8-K

UNITED STATES

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 22, 2006

Date of report (Date of earliest event reported)

Supertel Hospitality, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Virginia

(State or Other Jurisdiction of Incorporation)

0-25060	52-1889548
(Commission File Number)	(IRS Employer Identification No.)
309 North Fifth Street
Norfolk, NE	68701
(Address of Principal Executive Offices)	(Zip Code)

(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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

On December 22, 2006, Supertel Hospitality, Inc. issued a press release regarding the closing of its offering of common stock. A copy of the press release is filed as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(c)	Exhibits.
99.1	Press Release dated December 22, 2006.

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.

	Supertel Hospitality, Inc.
Date: December 22, 2006	By: /s/ Donavon A. Heimes
	Name: Donavon A. Heimes
	Title: Chief Financial Officer, Treasurer and Secretary

EXHIBIT INDEX

Exhibit	Description	Page No.
99.1	Press Release dated December 22, 2006.............................................................

EX-99.1

Supertel Hospitality, Inc. Announces Closing of Common Stock Offering

NORFOLK, NE - December 22, 2006 - Supertel Hospitality, Inc. (NASDAQ: SPPR) announced today that it has closed an underwritten public offering of 7,000,000 shares of common stock at a price to the public of $6.70 per share. The underwriters have a 30 day over-allotment option to purchase up to an additional 1,050,000 shares.

The proceeds of the offering, totaling approximately $43.8 million after underwriting discounts and estimated costs and expenses, will primarily be used to repay existing indebtedness and indebtedness anticipated to be incurred in connection with the company’s pending acquisition of hotels.

Robert W. Baird & Co., Incorporated was the lead managing underwriter for the offering, JMP Securities, Ferris, Baker Watts, Incorporated, and Anderson & Strudwick, Incorporated were co-managers. A copy of the final prospectus related to the offering can be obtained by contacting Robert W. Baird & Co., 777 E. Wisconsin Avenue, Milwaukee, WI 53202, Tel: (414) 765-3632.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. The offering was made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Supertel Hospitality, Inc. owns 86 hotels in 19 states. The company’s hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn and Savannah Suites.

Contact:

Supertel Hospitality, Inc.

Donavon A. Heimes

(402) 371-2520

dheimes@supertelinc.com