<SEC-DOCUMENT>0001437749-14-000453.txt : 20140325
<SEC-HEADER>0001437749-14-000453.hdr.sgml : 20140325
<ACCEPTANCE-DATETIME>20140109203908
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-14-000453
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNSUITES HOSPITALITY TRUST
		CENTRAL INDEX KEY:			0000082473
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				346647590
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		INNSUITES HOTELS CENTRE
		STREET 2:		1625 E NORTHERN AVE STE 201
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		2166220046

	MAIL ADDRESS:	
		STREET 1:		925 EUCLID AVENUE
		STREET 2:		SUITE 1750
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REALTY REFUND TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD><TITLE>iht20140108_corresp.htm</TITLE>
<!-- Created by RDG HTML Converter -->
</HEAD>
<BODY style="FONT-FAMILY: Times New Roman; MARGIN-LEFT: 10px; FONT-SIZE: 10pt; MARGIN-RIGHT: 10px">
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA1><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><I><IMG src="image.jpg"></I></FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt"><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><I></I></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt"><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><I>Via EDGAR Submission</I></FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA2>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA5><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">January 9, 2014</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA6>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA9><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Ms. Jennifer Gowetski</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA11><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Ms. Stacie Gorman</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA13><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Mr. Mark Rakip</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA15><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Ms. Jennifer Monick</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA16><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">United States Securities and Exchange Commission (&#8220;SEC&#8221;)</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA19><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Division of Corporation Finance</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA21><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">100 F Street, N.E.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA23><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Washington, D.C. 20549</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA24>&nbsp;</P>
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=TBL27  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA113><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">RE:</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA114><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">InnSuites Hospitality Trust (the &#8220;Trust&#8221;)</P></FONT></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA29><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Form 10-K</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA31><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Filed May 1, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA33><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">File No. 001-07062</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA28>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA37><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">All &#8211;</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA38>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA41><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">We are writing to respond to the comments raised in the letter, dated December 19, 2013, from the staff of the Securities and Exchange Commission (the &#8220;Commission&#8221;) regarding the Trust&#8217;s Form 10-K filed with the Commission on May 1, 2013. The Trust&#8217;s responses below correspond to the captions and numbers of those comments, which are reproduced below in italics. </FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA42>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA45><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><U><I>General</I></U></FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA46>&nbsp;</P>
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=MTAB50  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA51><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">1.<I></I></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA52><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><I>We note your disclosure of the non-GAAP financial measures Adjusted EBITDA and funds from operations in your Form 10-Q for the interim period ended October 31, 2013. Please tell us why you have not provided such metrics within your annual periodic filings given your beliefs regarding the benefit of providing such metrics. In addition, to the extent management continues to utilize such measures, please provide such metrics in your future periodic (i.e., interim and annual) filings.</I></FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA53><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA54><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">We began providing non-GAAP financial measures beginning with our Form 10-K for the fiscal year ended January 31, 2012 and continued providing such measures through our Form 10-Q for the fiscal quarter ended October 31, 2012. We had a number of significant changes from January 2013 through March 2013, with our prior Chief Financial Officer retiring, the Trust&#8217;s appointment of Semple, Marchal and Cooper, LLP as our new independent registered public accounting firm and&nbsp;my appointment as the new Chief Financial Officer. In light of these changes and our desire to file our Form 10-K timely, we elected to not include the non-GAAP financial measures in our Form 10-K for the fiscal year ended January 31, 2013, filed on May 1, 2013 and our Form 10-Q for the fiscal quarter ended April 30, 2013, filed on June 13, 2013. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" id=PARA115.1>&nbsp;</P>
<DIV style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" id=PGBK115 >
<DIV style="TEXT-ALIGN: center; WIDTH: 100%" id=PGFTR115 >&nbsp;</DIV>
<DIV style="TEXT-ALIGN: right; WIDTH: 100%; FONT-SIZE: 10pt" id=PGNUM115 >Page&nbsp;1 of 3&nbsp;</DIV>
<HR style="PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000" noShade>

<DIV style="TEXT-ALIGN: left; WIDTH: 100%" id=PGHDR115 >&nbsp;</DIV></DIV>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" id=PARA115.2>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><IMG src="image.jpg">&nbsp;</P>
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA55><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA56><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">After additional consideration, completion of our accounting and SEC research, and additional consultations with both our independent registered public accounting firm and our SEC counsel, we re-assessed our use of non-GAAP financial measures and our prior decision to not include such measures in our periodic SEC filings. As described in our latest Form 10-Q for the fiscal quarter ended October 31, 2013, we present earnings before minority interest, interest expense, amortization of loan costs, interest income, income taxes, depreciation and amortization, and non-controlling interests in the Trust (&#8220;Adjusted EBITDA&#8221;) and funds from operations (&#8220;FFO&#8221;) to assist our investors in evaluating our operating performance. We believe that Adjusted EBITDA (a) more accurately reflects the ongoing performance of our hotel assets and other investments, (b) provides more useful information to investors as indicators of our ability to meet our future debt payments and working capital requirements, and (c) provides an overall evaluation of our financial condition. The National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;) developed FFO as a relative measure of performance of an equity Real Estate Investment Trust (&#8220;REIT&#8221;) to recognize that income-producing real estate historically has not been depreciated on the basis determined by GAAP. We use FFO to compare ourselves to other REITs with similar depreciable assets. We consider FFO to be an appropriate measure of our ongoing normalized operating performance.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA57><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA58><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">To the extent management continues to utilize such non-GAAP financial measures, we will include them in future periodic (<I>i.e.,</I> interim and annual) filings.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA59><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=MTAB61  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA62><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">2.<I></I></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA63><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><I>We note your statement on page 3 that the hotels operate as moderate and full service hotels. In future Exchange Act periodic reports, please revise to briefly explain what you mean by moderate and full service hotels. In addition, please disclose whether each property is full service, select service or limited service, as applicable.</I></FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA64><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA65><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Beginning with our Form 10-K for the fiscal year ended January 31, 2014, we will briefly explain the definitions of full service, moderate or limited service. We will also disclosure whether each property is full service, moderate&nbsp;or&nbsp;limited service. The following is a description of hotel types and our description of each of our hotels.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA66><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA67><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Full service hotels often contain upscale full-service facilities with a large volume of full service accommodations, on-site full service restaurant(s), and a variety of on-site amenities such as swimming pools, a health club, children's activities, ballrooms, and&nbsp;on-site conference facilities.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA68><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA69><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Moderate or limited service hotels&nbsp;are small to medium-sized hotel establishments that offer a limited amount of on-site amenities. Most moderate or limited service establishments may still offer full service accommodations but lack leisure amenities such as an on-site restaurant or a swimming pool.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA70><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA71><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">We consider one of our Tucson, Arizona hotels and our hotel located in Albuquerque, New Mexico a moderate or limited service establishment. All of our other properties are full service. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" id=PARA116.1>&nbsp;</P>
<DIV style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" id=PGBK116 >
<DIV style="TEXT-ALIGN: center; WIDTH: 100%" id=PGFTR116 >&nbsp;</DIV>
<DIV style="TEXT-ALIGN: right; WIDTH: 100%; FONT-SIZE: 10pt" id=PGNUM116 >Page 2 of 3&nbsp;</DIV>
<HR style="PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000" noShade>

<DIV style="TEXT-ALIGN: left; WIDTH: 100%" id=PGHDR116 >&nbsp;</DIV></DIV>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" id=PARA116.2>&nbsp;</P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA72><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><IMG src="image.jpg">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA73><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA74><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">We also acknowledge that:</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA75><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=MTAB77  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA78><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&#9679;</FONT><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA79><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">The Trust is responsible for the adequacy and accuracy of the disclosure in the filing;</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA89><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=MTAB81  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA82><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&#9679;</FONT><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA83><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</FONT></P></TD></TR></TABLE></FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt">
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=MTAB81  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA82><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&#9679;</FONT><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0pt" id=PARA83><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">The Trust may not assert staff comments as a defense in any proceedings initiated by the Commission or any person under federal securities laws of the United States.</FONT></P></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt 0pt 0pt 36pt" id=PARA84>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA90><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">If you have any questions, please contact me directly at 602-944-1500.</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA91><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA92><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Sincerely,</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA93><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA94><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"><U>/s/ Adam B. Remis</U></FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA95><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA96><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Adam B. Remis, CPA</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA97><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Chief Financial Officer</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA98><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">InnSuites Hospitality Trust</FONT></P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA99><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">&nbsp;</FONT></P>
<TABLE style="TEXT-INDENT: 0px; WIDTH: 100%; FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt" id=TBL100  border=0 cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA117><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">cc:</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA118><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">James F. Wirth, Chief Executive Officer</P></FONT></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA101><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Pamela Barnhill, President</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA102><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Marc Berg, Executive Vice President</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">
<P style="LINE-HEIGHT: 1.25; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" id=PARA103><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt">Jurgita Ashley, Thompson Hine LLP</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt" id=PARA104><FONT style="FONT-FAMILY: Times New Roman, Times, serif; FONT-SIZE: 10pt"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN: 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; MARGIN: 0pt">Page&nbsp;3 of 3&nbsp;</P></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image.jpg
<TEXT>
begin 644 image.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0`L17AI9@``34T`*@````@``0$Q``(`
M```*````&@````!'<F5E;G-H;W0`_]L`0P`'!04&!00'!@4&"`<'"`H1"PH)
M"0H5#Q`,$1@5&AD8%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ
M_]L`0P$'"`@*"0H4"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ
M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ_\``$0@`5P$;`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`^D:**1F5
M%+.0JCDD]J`%K-U+7[#2W2*:0RW$AQ';PC?(_P"';ZG`K)7Q(NI:S=VT+,ME
M9D1LR`$S2'KSV4?J:Y[PC/\`:=>UB^NE+W8/EQD-M\L9/`Q]!71&C9OGZ*_W
M[?GJ<%3%7<8T_M-J_IO_`)+_`".QM]<>X3>T'E#)&/OGCWX'Y9JW'?!_X\?6
M/_Z]8/@[5([OP]#$YE$]J3#,`W1@>N/?K70@1/\`Q`_[ZC^8J*L>2;B^ATT)
MJI2C-/=$J2[NZM]#_C3PZDXS@^AJ'R<#@8'MR*8S%5^;!7WY'^(K(V+=%5$N
M"K!3GGHI.<_[I[_2K2L'4,IR#0`M%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7/:W?I)?6MJTA6W,K>9LY9V
M5<X^F<?B*V;ZZ%G923'J!A1ZGM7!SF1K43Q*9)[:7SL8R7'\0_(FHYES<H%3
MP;>BPUK4M.FAC>:20R(9/;.<?@0:M$OX7\5G4-JBQOODG[B,D\-],_S-9VOZ
M;,3;ZWI18/@2*ZC[X'<>X]/2MK1-8M?%%B;6<*+H+^\A(!S[KZCVKK=25:'U
MBGJU[LU^?HG9.+]+]4>%3CR2^J3=I)W@^_\`5[-=C7L]">S\27.J6[[8;I!Y
MUL%RK/\`W@>W_P!<UMCRS]Z,K]*YJU\_0PMN[2?95_U<BY9H1Z?[2>W4?2MF
M/5@L:M=!3&_W9D^:-_H1T_&N2KB8M\TWIM?]'V?K\FSUJ$(PC9*W5KS?;R+F
MT]89,GTJ-KA0VVX4HW]Y:<#!<C,,@R>F#FH9VEA&V=/-C]_\:M--71N-GC*(
M73:\3=?[K?\`Q)]Z9:W;QWL:EPT$N48.</&_49]<CC/?BHP[PAIK)_,C'+Q-
MU`]Q_6J$\T-U>PFTB+*HW2*>@'<9]/Y5A7K*E%=VTEYZBM<ZJN>\:ZY=Z!H2
MWE@(S*9E3]XN1@@GU'I6GH]Z-0TJ&<-N)&&^M<W\4/\`D4T_Z^D_]!:O0PL5
M*O&,EI<X\=.4,+.<'9I'565P9M/MIIBH>6)6/89(!XJ7SXO-\KS4\S^YN&?R
MKS_QT67PSX?,;%'#IM8=5.P8-5O&/A.ST#0TU.SGN6OUG7=/)(27)SS['/I6
M\,+"?+>5N9M+3L<M3'U*?-RPNH)-N_=>AZ66`(!(!/3)ZTT3Q&4Q"5#(/X-P
MS^5>?>.IIKBT\,S"5HYI6#>8O56(3D?B:J^,?#%GX9TVUU+3)K@7@G`:9Y"2
MQP3N^N113PD9*/-*SE>VG8*V83@YN,+J%F]>C5^QU?B[Q++H$%M#90">]NWV
M1*W0=.3Z\D#%9RS^/[?$TEO87*]6A4@$?J/YU=\3^&I/$UA93V]P+>]MQO1R
M#M.<$CCD<@$&L2XU_P`7>%A')KMO!>V>X(94(R?Q&,'ZBM*,82IJ--1<M;I[
M_(QQ,ZD:TI57)0TLX[+O?YGH&\`#>0I/8FE9E499@/J:X'QU.EU?>&;B(GRY
M90ZY]"4(JQ\4O^0#9_\`7T/_`$%JPAA>9TU?XK_*QUU,=R1JM1OR6Z[W5S:U
MG3]5NM;T^XT_4A;6L+`SPER/-&X'H!SQQ2:IXG33/$6GZ5]G\W[8<>:)`!'S
MCD8YK`\5_P#(Y>%_]]?_`$-:S?$OAVQA\=Z=:IYOEZE(7GR_.6<YQZ5T4J,)
MJ"J/2SZ>IQU\34IN;HK7FBG=][;*VG;\3TY6##*D$>H-,2>&20HDJ,Z]5#`D
M?A7#^+47PCX/CT[17EB6ZG*EV?+`$98`^^`/SKE;L:=:VEM-X>L]6@U.!@S3
MR1D!^.3Q[U%+!*K'F4M&]-/SUT_$UQ&9NA+D<5=)-Z]^BTU_`]D=TC0M(RHH
MZEC@"DCECF7=%(KCU4YKSWQM]JO)=&O+ZUN9M),*O<109!#GDY].,=?>M;P0
MGALS74WAQYTD9%$L$S'*@$X(!_H:REAE&C[2_P!RT^;O^AO#&N>)]BDDO-V;
MTO=*VOWG7T445Q'I!1110`4444`%%%%`!1110!A>)95$FF6\L@BBGN2KN>@^
M1L?KBL.TO)=*OS(@&#\K!AVK4\9P-<6UNJ-L?<3&_P#=<8*G\Q68C1:AID=X
MTFZY+%+J`GYD<=<>W?Z$5PUYN,O:K[.Z_NOK\G?Y>J,4[5'%]=5^J_(CEE.G
MK)C=)I,S^8=B?\>KG^(#^X?TK$U3PZ_VA+W2Y?(G/[Q&1L*_^TK#H:W[.[;3
MY,2AY;5\C@D9^G^%3MIHBMVD\/2+<VC'<]A,<;3ZQM_`?;H:UO44EB<+*T_P
MDNS\OR)KX>GB(<E1?YKT,G3/'T]FPL/%=F[%?^6RIAOJ5[_45T4%EI>LQM<:
M#J9A=^6:W8<_[\9X/X@'WK$_T34$:UN(!<!/OVEPNR:+W'<?5>*S7\&Q/,)O
M#^IM:SCI#<L5(^DB]?RKJIXO!8F7+67L:G9_"_1G!;&X71?O(_=+_@F]=:;K
M%@2SVL=T@_Y:V;^6WXH>/R-0?VY-$NVXN+VW/39-`_\`,9%9_P#:7CO05VW5
MN]Y"O\3H)1C_`'EY_.JTGC^Y)_TC25B;OL=E'Y$<4Y9%&;YJ5O\`MV5O\BEF
MU".E5.+\TS6>^L6C++J+7#_\\XH)"3^E"37-S"ZV,$MA&B'[3/.VUF3OM7MQ
MW/2LR+XC7BN#:Z:'E/!RY;?Z9`'7WILMCXI\7EKB[A%G:=6`78&`]%ZL?K5T
M<EAAY>TG:/FW=_+<3S2E/W:"<WY+3YMG6^"KJ*\MM1FLT9+/[5MMP?[BHJ_T
MJ3QMHEWK^@K::?Y?FB97_>-M&`"/3WJUH-G#I,2Z9;'Y(HA(03DJ6]?<X)JO
MXQ\0S^&M+M;JV@CF:>]BMBLA(`#D@GCOQ5^UM6YZ?3;Y'4J'/A_95GNM;>>Y
M2\3^&K_5M%TFUM/*\RT93)O?`X7'''-7?&FC7>O>'C9V'E^;YJO^\;:,#-=!
M7/\`AKQ#/KFH:Y;SP1Q+IM\UM&4))=0.ISWIQQ$URM?9U^\)82DU-._OI)_)
M%#Q#X9U#4[308[;R=U@5\[<^.@7IQS]TU;\;Z%>:_HT5KI_E^8DP<^8VT8VD
M>GO7244+$S3BU]F]OF$L%2DIIW]^U_EH<_K-MXC1+1_#T]N/*CV30S#ASQ@@
MX^O<5@WGA_Q;XF,=MKUQ:VMFKAF6'DG\.Y^IKOJ*=/$RIKW4K][:DU<%"JWS
M2E9]+Z',^*/"KZMI=E'IDJP7&GD>1O/!``X)_`<^U9%UX?\`%'B6>UA\0O:6
M]G`^]O).6<]^/7'TQFN]K.TR?5I;S4%U6TAMX(Y]MF\;[C+'C[S#L<]J<,54
MA&RMIL^JOV%5P%*I)R=U>UTGH[;7,CQ#X>O=2\2Z->V@B$%DX,FYL'&X'@8Y
MX%1^+O#VI:AJ>GZKHKQ&YL^D<IP#SD'^?%;.@Z]:>(K"2[L%E6..=X")5VG<
MAP>YXK3J8XFI!Q_NW7WE3P=*HIWO[S3^:VM]QRE[H.J>)?"[6VOF"WOUF,D+
M0\JH`P`?KDU6@7Q_#`MJ!IS[1M%S(V3CU/K^5=9J$KPZ9=2Q':Z0NRGT(4D5
MR_A[6->O_A=9:G9QQ:CK$L6X+.PC60[R#DC`'R_RJEB)6LXIJ^UMO0F6#@Y<
MRE).UFT][=S1UEO%,5Q"VB)93Q>4!*LQP=^3DCIQTJEX4\-W]AJU[J^LO"+J
MZ&WRH!\JC()/Z"MC6->M]!LK2?44D/VFXCM@(5W8=^G?IQ6I4>WDJ;@DE?KU
M+>%A*JJDFW;5*^B"BBJ6L2ZC#I4TFBV\-S>C'EQ3OL1N1G)[<9KG.PNT5YW?
M^+O&^F:CI]E=Z%I2SZC(T=N%NF(+`9.3VKI?#]WXHN+N5?$FF6-G`$!C:VG,
MA9L]"#VQ5.-B5*YOT445)04444`%%9NFZ[::IJ>I6%LLHFTV18IBZX!+#(VG
M//%:5`&/XD138QNX^42!-W]PMPK'VS@'ZUS*/=:=?/<60"W2KLGAD'RR@=CZ
M'T/]*[B[MH[RSEMIU#1RJ58'O7(1VDB2&&YE9+H2%+>X=LA\?\LW/9O0G[PK
MGJP<I)Q=I+9_FGW7E\UL1**DK,?;(-0LY9[+:_/[^S(P\9^G\B/PJ.".>!_/
MTJ9BP^]%_&/P_B%5+@2078DVR6MW%QNCX9?IZK[<U;34X;Q0^H)LD[7MH,@_
M[R=0?IG\*\SFGAY>ZN6_V7\+_P`,NC\F$7?1[D\FH:9JT:Q:W9`2)]V:/(9#
MZ@CD5#-H=WL,VD:C'?PC^"X^^/\`@0Y_,5/(AFA\VXBCOX.US;M\P^I']15>
M.TCW^9IU_P"6_993Y;?]]#@UTO$8>NO9UE9]I:?=_P``O4BBU75]-;RY;2Z4
M`9_=@3(1[8I&\46_G"1F2"0=0R,N?P(JTZZS"P=HY'P<AT`;\<K5C_A)KDC;
M/91N1P<@C]*N.$C#^%.45ZW7XW"Y2N_%&EW2*5V)./XHFSG\`*?:ZQJ>H++;
M:3:LQD7YYI\HB]BW/)_`4L^I2W4JRVVGB*1.=\8)Z?A4CVUY<S"74'%NLQQY
M<?#R9[`>_O6C@XJ]2H[?)?DKB]#7\.6JV]K,_G-<22/^]N&_Y:,!CC_9'0?2
MN>^+)D'A:Q,*AI!JEN45C@%LG`/MFNTM8%M;6.%%"A%Q@5S?C_1K[6]%LH-,
MA$TD6H03.I<+A%)R>:ZZ:4;)"EL5/[3^(G_0OZ/_`.!K?X5E^!=0N+"U\::C
MJ4*)<P7LDT\4;94,J9*@]QQUKTBN/\.>'+J&;Q7%JL'EV^JWLC1$."7C9<9X
MZ?C5IJPK.YE>'_"<GBO0(-=\0ZOJ1U"^7SH_LURT26RG[H11QP,=:;9Z[XAD
M^'_B.SBE>ZUO1IGM5G1<O(H(P^.[;<_E4^CR^+O">DKH8\/_`-L+;92TO(;E
M$5DS\N\-R,?Y]:T?#^CZMX7\,WMVUNFIZW>W!N[B%)1&K,Q&55CQP,_C38D8
MO@N+PK>7ME-I_B#47U=`'F@N;QPTK8^8-&W!'7@5/+I\_B#XFZYIEUJE]!IT
M-M;R-;6\Y02$J>XY`ZY`QGOTHNM/UKQ9XGT>[G\.C1(M.N1<2W<TR-+)C^!0
MO8^]1/?:II_Q9U^?2=,&I@6EL)H5F$<@&TX*YX/?(-`%K2XKCPC\1+;08;VY
MNM*U.U>6&.ZD,C02)R0&/."/YTN@VSZ]J'C'3[V^O4B&IJJ-#<,C1@*#A3_"
M..@JSHVEZSK'C-?$OB"S738[6W:WLK/S`[C=]YW(XSVQ_DW/"ND7VFZYXEN+
MV'RXKZ_\ZW;<#O3:!GCI^-)L:1S'PQ\-6\]@VIM?:BLEMJ$RK"ETPB?:V!N3
MH2>_K5CQ4W@UO$-PNM:[J@O>-T-K<2E;;@8^5!A?7GUJUX3@\0>%[R;19]":
MZLYK^29-1BG0(J.<Y93SD>E1:;;>(O"6M:S':>'_`.UXM1O&N8;N.X2,C=_#
M)NYP/\:?6XNEAW@G5I]2\'Z[!-?MJ,5C+-!;W<GWI8MF5)]^>]9<=Q-:_LXQ
M36LTD$JVR[9(W*L/WW8CFM_PKH6L6.F^)!JUO#'<ZA=2S1K`X*-N0=.X&>.:
MI/X8U<_!!?#XM1_:8@5/(\Q>OF[OO9QT]Z-+AK8J_$G18IK+2-1>[O1)/>6M
MNT:W!$8!S\P7L_\`M5I^(?#=QH?@RYFT'4-2ENK*=;]#<732,^S[R9_NE0>/
M6KOC;0]1U;PM:1Z7&DMY8W,-TL+MM$FSJN>G>M70]1O]6M)FU;19=+(;:(II
M5D\P8Y/R]NW-*^@[:F#XK\1O>^"[`:#,5O/$#1P6C(V&0/RS9'3:N?H:ZZRM
MELK&"U5WD$,:H'D8LS8&,DGJ:\W\":'(?&=\CS>?IGAR6:VT\=E:5MS#W*CC
M\:].I2TT''74XGQK_P`CQX+_`.OV;_T`5-\3+N[LO"T$VG7#6]Q]OMPCJ2.2
M_?'4>H[U/XGT:^U'Q5X8O+.'S(+"YDDN&W@;%*@`X/7\*=X^TB^UOP]!;:9#
MYTRWL$I7<%^57R3D^U-6T$^IEZOX;?P_X4U[53K&HWFI2V$@>>6<@*>N44<)
MSTQ6U932M\-89VE<S'2@YD+'=N\K.<]<^]:>MZ:NLZ%?::S[!=0/%N_NY&,U
MQ,4_C.W\*CPV/#2O=+;_`&1;\72>1MV[0^/O=.WK^5&Z#9F?<ZCJP^#.@W$-
MQ>E)6C&H7,!+SK"2=Q!Z^G-;7A33_"M[]I_X1K7KZX\RW:*:$WSLRAN-^UN5
M8=B.E:EO;ZCX0\(Z98:5IK:PUJBQ3+',L;8QRR[NO/;WK*T;2-4U3X@1^)+S
M1DT.WM[9X1$9%:6X9N[;>,#W]J=]&*QC^%_!]K=>+/$<#:CJJ+87<2HT=ZRM
M)\F?G/\`%^/:O4ZX-(?$'AGQEK5U9:&VK66K21RI)#.B&)E7:0P:N\J9:E15
M@K)U>R;#W,$(G5EQ/`5SYB_3N1_^KGKK45#2DK,)*Z.18?:[0/;*=3M%'^JW
MXN8!_LL?OCV/-9!L$NY'DT>[+3+]]%&R9?9XSUKK-2\/B>X-[I<YLKW.2P&4
MD/\`M#U]QS]:Q-0E@=EC\7:889%X2^A.!]1(,8^AQ]*AJ25I+F7I?[U_E==7
M;8PE*/PU5;SZ??T_JUS"%[>V$Q>:V?>.L]FQ5_\`@2]?YU9C\26MT<33V\C]
MQ<1F)_S&/Y&M8:3<SH#INK1:C%CY8[P`N!Z!^O\`*L^\T*YD^6]TC=[J"X_,
M!C^M<_U3"U8^[=+R::_\!E=?=83A7C_#E?U7ZJWXW)8KU1\UL9$/K#<!A_2I
M$U&]BF:2$S;V^\Q*\_J:P)/"\#-\MLT)]IBOZ$4^'P8TT@1))B3V5V;`_P"^
M0/UK)9127P5G'_MUK\IV(]KBUI[-/_M[_P"U-R?5[Y(BUS=I;1_Q-)(%']*V
M?#MCO`U";>^X?NC(I!(_O8/('IFJFB^`M,L)DN;J(W$ZG*B4Y`/KC_\`775U
MK#`4*4E+F<VNK_17?XLWINL]:EEY+7\=/R"BBBNPV"BBB@`HHHH`*P['P_):
M>-=4UQKA6COH(8EA"X*%!U)[YK<HHN`4444`%%%%`!1110`5'<"5K:06S*DQ
M0B-G&0&QP2/3-244`8WA3P^/#7A^*P:87$Y9I;B?&/-D8Y9L?YZ5LT44;AL%
M%%%`!1110`4444`%%%%`!1110`4C*&4JP!!X((ZT44`9,OAC2I'+Q6YMG)R6
MMW,?Z#C]*?'HTD.!#JEZ%'9F5OZ444I1C-WDKOOU^\S5*$?A5O30MQ6CICS+
MJ>7_`'B!_("K"J%S@=>OO11245'8T%HHHJ@"BBB@`HHHH`****`"BBB@`HHH
DH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
