Equity Inns (NYSE:ENN)
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From Jul 2019 to Jul 2024
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced that the Company has completed
a $65 million offering of Senior Mortgage Debt with Capmark Finance,
Inc. The Company used seven hotels as collateral for the loan. The
10-year loan bears interest at a fixed rate of 5.53% per annum. The net
proceeds of the offering were used to repay outstanding borrowings under
the Company’s line of credit.
J. Mitchell Collins, Executive Vice President and Chief Financial
Officer, commented, “We are pleased to have
completed this transaction, as this financing continues our strategy of
utilizing attractively priced, long-term, fixed rate debt to finance the
growth of our hotel portfolio.”
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. General economic conditions, future acts of
terrorism or war, risks associated with the hotel and hospitality
business, the availability of capital, risks associated with our debt
financing, hotel operating risks and numerous other factors, may affect
our future results and performance and achievements. These risks and
uncertainties are described in greater detail in Item 1.A. of our 2006
Annual Report on Form 10-K filed on February 28, 2007, and our other
periodic filings with the United States Securities and Exchange
Commission (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.
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 132 hotels with 15,731 rooms
located in 35 states. For more information about Equity Inns, visit the
Company's Web site at www.equityinns.com.