Equity Inns Inc., Germantown, Tenn., has completed an offering of 3.0 million shares of 8.75% series B cumulative preferred stock.The preferred stock may be redeemed by the company at the liquidation preference price of $25 per share on or after Aug. 11, 2008. The net proceeds from the issuance totaled $72.3 million, of which $68.8 million will be used to redeem the company's 9 1/2% series A cumulative preferred stock, the real estate investment trust said. Friedman, Billings, Ramsey & Co., the underwriter, has been granted a 30-day option to buy up to 450,000 additional shares to cover any overallotments. The hotel REIT can be found on the Internet at http://www.equityinns.com.
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