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NORFOLK, NE-Supertel Hospitality Inc. Has hired Kelly Walters as CEO and president, to succeed Paul Schulte, the current president and CEO. Schulte will continue as chairman of the board when the job change comes into effect April 14.

Walters joins Supertel Hospitality from Investors Real Estate Trust, where he held the position of senior vice president. IRET, a REIT, focuses on wide variety of commercial property assets including, residential, office, medical, industrial and retail.

“Kelly brings a wealth of commercial real estate expertise and a strong relationship with the investment community, which will serve Supertel shareholders well in this challenging economic climate,” Schulte says. “He is a proven leader who has consistently generated strong business results throughout his career.”

Prior to his stint at IRET, Walters worked for Magnum Resources Inc., a real estate investment company. When IRET acquired a portion of Magnum’s portfolio in 2006, a deal estimated at $141 million, Walters was brought on board.

In his new position, Walters will oversee Supertel’s 122 hotels in 24 states. Supertel specializes in limited service hotels and owns such brands as Super 8, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Sleep Inn and Baymont Inn.

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