Supertel Sells 64-Room Comfort Suites in Dover, Delaware for $1.9M
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it has sold the 64-room Comfort Suites hotel in Dover, Delaware on December 14, 2012 for $1.9 million. The hotel was previously secured with the Greenwich Capital loan and was unencumbered as part of the recent loan refinancing. Supertel will use the proceeds from the sale for general corporate purposes and to fund future growth. The company has taken significant steps to strengthen its balance sheet since the beginning of the year. Year-to-date the company has sold nine hotels generating gross proceeds of approximately $16.9 million. The Comfort Suites was purchased in January 1997 and no longer met the company's size criteria for long-term holdings.
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