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.
Real Estate partner Rick Kirkbride, M&A partner Tom Kruger and Real Estate Finance partner David Viklund led the Paul Hastings team in the acquisition, which also included Real Estate partner Ted Smith, Tax partner Andy Short, Employment partner Eric Keller, Employment of counsel Cory Barker, and associates Leslie Kersey, Jennifer Iacono, David Burch, Lauren Giovannone, Jason McCoy, Damian Myers, LiHao Zhang, Melissa Fishkin, Laura Hidalgo, Mark Nylen and Chris King.
