Equity Inns Sells Hampton Inn in Arizona
May 02 2006 - 8:33AM
Business Wire
Equity Inns, Inc. (NYSE:ENN), the third largest hotel real estate
investment trust (REIT), today announced the closing of the sale of
a Hampton Inn located in Scottsdale-Old Town (Arizona). As part of
the Company's strategy of opportunistically selling non-core
assets, Equity Inns sold the 126-room hotel to an unaffiliated
private partnership for $12.2 million. The Company will record a
gain of approximately $4.4 million in the second quarter 2006.
Proceeds will be used to pay down debt as well as fund the
Company's on-going acquisition program. About Equity Inns Equity
Inns, Inc. is a self-advised REIT that focuses on the upscale
extended stay, all-suite and midscale limited-service segments of
the hotel industry. The Company, which ranks as the third largest
hotel REIT based on number of hotels, currently owns 125 hotels
with 14,845 rooms located in 36 states. For more information about
Equity Inns, visit the Company's Web site at www.equityinns.com.
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