Equity Inns, Inc, hotel real estate investment trust (REIT), announced that it has finalized its purchase of four hotels…
Equity Inns, Inc, hotel real estate investment trust (REIT), announced that it has finalized its purchase of four hotels in two separate transactions. The Company completed the acquisition of three hotels comprised of 237 rooms from the McKibbon Hotel Group, a hotel developer and management company, for $30.3 million, including the assumption of $12.8 million of debt. The properties purchased include two hotels in Sarasota, FL, one a Residence Inn, and the other a Marriott Courtyard, along with a Residence Inn in Fort Myers, FL.
Separately, Equity Inns also closed on the purchase of a 170-room Hampton Inn in Orlando, FL for $12.3 million, from Orlando Convention Partners, L.P. The Company expects both transactions will be accretive to its 2005 funds from operations (FFO).
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