Equity Inns bought 20 hotels in 2004 and another nine so far this year, but CEO Howard Silver says the buying binge is not over yet.
The Memphis-based chain will add another two or so hotels this year, according to Mr Silver.
He says Equity plans to extend its reach further west and into the Northeast. Most of Equity’s current properties are in the southeast, particularly in Florida.
But instead of targeting tourists, most Equity properties are found in places such as college towns that have consistent business year-round.
The acquisition strategy has been helped by the lack of new or planned construction in the industry, according to Ned Overton, a securities analyst told the Memphis Business Journal.
Predictions are that hotel building will be on the increase in 2006 and will really pick up in 2007.
Report by David Wilkening
