SOURCE: Supertel Hospitality, Inc.
NORFOLK, NE--(Marketwire - Dec 21, 2012) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it sold the 114-room GuestHouse Inn in Jackson, Tennessee for $1.1 million. Supertel purchased the property in July 1998 and it was no longer classified as a core holding. The company will use the proceeds from the sale for general corporate purposes.
Year-to-date Supertel has sold 11 non-core hotels generating gross proceeds of approximately $19.3 million. Four hotels are currently under contract and expected to close by year-end, pending financing and other customary closing conditions. The sale of the hotel demonstrates the company's continued commitment to the business plan which calls for continued balance sheet improvement by shedding underperforming assets.
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 90 hotels comprising 7,991 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.