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
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four Residence Inn by Marriott properties, which are located in Spokane,
Washington, Shreveport, Louisiana, Albuquerque, New Mexico and Kansas City,
Missouri;
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two Courtyard by Marriott hotels, which are located in Reno, Nevada and
Shreveport, Louisiana;
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a Fairfield Inn and Suites located in Reno, Nevada and
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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
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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. |