Hotel Portfolio Sale

Supertel Hospitality Sells for Hotels for $7.75 Million

Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), last week announced that it has closed on the sale of four hotels with an aggregate of 314 rooms since the end of the first quarter March 31, 2014.

Supertel Hospitality Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), last week  announced that it has closed on the sale of four hotels with an aggregate of 314 rooms since the end of the first quarter March 31, 2014. Combined gross proceeds of $7.75 million from the sales were used to reduce debt and pay transaction costs.

The four sold hotels include:

  • 65-room Baymont Inn and Suites, Brooks, Kentucky sold April 24, 2014 for $1.7 million
  • 101-room Super 8 hotel, Omaha, Nebraska (West Dodge) sold May 6, 2014 for $1.6 million
  • 108-room Super 8 hotel, Boise, Idaho sold June 4, 2014 for $2.8 million
  • 40-room Super 8 hotel, Clarinda, Iowa sold June 11, 2014 for $1.65 million
"In a manner consistent with our key initiatives we continue to monetize assets in the economy and midscale sectors, reducing the average age of the hotel portfolio and transitioning away from non-core properties that no longer meet our criteria for long-term holdings," said Kelly Walters, Supertel's president and chief executive officer. "The company is currently marketing 14 hotels for sale with gross proceeds to be used primarily to pay off the underlying loans and provide capital to reinvest in core properties."

Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The Company owns 64 hotels comprising 5,695 rooms in 20 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, Choice and Wyndham.



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