Equity Completes Purchase of Four Hotels
FEBRUARY 12, 2007. Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced that the Company has completed the purchase of four upscale hotels for a total of $53.7 million.
Three of the hotels, which were purchased from Musselman Hotels, LLC, are located in the Lexington and Louisville metropolitan areas of Kentucky and have a total of 338 rooms. The fourth hotel, a seven year old 129-room Hilton Garden Inn, which was purchased from LinGate Hospitality, is located in the Albuquerque suburb of Rio Rancho, New Mexico. The average purchase of these hotels represents a capitalization rate of approximately 10% based upon trailing twelve-month net operating income.
The hotels purchased from Musselman Hotels, LLC include a six year old 90-room Courtyard by Marriott located in suburban Lexington, a two-year old, 108-suite SpringHill Suites located in downtown Lexington and a six-year old, 140-room Courtyard by Marriott in downtown Louisville. The Louisville purchase also includes a 250-space parking garage adjacent to the property that serves the hotel and the many surrounding businesses and attractions in the downtown area. The Company anticipates that its purchase of the 91-room Residence Inn located in Lexington, as announced in October 2006, should close by the end of the first quarter 2007.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
