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This excerpt taken from the SPPR 8-K filed Oct 16, 2007. INDEPENDENT AUDITORS’ REPORT Supertel Hospitality, Inc. Norfolk, Nebraska We have audited the accompanying combined balance sheet of specified properties, as described in Note 1, owned by Budget Motels, Inc. and its subsidiary as of October 31, 2006, and the related combined statements of operations, equity in properties, and cash flows for the year then ended. These combined financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. The accompanying statements were prepared to present the combined balance sheets and the related combined statements of operations, equity in properties, and cash flows of specified properties owned by Budget Motels, Inc. and its subsidiary, and are not intended to be a complete presentation of Budget Motels, Inc.’s or its subsidiaries’ assets, liabilities, equity in properties, revenues, and expenses. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the specified properties as described in Note 1, as of October 31, 2006, and the results of their operations, changes in equity in properties, and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
BUDGET MOTELS, INC. This excerpt taken from the SPPR 8-K filed Jun 18, 2007. INDEPENDENT AUDITORS’ REPORT Supertel Hospitality, Inc. Norfolk, Nebraska We have audited the accompanying combined balance sheet of specified properties, as described in Note 1, owned by Budget Motels, Inc. and its subsidiary as of October 31, 2006, and the related combined statements of operations, equity in properties, and cash flows for the year then ended. These combined financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. The accompanying statements were prepared to present the combined balance sheets and the related combined statements of operations, equity in properties, and cash flows of specified properties owned by Budget Motels, Inc. and its subsidiary, and are not intended to be a complete presentation of Budget Motels, Inc.’s or its subsidiaries’ assets, liabilities, equity in properties, revenues, and expenses. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the specified properties as described in Note 1, as of October 31, 2006, and the results of their operations, changes in equity in properties, and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. /s/ Cundiff & Associates, CPA, P.C. Cundiff & Associates, CPA, P.C. Certified Public Accountants Manassas, Virginia May 29, 2007
BUDGET MOTELS, INC. This excerpt taken from the SPPR 8-K filed Dec 2, 2005. INDEPENDENT AUDITOR’S REPORT
Supertel Hospitality, Inc. Norfolk, Nebraska
Independent Property Operators of America, LLC Moyock, North Carolina
We have audited the accompanying combined balance sheets of the specified properties under contract for sale as described in Note 1 owned by Independent Property Operators of America, LLC as of December 31, 2004 and 2003, and the related combined statements of operations, comprehensive income (loss), equity in properties, and cash flows for the years then ended. These combined financial statements are the responsibility of the management of Independent Property Operators of America, LLC. Our responsibility is to express an opinion on these combined financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
The accompanying statements were prepared to present the combined balance sheets and the related combined statements of operations, comprehensive income (loss), equity in properties, and cash flows of specified properties owned by Independent Property Operators of America, LLC, which are under contract for sale pursuant to a purchase agreement dated September 12, 2005, and are not intended to be a complete presentation of Independent Property Operators of America LLC’s assets, liabilities, equity in properties, revenues, and expenses.
In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the specified properties under contract for sale as described in Note 1, as of December 31, 2004 and 2003, and the results of their operations, changes in equity in properties, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
September 16, 2005
F-2
INDEPENDENT PROPERTY OPERATORS OF AMERICA, LLC
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