Equity Inns Acquiring Eight Marriott Hotels
GERMANTOWN, TN, August 23, 2007. Equity Inns, Inc. (NYSE: ENN) (the "Company"), the third largest hotel real estate investment trust (REIT), today announced that it signed an agreement to acquire a portfolio of eight hotels, with a total of 742-rooms, from InterMountain Management, LLC ("InterMountain") for approximately $90.5 million, or $122,000 per key.
The hotels in the portfolio include:
---|four Residence Inn by Marriott properties, which are located in Spokane, Washington, Shreveport, Louisiana, Albuquerque, New Mexico and Kansas City, Missouri;
---|two Courtyard by Marriott hotels, which are located in Reno, Nevada and Shreveport, Louisiana;
---|a Fairfield Inn and Suites located in Reno, Nevada and
---|a Fairfield Inn located in Shreveport, Louisiana.
The average age of these properties is six years. InterMountain will continue to manage these properties under a three-year performance based management contract. The transaction was approved by the Company's Board of Directors and is expected to close by the end of the fourth quarter of 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 
