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Article: Equity Inns to Acquire Courtyard by Marriott in Kentucky.
- Article from:
- Business Wire
- Article date:
- February 28, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GERMANTOWN, Tenn. -- Equity Inns, Inc. (NYSE: ENN), a hotel real estate investment trust (REIT), today announced that it has entered into an agreement to acquire a 93-room Courtyard by Marriott located in Bowling Green, Kentucky from a New York-based partnership. The purchase price is $6.9 million, or $74,000 per room and represents in excess of a 10.0% capitalization rate on trailing 12 month's net operating income. This acquisition is scheduled to close by the end of the second quarter of 2005, subject to the Company completing its customary due diligence procedures.
Bowling Green, located 60 miles north of Nashville via I-65, serves as the industrial, ...
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