SOURCE: Supertel Hospitality, Inc.

Supertel Hospitality, Inc.

July 22, 2011 17:32 ET

Supertel Hospitality, Inc. Announces Signing of Purchase Agreement to Sell Corporate Headquarters Building for $1.75 Million

NORFOLK, NE--(Marketwire - Jul 22, 2011) - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), this week signed a purchase agreement for the sale of its corporate office building to the City of Norfolk for $1.75 million. The building at 309 North 5th Street in Norfolk, Neb., was originally constructed in 1990 and has been a primary office location for Supertel since it was built. The closing date is projected to be on or before September 30, 2011.

"In June of this year we implemented a decentralized operating strategy that involved regionalizing the hotel management companies. This decision materially reduced our space requirements at the home office, and thus we found ourselves with too many unused offices in a property that would not lend to a multi-tenant application, so the decision was made to sell the property and move the headquarters staff to more efficient leased space within Norfolk," said Kelly A. Walters, Supertel's president and CEO.

About Supertel Hospitality, Inc.
As of July 22, 2011, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 103 hotels comprised of 9,062 rooms in 23 states. The company focuses primarily on the limited-service hotel segment, which does not offer food and beverage service. 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 a Baymont Inn. For more information or to make a hotel reservation, visit

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.

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