Equity Inns Inc., Germantown, Tenn., has entered into an underwriting agreement with Citigroup Global Markets Inc. to sell 2.4 million shares of its common stock.The net proceeds from the issuance are expected to total $21.4 million, of which $16 million will be used to fund previously announced acquisitions and the remainder for general corporate purposes, the real estate investment trust said. Citigroup has been granted a 30-day option to buy up to 360,000 additional shares to cover any overallotments. The hotel REIT can be found online at http://www.equityinns.com.
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