News for the Hospitality Executive
NORFOLK, Neb., April 26, 2011 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 105 hotels in 23 states, today announced that it had implemented its strategy of employing regional hotel management companies to optimize operating results at its hotels. Following a comprehensive selection process, Supertel has signed agreements with separate management companies, each of which will operate a regional portion of Supertel’s hotel portfolio. The companies are Hospitality Management Advisors, Inc., Strand Development Company, LLC, and Kinseth Hotel Corporation. HLC Hotels, Inc. will continue to manage the company’s 10-hotel Masters Inns portfolio.
“Like all real estate, hotels are a local business, and this strategic move from centralized management to a regional approach with operators who have a long-term track record in those markets, is expected to generate higher returns through better knowledge of our markets,” said Kelly A. Walters, Supertel’s president and CEO. “Each of these operators has similar experience and a proven record of success and has been recognized for award-winning performance. They also have the development and acquisition experience we seek to assist us when we return to our acquisition strategy. All of these operators have management portfolios similar to Supertel’s targeted profile of premium select-service brands as the company continues to transition over time to a more upmarket portfolio.”
The management companies are:
As of March 31, 2011, Supertel Hospitality, Inc. (NASDAQ: SPPR) owned 105 hotels comprising 9,248 rooms in 23 states. The company focuses primarily on the limited-service hotel segment, which does not offer food and beverage service. The company’s hotel portfolio includes Baymont Inn, Comfort Inn/Comfort Suites, Days Inn, Guest House Inn, Hampton Inn, Holiday Inn Express, Key West Inns, Masters Inns, Quality Inn, Ramada Limited, Savannah Suites, Sleep Inn, Super 8 and Supertel Inn. 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.
Jerry Daly, Carol McCune
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
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|