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January 8, 2013

Supertel Hospitality sells 15 non-core hotels in 2012

Supertel Hospitality, a real estate investment trust that specialises in the ownership of select-service hotels, sold 15 non-core hotels in 2012 for $25.5m.

By admin-demo

Supertel Hospitality, a real estate investment trust that specialises in the ownership of select-service hotels, sold 15 non-core hotels in 2012 for $25.5m.

The move is part of the company’s long-term investment plan to dispose of non-core hotels and reinvest the proceeds into premium-branded, select-service hotels to reduce debt and rebuild its portfolio.

"Although the proposed TownePlace Suites acquisition has not occurred as planned, Supertel’s acquisition strategy remains unchanged in its commitment to transition its portfolio in the direction of premium-branded, select-service hotels."

The company sold four hotels in the last week of 2012 for $6.15m.

The 82-room Super 8 hotel in Lincoln, Nebraska, was sold for $1.6m; the 73-room Ramada hotel in Ellenton, Florida, was sold for $1.35m; the 73-room Super 8 hotel in Omaha, Nebraska, was sold for $1.35m; and the 145-room Comfort Inn in Erlanger, Kentucky, was sold for $1.85m.

Supertel Hospitality has also announced that it is no longer under contract to acquire the Marriott TownePlace Suites in Urbandale, Iowa.

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Supertel Hospitality president and chief executive officer Kelly Walters said that the company is committed to divesting non-strategic underperforming assets.

"Although the proposed TownePlace Suites acquisition has not occurred as planned, Supertel’s acquisition strategy remains unchanged in its commitment to transition its portfolio in the direction of premium-branded, select-service hotels," said Walters.

The company currently owns 86 hotels comprising 7,618 rooms in 22 states.

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