HORSHAM, Pa., June 29 /PRNewswire/ -- GMAC Commercial Mortgage (GMACCM)
has arranged $97,000,000 in secured financing for Equity Inns, Inc.
GMACCM's Hospitality Industry Division closed the 10-year, 8.37 percent
fixed interest rate loan on June 22. Equity Inns, a real estate investment
trust with hotel assets, secured 19 properties with a provision to substitute
"like-kind" properties, if necessary.
The 19 properties are located in 13 states, including: Arizona, Indiana,
Kansas, Michigan, Minnesota, Missouri, New Jersey, Ohio, Oregon, Tennessee,
Texas, Virginia, and West Virginia.
The properties include five AmeriSuites, five Residence Inns, six Hampton
Inns, and three Homewood Suites.
Equity Inns, Inc. focuses on the upscale extended stay, all-suite and mid-
scale limited-service segments of the hotel industry. Including previous
acquisitions, the company owns 102 hotels with over 13,200 rooms located in 36
states.
The Hospitality Industry Division (HID) of GMACCM has four offices around
the country with headquarters in Washington, D.C. and a staff of more than 40
professionals devoted exclusively to hospitality finance. HID offers a full
complement of loan products including specialty Equipment Finance Group, a
small loan program, and an equity group.
GMAC Commercial Mortgage, based in Horsham, Pa., is a wholly owned
subsidiary of GMAC. It is the nation's leading one-stop financial resource in
the commercial mortgage banking industry. The diverse lending and servicing
specialist has more than 40 nationwide offices. GMACCM has a servicing
portfolio of over $70 billion, and provides a variety of financing products
and services including long-term, interim, and construction lending.
News releases and other information about GMAC Commercial Mortgage and its
products and services are available at http://www.gmaccm.com on the Internet.
or GMACCM press releases by fax, call 800-758-5804, ext. 122720.
CONTACT: Scott Rombach of GMAC Commercial Mortgage, 215-328-3383.
SOURCE GMAC Commercial Mortgage
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Related links:
http://www.gmaccm.com
CONTACT:
Scott Rombach of GMAC Commercial Mortgage,
215-328-3383
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