Kimco Realty KIM, North America's largest owner and operator of
neighborhood and community shopping centers, today 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.
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