Equity Inns to Purchase Eight Marriott-Branded Hotels
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Equity Inns to Purchase Eight Marriott-Branded Hotels
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-08-23
Equity Inns, Inc. (NYSE: ENN) (the "Company"), the third largest hotel real estate investment trust (REIT), today announced that it signed an agreement to acquire a portfolio of eight hotels, with a total of 742-rooms, from InterMountain Management, LLC ("InterMountain") for approximately $90.5 million, or $122,000 per key.
The hotels in the portfolio include four Residence Inn by Marriott properties, which are located in Spokane, Washington, Shreveport, Louisiana, Albuquerque, New Mexico and Kansas City, Missouri; two Courtyard by Marriott hotels, which are located in Reno, Nevada and Shreveport, Louisiana; a Fairfield Inn and Suites located in Reno, Nevada and a Fairfield Inn located in Shreveport, Louisiana. The average age of these properties is six years. InterMountain will continue to manage these properties under a three-year performance-based management contract. The transaction was approved by the Company's Board of Directors and is expected to close by the end of the fourth quarter of 2007.
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