sunstone
Sunstone Hotel Investors Completes Acquisition of The Confidante Miami Beach for $232 Million
Sunstone Hotel Investors | June 6, 2022
IRVINE, Calif., June 6, 2022-- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, today announced that it has completed the previously announced acquisition of the 339-room The Confidante Miami Beach (the "Hotel") for a purchase price of $232 million, or $684,000 per key. The Company will invest approximately $60 million to reposition the Hotel into a premiere beachfront resort under Hyatt's luxury, lifestyle Andaz brand. Upon completion of the renovation, Sunstone will own a well-located, fully renovated, beachfront resort at a highly attrac...
Sunstone Hotel Investors to Acquire Remaining 25% Joint Venture Interest in Hilton San Diego Bayfront From Park Hotels & Resorts
Sunstone Hotel Investors | June 1, 2022
IRVINE, Calif., June 1, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Park Hotels & Resorts Inc. ("Park") to acquire Park's 25% interest in the joint venture that owns the leasehold interest in the 1,190-room Hilton San Diego Bayfront (the "Hotel"). As part of the transaction, Sunstone will pay Park $102 million in cash and will effectively assume Park's $55 million share of the existing mortgage loan on the Hotel, which is already fully consolida...
Sunstone Hotel Investors to Acquire The Confidante Miami Beach for $232 Million
Sunstone Hotel | May 5, 2022
IRVINE, Calif., May 5, 2022 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, announced that it has entered into a definitive agreement with an affiliate of Hyatt Hotels Corporation to acquire the 339-room The Confidante Miami Beach (the "Hotel"), located on 1.5 acres of fee-simple, oceanfront land in Miami Beach for a purchase price of $232 million, or $684,000 per key. Following the acquisition, the Company expects to pursue a full transformation of the property and a rebranding of the Hotel to Andaz Miami Beach. T...
Sunstone Hotel Investors Acquires the Recently Opened 175-Room Oceans Edge Hotel & Marina Key West, Florida for $175 Million
Sunstone Hotel Investors | July 27, 2017
ALISO VIEJO, Calif., July 27, 2017 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) announced that it has acquired the fee-simple interest in the 175-room Oceans Edge Hotel & Marina in Key West, Florida for $175 million. In addition, the Company announced that it had recently completed the disposition of the 199-room Marriott Park City in Park City, Utah for a gross sale price of $27.6 million. John Arabia, President and Chief Executive Officer stated, "The acquisition of Oceans Edge Hotel & Marina demonstrates a continuation of our strategy to recycle capital into higher quali...
Sunstone Hotel Investors Sells the 444-Room Fairmont Newport Beach for $125.0 Million
Sunstone Hotel Investors, Inc. | February 13, 2017
ALISO VIEJO, Calif., Feb. 13, 2017 -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced the sale of the 444-room Fairmont Newport Beach (the "Hotel") for a contractual gross sale price of $125.0 million, or approximately $281,500 per key (the "Sale"). The sale price of $125.0 million represents a 16.0x multiple on 2016 Hotel Adjusted EBITDA of $7.8 million and a 5.2% capitalization rate on the Hotel's 2016 net operating income. The Sale resulted in an estimated net book gain of approximately $44 million and is estimated to increase 2017 taxable income by ...
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...
