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Hotel Industry News |
Tuesday December 2nd, 2008 |
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Equity Inns Sells Two Older Midscale Hotels |
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Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced the sale of two older hotels. In two separate transactions, the Company sold a 19-year old, 130-room Hampton located in the Dallas suburb of Richardson, Texas and a 37-year old, 159-room exterior corridor Holiday Inn located in Winston Salem, North Carolina.
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The Hampton Inn and Holiday Inn were sold for approximately $5.0 million and $2.6 million, respectively, representing a capitalization rate of approximately 6.3% and 2.0%, respectively, based upon the property's trailing twelve months net operating income.
The sale of these hotels represents Equity Inns' continued focus on divesting of older properties with limited remaining franchise life and recycling the capital received into newer, higher growth potential assets, which results in a younger portfolio with an increased franchise life. Since the beginning of 2004, the Company has sold 13 hotels with an average life of nineteen years at an average capitalization rate of approximately 6.0%. The Company expects to sell only a few additional older hotels that remain in the portfolio. The sale of these two hotels combined with the sale of the two hotels previously announced on August 17th is not expected to have a material impact on the Company's earnings.
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