Equity Inns, Inc. (NYSE:ENN), the third largest hotel real estate investment trust (REIT), today announced the closing of the sale of a Hampton Inn located in Scottsdale-Old Town (Arizona).
As part of the Company's strategy of opportunistically selling non-core assets, Equity Inns sold the 126-room hotel to an unaffiliated private partnership for $12.2 million. The Company will record a gain of approximately $4.4 million in the second quarter 2006. Proceeds will be used to pay down debt as well as fund the Company's on-going acquisition program.
About Equity Inns
Equity Inns, Inc. is a self-advised REIT that focuses on the upscale extended stay, all-suite and midscale limited-service segments of the hotel industry. The Company, which ranks as the third largest hotel REIT based on number of hotels, currently owns 125 hotels with 14,845 rooms located in 36 states.
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