Affiliate Agrees to Purchase Investment in Supertel Hospitality

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Published on 20/11/11 - Updated on 17/03/22

Supertel Hospitality, Inc., a real estate investment trust which owns 101 hotels,announced last week that it has entered into a purchase agreement for the issuance and sale of convertible preferred stock to Real Estate Strategies L.P., an investment vehicle indirectly controlled by IRSA Inversiones y Representaciones Sociedad Anonima, an Argentina-based company.

Subject to the approval of the shareholders of Supertel and IRSA's satisfaction with certain debt refinancing of Supertel, Supertel will issue and sell two million shares of a newly-created series of preferred stock for $20 million to the Investor. The Investor will also have the option, to be exercised prior to closing, to purchase up to an additional one million of preferred shares for $10 per share.As of November 16, 2011, Supertel Hospitality, owns 101 hotels comprised of 8,856 rooms in the United States. The company's hotel portfolio includes Baymont Inn, Comfort Inn/Comfort Suites, Days Inn, Guest House Inn, Hampton Inn, Holiday Inn Express, Key West Inns, Masters Inn, Quality Inn, Ramada Limited, Savannah Suites, Sleep Inn, Super 8 and Supertel Inn.

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