Key Developments For Supertel Hospitality, Inc.
Supertel Hospitality, Inc. (SPPR.O) (Consolidated Issue listed on NASDAQ Global Market)
Supertel Hospitality Inc. Announces New CFO
Supertel Hospitality Inc. announced the reorganization of its senior management team with the promotion of four executives to senior executive posts. Among the promotions announced were two key appointments: Connie Scarpello was named Chief Financial Officer (CFO) and Steve Gilbert was appointed Chief Operating Officer. Concurrently, the Company announced that Don Heimes will step down as Chief Financial Officer, effective August 31.
Supertel Hospitality Inc. Appoints Kelly A. Walters As President & CEO
Supertel Hospitality Inc. announced that Kelly A. Walters will join the Company as President and Chief Executive Officer, effective April 14, 2009. He will succeed Paul J. Schulte, the current President and Chief Executive Officer. Schulte, 75, will continue as Chairman of the Board.
Supertel Hospitality Inc. Suspends Dividend On Common Stock
Supertel Hospitality Inc. announced that its Board of Directors has voted to suspend the quarterly dividend on the Company's common stock. This decision to suspend the dividends on the common stock does not apply to the regular dividends that are paid on the Company's Series A Preferred Stock and Series B Preferred Stock.
Supertel Hospitality Inc. Signs Three-Year Credit Facility With Great Western Bank, Increases Credit Line to $46
Supertel Hospitality Inc. announced that it has signed an agreement for a $46 million, three-year credit facility with Great Western Bank. It replaces a $34 million facility with Great Western that was due to expire in February 2009. Loan terms for the new facility include: $14 million term loan at 5.5% fixed interest; $20 million revolver loan at prime rate, with a minimum of 4.5% interest; $2 million line of credit for a 60-day period; and $10 million facility for discretionary use to refinance other existing bank debt by May 2009, priced either at 5.5% fixed or at prime rate with an interest rate floor of 4.5%.
Supertel Hospitality Inc. Reduces Q4 2008 Dividend
Supertel Hospitality Inc. announced that its Board of Directors has declared a fourth quarter 2008 cash dividend of $0.08 per share on its common stock. The dividend is approximately 63% of the amount declared in the fourth quarter of 2007. The dividend will be distributed on February 2, 2009, to common shareholders of record on December 31, 2008.
