Attached files
| file | filename |
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| EX-99.1 - CONDOR HOSPITALITY TRUST, INC. | sppr_mar9release.htm |
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
March 8,
2010
Date of
report (Date of earliest event reported)
Supertel
Hospitality, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Virginia
(State or
Other Jurisdiction of Incorporation)
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1-34087
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52-1889548
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(Commission
File Number)
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(IRS
Employer Identification No.)
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309
North Fifth Street
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Norfolk,
NE
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68701
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(402)
371-2520
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.06 Material Impairments.
Supertel
Hospitality, Inc. announced on March 8, 2010 that its 2009 results will be
impacted by substantial non-cash impairment charges of approximately $24.1
million. As a result of management’s decision in the fourth quarter
to sell an additional 18 hotels, the company recorded impairment charges of
approximately $12.4 million on 12 of these hotels. Further, the
company recorded impairment charges of approximately $10.9 million for six
hotels where the expected period to be held was reduced from approximately 10
years to three years. The non-cash impairment charge represents the
excess of book value of the 18 hotels over their estimated fair
value. Through the 2009 third quarter, the company had announced
non-cash impairment charges of approximately $843,000.
The
company’s conclusion to recognize the non-cash impairment charges reflects
management’s strategy to re-evaluate its hotels and the length of period the
company anticipates holding its properties based on new
and more stringent criteria, including a strategic review of debt
service capability, estimated return on investment, and local market
conditions. As of December 31, 2009, following the re-evaluation,
Supertel has 19 hotels classified as held for sale and listed in discontinued
operations. At September 30, 2009, Supertel had three hotels classified as held
for sale. In the 2009 fourth quarter, two of these hotels were sold
and an additional 18 were classified as held for sale. The company
plans to announce its fourth quarter and full-year 2009 earnings later in
March.
Item
9.01. Financial Statements and Exhibits.
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(c)
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Exhibits.
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99.1
|
Press
release dated March 8, 2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Supertel Hospitality, Inc. | |
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Date: March
8, 2010
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By: /s/ Kelly A.
Walters
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Name:
Kelly A. Walters
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Title: President
and Chief Executive Officer
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EXHIBIT
INDEX
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Exhibit
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Description
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99.1
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Press
release dated March 8, 2010
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