NORFOLK, NE--(Marketwired - August 22, 2014) - Supertel Hospitality, Inc. (
The company closed on the sale of the Savannah Suites in Jonesboro, Georgia, on July 15, 2014 for $1.4 million. "We are actively marketing our remaining five Savannah Suites hotels," said Kelly Walters, Supertel's President and Chief Executive Officer. "These economy extended stay properties have been consistent performers for Supertel, and the segment is enjoying strong fundamentals with a very positive long-term outlook, but our plan for the future is to build our core portfolio around premium branded, upper midscale and upscale, select-service brands."
Year-to-date the company has sold eight non-core assets with combined gross proceeds of $13.1 million. The proceeds were used to reduce debt.
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc. (
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the company's filings with the Securities and Exchange Commission.
Contact Information:
Contact:
Ms. Krista Arkfeld
Director of Corporate Communications
karkfeld@supertelinc.com