News for the Hospitality Executive |
NORFOLK,
NE-- (May 29, 2012) - Supertel Hospitality, Inc. (NASDAQ: SPPR),
a real
estate investment trust (REIT) which currently owns 98 hotels in 23
states,
today announced that it has completed the purchase of a 100-room Hilton
Garden
Inn in Solomons Island, Maryland for $11.5 million, excluding closing
costs and
fees. "The acquisition," said Kelly A. Walters, Supertel president
and CEO, "is part of the strategic plan to revamp the portfolio with
more
premium-branded, midmarket, select-service hotels." The purchase was
funded with proceeds from the company's recent preferred equity raise.
The
hotel opened in 2007, and includes 3,650 square feet of function space,
two
pools, and a restaurant. It is located on Dowell Road in historic
Solomons
Island and is 2.5 miles from the Naval Air Station Patuxent River. It
is
Supertel's second property in Solomons Island, as it also owns the
60-room
Comfort Inn Beacon Marina. 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 98 hotels comprising 8,673 rooms in 23 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, IHG, 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 [email protected] |