|By Marketwired .||
|June 12, 2014 04:54 PM EDT||
NORFOLK, NE -- (Marketwired) -- 06/12/14 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today 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."
About Supertel Hospitality, Inc.
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. 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.
Director of Corporate Communications