Friday , 30 September 2016
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Extended-Stay Play: Starwood Buys 50 InTown Suite Hotels

GREENWICH, Conn. — Starwood Capital Group has acquired a portfolio of  50 economy extended-stay hotels from Mount Kellett Capital Management LP and its partners, further building upon its InTown Suites brand.

This sale includes 6,106 hotel rooms primarily in the Southeast, including desirable markets in Texas, North Carolina, Florida,  Georgia and Alabama.

With this acquisition, InTown Suites will become the largest owner of economy extended-stay hotels in the United States, with 189 locations and 24,154 suites. Starwood Capital Group purchased InTown Suites in 2013 with the goal of expanding the company’s footprint.

“The economy extended-stay sector continues to outperform other hospitality sectors, including luxury, and today’s transaction marks another important step in our effort to capitalize on this growth opportunity,” said Suril Shah, Starwood Capital Group’s Acquisitions Managing Director. “Since acquiring InTown, we have seen its valuation increase by more than 30 percent, and we are confident that the upward trajectory will continue.”

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