Shareholders of Supertel Hospitality Approve $30M Investment in Supertel by an IRSA Affiliate
Supertel Hospitality, Inc. (NASDAQ: SPPR) today announced that at a special meeting held on January 31, 2012, the shareholders of the company approved the $30 million investment in the company by Real Estate Strategies L.P., an investment vehicle indirectly controlled by IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS), an Argentinean-based publicly traded company.
At the special meeting the shareholders of Supertel, by the requisite vote, approved the issuance and sale of the 3,000,000 shares of preferred stock, 30,000,000 shares of common stock of Supertel which may be issued upon conversion of the preferred stock, and warrants to purchase an additional 30,000,000 shares of common stock. Supertel mailed a proxy statement on December 29, 2011 to its shareholders in connection with the special meeting.
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