Equity Inns Closes the Purchase of Three Marriott Branded Hotels
Company Also Completes the Sale of Three Non-Strategic Assets
GERMANTOWN, TN, August 17, 2006. Equity Inns, Inc. (NYSE: ENN) today announced the completion of the purchase of three hotels, previously announced on July 27, 2006. The three hotels have a combined 378 rooms and were purchased for approximately $69,000 per key. Two of the hotels are SpringHill Suites by Marriott located in the Texas markets of San Antonio and Houston, while the third is a Fairfield Inn & Suites located in Atlanta (Vinings) directly across from Home Depot's world headquarters.
In separate transactions, Equity Inns, sold two 20 year-old Hampton Inn properties. The Company sold its 132-room Hampton Inn Denver (Aurora), Colorado for $3.8 million, which equates to an average cap rate of approximately 2.9% based upon trailing twelve months net operating income. This property will be removed from the Hampton system. The other hotel sold by the Company is a 122-room property located in North Little Rock, Arkansas and was sold for a total price of $4.4 million or a cap rate of approximately 7.7% based upon the property's trailing twelve months net operating income.
The sale of both of these properties is consistent with Equity Inns' continued focus on upgrading the Company's portfolio with newer, higher growth potential assets while disposing of non-core, older hotels.
The Company also sold a 3.5 acre land tract that it owned in the Salt Lake City suburb of Sandy, Utah for $2.0 million. The Company originally bought the land in 1999 for the purpose of developing a 200 room Marriott Hotel. Due to market and economic feasibility issues in the area, the Company opted to sell the land rather than pursue its development.
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 
