News for the Hospitality Executive
William C. Latham Assumes Duties of Chairman
of Supertel’s Board of Directors
The Current Chairman and a Co-founder
of Supertel, Paul Schulte, Continues
to Serve on the Board of Directors
NORFOLK, Neb., December 22, 2009 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 115 hotels in 23 states, today announced that William C. Latham will assume the duties of chairman of Supertel’s board of directors on January 1, 2010. Paul Schulte, the current chairman and a co-founder of Supertel, will continue to serve on the board of directors.
“Paul Schulte has been a major force in the hotel industry for more than three decades, as a developer, operator and visionary,” said Kelly Walters, Supertel CEO. “Fortunately, we will continue to receive his counsel as an active board member. Bill Latham provides us with great hotel operating expertise, continuity and decades of experience.”
Schulte began his career in construction, including building hotels. He and partner Steve H. Borgmann formed Supertel Hospitality, Inc. in 1980, which developed and acquired hotels before becoming a public company in 1994. Five years later, the company merged with publicly held REIT, Humphrey Hospitality Trust, Inc. Schulte continued as chairman of the board of the company; and in 2004 he resumed the additional duties of president and CEO.
A major developer and supporter of the Super 8 brand, he has developed more than 70 Super 8 properties in his career and was the creator of the original SuperStart breakfast program. He is the recipient of numerous awards, including the Dennis Brown Memorial Award and the Golden Pineapple Award from Super 8 Motels, Inc. He is a charter member of the Super 8 Advisory Council and has been inducted into the Lodging Hall of Fame.
The brand recognized his long relationship with the establishment of the Paul J. Schulte Special Achievement Award. It is given to a Super 8 owner, manager or employee whose individual contributions to the brand have had a meaningful and sustainable influence on Super 8 brand standards, performance and competitiveness.
Latham has been a Supertel board member since 2008. He has been active in hotel ownership and management since 1972. He is the founder and chairman of the board of Budget Motels, Inc. He served several terms on the Days Inn Advisory Board and twice presided as chairman. In his career, Latham received multiple awards of recognition from Days Inn.
He is a former chairman of the board of Commonwealth Savings and Loan Association in Manassas, Virginia. He currently sits on several advisory boards and is an active member of the Virginia Tech Foundation's Board of Directors and its audit committee. He is a recipient of the William H. Ruffner Medal from Virginia Tech University, the school’s most prestigious honor for notable and distinguished service to the university. Latham is a graduate of Virginia Tech.
New $2 Million Line of Credit
In addition, the company announced that it has closed on a $2 million line of credit from Norfolk, Neb.-based Elkhorn Valley Bank & Trust that will be effective December 22, 2009 through October 1, 2010. The line is secured by two previously unencumbered hotels and will supplement a $20 million revolving line of credit with Great Western Bank.
“We are pleased to have secured this financing in the current difficult economy,” Walters said. “This line will give us increased flexibility and additional working capital for the slower winter hotel season.”
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc.
|Also See:||Supertel Hospitality Names Kelly A. Walters President and CEO, Replacing Paul J. Schulte / April 2009|
|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|