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Supertel Hospitality posts Q2 revenue decline

Nebraska USA-based hotel REIT Supertel Hospitality Inc (NASDAQ: SPPR) reported a 3.4% decline in revenues from continuing operations to USD 16.7m during Q2 ´13 vs the year ago quarter.

It recorded a 6.7% decline in same store revenue per available room (RevPAR) due primarily to disruption caused by brand changes at four core hotels.

Excluding the four reflagged hotels and two hotels in Alexandria, VA that experienced management changes during the second quarter, RevPAR declined 0.3% over the prior year.

Supertel posted net earnings attributable to common shareholders of USD 0.07 per basic share, unchanged from Q2 ´12.

The firm also recorded a 3.2% decline in FFO to USD 3.0m in Q2 ´13 from USD 3.1m in Q2 ´12.

Supertel said it signed purchase agreements to acquire six premium branded upscale and upper midscale hotels for USD 60.8m in the quarter, and two premium branded upper midscale hotels for USD 21.25m following the close of the second quarter, which collectively encompass an aggregate of 744 rooms, subject to obtaining financing and completing due diligence.

The firm specialises in the ownership of select-service hotels. Supertel currently owns 74 hotels comprising 6,422 rooms in 21 states. Supertel´s hotels are franchised by a number brand families including Hilton, Choice and Wyndham.

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