Hotel Online
News for the Hospitality Executive


advertisement


Supertel Hospitality Completes Acquisition of 100-room Hilton Garden Inn,
Solomons Island, Maryland for $11.5 million as Part of Strategic Portfolio Revamp


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.

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 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
karkfeld@supertelinc.com


.
Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

To Learn More About Your News Being Published on Hotel-Online Inquire Here
 
Also See: Supertel Hospitality Enters Agreement to Acquire the 100-room Hilton Garden Inn in Solomons Island, Maryland for $11.5 million or $115K per key / April 2012

Supertel Hospitality to Sell US $20-million Stake to South American Investment Firm Real Estate Strategies L.P., Indirectly Controlled by IRSA Inversiones y Representaciones Sociedad Anónima / November 2011

Supertel Hospitality Appoints Krista Arkfeld Director Corporate Communications / June 2011

Supertel Hospitality Implements Strategy of Using Four Regional Management Companies to Optimize Operating Results for its 105 Hotels in 23 States / April 2011

Supertel Hospitality Reports 2010 Second Quarter Net Loss of $4.0 million Compared to Net Income $0.9 million in the 2009 Same Quarter Last Year; Operating Statistics for 111 Hotels in 23 States / August 2010

Supertel Hospitality Sales Three Budget Hotels for a Combined Net Proceeds of $3.02 million or Approximately $14,700 per room / July 2010

Supertel Hospitality Names Connie Scarpello as Chief Financial Officer and Steve Gilbert as Chief Operating Officer / August 2009
.

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.