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Equity Inns, Inc. Acquiring Eight Marriott Branded Hotels from InterMountain
Management, LLC for Approximately $90.5 million, or $122,000 per Key
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GERMANTOWN, Tenn. - August 23, 2007 - 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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Residence Inn® by Marriott® Shreveport Airport
4910 W. Monkhouse Drive
Shreveport, Louisiana

Residence Inn® by Marriott® Spokane East Valley
15915 E. Indiana Avenue
Spokane, Washington
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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 133 hotels with 15,822 rooms located in 35 states. For more information about Equity Inns, visit the Company's website 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.

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Contact:

Equity Inns, Inc.
Howard Silver/Mitch Collins, 901-322-4823
www.equityinns.com
 

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Also See: Equity Inns Inc. Enters Into a Definitive Agreement to Be Acquired by Whitehall Street Global Real Estate in a Transaction Worth $2.2 billion; Equity Inns Currently Owns 132 Hotels / June 2007
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