Equity Inns Sells Hampton Inn in Arizona
SCOTTSDALE, AZ, May 2, 2006. Equity Inns, Inc., the third largest hotel real estate investment trust (REIT), today announced the closing of the sale of a Hampton Inn located in Scottsdale-Old Town (Arizona).
As part of the Company's strategy of opportunistically selling non-core assets, Equity Inns sold the 126-room hotel to an unaffiliated private partnership for $12.2 million. The Company will record a gain of approximately $4.4 million in the second quarter 2006. Proceeds will be used to pay down debt as well as fund the Company's on-going acquisition program.
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