According to Bloomberg, Starwood Capital Group has purchased the extended-stay hotel chain InTown Suites, which has 138 locations across the U.S., for $735 million including debt from Kimco Realty Corp.

The sale price includes $617 million in debt. Kimco Realty Corp. is North America's largest owner and operator of neighborhood and community shopping centers.InTown Suites is owned by InTown Hospitality Investors LP, a joint venture in which Kimco held a 75-percent stake. The InTown Suites portfolio is comprised of 138 extended-stay properties with approximately 18,000 rooms across 21 states that are predominantly located in the Southeast and Southwest, with concentrations in Texas, Georgia and Florida.The sale is contingent upon Starwood Distressed Opportunity Fund IX’s completion of its due diligence process and other closing conditions, including lender approvals. Kimco expects to complete this transaction in the first half of 2013. If the transaction is completed, Kimco has agreed to maintain $147.5 million in preexisting guarantees of outstanding debt to be assumed by Starwood Distressed Opportunity Fund IX.