Equity Inns (NYSE:ENN)
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Equity Inns, Inc. (NYSE: ENN), the third largest hotel
real estate investment trust (REIT), announced today the purchase of a
246-suite Embassy Suites/International Drive in Orlando from a
partnership controlled by Mississippi Management for $28 million or
$113,000 per suite. The Hilton branded hotel is located approximately
one mile north of the Orlando Convention Center, which just completed
a 1.5 million square foot addition. Mississippi Management will
continue to operate the property under a two-year performance based
contract.
The hotel recently completed a significant renovation of its
public areas and guestrooms. Equity Inns expects to invest additional
capital to complete new Embassy brand upgrades.
Mr. Howard Silver, President and Chief Executive Officer,
commented, "We are particularly excited to be acquiring our first
Embassy Suite hotel in one of the country's most dynamic lodging
markets. The recent doubling in size of the Convention Center coupled
with ongoing investment and improvements at Universal and Sea World
enhances the long-term viability of this submarket. Further, we
believe the per room purchase price represents a discount to
replacement cost to acquire one of the premier, full service all-suite
hotels serving the International Drive/Convention Center area."
The Company expects this transaction to close by the end of the
third quarter of 2006.
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
14,845 rooms located in 36 states. For more information about Equity
Inns, visit the Company's Web site at www.equityinns.com.