ATLANTA/Washington, D.C./GETTYSBURG, Pa., February 25, 2009—Hunter Realty Associates, Inc., a leading national hotel investment services firm, today announced that they represented Supertel Hospitality, Inc. (NASDAQ: SPPR) in the $4.7 million sale of the 80-room Comfort Inn in Gettysburg, Pa., to Zrii LLC. The hotel is scheduled to complete a refurbishment that will refresh the property to the latest brand standards.
“Supertel achieved a good return on its investment, and Zrii LLC, a quality owner/operator, expects to achieve economies of scale to provide upside potential for their investment. This created a win-win situation for both the buyer and seller,” said Kyle Stevenson, managing director of Hunter Realty. “Gettysburg is an above-average market with multiple demand generators. We marketed the property discreetly, which avoided any property-level disruptions.
Located at 871 York Road, in Gettysburg, Pa., the Comfort Inn is one mile from the historic downtown area and minutes from the Gettysburg National Military Park and Gettysburg College. In addition, the hotel is near Gettysburg Battle Theater, the Eisenhower National Historic Site, and Boyds Bear Country, known as the “World’s Most Humongous Teddy Bear Store.” The hotel features an indoor pool, free continental breakfast, a business center and is pet-friendly.
“While financing is difficult in today’s economy, we worked closely with Zrii LLC to help facilitate the financing, which was accomplished through a SBA 504 loan,” Stevenson noted. “Transactions under $10 million involving experienced owners are still attractive to lenders. We closed the transaction in about 75 days from contract signing. This will definitely be the year of the smaller transaction, as the rest of the market sorts itself out.”
About Hunter Realty Associates, Inc.
Hunter Realty Associates, Inc., founded in 1978, has offices in Atlanta and Washington, D.C. Hunter’s exclusive focus is in hotel brokerage. For more information or to view current listings, please visit www.hunterhotels.net or contact us at 770-916-0300 in Atlanta, or 301-215-7507 in Washington, D.C.