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Article: Equity Inns Finalizes Entrance into Metro-Boston Hotel Market with Purchase of Two Hilton Hotels.
- Article from:
- Business Wire
- Article date:
- October 3, 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), the third largest hotel real estate investment trust (REIT), today announced that it has finalized the purchase of two metro-Boston area Hilton branded hotels. As previously disclosed, the two properties were bought for $15.2 million, or $74,000 per room. The purchase price includes an additional investment of $1.1 million for the refurbishment of the hotels. The Company expects that the acquisition of these hotels will be slightly accretive to its 2005 funds from operations (FFO).
The acquired hotels include a Homewood Suites and a Hampton Inn, ...