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Supertel Hospitality, Inc. Announces the Refinance of Omaha, NE Sleep Inn for $3.1 Million


June 8, 2011 - Norfolk, NE

Supertel Hospitality, Inc. (NASDAQ: SPPR) announced today the refinancing of its Sleep Inn Hotel in Omaha, NE for $3.1 million with Elkhorn Valley Bank, one of the company's lenders. The $2.5 million of proceeds were used to repay the mortgage on the property held by Wells Fargo Bank and the balance of the proceeds were applied to Supertel's revolving credit facility. The five year loan bears a 6.25% interest rate, amortized on a 15 year schedule and is secured by a mortgage on the hotel.

"We believe that by working closely with our lenders, involving them in the firm's overall strategy for re-positioning the company and strengthening the balance sheet, credit for seasoned hospitality assets can be obtained, even in today's difficult market," said Kelly A. Walters, Supertel's president & CEO.

About Supertel Hospitality, Inc.

As of June 8, 2011, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 103 hotels comprised of 9,062 rooms in 23 states. The company focuses primarily on the limited-service hotel segment, which does not offer food and beverage service. The company's hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn, Savannah Suites, Masters Inn, Key West Inns and a Baymont Inn. For more information or to make a hotel reservation, visit www.supertelinc.com.

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the Company's filings with the Securities and Exchange Commission.

Contact:
Ms. Krista Arkfeld
Director of Marketing

Supertel Hospitality, Inc.
309 N 5th St.
Norfolk, NE 68701
402.371.2520
www.supertelinc.com

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