Supertel Hospitality Reports Sale of Two Economy Hotels for ~$3.3M
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today announced that it sold the 63-room Guesthouse Inn in Ellenton, Florida for $1.26 million, and the 120-room Days Inn North in Fredericksburg, Virginia for $2.05 million. Supertel purchased the Ellenton Guesthouse property in June 1998 as part of a three hotel portfolio. The Fredericksburg (North) Days Inn was purchased in July 2007. The hotels were no longer classified as core assets primarily due to age and chain scale classification. The company will use the proceeds to reduce corporate debt and for general corporate purposes. The sale of the hotels demonstrates the company's continued commitment to the business plan which calls for the divesture of non-core properties to provide funding for the acquisition of premium-branded, select-service hotels.
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