SOURCE: Humphrey Hospitality Trust, Inc.

May 27, 2005 13:18 ET

Shareholders of Humphrey Hospitality Trust, Inc. Approve Company Name Change to Supertel Hospitality, Inc. at Annual Meeting

NORFOLK, NE -- (MARKET WIRE) -- May 27, 2005 -- Humphrey Hospitality Trust, Inc. (NASDAQ: HUMP), a self-advised real estate investment trust, announced that at the annual shareholders meeting yesterday its shareholders approved the name change of the company to Supertel Hospitality, Inc. In connection with the name change, the company will request the change of the NASDAQ symbol for its common stock to "SPPR."

The shareholders also elected the eight nominees for directors listed in the company's proxy statement for the annual meeting: Steve Borgmann, Joseph Caggiano, Allen Dayton, Patrick Jung, Paul Schulte, Loren Steele, George Whittemore and Jeffrey Zwerdling. Shareholders also ratified the selection of KPMG, LLP as the independent accountants of the company for 2005.

"We believe returning to the Supertel name is an important element of our corporate transition and symbolizes the many other changes we are pursuing," stated Paul J. Schulte, chairman, president, and CEO of Supertel Hospitality, Inc. "Furthermore, the Supertel name was previously associated with the majority of our current hotels and has historical recognition in the marketplace."

Schulte also reviewed the significant changes of the past year that led up to the name change at yesterday's annual meeting. In mid-2004, the company changed to a new management company, Royal Host, and relocated operations to Norfolk, Nebraska. "We are now aligned with a management company that shares our customer-service philosophy, our belief that our employees are our most important asset, and a cost-conscious mindset. Under Royal Host, we have lowered our costs and improved the efficiency of our hotel operations, as witnessed by our fourth quarter 2004 and first quarter 2005 performance."

"We continue pursuing our growth-oriented strategy," added Schulte. Under Royal Host, the company is expanding its sales and marketing efforts, adding dedicated staff responsible for drawing business to the hotels. The company is also seeking acquisitions following the acquisition and development strategies outlined in its 2005 annual report.

Supertel Hospitality, Inc. specializes in limited-service lodging. The company owns 69 hotels in 16 mid-western and eastern states. The company maintains its internet website at www.humphreyhospitality.com and at www.supertelinc.com.

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties, and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These risks are discussed in the company's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Donavon A. Heimes
    Chief Financial Officer
    402-371-2520.