Equity Inns Inc., a Tennessee-based hotel real estate investment trust, announced Thursday that it has sold a 3.5-acre land tract that it owned in Sandy for $2 million.
Equity bought the land in 1999 with plans to develop a 200-room Marriott Hotel, according to a press release. Due to market and economic feasibility issues in the area, Equity said it opted to sell the land rather than pursue its development.
Equity did not disclose the identity of the buyer.
The U.S. housing market is historically overvalued. Moody’s says these cities may see prices drop up to 10%