This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Sunstone Hotel Investors, Inc. Completes Previously Announced Transactions

ALISO VIEJO, Calif., April 18, 2011 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (NYSE: SHO) (the "Company") announced today that it has completed the previously announced acquisition of the 75% majority interest in the joint venture that owns the 1,190-room Hilton San Diego Bayfront (the "Hotel") located in San Diego, California. Concurrent with the acquisition, the joint venture entered into a new $240.0 million mortgage financing secured by the Hotel. The mortgage bears a floating-rate interest rate of LIBOR plus 325 basis points and matures in 2016.

The Company also announced that it has completed the previously announced sale of the 409-room Royal Palm Miami Beach ("Royal Palm") for $130.0 million.

Ken Cruse, President, stated, "We are pleased to report the completion of these previously announced transactions. The addition of the 1,190-room Hilton San Diego Bayfront and the disposition of the Royal Palm are consistent with our objectives of improving our portfolio quality, consistency and scale. We look forward to expanding our relationship with our new joint venture partner, Hilton Worldwide. Year-to-date, through off-market transactions, we have acquired over $850 million of high-quality, upper-upscale hotels located in some of the top U.S. lodging markets including Times Square, New Orleans and San Diego."

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. (NYSE: SHO) is a lodging real estate investment trust ("REIT") that owns 33 hotels comprised of 13,457 rooms.  Sunstone's hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Fairmont, Hilton and Hyatt. For further information, please visit Sunstone's website at www.sunstonehotels.com.

For Additional Information: Bryan GigliaSenior Vice President – Corporate FinanceSunstone Hotel Investors, Inc.(949) 382-3036

SOURCE Sunstone Hotel Investors, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs