NORFOLK, NE -- (Marketwire) -- 06/01/12 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it closed on the sale of a Super 8 hotel in Wichita, Kansas on June 1, 2012, at a sale price of $4.1 million. Developed by Supertel in February 1989, the 119-room hotel was purchased by the City of Wichita to facilitate a highway expansion project. Supertel used the proceeds from the sale to fully retire the $3.1 million mortgage on the property, and the balance went to reduce the company's short term borrowings.
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 96 hotels comprising 8,467 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