An affiliate of private equity firm Starwood Capital Group has purchased InTown Hospitality Corp. for $735 million.
The price includes the assumption of $609 million in mortgage debt.
InTown runs extended-stay lodging chain InTown Suites. The company has 138 properties with about 18,000 rooms across the U.S.
The target was sold by a joint venture that was 75 percent owned by Kimco Realty Corp.
Starwood Capital, founded in 1991, has completed more than 500 transactions and has more than $26.3 billion in assets under management. The Greenwich, Conn.-based firm focuses on real estate investments, including multifamily, office, retail, hotel, industrial, residential, commercial land, senior housing, mixed use, golf. Starwood also makes equity, mezzanine debt and senior debt investments.
Paul Hastings LLP provided legal advice to an affiliate of Starwood affiliate.
Other recent real estate deals include TPG Capital’s purchase of a stake in AV Homes Inc. (Nasdaq: AVHI) for $135 million, RLJ Lodging Trust’s (NYSE: RLJ) acquisition of the long-term leasehold interest in the Courtyard by Mariott Waikiki Beach, and Standard Pacific Corp.’s (NYSE: SPF) deal for homebuilding assets.
For more on private equity’s interest in real estate, see “Beyond Location.”