Starwood Capital Group Acquires Portfolio of Fifty Extended-Stay Hotels
May 19, 2015 9:13am
This deal, which was completed by a controlled affiliate of Starwood Capital Group, consists of 6,106 rooms primarily in the Southeast, including desirable markets in North Carolina, Florida, Texas, Georgia and Alabama. With this acquisition, InTown Suites will become the largest owner of economy extended-stay hotels in the United States, with one hundred and eighty nine owned locations and 24,154 suites. Starwood Capital Group purchased InTown Suites in 2013 with the goal of expanding the company's footprint and reinventing how consumers viewed and used extended stay properties.
"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."
"We are very focused on maintaining our leadership role by aggressively growing within our sector through acquisition and ground-up development," said Jonathan Pertchik, CEO of InTown Suites. "We expect to apply the same discipline, process and focus that InTown has used in its other acquisitions to continue to outperform competitors."
Tags: starwood capital group,
Contact: Tom Johnson or Patrick Tucker
Starwood Capital Group Acquires Portfolio of Seven Hilton Hotels Throughout the United Kingdom
Arash Azarbarzin Appointed President of SH Group
Starwood Capital Group Acquires Sofitel Budapest Chain Bridge Hotel from Orbis Hotel Group for €75 Million ($89.5M)
YOTEL and Starwood Capital Group Enter $250 Million Strategic Partnership with Starwood Acquiring 30% Stake
Starwood Capital Group Acquires The Soon-to-Open Jeremy West Hollywood Hotel
Starwood Capital Group Sells Interest in Four Beachfront Hotels in Spain
Starwood Capital Group Opens First Uptown Suites in Concord, NC; More than 10 Additional Properties to Open by 2019
Starwood Capital Group Acquires Holiday Inn Manchester City Centre
Shimao Property Holdings Partners With Starwood Capital Group to Create New Hotel Joint Venture in China
China Life Invests with Starwood Capital Group in $2 Billion of U.S. Select-Service Hotels
Starwood Capital Group Selects Cycas Hospitality to Operate Four London Extended-Stay Hotels
Starwood Capital Group-Brookfield JV to Sell the Interhotel Portfolio of Nine Hotels in Germany to FDM Management
Starwood Capital, Along with HI Partners, to Invest Euro 500M In Spanish Hotels
Starwood Capital Group Completes Sale of the UK's Ace Hotel London Shoreditch to Limulus Ltd.
Baccarat Hotels & Resorts Debuts With Manhattan Flagship March 18, 2015
Starwood Capital Group and Melia Create Joint Venture to Acquire Portfolio of Spanish Resorts
Starwood Capital Group Sells Baccarat Hotel New York to Sunshine Insurance Group Affiliate
Starwood Capital Group Buys Portfolio of 4 Extended-Stay Hotels and a Residential Complex in London
Starwood Capital Group Acquires Glosgow's Blythswood Square and Edinburgh's Bonham Hotel in Scotland
Jin Jiang & Starwood Capital Agree to Potential Sale of Groupe du Louvre & Louvre Hotels Group
Please login or register to post a comment.