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 $95 million offering of Senior Mortgage Debt. The Company used eight
hotels as collateral for the loan. The 10-year loan bears interest at a
fixed rate of 5.865% per annum. The net proceeds of the offering were
primarily 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.”
JPMorgan Chase Bank, N.A. acted as sole underwriter in the deal.
Forward Looking Statements
Certain matters discussed in this press release which are not historical
fact 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 2006.
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 our 2005 Annual Report
on Form 10-K filed on March 15, 2006, 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 results 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 125 hotels with 14,924 rooms
located in 35 states. For more information about Equity Inns, visit the
Company's Web site at www.equityinns.com.
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced that the Company has
completed a $95 million offering of Senior Mortgage Debt. The Company
used eight hotels as collateral for the loan. The 10-year loan bears
interest at a fixed rate of 5.865% per annum. The net proceeds of the
offering were primarily 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."
JPMorgan Chase Bank, N.A. acted as sole underwriter in the deal.
Forward Looking Statements
Certain matters discussed in this press release which are not
historical fact 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 2006. 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 our 2005 Annual
Report on Form 10-K filed on March 15, 2006, 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 results 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 125 hotels with
14,924 rooms located in 35 states. For more information about Equity
Inns, visit the Company's Web site at www.equityinns.com.