Supertel Hospitality Acquires Hilton Garden Inn Solomons Island, Maryland
May 31, 2012 - Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which currently owns 98 hotels in 23 states, today announced that it has completed the purchase of a 100-room Hilton Garden Inn in Solomons Island, Maryland for $11.5 million, excluding closing costs and fees.
Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which currently owns 98 hotels in 23 states, today announced that it has completed the purchase of a 100-room Hilton Garden Inn in Solomons Island, Maryland for $11.5 million, excluding closing costs and fees.
"The acquisition," said Kelly A. Walters, Supertel president and CEO, "is part of the strategic plan to revamp the portfolio with more premium-branded, midmarket, select-service hotels." The purchase was funded with proceeds from the company's recent preferred equity raise. The hotel opened in 2007, and includes 3,650 square feet of function space, two pools, and a restaurant. It is located on Dowell Road in historic Solomons Island and is 2.5 miles from the Naval Air Station Patuxent River. It is Supertel's second property in Solomons Island, as it also owns the 60-room Comfort Inn Beacon Marina.
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The company currently owns 98 hotels comprising 8,673 rooms in 23 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, IHG, Choice and Wyndham.
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