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Starwood Capital Group is acquiring InTown Suites, an extended-stay hotel chain with nearly 140 properties totaling 18,000 rooms, paying $735 million including the assumption of $617 million in debt.
Starwood Capital is based in Greenwich. InTown Suites was founded in 1989 and sold in 2007 to an investment group led by Kimco Realty Corp., which is based in New Hyde Park, N.Y.
Starwood Capital businesses include SH Group, which owns the environmentally-focused 1 Hotels & Resorts brand and holds the Baccarat hotel license, and Starwood Property Trust Inc., which has raised more than $2 billion in public offerings since 2009 to buy and sell commercial real estate.
