SOURCE: Supertel Hospitality, Inc.
NORFOLK, NE--(Marketwired - Sep 26, 2013) - Supertel Hospitality, Inc. (NASDAQ: SPPR) (the "Company") announced today that it has withdrawn its proposed underwritten public offering of 16,700,000 shares of its common stock, par value $0.01 per share.
"Given current market conditions, our pricing expectations, and after discussion with the underwriters, we have decided to withdraw our proposed public offering," said Kelly Walters, President and Chief Executive Officer.
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 71 hotels comprising 6,213 rooms in 21 states.
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. In particular, there can be no assurances that the offering of common stock will be consummated.