Extended stay hotel sector is holding up well as the economy recovers, and more such deals should be expected.
Starwood Capital, the real estate investment firm led by former Starwood Hotels CEO and founder Barry Sternlicht, is buying InTown Suites extended-stay hotel chain from a Kimco Realty Corp. (KIM) venture for $735 million, including debt.
The InTown portfolio is composed of 138 extended-stay properties predominantly in the southern U.S., with concentrations in Texas, Georgia and Florida. More in release.
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Tags: starwood capital