Equity Inns Signs Agreement to Purchase Three Marriott Branded Hotels; Two SpringHill Suites in Texas; One Fairfield Inn & Suit
July 27 2006 - 7:00AM
Business Wire
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced the purchase of three
hotels from LinGate Hospitality Group for a combined purchase price
of $26.16 million. The three hotels have a combined 378 rooms,
equating to a purchase price of approximately $69,000 per key.
LinGate Hospitality will retain management of the three hotels. Two
of the hotels are SpringHill Suites by Marriott located in the
Texas markets of San Antonio and Houston including a 122-room hotel
located one mile north of the Houston Hobby Airport and a 122-room
property located at San Antonio's northwest side at the
intersection of I-410 and I-10. Additionally, the agreement
includes a 144-room Fairfield Inn & Suites located in the
Atlanta suburb of Vinings directly across from Home Depot's world
headquarters. Mr. Howard Silver, President and Chief Executive
Officer, commented, "This portfolio purchase is beneficial in a
number of ways. All of the hotels are well-located in top-25 MSAs,
each with multiple demand drivers. This is an attractively priced
portfolio with an average cap rate of just under 10%. We are
excited about the continued growth of our relationship with LinGate
and look to furthering our partnership in the years to come as we
continue to focus on increasing value for our shareholders." The
average age of the portfolio is eight years. Each of the hotels,
with the exception of the Fairfield Inn & Suites, has recently
completed multi-million dollar renovations. The Company expects
this transaction to close by the end of the third quarter of 2006.
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 126 hotels with 15,091 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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