PEABODY, MA— For a combined total of $15.2 million, or $74,000 per room, Equity Inns, Inc. is set to acquire two hotels here in suburban Boston. The properties, which are managed by Paramount Hotel Group, are a Homewood Suites and a Hampton Inn. The two hotels have an average age of six years and have a total of 206 rooms. The transaction is expected to close during third quarter. The purchase price includes an additional investment of $1.1 million that will go toward the renovation of the assets. Equity Inns expects this deal to be slightly accretive to its 2005 funds from operations. Paramount will continue to manage the hotels under a three-year agreement. Once the deal is closed, Equity Inns will own 118 hotels representing 14,267 rooms in 35 states.
