Published: May 27, 2005
Shareholders of Humphrey Hospitality Trust, Inc. Approve Company Name Change to Supertel Hospitality, Inc. at Annual Meeting
Humphrey Hospitality Trust, Inc. (NASDAQ: HUMP), a self-advised real estate investment trust, announced that at the
annual shareholders meeting yesterday its shareholders approved the name
change of the company to Supertel Hospitality, Inc. In connection with the
name change, the company will request the change of the NASDAQ symbol for
its common stock to "SPPR."
The shareholders also elected the eight nominees for directors listed in
the company's proxy statement for the annual meeting: Steve Borgmann,
Joseph Caggiano, Allen Dayton, Patrick Jung, Paul Schulte, Loren Steele,
George Whittemore and Jeffrey Zwerdling. Shareholders also ratified the
selection of KPMG, LLP as the independent accountants of the company for
2005.
"We believe returning to the Supertel name is an important element of our
corporate transition and symbolizes the many other changes we are
pursuing," stated Paul J. Schulte, chairman, president, and CEO of Supertel
Hospitality, Inc. "Furthermore, the Supertel name was previously
associated with the majority of our current hotels and has historical
recognition in the marketplace."
Schulte also reviewed the significant changes of the past year that led up
to the name change at yesterday's annual meeting. In mid-2004, the company
changed to a new management company, Royal Host, and relocated operations
to Norfolk, Nebraska. "We are now aligned with a management company that
shares our customer-service philosophy, our belief that our employees are
our most important asset, and a cost-conscious mindset. Under Royal Host,
we have lowered our costs and improved the efficiency of our hotel
operations, as witnessed by our fourth quarter 2004 and first quarter 2005
performance."
"We continue pursuing our growth-oriented strategy," added Schulte. Under
Royal Host, the company is expanding its sales and marketing efforts,
adding dedicated staff responsible for drawing business to the hotels. The
company is also seeking acquisitions following the acquisition and
development strategies outlined in its 2005 annual report.
Supertel Hospitality, Inc. specializes in limited-service lodging. The
company owns 69 hotels in 16 mid-western and eastern states. The company
maintains its internet website at www.humphreyhospitality.com and at
www.supertelinc.com.
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities Litigation
Reform Act of 1995, and, as such, may involve known and unknown risks,
uncertainties, and other factors that may cause the actual results or
performance to differ from those projected in the forward-looking
statements. These risks are discussed in the company's filings with the
Securities and Exchange Commission.
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