Shreeman, Inc. acquired Ramada Limited from Supertel Hospitality, Inc. (NasdaqGM:SPPR) for $1.4 million on December 27, 2012. In a related transaction, Supertel sold Super 8 hotel in Lincoln for $1.6 million. Financing for the transaction was provided by a regional bank on the west coast of Florida. Shreeman will renovate the hotel and convert it to a Super 8. Supertel used the proceeds to reduce debt. Mumford Company represented Supertel Hospitality in the transaction.

Shreeman, Inc. completed the acquisition of Ramada Limited from Supertel Hospitality, Inc. (NasdaqGM:SPPR) on December 27, 2012.