As of today, we have completed approximately one-half of our PIP program; we do not expect to reinstate distributions prior to the completion of all remaining PIPs, which is likely to continue for at least the next two years. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. However, brokers and financial advisors who improperly recommended HIT or other similar products may be legally responsible for the losses suffered by their clients. Copyright 2023 AlphaBetaStock.com All Rights Reserved | AlphaBetaStock.com is a financial news publisher that does not offer any personal financial advice or advocate the sale or purchasing of any investment/security. Recovery of Hospitality Investors Trust Inc. (HIT REIT) Losses. These distributions could reduce the amount of capital invested in properties and could negatively impact the value of an investors investment. This means that investors could have suffered over 95% losses on their investment, or even worse. Were investigating whether brokers or financial advisors recommended this REIT to their clients, even if it was not suitable for them. REITs collect money from investors, then use it to buy properties such as hotels, shopping centers, apartment buildings, or office buildings. Hospitality Investors Trust REIT began by selling its shares at $25, but the price has dramatically decreased in value. Healthcare Trust Inc. is a publicly registered non-traded REIT (real estate investment trust) that was sponsored by AR Global. 2022 Peiffer Wolf Carr Kane Conway & Wise, LLP. The REIT stopped all distributions in 2017. The troubled Hotel REIT declared bankruptcy on May 19, 2021 after its unstructured debt ballooned to $1.3 billion, according to its filing. 2015 by The White Law Group, LLC All rights reserved. How to Recover Hospitality Investors Trust (HIT REIT) Investment Losses My in-laws lost their retirement funds to a dishonest broker. NorthStar Healthcare REIT Lawsuit | REIT Losses | Peiffer Wolf Thousands of investors who were sold HIT have suffered severe losses. According to Central Trade & Transfer, a secondary market for non-traded REITs, shares of HIT REIT sold on March 31, 2021 for just $0.46 per share. Both loans bear interest at 15 percent per year. SEC.gov | HOME KALOS CAPITAL Lawsuit Filed - Securities Lawyer Further, HIT REIT said that lower estimates of occupancy, higher labor costs, and sales and marketing were offset by lower discount rate and capitalization rate estimates, driven by tightening market spreads and progress on its brand-mandated property improvement plans. HOSPITALITY INVESTORS TRUST INVESTOR ALERT: KlaymanToskes Investigates Contact us now for a free consultation! Read more about our results. The lawsuit also alleges: negligence, breach of fiduciary duty, and negligent supervision. According to the REITs website, the company owns a diversified portfolio of strategically-located hotel properties throughout the United States within the select service market of the hospitality sector. Shares in the REIT were originally sold at a price of $25/share, but their value declined in subsequent years. Six of the hospitality industry's largest hotel companies are named in a new class-action lawsuit, which claims to have uncovered an antitrust scheme to reduce competition and raise consumer prices.
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