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

InTown Suites -- comprised of 138 extended stay properties withapproximately 18,000 rooms across 21 states -- is owned by InTownHospitality Investors LP, a joint venture in which Kimco holds a75% interest. The portfolio is predominatly located in theSoutheast and Southwest, with concentrations in Texas, Georgia andFlorida.

According to Kimco, the sale is contingent upon StarwoodDistressed Opportunity Fund IX’s satisfactorily completing its duediligence process and other closing conditions, including lenderapprovals. If the transaction is completed, Kimco has agreed tomaintain $147.5 million in preexisting guarantees of outstandingdebt to be assumed by Starwood Distressed Opportunity Fund IX.