Supertel Hospitality Agrees to Acquire the Hilton Garden Inn in Solomons Island, Maryland for $11.5M
Supertel Hospitality, Inc. (NASDAQ: SPPR) today announced that it has entered into an agreement to acquire the 100 room Hilton Garden Inn in Solomons Island, Maryland for $11.5 million, or $115 thousand per key, excluding closing costs and fees. The hotel opened in 2007, and includes 3,650 square feet of function space, and a restaurant.
It is located on Dowell Road in historic Solomons Island and is 2.5 miles from the Naval Air Station Patuxent River. The hotel is Supertel's second property in Solomons Island, as it also owns the 60 room Comfort Inn Beacon Marina. The closing of the acquisition is subject to customary closing conditions. Supertel expects the closing to occur in the second quarter of 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.