Equity Inns Announces Special Meeting of Common Shareholders
August 10 2007 - 3:25PM
Business Wire
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced that it has established a
record date and meeting date for the special meeting of common
shareholders to consider and vote upon the proposal to approve the
previously announced Agreement and Plan of Merger, dated as of June
20, 2007, by and among Grace I, LLC, Grace Acquisition I, Inc.,
Grace II, L.P., Equity Inns Partnership, L.P. and Equity Inns,
Inc., pursuant to which Equity Inns will merge with and into Grace
Acquisition I, Inc. an affiliate of Whitehall Street Global Real
Estate Limited Partnership 2007 (�Whitehall�). The special meeting
will be held on Tuesday, October 2, 2007 at 10:00 a.m., Central
time, at The Homewood Suites by Hilton located at 7855 Wolf River
Boulevard, Germantown, Tennessee 38138. The record date for
determining the holders of shares of the Company�s common stock
entitled to notice of the special meeting and to vote on the merger
proposal will be the close of business on Monday, August 20, 2007.
Completion of the merger remains subject to the affirmative vote of
the holders of a majority of the Company�s outstanding shares of
common stock on the record date and other customary closing
conditions. 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 owned, currently owns 133 hotels with 15,822 rooms
located in 35 states. For more information about Equity Inns, visit
the Company�s Web site at www.equityinns.com. 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.
Such risks and uncertainties include, but are not limited to, the
following: the ability of the Company to complete the merger with
an affiliate of Whitehall on the terms and the conditions set forth
in the agreement and plan of merger, the ability of the Company to
cope with domestic economic and political disruption, war,
terrorism, states of emergency or similar activities; risks
associated with debt financing; risks associated with the hotel and
hospitality industry; the ability of the Company to successfully
implement its operating strategy; availability of capital; changes
in economic cycles; competition from other hospitality companies;
and changes in the laws and government regulations applicable to
it. These risks and uncertainties are described in greater detail
in our 2006 Annual Report on Form 10-K for the year ended December
31, 2006, as filed with the United States Securities and Exchange
Commission (SEC)on February�28, 2007, and our other periodic
filings with the 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. Important Information In connection with the
proposed merger, Equity Inns, Inc. filed a preliminary proxy
statement with the SEC on July 30, 2007. The preliminary proxy
statement contains information about Equity Inns, Inc., the
proposed merger and related matters. SHAREHOLDERS ARE URGED TO READ
CAREFULLY THE PRELIMINARY PROXY STATEMENT AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY
STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION THAT SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING A
DECISION ABOUT THE MERGER. In addition to receiving the definitive
proxy statement from Equity Inns, Inc. by mail, shareholders can
obtain the preliminary proxy statement, as well as other filings
containing information about Equity Inns, Inc., including the
definitive proxy statement when it becomes available, without
charge, from the Securities and Exchange Commission�s website
(http://www.sec.gov) or, without charge, from Equity Inns, Inc. at
www.equityinns.com or by directing such request to Equity Inns,
Inc., 7700 Wolf River Boulevard, Germantown, TN 38138, Attention:
Investor Relations. Equity Inns, Inc. and its directors and
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies in
respect of the merger. Information about Equity Inns, Inc.�s
directors and executive officers and their ownership of Equity
Inns, Inc.�s common stock is set forth in the preliminary proxy
statement referenced above, the proxy statement for Equity Inns,
Inc.�s 2006 Annual Meeting of Shareholders, which was filed with
the SEC on March�29, 2007 and Equity Inns, Inc.�s Annual Report on
Form�10-K for the year ended December 31, 2006, which was filed
with the SEC on February�28, 2007. Shareholders may obtain
additional information regarding the interests of Equity Inns, Inc.
and its directors and executive officers in the merger, which may
be different than those of Equity Inns, Inc.�s shareholders
generally, by reading the proxy statement and other relevant
documents regarding the merger, when filed with the SEC.
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