Posted 10/24/2012 - 12:22:33 AM
GREENWICH, CT–An affiliate of Starwood Capital Group has agreed to acquire the InTown Suites portfolio for $735 million.
Selling the chain of extended-stay hotels is Kimco Realty Corp., a REIT based in New Hyde Park, NY. The InTown Suites portfolio consists of 138 properties with approximately 18,000 rooms in 21 states. The brand's distribution is heaviest in the Southeast and Southwest with properties concentrated in Texas, Georgia and Florida.
Starwood Capital is making the acquisition through its Distressed Opportunity Fund iX. The purchase price includes $617 million of existing debt. Citigroup advised the seller on the transaction. The deal is scheduled to close in the first half of 2013.