| ý                                                                                                                                                                                                                                                                                                                                                                          | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                         |
| For      the fiscal year ended January 31, 2009.                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                         |
| 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, 1615 E. Northern Avenue,Suite 102,      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) |   |
|----------------------------------------------------------------------------|--------|----------------|--------|-----------------------------------|--------|-------------------------------------|--------|
|                                                                       |   |           |   |                              |   |                                |   |
| InnSuites      Hotel and Suites Airport Albuquerque Best Western           |   | 101            |   | 1975/1985                         |   | 2004                                |   |
|                                                                       |   |           |   |                              |   |                                |   |
| InnSuites      Hotel and Suites Tucson, Catalina Foothills Best    Western |   | 159            |   | 1981/1983                         |   | 2005                                |   |
|                                                                       |   |           |   |                              |   |                                |   |
| InnSuites      Hotels and Suites Yuma Best Western                         |   | 166            |   | 1982/1984                         |   | 2008                                |   |
|                                                                       |   |           |   |                              |   |                                |   |
| InnSuites      Hotel and Suites Ontario Airport Best Western               |   | 150            |   | 1990                              |   | 2005                                |   |
|                                                                       |   |           |   |                              |   |                                |   |
| InnSuites      Hotels and Suites Tucson St. Mary’s                   |   | 267            |   | 1960/1971                         |   | 2006                                |   |
|                                                                       |   |           |   |                              |   |                                |   |
| Total      suites                                                          |   | 843            |   |                              |   |                                |   |

----

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

| Fiscal      Year 2009 |   | High |   | Low  |   | Dividends |   |
|-----------------------|--------|------|--------|------|--------|-----------|--------|
| First      Quarter    |   | 1.64 |   | 1.01 |   | —   |   |
| Second      Quarter   |   | 1.59 |   | 1.00 |   | —   |   |
| Third      Quarter    |   | 1.65 |   | 1.03 |   | —   |   |
| Fourth      Quarter   |   | 1.40 |   | 0.46 |   | .01       |   |

| Fiscal      Year 2008 |   | High |   | Low  |   | Dividends |   |
|-----------------------|--------|------|--------|------|--------|-----------|--------|
| First      Quarter    |   | 1.64 |   | 1.04 |   | —   |   |
| Second      Quarter   |   | 1.69 |   | 1.00 |   | —   |   |
| Third      Quarter    |   | 1.64 |   | 0.77 |   | —   |   |
| Fourth      Quarter   |   | 1.65 |   | 0.79 |   | .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, 2008 |   | 23,350                                     |   | $ | 0.80 |   | 23,350 |   | 92,468 |   |
| December      1 – December 31, 2008      |   | 3,650                                      |   | $ | 0.78 |   | 3,650 |   | 88,818 |   |
| January      1 – January 31, 2009        |   | 12,810                                     |   | $ | 1.13 |   | 12,810 |   | 287,190 |   |
| Total                                          |   | 39,810                                     |   |   |   |   | 39,810 |   |   |   |

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

----

|                                          |   | For      the Year Ended January 31,                     |   |
|-----------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                          |   | 2009                                                         |   | 2008 |   |
|                                          |   |                                                         |   |   |   |
| Occupancy                                     |   |        62.42              | %      | 70.86 | % |
|                                          |   |                                                         |   |   |   |
| Average      Daily Rate (ADR)                 |   | $         80.55 |   | $           77.37 |   |
|                                          |   |                                                         |   |   |   |
| Revenue      Per Available Room (REVPAR) |   | $         50.28 |   | $           54.83 |   |

----

|                                         |   | 2009 |       | 2008    |   | Change     |   | %      Change |       |
|----------------------------------------------|--------|------|------------|---------|--------|------------|--------|---------------|------------|
| Revenue                                      |   | $    | 20,391,835 |    | $      | 22,100,135 |   | $             | (1,708,300 | )  | (7.7) | % |
| Operating      Income                        |   | $    | 274,487    |    | $      | 2,981,795  |   | $             | (2,707,308 | ) | (90.8) | % |
| Net      Income (Loss)                       |   | $    | (630,526   | )       | $      | 1,119,160  |   | $             | (1,749,686 | ) | >(100.0) | % |
| Income      (Loss) Per Share – Basic   |   | $    | (0.07      | )  | $      | 0.12       |   | $             | (0.19      | ) | >(100.0) | % |
| Income      (Loss) Per Share – Diluted |   | $    | (0.07      | )       | $      | 0.07       |   | $             | (0.14      | ) | >(100.0) | % |

----

----

| Hotel      Property Asset Values as of January 31, 2009 |   |
|---------------------------------------------------------|--------|
| Hotel      Property                                     |   | Book      Value |   |   | Mortgage      Balance |   |   | Listed      Sales Price |   |
| Albuquerque                                             |   | $ | 1,559,243 |   |   | $ | 954,984 |   |   | $ | 6,750,000 |   |
| Ontario                                                 |   |   | 6,684,786 |   |   |   | 7,958,765 |   |   |   | 23,500,000 |   |
| Tucson      Oracle                                      |   |   | 4,822,624 |   |   |   | 3,236,741 |   |   |   | 12,700,000 |   |
| Tucson      City Center                                 |   |   | 8,441,360 |   |   |   | 5,920,075 |   |   |   | 14,400,000 |   |
| Yuma                                                    |   |   | 6,242,512 |   |   |   | 4,000,000 |   |   |   | 15,500,000 |   |
| Totals                                                  |   | $ | 27,750,525 |   |   | $ | 22,070,565 |   |   | $ | 72,850,000 |   |

----

----

----

| ·   | 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 orotherwise; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| ·   | competition; |
|--------------------|--------------|

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

| ·   | insufficient      resources to pursue our currentstrategy; |
|--------------------|------------------------------------------------------------|

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

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

| ·   | real      estate and hospitality marketconditions; |
|--------------------|----------------------------------------------------|

| ·   | 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. |
|--------------------|-----------------------------|

----

|   | Report      of Independent Registered Public Accounting Firm – January 31, 2009 and      2008                | 15     |
|--------|--------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                               |   |
|   | Consolidated      Balance Sheets – January 31, 2009 and 2008                                            | 16     |
|   |                                                                                                               |   |
|   | Consolidated      Statements of Operations – Years Ended January 31, 2009 and      2008                 | 17     |
|   |                                                                                                               |   |
|   | Consolidated      Statements of Shareholders’ Equity – Years Ended January 31, 2009 and      2008 | 18     |
|   |                                                                                                               |   |
|   | Consolidated      Statements of Cash Flow – Years Ended January 31, 2009 and      2008                  | 19     |
|   |                                                                                                               |   |
|   | Notes      to the Consolidated Financial Statements – January 31, 2009 and      2008                    | 20     |
|   |                                                                                                               |   |

|   | Schedule III      – Real Estate and Accumulated Depreciation | 36     |
|--------|-------------------------------------------------------------------------|--------|
|   |                                                                    |   |
|   | Schedule IV      - Mortgage Loans on Real Estate                   | 39     |

----

| To      the Shareholders and Board of Trustees of |   |   |
|---------------------------------------------------|--------|--------|
| InnSuites      Hospitality Trust                  |   |   |
| Phoenix,      Arizona:                            |   |   |

| /s/      MOSS ADAMS LLP  |   |
|--------------------------|--------|
|                     |
| Scottsdale,      Arizona |
| April      30, 2009      |

----

|                                                                                                                                                                                                            |   | JANUARY 31, |        |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|-------------|--------|
|                                                                                                                                                                                                            |   | 2009             |        |   | 2008 |
| ASSETS                                                                                                                                                                                                          |   |             |        |   |   |
| Current      Assets:                                                                                                                                                                                            |   |             |        |   |   |
| Cash      and Cash Equivalents                                                                                                                                                                                  |   | $                | 1,141,520   |   |   |   | $ | 299,698 |   |   |
| Restricted      Cash                                                                                                                                                                                            |   |             | 96,262      |   |   |   |   | 142,495 |   |   |
| Accounts      Receivable, including $32,295 and $194,491 from related parties, net      of Allowance for Doubtful Accounts of $34,000 and $29,000, as of      January 31, 2009 and 2008, respectively |   |             | 510,942     |   |   |   |   | 663,278 |   |   |
| Prepaid      Expenses and Other Current Assets                                                                                                                                                                  |   |             | 577,767     |   |   |   |   | 486,438 |   |   |
| Total      Current Assets                                                                                                                                                                                       |   |             | 2,326,491   |   |   |   |   | 1,591,909 |   |   |
| Hotel      Properties Held for Sale, net                                                                                                                                                                        |   |             | —     |   |   |   |   | 29,402,016 |   |   |
| Hotel      Properties Held and Used, net                                                                                                                                                                        |   |             | 27,750,525  |   |   |   |   | — |   |   |
| Property,      Plant and Equipment, net                                                                                                                                                                         |   |             | 209,896     |   |   |   |   | 211,958 |   |   |
| Deferred      Finance Costs, Long-Term Portion                                                                                                                                                                  |   |             | 134,905     |   |   |   |   | 113,618 |   |   |
| Deposits,      Long-Term                                                                                                                                                                                        |   |             | 14,987      |   |   |   |   | 14,987 |   |   |
| TOTAL      ASSETS                                                                                                                                                                                               |   | $                | 30,436,804  |   |   |   | $ | 31,334,488 |   |   |
|                                                                                                                                                                                                            |   |             |        |   |   |   |   |   |   |   |
| LIABILITIES      AND SHAREHOLDERS’ EQUITY                                                                                                                                                                 |   |             |        |   |   |   |   |   |   |   |
|                                                                                                                                                                                                            |   |             |        |   |   |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                     |   |             |        |   |   |   |   |   |   |   |
| Current      Liabilities :                                                                                                                                                                                 |   |             |        |   |   |   |   |   |   |   |
|     Accounts      Payable and Accrued Expenses                                                                                                                                              |   | $                | 1,769,735   |   |   |   | $ | 2,408,087 |   |   |
| Notes      Payable to Banks                                                                                                                                                                                     |   |             | —     |   |   |   |   | 750,000 |   |   |
| Current      Portion of Mortgage Notes Payable                                                                                                                                                                  |   |             | 831,793     |   |   |   |   | 967,289 |   |   |
| Current      Portion of Other Notes Payable                                                                                                                                                                     |   |             | 20,201      |   |   |   |   | 74,582 |   |   |
| Current      Portion of Notes Payable to Related Parties                                                                                                                                                        |   |             | —     |   |   |   |   | 33,336 |   |   |
| Total      Current Liabilities                                                                                                                                                                                  |   |             | 2,621,729   |   |   |   |   | 4,233,294 |   |   |
| Mortgage      Notes Payable                                                                                                                                                                                     |   |             | 21,238,772  |   |   |   |   | 18,807,123 |   |   |
| Notes      Payable to Related Parties                                                                                                                                                                           |   |             | —     |   |   |   |   | 21,297 |   |   |
| Other      Notes Payable                                                                                                                                                                                        |   |             | 65,575      |   |   |   |   | 108,362 |   |   |
|                                                                                                                                                                                                            |   |             |        |   |   |   |   |   |   |   |
| TOTAL      LIABILITIES                                                                                                                                                                                          |   |             | 23,926,076  |   |   |   |   | 23,170,076 |   |   |
|                                                                                                                                                                                                            |   |             |        |   |   |   |   |   |   |   |
| MINORITY      INTEREST IN PARTNERSHIP                                                                                                                                                                           |   |             | 127,040     |   |   |   |   | 761,219 |   |   |
|                                                                                                                                                                                                            |   |             |        |   |   |   |   |   |   |   |
| SHAREHOLDERS’      EQUITY                                                                                                                                                                                 |   |             |        |   |   |   |   |   |   |   |
| Shares      of Beneficial Interest, without par value; unlimited authorization;      9,015,536 and 9,163,378 shares issued and outstanding at      January 31, 2009 and 2008, respectively       |   |             | 17,184,251  |   |   |   |   | 18,010,184 |   |   |
| Treasury      Stock, 7,771,212 and 7,623,370 shares held at January 31, 2009 and      2008, respectively                                                                                                   |   |             | (10,800,563 | )      |   |   |   | (10,606,991 | ) |   |
| TOTAL      SHAREHOLDERS’ EQUITY                                                                                                                                                                           |   |             | 6,383,688   |   |   |   |   | 7,403,193 |   |   |
| TOTAL      LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                           |   | $                | 30,436,804  |   |   |   | $ | 31,334,488 |   |   |

----

|                                                                                                                          |   | YEARS      ENDED JANUARY 31, |           |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------------|
|                                                                                                                          |   | 2009                              |           |   | 2008 |   |
| REVENUE                                                                                                                       |   |                              |           |   |   |   |
| Room                                                                                                                          |   | $                                 | 15,514,709     |   |   |  $ | 16,870,899 |   |
| Food      and Beverage                                                                                                        |   |                              | 1,194,069      |   |   |   | 1,226,909 |   |
| Telecommunications                                                                                                            |   |                              | 22,039         |   |   |   | 32,875 |   |
| Other                                                                                                                         |   |                              | 350,709        |   |   |   | 418,567 |   |
| Management      and Trademark Fees, including $397,199 and $395,059 from related parties      for 2009 and 2008, respectively |   |                              | 410,366        |   |   |   | 410,257 |   |
| Payroll      Reimbursements, including $2,899,943 and $3,140,628 from related parties      for 2009 and 2008, respectively    |   |                              | 2,899,943      |   |   |   | 3,140,628 |   |
|                                                                                                                          |   |                              |           |   |   |   |   |   |
| TOTAL      REVENUE                                                                                                            |   |                              | 20,391,835     |   |   |   | 22,100,135 |   |
|                                                                                                                          |   |                              |           |   |   |   |   |   |
| OPERATING      EXPENSES                                                                                                       |   |                              |           |   |   |   |   |   |
| Room                                                                                                                          |   |                              | 4,070,606      |   |   |   | 4,420,226 |   |
| Food      and Beverage                                                                                                        |   |                              | 977,756        |   |   |   | 1,080,035 |   |
| Telecommunications                                                                                                            |   |                              | 56,430         |   |   |   | 72,598 |   |
| General      and Administrative                                                                                               |   |                              | 3,414,546      |   |   |   | 3,339,502 |   |
| Sales      and Marketing                                                                                                      |   |                              | 1,317,123      |   |   |   | 1,391,838 |   |
| Repairs      and Maintenance                                                                                                  |   |                              | 1,358,918      |   |   |   | 1,389,767 |   |
| Hospitality                                                                                                                   |   |                              | 817,024        |   |   |   | 788,877 |   |
| Utilities                                                                                                                     |   |                              | 1,164,154      |   |   |   | 1,269,694 |   |
| Hotel      Property Depreciation                                                                                              |   |                              | 2,913,328      |   |   |   | 1,009,978 |   |
| Real      Estate and Personal Property Taxes, Insurance and Ground      Rent                                                  |   |                              | 1,110,950      |   |   |   | 1,159,916 |   |
| Other                                                                                                                         |   |                              | 16,570         |   |   |   | 55,281 |   |
| Payroll      Costs Related to Management Contracts                                                                            |   |                              | 2,899,943      |   |   |   | 3,140,628 |   |
|                                                                                                                          |   |                              |           |   |   |   |   |   |
| TOTAL      OPERATING EXPENSES                                                                                                 |   |                              | 20,117,348     |   |   |   | 19,118,340 |   |
| OPERATING      INCOME                                                                                                         |   |                              | 274,487        |   |   |   | 2,981,795 |   |
| Interest      Income                                                                                                          |   |                              | 2,604          |   |   |   | 1,565 |   |
| TOTAL      OTHER INCOME                                                                                                       |   |                              | 2,604          |   |   |   | 1,565 |   |
| Interest      on Mortgage Notes Payable                                                                                       |   |                              | 1,451,882      |   |   |   | 1,616,462 |   |
| Interest      on Notes Payable to Banks                                                                                       |   |                              | 30,493         |   |   |   | 162,534 |   |
| Interest      on Notes Payable and Advances Payable to Related    Parties                                                     |   |                              | 10,313         |   |   |   | 25,978 |   |
| Interest      on Other Notes Payable                                                                                          |   |                              | 10,756         |   |   |   | 14,212 |   |
| TOTAL      INTEREST EXPENSE                                                                                                   |   |                              | 1,503,444      |   |   |   | 1,819,186 |   |
| INCOME      (LOSS) BEFORE MINORITY INTEREST AND INCOME TAXES                                                                  |   |                              | (1,226,353     | )  |   |   | 1,164,174 |   |
| PLUS      MINORITY INTEREST                                                                                                   |   |                              | 630,519        |   |   |   | 147,077 |   |
| Income      Tax Provision                                                                                                     |   |                              | (34,692        | ) |   |   | (192,091 | ) |
| INCOME      (LOSS) ATTRIBUTABLE TO SHARES OF BENEFICIAL INTEREST                                                              |   | $                                 |  (630,526 | ) |   | $ | 1,119,160 |   |
| NET      INCOME (LOSS) PER SHARE – Basic                                                                                |   | $                                 | (0.07          | ) |   | $ | 0.12 |   |
| WEIGHTED      AVERAGE NUMBER OF SHARES OUTSTANDING – Basic                                                              |   |                              | 9,069,760      |   |   |   | 9,185,474 |   |
| NET      INCOME (LOSS) PER SHARE – Diluted                                                                              |   | $                                 | (0.07          | ) |   | $ | 0.07 |   |
| WEIGHTED      AVERAGE NUMBER OF SHARES OUTSTANDING – Diluted                                                            |   |                              | 9,069,760      |   |   |   | 13,111,541 |   |
| CASH      DIVIDENDS PER SHARE                                                                                                 |   | $                                 | 0.01           |   |   | $ | 0.01 |   |

----

| BALANCE,      JANUARY 31, 2007                             |   | $         | 6,541,701 |   |
|-----------------------------------------------------------------|--------|-----------|-----------|--------|
| Net      Income Attributable to Shares of Beneficial Interest   |   | 1,119,160 |      |
| Dividends                                                       |   | (91,657   | )         |
| Purchase      of Treasury Stock                                 |   | (167,937  | )         |
| Shares      of Beneficial Interest issued for Services Received |   | 46,080    |      |
| Purchase      of Partnership Units above Carrying Value         |   | (42,302   | )         |
| Reallocation      of Minority Interest                          |   | (1,852    | )         |
|                                                            |   |      |      |
| BALANCE,      JANUARY 31, 2008                             |   | $         | 7,403,193 |   |
| Net      Loss Attributable to Shares of Beneficial Interest     |   | (630,526  | )         |
| Dividends                                                       |   | (90,537   | )         |
| Purchase      of Treasury Stock                                 |   | (293,710  | )         |
| Shares      of Beneficial Interest issued for Services Received |   | 39,240    |      |
| Purchase      of Partnership Units above Carrying Value         |   | (40,736   | )         |
| Reallocation      of Minority Interest                          |   | (3,236    | )         |
|                                                            |   |      |      |   |
| BALANCE,      JANUARY 31, 2009                             |   | $         | 6,383,688 |   |

----

|                                                                                                                                                |   | YEARS      ENDED JANUARY 31, |                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-----------------------|
|                                                                                                                                                |   | 2009                              |                  |   | 2008 |   |
| CASH      FLOW FROM OPERATING ACTIVITIES                                                                                                            |   |                              |                  |   |   |   |
| Net      Income (Loss) Attributable to Shares of Beneficial      Interest                                                                           |   | $                                 |  (630,526        | ) |   | $ | 1,119,160 |   |
| Adjustments      to Reconcile Net Income (Loss) Attributable to Shares of Beneficial      Interest to Net Cash Provided by Operating    Activities: |   |                              |                  |   |   |   |   |   |
| Stock      Compensation Expense                                                                                                                     |   |                              | 39,240                |   |   |   | 46,080 |   |
| Provision      for (Recovery of) Uncollectible Receivables                                                                                          |   |                              | 30,575                |   |   |   | (13,045 | ) |
| Minority      Interest                                                                                                                              |   |                              | (630,519              | ) |   |   | (147,077 | ) |
| Hotel      Property Depreciation                                                                                                                    |   |                              | 2,913,328             |   |   |   | 1,009,978 |   |
| Loss      on Disposal Sale of Hotel Property                                                                                                        |   |                              | 31,493                |   |   |   | 5,529 |   |
| Amortization      of Deferred Loan Fees                                                                                                             |   |                              | 28,541                |   |   |   | 51,692 |   |
| Changes      in Assets and Liabilities:                                                                                                             |   |                              |                  |   |   |   |   |   |
| (Increase)      in Prepaid Expenses and Other Assets                                                                                                |   |                              | (78,984               | ) |   |   | (9,074 | ) |
| Decrease      in Accounts Receivable                                                                                                                |   |                              | 121,761               |   |   |   | 101,999 |   |
| (Decrease)      Increase in Accounts Payable and Accrued Expenses                                                                                   |   |                              | (637,999              | ) |   |   | (561,721 | ) |
| NET      CASH PROVIDED BY OPERATING ACTIVITIES                                                                                                      |   |                              | 1,186,910             |   |   |   | 1,603,521 |   |
|                                                                                                                                                |   |                              |                  |   |   |   |   |   |
| CASH      FLOW FROM INVESTING ACTIVITIES                                                                                                            |   |                              |                  |   |   |   |   |   |
| Cash      Received from Disposition of Hotel Properties                                                                                             |   |                              | 1,400                 |   |   |   | 3,500 |   |
| Improvements      and Additions to Hotel Properties                                                                                                 |   |                              | (1,292,668            | ) |   |   | (978,039 | ) |
| Change      in Restricted Cash                                                                                                                      |   |                              | 46,233                |   |   |   | (14,211 | ) |
| NET      CASH USED IN INVESTING ACTIVITIES                                                                                                          |   |                              | (1,245,035            | ) |   |   | (988,750 | ) |
|                                                                                                                                                |   |                              |                  |   |   |   |   |   |
| CASH      FLOW FROM FINANCING ACTIVITIES                                                                                                            |   |                              |                  |   |   |   |   |   |
| Increase      in Deferred Loan Fees                                                                                                                 |   |                              | (62,173               | ) |   |   | — |   |
| Principal      Payments on Mortgage Notes Payable                                                                                                   |   |                              | (1,703,847            | ) |   |   | (1,123,139 | ) |
| Net      Proceeds from Refinancings of Mortgage Notes Payable                                                                                       |   |                              | 4,000,000             |   |   |   | 15,107 |   |
| Payments      on Notes Payable to Banks                                                                                                             |   |                              | (4,406,003            | ) |   |   | (5,434,175 | ) |
| Borrowings      on Notes Payable to Banks                                                                                                           |   |                              | 3,656,003             |   |   |   | 7,434,126 |   |
| Repurchase      of Partnership Units                                                                                                                |   |                              | (494                  | ) |   |   | (1,050 | ) |
| Repurchase      of Treasury Stock                                                                                                                   |   |                              | (252,201              | ) |   |   | (167,937 | ) |
| Payment      of Dividends                                                                                                                           |   |                              | (90,537               | ) |   |   | (91,657 | ) |
| Payments      on Notes and Advances Payable to Related Parties                                                                                      |   |                              | (878,633              | ) |   |   | (1,830,084 | ) |
| Borrowings      on Notes and Advances Payable to Related Parties                                                                                    |   |                              | 824,000               |   |   |   | 799,000 |   |
| Payments      on Other Notes Payable                                                                                                                |   |                              | (186,168              | ) |   |   | (117,955 | ) |
|                                                                                                                                                |   |                              |                  |   |   |   |   |   |
| NET      CASH USED IN FINANCING ACTIVITIES                                                                                                          |   |                              | 899,947               |   |   |   | (517,764 | ) |
|                                                                                                                                                |   |                              |                  |   |   |   |   |   |
| NET      INCREASE IN CASH AND CASH EQUIVALENTS                                                                                                      |   |                              | 841,822               |   |   |   | 97,007 |   |
|                                                                                                                                                |   |                              |                  |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                                                                                 |   |                              | 299,698               |   |   |   | 202,691 |   |
|                                                                                                                                                |   |                              |                  |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT END OF YEAR                                                                                                       |   | $                                 |        1,141,520 |   |   | $ | 299,698 |   |

----

----

----

|  The amounts charged to the      allowance for doubtful accounts are as follows for the years ended January      31: |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                      |   | Balance      at the |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                      |   | Beginning      of |   |   | Charged      to |   |   |   |   |   | Balance      at the |   |
| Year                                                                                                                      |   | Year |   |   | Expense |   |   | Deductions |   |   | End      of Year |   |
| 2008                                                                                                                      |   | $ | 114,970 |   |   |   | (13,045) |   |   |   | (72,455 | ) |   |  $ | 29,470 |   |
| 2009                                                                                                                      |   | $ | 29,470 |   |   |   | 30,575 |   |   |   | (26,004 | ) |   |  $ | 34,041 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                |   | Restricted      Shares |    |
|-----------------------------------------------------|--------|------------------------|---------|
|                                                |   | Shares                 |    |   | Weighted-Average      Grant Date Fair Value |   |
| Balance      at January 31, 2007                    |   |                   | — |   |   |   | — |   |
| Granted                                             |   |                   | 36,000  |   |   | $ | 1.28 |   |
| Vested                                              |   |                   | (36,000 | ) |   | $ | 1.28 |   |
| Forfeited                                           |   |                   | — |   |   |   | — |   |
| Balance      of unvested awards at January 31, 2008 |   |                   | — |   |   | $ | — |   |
| Granted                                             |   |                   | 72,000  |   |   | $ | 0.87 |   |
| Vested                                              |   |                   | (36,000 | ) |   | $ | 1.09 |   |
| Forfeited                                           |   |                   | — |   |   |   | — |   |
| Balance      of unvested awards at January 31, 2009 |   |                   | 36,000  |   |   |   | 0.65 |   |

----

|                                                                                        |   | For      the Twelve Months Ended |          |
|---------------------------------------------------------------------------------------------|--------|----------------------------------|---------------|
|                                                                                        |   | January      31, 2009            |          |   | January      31, 2008 |   |
| Income      (Loss) attributable to Shares of Beneficial Interest                            |   | $                                | (630,526      | ) |   |  $ | 1,119,160 |   |
| Plus:  Income      (Loss) attributable to minority interest unitholders           |   |                             |          |   |   |   | (147,077 | ) |
| Income      (Loss) attributable to Shares of Beneficial Interest after unit      conversion |   | $                                | (630,526      | ) |   |  $ | 972,083 |   |
|                                                                                        |   |                             |          |   |   |   |   |   |
| Weighted      average common shares outstanding                                             |   |                             | 9,069,760     |   |   |   | 9,185,474 |   |
| Plus:  Weighted      average incremental shares resulting from unit conversion    |   |                             |  — |   |   |   |   3,926,067 |   |
| Weighted      average common shares outstanding after unit    conversion                    |   |                             | 9,069,760     |   |   |   | 13,111,541 |   |
|                                                                                        |   |                             |          |   |   |   |   |   |
| Net      Income (Loss) Per Share - Basic                                                    |   | $                                | (0.07         | ) |   | $ | 0.12 |   |
|                                                                                        |   |                             |          |   |   |   |   |   |
| Net      Income (Loss) Per Share - Diluted                                                  |   | $                                | (0.07         | ) |   |  $ | 0.07 |   |

----

----

|                                     |   | 2009   |     |   | 2008   |   |
|------------------------------------------|--------|--------|----------|--------|--------|--------|
| Land                                     |   | $      | 7,005    |   |   | $      | 7,005 |   |
| Building      and improvements           |   |   | 75,662   |   |   |   | 75,662 |   |
| Furniture,      fixtures and equipment   |   |   | 291,018  |   |   |   | 369,849 |   |
| Total      property, plant and equipment |   |   | 373,685  |   |   |   | 452,516 |   |
| Less      accumulated depreciation       |   |   | (163,789 | )      |   |   | (240,558 | ) |
| Property,      Plant and Equipment, net  |   | $      | 209,896  |   |   | $      | 211,958 |   |

|                                           |   | 2009   |        |   | 2008   |   |
|------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Land                                           |   | $      | 2,817,515   |   |   | $      | 2,817,515 |   |
| Building      and improvements                 |   |   | 33,964,259  |   |   |   | 34,143,848 |   |
| Furniture,      fixtures and equipment         |   |   | 4,516,551   |   |   |   | 7,121,243 |   |
| Work      in progress                          |   |   | 3,950       |   |   |   | — |   |
| Total      hotel properties                    |   |   | 41,302,275  |   |   |   | 44,082,606 |   |
|   Less      accumulated depreciation |   |   | (13,551,750 | )      |   |   | (14,680,590 | ) |
| Hotel      properties, net                     |   | $      | 27,750,525  |   |   | $      | 29,402,016 |   |

----

|                                           |   | January      31, |    |
|------------------------------------------------|--------|------------------|---------|
|                                           |   | 2009             |    | 2008 |   |
| Prepaid      Insurance                         |   | $                | 188,640 |   |        $ | 117,413 |   |
| Deferred      Financing Costs, Current Portion |   |             | 39,846  |   |   | 27,411 |   |
| Tax      and Insurance Escrow                  |   |             | 303,872 |   |   | 298,765 |   |
| Other      Prepaid Expenses and Current Assets |   |             | 45,409  |   |   | 42,849 |   |
| Total      Prepaid Expenses and Current Assets |   | $                | 577,767 |   |        $ | 486,438 |   |

|                                                |   | January      31, |
|-----------------------------------------------------|--------|------------------|
|                                                |   | 2009             |   | 2008 |
| Accounts      Payable                               |   | $                | 340,538 |   |        $ | 715,753 |
| Accrued      Salaries and Wages                     |   |             | 360,830 |   |   | 458,172 |
| Accrued      Vacation                               |   |             | 205,936 |   |   | 219,039 |
| Sales      Tax Payable                              |   |             | 154,971 |   |   | 188,214 |
| Accrued      Interest Payable                       |   |             | 88,585 |   |   | 79,734 |
| Advanced      Customer Deposits                     |   |             | 147,455 |   |   | 79,968 |
| Income      Tax Liability                           |   |             | 61,355 |   |   | 62,154 |
| Accrued      Property Taxes                         |   |             | 174,687 |   |   | 260,661 |
| Accrued      Land Lease                             |   |             | 101,454 |   |   | 113,933 |
| Accrued      Other                                  |   |             | 133,924 |   |   | 230,459 |
| Total      Accounts Payable and Accrued Liabilities |   | $                | 1,769,735 |   |        $ | 2,408,087 |

----

|                                                                                                                                                                                                                                                                                                                   |   | 2009      |       | 2008      |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|-----------|--------|
| Mortgage      note payable, due in 7.0% interest only monthly payments of $23,333 at      7.0% per year, through December 30, 2013 when principal is due in full,      secured by the Yuma property with a carrying value of $6.2 million at      January 31, 2009.                                     |   | $         | 4,000,000  |      | $      | — |   |
|                                                                                                                                                                                                                                                                                                                   |   |      |       |      |   |
| 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 $4.8 million at January 31,      2009.                                                                  |   | 3,236,741 |       | 3,548,967 |   |
|                                                                                                                                                                                                                                                                                                                   |   |      |       |      |   |
| Mortgage      note payable, due in monthly installments of $71,141, including interest      at 8.28% per year, through May 11, 2011, secured by the Ontario property      with a carrying value of $6.7 million at January 31,      2009.                                                                         |   | 7,958,765 |       | 8,134,458 |   |
|                                                                                                                                                                                                                                                                                                                   |   |      |       |      |   |
| Mortgage      note payable, due in monthly installments of $15,858, including interest      at 8.875% per year, through September 1, 2015, secured by the      Albuquerque property with a carrying value of $1.6  million at      January 31, 2009.                                               |   | 954,984   |       | 1,055,619 |   |
|                                                                                                                                                                                                                                                                                                                   |   |      |       |      |   |
| Mortgage      note payable, due in monthly installments of $27,010, including interest      at 9.25% per year, through August 1, 2011, secured by the Yuma      property. Note was paid in full by refinancing the property December 30,      2008.                                                               |   | —   |       | 985,368   |   |
|                                                                                                                                                                                                                                                                                                                   |   |      |       |      |   |
| Mortgage      note payable, due in variable monthly installments ($29,776 as of January      31, 2009) including interest at prime rate (3.25% as of January 31, 2009),      through January 28, 2015, secured by the Tucson St. Mary’s property with a      carrying value of $8.4 million at January 31, 2009. |   | 5,920,075 |       | 6,050,000 |   |
|                                                                                                                                                                                                                                                                                                                   |   |      |       |      |   |
| Totals                                                                                                                                                                                                                                                                                                                 |   | $         | 22,070,565 |      | $      | 19,774,412 |   |

----

|                                                                                                                                                                                                                                                                                                                                |   | 2009    |    | 2008   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|---------|--------|--------|
| Note      payable to The Anderson Charitable Remainder Unitrust, an affiliate of      Mason Anderson, former Trustee of the Trust, bearing interest at 7% per      annum, and secured by Shares of Beneficial Interest in the Trust. Due in      monthly principal and interest payments of $1,365 through      November 2009. |   | — |    | 28,105 |   |
|                                                                                                                                                                                                                                                                                                                                |   |    |    |   |   |
| Note      payable to Wayne Anderson, son of Mason Anderson, former Trustee of the      Trust, bearing interest at 7% per annum, and secured by Shares of      Beneficial Interest in the Trust. Due in monthly principal and interest      payments of $574 through June 2009.                                                 |   | — |    | 9,271  |   |
|                                                                                                                                                                                                                                                                                                                                |   |    |    |   |   |
| Note      payable to Karen Anderson, daughter of Mason Anderson, former Trustee of      the Trust, bearing interest at 7% per annum, and secured by Shares of      Beneficial Interest in the Trust. Due in monthly principal and interest      payments of $574 through June 2009.                                            |   | — |    | 9,268  |   |
|                                                                                                                                                                                                                                                                                                                                |   |    |    |   |   |
| Note      payable to Kathy Anderson, daughter of Mason Anderson, former Trustee of      the Trust, bearing interest at 7% per annum, and secured by Shares of      Beneficial Interest in the Trust. Due in monthly principal and interest      payments of $495 through June 2009.                                            |   | — |    | 7,989  |   |
|                                                                                                                                                                                                                                                                                                                                |   |    |    |   |   |
| Totals                                                                                                                                                                                                                                                                                                                              |   | $       | — |   | $      | 54,633 |   |

----

| FISCAL      YEAR ENDED |   | MORTGAGES |       | OTHER      NOTES PAYABLE |   | TOTAL     |   |
|------------------------|--------|-----------|------------|--------------------------|--------|-----------|--------|
| 2010                   |   | $         | 831,793    |                     | $      | 20,201    |   | $ | 851,994 |   |
| 2011                   |   | 896,845   |       | 21,692                   |   | 918,537   |   |
| 2012                   |   | 8,291,057 |       | 23,239                   |   | 8,314,296 |   |
| 2013                   |   | 786,678   |       | 20,644                   |   | 807,322   |   |
| 2014                   |   | 4,843,227 |       | —                  |   | 4,843,227 |   |
| Thereafter             |   | 6,420,965 |       | —                  |   | 6,420,965 |   |
|                   |   |      |       |                     |   |      |   |
|                   |   | $         | 22,070,565 |                     | $      | 85,776    |   | $ | 22,156,341 |   |

----

| Year   |   | Federal   |
|--------|--------|-----------|
|   |   |      |
| 2012   |   | $         | 1,147,858 |
| 2019   |   | 1,163,799 |
| 2020   |   | 1,979,025 |
| 2021   |   | 250,847   |
| 2022   |   | 1,580,590 |
| 2023   |   | 1,671,294 |
| 2024   |   | 2,496,557 |
| 2029   |   | 15,948    |
|   |   |      |
|   |   | $         | 10,305,918 |

|  Total      and net deferred income tax assets at January 31,                               |   |       |  2009 |   |   |             |   2008 |   |
|--------------------------------------------------------------------------------------------------|--------|------------|------------|--------|--------|------------------|------------------|--------|
| Net      operating loss carryforwards                                                            |   | $          | 3,504,000  |   |   | $                | 3,433,000        |   |
| Bad      debt allowance                                                                          |   | 10,000     |       |   |   | 9,000            |             |
| Accrued      vacation                                                                            |   | 97,000     |       |   |   | -                |             |
| Alternative      minimum tax credit                                                              |   | 61,000     |       |   |   | 61,000           |             |
| Total      deferred income tax assets                                                            |   | 3,672,000  |       |   |   | 3,503,000        |             |
|                                                                                             |   |       |       |   |   |             |             |
| Deferred      income tax liability associated with book/tax differences in hotel      properties |   | (2,607,000 | )          |   |   |  (2,779,000 | )                |
| Net      deferred income tax asset                                                               |   | 1,065,000  |       |   |   |  724,000    |             |
| Valuation      allowance                                                                         |   | (1,065,000 | )          |   |   |  (724,000   | )                |
| Net      deferred income tax asset                                                               |   | $          | -          |   |   | $                | -                |   |

|  Income      taxes for the year ended January 31, |   |   | 2009   |   |    2008 |    |
|--------------------------------------------------------|--------|--------|--------|--------|------------------------|---------|
| Current      income tax provision                      |   | $      | 35,000 |   | $                      | 192,000 |   |
| Deferred      income tax benefit                       |   |   | -      |   |                   | -       |   |
| Net      income tax provision                          |   | $      | 35,000 |   | $                      | 192,000 |   |

----

|  The      differences between the statutory and effective tax rates are as follows      for the year ended January 31, 2009: |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|
| Federal statutory rates                                                                                                           |   | $ | (203,000 | )  | (34 | )% |
| State      income taxes                                                                                                           |   |   | (35,000 | )  |   | (6 | )% |
| Change      in valuation allowance                                                                                                |   |   | 341,000 |   |   | 58 |  % |
| True-ups      to prior year return                                                                                                |   |   | (68,000 | ) |   | (12 | )% |
| Effective      rate                                                                                                               |   | $ | 35,000 |   |   | 6 | % |

|  The      differences between the statutory and effective tax rates are as follows      for the year ended January 31, 2008:  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|
| Federal      statutory rates                                                                                                            |   | $ | 453,000 |   |  34 | % |
| State      income taxes                                                                                                                 |   |   | 61,000 |   |   | 5 | % |
| Utilization      of federal net operating loss carryforward and related recognition of tax      benefit                                 |   |   | (503,000 | ) |   | (38 | )% |
| True-ups      to prior year return                                                                                                      |   |   | 155,000 |   |   | 11 | % |
| Permanent      differences and other                                                                                                    |   |   | 26,000 |   |   | 2 | % |
| Effective      rate                                                                                                                     |   | $ | 192,000 |   |   | 14 | % |

----

| Level      1  | Quoted      prices in active markets for identical assets or liabilities;                                                                                                                                                                                                                                                                 |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |                                                                                                                                                                                                                                                                                                                                      |
| Level      2       | Observable      inputs other than Level I 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. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                               |   | 2009           |       | 2008      |   |
|----------------------------------------------------|--------|----------------|------------|-----------|--------|
|                                               |   | CARRYINGAMOUNT |       | FAIRVALUE |   | CARRYINGAMOUNT |   | FAIRVALUE |   |
| Mortgage      notes payable                        |   | $              | 22,070,565 |      | $      | 22,585,371 |   | $ | 19,774,412 |   | $ | 20,898,875 |   |
|                                               |   |           |       |      |   |   |   |   |   |
| Notes      payable to banks                        |   | —        |       | —   |   | 750,000 |   | 750,000 |   |
|                                               |   |           |       |      |   |   |   |   |   |
| Notes      and advances payable to related parties |   | —        |       | —   |   | 54,633 |   | 57,809 |   |
|                                               |   |           |       |      |   |   |   |   |   |
| Other      notes payable                           |   | 85,776         |       | 85,776    |   | 182,944 |   | 193,198 |   |

|                                                                                        |   | 2009   |      | 2008    |
|---------------------------------------------------------------------------------------------|--------|--------|-----------|---------|
| Cash      paid for interest                                                                 |   | $      | 1,466,143 |    | $ | 1,783,309 |
|                                                                                        |   |   |      |    |
| Cash      paid for income taxes                                                             |   | 35,911 |      | 161,749 |
|                                                                                        |   |   |      |    |
| Promissory      notes issued by the Trust to acquire Class A limited partnership      units |   | 47,491 |      | 65,000  |
|                                                                                        |   |   |      |    |
| Promissory      notes issued by the Trust to acquire Shares of Beneficial      Interest     |   | 41,509 |      | — |
|                                                                                        |   |   |      |    |
| Shares      issued to Trustees and Officers in exchange for    services                     |   | 39,240 |      | 46,080  |

----

| Fiscal      Year Ending |   |      |      |
|-------------------------|--------|-----------|-----------|
| 2010                    |   | $         | 202,360   |   |
| 2011                    |   | 202,360   |      |
| 2012                    |   | 202,360   |      |
| 2013                    |   | 202,360   |      |
| 2014                    |   | 202,360   |      |
| Thereafter              |   | 5,469,052 |      |
|                    |   |      |      |
| Total                   |   | $         | 6,480,852 |   |

----

|                                         |   |         |       | 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                         |   | $            | 3,236,741  |                      | $      | —                                       |   | $                                                              | 4,220,820  |   | $ | — |   | $ | 2,387,931 |   | $ | — |   | $ | 6,608,751 |   |
| InnSuites      Hotels and Suites             |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Yuma                                         |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Yuma,      Arizona                           |   | 4,000,000    |       | 251,649                   |   | 4,983,292                                     |   | 53,366                                                         |       | 2,598,686 |   | 305,015 |   | 7,581,978 |   |
| Best      Western                            |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Airport      Ontario Hotel and Suites        |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Ontario,      California                     |   | 7,958,765    |       | 1,633,064                 |   | 5,450,872                                     |   | —                                                        |       | 1,540,256 |   | 1,633,064 |   | 6,991,128 |   |
| InnSuites      Hotels and Suites             |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Tucson      St. Mary’s                 |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Tucson,      Arizona                         |   | 5,920,075    |       | 900,000                   |   | 9,166,549                                     |   | (20,564                                                        | )          | 1,406,429 |   | 879,436 |   | 10,572,978 |   |
| InnSuites      Hotels and Suites             |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Albuquerque      Airport Best Western        |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Albuquerque,      New Mexico                 |   | 954,984      |       | —                   |   | 1,903,970                                     |   | —                                                        |       | 305,454 |   | — |   | 2,209,424 |   |
| InnSuites      Hospitality Trust             |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
| Phoenix,      Arizona                        |   | —      |       | 7,005                     |   | 75,662                                        |   | —                                                        |       | — |   | 7,005 |   | 75,662 |   |
|                                         |   |         |       |                      |   |                                          |   |                                                           |       |   |   |   |   |   |   |
|                                         |   | $            | 22,070,565 |                      | $      | 2,791,718                                     |   | $                                                              | 25,801,165 |   | $ | 32,802 |   | $ | 8,238,756 |   | $ | 2,824,520 |   | $ | 34,039,921 |   |

----

|                                         |   | 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                         |   | $                                | 6,608,751  |                    | $      | 2,028,113                                                     |   | $                        | 4,580,638  |                    | 1981   |                                                | 1998   |   | 5-40      years |   |
|                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| InnSuites      Hotels and Suites             |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Yuma                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Yuma,      Arizona                           |   | 7,886,993                        |       | 2,132,727               |   | 5,754,266                                                     |   | 1982                     |       | 1998                    |   | 5-40      years                                     |   |
|                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Best      Western                            |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Airport      Ontario Hotel and Suites        |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Ontario,      California                     |   | 8,624,192                        |       | 2,292,916               |   | 6,331,276                                                     |   | 1990                     |       | 1998                    |   | 5-40      years                                     |   |
|                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| InnSuites      Hotels and Suites             |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Tucson      St. Mary’s                 |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Tucson,      Arizona                         |   | 11,452,414                       |       | 3,293,145               |   | 8,159,269                                                     |   | 1960                     |       | 1998                    |   | 5-40      years                                     |   |
|                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| InnSuites      Hotels and Suites             |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Albuquerque      Airport Best Western        |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Albuquerque,      New Mexico                 |   | 2,209,424                        |       | 795,215                 |   | 1,414,209                                                     |   | 1975                     |       | 2000                    |   | 5-40      years                                     |   |
|                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| InnSuites      Hospitality Trust             |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
| Phoenix,      Arizona                        |   | 82,667                           |       | 10,891                  |   | 71,776                                                        |   | 2004                     |       | 2004                    |   | 33      years                                       |   |
|                                         |   |                             |       |                    |   |                                                          |   |                     |       |                    |   |                                                |   |
|                                         |   | $                                | 36,864,441 |                    | $      | 10,553,007                                                    |   | $                        | 26,311,434 |                    |   |                                                |   |   |   |   |

----

|                            |   | 2009   |       |   | 2008   |    |
|---------------------------------|--------|--------|------------|--------|--------|---------|
| Land                            |   | $      | 1,856,788  |   |   |  $ | 1,856,788 |   |
| Buildings      and improvements |   |   | 19,612,124 |   |   |    | 19,825,174 |   |
|                            |   | $      | 21,468,912 |   |   |  $ | 21,681,962 |   |

| Balance      at January 31, 2007  |   | $              | 36,926,104 |   |
|----------------------------------------|--------|----------------|------------|--------|
| Improvement      to Hotel Properties   |   | 400,562        |       |
| Disposal      of Property Improvements |   |  (282,636 | )          |
|                                   |   |           |       |
| Balance      at January 31, 2008  |   | $              | 37,044,030 |   |
| Improvement      to Hotel Properties   |   | 543,742        |       |
| Disposal      of Property Improvements |   | (723,331       | )     |
|                                   |   |           |       |
| Balance      at January 31, 2009  |   | $              | 36,864,441 |   |

----

| Description                                                        |   | Interest      Rate                    |   | Maturity      Date |   | Periodic      Payment Term                                                             |   | Face      Amount of Mortgages |       | 1/31/09      Carrying Amount |   |
|--------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------|--------|----------------------------------------------------------------------------------------|--------|-------------------------------|------------|------------------------------|--------|
|                                                               |   |                                  |   |               |   |                                                                                   |   |                          |       |                         |   |
| Mortgage      Note Secured by Albuquerque, NM property             |   | 8.875                                 | %      | 9/1/2015           |   | 180      monthly installments                                                          |   | $                             | 1,575,000  |                         | $      | 954,984 |   |
| 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  |                         |   | 7,958,765 |   |
| Mortgage      Note Secured by Yuma, AZ property                    |   | 7.0                                   | %      | 12/30/2013         |   | 60      monthly installments interest only balloon$4,000,000                           |   |                          | 4,000,000  |                         |   | 4,000,000 |   |
| Mortgage      Note Secured by Tucson St. Mary’s, AZ property |   | Prime      rate (3.25% as of 1/31/09) |   | 1/28/2015          |   | 83      monthly installments, with balloon payment of $4,688,522 due at      maturity  |   |                          | 6,050,000  |                         |   | 5,920,075 |   |
| Mortgage      Note Secured by Tucson Oracle, AZ property           |   | 8.000                                 | %      | 5/1/2016           |   | 180      monthly installments                                                          |   |                          | 5,100,000  |                         |   | 3,236,741 |   |
|                                                               |   |                                  |   |               |   |                                                                                   |   |                          |       |                         |   |
|                                                               |   |                                  |   |               |   |                                                                                   |   | $                             | 25,725,000 |                         | $      | 22,070,565 |   |

| Balance      at January 31, 2007 |   | $          | 18,865,651 |   |
|---------------------------------------|--------|------------|------------|--------|
|                                  |   |       |       |
| Deductions      during period:        |   |       |       |
| Net      refinancings                 |   | 2,031,900  |       |
| Principal      payments               |   | (1,123,139 | )          |
|                                  |   |       |       |
| Balance      at January 31, 2008 |   | 19,774,412 |       |
|                                  |   |       |       |
| Deductions      during period:        |   |       |       |
| Net      refinancings                 |   | 4,000,000  |       |
| Principal      payments               |   | (1,703,847 | )          |
|                                  |   |       |       |
| Balance      at January 31, 2009 |   | $          | 22,070,565 |   |

----

15d-15(e) under the Securities ExchangeAct of 1934, as amended (the “Exchange Act”), means controls and otherprocedures of a company that are designed to ensure that information required tobe disclosed by the company in the reports it files or submits under theExchange Act is recorded, processed, summarized and reported, within the timeperiods specified in the Commission’s rules and forms. Based upon thatevaluation, our principal executive officer and principal financial officerconcluded that, as of the end of the period covered in this report, ourdisclosure controls and procedures were effective to ensure that informationrequired to be disclosed in reports filed under the Exchange Act is recorded,processed, summarized and reported within the required time periods and isaccumulated and communicated to our management, including our principalexecutive officer and principal financial officer, as appropriate to allowtimely decisions regarding required disclosure.

----

----

| 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,      2009 and 2008                | 15 |
|   | 2.                                                                      | Consolidated      Balance Sheets –  January 31, 2009 and      2008                                       | 16 |
|   | 3.                                                                      | Consolidated      Statements of Operations –  Years Ended January 31,      2009 and 2008            | 17 |
|   | 4.                                                                      | Consolidated      Statements of Shareholders’ Equity –  Years Ended      January 31, 2009 and 2008 | 18 |
|   | 5.                                                                      | Consolidated      Statements of Cash Flows –  Years Ended January 31,      2009 and 2008            | 19 |
|   | 6.                                                                      | Notes      to Consolidated Financial Statements –  Years Ended January 31,      2009 and 2008                 | 20 |
|   | 7.                                                                      | Schedule III      – Real Estate and Accumulated Depreciation                                                       | 36 |
|   | 8.                                                                      | Schedule IV      – Mortgage Loans on Real Estate                                                                   | 39 |

| (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).                                                                                                                   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 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      30, 2009 | By:                              | /s/  James      F. Wirth |
|                                  |                             | James      F. Wirth, Chairman,President      and Chief Executive Officer(Principal      Executive Officer) |
|                                  |                             |   |
|                                  |                             |   |
| Dated:  April      30, 2009 | By:                              | /s/  Anthony      B. Waters |
|                                  |                             | Anthony      B. Waters, Chief Financial Officer(Principal      Financial and Accounting Officer) |

| Dated: April      30, 2009 | By:    | /s/  James      F. Wirth                                                                        |
|---------------------------------|--------|-----------------------------------------------------------------------------------------------------------|
|                            |   | James      F. Wirth, ChairmanPresident      and Chief Executive Officer(Principal      Executive Officer) |
|                            |   |                                                                                                      |
|                            |   |                                                                                                      |
| Dated: April      30, 2009 | By:    | /s/  Anthony      B. Waters                                                                     |
|                            |   | Anthony      B. Waters, Chief Financial Officer(Principal      Financial and Accounting Officer)          |
|                            |   |                                                                                                      |
|                            |   |                                                                                                      |
| Dated: April      30, 2009 | By:    | /s/  Marc      E. Berg                                                                          |
|                            |   | Marc      E. Berg, Trustee                                                                                |
|                            |   |                                                                                                      |
|                            |   |                                                                                                      |
| Dated: April      30, 2009 | By:    | /s/  Steven      S. Robson                                                                      |
|                            |   | Steven      S. Robson, Trustee                                                                            |
|                            |   |                                                                                                      |
|                            |   |                                                                                                      |
| Dated: April      30, 2009 | By:    | /s/  Peter      A. Thoma                                                                        |
|                            |   | Peter      A. Thoma, Trustee                                                                              |
|                            |   |                                                                                                      |
|                            |   |                                                                                                      |
| Dated: April      30, 2009 | By:    | /s/  Larry      Pelegrin                                                                        |
|                            |   | Larry      Pelegrin, Trustee                                                                              |