The Timeshare Beat Home | Today's Headlines | Back to Previous Page

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

Press Release: Equity Inns, Inc.
October 24, 2002
GERMANTOWN, TN -- Equity Inns, Inc. (NYSE: ENN), a hotel real estate investment trust (REIT), yesterday 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. For more information about Equity Inns, visit the company's Web site at www.equityinns.com

Certain matters within this press release are discussed using forward-looking language as specified in the 1995 Private Securities Litigation Reform Law, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. Such risks and uncertainties include, but are not limited to, the following: the ability of the company to cope with domestic economic and political disruption and Federal and state governmental regulation of war, terrorism, states of emergency or similar activities resulting from the terrorist attacks occurring on September 11, 2001; the ability of the company to successfully implement its operating strategy; changes in economic cycles; competition from other hospitality companies; and changes in the laws and government regulations applicable to the company. From time to time, these and other risks are discussed in the company's filings with the Securities and Exchange Commission.

------------------------------------------------------

Contact: 
     Equity Inns, Inc.
     Howard Silver, 901/754-7774
     or
     Integrated Corporate Relations, Inc.
     Brad Cohen, 203/222-9013 ext. 238

Source: Equity Inns, Inc.