Supertel Hospitality Announces Sale of Hotel Properties for $5.1 Million

Supertel Hospitality, Inc. SPPR today announced that it has closed on the sale of two independently flagged economy hotels this week. Combined proceeds from the sales totaled $5.1 million which were used by Supertel to reduce balances on the company's credit facilities. The 119-room Charleston, (Mount Pleasant) South Carolina Masters Inn sold on July 28, 2011 for $3.75 million. The 87-room Atlanta, (Marietta) Georgia Masters Inn sold on July 29, 2011 for $1.35 million. The hotels were purchased as part of a larger portfolio in May 2007 and were no longer classified as core holdings for the REIT. At present, Supertel's investment strategy calls for the orderly divesture of certain independently flagged economy hotels over the near to intermediate term.