ARLINGTON, TX— Equity Inns has closed on the sale of its Comfort Inn hotel here to an unnamed buyer for $3 million, or approximately 2.5 times room revenue. Proceeds from the sale of the 19-year-old, 141-room, exterior corridor hotel are expected to be used to pay down the company’s line of credit. With the completion of this sale, all properties earmarked as discontinued operations hotels as of Dec. 31, 2003 have reportedly been sold. The sale of the Comfort Inn is billed as part of Equity Inn’s long-term strategy of maximizing hotel performance while disposing of assets that will no longer increase shareholder value.
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