SOURCE: Supertel Hospitality, Inc.

Supertel Hospitality, Inc.

October 13, 2010 10:00 ET

Supertel Hospitality, Inc. Announces Sale of Three Missouri Economy Hotels for $2.6 Million

NORFOLK, NE--(Marketwire - October 13, 2010) -  Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 108 hotels in 23 states, announced that it closed on the sale of three hotels on October 12, 2010. The three economy hotels are the 45-room Booneslick Lodge in Jane, Missouri, the 47-room Booneslick Lodge in Neosho, Missouri and the 58-room Super 8 hotel in Neosho, Missouri. Combined gross proceeds from the sales totaled $2.6 million, the majority of which will be used to reduce company debt. 

"Our sale of these hotels, like every action we have taken in the past year, was guided by our business plan and designed to improve our balance sheet," said Kelly Walters, Supertel's President and CEO. "We are pleased to have completed the sale of these properties to hotel investors during what is still a challenging investment climate for participants in the hospitality industry. The management team at the REIT remains committed to monetizing all of the assets in our portfolio that no longer meet our investment criteria and are not contributing satisfactorily to our earnings."

About Supertel Hospitality, Inc.
As of October 13, 2010, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 108 hotels comprised of 9,574 rooms in 23 states. The company's hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn, Savannah Suites, Masters Inn, Key West Inns and Baymont Inn. This diversity enables the company to participate in the best practices of each of these respected hospitality partners. The company specializes in limited service hotels, which do not normally offer food and beverage service. For more information, 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.

Contact Information

  • Contact:
    Mr. Kelly A. Walters
    President & CEO
    Ms. Connie Scarpello
    Sr. Vice President & CFO

    Supertel Hospitality, Inc.
    309 N 5th St.
    Norfolk, NE 68701
    402.371.2520
    www.supertelinc.com