NORFOLK, NE -- (Marketwire) -- 06/18/12 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it closed on the sale of a Masters Inn in Tampa, Florida on June 15, 2012, at a sale price of $2.05 million. The hotel was purchased in May 2007 and was no longer classified as a core holding for the REIT as it lacked a national brand affiliation. Supertel's investment strategy calls for the orderly divesture of certain independently flagged economy hotels. The company used the proceeds from the sale to retire related mortgage debt.
Year to date the company has sold six non-core assets generating gross proceeds of approximately $12.4 million and reducing the company's consolidated mortgage debt by $10.1 million.
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 95 hotels comprising 8,340 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