GERMANTOWN, TN-Locally based Equity Inns is set to be acquired by Whitehall Street Global Real Estate Limited Partnership 2007 in a $2.2-billion deal, including debt. The news of the transaction, which is set to close in the fourth quarter, comes as the two sides entered into a definitive merger agreement.

Under the deal, Whitehall will take all outstanding common shares of the self-advised hospitality REIT for $23 per share, cash. The price is a premium of approximately 28% over Equity Inns’ 90-day average closing share price, according to Equity executives, and a premium of approximately 19% over the REIT’s closing price on June 20.

“After careful and thorough analysis, our board has endorsed this transaction with Whitehall as being in the best interests of the company and our shareholders,” Equity’s president and CEO Howard Silver explains in a statement. “The board of directors has unanimously adopted the agreement and the merger, and recommends that Equity Inns’ shareholders approve the agreement and the merger. We are pleased that the offer provides compelling value and we look forward to working with Whitehall to quickly complete the transaction.”

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