Goldman Sach’s Real Estate Fund Whithall has agreed to purchase Equity Inns Inc. for a reported 2.2 billion dollars including assumption of debt in the deal. The real estate fund has offered a 19 percent premium for the shares of Equity at 23 dollars a share.
Equity Inns owns 130 properties across the county, mostly consisting of Courtyards, Hilton Garden Inns, Springhill Suites, and Hampton Inns. The company owns the properties and has contracts with the major hotel companies to manage and market the properties for them. They have properties in 35 states across the country.
The price of $23 a share represents a premium of 19 percent over Equity Inns’ closing price on Wednesday.
Equity Inns owns more than 130 hotels under brands such as Courtyard, Hilton Garden Inn and Hampton Inn.
The hotel industry is in the midst of a multiyear boom as robust demand has allowed hoteliers to steadily raise rates. The upbeat market environment, supported by limited construction of new hotels, has made lodging assets hot commodities. via Turkish Daily News
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