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Shareholders approve Equity Inns merger
By Devika Patel
Knoxville, Tenn., Oct. 2 - Equity Inns, Inc. announced that its common shareholders approved its planned merger with and into Grace Acquisition I, Inc., an affiliate of Whitehall Street Global Real Estate LP 2007.
Holders of 69.8% of the company's outstanding shares voted in favor of the merger, according to a news release. Of the shares voted, 99% were in favor of the merger.
The merger is expected to close on or about Oct. 22.
On June 22, Equity Inns agreed to be acquired by the Whitehall affiliate for $23 per share in a cash deal valued at about $2.2 billion, including debt.
Equity Inns is a hotel real estate investment trust based in Germantown, Tenn.
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