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Supertel Hospitality, Inc. (SPPR - Snapshot Report), a real estate investment trust (REIT), recently announced that it has completed the sale of an 87-room Super 8 hotel in Sedalia, Missourifor $1.8 million. The company utilized the proceeds to repay $1.7 million of associated mortgage debt, while the remainder was used for general corporate purposes.
Additionally, the company divested another Super 8 hotel in Wichita, Kansas, for a total consideration of $4.1 million. The 119-room hotel was purchased by the City of Wichita to facilitate a highway expansion project. The proceeds generated from the asset sale were utilized to retire the $3.1 million mortgage loan on the property, and the balance was used to reduce the company's short term borrowings.
With the divestiture of the Sedalia Super 8 range of hotels, Supertel Hospitality continued its transition from the economy hotel sector to a more upscale hotel operator. Consistent with this transition, the company intends to divest hotels that no longer fit into its long-term strategy.
During the first quarter 2012, RevPAR (Revenue Par Available Room) for the company’s upper mid-scale hotels increased 10.2 % to $40.11, aided by an 8.8% increase in occupancy.
Based in Norfolk, Nebraska, Supertel Hospitality specializes in the ownership of select-service hotels. The company currently owns 96 hotels comprising 8,467 rooms in 23 states.
Supertel Hospitality currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We also have a long-term Neutral recommendation on the stock. One of its competitors, Ashford Hospitality Trust Inc (AHT - Snapshot Report)) holds a Zacks #5 Rank, which translates into a short-term Strong Sell rating.
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