Paul Hastings LLP Advises Starwood Capital Group Affiliate in the $735 Million Acquisition of InTown Suites
July 09, 2013
New York, NY -- Paul Hastings LLP, a leading global law firm, announced today that the firm represented an affiliate of Starwood Capital Group, a global investment firm, in the acquisition of 100% of the common stock of InTown Hospitality Corp. The gross purchase price was approximately $735 million, including the assumption of $609 million of existing mortgage debt. The acquired company runs extended-stay lodging chain, InTown Suites, which has 138 extended-stay properties with approximately 18,000 rooms across 21 states in the U.S.
Prior to the acquisition, InTown was owned by a joint venture in which Kimco Realty Corporation, the largest U.S. owner of community shopping centers, held a 75 percent interest.
Paul Hastings also advised an affiliate of Starwood Capital Group on the assumption of debt financing associated with the transaction.
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