Supertel Hospitality to acquire Iowa property for $10.2M Supertel Hospitality announced that it has entered into an agreement to acquire the TownePlace Suites, located in Johnston, Iowa for a purchase price of $10.2M, excluding closing costs and fees. The 116-room studio-suite hotel opened in December 2007. The acquisition will be funded with available capital and financing. The completion of the acquisition is subject to customary closing conditions. Supertel expects the closing to occur in Q4.
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