Equity Inns To Buy Two Courtyards and Three Residence Inns

GERMANTOWN, TN— Real estate investment trust Equity Inns, Inc. has reached an agreement to purchase two Marriott Courtyards and three Residence Inns by Marriott. The Marriott Courtyards include a 78-room hotel in Asheville, NC, and a 105-room hotel in Athens, GA for $12.7 million. The Residence Inns by Marriott include a 76-suite hotel in Chattanooga, TN, a 78-suite hotel in Knoxville, TN and a 66-suite hotel in Savannah, GA for $22.9 million. As part of the acquisition, McKibbon Hotel Management, Inc. will continue to manage the hotels with incentive-based management contracts. In addition, Equity also sold two exterior corridor Hampton Inns hotels to two separate private investor groups. The first was a 97-room Hampton Inn hotel in Sarasota, FL, for $2.95 million and the second was a 122-room Hampton Inn hotel in Jacksonville, FL, for $4.85 million.