-----------------------------------------|--------|------------------------|------------|-------------------------|--------|------------------------------------------------|--------|---------------------|------------|--------------------|--------|-------------------------------------------|--------|
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| InnSuites Hotel and Suites              |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Tucson, Catalina Foothills Best Western |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Tucson, Arizona                         |   | $                      | 6,636,208  |                    | $      | 2,449,082                                      |   | $                   | 4,187,126  |               | 1981   |                                      | 1998   |   | 5-40 years |   |
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| InnSuites Hotels and Suites             |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Yuma                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Yuma, Arizona                           |   | 7,789,046              |       | 2,514,848               |   | 5,274,198                                      |   | 1982                |       | 1998               |   | 5-40 years                                |   |
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Best Western                            |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Airport Ontario Hotel and Suites        |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Ontario, California                     |   | 8,751,369              |       | 2,794,775               |   | 5,956,594                                      |   | 1990                |       | 1998               |   | 5-40 years                                |   |
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| InnSuites Hotels and Suites             |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Tucson St. Mary’s                 |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Tucson, Arizona                         |   | 11,667,312             |       | 4,006,105               |   | 7,661,207                                      |   | 1960                |       | 1998               |   | 5-40 years                                |   |
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| InnSuites Hotels and Suites             |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Albuquerque Airport Best Western        |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Albuquerque, New Mexico                 |   | 2,272,443              |       | 979,814                 |   | 1,292,629                                      |   | 1975                |       | 2000               |   | 5-40 years                                |   |
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| InnSuites Hospitality Trust             |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
| Phoenix, Arizona                        |   | 82,667                 |       | 15,476                  |   | 67,191                                         |   | 2004                |       | 2004               |   | 33 years                                  |   |
|                                    |   |                   |       |                    |   |                                           |   |                |       |               |   |                                      |   |
|                                    |   | $                      | 37,199,045 |                    | $      | 12,760,100                                     |   | $                   | 24,438,945 |               |   |                                      |   |   |   |   |

----

|                       |   | 2011   |       |   | 2010   |    |
|----------------------------|--------|--------|------------|--------|--------|---------|
| Land                       |   | $      | 1,856,788  |   |   |  $ | 1,856,788 |   |
| Buildings and improvements |   |   | 20,223,866 |   |   |    | 19,930,009 |   |
|                       |   | $      | 22,080,654 |   |   |  $ | 21,786,797 |   |

| Balance at January 31, 2009       |   | $             | 36,864,441 |   |
|-----------------------------------|--------|---------------|------------|--------|
| Improvement to Hotel Properties   |   | 307,162       |       |
| Disposal of Property Improvements |   |  (10,722 | )          |
|                              |   |          |       |
| Balance at January 31, 2010       |   | $             | 37,160,881 |   |
| Improvement to Hotel Properties   |   | 346,358       |       |
| Disposal of Property Improvements |   | (308,194      | )          |
|                              |   |          |       |
| Balance at January 31, 2011       |   | $             | 37,199,045 |   |

----

| Description                                                   |   | Interest Rate |   | Maturity Date |   | Periodic Payment Term                                                                 |   | Face Amount of Mortgages |       | 1/31/11 Carrying Amount |   |
|---------------------------------------------------------------|--------|---------------|--------|---------------|--------|---------------------------------------------------------------------------------------|--------|--------------------------|------------|-------------------------|--------|
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |
| Mortgage Note Secured by Albuquerque, NM property             |   | 7.75          | %      | 11/1/2021     |   | 144 monthly installments                                                              |   | $                        | 1,500,000  |                    | $      | 1,407,352 |   |
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |   |   |
| Mortgage Note Secured by Ontario, CA property                 |   | 8.280         | %      | 5/11/2011     |   | 120 monthly installments, with balloon payment of $7,498,458 due at maturity          |   |                     | 9,000,000  |                    |   | 7,555,870 |   |
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |   |   |
| Mortgage Note Secured by Yuma, AZ property                    |   | 7.0           | %      | 12/30/2013    |   | 60 monthly interest only installments, with balloon payment of $4,000,000 at maturity |   |                     | 4,000,000  |                    |   | 4,000,000 |   |
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |   |   |
| Mortgage Note Secured by Yuma, AZ property                    |   | 8.0           | %      | 12/30/2013    |   | 43 monthly interest only installments, with balloon payment of $1,000,000 at maturity |   |                     | 1,000,000  |                    |   | 1,000,000 |   |
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |   |   |
| Mortgage Note Secured by Tucson St. Mary’s, AZ property |   | Prime rate    |   | 1/28/2015     |   | 83 monthly installments, with balloon payment of $4,861,870 due at maturity           |   |                     | 6,050,000  |                    |   | 5,585,098 |   |
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |   |   |
| Mortgage Note Secured by Tucson Oracle, AZ property           |   | 8.000         | %      | 5/1/2016      |   | 180 monthly installments                                                              |   |                     | 5,100,000  |                    |   | 2,532,396 |   |
|                                                          |   |          |   |          |   |                                                                                  |   |                     |       |                    |   |
|                                                          |   |          |   |          |   |                                                                                  |   | $                        | 26,650,000 |                    | $      | 22,080,716 |   |

| Balance last January 31, 2009 |   | $          | 22,070,565 |   |
|-------------------------------|--------|------------|------------|--------|
|                          |   |       |       |
| Deductions during period:     |   |       |       |
| Net refinancings              |   | 1,500,000  |       |
| Principal payments            |   | (1,663,611 | )          |
|                          |   |       |       |
| Balance at January 31, 2010   |   | 21,906,954 |       |
|                          |   |       |       |
| Deductions during period:     |   |       |       |
| Net refinancings              |   | 1,000,000  |       |
| Principal payments            |   | (826,238   | )          |
|                          |   |       |       |
| Balance at January 31, 2011   |   | $          | 22,080,716 |   |

----

----

| Plan Category                                              |   | Number of Securities tobe Issued Upon Exerciseof Outstanding Options,Warrants and Rights(a) |   | Weighted AverageExercise Price ofOutstanding Options,Warrants and Rights(b) |   | Number of SecuritiesRemainingAvailable for FutureIssuance Under EquityCompensation Plans(Excluding SecuritiesReflected in Column (a))(c) |          |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|                                                       |   |                                                                                        |   |                                                                        |   |                                                                                                                                     |          |
| Equity compensation plans approved by security holders     |   | 0                                                                                           |   | $                                                                           | N/A    |                                                                                                                                     | 1,000,000 (1) |   |
|                                                       |   |                                                                                        |   |                                                                        |   |                                                                                                                                     |          |
| Equity compensation plans not approved by security holders |   | None                                                                                        |   | None                                                                        |   | None                                                                                                                                     |          |

----

|   | Financial Statements/Schedules of InnSuites Hospitality Trust |                                                                                                           |
|--------|---------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|
|   |                                                          |                                                                                                           |
|   |                                                          |                                                                                                           |   |
|   | 1.                                                            | Report of Independent Registered Public Accounting Firm –  January 31, 2011 and 2010           | 13 |
|   | 2.                                                            | Consolidated Balance Sheets –  January 31, 2011 and 2010                                       | 14 |
|   | 3.                                                            | Consolidated Statements of Operations –  Years Ended January 31, 2011 and 2010                 | 15 |
|   | 4.                                                            | Consolidated Statements of Shareholders’ Equity –  Years Ended January 31, 2011 and 2010 | 16 |
|   | 5.                                                            | Consolidated Statements of Cash Flows –  Years Ended January 31, 2011 and 2010                 | 17 |
|   | 6.                                                            | Notes to Consolidated Financial Statements –  Years Ended January 31, 2011 and 2010            | 18 |
|   | 7.                                                            | Schedule III – Real Estate and Accumulated Depreciation                                                  | 30 |
|   | 8.                                                            | Schedule IV – Mortgage Loans on Real Estate                                                              | 33 |

----

| (a)(3) | Exhibit List |
|--------|--------------|

| Exhibit No. |   | Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         |   | Second Amended and Restated Declaration of Trust of InnSuites Hospitality Trust dated June 16, 1998, as further amended on July 12, 1999 (incorporated by reference to Exhibit 3.1 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 31, 2005 filed with the Securities and Exchange Commission on May 16, 2005).                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.1        |   | First Amended and Restated Agreement of Limited Partnership of RRF Limited Partnership dated January 31, 1998 (incorporated by reference to Exhibit 10.1 of the Registrant’s Registration Statement on Form S-2, filed with the Securities and Exchange Commission on September 8, 1998).                                                                                                                                                                                   |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.2*       |   | Form of Indemnification Agreement between InnSuites Hospitality Trust and each Trustee and executive officer (incorporated by reference to Exhibit 10.3 of the Registrant’s Annual Report on Form 10-K/A for the fiscal year ended January 31, 2006 filed with the Securities and Exchange Commission on May 12, 2006).                                                                                                                                                     |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.3*       |   | InnSuites Hospitality Trust 1997 Stock Incentive and Option Plan (incorporated by reference to Exhibit 4(a) of the Registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on September 19, 2000).                                                                                                                                                                                                                                |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.4*       |   | Line of Credit Agreement, dated August 1, 2010, by and between RRF Limited Partnership and Rare Earth Financial, LLC (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2010 filed with the Securities and Exchange Commission on September 3, 2010).                                                                                                                                       |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.5*       |   | Albuquerque Suite Hospitality, LLC Restructuring Agreement, dated August 30, 2010, by and among RRF Limited Partnership, Rare Earth Financial, LLC, InnSuites Hospitality Trust, James F. Wirth, and Albuquerque Suite Hospitality, LLC (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2010 filed with the Securities and Exchange Commission on September 3, 2010).                    |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.6        |   | Revolving Bank Line of Credit Promissory Note, dated November 23, 2010, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, in favor of RepublicBankAZ, N.A., as Lender (incorporated by reference to Exhibit 10.1 of Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2010 filed with the Securities and Exchange Commission on December 9, 2010).      |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.7        |   | Revolving Bank Line of Credit Business Loan Agreement, dated November 23, 2010, by and among InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and RepublicBankAZ, N.A., as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2010 filed with the Securities and Exchange Commission on December 9, 2010). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.8*       |   | Tucson Hospitality Properties LP Restructuring Agreement, dated February 17, 2011, by and among Rare Earth Financial, LLC, RRF Limited Partnership, InnSuites Hospitality Trust, Tucson Hospitality Properties LP, and James F. Wirth.                                                                                                                                                                                                                                            |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 21          |   | Subsidiaries of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.1        |   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                               |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.2        |   | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                               |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.1        |   | Certification of Chief Executive Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                               |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.2        |   | Certification of Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                               |

----

|                             | INNSUITES HOSPITALITY TRUST |
|----------------------------------|-----------------------------|
|                             |                        |
|                             |                        |
| Dated:  April 29, 2011 | By:                         | /s/  James F. Wirth |
|                             |                        | James F. Wirth, Chairman,President and Chief Executive Officer(Principal Executive Officer) |
|                             |                        |   |
|                             |                        |   |
| Dated:  April 29, 2011 | By:                         | /s/  Anthony B. Waters |
|                             |                        | Anthony B. Waters, Chief Financial Officer(Principal Financial Officer) |

| Dated: April 29, 2011 | By:    | /s/  James F. Wirth                                                              |
|-----------------------|--------|--------------------------------------------------------------------------------------------|
|                  |   | James F. Wirth, ChairmanPresident and Chief Executive Officer(Principal Executive Officer) |
|                  |   |                                                                                       |
|                  |   |                                                                                       |
| Dated: April 29, 2011 | By:    | /s/  Anthony B. Waters                                                           |
|                  |   | Anthony B. Waters, Chief Financial Officer(Principal Financial Officer)                    |
|                  |   |                                                                                       |
|                  |   |                                                                                       |
| Dated: April 29, 2011 | By:    | /s/  Robert R. Mazakis                                                           |
|                  |   | Robert R. Mazakis, Controller(Principal Accounting Officer)                                |
|                  |   |                                                                                       |
|                  |   |                                                                                       |
| Dated: April 29, 2011 | By:    | /s/  Marc E. Berg                                                                |
|                  |   | Marc E. Berg, Trustee                                                                      |
|                  |   |                                                                                       |
|                  |   |                                                                                       |
| Dated: April 29, 2011 | By:    | /s/  Steven S. Robson                                                            |
|                  |   | Steven S. Robson, Trustee                                                                  |
|                  |   |                                                                                       |
|                  |   |                                                                                       |
| Dated: April 29, 2011 | By:    | /s/  Peter A. Thoma                                                              |
|                  |   | Peter A. Thoma, Trustee                                                                    |
|                  |   |                                                                                       |
|                  |   |                                                                                       |
| Dated: April 29, 2011 | By:    | /s/  Larry Pelegrin                                                              |
|                  |   | Larry Pelegrin, Trustee                                                                    |