Equity Inns, Inc. (NYSE: ENN) announced that it signed an agreement to acquire a portfolio of eight hotels, with a total of 742-rooms, from InterMountain Management, LLC for approximately $90.5 million, or $122,000 per key.
The hotels in the portfolio include four Residence Inn by Marriott properties, which are located in Spokane, Washington, Shreveport, Louisiana, Albuquerque, New Mexico and Kansas City, Missouri, two Courtyard by Marriott hotels, which are located in Reno, Nevada and Shreveport, Louisiana, a Fairfield Inn and Suites located in Reno, Nevada and a Fairfield Inn located in Shreveport, Louisiana. The average age of these properties is six years. InterMountain will continue to manage these properties under a three-year performance-based management contract. The transaction was approved by the Company's Board of Directors and is expected to close by the end of the fourth quarter of 2007.
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