Supertel sold 15 non-core hotels in 2012, generating gross proceeds of approximately $25.5 million which were used primarily to reduce debt.
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it has closed on the sale of four hotels in the last week of 2012. Combined proceeds from the sales totaled $6.15 million which were used by Supertel to reduce debt.
The four sold hotel properties include:
"With the sale of 15 hotels in 2012, we continue to demonstrate our commitment to divest ourselves of non-strategic underperforming assets to improve the firm's margins," said Kelly Walters, Supertel's president and chief executive officer. "Although the proposed TownePlace Suites acquisition has not occurred as planned, Supertel's acquisition strategy remains unchanged in its commitment to transition its portfolio in the direction of premium-branded, select-service hotels."
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