MEMPHIS, Tenn.–(BUSINESS WIRE)–March 28, 2002–Equity Inns, Inc. (NYSE: ENN) announced today the closing of a public offering of 3,565,000 shares of common stock, including the full exercise by the underwriter of the over-allotment option of 465,000 shares of the company's common stock.
Net proceeds received by the company from the offering were approximately $27.0 million. The public offering price per share of the company's common stock was $8.00. The net proceeds will be used to pay down outstanding balances under the company's $125 million line of credit. The underwriter for the offering was Salomon Smith Barney.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Equity Inns, Inc. is a self-advised real estate investment trust that focuses on the upscale extended stay, all-suite and midscale limited-service segments of the hotel industry. The company owns 96 hotels with approximately 12,300 rooms located in 34 states. For more information about Equity Inns, visit the company's web site: www.equityinns.com.