Equity Inns to Purchase Three Marriotts
Two SpringHill Suites in Texas, One Fairfield Inn & Suites in Atlanta
GERMANTOWN, TN, July 27, 2006. Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced the purchase of three hotels from LinGate Hospitality Group for a combined purchase price of $26.16 million. The three hotels have a combined 378 rooms, equating to a purchase price of approximately $69,000 per key. LinGate Hospitality will retain management of the three hotels.
Two of the hotels are SpringHill Suites by Marriott located in the Texas markets of San Antonio and Houston including a 122-room hotel located one mile north of the Houston Hobby Airport and a 122-room property located at San Antonio's northwest side at the intersection of I-410 and I-10. Additionally, the agreement includes a 144-room Fairfield Inn & Suites located in the Atlanta suburb of Vinings directly across from Home Depot's world headquarters.
Mr. Howard Silver, President and Chief Executive Officer, commented, "This portfolio purchase is beneficial in a number of ways. All of the hotels are well-located in top-25 MSAs, each with multiple demand drivers. This is an attractively priced portfolio with an average cap rate of just under 10%. We are excited about the continued growth of our relationship with LinGate and look to furthering our partnership in the years to come as we continue to focus on increasing value for our shareholders."
The average age of the portfolio is eight years. Each of the hotels, with the exception of the Fairfield Inn & Suites, has recently completed multi-million dollar renovations. 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 
