This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.  Find out more here  Close
Starwood Capital to buy InTown Suites
October 23 2012

A sale agreement has been executed to sell the InTown Suites company and related real estate assets for a gross sales price of $735 million.

 

NEW HYDE PARK, New York—Kimco Realty Corp., North America’s largest owner and operator of neighborhood and community shopping centers, announced that a purchase and sale agreement has been executed with a subsidiary of Starwood Distressed Opportunity Fund IX, an affiliate of Starwood Capital Group, a leading global real estate investment firm, to sell the InTown Suites company and related real estate assets for a gross sales price of $735 million, including $617 million of existing debt.

InTown Suites is owned by InTown Hospitality Investors LP, a joint venture in which Kimco holds a 75 percent interest. The InTown Suites portfolio is comprised of 138 extended stay properties with approximately 18,000 rooms across 21 states that are predominantly located in the Southeast and Southwest, with concentrations in Texas, Georgia and Florida.

The sale is contingent upon Starwood Distressed Opportunity Fund IX’s satisfactorily completing its due diligence process and other closing conditions, including lender approvals. Kimco expects to complete this transaction in the first half of 2013. If the transaction is completed, Kimco has agreed to maintain $147.5 million in preexisting guarantees of outstanding debt to be assumed by Starwood Distressed Opportunity Fund IX.

Citigroup served as the financial advisor to InTown Hospitality Investors LP on the sale.

COMMENTS   Show All
Login or enter a name   Post Your Comment  Check to follow this thread via email alerts (must be logged in)
(4000 characters max)

Comments that include links or URLs will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff

TRENDING
How to get to No. 1 on TripAdvisor
5 changes coming in hotel financial reporting
Baha Mar’s setbacks point to larger issues
New laws aid US condo-hotel development
5 trends in hotel F&B profitability
5 performance trends in the top 25 US markets
VIDEO
HDC attendees discuss revenue strategies
Hotel Data Conference: Day Two in review
Hotel Data Conference: Day One in review
NYU Investment Conference Recap
Hunter Hotel Conference postgame wrap
LATEST NEWS
Why hoteliers should avoid an Orbitz boycott
Marketers: Be relevant to today’s guests
5 trends in the US hotel pipeline
5 noteworthy hotel operating statistics
Hotel Earnings Tracker: Q2 2014
US hotel renovations list
Contact Us
Hotel News Now
18500 Lake Rd.
Suite 310
Rocky River, Ohio 44116
        
Copyright © 2004 - 2014 Hotel News Now, a division of STR, Inc. All Rights Reserved.   Privacy