Supertel Announces 13th Dividend Increase in Five Years
DECEMBER 5, 2007. Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 115 hotels in the limited-service, economy and economy extended-stay sectors, today announced that the company's board of directors approved a 1/4 -cent increase in the quarterly common stock dividend to $0.12 3/4 . The dividend is payable on February 1, 2008 to shareholders of record on December 31, 2007.
Beginning with the 2003 first quarter, the company has increased its quarterly common stock dividend 13 times. Based on the price of the common shares at the close of business on November 30, 2007, the annualized dividend represents a yield of approximately 8.4 percent. "This increase reflects our board's confident outlook for both the hotel industry and the company," said Paul J. Schulte, chairman, president and CEO of Supertel Hospitality, Inc.
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