NORFOLK, NE -- (Marketwire) -- 11/19/12 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it has sold the 52-room Super 8 hotel in Antigo, Wisconsin on November 16, 2012, for $1.0 million. Supertel will use the proceeds from the sale to retire the mortgage on the property.
The company has taken significant steps to divest of non-core assets and provide funding for the acquisition of premium-branded select-service hotels. Year-to-date the company has sold eight non-core assets generating gross proceeds of approximately $15 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 93 hotels comprising 8,231 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