Supertel Hospitality Will Buy Iowa Towneplace Suites for $10.2M
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which currently owns 94 hotels in 23 states, today announced that it has entered into an agreement to acquire the TownePlace Suites, located in Johnston (Urbandale), Iowa for a purchase price of $10.2 million, excluding closing costs and fees. The 116-room studio-suite hotel opened in December 2007, and features four unique one and two bedroom floor plans that cater to an extended-stay guest with separate living and sleeping areas, home office with complimentary high-speed wireless Internet, and fully equipped kitchen. In addition, the hotel includes 1,000 square feet of function space, a fitness area, and indoor pool. The hotel is ideally located off I-80, minutes from downtown Des Moines, and nearby multiple national corporations, popular shopping, dining, recreation, and entertainment areas.
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