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Supertel Hospitality, Inc. Announces Sale of Two Economy Hotels
NORFOLK, NE, Feb 14, 2013 (MARKETWIRE via COMTEX) --
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment
trust (REIT), today announced that it sold the 63-room Guesthouse Inn
in Ellenton, Florida for $1.26 million, and the 120-room Days Inn
North in Fredericksburg, Virginia for $2.05 million. Supertel
purchased the Ellenton Guesthouse property in June 1998 as part of a
three hotel portfolio. The Fredericksburg (North) Days Inn was
purchased in July 2007. The hotels were no longer classified as core
assets primarily due to age and chain scale classification. The
company will use the proceeds to reduce corporate debt and for
general corporate purposes.
The sale of the hotels demonstrates the company's continued
commitment to the business plan which calls for the divesture of
non-core properties to provide funding for the acquisition of
premium-branded, select-service hotels.
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 84 hotels
comprising 7,431 rooms in 22 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.
Contact:
Ms. Krista Arkfeld
Director of Corporate Communications
karkfeld@supertelinc.com
SOURCE: Supertel Hospitality, Inc.
mailto:karkfeld@supertelinc.com
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