SOURCE: Supertel Hospitality, Inc.
NORFOLK, NE--(Marketwire - Feb 14, 2013) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it sold the 63-room Guesthouse Inn in Ellenton, Florida for $1.26 million, and the 120-room Days Inn North in Fredericksburg, Virginia for $2.05 million. Supertel purchased the Ellenton Guesthouse property in June 1998 as part of a three hotel portfolio. The Fredericksburg (North) Days Inn was purchased in July 2007. The hotels were no longer classified as core assets primarily due to age and chain scale classification. The company will use the proceeds to reduce corporate debt and for general corporate purposes.
The sale of the hotels demonstrates the company's continued commitment to the business plan which calls for the divesture of non-core properties to provide funding for the acquisition of premium-branded, select-service hotels.
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 84 hotels comprising 7,431 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.