Equity Inns Inc., Germantown, Tenn., has obtained a new $150 million unsecured line of credit from a syndicated group of banks co-led by J.P. Morgan Securities Inc. and Calyon New York Branch.The real estate investment trust said the facility bears a variable rate of 1.25%-1.88% over the London interbank offered rate and includes an accordion feature that allows Equity Inns (subject to certain lender approval) to extend the borrowing capacity to $250 million. It matures in September 2010, with a one-year extension at the company's option. The hotel REIT can be found on the Internet at http://www.equityinns.com.
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