Tuesday, April 26, 2011
NORFOLK, NB, April 26, 2011 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 105 hotels in 23 states, announced that it had implemented its strategy of employing regional hotel management companies to optimize operating results at its hotels.
Following a comprehensive selection process, Supertel has signed agreements with separate management companies, each of which will operate a regional portion of Supertel’s hotel portfolio.
The companies are Hospitality Management Advisors, Inc., Strand Development Company, LLC, and Kinseth Hotel Corporation. HLC Hotels, Inc. will continue to manage the company’s 10-hotel Masters Inns portfolio.
“Like all real estate, hotels are a local business, and this strategic move from centralized management to a regional approach with operators who have a long-term track record in those markets, is expected to generate higher returns through better knowledge of our markets,” said Kelly A. Walters (top right photo), Supertel’s president and CEO.
“Each of these operators has similar experience and a proven record of success and has been recognized for award-winning performance.
“They also have the development and acquisition experience we seek to assist us when we return to our acquisition strategy.
All of these operators have management portfolios similar to Supertel’s targeted profile of premium select-service brands as the company continues to transition over time to a more upmarket portfolio.”
For more information or to make a hotel reservation, visit http://www.supertelinc.com/
Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293