EQUITY INNS TO ADD 388 ROOMS TO ITS SYSTEM; DECLARES REGULAR QUARTERLY CASH DIVIDEND OF $.26 PER SHARE.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)--Dec. 15, 1995--Phillip H. McNeill, Sr., chairman and chief executive officer of Equity Inns, Inc. (Nasdaq/NM:ENNS), today announced the acquisition of three hotels for approximately $18.2 million. The three hotels are Hampton Inns located in Austin, Texas (121 rooms); Dallas (Garland), Texas (125 rooms); and Knoxville, Tennessee “Knoxville” redirects here. For other uses, see Knoxville (disambiguation). Founded in 1786, Knoxville is the third-largest city in the state of Tennessee, behind Memphis and Nashville, and is the county seat of Knox CountyGR6. (118 rooms). A 24-suite expansion of the Company's Residence Inn in Tinton Falls, New Jersey Tinton Falls is a Borough in Monmouth County, New Jersey, United States. As of the United States 2000 Census, the borough population was 15,053. The borough was formed as New Shrewsbury , to 120 suites was also announced for the spring of 1996. Commenting on the announcement, McNeill said, "These three hotels and expansion project will add 388 rooms to Equity Inns' system bringing our total number of hotels to 38 and total rooms to 4,586. The two hotels in Texas are being purchased from Mutual of New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] and are located in very desirable markets. We continue to look for additional investments in the Texas market. The hotel in Knoxville is located near the airport and was completed in 1991. All of these hotels have had good REVPAR (revenue per available room) growth. Closing on the two hotels in Texas is anticipated by the end of 1995, and closing on the hotel in Tennessee is expected in January 1996." Additionally, closing on the previously announced acquisition of a 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), was completed today. McNeill went on to say, "The Board of Directors has declared a regular quarterly cash dividend of $.26 per share payable January 29, 1996, to stockholders of record as of December 29, 1995. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. dividend rate is equal to $1.04 per share. Based on the current stock price, the dividend yield is approximately 9.0%." 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 38 hotels with an aggregate of 4,586 rooms in 19 states consisting of 28 Hampton Inns, 3 Residence Inns, 3 Holiday Inns, 3 Comfort Inns and 1 Holiday Inn Express. CONTACT: Equity Inns, Inc., Memphis Howard A. Silver, 901/761-9651 |
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