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Supertel Hospitality, Inc., a real estate investment trust (REIT) which owns 108 hotels in 23 states, announced that it closed on the sale of three hotels on October 12, 2010. The three economy hotels are the 45-room Booneslick Lodge in Jane, Missouri, the 47-room Booneslick Lodge in Neosho, Missouri and the 58-room Super 8 hotel in Neosho, Missouri. Combined gross proceeds from the sales totaled $2.6 million, the majority of which will be used to reduce company debt.
"Our sale of these hotels, like every action we have taken in the past year, was guided by our business plan and designed to improve our balance sheet," said Kelly Walters, Supertel’s President and CEO. "We are pleased to have completed the sale of these properties to hotel investors during what is still a challenging investment climate for participants in the hospitality industry. The management team at the REIT remains committed to monetizing all of the assets in our portfolio that no longer meet our investment criteria and are not contributing satisfactorily to our earnings."
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
