Supertel Sells Corporate Headquarters
July 25, 2011 - The building at 309 North 5th Street in Norfolk, Neb., was originally constructed in 1990 and has been a primary office location for Supertel since it was built. The closing date is projected to be on or before September 30, 2011.
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), this week signed a purchase agreement for the sale of its corporate office building to the City of Norfolk for $1.75 million.
"In June of this year we implemented a decentralized operating strategy that involved regionalizing the hotel management companies. This decision materially reduced our space requirements at the home office, and thus we found ourselves with too many unused offices in a property that would not lend to a multi-tenant application, so the decision was made to sell the property and move the headquarters staff to more efficient leased space within Norfolk," said Kelly A. Walters, Supertel's president and CEO.
As of July 22, 2011, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 103 hotels comprised of 9,062 rooms in 23 states. The company focuses primarily on the limited-service hotel segment, which does not offer food and beverage service. The company's hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn, Savannah Suites, Masters Inn, Key West Inns and a Baymont Inn.
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