Supertel Hospitality,
Inc. 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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