Supertel Hospitality, Inc. and Subsidiaries

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011


		Initial Cost				Additions, (Dispositions), (Impairments), Subsequent to Acquisition						Gross Amount at December 31, 2011
Hotel and Location	Encum- brance	Land		Buildings & Improvements		Land			Buildings & Improvements			Land		Buildings & Improvements		Accumulated Depreciation			Net Book Value
Comfort Inn
Chambersburg, Pennsylvania	GRW	$	89,000	$	2,346,362	$	—		$	375,424		$	89,000	$	2,721,786	$	(1,180,527	)	$	1,630,259
Culpeper, Virginia	GRW		182,264		2,142,652		—			617,945			182,264		2,760,597		(1,189,343	)		1,753,518
Farmville, Virginia	GRW		253,618		2,162,087		—			607,270			253,618		2,769,357		(1,380,709	)		1,642,266
Morgantown, West Virginia	GRW		398,322		3,853,651		—			978,435			398,322		4,832,086		(2,306,450	)		2,923,958
New Castle, Pennsylvania	GRW		56,648		4,101,254		—			739,002			56,648		4,840,256		(2,036,199	)		2,860,705
Princeton, West Virginia	GRW		387,567		1,774,501		—			725,490			387,567		2,499,991		(1,326,342	)		1,561,216
Rocky Mount, Virginia	GRW		193,841		2,162,429		—			216,568			193,841		2,378,997		(1,137,093	)		1,435,745
Solomons, Maryland	GRW		2,303,990		2,988,255		—			2,031,809			2,303,990		5,020,064		(2,843,050	)		4,481,004
Erlanger, Kentucky	GWB		750,000		2,822,201		(289,153	)		(531,631	)		460,847		2,290,570		(696,199	)		2,055,218
Fayetteville, North Carolina	CITI		725,000		3,910,514		—			556,397			725,000		4,466,911		(1,256,704	)		3,935,207
Fayetteville Car Wash, North Carolina	CITI		—		164,128		—			8,707			—		172,835		(66,810	)		106,025
Alexandria, Virginia	WA BMI		2,500,000		9,373,060		—			1,716,123			2,500,000		11,089,183		(2,050,948	)		11,538,235
Glasgow, Kentucky	GE 3CI		500,000		2,456,305		—			578,410			500,000		3,034,715		(534,722	)		2,999,993

Super 8
Creston, Iowa	GRW		56,000		840,580		89,607			2,348,015			145,607		3,188,595		(1,857,300	)		1,476,902
Columbus, Nebraska	GWB		51,716		571,178		51,666			730,322			103,382		1,301,500		(920,201	)		484,681
O'Neill, Nebraska	GRW		75,000		667,074		46,075			1,146,285			121,075		1,813,359		(1,091,078	)		843,356
Omaha, Nebraska	GWB		164,034		1,053,620		—			1,266,781			164,034		2,320,401		(1,711,198	)		773,237
Lincoln, Nebraska (West "O")	GWB		139,603		1,234,988		63,153			989,311			202,756		2,224,299		(1,515,079	)		911,976
Lincoln, Nebraska (Cornhusker)	GWB		226,174		1,068,520		271,817			1,934,230			497,991		3,002,750		(1,910,058	)		1,590,683
Keokuk, Iowa	GRW		55,000		642,783		71,175			641,611			126,175		1,284,394		(931,611	)		478,958
Iowa City, Iowa	GRW		227,290		1,280,365		—			635,279			227,290		1,915,644		(1,423,725	)		719,209
Omaha, Nebraska (Ak-sar-ben)	GWB		203,453		1,054,497		—			403,273			203,453		1,457,770		(1,011,881	)		649,342
Kirksville, Missouri	GWB		151,225		830,457		—			397,679			151,225		1,228,136		(845,448	)		533,913
Burlington, Iowa	GRW		145,000		867,116		—			372,250			145,000		1,239,366		(884,392	)		499,974
Sedalia, Missouri	GWB		185,025		917,809		—			739,466			185,025		1,657,275		(1,059,124	)		783,176
Hays, Kansas	GWB		317,762		1,133,765		19,519			506,576			337,281		1,640,341		(1,153,659	)		823,963
Moberly, Missouri	GWB		60,000		1,075,235		—			468,123			60,000		1,543,358		(1,081,880	)		521,478
Pittsburg, Kansas	GRW		130,000		852,131		—			324,815			130,000		1,176,946		(855,381	)		451,565
Manhattan, Kansas	GWB		261,646		1,254,175		(10,000	)		614,686			251,646		1,868,861		(1,235,814	)		884,693
Clinton, Iowa	GRW		135,153		805,067		(46,089	)		356,519			89,064		1,161,586		(811,311	)		439,339


		Initial Cost				Additions, (Dispositions), (Impairments), Subsequent to Acquisition						Gross Amount at December 31, 2011
Hotel and Location	Encum- brance	Land		Buildings & Improvements		Land			Buildings & Improvements			Land		Buildings & Improvements		Accumulated Depreciation			Net Book Value
Super 8 - continued
Mt. Pleasant, Iowa	GRW		85,745		536,064		21,507			563,691			107,252		1,099,755		(738,840	)		468,167
Wichita, Kansas	GWB		435,087		1,806,979		—			769,818			435,087		2,576,797		(1,791,045	)		1,220,839
Pella, Iowa	GRW		61,853		664,610		—			192,974			61,853		857,584		(569,669	)		349,768
Storm Lake, Iowa	GRW		90,033		819,202		41,344			640,749			131,377		1,459,951		(866,009	)		725,319
West Plains, Missouri	GWB		112,279		861,178		—			259,989			112,279		1,121,167		(696,385	)		537,061
Jefferson City, Missouri	GWB		264,707		1,206,886		—			429,709			264,707		1,636,595		(1,044,854	)		856,448
El Dorado, Kansas	FNB		96,764		418,333		467			696,300			97,231		1,114,633		(696,622	)		515,242
Wayne, Nebraska	GWB		79,127		685,135		—			236,573			79,127		921,708		(561,474	)		439,361
Batesville, Arkansas	GWB		81,483		811,371		—			269,394			81,483		1,080,765		(646,629	)		515,619
Fayetteville, Arkansas	GWB		255,731		1,549,271		—			338,489			255,731		1,887,760		(1,097,345	)		1,046,146
Omaha, Nebraska (West Dodge)	GWB		593,518		1,758,275		—			422,394			593,518		2,180,669		(1,254,883	)		1,519,304
Watertown, South Dakota	EVB		51,237		1,296,312		—			593,951			51,237		1,890,263		(1,037,455	)		904,045
Norfolk, Nebraska	GRW		226,971		1,587,581		—			570,972			226,971		2,158,553		(1,105,665	)		1,279,859
Muscatine, Iowa	GWB		204,890		1,616,090		—			393,289			204,890		2,009,379		(1,046,069	)		1,168,200
Fort Madison, Iowa	GWB		104,855		871,075		—			275,497			104,855		1,146,572		(630,130	)		621,297
Portage, Wisconsin	GRW		203,032		1,839,321		—			347,589			203,032		2,186,910		(1,083,711	)		1,306,231
Antigo, Wisconsin	GWB		234,605		1,485,579		(22,574	)		203,162			212,031		1,688,741		(870,797	)		1,029,975
Shawano, Wisconsin	GRW		244,935		1,672,123		—			228,532			244,935		1,900,655		(939,045	)		1,206,545
Tomah, Wisconsin	GWB		211,975		2,079,714		(59,834	)		465,169			152,141		2,544,883		(1,245,156	)		1,451,868
Menomonie, Wisconsin	GRW		451,520		2,398,446		—			393,094			451,520		2,791,540		(1,270,499	)		1,972,561
Clarinda, Iowa	GWB		75,000		1,276,923		—			146,284			75,000		1,423,207		(339,274	)		1,158,933
Billings, Montana	GE MOA		518,000		4,807,220		—			169,500			518,000		4,976,720		(825,231	)		4,669,489
Boise, Idaho	GE MOA		612,000		5,709,976		(308,414	)		(2,981,552	)		303,586		2,728,424		(255,305	)		2,776,705
Columbus, Georgia	GE MOA		441,000		4,173,299		(223,155	)		(2,009,675	)		217,845		2,163,624		(310,034	)		2,071,435
Terre Haute, Indiana	GE MOA		547,000		4,976,600		—			339,414			547,000		5,316,014		(960,913	)		4,902,101
Green Bay, Wisconsin	GE-GB		570,000		2,784,052		—			106,935			570,000		2,890,987		(419,412	)		3,041,575

Sleep Inn
Omaha, Nebraska	EVB		400,000		3,275,773		—			484,560			400,000		3,760,333		(968,129	)		3,192,204
Louisville, Kentucky	GE LSI		350,000		1,288,002		—			537,973			350,000		1,825,975		(431,525	)		1,744,450

Holiday Inn Express
Harlan, Kentucky	GRW		—		2,949,276		—			900,714			—		3,849,990		(1,719,561	)		2,130,429


		Initial Cost				Additions, (Dispositions), (Impairments), Subsequent to Acquisition						Gross Amount at December 31, 2011
Hotel and Location	Encum- brance	Land		Buildings & Improvements		Land			Buildings & Improvements			Land		Buildings & Improvements		Accumulated Depreciation			Net Book Value
Quality Inn
Danville, Kentucky	GRW		155,717		2,971,403		—			835,614			155,717		3,807,017		(1,775,169	)		2,187,565
Minocqua, Wisconsin	GWB		214,505		1,458,389		—			356,496			214,505		1,814,885		(898,399	)		1,130,991
Sheboygan, Wisconsin	GWB		286,970		1,716,782		—			404,305			286,970		2,121,087		(1,055,166	)		1,352,891

Hampton Inn
Cleveland, Tennessee	GRW		212,914		2,370,499		—			1,050,885			212,914		3,421,384		(1,709,276	)		1,925,022
Shelby, North Carolina	GRW		253,921		2,782,042		—			1,164,372			253,921		3,946,414		(2,140,050	)		2,060,285

Comfort Suites
Dover, Delaware	GRW		337,113		5,179,187		(83,287	)		(2,047,857	)		253,826		3,131,330		(810,156	)		2,575,000
Ft. Wayne, Indiana	CITI		1,200,000		4,803,605		—			794,326			1,200,000		5,597,931		(1,802,339	)		4,995,592
Lafayette, Indiana	CITI		850,000		3,473,808		—			575,470			850,000		4,049,278		(916,836	)		3,982,442
Marion, Indiana	CITI		430,000		1,945,383		—			412,419			430,000		2,357,802		(849,188	)		1,938,614
South Bend, Indiana	GE SB		500,000		11,512,314		(196,456	)		1,018,020			303,544		12,530,334		(2,227,932	)		10,605,946
Warsaw, Indiana	CITI		650,000		2,500,570		—			305,403			650,000		2,805,973		(878,881	)		2,577,092
Louisville, Kentucky	GE 3CI		500,000		2,186,715		—			797,440			500,000		2,984,155		(694,101	)		2,790,054

Ramada Ltd
Ellenton, Florida	GRW		546,945		2,293,464		(139,234	)		(171,957	)		407,711		2,121,507		(893,434	)		1,635,784

Guest House Inn
Ellenton, Florida	GRW		290,373		2,102,371		(78,051	)		(752,853	)		212,322		1,349,518		(321,419	)		1,240,421
Jackson, Tennessee	GRW		261,506		3,430,541		(86,234	)		(1,181,141	)		175,272		2,249,400		(1,043,418	)		1,381,254

Baymont Inn
Brooks, Kentucky	GE 3CI		500,000		2,008,474		(212,952	)		(522,708	)		287,048		1,485,766		(330,109	)		1,442,705

Days Inn
Farmville, Virginia	GRW		384,591		1,967,727		—			448,925			384,591		2,416,652		(1,156,843	)		1,644,400
Alexandria, Virginia	WA BMI		2,500,000		6,544,271		—			1,702,357			2,500,000		8,246,628		(1,657,486	)		9,089,142
Fredericksburg South, Virginia	WA BMI		1,510,000		1,786,979		(909,345	)		(326,009	)		600,655		1,460,970		(427,378	)		1,634,247
Shreveport, Louisiania	WA BMI		1,250,000		2,964,484		(534,964	)		(499,762	)		715,036		2,464,722		(519,959	)		2,659,799
Bossier City, Louisiania	EVB		1,025,000		5,117,686		(297,374	)		(93,895	)		727,626		5,023,791		(1,329,336	)		4,422,081
Fredericksburg North, Virginia	FNI		650,000		3,142,312		(292,533	)		(522,367	)		357,467		2,619,945		(630,243	)		2,347,169
Ashland, Kentucky	GE 2DI		320,000		1,303,003		—			415,003			320,000		1,718,006		(382,334	)		1,655,672
Glasgow, Kentucky	GE 2DI		425,000		2,206,805		—			167,489			425,000		2,374,294		(373,195	)		2,426,099
Sioux Falls, Airport	GE SF		—		2,397,714		—			224,729			—		2,622,443		(447,742	)		2,174,701
Sioux Falls, Empire	GE SF		480,000		1,988,692		—			247,366			480,000		2,236,058		(390,026	)		2,326,032


			Initial Cost				Additions, (Dispositions), (Impairments), Subsequent to Acquisition						Gross Amount at December 31, 2011
Hotel and Location	Encum- brance		Land		Buildings & Improvements		Land			Buildings & Improvements			Land		Buildings & Improvements		Accumulated Depreciation				Net Book Value

Extended Stay-Savannah Suites
Atlanta, Georgia	GE PINE	*		1,865,000		3,997,960		(981,833	)		(1,856,795	)		883,167		2,141,165		(410,399	)			2,613,933
Augusta, Georgia	GE SS			750,000		3,816,246		—			217,257			750,000		4,033,503		(790,218	)			3,993,285
Chamblee, Georgia	GE SS			1,650,000		3,563,648		—			141,556			1,650,000		3,705,204		(771,101	)			4,584,103
Greenville, South Carolina	GE SS			550,000		3,408,375		(255,316	)		(1,545,291	)		294,684		1,863,084		(306,564	)			1,851,204
Jonesboro, Georgia	GE SS			875,000		2,978,463		(394,903	)		(1,291,788	)		480,097		1,686,675		(268,548	)			1,898,224
Savannah, Georgia	GE SS			1,250,000		4,052,678		(535,827	)		(1,856,434	)		714,173		2,196,244		(185,417	)			2,725,000
Stone Mountain, Georgia	GE SS			725,000		3,840,600		—			148,431			725,000		3,989,031		(771,505	)			3,942,526

Supertel Inn
Creston, Iowa	GWB			234,866		2,708,224		—			12,527			234,866		2,720,751		(705,576	)			2,250,041

Key West Inns
Key Largo, Florida	GRW			339,425		3,238,530		—			1,271,753			339,425		4,510,283		(1,969,223	)			2,880,485

Masters
Columbia-I26, South Carolina	GE Masters			450,000		1,395,861		(110,184	)		(162,007	)		339,816		1,233,854		(172,774	)			1,400,896
Columbia-Knox Abbot Dr, South Carolina	GE Masters			—		1,474,612		—			(388,817	)		—		1,085,795		(255,795	)			830,000
Charleston North, South Carolina	GE Masters			700,000		2,895,079		(374,227	)		(1,186,990	)		325,773		1,708,089		(301,361	)			1,732,501
Garden City, Georgia	GE Masters			570,000		2,443,603		(281,448	)		(886,463	)		288,552		1,557,140		(255,692	)			1,590,000
Tampa East, Florida	GE Masters			192,416		3,413,132		(123,228	)		(2,102,982	)		69,188		1,310,150		(309,384	)			1,069,954
Tampa Fairgrounds, Florida	GE Masters			580,000		3,018,614		(273,780	)		(1,124,202	)		306,220		1,894,412		(278,132	)			1,922,500
Tuscaloosa, Alabama	GE Masters			740,000		4,025,844		(347,094	)		(1,485,665	)		392,906		2,540,179		(345,574	)			2,587,511

Subtotal Hotel Properties				45,733,940		246,038,114		(6,791,159	)		21,186,818			38,942,781		267,224,932		(97,483,580	)	—		208,684,133
Construction in Progress				—		—		—			419,325			—		419,325						419,325
Other	NON			68,765		1,516,627		(68,765	)		(950,723	)		—		565,904		(435,091	)			130,813

Total			$	45,802,705	$	247,554,741	$	(6,859,924	)	$	20,655,420		$	38,942,781	$	268,210,161	$	(97,918,671	)		$	209,234,271

*	Atlanta Land includes value of land lease

Encumbrance codes refer to the following lenders:


GRW	Greenwich Capital Loan	EVB	Elkhorn Valley Bank
GWB	Great Western Bank	CITI	Citigroup Global Markets Realty
GE SB	GE Capital Franchise Finance	FNI	Fredericksburg North Investors, LLC
GE SS	GE Capital Corporation	WF BMI	Wells Fargo Bank
GE Pine	GE Capital Corporation	GE MOA	GE Capital Corporation
GE Masters	GE Capital Corporation	GE SF	GE Capital Corporation
GE GB	GE Capital Corporation	GE 3CI	GE Capital Corporation
GE LSI	GE Capital Corporation	GE 2 DI	GE Capital Corporation
FNB	First National Bank of Omaha	NON	Non-encumbered


	ASSET BASIS	Total

(a)	Balance at January 1, 2009	$	400,871,996

	Additions to buildings and improvements	$	4,485,009
	Disposition of buildings and improvements		(18,942,418	)
	Impairment loss		(26,722,187	)

	Balance at December 31, 2009	$	359,692,400


	Additions to buildings and improvements	$	4,344,356
	Disposition of buildings and improvements		(17,101,252	)
	Impairment loss		(8,555,306	)

	Balance at December 31, 2010	$	338,380,198


	Additions to buildings and improvements	$	4,963,538
	Disposition of buildings and improvements		(16,983,570	)
	Impairment loss		(19,207,224	)

	Balance at December 31, 2011	$	307,152,942


	ACCUMULATED DEPRECIATION	Total

(b)	Balance at January 1, 2009	$	86,990,942

	Depreciation for the period ended December 31, 2009	$	14,242,727
	Depreciation on assets sold or disposed		(4,697,660	)
	Impairment loss		(2,574,353	)

	Balance at December 31, 2009	$	93,961,656


	Depreciation for the period ended December 31, 2010	$	11,710,060
	Depreciation on assets sold or disposed		(7,168,962	)
	Impairment loss		(356,732	)

	Balance at December 31, 2010	$	98,146,022


	Depreciation for the period ended December 31, 2011	$	9,996,077
	Depreciation on assets sold or disposed		(5,324,345	)
	Impairment loss		(4,899,083	)

	Balance at December 31, 2011	$	97,918,671

(c)	The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $350 million (unaudited).

(d)	Depreciation is computed based upon the following useful lives:


Buildings and improvements				15 - 40 years
Furniture and equipment				3 - 12 years

(e)	The Company has mortgages payable on the properties as noted. Additional mortgage information can be found in Note 7 to the consolidated financial statements.