Equity Inns Closes $95 Million Mortgage Debt Offering
18 November 2006 - 7:12AM
Business Wire
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced that the Company has
completed a $95 million offering of Senior Mortgage Debt. The
Company used eight hotels as collateral for the loan. The 10-year
loan bears interest at a fixed rate of 5.865% per annum. The net
proceeds of the offering were primarily used to repay outstanding
borrowings under the Company�s line of credit. J. Mitchell Collins,
Executive Vice President and Chief Financial Officer, commented,
�We are pleased to have completed this transaction, as this
financing continues our strategy of utilizing attractively priced,
long-term, fixed rate debt to finance the growth of our hotel
portfolio.� JPMorgan Chase Bank, N.A. acted as sole underwriter in
the deal. Forward Looking Statements Certain matters discussed in
this press release which are not historical fact are
�forward-looking statements� within the meaning of the federal
securities laws and involve risks and uncertainties. The words
�may,� �plan,� �project,� �anticipate,� �believe,� �estimate,�
�forecast,� �expect,� �intend,� �will,� and similar terms are
intended to identify forward-looking statements, which include,
without limitation, statements concerning our outlook for the hotel
industry, acquisition and disposition plans for our hotels and
assumptions and forecasts of future results for fiscal year 2006.
Forward-looking statements are not guarantees of future performance
and involve numerous risks and uncertainties which may cause our
actual financial condition, results of operations and performance
to be materially different from the results of expectations
expressed or implied by such statements. General economic
conditions, future acts of terrorism or war, risks associated with
the hotel and hospitality business, the availability of capital,
risks associated with our debt financing, hotel operating risks and
numerous other factors, may affect our future results and
performance and achievements. These risks and uncertainties are
described in greater detail in our 2005 Annual Report on Form 10-K
filed on March 15, 2006, and our other periodic filings with the
United States Securities and Exchange Commission (SEC). We
undertake no obligation and do not intend to publicly update or
revise any forward-looking statement, whether as a results of new
information, future events or otherwise. Although we believe our
current expectations to be based upon reasonable assumptions, we
can give no assurance that our expectations will be attained or
that actual results will not differ materially. 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 14,924 rooms located in 35 states. For more
information about Equity Inns, visit the Company's Web site at
www.equityinns.com. Equity Inns, Inc. (NYSE: ENN), the third
largest hotel real estate investment trust (REIT), today announced
that the Company has completed a $95 million offering of Senior
Mortgage Debt. The Company used eight hotels as collateral for the
loan. The 10-year loan bears interest at a fixed rate of 5.865% per
annum. The net proceeds of the offering were primarily used to
repay outstanding borrowings under the Company's line of credit. J.
Mitchell Collins, Executive Vice President and Chief Financial
Officer, commented, "We are pleased to have completed this
transaction, as this financing continues our strategy of utilizing
attractively priced, long-term, fixed rate debt to finance the
growth of our hotel portfolio." JPMorgan Chase Bank, N.A. acted as
sole underwriter in the deal. Forward Looking Statements Certain
matters discussed in this press release which are not historical
fact are "forward-looking statements" within the meaning of the
federal securities laws and involve risks and uncertainties. The
words "may," "plan," "project," "anticipate," "believe,"
"estimate," "forecast," 'expect," "intend," "will," and similar
terms are intended to identify forward-looking statements, which
include, without limitation, statements concerning our outlook for
the hotel industry, acquisition and disposition plans for our
hotels and assumptions and forecasts of future results for fiscal
year 2006. Forward-looking statements are not guarantees of future
performance and involve numerous risks and uncertainties which may
cause our actual financial condition, results of operations and
performance to be materially different from the results of
expectations expressed or implied by such statements. General
economic conditions, future acts of terrorism or war, risks
associated with the hotel and hospitality business, the
availability of capital, risks associated with our debt financing,
hotel operating risks and numerous other factors, may affect our
future results and performance and achievements. These risks and
uncertainties are described in greater detail in our 2005 Annual
Report on Form 10-K filed on March 15, 2006, and our other periodic
filings with the United States Securities and Exchange Commission
(SEC). We undertake no obligation and do not intend to publicly
update or revise any forward-looking statement, whether as a
results of new information, future events or otherwise. Although we
believe our current expectations to be based upon reasonable
assumptions, we can give no assurance that our expectations will be
attained or that actual results will not differ materially. 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 14,924 rooms located in 35 states.
For more information about Equity Inns, visit the Company's Web
site at www.equityinns.com.
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