Equity Inns, Inc. - ENN- Profile

Equity Inns, Inc.. The Group's principal activity is to acquire equity interests in hotel properties, self-advised hotel real estate investment trust (REIT) primarily focused on the upscale and midscale without food and beverage segments of the hotel industry. It has been qualified to operate as a Real Estate Investment Trust under sections 856 through 860 of Internal Revenue Code of 1986. Under the federal REIT Modernization Act, the Group is required to enter into management agreements with eligible independent contractors to manage the Hotels. At December 31, 2006 it owns 129 hotels with 15,366 rooms in 35 states. During 2006 the Group purchased 13 hotels and sold 7 hotels. It operates in East North and South Central, Middle Atlantic, Mountain, New England, Pacific, South Atlantic, West North and South Central and United States. Real estate investment trust that acquires equity interests in hotel properties