NORFOLK, NE -- (Marketwire) -- 04/03/12 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which currently owns 98 hotels in 23 states, today announced that it closed on the sale of a 63 room Super 8 hotel in Muscatine, Iowa on March 27, 2012, at a sale price of $1.3 million. The hotel no longer met the company's investment criteria primarily due to size and age. Net proceeds were used to reduce related mortgage debt.
About Supertel Hospitality, Inc.
As of April 3, 2012, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 98 hotels comprising 8,622 rooms in 23 states. The company focuses primarily on the select-service hotel segment, which does not offer food and beverage service. The company's hotel portfolio includes Baymont Inn, Comfort Inn/Comfort Suites, Days Inn, Guest House Inn, Hampton Inn, Holiday Inn Express, Key West Inns, Masters Inn, Quality Inn, Ramada Limited, Savannah Suites, Sleep Inn, Super 8 and Supertel Inn. 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.
Ms. Krista Arkfeld
Director of Corporate Communications