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GERMANTOWN, TN-Equity Inns has signed an agreement to acquire a portfolio of eight hotels with a total of 742 rooms for $90.5 million, or $122,000 per key. The seller of the properties was Monroe, LA-based InterMountain Management LLC, which will continue to manage the properties under a three-year performance-based management contract.

The hotels in the portfolio include four Residence Inn by Marriott properties located in Spokane, WA; Shreveport, LA; Albuquerque, and Kansas City, MO; two Courtyard by Marriott hotels located in Reno, NV and Shreveport, LA; a Fairfield Inn and Suites located in Reno, NV; and a Fairfield Inn located in Shreveport, LA.

The transaction was approved by the locally based REIT’s board of directors and is expected to close in the fourth quarter. The company currently owns 133 hotels with 15,822 rooms located in 35 states.

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