Kimco Completes InTown Sale to Starwood Capital

NEW HYDE PARK, NY-Kimco Realty Corp. said Friday it had closed on its sale of InTown Suites and related real estate assets to an affiliate of Greenwich, CT-based Starwood Capital Group. The $735-million acquisition by Starwood Distressed Opportunity Fund IX, which includes the assumption of $609 million in debt, was originally announced this past October.

The sale of InTown and its portfolio of 138 extended-stay properties across 21 states, mainly in the Southeast and Southwest, goes a long way toward realizing Kimco’s goal of shedding non-core assets. The portfolio represented the single largest remaining non-retail investment for the shopping center REIT, with a book value of approximately $83 million, according to a release.