Supertel to sell stock, buy 8 hotels

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Posted: Friday, September 13, 2013 12:00 am

Supertel Hospitality Inc. of Norfolk, Neb., said Thursday it plans to sell 16.7 million shares of common stock and use the proceeds to buy eight “select service” hotels, to pay off preferred stock and for other uses.

At Thursday’s closing price of $5.43 per share, that would raise about $90 million. If there’s enough demand, Supertel said it would sell up to 2,505,000 more shares.

— Steve Jordon

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