Search
 

Kimco Sells InTown Suites To Starwood Capital For $735M

NEW HYDE PARK, NY-The Long Island retail REIT has sold off the extended stay property chain, which includes 18,000 rooms across 21 states.

By Jacqueline Hlavenka | Updated on October 23, 2012

NEW HYDE PARK, NY-After selling off 23 assets over the last 12 months, Long Island-based retail REIT Kimco Realty Corp. is continuing to dispose of its non-core properties. The company is now selling the InTown Suites company and related real estate assets for a gross sales price of $735 million, including $617 million of existing debt to a subsidiary of Starwood Distressed Opportunity Fund IX, an affiliate of Greenwich, CT-based Starwood Capital Group. The transaction is expected to be completed by the first half of 2013, according to a company statement.

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.