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Supertel Hospitality, Inc. Closes Year With Four Additional Hotel Sales, Brings Total Transactions to Fifteen for 2012

2013-01-08

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Supertel Hospitality 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:

The Super 8 hotel in Lincoln, Nebraska sold on December 27, 2012 for $1.6 million. The 82-room hotel located on 2635 West "O" Street was part of the original portfolio developed by the company in 1983.
The Ramada Limited hotel in Ellenton, Florida sold on December 27, 2012 for $1.35 million. The 73-room hotel located at 5218 17^th Street East was purchased by Supertel in June 1998.
The Super 8 hotel in Omaha, Nebraska sold on December 28, 2012 for $1.35 million. The 73-room hotel located on 7111 Spring Street was developed by Supertel in May 1986.
The Comfort Inn in Erlanger, Kentucky sold on December 28, 2012 for $1.85 million. The 145-room hotel located on 630 Donaldson Road was purchased by Supertel in May 2006.

Supertel sold 15 non-core hotels in 2012, generating gross proceeds of approximately $25.5 million which were used primarily to reduce debt. The company also announced that it is no longer under contract to acquire the Marriott TownePlace Suites in Urbandale, Iowa.

"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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