Supertel Hospitality, Inc. Announces Sale of Dover Comfort Suites for $1.9 Million
NORFOLK, NE -- (Marketwire) -- 12/17/12 -- Supertel Hospitality, Inc. (SPPR), a real estate investment trust (REIT), today announced that it has sold the 64-room Comfort Suites hotel in Dover, Delaware on December 14, 2012 for $1.9 million. The hotel was previously secured with the Greenwich Capital loan and was unencumbered as part of the recent loan refinancing. Supertel will use the proceeds from the sale for general corporate purposes and to fund future growth.
The company has taken significant steps to strengthen its balance sheet since the beginning of the year. Year-to-date the company has sold nine hotels generating gross proceeds of approximately $16.9 million. The Comfort Suites was purchased in January 1997 and no longer met the company's size criteria for long-term holdings.
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc. is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The company currently owns 92 hotels comprising 8,167 rooms in 22 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.
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Source: Supertel Hospitality, Inc.