Real estate investment trust Supertel Hospitality has sold the 140-room Savannah Suites in Stone Mountain, Georgia for USD1.5 million.
Supertel will use the proceeds from the sale to retire the mortgage on the property.
The company closed on the sale of the Savannah Suites in Jonesboro, Georgia, on 15 July 2014 for USD1.4 million.
"We are actively marketing our remaining five Savannah Suites hotels," says Kelly Walters, Supertel's president and chief executive officer. "These economy extended stay properties have been consistent performers for Supertel, and the segment is enjoying strong fundamentals with a very positive long-term outlook, but our plan for the future is to build our core portfolio around premium branded, upper midscale and upscale, select-service brands."
Year-to-date the company has sold eight non-core assets with combined gross proceeds of USD13.1 million. The proceeds were used to reduce debt.