Contact Information: Contact: Supertel Hospitality, Inc. Donavon A. Heimes (402) 371-2520 Email Contact
Supertel Hospitality, Inc. Announces Pricing of Common Stock Offering
| Source: Supertel Hospitality, Inc.
NORFOLK, NE -- (MARKET WIRE) -- December 18, 2006 -- Supertel Hospitality, Inc. (NASDAQ : SPPR )
announced today that it has priced an underwritten public offering of
7,000,000 shares of common stock at a price to the public of $6.70 per
share. The underwriters have a 30 day over-allotment option to purchase up
to an additional 1,050,000 shares. The offering is expected to close on
December 22, 2006.
The proceeds of the offering will primarily be used to repay existing
indebtedness and indebtedness anticipated to be incurred in connection with
the company's pending acquisition of hotels.
Robert W. Baird & Co., Incorporated is the lead managing underwriter for
the offering, JMP Securities, Ferris, Baker Watts, Incorporated, and
Anderson & Strudwick, Incorporated are co-managers. The offering will be
made only by means of a prospectus. A copy of the final prospectus related
to the offering can be obtained when available by contacting Robert W.
Baird & Co., 777 E. Wisconsin Avenue, Milwaukee, WI 53202, Tel: (414)
765-3632.
The shares of common stock are being sold pursuant to a registration
statement that has been declared effective by the Securities and Exchange
Commission. The shares are only offered by means of the prospectus related
to this offering. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
common stock in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state.
Supertel Hospitality, Inc. owns 86 hotels in 19 states. The company's
hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn,
Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House
Inn, Sleep Inn and Savannah Suites.