|
|
Article: Equity Inns to Acquire Two Hilton-Branded Hotels; Enters Boston Market.
- Article from:
- Business Wire
- Article date:
- August 17, 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)
|
GERMANTOWN, Tenn. -- Equity Inns, Inc. (NYSE: ENN), a hotel real estate investment trust (REIT), today announced that it has entered into an agreement to purchase two Hilton branded hotels for $15.2 million, or $74,000 per room. This purchase price includes an additional investment of $1.1 million for the refurbishment of the hotels. Acquisition of the hotels will follow the satisfactory completion of due diligence, and the transaction is expected to close during the third quarter 2005. The Company expects that the acquisition of these hotels will be slightly accretive to its 2005 funds from operations (FFO).
Equity Inns will acquire a Homewood Suites and a ...