Supertel Hospitality Reports 2010 Third Quarter Results

NORFOLK, NB,  Nov. 10, 2010 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 106 hotels in 23 states, today announced its results for the third quarter ended September 30, 2010.

• Revenue from continuing operations rose 6.5 percent

• Net loss per diluted share of $(0.02) compared to prior year net loss of $(0.06) per diluted share.

• FFO of $0.10 per diluted share, and FFO without impairment of $0.15 per diluted share

• Revenues from continuing operations for the 2010 third quarter rose 6.5 percent to $24.9 million, compared to the same year-ago period.

• Net loss attributable to common shareholders for the 2010 third quarter was $(0.5) million, or $(0.02) per diluted share, compared to net loss attributable to common shareholders of $(1.4) million, or $(0.06) per diluted share, in the 2009 same quarter.

• The $0.9 million improvement in earnings was primarily the result of an increase in revenue from continuing operations.

For a complete copy of the company’s news release and financials, please contact:

Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293, jerry@dalygray.com