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Article: Equity Inns Announces Agreement to Buy Ten AmeriSuites Hotels
- Article from:
- PR Newswire
- Article date:
- September 22, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. 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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Agreement Includes Right of First Offer to Purchase Additional Properties
From Prime Hospitality Corp.
MEMPHIS, Tenn., Sept. 22 /PRNewswire/ -- Equity Inns, Inc. (NYSE: ENN) today announced it will buy ten AmeriSuites for a total of about $86.3 million from Prime Hospitality Corp. (NYSE: PDQ). Ten percent of the purchase price will be paid with partnership units of Equity Inns Partnership, L.P.
Prime Hospitality Corp. owns or manages 115 hotels under its proprietary trade names and under franchise agreements with national hotel chains. The AmeriSuites chain currently includes 53 hotels. An additional 44 hotels ...