Equity Inns Closes $65 Million Mortgage Debt Offering
May 22 2007 - 9:38AM
Business Wire
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced that the Company has
completed a $65 million offering of Senior Mortgage Debt with
Capmark Finance, Inc. The Company used seven hotels as collateral
for the loan. The 10-year loan bears interest at a fixed rate of
5.53% per annum. The net proceeds of the offering were used to
repay outstanding borrowings under the Company�s line of credit. J.
Mitchell Collins, Executive Vice President and Chief Financial
Officer, commented, �We are pleased to have completed this
transaction, as this financing continues our strategy of utilizing
attractively priced, long-term, fixed rate debt to finance the
growth of our hotel portfolio.� Forward Looking Statements Certain
matters discussed in this press release which are not historical
facts are �forward-looking statements� within the meaning of the
federal securities laws and involve risks and uncertainties. The
words �may,� �plan,� �project,� �anticipate,� �believe,�
�estimate,� �forecast, �expect,� �intend,� �will,� and similar
terms are intended to identify forward-looking statements, which
include, without limitation, statements concerning our outlook for
the hotel industry, acquisition and disposition plans for our
hotels and assumptions and forecasts of future results for fiscal
year 2007. Forward-looking statements are not guarantees of future
performance and involve numerous risks and uncertainties which may
cause our actual financial condition, results of operations and
performance to be materially different from the results of
expectations expressed or implied by such statements. General
economic conditions, future acts of terrorism or war, risks
associated with the hotel and hospitality business, the
availability of capital, risks associated with our debt financing,
hotel operating risks and numerous other factors, may affect our
future results and performance and achievements. These risks and
uncertainties are described in greater detail in Item 1.A. of our
2006 Annual Report on Form 10-K filed on February 28, 2007, and our
other periodic filings with the United States Securities and
Exchange Commission (SEC). We undertake no obligation and do not
intend to publicly update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
Although we believe our current expectations to be based upon
reasonable assumptions, we can give no assurance that our
expectations will be attained or that actual results will not
differ materially. 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 132 hotels with 15,731
rooms located in 35 states. For more information about Equity Inns,
visit the Company's Web site at www.equityinns.com.
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