Supertel Hospitality, Inc. expected to Report Fiscal Year 2009 Results on March 23, 2010. This event was calculated by Capital IQ (Created on March 20, 2010).

March 8, 2010, Supertel Hospitality, Inc. announced 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 $0.843 million.

Supertel Hospitality, Inc. announced that William C. Latham will assume the duties of chairman of Supertel's board of directors on January 1, 2010. Paul Schulte, the current chairman and a co-founder of Supertel, will continue to serve on the board of directors. Schulte began his career in construction, including building hotels. He and partner Steve H. Borgmann formed Supertel Hospitality, Inc. in 1980, which developed and acquired hotels before becoming a public company in 1994. Latham has been a Supertel board member since 2008. He has been active in hotel ownership and management since 1972. The company announced that it has closed on a $2 million line of credit from Norfolk, Neb.-based Elkhorn Valley Bank & Trust that will be effective December 22, 2009 through October 1, 2010. The line is secured by two previously unencumbered hotels and will supplement a $20 million revolving line of credit with Great Western Bank.

Supertel Hospitality, Inc. to Cancel Conversion Rights on Series A Convertible Preferred Stock