Supertel Hospitality closes on sale of 4 hotels

|By:, SA News Editor

Gross proceeds of $7.5M will be used by Supertel (SPPR) to first cover transaction costs and then pay down debt.

CEO Kelly Walters: "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."

Supertel currently has another 14 hotels on the block.

The portfolio now stands at 64 hotels comprising 5.695 rooms in 20 states.