Equity Inns Closes Sale of Hampton Inn Atlanta
March 27 2006 - 7:00AM
Business Wire
Equity Inns, Inc. (NYSE:ENN), the third largest hotel real estate
investment trust (REIT), today announced that the Company has
divested its interest in a 130-room Hampton Inn in Atlanta
(Northlake), Georgia for approximately $5.1 million to an unrelated
third party. The price equates to a capitalization rate of
approximately 4% based on trailing twelve months net operating
income. Mr. Howard Silver, President and Chief Executive Officer
commented, "The transaction is consistent with our strategy of the
timely sales of properties when they no longer provide the
long-term growth opportunity of our core portfolio. As a 20 year
old hotel, this sale also helps to reduce the average age of our
portfolio." 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 126 hotels with 15,027 rooms
located in 36 states. For more information about Equity Inns, visit
the Company's Web site at www.equityinns.com.
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