Kimco Realty (KIM) to Sell InTown Suites in Gross $735M Deal
Tweet Send to a FriendGet Alerts KIM Hot Sheet
Price: $24.12 -0.41%
Overall Analyst Rating:
NEUTRAL (
Up)
Dividend Yield: 4%
Revenue Growth %: +0.6%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 4%
Revenue Growth %: +0.6%
Trade KIM Now!
Kimco Realty Corp. (NYSE: KIM) 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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Senate Takes Aim at Apple (AAPL); Says Irish Unit Earned $22B, Paid $10M in Taxes
- OSI Systems (OSIS) Unit Issued Notice of Proposed Debarment from U.S. DHS
- QVT Financial Purchase $20M of Convertible Debt Issued by VIVUS (VVUS)
Create E-mail Alert Related Categories
Corporate News, Market CheckRelated Entities
Citi
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
