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Equity Inns buys Marriott-branded hotels

The Memphis-based REIT, a portfolio company of Goldman Sachs’ Whitehall fund, has acquired an eight-hotel portfolio from InterMountain Management for more than $90m.

Equity Inns has acquired eight Marriott-branded hotels for approximately $90.5 million (€66.3 million) from Louisiana-based hotel operator and developer InterMountain Management. The transaction is expected to close by the end of the last quarter this year.

The eight-hotel portfolio, totaling 742 rooms, includes the four Residence Inn by Marriott properties in Spokane, Washington, Shreveport, Louisiana, Albuquerque, New Mexico and Kansas City, Missouri; the two Courtyard by Marriott hotels in Reno, Nevada and Shreveport; a Fairfield Inn and Suites in Reno and a Fairfield Inn in Shreveport.

Following the acquisition, InterMountain will continue to manage the properties under a three-year, performance-based management contract.

Equity Inns currently owns 133 hotels with 15,822 rooms located in 35 states throughout the US. Earlier this year, Goldman Sachs Whitehall Street Global Real Estate 2007 agreed to acquire the REIT for $2.2 billion, including debt.