Supreme Realty arranges private placement for up to $40 million

By Sheri Kasprzak

Atlanta, April 7 - Supreme Realty Investments Inc. announced plans Thursday to raise up to $40 million in a private placement through a combination of debt and convertible securities.

M.R. Beal & Co. is the placement agent for the deal.

The terms of the offering have not yet been determined, according to the company.

Based in Orlando, Supreme is a real estate operating company focused on acquiring hotel and resort properties. It plans to use the proceeds from the private placement to acquire a portfolio of four hotels with 938 rooms in the Midwest. The acquisitions are expected to be complete in mid-June.

On Thursday, the company's stock closed down $0.10, or 40%, at $0.15.

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