X0203 3 2008-12-03 0 0000929545 SUPERTEL HOSPITALITY INC SPPR 0001451221 Latham William C 309 NORTH 5TH STREET NORFOLK NE 68701 1 0 0 0 Common Stock 55000 D Units 0 2008-07-31 Common Stock 863611 I by Corporation Represents 863,611 common units of limited partnership interest ("Units") of Supertel Limited Partnership, of which a wholly-owned subsidiary of the issuer is the general partner. The Units are held by a corporation owned and controlled by reporting person. A limited partner may, subject to certain limitations, require that Supertel Limited Partnership redeem all or a portion of the limited partner's Units, at any time after a specified period following the date the limited partner acquired the common units, by delivering a redemption notice to Supertel Limited Partnership. When a limited partner tenders the limited partner's Units to the partnership for redemption, the issuer can, at its sole discretion, choose to purchase the Units for either (1) a number of shares of common stock of issuer equal to the number of Units redeemed or (2) cash in an amount equal to the market value of the number of shares of common stock of issuer the limited partner would have received if the issuer chose to purchase the Units for common stock. /s/ William C. Latham 2008-12-03