Seeking Alpha

Supertel Hospitality unloads Stone Mountain Savannah Suites

  • The 140-room hotel in Stone Mountain, GA was sold for $1.5M, with the proceeds used to pay off the mortgage. Supertel (SPPR +12.6%) closed on the sale of the Savannah Suites in Jonesboro last month for $1.4M, and has the remaining 5 Savannah Suites on the block.
  • YTD, the company has now sold eight non-core assets for combined gross proceeds of $13.1M, with said proceeds used to pay down debt.
  • Source: Press Release
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