NORFOLK, NE—Supertel Hospitality, Inc. , a self-administered real estate investment trust, has added seven hotels to its portfolio. Supertel has completed the previously announced acquisition of four hotels from Waterloo Hospitality, Inc. for $30.9 million. At the same time, Supertel will lease two additional properties from Budget Motels until the expected acquisition close in July. The Tara Inn and Suites, a 127-room, extended-stay hotel located in Jonesboro, GA, was acquired by Supertel in April for $6 million. The four Waterloo Hospitality hotels are part of a six-hotel, 951-room portfolio that Supertel agreed to purchase from Budget Motels, Inc. and Waterloo Hospitality, Inc. Supertel is leasing the two remaining Days Inns in Bossier City, LA, and Fredericksburg (North), VA. “These seven hotels, with a total of 1,078 rooms, increase our presence in Virginia and Georgia and enter Louisiana,” said Paul Schulte, chairman/president/CEO of Supertel Hospitality, Inc. “Adding these hotels to our portfolio furthers our objective to provide clean, friendly and affordable options for the business and leisure traveler.”
