sheraton cerritos
Interstate Hotels & Resorts Selected to Manage Sheraton Cerritos Hotel, Recently Acquired by Crown Jewel of Pacifica, LLC
Interstate Hotels & Resorts | June 10, 2016
ARLINGTON, Va., June 10, 2016 -- Interstate Hotels & Resorts – the leading U.S.-based global hotel management company – announces that it has been selected to manage the Sheraton Cerritos Hotel recently acquired by Crown Jewel of Pacifica, LLC, which will further invest in capital upgrades to the hotel in the near future. The Sheraton Cerritos will be managed by Interstate Hotels & Resorts' Rim Hospitality Division based in Newport Beach, Calif. "It's gratifying to earn business from a relationship with a new owner, and we'll continue to provide outstanding operations and results. Having managed the ...
Sunstone Hotel Investors Sells the Leasehold Interest in the 203-Room Sheraton Cerritos for $42.0 Million
Sunstone Hotel Investors, Inc. | May 11, 2016
ALISO VIEJO, Calif., May 11, 2016 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced that it has sold (the "Sale") the leasehold interest in the 203-room Sheraton Cerritos (the "Hotel") for a contractual price of $42.0 million (or approximately $206,900 per key). The contractual gross sale price of $42.0 million represents a 10.5x multiple on 2015 Hotel Adjusted EBITDA of $4.0 million, and a 8.2% capitalization rate on 2015 Hotel net operating income. The transaction resulted in an estimated net book gain of approximately $17.5 million to $18.5 million, and...
