Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), last week announced that it has sold the 140-room Savannah Suites in Stone Mountain, Georgia, on August 21, 2014 for $1.5 million. Supertel will use the proceeds from the sale to retire the mortgage on the property.
The company closed on the sale of the Savannah Suites in Jonesboro, Georgia, on July 15, 2014 for $1.4 million. "We are actively marketing our remaining five Savannah Suites hotels," said Kelly Walters, Supertel's President and Chief Executive Officer. "These economy extended stay properties have been consistent performers for Supertel, and the segment is enjoying strong fundamentals with a very positive long-term outlook, but our plan for the future is to build our core portfolio around premium branded, upper midscale and upscale, select-service brands."
Year-to-date the company has sold eight non-core assets with combined gross proceeds of $13.1 million. The proceeds were used to reduce debt.
Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The company currently owns 61 hotels comprising 5,319 rooms in 20 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, IHG, Choice and Wyndham.
Logos, product and company names mentioned are the property of their respective owners.