Supertel Hospitality, Inc. Announces Agreement to Purchase Seven Hotels in Kentucky NORFOLK, NE -- (MARKET WIRE) -- 01/29/07 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), aself-administered real estate investment trust, announced that itsoperating partnership has entered into a definitive agreement to purchaseseven hotels from Musselman Hotels II, LLC. The hotels are located inAshland, KY (Days Inn); Brooks, KY (Comfort Inn); Cave City, KY (QualityInn); Glasgow, KY (Comfort Inn); Glasgow, KY (Days Inn); Louisville, KY(Comfort Suites); and Louisville, KY (Sleep Inn).The purchase price for the hotels is $14.4 million in cash, subject toadjustment, which Supertel intends to fund from existing credit facilitiesand new borrowings to be negotiated. The closing of the transaction i***pected to occur in July, subject to customary closing conditions."These seven hotels, with a total of 486 rooms, present a great opportunityfor Supertel to add to our presence in Kentucky," said Paul J. Schulte,chairman, president and chief executive officer of Supertel Hospitality,Inc. "This acquisition will result in Supertel owning 10 hotels inKentucky, which will enhance our objective to provide clean, friendly andaffordable options for the business and leisure traveler." CIO, CTO & Developer Resources "When selling seven properties, we needed to make sure we found a companythat has the means and the ability to finalize the deal within theguidelines of the agreement. Our past dealings with Supertel indicatedthey were the right buyer for our properties. We look forward to workingwith them over these next few months and proceeding on to closing," saidChester Musselman, managing member of Musselman Hotels II, LLC.Supertel Hospitality, Inc. owns 93 hotels with 7,245 rooms in 22 states.Supertel's hotel portfolio includes Super 8, Comfort Inn/Comfort Suites,Hampton Inn, Holiday Inn Express, Suites at Key Largo, Days Inn, RamadaLimited, Guest House Inn, Sleep Inn, Supertel Inn and Savannah Suites.This diversity enables Supertel to participate in the best practices ofeach of these respected hospitality partners. Supertel specializes inlimited service hotels.Certain matters within this press release are discussed usingforward-looking language as specified in the Private Securities LitigationReform Act of 1995, and, as such, may involve known and unknown risks,uncertainties and other factors that may cause the actual results orperformance to differ from those projected in the forward-lookingstatement. These risks are discussed in the Company's filings with theSecurities and Exchange Commission.Although the Company believes the expectations reflected in theseforward-looking statements are based on reasonable assumptions, it can giveno assurance that its expectations will be attained. The forward-lookingstatements are made as of the date of this press release, and we undertakeno obligation to publicly update or revise any forward-looking statement,whether as a result of new information, future events or otherwise.CONTACT:Supertel Hospitality, Inc.Donavon A. Heimes402.371.2520
15-01-2015, 05:45 PM
Days Inn
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