Attached files
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| EX-10.1 - CONDOR HOSPITALITY TRUST, INC. | sppr8k_dec23agreement.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
December 23, 2014
Date of report (Date of earliest event reported)
Supertel Hospitality, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
(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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1800 West Pasewalk Avenue, Suite 200
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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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01. Entry into a Material Definitive Agreement.
On December 23, 2014, Supertel Limited Partnership (“SLP”), a limited partnership 99% owned by Supertel Hospitality, Inc. (the “Company”), entered into amendments to four purchase and sale agreements for the sale of four of the Company’s Savannah Suites hotels, as previously disclosed in the Company’s Form 8-K dated October 18, 2014. The amendments extend the due diligence contingency period for the sales from January 1, 2015 to January 15, 2015 and the final closing date for the sales from December 31, 2014 to January 30, 2015.
On December 30, 2014, SLP, SPPR-South Bend, LLC, a limited liability company 100% owned by SLP, the Company and Supertel Hospitality REIT Trust, a real estate investment trust 100% owned by the Company, and GE Franchise Finance Commercial LLC (“GE”) entered into a modification agreement with respect to the Company’s loan facilities with GE. The modification, among other things, extends the maturity date of the loan under the facilities with a $10,666,566.35 outstanding principal balance from December 31, 2014 to March 2, 2015 and requires a $350,000 principal prepayment on that loan prior to February 15, 2015. This description of the modification is qualified in its entirety by reference to the modification agreement attached to this report as Exhibit 10.1, and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1 Loan Modification Agreement dated as of December 30, 2014 by and between Supertel Limited Partnership, SPPR-South Bend, LLC, the Company and Supertel Hospitality REIT Trust and GE Franchise Finance Commercial LLC.
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.
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Supertel Hospitality, Inc.
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Date: December 30, 2014
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By: /s/ Corrine L. Scarpello
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Name: Corrine L. Scarpello
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Title: Chief Financial Officer
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EXHIBIT INDEX
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Exhibit
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Description
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10.1
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Loan Modification Agreement dated as of December 30, 2014 by and between Supertel Limited Partnership, SPPR-South Bend, LLC, the Company and Supertel Hospitality REIT Trust and GE Franchise Finance Commercial LLC
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