Equity Inns (NYSE:ENN)
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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.