-Buys Four Premium Branded Marriott Hotels for $53.8 Million-
GERMANTOWN, Tenn. -- Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced that the Company has signed a contract to purchase four Kentucky hotels with a total of 429 rooms from Musselman Hotels, LLC for $53.8 million. The purchase price represents a capitalization rate of approximately 10 based upon trailing twelve-month net operating income and includes the assumption of $27 million of existing debt. Musselman Hotels will retain management under a three year, performance based management contract.
The four properties include three hotels in the Lexington ...