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Saturday, Jul 13, 2024
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Equity Inns Buying Two Area Marriotts

Equity Inns Inc., the third largest hotel real estate investment trust in the country, has signed an agreement to acquire two San Diego hotels, a 95-suite Residence Inn and 137-suite SpringHill Suites, as part of a package of five Marriott-branded properties for a total of $114.2 million.

The properties, including a Residence Inn at the Los Angeles International Airport, a Courtyard and Fairfield Inn & Suites in Dallas, are owned by partnerships controlled by principals of Huntington Hotels.

The proposed purchase, announced in mid-May, includes the assumption of $56.5 million in debt at a blended rate of 6.1 percent.

Huntington, which manages the Carlsbad Courtyard in San Diego for Equity Inns, will manage the properties under performance-based contracts.

Equity Inns, which is traded on the New York Stock Exchange under the symbol ENN, owns 132 hotels with 15,731 rooms in 35 states.

, Connie Lewis

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