SOURCE: Supertel Hospitality, Inc.
NORFOLK, NE--(Marketwired - Dec 11, 2013) - Supertel Hospitality, Inc. (NASDAQ: SPPR) (the "Company"), a real estate investment trust (REIT), today announced the suspension of the regular dividends on its outstanding preferred stock. The Company's board of directors has elected to suspend the payment of monthly dividends on the outstanding shares of its 8.00% Series A Convertible Preferred Stock (NASDAQ: SPPRO), quarterly dividends on the outstanding shares of its 10.00% Series B Cumulative Preferred Stock (NASDAQ: SPPRP), and the quarterly dividends on the outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock. The Company has suspended the dividends to preserve capital and improve liquidity.
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 owns 69 hotels comprising 6,064 rooms in 21 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.