NORFOLK, NE--(Marketwire - Aug 1, 2011) - Supertel Hospitality, Inc. (
The 119-room Charleston, (Mount Pleasant) South Carolina Masters Inn sold on July 28, 2011 for $3.75 million. The 87-room Atlanta, (Marietta) Georgia Masters Inn sold on July 29, 2011 for $1.35 million. The hotels were purchased as part of a larger portfolio in May 2007 and were no longer classified as core holdings for the REIT. At present, Supertel's investment strategy calls for the orderly divesture of certain independently flagged economy hotels over the near to intermediate term.
"With the sale of these two properties, Supertel has again taken an important step toward reconfiguring the portfolio and strengthening our balance sheet by shedding assets which were no longer accretive to our shareholders," said Kelly A. Walters, Supertel's president & CEO. "The capital generated from last week's transactions allowed us to reduce our overall mortgage balance and cuts our annual debt service by approximately $400,000."
About Supertel Hospitality, Inc.
As of August 1, 2011, Supertel Hospitality, Inc. (
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.
Contact Information:
Supertel Hospitality, Inc.
309 N 5th St.
Norfolk, NE 68701
402.371.2520
www.supertelinc.com
Contact:
Ms. Krista Arkfeld
Director of Corporate Communications
karkfeld@supertelinc.com