Norfolk-based Supertel reports revenue drop

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Posted: Friday, November 15, 2013 12:00 am

Supertel Hospitality Inc. reported Thursday it had $859,000 in net income in the three months that ended Sept. 30, although revenue was down 3.6 percent to $17.9 million.

Supertel, a real estate trust based in Norfolk, Neb., that owns 71 hotels in 21 states, lost $3.1 million in the same period last year. For the first nine months of this year, the company lost $2.5 million compared with a loss of $6.1 million a year earlier. Nine-month revenue was down 2.5 percent to $47.3 million.

Funds from operations, a measure of profit for such trusts, totaled $2.5 million in the latest quarter, up from $1.3million a year earlier.

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