The seven-story hotel has 140 rooms, including 13 two-roomsuites. The hotel recently underwent a $2-million renovation.Equity Inns does not expect to perform other significantrenovations, according to a released statement. Representativesfrom Equity Inns were out of town and not available for comment."With the recent completion of an extensive renovation, the hotelis well positioned to continue to outperform its primarycompetition. Additionally, the purchase price represents anattractive discount to estimated replacement costs in the Chicagomarket," said Equity Inns president and chief executive officerHoward Silver in a released statement.

First Hospitality will continue to manage the hotel. The companyalso manages the Homewood Suites, in Chicago, which is owned byEquity Inns as well. The REIT currently owns 129 hotels with atotal of more than 15,000 rooms in 35 states.