An affiliate of Starwood Capital Group, a global real estate investment firm, has agreed to buy the InTown Suites company and related real estate assets from Kimco Realty Corp., an owner and operator of neighborhood and community shopping centers. The deal is expected to be complete early next year.
The InTown Suites portfolio represented the single largest remaining non-retail investment for Kimco Realty with a book value of approximately $83 million. InTown Suites was owned by InTown Hospitality Investors LP, a joint venture in which Kimco held a 75 percent interest in a portfolio of 138 extended stay properties with approximately 18,000 rooms across 21 states.
The gross sales price was $735 million, including $609 million of existing mortgage debt.