Supertel Adds Seven Hotels
Supertel Hospitality, Inc. a self-administered real estate investment trust, today announced it has added seven hotels to its portfolio. Supertel has completed the previously announced acquisition of four hotels from Waterloo Hospitality, Inc. for $30.9 million. At the same time, Supertel will lease two additional properties from Budget Motels until the expected acquisition close in July 2007. The Tara Inn and Suites, a 127-room extended stay hotel located in Jonesboro, Georgia, was acquired by Supertel in April for $6 million.
The four Waterloo Hospitality hotels include a Comfort Inn in Alexandria, Virginia and Days Inns in Alexandria, Virginia; Fredericksburg (South), Virginia; and Shreveport, Louisiana. These hotels are part of a six hotel 951 room portfolio that Supertel agreed to purchase from Budget Motels, Inc. and Waterloo Hospitality, Inc. Supertel is leasing the two remaining Days Inns in Bossier City, Louisiana and Fredericksburg (North), Virginia.  Read more