EQUITY INNS TO ACQUIRE COMFORT INN IN JACKSONVILLE BEACH, FLORIDA, FOR $8.5 MILLION; INCREASES EQUITY INNS' HOTEL ROOMS OWNED TO 4,198.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Nov. 20, 1995--Equity Inns, Inc. (Nasdaq/NM:ENNS) today announced the acquisition of the 180-room Comfort Inn located in Jacksonville Beach, Florida Jacksonville Beach, also referred to locally as "Jax Beach", is a city in Duval County, Florida, United States. When the majority of communities in Duval County consolidated with Jacksonville, Florida in 1968, Jacksonville Beach, along with Neptune Beach, Atlantic Beach, and , for $8.5 million. The acquisition of this Comfort Inn, which is expected to close tomorrow, increases the number of hotels Equity Inns owns or has under contract to 35 with 4,198 rooms. The Company has one Residence Inn in Omaha, Nebraska “Omaha” redirects here. For other uses, see Omaha (disambiguation). Omaha is the largest city in the State of Nebraska, United States. It is the county seat of Douglas County.GR6 As of the 2000 census, the city had a population of 390,007. (80 suites), under contract with its closing expected to be in mid-December 1995. Phillip H. McNeill, Sr., chairman and chief executive officer, said, "The acquisition of the Comfort Inn in Jacksonville Beach further strengthens and diversifies our line of hotel properties. This Comfort Inn has many desirable features and was completely redesigned and rebuilt in 1990. The seven-story property features an outdoor bar, pool and deck area and overlooks the Atlantic Ocean Atlantic Ocean [Lat.,=of Atlas], second largest ocean (c.31,800,000 sq mi/82,362,000 sq km; c.36,000,000 sq mi/93,240,000 sq km with marginal seas). Physical Geography Extent and Seas . It is one of only four ocean-front hotels in the area. The inn has achieved consistent occupancy rates, has one of the highest average daily rates of any hotel in our system and is being purchased at a very attractive capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. . We plan to upgrade the property to make it even more appealing to guests." Equity Inns, Inc. is a self-advised real estate investment trust headquartered in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. , which currently owns or has under contract 25 Hampton Inns, 3 Residence Inns, 3 Holiday Inns, 3 Comfort Inns, and 1 Holiday Inn Express having a total of 4,198 rooms. CONTACT: Equity Inns, Inc., Memphis Howard A. Silver, 901/761-9651 |
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