NORFOLK, NB -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 101 hotels in 23 states, today announced its results for the third quarter ended September 30, 2011.
Revenues from continuing operations for the 2011 third quarter decreased 0.4 percent to $23.4 million, compared to the same year-ago period.
Net loss attributable to common shareholders was $(1.8) million, or $(0.08) per diluted share, for the 2011 third quarter, compared to a net loss of $(0.5) million, or $(0.02) per diluted share, in the 2010 same quarter.
The 2011 third quarter loss includes an impairment charge of $2.7 million, taken against 14 held for sale properties.
Of this, $0.7 million was taken on 13 of the hotels due to market changes, and $2.0 million was taken on one other hotel due to changes in its projected holding period.
There also was a recovery of previously recorded impairment on two sold properties and one held for sale hotel in the amount of $0.1 million.
Twenty hotels were classified as held for sale during the 2011 third quarter. The 2010 third quarter loss included a net $0.9 million impairment charge.
For a complete copy of the company’s news release and statistics, please contact:
Ms. Krista Arkfeld, Director of Corporate Communications, karkfeld@supertelinc.com
Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293
Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
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