Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our securities attorneys are investigating Hospitality Investors Trust (HIT REIT) for potential legal claims on behalf of shareholders.
Hospitality Investors Trust, a non-traded real estate investment trust (REIT), initially offered its shares at $25. Since then, the price of HIT has decreased dramatically; reaching an estimated net asset value of $9.21 per share as of December 31, 2018. Additionally, in January of 2017, the company suspended distributions indefinitely, significantly harming investors.
Our firm is continuing to investigate. Speak with one of our securities attorneys to learn more about recovering your losses.
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Hospitality Investors Trust News: REIT Suspends Distributions & Terminates Redemption Plan
Hospitality Investors Trust (HIT), formerly known as American Realty Capital Hospitality Trust, is a non-traded REIT. The REIT has reportedly decreased nearly 45% since its initial issuance.
In January of 2017, the company suspended its distributions and announced that it did not expect to pay distributions for the rest of the year. Then, during a HIT REIT quarterly investor presentation in April of 2018, the company reported
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.
Further, in February of 2019 the Board of Directors announced that it suspended the Company’s Share Repurchase Program. The REIT price continued to decrease over the course of these announcements.
While REITs are often marketed as low-risk, high yield investments, FINRA and the SEC have recently increased scrutiny into the marketing of these investments. Non-traded REITs are not traded on the public securities exchange, meaning that these REITs can often be illiquid. Many investors have reported being unable to redeem their shares from non-traded REITs and remain stuck in these uncertain investments as a result.
If you invested in HIT REIT and have lost part of your investment, not received your distributions, or remain stuck in the uncertain REIT, you may be eligible for monetary recovery. Contact our firm to learn more about your options.
Our REIT Lawsuit Investigations
Gibbs Law Group is currently investigating a number of REITs on behalf of shareholders. These REITs include:
- Northstar Healthcare Income REIT
- Benefit Street Partners Realty Trust
- FS Credit Real Estate Income Trust–I
- The Parking REIT
- Cole Credit Property Trust III (“CCPT III”)
- Apple non-traded REIT
If you invested in any of these REITs, or others, we may be able to help. Speak with a lawyer today to learn more.
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Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.
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