Equity Inns Awards New Management Contracts To the Waterford Hotel Group, Inc.

GERMANTOWN, Tenn.–(BUSINESS WIRE)–Oct. 23, 2002–Equity Inns, Inc. (NYSE: ENN), a hotel real estate investment trust (REIT), today announced that it has awarded to the Waterford Hotel Group, Inc. two additional hotel management contracts effective October 1, 2002.
The Waterford Hotel Group assumed the management of Equity Inn's Princeton, New Jersey 208-room Residence Inn by Marriott and its 96 room Residence Inn by Marriott in Tinton Falls, New Jersey. Both contracts will expire September 30, 2004. The Waterford Hotel group has extensive experience as a Residence Inn hotel operator and currently manages 29 properties nationally. In addition, they manage the Company's Residence Inn in Burlington, Vermont.
Phillip H. McNeill, Sr., Chief Executive Officer and Chairman of the Board stated, By awarding the additional contracts to Waterford, we are following our corporate strategy of having a select group of proven operators manage our properties. These are large, well capitalized groups who are incented to perform at the highest levels and have the track record to prove it. McNeill continued, We believe that the Waterford Group's experience with Residence Inn management dovetails nicely with our New Jersey properties and we have supreme confidence that their ongoing presence will improve our financial performance.
Equity Inns, Inc. is a self-advised REIT 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.