Supertel Announces Sale of Muscatine, Iowa Super 8 for $1.3M
April 6, 2012 - The hotel no longer met the company's investment criteria primarily due to size and age. Net proceeds were used to reduce related mortgage debt.
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which currently owns 98 hotels in 23 states, today announced that it closed on the sale of a 63 room Super 8 hotel in Muscatine, Iowa on March 27, 2012, at a sale price of $1.3 million. The hotel no longer met the company's investment criteria primarily due to size and age. Net proceeds were used to reduce related mortgage debt.
As of April 3, 2012, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 98 hotels comprising 8,622 rooms in 23 states. The company focuses primarily on the select-service hotel segment, which does not offer food and beverage service. The company's hotel portfolio includes Baymont Inn, Comfort Inn/Comfort Suites, Days Inn, Guest House Inn, Hampton Inn, Holiday Inn Express, Key West Inns, Masters Inn, Quality Inn, Ramada Limited, Savannah Suites, Sleep Inn, Super 8 and Supertel Inn.
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