News for the Hospitality Executive
Supertel Hospitality Names Kelly A. Walters President
and CEO, Replacing Paul J. Schulte
NORFOLK, Neb., April 2, 2009 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 122 hotels in 24 states, today announced that Kelly A. Walters will join the company as president and chief executive officer, effective April 14, 2009. Walters was a senior vice president at Investors Real Estate Trust (NASDAQ: IRET). He will succeed Paul J. Schulte, the current president and chief executive officer. Schulte, 75, will continue as chairman of the board.
“Kelly brings a wealth of commercial real estate expertise and a strong relationship with the investment community, which will serve Supertel shareholders well in this challenging economic climate,” Schulte said. “He is a proven leader who has consistently generated strong business results throughout his career.”
“Supertel’s experienced management team has produced an excellent track record as limited-service hotel owners, and I am very confident with our current business model within the hospitality sector,” Walters said. “Our biggest challenge remains the capital markets and our balance sheet. Over the past year, the senior management team has worked diligently and effectively on the company’s plan to permanently strengthen the balance sheet. Improving our financial position will remain our primary focus through 2009 and into 2010. Then, on a very measured and selective basis, we plan to pursue opportunities in other commercial real estate segments, with the goal of obtaining accretive risk-adjusted returns that will add balance to our hospitality portfolio and ultimately bring more value to our shareholders.”
Walters, 48, is a former senior vice president for North Dakota-based Investors Real Estate Trust (IRET), a self-advised equity real estate investment trust with nearly 250 multi-family residential, office, medical, industrial and retail commercial real estate assets. Previously, he was senior vice president of Omaha-based Magnum Resources, Inc., a privately held real estate investment and operating company. In 2006, IRET acquired a portion of Magnum’s portfolio in a UPREIT transaction valued at $140 million, and Walters joined the company’s senior management team at the close of the transaction. At various times throughout his 13-year tenure with the two companies, he was responsible for investment strategy, acquisitions and dispositions, capital markets activities, and asset management.
Prior to joining Magnum Resources, Walters was a senior portfolio manager at Brown Brothers Harriman & Company in Chicago. He also held investment positions with Peter Kiewit Sons’ Inc. He holds a B.S./B.A. degree in banking and finance from the University of Nebraska at Omaha and a MBA from the University of Nebraska.
About Supertel Hospitality, Inc.
As of March 31, 2009, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 122 hotels comprised of 10,659 rooms in 24 states. The company’s hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn, Savannah Suites, Masters Inn, Key West Inns and Baymont Inn. This diversity enables the company to participate in the best practices of each of these respected hospitality partners. The company specializes in limited service hotels, which do not normally offer food and beverage service. 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.
Donavon A. Heimes
|Also See:||Supertel Hospitality Acquires 10 Limited-service Hotels, 7 in Kentucky, 2 in South Dakota and one hotel in Wisconsin, for Approximately $21.8 million / January 2008|
|Humphrey Hospitality Trust, Inc. Relocating Corporate Headquarters from Columbia, Maryland to Norfolk, Nebraska; President/CEO George R. Whittemore Resigns, Paul Schulte Named President/CEO / July 2004|