SOURCE: Supertel Hospitality, Inc.
NORFOLK, NE--(Marketwire - Dec 18, 2012) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it sold the 62-room Super 8 hotel in Clinton, Iowa for $1.325 million. The hotel was purchased in January 1988 and was no longer classified as a core asset. Supertel will use the proceeds from the sale for general corporate purposes.
The company had 24 assets classified as held-for-sale candidates as of January 1, 2012, which did not meet long-term investment criteria. Since January, the company has sold ten non-core hotels generating gross proceeds of approximately $18.2 million. Five hotels are currently under contract and expected to close by year-end, pending financing and other customary closing conditions. Supertel will continue to monetize held-for-sale assets and reinvest the proceeds into premium-branded, select-service hotels as part of the long-term investment plan to rebuild the portfolio.
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The company currently owns 91 hotels comprising 8,105 rooms in 22 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit 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 statement. These risks are discussed in the company's filings with the Securities and Exchange Commission.