Equity Inns to Expand in Orlando, FL
Agrees To Acquire its Fourth Hotel in The Market With An Embassy Suites Hotel
ORLANDO, FL, June 5, 2006. 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.
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 
