SOURCE: Supertel Hospitality, Inc.

January 08, 2007 18:09 ET

Supertel Hospitality, Inc. Expands Into Three Additional States With the Acquisition of Seven Properties

Supertel Hospitality Now Owns Hotels in 22 States by Expanding Into Idaho, Maine and Montana

NORFOLK, NE -- (MARKET WIRE) -- January 8, 2007 --Supertel Hospitality, Inc. (NASDAQ: SPPR), a self-administered real estate investment trust, reports that its operating partnership has completed the previously announced acquisition of seven hotels. The acquisition of these hotels expands Supertel's presence into Idaho, Maine and Montana. At the same time, Supertel has added additional properties in Indiana, Georgia and Missouri. Supertel Hospitality has added 24 hotels to its portfolio in the last 16 months.

"These seven hotels expand our portfolio to 93 hotels with 7245 rooms which expanded our presence beyond the Midwest and Southeastern United States," said Paul J. Schulte, chairman, president and chief executive officer of Supertel Hospitality, Inc. "We intend to pursue our pattern of controlled growth which will allow our Supertel portfolio to continue to provide a clean, friendly and affordable option for the business and leisure traveler."

Five of the hotels having an aggregate of 468 rooms were acquired on January 5, 2007 from MOA Hospitality, Inc. for a purchase price of $24 million. These hotels are located in Columbus, Georgia, Boise, Idaho, Terre Haute, Indiana, Ellsworth, Maine and Billings, Montana. Four of the hotels are operated as a Super 8 and the Ellsworth, Maine hotel operates as a Comfort Inn. Two independent hotels having an aggregate of 92 rooms were acquired for $4.14 million on December 27, 2006. These hotels are located in Neosho and Jane, Missouri.

Supertel Hospitality, Inc. owns 93 hotels in 22 states. Supertel's hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Suites at Key Largo, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn, Supertel Inn and Savannah Suites. This diversity enables Supertel to participate in the best practices of each of these respected hospitality partners. Supertel specializes in limited service hotels which normally do not offer food and beverage service.

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.

Although the Company believes the expectations reflected in these forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

  • CONTACT:
    Supertel Hospitality, Inc.
    Donavon A. Heimes
    402.371.2520