Document:

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                                                                    EXHIBIT 10.3

                                PROMISSORY NOTE
                                ---------------

$250,000                                                        Phoenix, Arizona
--------
                                                                October 14, 1999

  FOR VALUED RECEIVED, and intending to be legally bound hereby, INNSUITES
HOSPITALITY TRUST, AN Ohio real estate investment trust, having an office at
1625 East Northern Avenue, Suite 201, Phoenix, Arizona 85020 ("Maker") hereby
promises to pay to the order of James Wirth, 5700 east glen Drive, Paradise
Valley, Arizona 85253 or a such other place as the holder hereof may from time
to time designate in writing, the principal sum of TWO HUNDRED FIFTY THOUSAND
AND 00/100 DOLLARS ($250,000), with interest on the unpaid principal balance
thereon from time to time outstanding, at the rate of seven percent (7.00%) per
annum, computed on a three hundred sixty (360)-day year, to be due and payable
in installments of principal and interest as follows:

  (A)  On or about November 1, 1999 one payment of accrued interest and the
       principal balance contingent on the successful refinance of the San
       Diego Hotel property; or

  (B)  On March 1, 2000 (the "Maturity date"), one payment in the amount of the
       then unpaid principal balance hereunder, accrued but unpaid interest
       hereunder and all sums and charges due and unpaid by Maker (collectively,
       the "Indebtedness"), if the refinance of the San Diego Hotel property is
       unsuccessful.

  Payments shall be applied first to any charges or sums (other than principal
and interest) due and payable by Maker, second to accrued and unpaid interest on
the principal balance hereof, and then to further reduce the principal balance
of this Note.

  Maker shall gave the right any time during the term of this Note to repay all
or part of the unpaid principal amount of the Indebtedness, together with any
accrued and unpaid interest thereon any other sums or charges due hereunder
without any prepayment premium or penalty.

  Maker hereby waives for itself and, to the fullest extent not prohibited by
applicable law, for any subsequent lienor, any right Maker may now or hereafter
have under the doctrine of marshaling of assets or otherwise which would require
Payee to proceed against certain property before proceeding against any other
property.

  Maker hereby agrees that in the event part of principal or interest is not
paid when due or the entire Indebtedness is not paid when due, then the rate of
interest on this Note shall, at the election on Payee upon ten (10) days prior
written notice, each of which is hereby expressly waived, be increased to nine
and 00/100 percent (9.00%) per annum or the highest rate for which the parties
may agree under applicable law, whichever is less (the "Default Rate"). Maker
shall be obligated thereafter to pay interest on the then unpaid principal
balance of the Indebtedness at the Default Rate, both before and after judgment,
to be computed from the due date through and including the date of actual
receipt of the overdue payment, whether a payment of interest or the entire
Indebtedness.  Nothing herein shall be construed as an agreement or privilege to
extend the date of the payment or any installment of or the entire Indebtedness,
or as a wavier of any other right or
<PAGE>

remedy accruing to Payee.

  In the event that any regular payment of interest herein provided shall not be
received by Payee on the date such payment is due, Payee shall have the right to
assess Maker a late payment charge in the amount of two percent (2.0%) of such
overdue quarterly installment, which shall become immediately due to Payee for
the additional cost agreed compensation to Payee for the additional costs and
expenses reasonable expected to be incurred by Payee by reason of such
nonpayment. Maker acknowledges that the exact amount of such cost and expenses
may be difficult, if not impossible, to determine with certainly, and further
acknowledges and confesses the amount of such charge to be a consciously
considered, good faith estimate the actual damage to Payee by reason of such
default. The Default Rate will only accrue for periods of delinquent
installments except for such when Payee accepts late payments of installments
accompanied by a late payment charge as specified above.

  Upon any of the following events ("Event(s) of Default"), at the election of
Payee, the entire unpaid principle balance of the Indebtedness, together with
all accrued but unpaid interest thereon at the Default Rate and all other sums
or changes due hereunder, shall become due and payable:

    (a)  Maker's failure to pay when due any installment required to be paid
         hereunder, on or before the tenth (10th) day following the applicable
         due date;

    (b)  Maker's failure to pay when due any other payment required to be under
         this Note, subject to any notice and applicable grace period, if any;

    (c)  Maker's breach of any other covenant or agreement herein and such
         breach remains uncorrected at the expiration of any applicable grace
         period expressly provided for herein;

    (d)  if n any creditor's proceeding Maker consents to the appointment or a
         receiver or trustee for any of its property;

    (e)  if any order, judgment or decree shall be entered, without the consent
         of Maker, upon an application of a creditor approving the appointment
         of a receiver or trustee for any of its property, and such order,
         judgment, decree, or appointment is not dismissed or stayed with
         appropriate appeal bond within sixty (60) days following the entry or
         rendition thereof; or

    (f)  if Maker (i) makes a general assignment for the benefit of creditors,
         (ii) fails to pay its debts generally as such debts become due, (iii)
         is found to be insolvent by a court of competent jurisdiction, (iv)
         voluntarily files a petition in bankruptcy or a petition or answer
         seeking readjustment of debts under any state or federal bankruptcy or
         like law, or (v) any such petition is filed against Maker and is not
         vacated or dismissed within sixty (60) days after filling thereof.

Notice of such election by Payee is hereby expressly waived as part of the
consideration for this loan.  Nothing contained herein shall be construed to
restrict the exercise of any other rights or remedies granted to Payee hereunder
upon the failure of Maker to perform any provision hereof.

  If this Note is not paid when due, whether at maturity or by acceleration,
Maker promises to pay all costs incurred by Payee, including without limitation
reasonable attorney's fees to the fullest extent not prohibited by law, and all
expenses incurred in connection with the protection or realization of any
collateral, whether or not suit is filed hereon or on any instrument granted a
security interest.

  Maker hereby expressly acknowledges and represents that the indebtedness is
for a business purpose and not consumer or household purposes.
<PAGE>

  Maker hereby waves demand, presentment for payment, protest, notice of
protest, notice of non-payments and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly consents to any extension
of time of payment hereof, release of any party primarily or secondarily liable
hereunder or any of the security for this Note, acceptance of other parties to
be liable for any of the Indebtedness or of other security therefore, or any
other indulgence or forbearance which may be made, without notice to any party
and without in any way affecting the liability of any party.

  No failure by Payee to exercise any right hereunder shall be construed as a
waiver of the right to exercise the same or any other right any time or from
time to time thereafter.

  This Note shall be construed and enforced according to, and governed by the
laws of the State of Arizona.

Any notice required hereunder shall be in writing, and shall be given to the
party to receive the notice by personal delivery or be certified mail, postage
prepaid, return receipt requested, as follows:

  if to Payee, then addressed to Payee at 5700 east Glen drive, Paradise
Valley, Arizona 85253, (Tel.(602) 596-0224, Fax (602) 596-0225), with a copy to
James W. Reynolds, Esq., Dillingham Cross, P.L.C., 5080 North 40/th/ Street,
Suite 335, Phoenix, Arizona 85018, (Tel.(602) 468-1811, Fax (602) 468-0442);

  if to Maker, then addressed to maker at 1625 East Northern Avenue, Suite 201,
Phoenix, Arizona 85020, Attn: President, with a copy to James B. Aronoff, Esq.,
Thompson Hine & Flory, LLP, 3900 Key center, 127 Public Square, Cleveland, Ohio
44114 (Tel.(216) 566-5500, Fax (216) 566-5800).

Any party may, be notice in writing designate another address as a place for
service of notice. Such notices shall be deemed to be received when delivered,
if delivered in person, or seven (7) business days after deposited in the United
States mails, if mailed as herein above provided.

  By acceptance of this Note, payee covenants and agrees that, upon payment in
full of the then unpaid principal balance of this Note, together with all unpaid
interest and other sums payable to Payee under this Note, (a) Note shall be
fully satisfied, (b) Payee shall promptly mark this Note as being paid in full,
satisfied and discharged and shall return the same to maker.

                                INNSUITES HOSPITALITY TRUST,
                                an Ohio real estate investment trust

                                By: /s/ Marc E. Berg
                                   -------------------------------------
                                   Name: Marc E. Berg
                                   Title: Executive Vice-President<PAGE>

                                                                    EXHIBIT 10.1

                                PROMISSORY NOTE
                                ---------------

$200,000                                                        Phoenix, Arizona
--------                                                        June 14, 1999

   FOR VALUED RECEIVED, and intending to be legally bound hereby,
INNSUITES HOSPITALITY TRUST, AN Ohio real estate investment trust, having an
office at 1625 East Northern Avenue, Suite 201, Phoenix, Arizona 85020 ("Maker")
hereby promises to pay to the order of James Wirth, 5700 East Glen Drive,
Paradise Valley, Arizona 85253 or a such other place as the holder hereof may
from time to time designate in writing, the principal sum of TWO HUNDRED
THOUSAND AND 00/100 DOLLARS ($200,000), with interest on the unpaid principal
balance thereon from time to time outstanding, at the rate of seven percent
(7.00%) per annum, computed on a three hundred sixty (360)-day year, to be due
and payable in installments of principal and interest as follows:

   (A) Commencing on June 14, 2000, one annual payment of accrued but
       unpaid interest on the outstanding principal balance
       hereunder; and

   (B) On June 14, 2000 (the "Maturity date"), one payment in the
       amount of the then unpaid principal balance hereunder, accrued
       but unpaid interest hereunder and all sums and charges due and
       unpaid by Maker (collectively, the "Indebtedness").

   Payments shall be applied first to any charges or sums (other than
principal and interest) due and payable by Maker, second to accrued and unpaid
interest on the principal balance hereof, and then to further reduce the
principal balance of this Note.

   Maker shall gave the right any time during the term of this Note to
repay all or part of the unpaid principal amount of the Indebtedness, together
with any accrued and unpaid interest thereon any other sums or charges due
hereunder without any prepayment premium or penalty.

   Maker hereby waives for itself and, to the fullest extent not
prohibited by applicable law, for any subsequent lienor, any right Maker may now
or hereafter have under the doctrine of marshaling of assets or otherwise which
would require Payee to proceed against certain property before proceeding
against any other property.

   Maker hereby agrees that in the event part of principal or interest is
not paid when due or the entire Indebtedness is not paid when due, then the rate
of interest on this Note shall, at the election on Payee upon ten (10) days
prior written notice, each of which is hereby expressly waived, be increased to
nine and 00/100 percent (9.00%) per annum or

                                      -1-
<PAGE>

the highest rate for which the parties may agree under applicable law, whichever
is less (the "Default Rate"). Maker shall be obligated thereafter to pay
interest on the then unpaid principal balance of the Indebtedness at the Default
Rate, both before and after judgment, to be computed from the due date through
and including the date of actual receipt of the overdue payment, whether a
payment of interest or the entire Indebtedness. Nothing herein shall be
construed as an agreement or privilege to extend the date of the payment or any
installment of or the entire Indebtedness, or as a wavier of any other right or
remedy accruing to Payee.

   In the event that any regular payment of interest herein provided shall
not be received by Payee on the date such payment is due, Payee shall have the
right to assess Maker a late payment charge in the amount of two percent (2.0%)
of such overdue quarterly installment, which shall become immediately due to
Payee for the additional cost agreed compensation to Payee for the additional
costs and expenses reasonable expected to be incurred by Payee by reason of such
nonpayment. Maker acknowledges that the exact amount of such cost and expenses
may be difficult, if not impossible, to determine with certainly, and further
acknowledges and confesses the amount of such charge to be a consciously
considered, good faith estimate the actual damage to Payee by reason of such
default. The Default Rate will only accrue for periods of delinquent
installments except for such when Payee accepts late payments of installments
accompanied by a late payment charge as specified above.

   Upon any of the following events ("Event(s) of Default"), at the
election of Payee, the entire unpaid principle balance of the Indebtedness,
together with all accrued but unpaid interest thereon at the Default Rate and
all other sums or changes due hereunder, shall become due and payable:

       (a) Maker's failure to pay when due any installment
           required to be paid hereunder, on or before the tenth
           (10th) day following the applicable due date;

       (b) Maker's failure to pay when due any other payment
           required to be under this Note, subject to any notice
           and applicable grace period, if any;

       (c) Maker's breach of any other covenant or agreement
           herein and such breach remains uncorrected at the
           expiration of any applicable grace period expressly
           provided for herein;

       (d) if n any creditor's proceeding Maker consents to the
           appointment or a receiver or trustee for any of its
           property;

                                      -2-
<PAGE>

       (e) if any order, judgment or decree shall be entered,
           without the consent of Maker, upon an application of
           a creditor approving the appointment of a receiver or
           trustee for any of its property, and such order,
           judgment, decree, or appointment is not dismissed or
           stayed with appropriate appeal bond within sixty (60)
           days following the entry or rendition thereof; or

       (f) if Maker (i) makes a general assignment for the
           benefit of creditors, (ii) fails to pay its debts
           generally as such debts become due, (iii) is found to
           be insolvent by a court of competent jurisdiction,
           (iv) voluntarily files a petition in bankruptcy or a
           petition or answer seeking readjustment of debts
           under any state or federal bankruptcy or like law, or
           (v) any such petition is filed against Maker and is
           not vacated or dismissed within sixty (60) days after
           filling thereof.

Notice of such election by Payee is hereby expressly waived as part of the
consideration for this loan. Nothing contained herein shall be construed to
restrict the exercise of any other rights or remedies granted to Payee hereunder
upon the failure of Maker to perform any provision hereof.

       If this Note is not paid when due, whether at maturity or by
acceleration, Maker promises to pay all costs incurred by Payee, including
without limitation reasonable attorney's fees to the fullest extent not
prohibited by law, and all expenses incurred in connection with the protection
or realization of any collateral, whether or not suit is filed hereon or on any
instrument granted a security interest.

   Maker hereby expressly acknowledges and represents that the
indebtedness is for a business purpose and not consumer or household purposes.

   Maker hereby waves demand, presentment for payment, protest, notice of
protest, notice of non-payments and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly consents to any extension
of time of payment hereof, release of any party primarily or secondarily liable
hereunder or any of the security for this Note, acceptance of other parties to
be liable for any of the Indebtedness or of other security therefore, or any
other indulgence or forbearance which may be made, without notice to any party
and without in any way affecting the liability of any party.

   No failure by Payee to exercise any right hereunder shall be construed
as a waiver of the right to exercise the same or any other right any time or
from time to time thereafter.

                                      -3-
<PAGE>

   This Note shall be construed and enforced according to, and governed by
the laws of the State of Arizona.

Any notice required hereunder shall be in writing, and shall be given to the
party to receive the notice by personal delivery or be certified mail, postage
prepaid, return receipt requested, as follows:

   if to Payee, then addressed to Payee at 5700 east Glen drive, Paradise
Valley, Arizona 85253, (Tel.(602) 596-0224, Fax (602) 596-0225), with a copy to
James W. Reynolds, Esq., Dillingham Cross, P.L.C., 5080 North 40th Street, Suite
335, Phoenix, Arizona 85018, (Tel.(602) 468-1811, Fax (602) 468-0442);

   if to Maker, then addressed to maker at 1625 East Northern Avenue,
Suite 201, Phoenix, Arizona 85020, Attn: President, with a copy to James B.
Aronoff, Esq., Thompson Hine & Flory, LLP, 3900 Key center, 127 Public Square,
Cleveland, Ohio 44114 (Tel.(216) 566-5500, Fax (216) 566-5800).

Any party may, be notice in writing designate another address as a place for
service of notice. Such notices shall be deemed to be received when delivered,
if delivered in person, or seven (7) business days after deposited in the United
States mails, if mailed as herein above provided.

    By acceptance of this Note, payee covenants and agrees that, upon
payment in full of the then unpaid principal balance of this Note, together with
all unpaid interest and other sums payable to Payee under this Note, (a) Note
shall be fully satisfied, (b) Payee shall promptly mark this Note as being paid
in full, satisfied and discharged and shall return the same to maker.

                INNSUITES HOSPITALITY TRUST,
                an Ohio real estate investment trust

                By: /s/ Marc E. Berg
                   --------------------------------------
                    Name: Marc E. Berg
                    Title:   Executive Vice-President

                                      -4-

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