Kimco Realty Corp., the largest U.S. owner of community shopping centers, announced this week that it had closed on the sale of the InTown Suites company and real estate assets for $735 million, including $609 million of existing mortgage debt. An affiliate of Connecticut private equity firm Starwood Capital Group bought 100% of the common stock of InTown Hospitality Corp. with representation from a team of Paul Hastings attorneys led by Rick Kirkbride, Tom Kruger, and David Viklund. The portfolio includes 138 extended stay properties with approximately 18,000 rooms across 21 states. Citigroup served as the financial adviser to InTown Hospitality Investors on the sale.
Rick Kirkbride said the trend is that, during a very busy first half of the year, people are cautiously predicting a busy second half. "So much of that will depend upon the volatility in the interest rate environment as many more increases will cause buyers to have to reprice their acquisitions and sellers may or may not have adjusted their own expectations of what the market should bear," Kirkbride said. "If sellers do so, then activity should continue somewhat unabated or there may be a significant slowdown in activity."
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