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Equity Inns Trades 20-Year-Old Hampton Inn Northlake

ATLANTA-The Germantown, TN-based REIT sells the 130-room hotel within the Northlake Office Park for $5.1 million. Equity Inns president Howard A. Silver says the hotel was sold to reduce the average age of the company's 126-hotel portfolio.

By Alex Finkelstein | Updated on March 29, 2006

ATLANTA-The 20-year-old, 130-room Hampton Inn Northlake at 3400 Northlake Parkway NE is under new ownership today. Equity Inns Inc. of Germantown, TN sold the property within the Northlake Office Park to an undisclosed buyer for $39,231 per room.

Area hospitality industry sources tell GlobeSt.com the per-room price was far below typical replacement cost today of about $100,000 per room for a comparable property. Howard A. Silver, Equity’s president and CEO, and J. Mitchell Collins, chief financial officer, didn’t return GlobeSt.com’s phone calls to learn how long Equity had owned the property and what the occupancy level was at closing.

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