Equity Inns, Inc. (NYSE: ENN), a hotel real estate investment trust (REIT), today announced that it has finalized its purchase of a 93-room Courtyard by Marriott hotel in Tallahassee, Florida for $9.76 million from McKibbon Hotel Group, Inc. The property is three years old and located close to the State Capital and Florida State University.
As previously disclosed, McKibbon Hotel Management, Inc. will continue to manage the hotel with an incentive-based management contract. Equity Inns estimates that the impact of the hotel will be positive to its 2004 funds from operations (“FFO”).
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 owns 92 hotels with 11,871 rooms located in 34 states. For more information about Equity Inns, visit the Company`s Web site at www.equityinns.com.