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Article: Equity Inns establishes strategic alliance with Promus Hotel Corporation; REIT to acquire First Homewood Suites and develop first hotel.
- Article from:
- Business Wire
- Article date:
- March 15, 1996
CopyrightCOPYRIGHT 1996 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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MEMPHIS, Tenn.--(BUSINESS WIRE)--March 15, 1996--Equity Inns Inc. (Nasdaq:ENNS), one of the nation's fastest growing hotel REITs, today announced that the company has formed a strategic alliance with Promus Hotel Corp. (NYSE:PRH), one of the leading lodging companies in the U.S. and the franchisor of Embassy Suites, Hampton Inn, Homewood Suites and Hampton Inn & Suites.
According to a "memorandum of understanding" approved Thursday by both companies' boards of directors, Promus will invest up to a maximum total of $15 million over time in newly issued shares of Equity Inns' stock as Equity Inns purchases or develops Promus brand hotel properties. Promus also agreed ...