SOURCE: Supertel Hospitality, Inc.
NORFOLK, NE--(Marketwired - August 22, 2014) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it has sold the 140-room Savannah Suites in Stone Mountain, Georgia, on August 21, 2014 for $1.5 million. Supertel will use the proceeds from the sale to retire the mortgage on the property.
The company closed on the sale of the Savannah Suites in Jonesboro, Georgia, on July 15, 2014 for $1.4 million. "We are actively marketing our remaining five Savannah Suites hotels," said Kelly Walters, Supertel's President and Chief Executive Officer. "These economy extended stay properties have been consistent performers for Supertel, and the segment is enjoying strong fundamentals with a very positive long-term outlook, but our plan for the future is to build our core portfolio around premium branded, upper midscale and upscale, select-service brands."
Year-to-date the company has sold eight non-core assets with combined gross proceeds of $13.1 million. The proceeds were used to reduce debt.
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 61 hotels comprising 5,319 rooms in 20 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, IHG, 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.