NORFOLK, NE -- (Marketwire) -- 05/30/12 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which currently owns 97 hotels in 23 states, today announced that it closed on the sale of an 87-room Super 8 hotel in Sedalia, Missouri on May 29, 2012, at a sale price of $1.8 million. Developed by Supertel in March 1987, the hotel no longer met the company's investment criteria. The associated mortgage debt of $1.7 million was fully retired with excess proceeds being applied to general corporate purposes.
Year to date the company has sold four non-core assets generating gross proceeds of approximately $6.3 million and reducing the company's consolidated mortgage debt by $4.8 million. The sale of the Sedalia Super 8 is consistent with Supertel's plan to transition away from the economy hotel sector and target more upscale assets over the next three years.
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 currently owns 97 hotels comprising 8,586 rooms in 23 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, IHG, 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.
Ms. Krista Arkfeld
Director of Corporate Communications