NEW YORK CITY The largest owner and operator of budget extended-stay hotels is on the market.
Kimco Realty Corp. is selling InTown Hospitality Corp. and its brand, InTown Suites, comprising 138 properties and 17,978 guestrooms. Kimco, which primarily owns retail real estate, has a 75% stake in the Atlanta-based hotel company, with Westmont Hospitality Group a minority owner.
“We want to make Wall Street comfortable that we are focusing on being a neighborhood and shopping centers company,” Kimco CEO David Henry tells Dow Jones Newswires.
The asking price for InTown has not been publicly disclosed, but the portfolio is valued at an estimated US$100 million. The sale is being handled by Citigroup.